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FSA chief says bonus crackdown is not his jobThe head of the City regulator has said that it is not his job to crack down on bankers' bonuses, shifting responsibility for the issue to the Government. Source: Latest Business News from Times Online | 13 Aug 2009 | 5:04 am Thomas Cook takes £12.6m swine flu hitThomas Cook, the tour operator, today reported robust summer trading despite a later booking trend and higher-than-anticipated £12.6 million hit from the swine flu outbreak in Mexico. Source: Latest Business News from Times Online | 13 Aug 2009 | 4:56 am France, Germany, Quit This Recession Thing. Plus: No Sugar For America!By Laura Conaway Call it a mighty .3 percent. France and Germany report their economies were each growing by that much between April and June. Feast on the headline: "France and Germany Exit Recession." The overall eurozone economy was still contracting, a .1 percent. Last quarter, the U.S. economy was shrinking at a pace of 1 percent. The FDIC has forced Citigroup to hire external consultants who'll decide whether management, including CEO Vikram Pandit, is up to the task. Real estate agents report that in the second quarter, 63 percent of sales involved distressed homes -- meaning the owners were in foreclosure or at risk of it. Almost 5 million of America's most polluting cars got left out of the Cash for Clunkers program, the L.A. Times reports. That's because the classic car lobby persuaded the government to exclude cars made before 1984. Collectors didn't want to see them destroyed, and auto parts dealers didn't want to lose their business. And major food companies have warned the U.S. Agriculture Department that the nation could run out of sugar (WSJ, sub. req'd) if it doesn't ease up on import restrictions. The food co's also threatened to jack up prices and lay off workers. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 13 Aug 2009 | 4:44 am India and Asean sign trade dealIndia and the Southeast Asian bloc Asean sign a free trade agreement at the end of more than six years of talks, but agricultural products are exempted.Source: BBC News | Business | World Edition | 13 Aug 2009 | 4:40 am Foreclosure plague: No cure in JulyThe foreclosure plague continued to devastate last month.Source: Business and financial news - CNNMoney.com | 13 Aug 2009 | 4:32 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 | 13 Aug 2009 | 4:31 am Economic Report: Germany, France unexpectedly return to growthData show that Germany and France -- Europe’s two biggest economies -- register growth in gross domestic product for the second quarter, defying expectations for a continued contraction in output and raising hopes the 16-nation euro zone is emerging from a deep recession.
Source: MarketWatch.com - Top Stories | 13 Aug 2009 | 4:28 am France and Germany return to growthGermany and France delivered a surprise boost to hopes that the eurozone is clawing its way back from recession as the region’s largest members said their economies grew in the second quarter after shrinking for a yearSource: Financial Times - US homepage | 13 Aug 2009 | 4:27 am UBS shares climb further on U.S. tax case deal (Reuters)Reuters - Shares in UBS on Thursday extended gains as investors expected the settlement of a damaging U.S. tax dispute to allow the bank to focus on becoming profitable again.Source: Yahoo! News: Business | 13 Aug 2009 | 4:20 am Scottish Equitable-owner makes €1bn cash callShares in Aegon, the insurance group that owns Scottish Equitable in the UK, slumped by 9 per cent this morning as it announced a surprise second-quarter loss and plans to tap shareholders for €1 billion. Source: Latest Business News from Times Online | 13 Aug 2009 | 4:19 am India inflation falls for ninth week in a rowIndia's inflation rate fell for a ninth straight week, official data showed Thursday, despite rising food prices as monsoon rains continued to be patchy. Annual inflation declined 1.74...Source: RSS feed - channel BNewsBusiness | 13 Aug 2009 | 4:15 am France and Germany exit recessionThe French and German economies both grew 0.3% in the second quarter of 2009, but the eurozone stays in recession.Source: BBC News | Business | World Edition | 13 Aug 2009 | 4:13 am Getting a good income from equitybased investmentsThe stock market can yield great prizes for income seekers willing to dig a bit to find them.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Aug 2009 | 4:10 am Europe Markets: View of recession's end lifts stocks in EuropeEuropean shares climbed on Thursday, with investors buying into the mining sector amid continued signs that the global economy may be past the worst.
Source: MarketWatch.com - Top Stories | 13 Aug 2009 | 4:09 am China may appeal WTO order on films, musicChina said Thursday it "regretted" a World Trade Organisation decision ordering it to ease some of its curbs on foreign films, music and print, warning that it might appeal. The decisionSource: RSS feed - channel BNewsBusiness | 13 Aug 2009 | 4:05 am Prudential rules out UK exit and lifts dividendMark Tucker, chief executive of Prudential, today played down speculation that the insurer could pull out of the UK, saying that its slow-growing British business provided benefits that were "incredibly valuable to us". Source: Latest Business News from Times Online | 13 Aug 2009 | 4:04 am Jingwei International Reports Second Quarter 2009 Financial ResultsEARNINGS SHOW IMPROVEMENT IN SECOND QUARTER OF 2009 SHENZHEN, China, Aug. 13 /PRNewswire-Asia-FirstCall/ -- Jingwei International Limited (OTC Bulletin Board: JNGW;...Source: RSS feed - channel BNewsBusiness | 13 Aug 2009 | 4:00 am First Majestic Silver Corp. Joins OTCQXNEW YORK, Aug. 13 /PRNewswire/ -- Pink OTC Markets Inc., the leading electronic inter-dealer quotation system, trading technology and financial information provider for...Source: RSS feed - channel BNewsBusiness | 13 Aug 2009 | 4:00 am SectorWatch.biz Issues MarketStats on Green Technology Companies NHYT, ETLY, FSYS, RZ, TTM and ENAIRVINE, Calif., Aug. 13 /PRNewswire/ -- SectorWatch.biz announces the availability of MarketStats for leading green technology transportation equities in the news and driving...Source: RSS feed - channel BNewsBusiness | 13 Aug 2009 | 4:00 am New RISI Global 15-Year Paper Outlooks Shows Demand in North America and Western Europe to Shrink 23% and 20%, while Eastern Europe and Asia Grows 49% and 39% RespectivelyForecast Highlights: - Countries such as the United States, England and Japan show the largest contractions while China and India show the largest gains. - North American and...Source: RSS feed - channel BNewsBusiness | 13 Aug 2009 | 4:00 am China Finance Online Second Quarter 2009 Earnings Release Conference CallBEIJING, Aug. 13 /PRNewswire-FirstCall/ -- China Finance Online Co. Limited (Nasdaq: JRJC), a leading Chinese online financial information, data and analytics provider, will...Source: RSS feed - channel BNewsBusiness | 13 Aug 2009 | 4:00 am Foreclosures Make Huge Move Up In JulyThe plague of foreclosures is still overrunning the US real estate market, and the situation may actually be getting worse. RealtyTrac reports that July numbers rose 7% month-over-month and 32% over July last year, with 360,149 homes going into foreclosure, which is one in every 355 housing units. “July marks the third time in the last [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Aug 2009 | 3:59 am UK insurer Prudential's losses doublePrudential, the biggest British insurer, said on Thursday that net losses more than doubled in the first half on costs linked to the sale of Taiwanese operations, and as it awaited a new...Source: RSS feed - channel BNewsBusiness | 13 Aug 2009 | 3:56 am Indications: Economy hopes lift U.S. stock futuresU.S. stock futures rose Thursday as a surprise rise in German and French output in the second quarter combined with the more upbeat assessment from the Federal Reserve to buoy the case for a world economy moving past its worst.
Source: MarketWatch.com - Top Stories | 13 Aug 2009 | 3:56 am Commodity stocks pace Asian markets' reboundAsian markets end higher Thursday after the U.S. Federal Reserve indicates the worst is over for the U.S. economy.
Source: MarketWatch.com - Top Stories | 13 Aug 2009 | 3:55 am Recession is over ... in Germany and FranceRead full story for latest details.Source: Business and financial news - CNNMoney.com | 13 Aug 2009 | 3:47 am Oil prices jump amid signs of economic recoveryOil prices rallied on Thursday amid increased signs of economic recovery which could eventually boost weak energy demand. Brent North Sea crude for delivery in September jumped 1.01...Source: RSS feed - channel BNewsBusiness | 13 Aug 2009 | 3:45 am The Recovery Rolls On As German And France Post Postive GDPThe recession in Europe was supposed to last until next year, but it has not turned out that way. The GDPs of Germany and France each grew by .3% in the second quarter, figures that stunned even most optimists. The data is an indication that the recovery in the large European nations is outpacing the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Aug 2009 | 3:44 am Germany and France exit recessionBERLIN/PARIS (Reuters) - Germany and France achieved a shock return to economic growth in the second quarter of the year, ending their recessions earlier than many policymakers and economists expected, but failed to drag the euro zone with them.Source: Reuters: Business News | 13 Aug 2009 | 3:44 am Eurozone economy shrinks 0.1% in quarterThe economy of the 16 nations using the euro contracted by just 0.1 percent in the second quarter, as Germany and France unexpectedly emerged from recession, official EU data showed...Source: RSS feed - channel BNewsBusiness | 13 Aug 2009 | 3:40 am Oil rises on positive economic newsLONDON (Reuters) - Oil rose back above $71 a barrel on Thursday after positive economic news from the United States and Europe's two largest economies, despite data showing U.S. crude inventories rose much more than expected last week.Source: Reuters: Business News | 13 Aug 2009 | 3:38 am Q-Cells to cut 500 solar jobsQ-Cells, the world's biggest manufacturer of solar cells, on Thursday announced it would sack almost 20 per cent of its workforce in response to a slump in demand and a sharp drop in the price for solar...Source: RSS feed - channel BNPaperBusiness | 13 Aug 2009 | 3:34 am British Land shares jump on bid talkBritish Land shares climb on speculation that the UK property company is being eyed by a potential bidder.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Aug 2009 | 3:33 am China backs off 'Green Dam' software requirementChina reversed its stance on a controversial plan that would have required all computers sold in the country to be pre-loaded with internet filtering software, opting for a scaled-back version that would apply only to computers in schools, internet cafes and other public venues.
Source: MarketWatch.com - Top Stories | 13 Aug 2009 | 3:30 am Citigroup (C) Humiliated By New Management ReviewCitigroup’s (C) board does not even get to decide who should run the bank. This is the same board of “blue chip bankers” recruited by Chairman Richard Parsons. Regulators have decided to humiliate the group by forcing Citi to bring in outside consultants to decide whether the current management team has the ability to turn [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Aug 2009 | 3:29 am Thomas Cook loss widens on swine flu impactThomas Cook Group Plc says its loss widened slightly in the past nine months, partly because of the impact of swine flu on summer bookings as it scraps its profit target for 2010.
Source: MarketWatch.com - Top Stories | 13 Aug 2009 | 3:19 am Anheuser-Busch InBev profit up 28% on cost cutsAnheuser-Busch InBev on Thursday reported a 28% rise in second-quarter profit despite selling less beer, as the Belgian group renowned for cost-cutting chopped $315 million of costs from the St. Louis brewer it bought last year.
Source: MarketWatch.com - Top Stories | 13 Aug 2009 | 3:16 am London Markets: Economy hopes boost miners in upbeat LondonLondon shares climb for the second straight session on Thursday, with miners in the lead as investors continue to hope that the global economy is past the worst.
Source: MarketWatch.com - Top Stories | 13 Aug 2009 | 3:15 am Fed says economy is leveling outWASHINGTON (Reuters) - The Federal Reserve said on Wednesday the U.S. economy was showing signs of leveling out two years after the onset of the deepest financial crisis in decades and it moved to phase out one emergency measure.Source: Reuters: Business News | 13 Aug 2009 | 3:09 am Recovery maybe, but hold the champagneThere is a growing belief that the worst economic downturn since the Great Depression is over.Source: Business and financial news - CNNMoney.com | 13 Aug 2009 | 3:08 am AB InBev Q2 beats forecast; sees weak H2BRUSSELS (Reuters) - Anheuser-Busch InBev , the world's largest brewer, said cost cutting had helped it beat analyst forecasts for second-quarter profit, although the second half of the year would be significantly weaker.Source: Reuters: Business News | 13 Aug 2009 | 3:07 am Stocks set to soarU.S. stock futures rose Thursday, buoyed by the Federal Reserve's economic outlook and upbeat readings on growth in Europe.Source: Business and financial news - CNNMoney.com | 13 Aug 2009 | 3:03 am Stella Artois fizzes ahead of flat UK marketStella Artois, the Belgian lager that had long since abandoned its "reassuringly expensive" tag in the UK amid a raft of scandalously cheap supermarket promotions, is rebuilding its reputation and performance. Source: Latest Business News from Times Online | 13 Aug 2009 | 3:02 am Delta, Atlanta deal to lead to big bond: report(Reuters) - U.S. carrier Delta Air Lines Inc and the Atlanta airport are close to a lease agreement that would pave the way for an $800 million bond sale, the biggest such offering in the U.S. this year, Bloomberg reported, citing people familiar with the talks.Source: Reuters: Business News | 13 Aug 2009 | 3:02 am FTSE makes progress as Fed inspires gainsLondon equities rose on Thursday after US and Asian markets took heart overnight from the Federal Reserve's statement that "economic activity is levelling out". The FTSE 100 was 50 points higher at 4,766...Source: RSS feed - channel BNPaperBusiness | 13 Aug 2009 | 3:01 am Small Business Aid: Why The Stimulus Package Doesn’t WorkThe Small Business Administration runs a stimulus program for the government that provides up to $225 million for modest American enterprises. According to The New York Times, this pool is meant to make about 10,000 loans of up to $35,000. The paper claims that to date only 1,127 loans for a total of $38.6 million [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Aug 2009 | 2:59 am More banks told 'reveal accounts'More than 300 UK and foreign banks are told to hand over details of UK taxpayers who have accounts offshore.Source: BBC News | Business | World Edition | 13 Aug 2009 | 2:59 am China demands more say in global iron ore tradeChina has demanded to be given even greater influence in the global iron ore trade after the state charged four Rio Tinto workers engaged in negotiations with bribery. Source: Latest Business News from Times Online | 13 Aug 2009 | 2:53 am China demands more say in global iron ore tradeChina has demanded to be given even greater influence in the global iron ore trade after the state charged four Rio Tinto workers engaged in negotiations with bribery. Source: Latest Business News from Times Online | 13 Aug 2009 | 2:53 am China Piracy: Rules Are Meant To Be BrokenThe US got what it described as a victory in a WTO case against China. The system set up in the world’s most populous nation forced US companies to sell books, DVDs, and movies through state-owned or state-approved companies. The Americans made the case that this prevented free trade. They want the ability to market [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Aug 2009 | 2:51 am Thomas Cook feels winter chill as losses riseThomas Cook warned that trading conditions in 2010 would be even tougher than this year as it reported a reported a pretax loss of £286m up 21pc yearonyear in the nine months to June.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Aug 2009 | 2:49 am Prudential raises dividend as profits risePrudential, the insurance group and asset manager, on Thursday positioned itself as one of the stronger performers in the insurance sector as it raised its dividend and reiterated its commitment to expansion...Source: RSS feed - channel BNPaperBusiness | 13 Aug 2009 | 2:45 am Aegon, Prudential plc report lossesDutch insurer Aegon said Thursday that it will raise up to 1 billion euros ($1.42 billion) to repay some of its debt to the government, even as it swung to a loss in the latest quarter, while U.K. rival Prudential beat expectations thanks to strong U.S. sales.
Source: MarketWatch.com - Top Stories | 13 Aug 2009 | 2:44 am Stock futures point to higher Wall St open (Reuters)
Source: Yahoo! News: Business | 13 Aug 2009 | 2:41 am Stock futures point to higher Wall St open (Reuters)
Source: Yahoo! News: Stock Markets News | 13 Aug 2009 | 2:41 am Stock futures point to higher Wall St open(Reuters) - Stock index futures pointed to a higher start on Wall Street on Thursday ahead of Wal-Mart Stores Inc results and U.S. July retail sales data.Source: Reuters: Business News | 13 Aug 2009 | 2:41 am World stocks bounce after Fed boosts economic view (AP)
Source: Yahoo! News: Stock Markets News | 13 Aug 2009 | 2:40 am France and Germany emerge from recessionThe French and German economies both today reported a return to growth in the second quarter, bringing an end to recession in two of Europe's biggest economies. Source: Latest Business News from Times Online | 13 Aug 2009 | 2:34 am FSA chief says has no moral responsibility on payHector Sants says politicians must take responsibility for setting pay caps if they deem them "morally" necessary.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Aug 2009 | 2:23 am JetBlue offers all-you-can-fly for $599JetBlue Airways will offer an "all-you-can-jet" pass for $599 in which passengers can book an unlimited amount of flights within a one-month span, the airline said Wednesday.Source: Business and financial news - CNNMoney.com | 13 Aug 2009 | 2:16 am Media Digest 8/13/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: Wal-Mart (WMT) will report results with Wall St. looking for sales growth. Reuters: US home foreclosures set a record in July. Reuters: Citigroup (C) hired outsiders to help with a management review. Reuters: The former head of AIG (AIG) has offered $115 million to settle a suit. Reuters: The Fed says the economy is stabilizing. Reuters: The German [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Aug 2009 | 2:07 am Which way for the FTSE100?The big question on investors' lips is whether the rally can be sustained once the holiday season is over and people get back to reality in September.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Aug 2009 | 2:06 am Fed sees end to economy's long declineThe Federal Reserve said Wednesday it appears that the U.S. economy has halted the longest period of decline since the Great Depression, although it cautioned that economic activity is likely to remain weak in the near term.Source: Business and financial news - CNNMoney.com | 13 Aug 2009 | 2:00 am Prudential raises dividend as profits beat expectationsPrudential has raised its interim dividend by 5pc after profits beat expectations during the first half.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Aug 2009 | 1:57 am Software company KeTech first to get cash from Government venture fundKeTech a Bedfordbased software company has become the first to receive money from a £75m Government venture fund launched in January to finance companies hit by the credit crunch.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Aug 2009 | 1:54 am Paul Krugman pays 1.7m for Manhattan apartmentIs Paul Krugman the NobelPrize winning economist and leading commentator on the financial crisis telling us something significant about the US housing market?Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Aug 2009 | 1:39 am Asia Market And Europe Open 8/13/2009Markets in Asia were mostly higher. The Nikkei rose .8% to 10.517. Honda (HMC) and Toyota (TM) both rose over 1%. The Hang Seng was up 2.1% to 20,864. The Shanghai Composite was up .8% to 3,141. At the open, the FTSE was up .9% to 4,734. Rio Tinto (RTP) rose sharply. The Dax was up .4% to 5,374. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Aug 2009 | 1:33 am Hutchison profits drop as slowdown saps demandHutchison Whampoa, the Hong Kong conglomerate controlled by tycoon Li Ka-shing, said on Thursday first-half profits fell by a third as the global economic crisis hit sales at its ports and telecoms operations...Source: RSS feed - channel BNPaperBusiness | 13 Aug 2009 | 1:32 am NZ currency: Dollar mixedThe New Zealand dollar ended today near where it started though trading was volatile overnight around statements by the US Federal Open Market Committee (FOMC). By 5pm the NZ dollar was US67.28c compared to US67.32c at 8am and...Source: New Zealand Herald - Business | 13 Aug 2009 | 1:27 am AB InBev warns on weaker second halfBRUSSELS, Aug 13 - Anheuser-Busch InBev on Thursday reported second-quarter profit above analyst forecasts, but said the second half of the year would be significantly weaker."We have strong operating...Source: RSS feed - channel BNPaperBusiness | 13 Aug 2009 | 1:19 am Germany and France in surprise recovery from recessionEurozone's two biggest economies grew in the second quarter as stimulus plans around the world boosted demand for exports.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Aug 2009 | 1:19 am NZ stocks: Market risesFletcher Building shares continued their ascent today, after the company reported better than expected results on Wednesday. On top of yesterday's 56c - 8 per cent - rise, Fletcher Building shares were up another 32c today to 790. The...Source: New Zealand Herald - Business | 13 Aug 2009 | 1:09 am Hutchison Whampoa profits hit by recessionHutchison Whampoa Hong Kong conglomerate which owns mobile phone operator 3 in Britain reported a 33pc fall in firsthalf profits on Thursday as its oil ports and hotel businesses flagged amid the economic downturn.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Aug 2009 | 1:04 am Gap jeans step into designer territoryThe 1969 Premium Jeans line replaces old basics in a bid to win back customers it's lost to stylish competitors. But, skeptics say, can $60 denim really be 'premium'?During a visit to a Gap store two years ago, Patrick Robinson didn't need to try on a pair to know that the chain's jeans were the wrong fit.
Source: L.A. Times - Business | 13 Aug 2009 | 1:00 am New projects could restore fortunes of Jackson estateDespite heavy debt from entertainer's years of overspending, merchandise, a traveling exhibit and surging record sales could put him in a league with Elvis for posthumous earnings.Michael Jackson's estate could double in value by the end of the year, with projected revenue of $200 million from a film project, merchandising deals and other business moves, according to one of the administrators of the estate.
Source: L.A. Times - Business | 13 Aug 2009 | 1:00 am Fed sees hope but leaves key interest rate near zeroThe central bank says 'economic activity is leveling out' but remains weak. It extends by a month its purchase of Treasury securities to reduce long-term interest rates. ...Source: RSS feed - channel BNPaperBusiness | 13 Aug 2009 | 1:00 am Fed sees hope but leaves key interest rate near zeroThe central bank says 'economic activity is leveling out' but remains weak. It extends by a month its purchase of Treasury securities to reduce long-term interest rates.Reporting from Washington Tom Petruno and Los Angeles -- The Federal Reserve on Wednesday gave its most upbeat assessment of the U.S. economy in many months, while making clear that it would indefinitely keep short-term interest rates at rock bottom.
Source: L.A. Times - Business | 13 Aug 2009 | 1:00 am Stocks' rally resumes; Fed is upbeat on economyA more upbeat Federal Reserve is reassuring investors that they've been making the right bets.Source: RSS feed - channel BNPaperBusiness | 13 Aug 2009 | 1:00 am California cracks down on foreclosure consultantsAtty. Gen. Jerry Brown orders nearly 400 companies to post $100,000 bonds and register with his office or risk prosecution. More than two dozen firms are told to defend their loan modification ads. ...Source: RSS feed - channel BNPaperBusiness | 13 Aug 2009 | 1:00 am China's limits on entertainment imports violate free trade practices, WTO rulesThe ruling is seen as a win for U.S. industries working to distribute films, music and books in China. Still, trade experts say not to expect big changes.In deciding that China broke international trade rules by restricting imports of movies, music and books, the World Trade Organization handed the U.S. a victory in a contentious issue that has long rankled purveyors of copyrighted media products.
Source: L.A. Times - Business | 13 Aug 2009 | 1:00 am Chicago-area village hit with racketeering chargesPizzeria owner Tod Curtis says Mt. Prospect officials and a developer have formed an 'ongoing enterprise' to force him out of Ye Olde Town Inn. The defendants deny the accusations.A federal law often used to attack organized crime syndicates and interstate business scams has been leveled by a Chicago-area pizzeria owner against village officials he thinks are making a grab for his land.
Source: L.A. Times - Business | 13 Aug 2009 | 1:00 am Why 'clunkers' program won't take some of the most polluting carsThe classic car lobby pushed to exclude vehicles made before 1984, protecting the market for parts. Consumer and environmental groups, too busy fighting for fuel efficiency, went along with it.Nearly 5 million of the nation's most polluting vehicles were quietly excluded from the popular "cash for clunkers" program after lobbyists for antique auto parts suppliers and car collectors persuaded the government to shut out cars built before 1984.
Source: L.A. Times - Business | 13 Aug 2009 | 1:00 am New projects could restore fortunes of Jackson estateDespite heavy debt from entertainer's years of overspending, merchandise, a traveling exhibit and surging record sales could put him in a league with Elvis for posthumous earnings. ...Source: RSS feed - channel BNPaperBusiness | 13 Aug 2009 | 1:00 am U.S. and Swiss reach deal over secret UBS bank accountsThe agreement will end a legal case in which the U.S. sought names of Americans suspected of evading taxes. U...Source: RSS feed - channel BNPaperBusiness | 13 Aug 2009 | 1:00 am U.S. and Swiss reach deal over secret UBS bank accountsThe agreement will end a legal case in which the U.S. sought names of Americans suspected of evading taxes.U.S. and Swiss negotiators have initialed a settlement that averts a legal showdown over the U.S. government's landmark challenge to Swiss bank secrecy, a government lawyer said Wednesday.
Source: L.A. Times - Business | 13 Aug 2009 | 1:00 am Carbon capture project in West Virginia illustrates obstacles to 'clean' coalA contraption attached to an existing power plant will capture emissions from only about 15% of output. The device, set to go on line next month, is hugely expensive and also uses a lot of energy.At a bend in the Ohio River, a bulky new device is being attached to a 30-year-old coal plant near the small town of New Haven, W.Va.
Source: L.A. Times - Business | 13 Aug 2009 | 1:00 am PM launches food innovation initiativePrime Minister John Key launched the Food Innovation New Zealand (FINZ) initiative in Palmerston North today - and a special beer was made for his visit. FINZ, a collaboration between Massey University, AgResearch, Plant and Food...Source: New Zealand Herald - Business | 13 Aug 2009 | 12:43 am Swine flu bill hits Thomas CookTravel firm Thomas Cook says the swine flu outbreak has cost it more than £12m after holidaymakers cancelled trips.Source: BBC News | Business | World Edition | 13 Aug 2009 | 12:40 am ABInbev profits jump after mergerBrewing giant ABInBev reports strong profits growth as the impact of the merger last year of Anheuser-Busch and InBev is felt.Source: BBC News | Business | World Edition | 13 Aug 2009 | 12:13 am Citi hires external help for management review: report (Reuters)Reuters - Citigroup Inc has been forced by U.S. regulators to hire external consultants who will consider whether the New York company's current management is capable of leading it out of financial crisis, the Financial Times reported on its website.Source: Yahoo! News: Business | 12 Aug 2009 | 11:21 pm Citi hires external help for management review: report(Reuters) - Citigroup Inc has been forced by U.S. regulators to hire external consultants who will consider whether the New York company's current management is capable of leading it out of financial crisis, the Financial Times reported on its website.Source: Reuters: Business News | 12 Aug 2009 | 11:21 pm U.S. food giants warn of sugar shortage: report(Reuters) - Large U.S. food companies said the country could "virtually run out of sugar" unless the Obama administration eased import curbs, the Wall Street Journal said.Source: Reuters: Business News | 12 Aug 2009 | 11:09 pm Sales to be in focus when Wal-Mart reports results (Reuters)
Source: Yahoo! News: Business | 12 Aug 2009 | 10:48 pm Sales to be in focus when Wal-Mart reports resultsSAN FRANCISCO (Reuters) - When Wal-Mart Stores Inc reports second-quarter results on Thursday, it will provide a much-awaited glimpse into the state of consumer spending as measured by the billions of dollars that flow through its cash registers every quarter.Source: Reuters: Business News | 12 Aug 2009 | 10:48 pm China regrets ruling in WTO caseChina says it regrets the WTO ruling against it in a case lodged by the US over media products, and might appeal.Source: BBC News | Business | World Edition | 12 Aug 2009 | 10:39 pm U.S. home foreclosures set another record in July (Reuters)
Source: Yahoo! News: Business | 12 Aug 2009 | 10:11 pm U.S. home foreclosures set another record in JulyNEW YORK (Reuters) - U.S. home loans failed at a record pace in July despite ongoing federal and state programs to avoid foreclosures, which have severely strained housing and the economy.Source: Reuters: Business News | 12 Aug 2009 | 10:11 pm Broker Talk: Clock's Ticking on Market Rally (Broker Talk)The stock market still has a little more room to run in the short-term, so keep piling into equities, these brokers say. After that, how fast the economy recovers is still anyone’s guess. Who’s Talking: David Joy, Chief Market Strategist, RiverSource Investments for Ameriprise Financial The Gist: Good times in the stock market aren’t over yet -- at least not for another week. Granted, the outlook last week was pretty glum, says Joy. The run-up resulting from better than expected second-quarter earnings announcements seemed to be over and the sentiment that an economic recovery is going to be “sluggish at best” had returned. The slow trading volume that's typical of late summer also lead experts to believe that the uninterrupted stock gains since July 10, which took the Standard & Poor's 500 Index up 12.3% in three weeks alone, were through, says Joy. However, Joy expects the July retail sales report, which is scheduled to be released Friday, to buoy the market once again and push stocks higher. In particular, he expects the “Cash for Clunkers” program to give retail sales a boost. Joy is less confident, however, that consumers are ready to continue spending “down the street at the mall.” Beyond next week, Joy thinks “a period of market consolidation” is still possible. “We have come a long way, very quickly,” he says, and the pace of economic recovery is still uncertain. However, he says, so far the trajectory of the recovery has surprised skeptics. And stocks are known for climbing a so-called “wall of worry.” Since there is plenty of worry to go around, he says, his outlook is still “encouraging.” Who’s Talking: Liz Ann Sonders, Chief Market Strategist, Charles Schwab and Brad Sorensen, CFA, Director of Market and Sector Analysis The Gist: Despite a myriad of concerns about the economy and a potential recovery, investors should still seek to increase their risk and reach for higher gains. Yes, there are plenty of reasons to be concerned about the market: unemployment, ballooning deficits, poor revenue growth, a wave of mortgage rate resets to come not to mention problems in commercial real estate. Even though U.S. and global stocks have rallied off of their March lows, many investors are still scared to jump back in. It’s normal that in the months leading out of a recession, investors hesitate to act, say Sonders and Sorensen, but “that hesitation can be costly,” especially when the yields being paid on the safest investments are “paltry” right now. Investors should take heart in the positive indications that the recovery will last. The housing market is stabilizing and companies are keeping their inventories tight, which means that even a modest boost in demand would lead to production growth and higher revenues. In addition, both the US and foreign governments are continuing to be accommodating in their monetary policies. Long-term, however, Sonders and Sorensen are still weighing the possibility that the recession will take a “double dip,” partly because beaten-down American consumers may not have the spending power to fuel a sustained recovery as they did in past recessions. That’s why determining your risk tolerance and staying diversified is crucial, they say. So which areas of the market look best? These experts still like international stocks and emerging markets. They also recommend tech, industrials and materials, which they believe will benefit from a possibly weakening dollar and growing demand for basic goods. Defensive sectors like consumer staples, telecommunications and utilities will underperform, they say, since confidence has returned to the overall market. 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 | 12 Aug 2009 | 10:00 pm 3 Cheap Stocks With High Returns on Capital (Screens)For stocks, few measures separate winners from losers like return on invested capital. Calculating ROIC is simple enough. To do so, divide the amount of profit a company generated over the past year by the value of the stuff it owns, plus the amount it owes (in other words, equity plus debt). The profits at the top of this fraction speak of the company's ability to drive sales without slashing prices and to keep corporate overhead and manufacturing costs low. Total capital, on the bottom of the fraction, shows whether a company can fund growth without over-borrowing, and whether it can generate new business with the equipment it already owns, rather than constantly spending on new gear. Companies that are able to earn a lot while using little end up with the fattest returns on invested capital. Averages vary sharply by industry, but in general, investors should favor companies whose ROICs are safely into double digits -- provided their stock prices seem reasonable. (Be wary of unrealistically high ROICs, though, since they might be due to windfall profits that won't recur in coming years.) Below are three companies with modest price/earnings ratios and ROICs of at least triple the current 7% median for the S&P 500 index. HillenbrandROIC: 34% I've never quite understood why a coffin should cost two or three times as much as a reclining chair, even though comfort and durability are surely more important in the latter. But high prices and reluctance among the bereaved to shop around for a better deal make for superb margins in the coffin business. Hillenbrand (HI), whose Batesville-brand caskets are the U.S. sales leader, turns 24 cents of each sales dollar into operating profit, nearly three times as much as the median S&P 500 company. The business is resistant but not immune to economic slowdowns. Some strapped customers have traded down from Hillenbrand's hardwoods to its veneers, while others have spent even less by opting for one of its cremation urns. Also, death isn't exactly a growth market at the moment, thanks to steady medical advances. Still, sales for Hillenbrand are seen falling just 4% in its fiscal year ending Sept. 30, with growth resuming next year. Shares sell for less than 12 times earnings and offer a lovely dividend yield of 4%. Weight WatchersROIC: 32% According to ConsumerSearch.com, which amalgamates product and service reviews from other sources, Weight Watchers (WTW) is considered the best weight-loss program. Participants track "points" they accumulate at mealtime and expend at the gym. The company sells its own food, but shows dieters how to tally points from the nutrition labels of any food. With consumers keen on cutting monthly bills, Weight Watchers sales are expected to fall 10% this year. But margins remain stellar, long-term growth prospects are decent and shares sell for just 11 times earnings and pay a 2.4% dividend. GymboreeROIC: 29% Once a play center for children, Gymboree (GYMB) now sells clothing for newborns to 12-year-olds out of more than 900 stores. Analysts say its back-to-school wares are "fashion-appropriate." When I was 10 that meant that my Sears corduroys didn't have too many grass stains and my shirt was right-side-out. Now it means young Jacob and Emma have prefaded jeans, ironic-message T-shirts and camouflage sunglasses. Sales and profits for Gymboree are growing this year, the company has no net debt and its shares sell for just 13 times earnings. Management should think about accessorizing with a dividend. 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 | 12 Aug 2009 | 10:00 pm What Your Job Means to Health-Care Reform (Consumer Action)As the legislation to reform the nation’s health care coverage continue to take shape, it has drawn more attention to the relationship between the working and the insured. A heavy payroll loss and a spike in the unemployment rate helped expose Americans’ dependence on their jobs for health care. Nearly 60% of the population receives health coverage through their employer, according to the latest Census Bureau data from 2007. And as the recession has roiled the job market (roughly 7.2 million people have lost their jobs since December 2007, according to the Labor Department), so has it underscored the link between employment status and health insurance. Millions have lost their employer-sponsored coverage since the downturn began, and fewer companies are providing coverage – or the same level of coverage – to the workers they retain. A study by Hewitt Associates conducted in April found that 13% of employers surveyed had increased the premiums employees pay for insurance since late 2008, while 32% reported considering an increase and 19% said were weighing cutbacks to medical benefits. Many individuals are staying with their jobs primarily for the health benefits – a phenomenon known as job-lock. These workers – who might be their family’s sole source of coverage or who might have a pre-existing medical condition – are reluctant to switch jobs or strike out on their own because they don’t want to risk giving up the security of a health plan. So what might a new health-care system mean for these different types of workers? For starters, the White House’s proposed health care reform legislation would seek to weaken the bond between medical coverage and employment status. Supporters of President Obama’s plan say the overhaul could make coverage generally more affordable and easier to get. However, the legislation is still a moving target, and many details have yet to be worked out by Congress. (They’re set to resume legislative wrangling when they return from recess on Sept. 8.) Here’s a look at how the current proposals may change health insurance for different groups of workers. Employees who get laid offLaid-off workers who cannot participate in a spouse’s health plan now have three options when they lose their subsidized employer-sponsored insurance. They can continue with the coverage they received from their employer for 18 months through Cobra (for which they pay the full premium), buy an individual plan in the open market, or go without coverage. A new health-care system would change those options. First, any person – regardless of their employment status – would be able to shop for coverage on the health insurance exchange, a feature of two proposals now on the table. The exchange would offer a menu of private and public (government-sponsored) plans. There are two advantages of such an exchange, says Karen Davenport, the director of health policy at the Center for American Progress, a left-leaning think tank based in Washington. Insurers would not be permitted to deny coverage based on a pre-existing condition or on someone’s health status. And consumers would get a better deal on the exchange than they would shopping for an individual plan on today’s open market because they would be buying into a larger pool and benefiting from economies of scale, Davenport says. Under the two versions of the legislation, individuals and families with annual income up to 400% of the poverty level (or four times $22,000, for a family of four) would receive scalable subsidies to help them buy coverage through the exchange. Employees who are “job-locked”Roughly 25% of workers with employer-based insurance are less likely to switch jobs than those who lack work-based insurance are, according to a 1994 study conducted by Brigitte Madrian, a professor of public policy at the Harvard Kennedy School. (Other studies suggest that number is overstated, including a 1993 report by Douglas Holtz-Eakin, a former director of the Congressional Budget Office.) For a worker tethered to his or her job because of the robust benefits package, the proposed legislation should mitigate insurance-related anxiety keeping them locked in their job. In the bills proposed by House Democrats and the Senate HELP (Health, Education, Labor and Pensions) committee, all except for the smallest employers would be required to provide coverage or else pay a penalty (the House bill would impose a fine of 8% of the employer’s payroll). “It should get rid of a lot of the job lock,” says Chris Conover, a research scholar at Duke University’s Center for Health Policy. It should also increase job mobility. Under an employer mandate, companies with a minimum number of employees would be required to offer health insurance to their staffs. Workers would also gain leverage in knowing that if they end up at a company that doesn’t offer coverage (or satisfactory coverage), they would have the option to buy affordable insurance through the exchange, says Conover. Employees who are happy with their rich benefits packageOne possible feature of the Senate Finance draft that’s picked up some momentum in Congress is an excise tax on very rich insurance plans. The plan would impose a 20%-35% tax on insurance plans with premiums above $25,000 for a family per year as a way to help fund the overhaul. (If your health plan is valued at $35,000 -- $10,000 over the threshold – you might be on the hook for $3,500 in taxes.) This provision would have a disproportionate impact on high-salaried employees, says Brad Herring, a professor of health policy and management at Johns Hopkins University’s Bloomberg School of Public Health. However, there are cases in which workers with more modest salaries are given rich insurance packages, like union workers and some state and local employees. If employees who would be subject to this tax ask their employer for a less expensive plan, they may get compensated for that sacrifice in the form of a higher salary, Herring says. (Of course, they would have to pay income taxes on that higher salary whereas their previous insurance package would have been excluded from taxes.) 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 | 12 Aug 2009 | 10:00 pm Allegiant May Be Headed for a Turbulent RideAIRLINE STOCKS HAVE PROVIDED A ROTTEN RIDE in the past couple of years. Even Southwest Airlines bumped investors who thought they had a guaranteed ticket to seventh heaven. But one airline has defied the industry's sputtering air traffic trend -- Las Vegas-based Allegiant Travel . Allegiant (ALGT) does things differently from most U.S. airlines. For starters, it makes a good profit, by flying just a few times a week from isolated cities like Bismarck, N.D., to leisure destinations like Las Vegas. Passengers are drawn by advertised low fares, but then spend more than 30 bucks in extra fees. The company's old MD-80 jets guzzle fuel, but it manages to fill more of its seats than other carriers. By focusing on small-town vacationers, Allegiant has stayed out of the way of other low-cost carriers like Southwest (LUV), JetBlue Airways (JBLU) and AirTran Holdings (AAI). It's got competition in just six of its 134 routes, notes Chief Executive Maury Gallagher. He likes to joke that his only competition is "the couch." Allegiant sales and profits have climbed faster than the industry's, and so has its stock. Since a December 2006 initial offering at 18, Allegiant shares have ascended to a peak altitude of 57 in April of this year. Even at the recent stock price of $42.29, Gallagher has become one of the richest executives in the U.S. airline industry with his 20% share of Allegiant's $850 million in stock-market value. But a fair number of investors have bet Allegiant's lucky streak will run out. Some six million shares were sold short as of last month, which amount to about 40% of the free-trading float and about 14 days' trading volume. That skepticism found voice in Mark Roberts, whose Cambridge, Mass., research shop Off Wall Street Consulting Group put out a Sell rating in January, when shares were near 44. "If everything goes perfectly for them," Roberts says of Allegiant, "they can do OK. But fuel prices are starting to go against them and they won't be able to pass higher prices on through fare increases." With its 20-year-old jets, Allegiant's business is more sensitive to fuel prices than carriers who fly new Boeings and Airbuses. That was actually a good thing in the last 12 months, as the price of jet fuel fell by half. Allegiant's operating profit jumped seven-fold in the just-ended June 2009 quarter (year-over-year) to $38 million, as revenues increased just 13% to $148 million. But 90% of that increase in operating profits resulted from lower fuel costs. Ex-fuel, Allegiant's June-quarter cash flow rose just 4%, Roberts notes, and actually declined 19% per passenger. Allegiant stopped hedging fuel costs about two years ago, in another break from the industry's conventional wisdom. For much of the past decade, Southwest's managers had looked like commodities-trading geniuses as they boosted profits with fuel hedging. That tactic backfired last year when oil prices fell back from their peak. "Hedging is not all that it's cracked up to be," says Allegiant chief Gallagher. His airline confronts fuel costs more directly, by juggling its fleet and its fares to make sure that its scheduled flights have more than 90% of the seats filled. This industry-high "load factor" means Allegiant's old jets end up using about the same amount of fuel per passenger as a new fleet like Southwest's, whose July load factor was only 83%. The aging fleet won't fly forever, of course. When Gallagher finally has to buy new aircraft at prices 10 times what he paid for the used MD-80s, Allegiant's fixed costs will rise and the airline will find it harder to prop up its load factor by parking aircraft during the off-season. ALLEGIANT LURES CUSTOMERS OFF the couch with low fares; the average ticket in the June 2009 quarter was $65, down 22% from June 2008. But long before most airlines charged for baggage, Allegiant succeeded in getting customers to pay fees for such "ancillary" services. Its ancillary revenues had increased every quarter since 2005 from about $12 a passenger to more than $34. Even at Ryanair (RYAAY)-the European airline whose business model Allegiant copied-ancillary fees per passenger average only about $15. But the ancillary-fee bonanza may be over. The airline's June '09 quarter's average per passenger fell sequentially by about $2, to $32. "People are spending differently," Gallagher acknowledges. "They're tighter with a buck." Analyst Roberts thinks that consumers are figuring out how to avoid the extra fees: $14 for the convenience of buying tickets through the company's Website, $5-$25 for a seat assignment, $5 for early boarding and $15-$35 per checked bag. More importantly, he says, Allegiant won't be able to raise fares when fuel prices rise again. Bulls like William J. Greene, an analyst at Allegiant's banker Morgan Stanley, forecast earnings of about $3.55 a share in 2009 and $3.70 in 2010. But Mark Roberts thinks 2010 earnings will be squeezed down toward $2.80 a share if fuel prices rise without an economic recovery. Roberts says that would send Allegiant shares down to $24. One astute bull seems to think that Allegiant stock has gotten fully priced. PAR Investment Partners, a Boston hedge fund run by onetime airline analyst Paul A. Reeder III, has been a longtime investor in Allegiant (as well as low-cost rival AirTran). With Morgan Stanley's help, PAR registered to sell half its holdings in May, cashing in a tidy $125 million.
The Bottom Line
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Source: SmartMoney.com | 12 Aug 2009 | 10:00 pm Australia Senate rejects carbon trading planThe Australian government’s ambitious carbon trading scheme legislation was overwhelmingly defeated in the country’s upper house Senate, a move that could lead the ruling Labor party to call an early electionSource: Financial Times - US homepage | 12 Aug 2009 | 9:29 pm Kiwibank, BNZ cut floating, raise fixed mortgage ratesKiwibank has followed BNZ in cutting its variable mortgage rates while raising fixed rates this morning. Kiwibank is the last of the regular banks to move in this latest round of fixed rate rises. Kiwibank's variable rate is now...Source: New Zealand Herald - Business | 12 Aug 2009 | 8:30 pm Australia emissions plan rejectedAustralia's Senate votes down a plan to introduce a carbon trading scheme to cut greenhouse gas emissions.Source: BBC News | Business | World Edition | 12 Aug 2009 | 8:08 pm Steel & Tube profits jump 16pc after strong first halfSteel & Tube Holdings, which supplies steel products to the construction industry, posted a 16 per cent gain in full-year profit, reflecting strong trading in the first half, which dissipated as expected in the second six months of...Source: New Zealand Herald - Business | 12 Aug 2009 | 8:00 pm Clarification: Mortgage fraud story (AP)AP - In the first paragraph of an Aug. 10 story about a mortgage fraud trial, The Associated Press reported that real estate agent Joseph Babajian was acquitted in the scheme, while two others were found guilty. The paragraph should have noted that Babajian was acquitted only of several charges.Source: Yahoo! News: Business | 12 Aug 2009 | 7:31 pm Manufacturing sector recovery continuesThe manufacturing sector is close to moving into expansion mode, according to the latest survey by BNZ Capital and Business New Zealand. The seasonally adjusted Performance of Manufacturing Index (PMI) rose to 49.7 in July. This...Source: New Zealand Herald - Business | 12 Aug 2009 | 7:30 pm Telstra Clear earnings more than doubleTelstraClear says consumers do not like to give up their broadband access even in a recession and that has helped it more than double annual earnings before interest and tax. The subsidiary of Australia's Telstra reported ebit...Source: New Zealand Herald - Business | 12 Aug 2009 | 7:00 pm Cold weather drives veg prices up 12pcFood prices went up 0.6 per cent last month, says Statistics NZ, with higher vegetable prices accounting for nearly all the growth. Cold weather hampering growing conditions pushed vegetable prices up 12.3 per cent higher than...Source: New Zealand Herald - Business | 12 Aug 2009 | 7:00 pm Man linked to alleged $53M fraud wants Ferrari (AP)AP - A Michigan man accused of running a $53 million Ponzi scheme says he needs his Ferrari to use as collateral while he tries to defend himself against fraud allegations.Source: Yahoo! News: Stock Markets News | 12 Aug 2009 | 6:42 pm Fed holds steady on emergency measuresUS Federal Reserve policymakers ended their two-day meeting on by keeping interest rates steady as expected, but extending the Fed’s $300bn programme to buy Treasury bonds until OctoberSource: Financial Times - US homepage | 12 Aug 2009 | 6:22 pm Greenberg to contribute to settling AIG lawsuitsHank Greenberg and other former AIG executives agreed to pay $115m to settle shareholder lawsuits over the insurer’s accounts, according to people familiar with the situationSource: Financial Times - US homepage | 12 Aug 2009 | 6:14 pm Watchdog 'gives green light' for huge City bonusesClick here to send a question to FSA chief Hector Sants Source: Latest Business News from Times Online | 12 Aug 2009 | 6:00 pm Alan Duncan's future in doubt after he is filmed saying 'MPs are treated like s***'Alan Duncan’s future in the Shadow Cabinet was in the balance last night after he was forced to apologise for claiming that MPs were living on rations because of the expenses row. Source: Latest Business News from Times Online | 12 Aug 2009 | 6:00 pm John Paulson bets on BofA with 2% stakeJohn Paulson, the hedge fund manager who made billions of dollars by betting against subprime mortgages and shorting bank stocks during the past two years, has bought close to 2 per cent of Bank of America in what appears to be a strong endorsement of a bellwether financial institutionSource: Financial Times - US homepage | 12 Aug 2009 | 5:26 pm Option exchanges in SEC flash order review (Reuters)Reuters - The U.S. Securities and Exchange Commission is including options exchanges in its review of controversial flash orders, which give traders an advance look at trading orders, the regulator said on Wednesday.Source: Yahoo! News: Stock Markets News | 12 Aug 2009 | 5:19 pm Market conditions limit growth for KIPTMarket conditions are constraining prospects for rental growth in Kiwi Income Property Trust's retail portfolio, chief executive Chris Gudgeon told its annual meeting. But the outlook would improve as the economy moved out of recession. In...Source: New Zealand Herald - Business | 12 Aug 2009 | 5:15 pm Paulson stocks up on banks, drugs and gold (Reuters)Reuters - Hedge fund manager John Paulson, who made a fortune betting against financial companies after foreseeing the credit crisis, stocked up on shares of Bank of America Corp during the second quarter.Source: Yahoo! News: Stock Markets News | 12 Aug 2009 | 5:08 pm Citi hires external help to probe managementUS regulators have forced Citigroup to hire external consultants to consider whether its management is up to the job of leading the troubled bank out of the financial crisisSource: Financial Times - US homepage | 12 Aug 2009 | 5:06 pm Write-Offs: 08.12.09$$$ Did King Ponz have an affair? [Bloomberg] $$$ $310,000/wk will get you onto Rupert Murdoch's boat- the pleasure of his company not included. [Cityfile] $$$ Some new smuggling problems along the southern border [WSJ] $$$ Paul Krugman helps the housing market [Bloomberg] 
Sponsored Topics: Rupert Murdoch - Wall Street Journal - Smuggling - Paul Krugman - Bloomberg L.P. Source: Dealbreaker | 12 Aug 2009 | 5:02 pm Presented By:Source: Dealbreaker | 12 Aug 2009 | 5:02 pm 'Tipping point' for pension plansNearly a quarter of the biggest firms on the UK stock market will be unable to pay off their pension deficits, a report says.Source: BBC News | Business | World Edition | 12 Aug 2009 | 5:00 pm AMP Office Trust profits up 13pc, but values fall $248mAMP NZ Office Trust has reported a 13.4 per cent rise in its full year distributable profit to $59.2 million. But when factors such as a $248.3m fall in the value of investment properties were included, the trust made a net loss...Source: New Zealand Herald - Business | 12 Aug 2009 | 5:00 pm UBS and US strike tax evasion dealLawyers for UBS and the US government said they had reached a deal to settle the long and bitter battle over access to US client namesSource: Financial Times - US homepage | 12 Aug 2009 | 4:39 pm Blunders sustained Madoff fraudNeither the SEC inspection unit nor auditors challenged the false information provided by Bernard Madoff for yearsSource: Financial Times - US homepage | 12 Aug 2009 | 4:32 pm Hedge Funds Take Accidental Turn Into Porn
Evidently plans for the sequel to Palin Erection 2008 are on hold for now.
Sponsored Topics: Hedge fund - Business - Sarah Palin - Investment - Investing Source: Dealbreaker | 12 Aug 2009 | 4:30 pm Cash handsetWhy mobile phone banking is so popular in AfricaSource: BBC News | Business | World Edition | 12 Aug 2009 | 4:29 pm Taking the PulseThe party goes on for the world's rich and famousSource: BBC News | Business | World Edition | 12 Aug 2009 | 4:24 pm Podcast: Emily Oster Decodes The World
Plenty of food. (Joits / Flickr/Creative Commons pool) On today's Planet Money: Some days, you just have to wonder why the world is the way it is. Emily Oster is making a career out of training the lens of economics on just that question. Oster talks about her economic of analysis of AIDS and risky behavior in Africa (see her amazing TED talk on that), and she answers a riddle from a Planet Money listener. That riddle: Why, when prices are flat or falling, are restaurants piling more food on our plates? Bonus: A health insurance testimonial from the U.K., after the jump. Download the podcast; or subscribe. Intro music: Can's "I Want More." Find us: Twitter/ Facebook/ Flickr. In addition to objections from doctors, we keep getting responses to our first podcast on health care from people outside the U.S. This one comes from Matt Conner in the U.K. He writes: You raised an interesting point regarding the patients (read: customers) stake in holding down health care costs. The idea that everyone is paying with someone elses money really struck home for me, especially since I've had a completely different experience for the past 6 and a half years. I'm an American contractor living in the United Kingdom, home of the National Health System. I have excellent private insurance (Cigna) through my company, but we've relied on NHS for nearly all of our needs during our time overseas. However, both our children were born over here, and both times, we chose to use the NHS. The ONLY costs I paid were by choice. My wife wanted a private room for her recovery period. By the way, she chose to stay a few days after each to make sure she was fully recovered and our children were healthy. I hear horror stories about US hospitals rushing women out so they can turn over a bed. Not here. If that wasnt enough, midwives visit the new arrival at home for the first ten days after the birth. They do checkups for the baby and the mother, deliver medicine, and provide guidance on nursing. Did I mention that prescriptions for both the baby and the mother are free for the first year? So, the care is fantastic. And it's globally available to any resident, even people like me who aren't paying taxes. In the interests of full disclosure, let me admit that I've had two elective surgeries since I've been here. I chose private insurance solely based on the time it would have taken to use NHS, and because I could. If the option weren't available to me, I would have just waited. The main point I wanted to make was about the investment of the customers. My observation, proven by friends and doctors alike, is that NHS patients approach their care completely differently. They understand on some level that they bear the cost of the care in the form of taxes they pay. Doctors regularly prescribe basic wellness treatments such as rest, fluids, etc. They don't automatically write a script for something, especially if it's viral. They use common sense. And to generalize broadly, patients seem to accept it. They actively participate in keeping costs down. For my wife's admission the hospital, they asked us to bring some basic necessities to help keep costs down. It wasn't like checking into a hotel as I understand stateside admissions can be. In the States, it seems like hospitals just send the bill to the insurance company and everyone is happy, and more importantly, profitable. NHS care is. I was an advocate of national health care before I moved to the UK, and my experiences here have only solidified that position. I've long believed that providing for the common defense and welfare means more than bombers and tanks. The US has ceded its responsibility to its citizens and left us at the mercy of the insurance companies and the almighty dollar. NHS takes its licks, and there are plenty of things that I would change if I could, but in the end, the National Health System works. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 12 Aug 2009 | 4:18 pm How the major stock indexes fared on Wednesday (AP)AP - Stocks bounded higher Wednesday after the Federal Reserve ended a two-day meeting by saying the economy appears to be "leveling out" rather than shrinking at a slower rate. The Fed's more positive take on the economy than it had in June wasn't surprising but it still bolstered hopes for a recovery. Financial and technology shares posted some of the strongest gains after a ratings upgrade and profit reports provided evidence of a rebound.Source: Yahoo! News: Stock Markets News | 12 Aug 2009 | 4:11 pm Stocks jump as Fed raises view of economy (AP)
Source: Yahoo! News: Stock Markets News | 12 Aug 2009 | 4:08 pm Vanguard to Start New Bond Index Funds, ETFs: AudioSource: Bloomberg - All Podcasts | 12 Aug 2009 | 4:04 pm Columbia Sportswear Raised to `Neutral’ at Goldman: AudioSource: Bloomberg - All Podcasts | 12 Aug 2009 | 4:03 pm Hesslink on Bio-ceuticals, Boyd on Recycling Engines: AudioSource: Bloomberg - All Podcasts | 12 Aug 2009 | 4:02 pm Hoskins Says Fed Has Set Bad Precedents: AudioSource: Bloomberg - All Podcasts | 12 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 | 12 Aug 2009 | 3:55 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: Business | 12 Aug 2009 | 3:55 pm Keeble Sees 10-Year Treasury Yield at 4.5% Next Year: AudioSource: Bloomberg - All Podcasts | 12 Aug 2009 | 3:43 pm Silva Says Problems at 75% of Global Banks Is Over: AudioSource: Bloomberg - All Podcasts | 12 Aug 2009 | 3:40 pm India plans green reform with own EPAEnvironmental agency modelled on that of US would implement and monitor standards, says environment ministerSource: Financial Times - US homepage | 12 Aug 2009 | 3:16 pm Exxon Has Some Issues With NYC
Other contaminants? What other contaminants could possibly be in the crystalline waters off of Queens?
Well, at least there's no dispute the water sample was authentic. Exxon Loses Phase One of New York Groundwater Trial [Bloomberg]
Sponsored Topics: New York City - Queens - NewYork - Water treatment - MTBE Source: Dealbreaker | 12 Aug 2009 | 3:15 pm Daiwa's Moran Sees U.S. GDP Growth in Third Quarter: AudioSource: Bloomberg - All Podcasts | 12 Aug 2009 | 3:12 pm Paulson, Esteemed Bank Short Seller, Now Long Financials (BAC, COF, GS, JPM, FITB, FHN, MI, PBCT, SKF, RF, STT, STI)John Paulson has been well known as a hedge fund manager because of the profits he made from short selling many of the key financial stocks. Yet his new filing shows a large long position as of the quarter-end June 30, 2009. For example, it lists a huge stake in Bank of America Corp. (NYSE: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Aug 2009 | 3:11 pm Reinhart Has Questions About Bernanke as Crisis Manager: AudioSource: Bloomberg - All Podcasts | 12 Aug 2009 | 3:10 pm DeMasi Sees 2% to 2.5% CPI Inflation Rate by 2011, 2012: AudioSource: Bloomberg - All Podcasts | 12 Aug 2009 | 3:09 pm Pequot and chairman face possible SEC chargesThe SEC has warned Pequot Capital it is considering filing securities fraud charges against the hedge fund based on 2001 trading in Microsoft stock, Pequot has told investorsSource: Financial Times - US homepage | 12 Aug 2009 | 3:08 pm Levitt Sees Transparency in European Hedge Fund Rules: AudioSource: Bloomberg - All Podcasts | 12 Aug 2009 | 3:06 pm 230 mpg for Chevy Volt? Not alwaysGeneral Motors says its Chevy Volt can get 230 mpg. But the bloggers over at Environmental Economics found out how GM really arrived at that number. Click here for a link to the blog.Source: Marketplace | 12 Aug 2009 | 2:40 pm Blackstone Brings in Byron Wien, Wants To Sell Debt (BX)The Blackstone Group L.P. (NYSE: BX) had a fairly busy day. It seems that reports of the death of private equity may have been exaggerated. The company had two key announcements today: it brought on renowned economist and strategist Byron Wien and it said it was raising cash via a debt offering. Wien is joining Blackstone [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Aug 2009 | 2:25 pm I Have An Idea Where This Is GoingAnd we wonder why insurance firms needed a bailout in the first place? Hartford Financial Services Group Inc., the insurer that took a $3.4 billion U.S. bailout, was ordered by a Florida regulator to return $48.2 million to clients after profits on some policies exceeded state rules. Hartford Ordered to Refund $48 Million After Too Much Profit [Bloomberg]
Sponsored Topics: Workers' compensation - United States - Insurance - Bloomberg L.P. - Florida Source: Dealbreaker | 12 Aug 2009 | 2:22 pm A win for American media in ChinaThe World Trade Organization ruled today that China broke free trade agreements by restricting U.S. imports of books and other media. That could open up the Chinese market for American publishers and film studios. Amy Scott reports.Source: Marketplace | 12 Aug 2009 | 2:21 pm Wachovia Shareholders Go 0-for-2 (Million)
Lady Justice isn't blind. She's just doubled over in laughter at this one.
Sponsored Topics: Wachovia - Wells Fargo - New York - Lady Justice - Business Source: Dealbreaker | 12 Aug 2009 | 2:12 pm SEC to bring action against Samberg, Pequot Capital (Reuters)Reuters - The U.S. Securities and Exchange Commission has told Arthur Samberg, a once powerful hedge fund manager, it plans to file civil insider trading charges against him and his firm, Pequot Capital Management.Source: Yahoo! News: Stock Markets News | 12 Aug 2009 | 1:57 pm Economy not falling, but not better yetAlmost two years after the recession started, things are officially not getting worse anymore. But even though the bleeding has stopped, the economy is still in intensive care. Steve Henn reports.Source: Marketplace | 12 Aug 2009 | 1:42 pm 10 most expensive iPhone apps - $179 to $900Source: Business and financial news - CNNMoney.com | 12 Aug 2009 | 1:35 pm Citi trader likely to keep $100M paydayRead full story for latest details.Source: Business and financial news - CNNMoney.com | 12 Aug 2009 | 1:23 pm Tracking The Value Of The World’s Major BrandsSeveral companies run annual brand valuations. It is a good business for advertising and marketing firms to be viewed as experts on brands. Brand values are based on the cash flow they create, and there are a number of ways to measure that. The mathematical parts of the formulas are relatively easy. The part that [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Aug 2009 | 1:21 pm Ex-Kmart CEO wants to overturn verdict in SEC case (AP)AP - With millions of dollars at stake, lawyers for the former head of Kmart Corp. urged a judge Wednesday to throw out a verdict in a civil trial that centered on what investors should have been told before a bankruptcy filing in 2002.Source: Yahoo! News: Stock Markets News | 12 Aug 2009 | 1:18 pm Madoff CFO hearing ends in handcuffsThe chief lieutenant in Bernie Madoff's multi-billion dollar Ponzi scheme emerged from the shadows for the first time yesterday only to find himself unexpectedly in custody.Source: Business and financial news - CNNMoney.com | 12 Aug 2009 | 1:16 pm Federal Reserve Won't Raise Rates, Moves To End Buying Spree
Federal Reserve Chairman Ben Bernanke sees the economy stabilizing. (Chip Somodevilla / Getty Images)
The Federal Reserve today announced that it will wind up its planned $300 billion program for buying government debt from financial institutions by the end of October, since the economy is "leveling out." The Fed has bought $253 billion worth of U.S. Treasury bonds from banks in an effort to get more money moving through the economy. If banks are holding cash instead of Treasurys, the thinking goes, they'll be more likely to lend to people and businesses. The Fed also announced it will not be raising its key interest rate, the federal funds rate. This target rate is the amount the Federal Reserve hopes banks will charge for overnight loans to other banks. The decisions come after a two-day meeting by the Federal Open Market Committee, which sets monetary policy and works to carry it out. The Federal Reserve lowered the rate on Dec. 16, 2008, by a range -- of .75 to 1 percent -- to a record-low of zero to .25 percent. Since then the economy has begun to show signs of turning around. Unemployment dipped by .1 to 9.4 percent in July, exports are on the increase and gross domestic product was shrinking more slowly last quarter than the quarter before. With such a low target rate, the Federal Reserve risks creating inflation when the economy gets going again. The Fed began buying Treasurys from banks to lower the interest rate and increase the supply of cash. The Fed has bought so many government bonds that it has tripled its assets to $2 trillion in the last year. Recently, the Federal Reserve Bank of New York has reportedly been doubling its staff of traders to help manage its ballooning portfolio. If the economy does recover, demand will increase and producers may start raising prices; a surplus of cash could fuel an uncomfortable level of inflation. Some economists, including Allan Meltzer, have urged the Fed to raise the rate soon. So far, wages and most prices have stayed relatively flat. Last month, Fed Chairman Ben Bernanke told Congress that he belives the rate will need to stay low for "an extended period. Bernanke added, "[W]e also believe that it is important to assure the public and the markets that the extraordinary policy measures we have taken in response to the financial crisis and the recession can be withdrawn in a smooth and timely manner as needed, thereby avoiding the risk that policy stimulus could lead to a future rise in inflation." Today's statement, by Bernanke and the other Federal Open Market Committee members, says the Fed "expects that inflation will remain subdued for some time." » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 12 Aug 2009 | 1:13 pm Evercore, You've Got Mail
Twelve Evercore employees toiled for a year through 4,000 spreadsheets, 1,700 PowerPoint presentations (sadly no breakdown on the number with animation which probably would have counted double), and then there were the emails. Repko pointed to the 11,700 GM-related emails he sent or received in addition to the more than 23,500 emails Evercore MD J. Stephen Worth handled as proof that the fees were not "staggering" and "excessive" as alleged by the trustee.
One item not reported was the number of hours Evercore spent counting emails, spreadsheets, and presentations instead of trying to find a suitor for GM.
Sponsored Topics: General Motors - Federal government of the United States - GM - Evercore Partners - United States Source: Dealbreaker | 12 Aug 2009 | 1:08 pm Redbox sues 20th Century Fox over DVD releases
Source: L.A. Times - Business | 12 Aug 2009 | 1:05 pm Economy really not as bad as it looksAfter months of warnings that we were on the edge of disaster, it's a little tough now to make a case for optimism. But good news has been coming a little more frequently lately. Kai Ryssdal talks to senior business correspondent Bob Moon.Source: Marketplace | 12 Aug 2009 | 1:04 pm Start-ups prepare to make the pitchA handful of venture capitalists will descend on a Philadelphia business incubator tomorrow, where fledgling entrepreneurs spent the summer honing their business plans. Now comes the moment of truth. Joel Rose reports.Source: Marketplace | 12 Aug 2009 | 12:54 pm Keeping the sick economy stableOK, so we're not out of the woods yet. What does Fed Chairman Ben Bernanke have to do in the coming months to keep from worsening the recession? Kai Ryssdal talks to Dan Greenhaus, economic strategist with Miller Tabak.Source: Marketplace | 12 Aug 2009 | 12:26 pm We're gonna have a lot of cornThe USDA says there's going to be a near-record crop for corn this year. Blame it on the weather and the number of corn-ears-produced-per-acre in the Midwest grain belt. Mitchell Hartman reports.Source: Marketplace | 12 Aug 2009 | 12:23 pm Auto Junk Program Going Global
And so another global power starts to come to grip with the fact that organic economic growth takes longer than a 2-minute commercial break to achieve by turning themselves into one of the world's largest pawn shops
Sponsored Topics: Russia - Automotive industry - Automobile - Recreation - Autos Source: Dealbreaker | 12 Aug 2009 | 12:09 pm Big Pharma deal sets bad precedentLast week's news of a deal between the White House and big pharmaceutical companies over drug pricing struck some as a step too far. Commentator Robert Reich explains how this could change future health care legislation.Source: Marketplace | 12 Aug 2009 | 11:39 am 'Health Care Bluebook' Offers Local Medical PricesBy Laura Conaway Health Care Bluebook describes itself as a guide to the going rate for specific health care services in various parts of the country. Insurance companies have been complaining about big, arbitrary-seeming bills from medical providers. With Health Care Bluebook, just type in the service you're looking for and your ZIP code, and the "private and independently owned resource" spits out a price. Consumerist took it for a spin: I tried "nasal endoscopy," a procedure that my New York doctor recently billed about $400 for. According to the Blue Book, the standard cost for this in my area is $386. So my doctor's price is about right. If my doctor charged $800, however, I could print out the estimate on the Blue Book site and use it to haggle with my doctor. I'm interested in the results you folks get. What's an appendectomy going for in your neighborhood? » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 12 Aug 2009 | 11:39 am The 401(k) makes a comebackFor the first time in a year, more workers increased the amount of money they put into their 401(k) accounts during the second quarter than decreased their contributions, according to a report issued Wednesday by a retirement fund manager.Source: Business and financial news - CNNMoney.com | 12 Aug 2009 | 11:39 am The Big Business of Electronic Medical RecordsBy Caitlin Kenney President Obama wants to make electronic medical records a key part of his health care reform. Yesterday at his town hall address in New Hampshire, he called them "a sensible thing to do." But as the current battle over these records in the U.K. shows, figuring out a system may be harder and more expensive than it looks. The U.K.'s plan to create a single database known as the "spine" has been plagued by cost overruns and delays. In 2008, the company contracted to build the database was fired after a contractual dispute, a new IT services provider has since taken their place. Earlier this week, the U.K.'s Conservative party spoke out against the National Health Services' efforts to create a single central database, after a review of the project found it should "consider alternative solutions to one monolithic central spine of data." Shadow health minister Stephen O'Brien says the data should be held locally and individual doctor's offices should be able to negotiate their own contracts and run their own databases. The Department of Health is defending the original "spine" project, saying that patients are already benefiting from services like the electronic delivery of X-rays and the "Choose and Book" appointment scheduler. They also argue that canceling or renegotiating existing contracts would be costly and time consuming. Meantime, tech companies in the U.S. are already gearing up to get in on the business of electronic medical records. The stimulus bill passed earlier this year sets aside billions of dollars in incentives for doctors and hospitals who buy and use electronic records. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 12 Aug 2009 | 11:36 am Workplace keeping its employees wellEmployers may be cutting back on budgets and staff, but what they're keeping they're making sure is in top form. Wellness programs from cholesterol screenings to yoga classes are thriving in the workplace. Alex Cohen reports.Source: Marketplace | 12 Aug 2009 | 11:12 am Presented Without Comment: Ragnar Danneskjöld Lives?
The mystery began on July 24, when the 15 crew members of the Arctic Sea said they were tied up and beaten by a group of up to 10 men who boarded the ship off the Swedish island of Oland. The masked men identified themselves as police officers -- but Swedish police said they hadn't been searching ships in that area. Ship Passes Through Channel and Then Disappears [The New York Times]
Sponsored Topics: Ship - Oland - Police officer - The New York Times Company - Swedish Police Service Source: Dealbreaker | 12 Aug 2009 | 11:05 am Microsoft Can’t Sell Word in US, Judge Rules
Yesterday, a judge in Texas ruled against Microsoft in a patent infringement case. Seattlepi’s Nick Eaton has more: A Texas judge ruled Tuesday that Microsoft cannot sell one of its flagship products, Word, in the United States because of patent infringement. Judge Leonard Davis, of the U.S. District Court for the Eastern District of Texas, ordered a permanent injunction that “prohibits Microsoft from selling or importing to the United States any Microsoft Word products that have the capability of opening .XML, .DOCX or DOCM files (XML files) containing custom XML,” according to an announcement by the plaintiff, Toronto-based i4i Inc. In its complaint (PDF), i4i alleges Microsoft willingly violated its 1998 patent (No. 5,787,449) on a method for reading XML. The company, whose Web site advertises that users can “Create and edit XML content in Microsoft Word,” helps clients work with XML. The injunction (PDF), which becomes effective in 60 days, prohibits Microsoft from selling future Word products that allegedly use the patented technology. It also enjoins Microsoft from testing, demonstrating, marketing or offering support for those future products. Davis also ordered Microsoft to pay i4i more than $290 million in damages. Eaton concludes by saying that Microsoft will “likely do everything in its power to overturn Tuesday’s ruling. And indeed, Microsoft will likely prevail.” I agree. But the Word case makes for a surprising read, at least for the time being.
Source: Business Pundit | 12 Aug 2009 | 11:04 am You Decide: An Album For The Recession Generation?Crime and the Times - Arrears from crimeandthetimes on Vimeo. By Laura Conaway "I'll never own a thing," Crime and the Times sing on their new album, Arrears. "I've got nothing to give but my debt." The title track makes even me seem optimistic, and I'm one of the people who has to spend all day looking at lousy economic data. On the other hand, the Recession Generation may have just gotten its Nevermind, its College Dropout. I say may have -- the answer's in the listening, mine and yours. (Thanks to listener Nolan Hurley for the link.) » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 12 Aug 2009 | 11:03 am “Free Car” Sites Pay You to Brand Your Car
Several years ago, getting paid to drive a brand-wrapped car was bordering on popular. The trend later fizzled, but, thanks to the recession, branded “free cars” could be making a comeback. Matzav.com details how it works: Here’s the basic premise of the “paid to drive” concept: A company seeks people — regular citizens, not professional drivers — to go about their normal routine as they usually do, only with a big ad plastered on their car. The ads are typically vinyl decals, also known as “auto wraps,” that almost seem to be painted on the vehicle, and which often cover a large portion of the car’s exterior surface. The car owner is then compensated, usually a few hundred dollars per month, which is essentially a “rental” payment for letting the company use that space. In the past, there’s also been a “free car” version of this concept. The company provided the driver with a new, prewrapped car. In this situation, the drivers usually didn’t get any cash; their payment amounted to the free use of a new car. However, companies quickly discovered that giving away a bunch of free cars didn’t make economic sense, so few still take this approach, says Drew Livingston, president of Free Car Media in Los Angeles. What does the company get out of this type of ad strategy? Lots of exposure. The auto wraps tend to be colorful and eye-catching and attract lots of attention. Plus, it’s a form of advertising with a captive audience, meaning people who are stuck in traffic and can’t avoid seeing the wrapped car alongside them, Livingston says. The companies usually select drivers who live in desirable locations such as high-traffic, urban areas. A company’s ideal driver can vary depending upon the target demographic they want to reach, according to Brandon Clarke of DrivenMedia, a Phoenix-based advertising company that specializes in creating branded vehicle campaigns for clients. For example, a tech or electronics company may seek drivers who live on or near college campuses, so as to gain exposure with the college crowd. Companies may also track drivers’ locations via GPS. That way, they ensure that drivers spend enough time in desired areas, according to the article above. How do you sign up? FreeCar Media, one of the major suppliers of branding services, explains the process for its cars: Advertisers choose the drivers they want based on the information you provide us. When you are chosen, your vehicle will be wrapped in an attractive advertisement and you will get paid up to $900 a month. Most programs average 3 months but some are longer and others shorter. The more information we can give advertisers about you, the easier it is for them to choose you. So please be as detailed as possible. So, take a little time to fill out the application and we’ll do our best to put you in the driver’s seat. Note that you probably won’t get a free car. Instead, you’ll sacrifice your existing vehicle to the advertising gods for a few months, and receive a nice little paycheck in return. From the sounds of it, moms are a choice target this time around. “With active families being such a coveted demographic, incorporating their vehicles is ideal since they’re getting tremendous exposure parked in the pick-up line at school, at the Saturday morning soccer games, etc,” says DrivenMedia’s Brandon Clarke, as quoted in the Matzav article. If you’re interested in signing up, go to Drivenmediaonline.com or FreeCarMedia.com. Avoid sites that try to charge you a fee to sign up. These sites may try to scam you.
Source: Business Pundit | 12 Aug 2009 | 10:55 am Money Can Buy Other People's Unhappiness
Feinberg, the Obama administration's Given the success of Toxic Bonuses, we wouldn't be surprised to see a lot of plans include these sorts of tools, and a lot of bankers getting even richer than cash bonus plans ever would have made them.
Sponsored Topics: Great Depression - Business - General Motors - American International Group - Chrysler Source: Dealbreaker | 12 Aug 2009 | 10:42 am Facebook Lite: An Assault on Twitter?
Facebook is in the process of launching Facebook Lite, a simplified version of Facebook that focuses on streaming updates. Mashable’s Ben Parr has more: 1. What is Facebook Lite? 3. Is this Facebook integrating with FriendFeed? 4. What’s the point of Facebook Lite? However, we don’t know for sure. They may just be making a speedier version for slow connections. We’ll find out more from the Facebook team soon. 5. How can I access it? One of Facebook Lite’s major draws is that it can be accessed quickly, from a variety of Internet connections. This enables easy access for users all over the globe. Facebook is doing the right thing by trimming down. As MySpace proved, once a better social networking product comes along, it’s just a matter of time until most users defect. By adapting Twitter-like qualities to its software, Facebook attracts more users, and offers more incentive for existing ones to stick around. If Facebook offers enough simplified perks in its new applications, it could lure away Twitter users. I’m going to watch this space with interest.
Source: Business Pundit | 12 Aug 2009 | 10:27 am Mortgage applications drop as loan rates rise (Reuters)
Source: Yahoo! News: Business | 12 Aug 2009 | 10:06 am The Trunk Club: Skype Video Meets Personal ShoppingThe Trunk Club is an Oregon-based startup that offers men a female personal shopper via Skype video. Shoppers consult with men online to determine their fashion requirements, then FedEx them a set of clothes for free. TechCrunch’s Erick Schonfeld describes the service: Once a man (the service is only for men) gets his “trunk” of clothes, he tries them on via another Skype session (he is supposed to change off camera, but I am sure some perv customers will “forget”), gives his feedback to his personal shopper, and then decide which ones to keep. He can return any or all of the clothes at no expense to him. He only pays for what he keeps. The business model is the same as a retail store. The Trunk Club buys clothing at wholesale and sells it at a normal retail markup. Except that the company has deals with clothing manufacturers which doesn’t require it to buy any minimum inventory. In fact, there is no inventory. Clothes only gets shipped when there is a customer who needs a particular item. It is not a discount service. But the personal shoppers come for free (thanks to Skype and the Internet). Customers don’t pay anything extra for them as they would in a fancy department store. The personal shoppers get a commission based on how much clothes they sell. And the men who are its customers never have to step foot in a store again. The Trunk Club was started by Joanna Van Vleck, a personal stylist who opened up a showroom for her clients in Bend, Oregon. She was planning to open up retail outlets across the country where men could come in for their personal shopping sessions, but her angel investor backed out after the economy tanked. By necessity, she turned to the Skype model and only needed $50,000 in angel capital to get going. She has been in private beta with about 600 customers for the past six months. She now has 21 shopping experts working on commission, and is adding 5 to 6 every month. The Trunk Club’s hybrid approach is both high touch and scalable at the same time. I wouldn’t be surprised if we see more retail concepts like this spring up in different categories, with real people helping you make a buying decision over Web video. Read the whole article here (recommended). Sounds like a boon for a select group of well-off single guys. It also helps that the women working for the service are all attractive. I would like to see a similar service for women.
Source: Business Pundit | 12 Aug 2009 | 9:53 am USDA Crop Report Reveals Record Harvests
Today’s USDA crop report, which forecasts this fall’s harvest, estimated that the US soybean crop will be the largest ever. The corn crop will be the second-largest in history. Reuters has more: (These) mammoth harvests…will deflate an ethanol-fueled price boom, the government said. The Agriculture Department estimated the soybean crop at 3.199 billion bushels, corn at 12.761 billion bushels, wheat at 2.184 billion bushels and cotton at 13.21 million bales weighing 480 lbs each. A record soybean crop will replenish stockpiles expected to dip below a two-week supply by the time harvest starts in a few weeks. This year’s crop is forecast to sell for an average $9.40 a bushel at the farm gate. Corn will average $3.50 a bushel, said USDA. Both would be the lowest in three years, since the ethanol boom drove up prices. One-third of the corn crop is used to make fuel ethanol. The August crop report is often regarded as the most significant USDA report of the year, reflecting the U.S. position as the largest corn and soybean exporter in the world. It is the first forecast of the fall harvest and is based on field surveys and interviews of 28,000 growers. Overall, the data is mixed, according to Agriculture Online, which claims that “floor traders say the USDA data will be negative for corn prices, positive for soybeans.” It also means that more farmers will sign up for the 2008 farm bill’s ACRE program, which guarantees more revenue in situations where prices fall.
Source: Business Pundit | 12 Aug 2009 | 9:26 am U.S. Trade Gap Widens Less, And For Once It's (Mildly) Good News
The U.S. trade deficit dipped as the recession set in. (Source: U.S. Commerce Department)
The U.S. trade deficit rose less than expected in June, to $27 billion from $26 billion, the Commerce Department reports. Economists had predicted it would rise to $28.7 billion. The trade deficit measures the difference between the dollar value of goods the U.S. buys from other countries and the dollar value of the goods it sells to other countries. The jump of just 4 percent in June reflects a bump of more than 2 percent in non-oil exports as demand for American products increased just a bit. Among the sectors selling more was the automotive industry. Exports of consumer goods, the more daily stuff people buy, were flat. Imports rose 2.3 percent, and most of that was due to the higher price of oil. Prices for oil -- and food -- tend to rise and fall more rapidly than for other goods, so economists often separate them out of their calculations. Consumer will feel the difference in their wallets, even though oil and food may not be helpful in understanding the overhaul situation. In June, for instance, America rang up a $3.9 billion trade deficit in oil alone. If you take out that factor, the deficit fell to $9.8 billion from $12.7 billion, writes High Frequency Economics' Ian Shepherdson, adding, "This is the lowest deficit since June 1998." The U.S. trade deficit has been falling as the recession has deepened, and it hasn't necessarily been a sign of health. Data from the International Monetary fund show that global trade is now in the first deep, sustained plunge since the 1970s. Americans bought less of just about everything, and so did the rest of the world. 
The collapse in global trade. (High Frequency Economics) Today's report includes some signs of hope for the U.S. economy. Exports notched their second straight month of growth, with non-oil exports rising 1.4 percent in May and 2.1 percent in June. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 12 Aug 2009 | 8:56 am China formally arrests 4 Rio Tinto employeesSHANGHAI -- China formally arrested four employees of Anglo-American mining giant Rio Tinto Ltd. for infringing trade secrets and bribery, but stopped short of laying politically explosive espionage charges in a case that has strained ties with key trading partner Australia.
Source: L.A. Times - Business | 12 Aug 2009 | 7:36 am The 'Wild, Wild West' Of Health Care PricesBy Laura Conaway It's easy enough to guess -- or find out -- the price of a gallon of milk or a loaf of bread or even a house. With medical procedures, that's far, far from the case. "It's the wild, wild West when it comes to prices of anything in the U.S. health care system, whether for a doctor visit or for hospital charges," Dartmouth health economist Jonathan S. Skinner tells the New York Times. The Times reports on a new survey by America's Health Insurance Plans, which finds that insurance companies are just as sick as consumers of getting hit with very big bills. Retail sales were up in June by .6 percent, down from the 9 percent growth in June 2008. Student borrowing increased about 5 percent, adjusted for inflation, over the four years leading to 2007-08. Economist Simon Johnson reveals the real reason Americans should be worried about China. California has a record number of foreclosed homes ready for sale. Finally, in yet another economic indicator, Latinos in the U.S. are on pace to send 11 percent less money to their birth countries this year. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 12 Aug 2009 | 6:52 am Choking Safety FAIL
Source: Business Pundit | 12 Aug 2009 | 5:51 am
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