AFP - New US economic data in the coming week will test the resilience of Wall Street as US shares scaled fresh highs for the year on upbeat remarks by Federal Reserve chief Ben Bernanke and buoyant housing data.
Reuters - Carmaker General Motors should be able to agree on a buyer for its German unit Opel despite failing to make a decision on Friday, Germany's Economy Minister Karl-Theodor zu Guttenberg was quoted as saying on Saturday.
BERLIN (Reuters) - Carmaker General Motors should be able to agree on a buyer for its German unit Opel despite failing to make a decision on Friday, Germany's Economy Minister Karl-Theodor... Source: RSS feed - channel BNewsBusiness | 22 Aug 2009 | 4:07 am
BERLIN (Reuters) - Carmaker General Motors should be able to agree on a buyer for its German unit Opel despite failing to make a decision on Friday, Germany's Economy Minister Karl-Theodor zu Guttenberg was quoted as saying on Saturday.
In towns and cities, people stopped what they were doing, forgot about their boss, turned their heads and gazed at the sexy redo of the final player in the 2009 Pony Car Wars.
Libyan leader Muammar Gaddafi embraced the convicted Lockerbie bomber and promised deeper cooperation with Britain in gratitude for his release, as London and Washington condemned his ‘hero’s welcome’ home Source: Financial Times - US homepage | 22 Aug 2009 | 3:57 am
Honda Motor Co. plans to introduce electric vehicles in the U.S. early next decade, joining a growing number of automakers vying for the lead in clean technology development, local media... Source: RSS feed - channel BNewsBusiness | 22 Aug 2009 | 3:21 am
AP - Guaranty Bank became the second-largest U.S. bank to fail this year after the Texas lender was shut down by regulators and most of its operations sold at a loss of billions of dollars for the U.S. government to a major Spanish bank. Source: Yahoo! News: Business | 22 Aug 2009 | 3:19 am
SYDNEY, Aug 22 (Reuters) - Australia mobilised aircraft on Saturday to try to break up an oil slick off its northwestern coast as it struggled to stop a well gushing oil into the sea. Source: RSS feed - channel BNewsBusiness | 22 Aug 2009 | 2:26 am
A billionaire brokerage family will attempt what a newspaper publisher and a chewing-gum dynasty failed to do: Break baseball's longest World Series drought. The Rickettses, longtime... Source: RSS feed - channel BNewsBusiness | 22 Aug 2009 | 2:00 am
Guaranty Bank, a big Texas lender that succumbed to losses on loans to homebuilders and mortgage-tied securities, was shut down by regulators Friday and most of its operations sold to a... Source: RSS feed - channel BNewsBusiness | 22 Aug 2009 | 1:44 am
NEW DELHI, Aug 22 (Reuters) - Hospital chain Fortis Healthcare Ltd will pay around 10 billion rupees ($205.7 million) to buy 10 hospitals from unlisted Wockhardt Hospitals, the Economic Times newspaper... Source: RSS feed - channel BNewsBusiness | 22 Aug 2009 | 1:36 am
The Securities and Exchange Commission has dropped its stock option backdating case against Ann Mather, a Google Inc. board member since November 2005 and former chief financial officer of Pixar Animation... Source: RSS feed - channel BNPaperBusiness | 22 Aug 2009 | 1:00 am
Bestfares.com chief Tom Parsons says the carrier's promotion includes some small-print exceptions -- such as the blackout dates -- that should have been prominently displayed in bold lettering. ... Source: RSS feed - channel BNPaperBusiness | 22 Aug 2009 | 1:00 am
JACKSON, Wyoming -- Federal Reserve Chairman Ben Bernanke declared today that the U.S. economy is on the verge of a long-awaited recovery after enduring a brutal recession and the worst financial crisis... Source: RSS feed - channel BNPaperBusiness | 22 Aug 2009 | 1:00 am
A boost in home sales and reassurance from Fed Chairman Ben Bernanke spark a market rally. But states such as California face hurdles. ... Source: RSS feed - channel BNPaperBusiness | 22 Aug 2009 | 1:00 am
The studio says it doesn't have the money to market the Leonardo DiCaprio movie until next year. With just six... Source: RSS feed - channel BNPaperBusiness | 22 Aug 2009 | 1:00 am
NBC Universal, Scripps Network and News Corp. are among those interested in the network, which Cox Communications is looking to sell for roughly $700 million. ... Source: RSS feed - channel BNPaperBusiness | 22 Aug 2009 | 1:00 am
The state's rate jumps to 11.9% in July as the U.S. rate declines to 9.4%. Job losses have an outsize effect on Latinos in the state as work in the construction and hospitality sectors vanishes. ... Source: RSS feed - channel BNPaperBusiness | 22 Aug 2009 | 1:00 am
The MicroFueler makes ethanol out of organic waste in minutes. It can be installed at individual homes, and companies are eager to supply owners with garbage. ... Source: RSS feed - channel BNPaperBusiness | 22 Aug 2009 | 1:00 am
The guild's West Coast union as of March 31 had amassed about $30 million in funds that have yet to be paid to writers whose movies or TV shows were viewed overseas. ... Source: RSS feed - channel BNPaperBusiness | 22 Aug 2009 | 1:00 am
NBC Universal, Scripps Network and News Corp. are among those interested in the network, which Cox Communications is looking to sell for roughly $700 million.
Will rock and roll chef Anthony Bourdain come work in the commissary as part of a deal?
The state's rate jumps to 11.9% in July as the U.S. rate declines to 9.4%. Job losses have an outsize effect on Latinos in the state as work in the construction and hospitality sectors vanishes.
California's jobless rate reached a fresh post-World War II high in July, climbing to 11.9%, a sobering reminder that though the nation's deep downturn may be nearing its end, the state's employment woes are far from over.
The Dow Jones industrials shoot up 155 points, closing above 9,500 for the first time since Nov. 4. All the big indexes finish with gains of more than 1.5%.
Federal Reserve Chairman Ben S. Bernanke said what investors wanted to hear, that the economy is indeed on the verge of recovery, and they responded with a rally that sent the major indexes to new highs for the year.
A boost in home sales and reassurance from Fed Chairman Ben Bernanke spark a market rally. But states such as California face hurdles.
The strongest monthly home sales increase in a decade and an encouraging economic assessment from Federal Reserve Chairman Ben S. Bernanke have provided new support for the hope that recovery from the worst recession in decades may be at hand.
The studio says it doesn't have the money to market the Leonardo DiCaprio movie until next year.
With just six weeks before its scheduled release, Paramount Pictures has shelved Martin Scorsese's highly anticipated psychological thriller "Shutter Island," starring Leonardo DiCaprio, until next year, saying it simply doesn't have the money to market the movie.
The MicroFueler makes ethanol out of organic waste in minutes. It can be installed at individual homes, and companies are eager to supply owners with garbage.
It sounds too good to be true: A residential system that allows people to make fuel from old beer, leftover wine and other waste products and use it to run their vehicles.
The guild's West Coast union as of March 31 had amassed about $30 million in funds that have yet to be paid to writers whose movies or TV shows were viewed overseas.
The Writers Guild of America's "foreign levies" headache is growing.
Bestfares.com chief Tom Parsons says the carrier's promotion includes some small-print exceptions -- such as the blackout dates -- that should have been prominently displayed in bold lettering.
Although Southern California still enjoys shorts and T-shirt weather, airlines have already started to roll out discount fares for Thanksgiving, Christmas and New Year's travel.
As many as 12 million people in China who are looking for jobs will not be able to find employment this year, an official newspaper reported Saturday. China's top employment official... Source: RSS feed - channel BNewsBusiness | 21 Aug 2009 | 11:46 pm
A Vietnamese newspaper that helped expose a major corruption scandal announced on Saturday it was shutting down its daily English-language print edition, citing difficulties caused by the... Source: RSS feed - channel BNewsBusiness | 21 Aug 2009 | 11:31 pm
Things are getting uglier over at Fannie Mae and Freddie Mac, reports the New York Times. Investors have been spooked by the Treasury Department’s multiple plans to save the two mortgage giants, so the companies are finding it challenging to raise capital. “We’re in a Catch 22,” an executive with one of the mortgage firms tells the Times. “As long as there is uncertainty over Treasury’s plan, we can’t raise money, and as long as we can’t raise money, there’s going to be more and more speculation about Treasury’s plan.” Moody’s Investors Service, the ratings firm, cuts its ratings on Fannie Mae’s and Freddie Mac’s preferred shares by five notches, leaving them just above junk status. (For more on this news, click here.)
The New Math
When is $25 billion in aid not enough? When the recipients are General Motors, Ford Motor and Chrysler. The three carmakers are expected to ask for a significant increase in the $25 billion government loan program authorized last year to help them build more fuel-efficient vehicles. Their pitch this time around: give us $3.75 billion up front to cover the default risk on the first $25 billion. And we're going to want more handouts when the initial loans run out. ''A lot has changed since that legislation was enacted,'' Greg Martin, a G.M. spokesman, told the New York Times Friday. ''It's going to be north of $25 billion. But the payoff will be substantial, not only for consumers but certainly for the economy over all.''(For more on this news, click here.)
Crude Rollercoaster Continues
Oops! There they go again! Crude oil futures plunged again today, losing $6.59 to close at $114 a barrel. That's the largest drop in dollar terms since 1991 when the U.S. released strategic crude stockpiles during the Gulf War. Traders blame losses on the strengthening dollar. For more on this news, click here
I, Bloomberg
New York Mayor Michael Bloomberg is quietly discussing the possibility of running for a third term, and has reached out to the city’s major newspapers to see if they would endorse the move, reports the New York Times. According to the Times, the popular mayor has spoken with Rupert Murdoch, chairman of News Corp. (News Corp. and Hearst own SmartMoney.com) and owner of the New York Post, Mort Zuckerman, owner of the New York Daily News, and Arthur Sulzberger, Jr., the chairman of The New York Times. In order to run for a third term, Bloomberg would have to overturn the two-term limit. New York voters approved term limits in 1993, and they remain popular, but the business community is said to be unhappy with the current field of candidates, which includes Council Speaker Christine C. Quinn, Representative Anthony D. Weiner and Comptroller William C. Thompson Jr. (For more on this news, click here.)
Mystery Buyer Saves McMahon from Foreclosure
A mystery buyer has emerged to buy the multimillion Beverly Hills mansion of television personality Ed McMahon. The last minute deal knocks developer Donald Trump—who had earlier offered to buy the house and lease it back to McMahon—out of the equation. It also means McMahon will avoid foreclosing on his home -- a move that would have made him a poster child for the U.S. housing slump. "It's a confidential deal and the buyer wants anonymity but I can tell you it is not Mr. Trump -- and it's not John McCain," said a McMahon spokesman, jokingly referring to the Republican presidential hopeful's admission that was unsure how many homes he and his wife own. (For more on this news, click here.)
Regulators on Friday shut down Guaranty Bank, a big Texas-based lender felled by losses on loans to homebuilders and borrowers, in the second-largest U.S. bank failure this year. ... Source: RSS feed - channel BNewsBusiness | 21 Aug 2009 | 9:37 pm
Guaranty Bank, a big Texas lender that succumbed to losses on loans to homebuilders and mortgage-tied securities, was shut down by regulators Friday and most of its operations sold to a... Source: RSS feed - channel BNewsBusiness | 21 Aug 2009 | 9:11 pm
It’s a matter of volume. Like the old saw about the silently falling tree in an unpopulated forest, this week's lingering question is whether a thin-trading-volume market feat is really a feat at all.
ATLANTA (Reuters) - Unions seeking to represent more than 30,000 workers at Delta Air Lines Inc and its Northwest subsidiary could face an uphill battle in elections that could open the door for more collective bargaining and potentially higher labor costs.
Reuters - U.S. auto dealers are asking the government to extend the deadline for submissions for its "Cash for Clunkers" program to August 31, citing computer problems that are delaying the entry of applications into the system.
NEW YORK (Reuters) - U.S. auto dealers are asking the government to extend the deadline for submissions for its "Cash for Clunkers" program to August 31, citing computer problems that are delaying the entry of applications into the system.
SAN FRANCISCO (Reuters) - Software giant Oracle Corp said in a regulatory filing on Friday that it would cut the salary of its chief executive to $1 in fiscal 2010 from $1 million in the previous year.
The terms in AT&T’s exclusive US contract to provide connections for Apple’s iPhone give the telecommunications giant the power to veto online store applications that use AT&T to launch cheap calls through the Internet, the companies disclosed Source: Financial Times - US homepage | 21 Aug 2009 | 6:43 pm
BBVA, the Spanish bank, succeeded in its acquisition of Guaranty Financial, a struggling Texas bank with $13.5bn in assets, according to the Federal Deposit Insurance Corporation Source: Financial Times - US homepage | 21 Aug 2009 | 6:26 pm
JACKSON HOLE, Wyoming (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke and other central bankers said on Friday the worst global recession in 70 years was nearing a close but warned it would be a long, slow climb back to normal growth.
Thousands of creditors of Lehman Brothers, the American investment bank that collapsed almost a year ago, face years of delays in recovering their assets after the High Court yesterday refused to sign off administrators’ plans for a quick payout.
Ofgem, Britain’s energy regulator, yesterday warned Britain’s big six gas and electricity suppliers that it would launch a full investigation unless action was taken to ease new credit restrictions on 250,000 small businesses.
Lord Mandelson, the Business Secretary, has criticised the German Government for placing undue pressure on General Motors (GM), the American carmaker that met yesterday to decide on a preferred bidder for a controlling stake in its Opel/Vauxhall business in Europe.
It is August, height of the summer and many bosses have been in holiday mode, taking a break from a gloomy year of economic strife to recharge the batteries. Not John Fingleton. The chief executive of the Office of Fair Trading has been notably busy.
Fraud is an ugly word. But incompetence and greed are uglier still if you happen to be running a bank or a building society that piled into buy-to-let mortgages a few years back. How much more convenient to blame criminals for losses, rather than to admit to in-house shortcomings.
Fresh optimism returned to the housing market yesterday as Rightmove, Britain’s biggest property website, reported a record number of visits and as official figures showed that some homebuyers believe that price falls have come to an end.
Adnams, the Suffolk brewer, issued a thinly veiled riposte to Guinness Peat Group (GPG), the activist investor and rebel shareholder, yesterday as it reported a return to the black in the first half of the year.
NEW YORK (Reuters) - Dow Jones & Co Inc has been talking to potential buyers about the sale of its stock market index business, including the Dow Jones industrial average, the company's Wall Street Journal reported on its website.
Reuters - Dow Jones & Co Inc has been talking to potential buyers about the sale of its stock market index business, including the Dow Jones industrial average (.DJI), the company's Wall Street Journal reported on its website.
Guaranty Bank was closed by federal regulators Friday in the third largest bank failure this year bringing the total number of failures to 81 in 2009. Source: Business and financial news - CNNMoney.com | 21 Aug 2009 | 5:57 pm
Foreign banks are starting to nibble at America's failed-bank buffet. But don't expect them to clean it out. Source: Business and financial news - CNNMoney.com | 21 Aug 2009 | 5:46 pm
WASHINGTON (Reuters) - U.S. regulators on Friday closed Texas lender Guaranty Bank and sold its assets to Banco Bilbao Vizcaya Argentaria , allowing Spain's second-largest bank to expand its reach in the U.S. market.
Reuters - U.S. regulators on Friday closed Texas lender Guaranty Bank and sold its assets to Banco Bilbao Vizcaya Argentaria , allowing Spain's second-largest bank to expand its reach in the U.S. market.
The competition for a controlling stake in Opel/Vauxhall will continue for a while longer after General Motors’ board decided not to select a preferred bidder at a meeting Source: Financial Times - US homepage | 21 Aug 2009 | 5:18 pm
Reuters - A friend of Bernard Madoff accused of helping fund billions of dollars to the imprisoned swindler asked judges to dismiss charges against him by the U.S. Securities and Exchange Commission and the trustee of Madoff's investment advisory firm. Source: Yahoo! News: Stock Markets News | 21 Aug 2009 | 5:16 pm
The chairman of state-backed Lloyds Banking Group says it was taken by surprise by the level of losses at HBOS. Source: BBC News | Business | World Edition | 21 Aug 2009 | 5:15 pm
WASHINGTON (Reuters) - IPhone maker Apple Inc told U.S. regulators it has not approved Google Inc's Voice application, which could challenge the wireless industry's giants, because it interferes with the iPhone "user experience."
Shares of Ariad climb in the evening following a report that a federal court will reconsider its decision to throw out a multimillion-dollar ruling that found in the company’s favor.
News Corp is examining the potential sale of its Dow Jones Indexes business, two years after Rupert Murdoch’s $5.6bn bid for the Wall Street Journal’s publisher gave him control of the sister division behind the Dow Jones Industrial Average Source: Financial Times - US homepage | 21 Aug 2009 | 4:50 pm
Health-insurer stocks have outpaced the broader market in the past week as investors bet the Obama administration will fail to pass a public health-insurance plan that would compete with private insurers.
CHICAGO (Reuters) - Media company Tribune Co has reached a deal to sell the Chicago Cubs baseball team and other assets to the Ricketts family for $845 million, Tribune said on Friday.
Just spit and scan: home genetic kits like this one could mean big trouble for the health insurance industry. (CrashIntoTheSun / Flickr )
On today's Planet Money:
Information problems are some of the biggest hurdles in fixing health care. Doctors know plenty about you and your ailments, but you aren't usually given much information about them in return. Choosing your physician is an important decision, but how can you know if you are making a good choice? Robert Krughoff of Consumer Checkbook says he's got a new website, Patient Central, that makes finding a good doctor a whole lot easier. The website uses detailed survey information obtained by actual patients to measure doctor performance. One of the site's top rated docs, Dr. David Graham, says he likes the idea but thinks it isn't perfect.
Plus, a health care paradox. Sometimes you can have too much information. Naked Economist Charlie Wheelan says knowing our genetic makeup is good for us but bad for the insurance industry. Wheelan argues that as soon as our insurance pool is "corrupted" by this information, healthy people will begin to opt out and people likely to get sick will be forced to opt in at higher rates.
Bonus: A nurse says your doctor is not a mechanic.
This letter comes to us from Melanie S., a nurse whose husband is a radiology resident:
I take issue with your comparison of doctors to mechanics. On the
surface this is pretty good. Both professions carry a skill set not
many share. We have to put our trust in them that they are knowledgeable
and competent. The bills are also similar. Little fees tacked on after
the procedure. Frustrating. But by oversimplifying with such
analogies, I think you run the risk of breeding resentment. The mechanic
did not spend $250,000 dollars becoming educated and skilled. The
mechanic did not work 80 hours a week in order to become competent. The
mechanic doesn't work weekends, nights and holidays. You should do a
podcast on the cost of training doctors.
I nearly blew my stack when the idea of paying doctors based on their
patients outcome was proposed. I have a better idea. Health insurance
should be more like life insurance. Everyone is eligible but you will
be charged for certain things. I believe everyone should qualify for
health care and if you have a condition that was not created by the
patient (type I diabetes, autoimmune disorders, genetic defects...) then
you may pay bit more but you still have affordable insurance. If you
suffer from poor health due to obesity, smoking, drug or alcohol abuse
then you pay higher premiums. There needs to be more patient
accountability for their own health. Until a doctor can admit an obese
patient with heart disease into the hospital and control their diet and
exercise for months until they lose weight then we can pay doctors based
on outcomes. There is an idea for a podcast -- how much does obesity,
smoking, alcohol and drug abuse cost the system?
Bradley Birkenfeld, the former UBS private banker turned informant, was on Friday sentenced to a tougher-than-expected 40 months in prison for helping wealthy American clients evade taxes Source: Financial Times - US homepage | 21 Aug 2009 | 4:31 pm
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 | 21 Aug 2009 | 4:24 pm
AP - Federal Reserve Chairman Ben Bernanke said what investors wanted to hear, that the economy is indeed on the verge of recovery, and they responded with a rally that sent the major indexes to new highs for the year.
Stocks surged Friday, with the Dow, Nasdaq and S&P 500 all ending at fresh 2009 highs, after Fed chief Ben Bernanke said the economy is near a recovery and existing home sales posted their biggest jump in two years. Source: Business and financial news - CNNMoney.com | 21 Aug 2009 | 3:50 pm
AP - Federal Reserve Chairman Ben Bernanke said Friday what investors wanted to hear, that the economy is indeed on the verge of recovery, and they responded with a rally that sent the major indexes to new highs for the year. The stock market's gains were broad, reaching across all industries, but the biggest jumps came from energy, industrial and material stocks as oil and commodities prices soared. Bank stocks also rose sharply. Source: Yahoo! News: Business | 21 Aug 2009 | 3:44 pm
AP - Federal Reserve Chairman Ben Bernanke said Friday what investors wanted to hear, that the economy is indeed on the verge of recovery, and they responded with a rally that sent the major indexes to new highs for the year. The stock market's gains were broad, reaching across all industries, but the biggest jumps came from energy, industrial and material stocks as oil and commodities prices soared. Bank stocks also rose sharply. Source: Yahoo! News: Stock Markets News | 21 Aug 2009 | 3:44 pm
The oil price hits its highest level of the year, boosted by rises in Chinese stocks and a promising start to trading on Wall Street. Source: BBC News | Business | World Edition | 21 Aug 2009 | 3:30 pm
Markets rise after the head of the US central bank says the world's biggest economy is nearing the start of a recovery. Source: BBC News | Business | World Edition | 21 Aug 2009 | 3:20 pm
Another victim of the struggling economy. (Beerzie Boy)
By Chana Joffe-Walt
A couple months back we got an letter from listener Beerzie Boy, who said everyone in his office had started using coins instead of bills in the office vending machines. Turns out it was an illustration of something called the denomination effect. Priya Raghubir explained people are much more likely to spend smaller denominations than larger bills.
Now, Beerzie Boy checks back in with an update -- it looks like people aren't just laying off spending coins, they're are laying off snacking in general. This note was recently posted on the machines:
"Due to very low volume sales at this location we regrettably need to remove the vendors from this site. The poor sales too frequently lead to outdating of product. The equipment will be picked up in approximately one week. We are sorry for any inconvenience."
Beerzie Boy says he has noticed a change in office snacking behavior:
A soda and snack machine have been here ever since I started working here 10 years ago. Their impending removal got me wondering if premium-priced snacks are a luxury that people are starting to do without in a down economy. One thing I have noticed lately is that many of my co-workers have been buying bulk packages of snack food as a group from places like Costco and Sam's Club to satisfy their snacking needs. Makes me wonder how the vending machine market is doing.
Earlier this afternoon I got thinking about the fact that I should blow out of this place a little early today, which I'll be doing shortly, which got me thinking about the weekend. Then I started wondering what your favorite Rego Park born and bred journalist might have planned for himself, and decided to get him on the horn and find out. Thank god I did! 'Cause he's got a message for all of you I've been asked to pass on. Chaz will be partying with his pal "Eddie" tonight (the same Eddie who owns a family-run chain of gay strip clubs and was supposed to attend our dinner but was a no-show), at some place called Marie's Crisis Cafe. He'd love for you to come out! After recovering from what will likely be an epic night, Gaspo says he's going to keep it low-key. "I'll be out in Connecticut this weekend," Chazza told us, probably mixing drinks. "I'm gonna sit in my back yard, drink martinis out of a plastic glass, and read my book. At some point I'll go for a run, and later, I'll throw some steaks on the grill." If that sounds like something you'd be interested, he'd love for you to join, if not, go fuck yourself, Hoss. CG doubts you've got anything better lined up.
AP - The Securities and Exchange Commission has dropped its stock option backdating case against Ann Mather, a Google Inc. board member since November 2005 and former chief financial officer of Pixar Animation Studios. Source: Yahoo! News: Stock Markets News | 21 Aug 2009 | 3:10 pm
Dow Jones & Co. is looking to sell its stock-market index business, according to The Wall Street Journal. Source: Business and financial news - CNNMoney.com | 21 Aug 2009 | 3:10 pm
AFP - A sizzling report on US existing-home sales and upbeat comments from Federal Reserve chief Ben Bernanke on Friday stoked hopes of recovery from the brutal recession and drove up world stock markets.
With its deposit insurance fund running low, the FDIC is looking for new buyers to take over failed banks. The government agency has shown increasing willingness to work with foreign buyers and participate in loss sharing agreements. Banco Bilbao Vizcaya Argentaria SA recently won the bidding for struggling Guaranty Financial Group, and other foreign banks have shown an interest in taking a stake in the U.S.'s troubled banking industry.
The FDIC is also reportedly trying to entice more private equity funds to the table by softening the rules for private equity takeovers. The proposed rules call for banks acquired by private equity groups to maintain tier one capital ratios of at least 15 percent, three times the level of other banks. The rules also require funds to hold on to the lenders for at least three years. The private equity industry and some of its biggest funders, pension funds, say the rules are too strict and will deter funds from investing in the banks.
So far this year, 77 banks have failed. The FDIC insurance fund has dipped from 35 billion in April down to 13 billion today -- a year ago it was at almost 53 billion.
The global economy looks poised to start growing again, the Fed chairman said, declaring that vigorous actions by the world’s central banks and governments have succeeded in averting economic catastrophe Source: Financial Times - US homepage | 21 Aug 2009 | 2:45 pm
Public options? A co-op? Or how about sticking with the status quo of good old-fashioned private medical insurance plans? Source: Business and financial news - CNNMoney.com | 21 Aug 2009 | 2:30 pm
If you're hoping to make a last-minute Cash for Clunkers deal, you'd better call your car dealer first to make sure he's still doing them. Also, you'd better make sure there are cars left to sell on the lot. Source: Business and financial news - CNNMoney.com | 21 Aug 2009 | 2:29 pm
Oil prices soared on Friday to their highest level since October as investors grow hopeful that a recovery of the world economy is in sight. Source: Business and financial news - CNNMoney.com | 21 Aug 2009 | 2:20 pm
Indian customers will be able to pay for the company’s iconic blue jeans priced at Rs1,599 ($33) and above , plus other Levi’s apparel, in three instalments Source: Financial Times - US homepage | 21 Aug 2009 | 1:46 pm
It seems our banks and building societies weren't content just lending to overleveraged speculators wanting to invest in the latest private equity deal or commercial property scheme. They were even lending to outandout fraudsters. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 21 Aug 2009 | 1:44 pm
Briscoe Group has lifted its half-year profit forecast to around $6.5 million, even with asset impairment adjustments of about $820,000 for four poorly performing stores.
Three weeks ago the company had said it was expecting a... Source: New Zealand Herald - Business | 21 Aug 2009 | 1:30 pm
Big boy just pocketed $25.87 million for his 640 Park Avenue co-op, after buying it for $21 million in January 2007. He and the wife originally asked for $32 million and were apparently pretty incensed by the lowball but rolled with it. Where should he spend the cash money? In other news, while we were out Chaz-boy said he's been vindicated and Tits Cabrera recycled old material and then offered to chest-bump CG (she said "high five" but you know that's just code).
Social networking site Twitter has failed in its initial attempts to trademark the word "tweet" which has been adopted by the site's users as their favoured verb to describe the act of telling the online world what they are up to. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 21 Aug 2009 | 1:07 pm
Microsoft said it had won a major battle against software piracy in China after four people were sentenced to jail for illegal reproduction and distribution of the Windows XP software through a website called ‘Tomato Garden’ Source: Financial Times - US homepage | 21 Aug 2009 | 1:04 pm
Notorious bank analyst Meredith Whitney of Meredith Whitney Advisory Group is out with some new harsh predictions calling for the demise of more banks. It is actually not all really bad news, but she is also getting to the notion that bank earnings power that stocks are starting to reflect is just not there yet. [...]
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Weekly initial jobless claims may be up, but mass layoffs are dropping -- fast. According to the Bureau of Labor Statistics' seasonally-adjusted numbers, employers in the U.S. took 2,157 mass layoff actions in July, 606 fewer mass layoffs than June. A mass layoff is defined as any single employer laying off 50 or more people. July's numbers are the lowest in nearly a year.
The manufacturing sector was the hardest-hit, accounting for 37 percent of mass layoffs. California was the state with the most people fired in mass layoffs. Last month, Cisco Systems alone laid off over 600 workers.
The decline may just be because we've had so many mass layoffs already that we've exhausted them. Still, there's something about the nosedive that chart is taking that makes me happy. Let's hope it continues.
Charlie's Group is selling an Auckland building for $2.5 million and will lease it back for an initial term of eight years.
The company said it had unconditionally agreed to sell the property at 87 Henderson Valley Rd, West Auckland,... Source: New Zealand Herald - Business | 21 Aug 2009 | 12:30 pm
A Swiss banker and lawyer are indicted by the US Justice Department on charges they helped Americans evade taxes. Source: BBC News | Business | World Edition | 21 Aug 2009 | 12:14 pm
Budae jjigae or "army stew" includes hot dogs and spam. (su-lin / Flickr)
Gillian Gutierrez writes:
I have a new alternative economic indicator for you: what cooking websites (Epicurious, Cooks.com) offer as suggestions for ingredients. I just got an email from cooks.com with 6 recipes for HOT DOG dishes. I kid you not! Crown roast of hot dogs and weenie stew included.
When the economy tanks, we start cooking with cheap foods! I guess they'll be no lamb, veal or king crab this season.
Ladies, there's a chance you'll get to find out where exactly Amanda Drury is staying yet, and, if you play your cards right, trail behind her during the Aussie's morning ritual of bagels and hobos. Melissa Francis promised last week that if enough people tuned in to watch her and the Druries on The Call, she's draw you a map to AD's hotel room. Then, shattering your universe, someone over at the network cruelly and unjustifiably decided to put Amanda and her D's on Power Lunch and then over to The Call while Mel was on vacation. We've now received word that the girls will be making their debut duet this Monday. Prepared accordingly.
ProvencoCadmus receivers Michael Stiassny and Brendon Gibson, of KordaMentha, have sold the retail automation business to Fusion Retail Oil for an undisclosed sum. Source: New Zealand Herald - Business | 21 Aug 2009 | 11:30 am
This week the AIDS Healthcare Foundation filed complaints with the California’s Division of Occupational Safety and Health over the lack of condoms used on-screen in the porn industry. The complaint names 16 Los Angeles based production companies, and was prompted by adult film perfomer Michelle Avanti’s positive HIV test.
“As I continued to do hardcore porn, I started catching STDs all the time,” said Michelle Avanti, a former porn actress and member of the Pink Cross Foundation, which offers support for adult industry workers. “My lower body hurt so badly and at times my private area felt like it was a blazing fire. I could no longer work because I caught so many STDs and infections. I believe that if condoms had been allowed to be used in my own films, I would not have suffered so many physical ailments and infections.”
The Los Angeles Times has reported that as many as 22 porn film performers have tested positive for HIV in the last five years. The news reignited concerns that the adult entertainment industry is not protecting actors from the spread of sexually transmitted diseases.
ABC reports that the group claims to have identified more than 60 videos recently filmed in the state in which the actors do not use condoms. I’ve done some market research in my time, but can you imagine?
Dean Fryer, California’s Occupational Safety and Health Administration spokesperson, is troubled by the lack of condoms.
“I’m concerned that a lot of producers are not using condoms or using film techniques so as to film a simulation rather than a sexual act,” Fryer said.
But Hustler publisher Larry Flynt says that’s the point. He told the Associated Press, “people who enjoy viewing adult films do not want to see people using condoms.” He continued on the economics of the issue:
“While it might provide some additional protection, the sales are not going to be there to make the effort worthwhile for the actors and actresses,” he said.
Head of Vivid Entertainment Steven Hirsch agrees and said that if condoms became mandatory in California, the adult film industry would likely leave the state.
Former porn actress Jan Meza is a proponent of regulation. She says when she asked first starting asking to use condoms in adult films in 2006 she was told she’d never work again. She continued to work, without condoms, and contracted herpes. Meza no longer works in the porn industry directly, but works to support performers who want to leave the industry.
Some consumers find credit cards are as addictive as cigarettes or alcohol. But programs like Debtors Anonymous offer plastic junkies the support to quit for good. Tess Vigeland reports. Source: Marketplace | 21 Aug 2009 | 11:19 am
The social networking site faces two big challenges: It's not making money and its popularity is becoming a liability. So it's considering selling consumer information to businesses. Jeff Tyler reports. Source: Marketplace | 21 Aug 2009 | 11:15 am
Fortune magazine's Leigh Gallagher and Reuters financial blogger Felix Salmon talk with Tess Vigeland about overly optimistic investors, the impact of Cash for Clunkers, and the health care debate. Source: Marketplace | 21 Aug 2009 | 11:15 am
China is dealing internally with two lead-poisoning scandals at once. More than 2,000 children have been affected from metal-smelting facilities near rural Chinese villages. Scott Tong reports from Hunan province. Source: Marketplace | 21 Aug 2009 | 11:15 am
Baker Hughes Incorporated (NYSE:BHI) has released its weekly data on rig counts, and it seems that the suddenly-higher oil prices are reversing some declines. There has still been no set direction between gains and losses, but these counts are at least no longer in free-fall. We are also watching the Oil Services HOLDRs (NYSE: OIH), [...]
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At a meeting of central bankers, Ben Bernanke said a return to growth in the near term appears likely. Tess Vigeland gets an analysis of the Federal Reserve chief's address from Michael Bernstein of Tulane University. Source: Marketplace | 21 Aug 2009 | 11:12 am
Existing home sales surged in July as buyers took advantage of lower prices. Is it a sign the housing crisis is relenting? Steve Henn reports. Source: Marketplace | 21 Aug 2009 | 11:12 am
I'm posting the above spread, to be consumed in 7 hours (by 4PM CST) an analyst at an unnamed firm in Chicago not because I support it but because there is nothing else going on and I made some poor decisions last night that are making this morning a bit rough. In truth, I've grown weary of the day long endeavors to consume 5 cookies and a bag of chips. Not challenges in general, but the pussification of something that started out so right. If you're going to do snacks, you get an hour. If you're not working against time, then you should eating something disgusting, or that demonstrates marginal creativity. I'll keep you posted on this last one, but only because it's being subsidized by Ken Griffin. Moving forward, give me something good or nothing at all.
Update: "14 down, most of the heavy stuff is done, taking some time to settle and then attacking the light stuff."
Update II: 24 items done. Challenger says, "I'm going to explode. The picture really doesn't do any justice to the difficulty of this task."
Update III: Hour and 45 to go, 13 items left, 8,000 calories down. "Vision is blurry and equilibrium is off a bit."
Update IV: "Couldn't finish Oreos, popcorn, pretzels and potato skins. Overall 9,000 calories in 7 hours. But had to throw in the towel. It's worth mentioning that each item left had been opened and partially eaten."
Government bond yields dipped quietly to their lowest levels in a month this week, suggesting that some investors are distinctly less bullish than the ones that drove Wall Street to its highest levels of the year Source: Financial Times - US homepage | 21 Aug 2009 | 10:59 am
Reuters - U.S. Federal Reserve chief Ben Bernanke on Friday offered his clearest signal yet that he thinks a global recovery is at hand, but warned growth would be sluggish and unemployment stubbornly high.
Kohlberg Kravis Roberts & Co. (KKR), registered yesterday to take discount retailer Dollar General Corp. to Wall Street. The company plans to sell up to $750 million in stock through an initial public offering. If they get close to that figure, it’ll be the biggest IPO so far in 2009.
The Goodlettsville, Tenn., chain, a favorite of bargain hunters, has done well in this economy. The Wall Street Journal reports:
Discounters like Dollar General have done well in the recession as customers trade down to cheaper merchandise. The question for retailers is whether shoppers will remain frugal or slowly resume their old spending habits whenever they get more money in their pockets.
“We didn’t anticipate a recession as deep as the one we’re all experiencing,” said Michael Calbert, a KKR partner overseeing the investment, in a March interview with The Wall Street Journal. “But we did think Dollar General would be a good investment in difficult economic times.”
The market seems ready to buy:
Private-equity firms are taking advantage of a rally in equities to sell shares. In some cases, they are hoping to sell stock to raise equity and deleverage their balance sheets. In other cases the firms are exiting investments to return capital to their cash-strapped investor base.
Earlier this month KKR and a partner raised $650 million from an initial public offering of Avago Technologies Ltd., the first large offering of a buyout-owned company this year. Last week General Atlantic LLC and Hellman & Friedman LLC sold IPO shares in health-care company Emdeon Inc.
Time will tell if consumers have altered their spending habits for good. If so, stores like Dollar General could continue to grow profits, and provide healthy returns to stockholders.
Kiwifruit operator Satara has posted a 7.9 per cent rise in net profit (to $1.86 million) for the six months to June 30.
Its revenue from ordinary activities in the same period rose 2 per cent to $38.35 million, boosting profit... Source: New Zealand Herald - Business | 21 Aug 2009 | 10:30 am
After a week of mixed housingmarketindicators, we finally have one that shows some firm good news. Sales of existing homes rose in July, for the fourth consecutive month, according to the National Association of Realtors. They're up 7.2 percent from last month, and 5 percent from year ago. It's the largest gain since record-keeping began in 1999.
Overall, July existing home sales hit a seasonally-adjusted annualized rate of 5.24 million, far exceeding expert predictions of 5 million. Experts attributed the increase to the housing stimulus tax credit, and the best housing affordability in two decades. According to the report, the median price of existing homes fell 15 percent.
If the building boom and housing bust lead to too many empty houses, an increase in home sales is a very good sign -- it means that some of those houses are starting to be filled, which could encourage home builders to start building again. Still, at the current pace, it would take 9.4 months to sell every previously-owned home on the market. In a stable market, it should only take seven months.
This morning’s July data for existing home sales, or used homes, posted another gain and this makes it the fourth consecutive month, according to the National Association of Realtors. This created more excitement in the markets and in everything tied to property. The SPDR S&P Homebuilders (NYSE: XHB) is up 3.9% at $15.38 and the [...]
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Just over two months ago, Telecom flashed images of a lolly house, sandcastle and the London Underground on Auckland's Town Hall building, announcing the arrival of its XT mobile network.
XT was vital for Telecom to dig its way... Source: New Zealand Herald - Business | 21 Aug 2009 | 10:00 am
Sky Television is pondering a new network for TV or mobile phones to replace the analogue UHF service to be shut down in March, chief executive John Fellet said yesterday.
Sky's net profit slipped nearly 10 per cent as the pay... Source: New Zealand Herald - Business | 21 Aug 2009 | 10:00 am
John Bongard always hoped to retire at 55 but this was not how he expected it to go.
The chief executive of Fisher & Paykel Appliances, who this week announced plans for a December departure after a year-long battle with prostate... Source: New Zealand Herald - Business | 21 Aug 2009 | 10:00 am
LONDON: Rio Tinto Group is seeking a better relationship with China, the mining company's largest customer, and is in talks with Aluminum Corp of China after four executives were arrested in a spying row.
Chief executive Tom Albanese... Source: New Zealand Herald - Business | 21 Aug 2009 | 10:00 am
There has been a great deal of discussion, in the media and through email correspondence, over the residential property versus sharemarket issue.
A number of individuals have accused this column, and other business commentators,... Source: New Zealand Herald - Business | 21 Aug 2009 | 10:00 am
APN News & Media chief executive Brendan Hopkins says the New Zealand economy is showing signs of life, with the advertising market improving and trading conditions beginning to look more like those from the days before the worst... Source: New Zealand Herald - Business | 21 Aug 2009 | 10:00 am
Any way you want it, it's probably there. Standard tee with tits. Tee with no T's. Tank top for your lady friend. Sleeveless for your Charlie Gasparinos. Plus: gear for dogs, babies, business cards, calendars, neckties, mousepads, beer steins and more. Anything that requires stitching (fleeces, hats, Polos) will be available Monday. Naked has decided to donate all proceeds to this cause, so load up good. I don't know if there's a rush order option, but personally I want mine for tonight. Also, progress has been made to get Drury, the inspiration for this whole thing, in one of these babies before her time here is up. Fingers crossed.
A Russian businessman who once said non-billionaires were "losers" admits his company may not survive the recession. Source: BBC News | Business | World Edition | 21 Aug 2009 | 9:46 am
Here's the latest trailer for Capitalism: A Love Story which you're surely counting down the seconds to Fandango. Goldman Sachs is only mentioned once or twice, and Moore disses some guy at AIG for having a receding hairline which must've burned bad.
We've got more signs today that Europe is entering a recovery. A couple major indexes of the European economy unexpectedly crossed into growth territory, according to data released today by financial information company Markit Economics.
The German service industry purchasing manager's index (or PMI), a gauge of private-sector activity, rose to 54.1 from 48.1 last month. The French manufacturing index jumped from 48.1 in July to 50.2 in August. Readings above 50 indicate industry growth. European stimulus spending was likely a factor in the growth, which is seen as a sign of broader global recovery.
Those two readings -- representing the euro zone's two largest economies -- drove a rise in the composite index of the service and manufacturing industries of all 16 countries in the euro zone. That figure, the Euro Zone PMI, jumped to a 15-month high of 50 in August.
Anyone here know how to teleport? If so, your skills could be marketable. Read more below:
1. New York: People Who Know High Net Worth Individuals
We are seeking:
- Stockbrokers
- Mortgage Brokers
- Real Estate Brokers
- Salespeople who cater to a High Net Worth clientele, or
- Anyone with High Net Worth friends, family, or business contacts
Whether you have a rolodex of High Net Worth contacts, or just one, there could be tremendous opportunity here for you. We are seeking the services of highly motivated professionals who know, or provide services to, High Net Worth individuals. Hours are flexible. Can easily wrap around your existing career and schedule. Part-time and full-time positions are available. We are looking to fill positions immediately.
They forgot to ask the crucial question: Do those high net individuals on your Rolodex actually listen to you?
2. New York: Flawless Business Plan Seeking Teleportation Scientist
We are a small group of very well qualified businessmen who have a complete business plan that aims to yield investors, and partners, 1,000% returns within only a five year period. We have all the pieces in place, including CEO, marketing, and finance management. The only missing piece is YOU! We are looking for a very motivated, team-oriented scientist who has experience in teleportation research and/or technology. We will provide patent funding and small stipend. Once technology prototype is developed, the business will take off running- or teleporting! Significant equity will be provided as payment. Send a resume and any other information that may set you apart from other teleportation scientists. Can’t wait for you to join our team.
Teleportation scientists, come out of hiding! This is your chance, finally…
3. New York: Work Without Stress
Part time Package Handlers. Responsible for lifting and moving
packages weighing between twenty five to thirty five
pounds or more.
Various shifts available from Monday through Friday.
And this is stress-free how?
4. Las Vegas: timeshare RENEGADING ON STRIP
its a tough gig but believe me.. you will make the income of a lifetime..
you will be able to meet people on the strip and book them to go on a timeshare tour..
you will be walking up and down the strip trying to stop people to book timeshare tours..
you want to try it out? let us know.. call today!!
At least this job poster is honest about it being a tough gig.
5. Las Vegas: Wikiopedia expert wanted
Need some wikipedia pages made and others edited.
Send me a page you got on… then we can talk.
This is a dead-easy job for most people. Just convince the poster that you are indeed a Wikipedia expert.
Ever wonder how hackers do it? Break into your private credit card accounts, spending money on your dime? Marketplace blogger Scott Jagow takes a closer look at a hacker's world. Source: Marketplace Money | 21 Aug 2009 | 8:45 am
During these tough economic times, a lot of folks are reaching out for help with their credit cards. Marketplace Money listeners chime in on whether credit counseling has worked for them. Source: Marketplace Money | 21 Aug 2009 | 8:41 am
Commentator Jill Schlesinger says that although the government has passed new rules regarding credit cards, real credit card reform will only come when individuals change their spending habits. Source: Marketplace Money | 21 Aug 2009 | 8:41 am
We all like a day off. But what are people supposed to do when they're forced not to go to work and have no money? Host Stacey Vanek-Smith talks to the experts. Source: Marketplace Money | 21 Aug 2009 | 8:41 am
Despite hints that the economy is recovering, job losses continue. But what happens when fathers who pay child support are out of work? Monica Brady-Myerov reports. Source: Marketplace Money | 21 Aug 2009 | 8:41 am
Host Stacey Vanek-Smith and Economics Editor Chris Farrell field listeners' questions about how to pay for college and other financial matters. Source: Marketplace Money | 21 Aug 2009 | 8:41 am
Janet Bodnar of Kiplinger.com talks to host Stacey Vanek-Smith about what to watch out for -- financially speaking -- when the kids go off to college. Source: Marketplace Money | 21 Aug 2009 | 8:41 am
Parents sending their kids off to college have it especially tough this season. Listeners weigh in on how they're managing. Source: Marketplace Money | 21 Aug 2009 | 8:41 am
We've all fallen victim to impulse shopping. But impulse saving? Commentator Chris Farrell says Americans need to start rolling the dice on putting money away. Source: Marketplace Money | 21 Aug 2009 | 8:41 am
President Obama hasn't stopped talking about health-care reform, yet the public is more confused than ever. Tamara Keith reports. Source: Marketplace Money | 21 Aug 2009 | 8:41 am
Two things are troubling in Charlie Gasparino's latest story on Goldman Sachs, which has apparently been freaking out over how it's going to manage the 85 Broad haters come bonus season, when Lloyd Blankfein is expected to make it rain golden showers. The first is that you might get the mistaken impression Chaz is an anti-Semite. This could not be further from the truth. Charlie loves Jews. Some of his best friends are Macabis and since I've known him he always takes the time to inquire "how the dreidel spinnin's goin', Heeb girl" come December. So please, people e-mailing us, get off CG's ass for the description of current Goldman management below.
People inside Goldman tell me that some senior executives say they believe the onslaught of negative stories detailing Goldman's manifold ties to upper levels of government, charges that it somehow fraudulently profited from the subprime crisis, and now the press about the firm's record earnings is so out of proportion to reality that the coverage contains an element of anti-Semitism--subtly playing off the racist myth of a conspiracy of Jewish bankers controlling the world for their own benefit. (Goldman was founded by a Jewish immigrant, and after years of being run by Gentiles Jon Corzine and Hank Paulson, is once again run by a Jew, Lloyd Blankfein.)
The second issue we're working through this morning is who the goddamn fuck has been running his mouth re: Lloyd Blankfein's looks?
...one thing government bureaucrats don't like is bad publicity, even if it's in fringe media publications.
That's why Goldman has been looking for months for the right person to fill the job of "brand manager." It's the reason senior executives at the firm meet almost daily on how to repair the firm's image. It's the reason Blankfein "looks like shit," according to one Wall Street CEO who considers himself a friend of the Goldman CEO.
It shouldn't be too hard to narrow this down (loose lips Lewis is a strong contender), at which time we can go confront the chump, and demand he say it to LB's face. Let's see how tough he is in the presence of a fishnet bodysuit.
A merged financial services group takes 3,600 solicitors off its list of those handling conveyancing during house purchases. Source: BBC News | Business | World Edition | 21 Aug 2009 | 8:15 am
If you have a clunker you want to trade in for cash, you better do it this weekend. The Obama administration announced last night that they'll be ending the popular 'Cash for Clunkers' program on Monday evening. The abrupt end comes after dealers complained of long delays in getting rebate money from the government. The administration needed to wind down the program in order to avoid going over their $3 billion budget. Overall, the program seems to have been a successful shot in the arm for the auto industry -- it's generated over 457,000 auto sales so far, and caused some automakers to increase production.
Meanwhile, Starbucks, which has been hit hard by the recession and increased competition, announced that it has raised prices on frappuccinos, macchiatos, and other "complex" drinks by up to 30 cents in some cities. At the same time, they've decreased the price of more basic drinks by 5 to 15 cents each. You know there's something wrong anytime a seemingly-ubiquitous coffee giant makes a price change (and is closing down stores). Perhaps this American institution could use a bailout?
And Paul Krugman has an interesting column in this morning's New York Times slamming President Obama for disappointing progressives by using "kid gloves" when pursuing both banking and health care reform. He writes:
On the issue of health care itself, the inspiring figure progressives thought they had elected comes across, far too often, as a dry technocrat who talks of "bending the curve" but has only recently begun to make the moral case for reform. Mr. Obama's explanations of his plan have gotten clearer, but he still seems unable to settle on a simple, pithy formula; his speeches and op-eds still read as if they were written by a committee....
...I don't know if administration officials realize just how much damage they've done themselves with their kid-gloves treatment of the financial industry, just how badly the spectacle of government supported institutions paying giant bonuses is playing. But I've had many conversations with people who voted for Mr. Obama, yet dismiss the stimulus as a total waste of money. When I press them, it turns out that they're really angry about the bailouts rather than the stimulus -- but that's a distinction lost on most voters.
English seaside resorts have been hit by above-average levels of unemployment despite the trend for "staycations", says the TUC. Source: BBC News | Business | World Edition | 21 Aug 2009 | 7:14 am
These are this Friday’s top day trader and active stock alerts. We have more detailed data on volume and price analysis with links through to VSInvestor.com on each stock:
SIRIUS XM Radio Inc. (NASDAQ: SIRI) is up a second day on strong volume.
Salesforce.com Inc. (NYSE: CRM) is trading even higher than last night’s 8% gain after [...]
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Jefferies has made some key downgrades in the solar sector this morning. There are few other calls that were upgrades from rival firms, but the downgrade seems to be more front and center as it was a sector call.
Ascent Solar (NASDAQ:ASTI) Cut to Underperform at Jefferies.
China Sunergy (NASDAQ:CSUN) Cut to Underperform at Jefferies.
Energy Conversion (NASDAQ:ENER) [...]
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There are a number of estimates of what piracy in China costs American software companies. Most are in the $2 billion to $4 billion range. It could be much more than that. China is so vast that getting hard numbers is almost impossible.
On top of software piracy, China is also known as a nation which [...]
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No one was particularly surprised that the Mortgage Bankers Association’s National Delinquency Survey showed defaults reaching record levels. The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.24% of all loans outstanding as of the end of the second quarter of 2009, up 12 basis points from [...]
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Starbucks (SBUX) has come up with a plan to lower prices on many of its drinks and raise prices on others. The process is almost certainly not random, but the company’s thinking will not be passed on to customers.
The cost of small coffees and lattes will drop as much as $.10 in many markets. Starbucks is [...]
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In its history, GM never made an important decision in less than ninety days. That changed recently when the auto maker said it would reimburse its dealers for money they had given to their customers as part of the “cash for clunkers” program. The government has only processed 37% of the paperwork from dealers according [...]
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