|
|
|
|
Fresh evidence of property market 'mini-boom'Further evidence of a stabilisation in the housing market came today as official data showed that property prices jumped at the fastest rate in years in July. Source: Latest Business News from Times Online | 28 Aug 2009 | 5:27 am China signs deal to sell iPhonesMobile operator China Unicom signs a deal with Apple to launch the iPhone into the world's largest mobile phone market.Source: BBC News | Business | World Edition | 28 Aug 2009 | 4:39 am House prices rise most since 2004House prices in England and Wales recorded the biggest monthly leap since July 2004 last month, the Land Registry says.Source: BBC News | Business | World Edition | 28 Aug 2009 | 4:32 am World stocks rise on hopes for consumer recovery (AP)
Source: Yahoo! News: Stock Markets News | 28 Aug 2009 | 4:29 am World stocks rise on hopes for consumer recoveryWorld stocks rose Friday, as strong earnings from consumer goods companies and a rise in European economic confidence suggested that household spending may slowly be picking up amid the...Source: RSS feed - channel BNewsBusiness | 28 Aug 2009 | 4:28 am Just 14pc can work out their energy bills correctlyA vast majority of consumers have failed a test to see if they could calculate their energy bills correctly.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 28 Aug 2009 | 4:27 am Restaurant Group boosted by growth plansShares in The Restaurant Group, the owner of the Garfunkel’s and Frankie & Benny’s chains, surged 19p, or 11 per cent, to 193p in early deals today after it posted a 3 per cent increase in first-half profits and boasted plans for a further eight new outlets before the end of the year. Source: Latest Business News from Times Online | 28 Aug 2009 | 4:22 am Hawaii rolls out new marketing planHONOLULU Selling Hawaii could be considered the easiest job in the world. "As I tell our team all the time, 'If we blow this job, I don't know what else we can sell,'" said Jay Talwar,...Source: RSS feed - channel BNewsBusiness | 28 Aug 2009 | 4:14 am German govt focused on Magna's Opel bid: reportFRANKFURT (Reuters) - German Chancellor Angela Merkel said her government is committed to its negotiating stance over carmaker Opel, which has strongly favored auto parts maker Magna's bid, a newspaper reported.Source: Reuters: Business News | 28 Aug 2009 | 4:12 am Indications: U.S. stock futures higher; market seeks directionU.S. stock futures are slightly higher with the market looking ahead to more economic data.
Source: MarketWatch.com - Top Stories | 28 Aug 2009 | 4:07 am L'Oreal shares rise on better-than-forecast resultShares of l’Oreal rise as much as 9% on Friday after the world’s largest cosmetics company reports better-than-expected first-half profit and forecasts an improvement in sales for the rest of the year.
Source: MarketWatch.com - Top Stories | 28 Aug 2009 | 4:05 am Rents rising as landlords sell upThe cost of renting a home is rising as "reluctant landlords" sell up in the recovering housing market, surveys suggest.Source: BBC News | Business | World Edition | 28 Aug 2009 | 4:02 am Why The Stimulus Program Is Slow Going: 2,200 Applications For Broadband FundsPart of the $787 billion stimulus package is $28 billion set aside to improve the nation’s broadband infrastructure. According to USA Today, some of the applications are 500 pages long. The government has to sort through applications by telecom firms, cable companies, state and local governments, schools and libraries. And, that is just a partial list. The [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 28 Aug 2009 | 4:01 am Investors still not buying Yahoo's Microsoft dealAn Internet search and advertising partnership that Yahoo struck with Microsoft last month has so far failed to inspire the Sunnyvale, Calif.-based company’s investors.
Source: MarketWatch.com - Top Stories | 28 Aug 2009 | 4:00 am ForeclosureU Introduces New Web Based Software to Help Troubled Property Owners Obtain Mortgage ModificationsDistressed property owners can now easily create their own conforming mortgage modification package with the new intelligent LoanMod Creator web based software. ...Source: RSS feed - channel BNewsBusiness | 28 Aug 2009 | 4:00 am Tokyo shares up before elections; Shanghai tumblesChinese shares drop sharply Friday, extending their losing streak for a fourth straight week. Tokyo rises ahead of Sunday's election.
Source: MarketWatch.com - Top Stories | 28 Aug 2009 | 3:59 am Three brokerages up price target on DellAug 28 (Reuters) - Three brokerages raised their price target on Dell Inc after the world's No. 2 PC brand reported a stronger-than-expected quarterly profit on Thursday, showing it was better able to...Source: RSS feed - channel BNewsBusiness | 28 Aug 2009 | 3:54 am Middle earners 'cut energy use'Middle earning pensioners cut back on energy use the most as prices increased in recent years, research suggests.Source: BBC News | Business | World Edition | 28 Aug 2009 | 3:53 am UPDATE 1-Local price hikes fuel PetroChina Q2 gains* Hong Kong shares end down 0.2 pct before results (Adds details)Source: RSS feed - channel BNewsBusiness | 28 Aug 2009 | 3:51 am European chipmakers help drive gainsEuropean shares were buoyant on Friday as technology stocks were pitched higher after results from Dell in the US, while the upward momentum also fuelled gains for banks."We saw the US markets post some...Source: RSS feed - channel BNPaperBusiness | 28 Aug 2009 | 3:49 am Funny thing: This market healed itselfSick of bailout billions? Here's a bit of good news: While the government struggled to come up with a viable recovery plan, one ailing financial market has managed to heal itself.Source: Business and financial news - CNNMoney.com | 28 Aug 2009 | 3:47 am My boss is driving me nutsDear Annie: We used to have a great team here, until our boss was replaced by a manager brought in from another part of the company who is now trying to control our every move. He insists on telling everyone what to do and how to do it in minute detail (even though we've all been excelling at our jobs for years). No detail is too ridiculously tiny to escape his scrutiny, and he's constantly issuing new rules and guidelines, some of which contradict each other.Source: Business and financial news - CNNMoney.com | 28 Aug 2009 | 3:45 am China Unicom first-half net income falls 42%China Unicom announces a three-year deal to sell iPhone third-generation handsets in China and says its first-half profit fell 42% on year.
Source: MarketWatch.com - Top Stories | 28 Aug 2009 | 3:45 am Boost for UK's economic growth prospectsBritain’s economy shrank by 0.7 per cent in the second quarter, a smaller decline than the 0.8 per cent initially estimated, official figures showed this morning. Source: Latest Business News from Times Online | 28 Aug 2009 | 3:44 am Apple (AAPL) Finally Gets Its China DealApple (AAPL) finally has its deal to distribute the iPhone in China after months of rumors and speculation. China Unicom (CHU), the second largest wireless carrier on the mainland, says it has reached a three-year deal with Apple and will launch the iPhone toward the end of the year. According to The Wall Street Journal, China Unicom [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 28 Aug 2009 | 3:43 am German govt focused on Magna's Opel bid: reportFRANKFURT (Reuters) - German Chancellor Angela Merkel said her government is committed to its negotiating stance over carmaker Opel, which has strongly favored auto parts maker Magna's ...Source: RSS feed - channel BNewsBusiness | 28 Aug 2009 | 3:39 am German govt focused on Magna's Opel bid: report (Reuters)
Source: Yahoo! News: Business | 28 Aug 2009 | 3:39 am Europe Markets: L'Oreal, Carrefour gain in higher EuropeEuropean shares rise on Friday, up for the first time in three sessions.
Source: MarketWatch.com - Top Stories | 28 Aug 2009 | 3:38 am UPDATE 1-CVC Capital gives up on Japan Skylark investmentTOKYO, Aug 28 (Reuters) - UK Private equity firm CVC Capital Partners said it had given up a holding in Japanese restaurant chain Skylark Co, its biggest investment in the country, as the restaurant chain...Source: RSS feed - channel BNewsBusiness | 28 Aug 2009 | 3:35 am Kenya's Standard posts 21 pct fall in pretax profitNAIROBI, Aug 28 (Reuters) - Kenya's Standard Group posted a 21 percent drop in pretax profit to 119.2 million shillings ($1.56 million) for the first half on Friday, and it blamed a weaker local currency...Source: RSS feed - channel BNewsBusiness | 28 Aug 2009 | 3:35 am INM moves further into the redIndependent News & Media, owner of the Independent and Independent on Sunday, moved deep into the red in the first half of the year amid a steep fall in advertising revenues and warned that profits...Source: RSS feed - channel BNPaperBusiness | 28 Aug 2009 | 3:34 am UK economy shrinks less than thoughtThe UK economy shrank by 0.7% between April and June, less than the previous estimate of a 0.8% contraction.Source: BBC News | Business | World Edition | 28 Aug 2009 | 3:34 am Americans Watch Nine Billion YouTube Videos In A MonthUS internet users watched 8.9 billion videos on Google (GOOG) sites last month. Ninety-nine percent of those were from YouTube. According to comScore, Google had 42% of the online video market in July. What is more stunning about YouTube is that the average number of videos watch per viewer during the month was 74. At most [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 28 Aug 2009 | 3:32 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 | 28 Aug 2009 | 3:31 am China's Unicom to sell Apple's iPhonesChina Unicom Ltd. said Friday it will sell Apple Inc.'s iPhone in China this year, ending months of rumor about when the hit phone would make its long-delayed debut in the world's most...Source: RSS feed - channel BNewsBusiness | 28 Aug 2009 | 3:30 am UPDATE 2-Low bids hurt AIG's Taiwan unit sale plan -sources* AIG could negotiate with buyer groups on price later (Recasts lead, adds quotes)Source: RSS feed - channel BNewsBusiness | 28 Aug 2009 | 3:29 am Stocks poised for gainsSource: Business and financial news - CNNMoney.com | 28 Aug 2009 | 3:28 am Dell upbeat about sales outlookDell reported earnings that beat analysts' estimates Thursday and said it expects stronger sales in the second half of the year, sending shares of the world's second-largest PC maker up 5% in the hours following its report.Source: Business and financial news - CNNMoney.com | 28 Aug 2009 | 3:24 am Tengzhong may finalize Hummer deal next week: source (Reuters)Reuters - China's Tengzhong may finalize a deal with General Motors as early as next week to acquire the U.S. automaker's Hummer brand, a source familiar with the deal said on Friday.Source: Yahoo! News: Business | 28 Aug 2009 | 3:23 am Tengzhong may finalize Hummer deal next week: sourceSHANGHAI (Reuters) - China's Tengzhong may finalize a deal with General Motors as early as next week to acquire the U.S. automaker's Hummer brand, a source familiar with the deal said on Friday.Source: Reuters: Business News | 28 Aug 2009 | 3:23 am Problem banks: 400 and countingThe number of institutions on the government's so-called "problem bank" list surpassed 400 in the latest quarter, climbing to its highest level in 15 years, according to a government report published Thursday.Source: Business and financial news - CNNMoney.com | 28 Aug 2009 | 3:19 am Private equity groups hint worst is overThree of Europe's biggest listed private equity groups have reported drops in the value of their investment portfolios for the first half of the year, while indicating they may be past the worst of the...Source: RSS feed - channel BNPaperBusiness | 28 Aug 2009 | 3:13 am The Return Of SpeculationThe volatility late last year and in March should have pushed all of the speculators out of the US stock markets. Very few investors made money and a number of individuals and funds were wiped out. Memories seem to be short when it comes to losing money. The press continues to focus on the news that [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 28 Aug 2009 | 3:05 am FTSE rises after GDP revised higherLondon equities bounced back on Friday, with sentiment helped by an upward revision to closely-watched economic data.The FTSE 100 rose 51 points to 4,920.35 after the second reading for the UK's second...Source: RSS feed - channel BNPaperBusiness | 28 Aug 2009 | 2:55 am Johnston Press agrees £485m financing dealJohnston Press, the owner of The Scotsman newspaper, said today that it had agreed a new £485 million financing facility with its banks after pointing to a stabilising in advertising revenue during the past few weeks. Source: Latest Business News from Times Online | 28 Aug 2009 | 2:55 am Famous Last Words: “In many important respects, financial markets are returning to normal.”Most real financial catastrophes play out over a period of years, or they would not be catastrophes at all. The markets are disrupted briefly by an event or two and then go back in the direction in which they were moving, which is, after a disruption short or long, by definition, up. Long market corrections give [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 28 Aug 2009 | 2:55 am UK GDP contracts less than expectedONS says anecdotal evidence suggest the car scrappage scheme helped Britain's economy contract by a smallerthanexpected 0.7pc.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 28 Aug 2009 | 2:54 am Stock index futures point to rise on Wall St(Reuters) - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 stock indexes are up from 0.2 to 0.4 percent, pointing to a higher start when the U.S. markets open on Friday.Source: Reuters: Business News | 28 Aug 2009 | 2:53 am Stock index futures point to rise on Wall St (Reuters)
Source: Yahoo! News: Business | 28 Aug 2009 | 2:53 am Stock index futures point to rise on Wall St (Reuters)
Source: Yahoo! News: Stock Markets News | 28 Aug 2009 | 2:53 am Johnston Press reports £94m lossA drop in advertising revenue sees newspaper group Johnston Press report half-year pre-tax losses of £94.2m.Source: BBC News | Business | World Edition | 28 Aug 2009 | 2:50 am Carrefour swings to loss on weak Europe marketFrench supermarket giant Carrefour confirms its guidance for 2009, but swings to a loss in the first-half of the year.
Source: MarketWatch.com - Top Stories | 28 Aug 2009 | 2:43 am Aegis forced to cut more jobs than plannedAegis, the marketing services group, said on Friday that it had had to cut more jobs than it had initially expected to cope with the downturn, adding that it saw no prospect of imminent recovery in the...Source: RSS feed - channel BNPaperBusiness | 28 Aug 2009 | 2:39 am London Markets: Miners help London's top share index rise 1%Miners climb in London on Friday, as commodity prices advance.
Source: MarketWatch.com - Top Stories | 28 Aug 2009 | 2:38 am Jobless rate hits record high in JapanUnemployment in Japan hit 5.7% in July, the highest on record since World War II.Source: Business and financial news - CNNMoney.com | 28 Aug 2009 | 2:34 am Japanese economy hit by 'double nightmare'With potentially the most momentous general election for five decades less than 48 hours away, the Japanese economy has plunged into the double nightmare of runaway deflation and soaring joblessness. Source: Latest Business News from Times Online | 28 Aug 2009 | 2:33 am Shoppers remain edgy about big purchasesConsumer confidence is still fragile, with shoppers remaining nervous about making big purchases, according to the latest data compiled by GfK NOP, the pollster. Source: Latest Business News from Times Online | 28 Aug 2009 | 2:14 am Business class drop hits IberiaSpanish airline Iberia records a loss for the first half of the year after demand from business class passengers fell.Source: BBC News | Business | World Edition | 28 Aug 2009 | 2:13 am Independent owner warns on profitsIndependent News & Media warned fullyear profits will be at the bottom end of forecasts and said it is still in talks with its creditors about a €200m outstanding bond.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 28 Aug 2009 | 2:12 am Make do or mendUpdated wartime classic offers up frugal adviceSource: BBC News | Business | World Edition | 28 Aug 2009 | 2:10 am Heritage warns FSA investigation could delay Genel mergerOil explorer says financial regulator investigating members of Genel the company it plans to merge with.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 28 Aug 2009 | 2:05 am China bank lending reported sinking in AugustChinese banks continue to slow their lending in August, according to reported estimates, with concern of tighter credit conditions helping send shares in Shanghai and Hong Kong lower.
Source: MarketWatch.com - Top Stories | 28 Aug 2009 | 2:05 am Independent wary about ad outlookIndependent News & Media reports a half-year loss and predicts no pick-up in advertising in the next six months.Source: BBC News | Business | World Edition | 28 Aug 2009 | 2:04 am SEC chair: Derivatives data key for probes (Reuters)Reuters - Getting better access to information on derivative transactions was a "critical" factor in U.S. regulators' efforts to curb market abuses, Securities and Exchange Commission Chairman Mary Schapiro told Bloomberg in an interview.Source: Yahoo! News: Business | 28 Aug 2009 | 2:01 am SEC chair: Derivatives data key for probes(Reuters) - Getting better access to information on derivative transactions was a "critical" factor in U.S. regulators' efforts to curb market abuses, Securities and Exchange Commission Chairman Mary Schapiro told Bloomberg in an interview.Source: Reuters: Business News | 28 Aug 2009 | 2:01 am SEC chair: Derivatives data key for probes (Reuters)Reuters - Getting better access to information on derivative transactions was a "critical" factor in U.S. regulators' efforts to curb market abuses, Securities and Exchange Commission Chairman Mary Schapiro told Bloomberg in an interview.Source: Yahoo! News: Stock Markets News | 28 Aug 2009 | 2:01 am Media Digest 8/28/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: Price cuts on video consoles by Microsoft (MSFT) and Sony (SNE) have causeD the competition in the field to heat up. Reuters: AIG’s (AIG) new CEO says he is working hard and is misunderstood. Reuters: Dell (DELL) results were better than expected. Reuters: The economy is shrinking more slowly and jobless claims improved. Reuters: Toyota (TM) will end [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 28 Aug 2009 | 1:57 am Independent owner confident on creditors dealIndependent News & Media (INM), the embattled owner of The Independent newspaper, said today that it remained confident that it could reach an agreement with its bondholders despite revealing a poor outlook on the back of continued weakness in advertising markets. Source: Latest Business News from Times Online | 28 Aug 2009 | 1:52 am Act fast! $8,000 home credit ends soonUse any metaphor you want: the ticking clock, sands running through the hourglass or pages falling away from the calendar. The fact is, time is running out to claim the $8,000 first-time homebuyers tax credit.Source: Business and financial news - CNNMoney.com | 28 Aug 2009 | 1:43 am Hermes profits below expectationsPARIS, Aug 28 (Reuters) - French luxury group Hermes on Friday posted first-half profits below market expectations, hit in part by lower revenues from its financial investments and slower growth in certain...Source: RSS feed - channel BNPaperBusiness | 28 Aug 2009 | 1:35 am Bovespa gets US greenlightThe Commodity Futures Trading Commission, the agency that regulates commodities and derivatives markets in the US, on Thursday approved trading by American residents of derivatives related to the main...Source: RSS feed - channel BNPaperBusiness | 28 Aug 2009 | 1:32 am Identity thief tags Fed chief BernankeFed Chairman Ben Bernanke, the man in charge of the nation's money supply, discovered last summer that even he is not immune to the risk of identity theft.Source: Business and financial news - CNNMoney.com | 28 Aug 2009 | 1:30 am Asia Markets And Europe Open 8/28/2009Markets in Asia were mixed. The Nikkei rose .6% to 10,534. Toyota (TM) was flat. The Hang Seng fell .6% to 29,123. The Shanghai Composite was off 2.9% to 2,861. At the open in Europe, the FTSE rose .7% to 4,904. The Dax was up .8% to 5,516. The CAC 40 was up .9% to 3,681. Data from Reuters and [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 28 Aug 2009 | 1:28 am Aussie market at 10-month highMELBOURNE - The Australian share market finished at an 10-month high on Friday, edging 0.85 per cent higher, buoyed by financials stocks, amid a mixed offshore lead and some profit-taking. At 1615 AEST, the benchmark S&P/ASX200...Source: New Zealand Herald - Business | 28 Aug 2009 | 1:19 am Italy woes hit Carrefour resultsRetail giant Carrefour reports a loss for the first half of the year, largely due to problems at an Italian partner.Source: BBC News | Business | World Edition | 28 Aug 2009 | 1:15 am Carrefour books first-half loss of $82.75 million (AP)AP - Carrefour SA, the world's second-largest retailer, said Friday it made a euro58 million ($82.75 million) loss in the first half, hit by a one-off charge writing down the value of Italian assets and as recession-shy shoppers cut back on spending.Source: Yahoo! News: Business | 28 Aug 2009 | 1:03 am Toyota shuts US factoryToyota Motor is abandoning a plant in California that it jointly owned with General Motors marking the first time it has pulled the plug on a factory.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 28 Aug 2009 | 1:01 am FDIC bank insurance fund shrinking; concern grows as failures continueThe fund stands at $10.4 billion, its lowest point since 1993. Some speculate that the agency will have to tap its line of credit or, worse, seek taxpayer money to cover expected future losses.Today is Failure Friday, the grim point each week when federal regulators typically seize the latest round of most-troubled banks. Expect more bad news in the Fridays to come, even though the economy shows signs of improving.
Source: L.A. Times - Business | 28 Aug 2009 | 1:00 am Farmers Insurance to slash workforce at 21st Century unit in Woodland HillsCalifornia's largest auto insurer plans to cut 554 jobs this year and a total of 750 by the end of 2010.California's largest auto insurer, Farmers Insurance Group, said Thursday that it planned to slash jobs at the offices of its newly acquired 21st Century Insurance unit in Woodland Hills.
Source: L.A. Times - Business | 28 Aug 2009 | 1:00 am The end of the line for California automakingToyota will shut down the joint venture it operated with General Motors in Fremont in March, eliminating 4,700 jobs. Sagging sales and GM's bankruptcy are blamed.Toyota Motor Corp.'s decision to abandon its assembly line in Fremont marks the end of large-scale auto manufacturing in California, which over the years boasted a dozen or more plants building vehicles ranging from Studebakers to Camaro muscle cars.
Source: L.A. Times - Business | 28 Aug 2009 | 1:00 am Boeing says 787 Dreamliner is to fly this yearShares rise 8%. The all-new jet is more than two years behind schedule.The first Boeing 787 Dreamliner, which is more than two years behind schedule, should fly by year's end, and the first of the largely composite jets will be delivered to All Nippon Airways by the end of 2010, the company announced Thursday.
Source: L.A. Times - Business | 28 Aug 2009 | 1:00 am $6-million Ponzi scheme targeted mobile home parks, SEC saysA Pomona man and his companies, Ben-Wal Leasing and Ben-Wal Management, are ordered to stop doing business in response to the SEC's complaint alleging investor fraud.A Los Angeles federal judge barred a Pomona man and his two companies, Ben-Wal Leasing Co. and Ben-Wal Management Inc., from doing business in response to a complaint alleging investor fraud filed by the Securities and Exchange Commission.
Source: L.A. Times - Business | 28 Aug 2009 | 1:00 am Aston Martin DBS Volante: The head-turner that'll leave you white with car feverIt's a vehicle that could be perfection itself with its 6.0-liter V-12 engine, 510 hp and 420 pound-feet of torque. Too bad the audio and climate controls are pathetic for this caliber of sports car. ...Source: RSS feed - channel BNPaperBusiness | 28 Aug 2009 | 1:00 am Aston Martin DBS Volante: The head-turner that'll leave you white with car feverIt's a vehicle that could be perfection itself with its 6.0-liter V-12 engine, 510 hp and 420 pound-feet of torque. Too bad the audio and climate controls are pathetic for this caliber of sports car.I understand the Aston Martin DBS Volante is not for everybody. Not everyone will care for a $300,000, 12-cylinder, open-top super car that looks like love feels and sounds like whiskey tastes.
Source: L.A. Times - Business | 28 Aug 2009 | 1:00 am Sears is returning to selling cosmeticsEight years after getting out of the business, the retailer is opening full-service beauty counters at 13 stores in Chicago, Los Angeles and New York this week. ...Source: RSS feed - channel BNPaperBusiness | 28 Aug 2009 | 1:00 am Tennis Channel faces off with Cablevision for U.S. Open coverageTennis Channel wants a spot in the New York broadcaster's lineup. Cablevision agrees -- on its own terms. Let the game begin. ...Source: RSS feed - channel BNPaperBusiness | 28 Aug 2009 | 1:00 am California insurance commissioner to fight sale of part of workers' comp fundSteve Poizner is expected to file a lawsuit to try to halt Gov. Schwarzenegger's sale of $1 billion worth of assets of the state-owned company known as State Fund to help balance the budget.California's top insurance regulator is expected today to file a lawsuit to try to stop the governor from selling $1 billion worth of business at a state-run workers' compensation insurance company.
Source: L.A. Times - Business | 28 Aug 2009 | 1:00 am Terranea Resort's main lender files default noticeCorus Bank is the second lender on the 582-room hotel to take action against developer Lowe Enterprises, which also stops payments on its Sheraton hotel in Universal City.Financial challenges are mounting for developer Lowe Enterprises, which has received a default notice from another major lender on Terranea Resort in Rancho Palos Verdes and has stopped making mortgage payments on its Sheraton Universal Hotel in Universal City.
Source: L.A. Times - Business | 28 Aug 2009 | 1:00 am FTC to disconnect unwanted 'robocalls'Prerecorded calls pitching goods and services are banned starting Tuesday, unless a consumer gives written permission. Calls by politicians, charities and certain businesses are OK.The Federal Trade Commission is sending most of those pesky "robocalls" to the junk heap starting Tuesday.
Source: L.A. Times - Business | 28 Aug 2009 | 1:00 am Tennis Channel faces off with Cablevision for U.S. Open coverageTennis Channel wants a spot in the New York broadcaster's lineup. Cablevision agrees -- on its own terms. Let the game begin.There's not much love in this tennis matchup.
Source: L.A. Times - Business | 28 Aug 2009 | 1:00 am Oil rebounds towards $73 on U.S. economic optimismSINGAPORE (Reuters) - Oil climbed toward $73 on Friday after snapping a two-day fall a day ago from 10-month highs, boosted by better-than-expected GDP and jobs data in the United States that signal the economic recovery is on track.Source: Reuters: Business News | 28 Aug 2009 | 12:48 am Fame & Fortune: Jethro Tull's Ian AndersonIan Anderson 62 is head of the rock band Jethro Tull. He lives at his 400acre mansion in Wiltshire with his 55yearold wife Shona.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 28 Aug 2009 | 12:41 am Pensioners 'stay in bed' to cut fuel billsOlder people are being forced to cut down on their energy usage as they face soaring fuel bills.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 28 Aug 2009 | 12:35 am Video: How to make money in the FTSE 250Andy Brough talks about the tenth anniversary of his Schroders' UK Mid250 Fund.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 28 Aug 2009 | 12:32 am Market ends week on positive noteThe New Zealand sharemarket lifted today even though the news was not always good from corporates on the last day of the June 30 balance date reporting season. The benchmark NZSX-50 index closed up 32.927 points, or 1.07 per cent,...Source: New Zealand Herald - Business | 28 Aug 2009 | 12:20 am Dollar closes in on US69cThe New Zealand dollar huffed and puffed but did not break through the US69c level today but it continued to exhibit strength on key cross rates. By 5pm the NZ dollar was at US68.65c from US67.92c yesterday. For the third time...Source: New Zealand Herald - Business | 27 Aug 2009 | 11:46 pm Alibaba's David Wei stays a click ahead of the world's ecommerce pulseDavid Wei chief executive of Alibaba reveals how the website that links China and the West has been able to flourish in the downturn.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 27 Aug 2009 | 11:40 pm Fed chairman Bernanke falls victim to identity theftBen Bernanke the chairman of the Federal Reserve has become the latest victim of identity theft.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 27 Aug 2009 | 11:38 pm Economic gloom mounts in JapanJapan’s consumer prices fell at a faster-than-expected pace in July and unemployment rose sharply as the country prepared to vote in a new government to lead the economy’s recoverySource: Financial Times - US homepage | 27 Aug 2009 | 10:11 pm Splurge Right: Spending for the Most Happiness (Deal of the Day)Even the most disciplined saver needs to splurge sometimes. Why not make it count? Broadly speaking, the recession has taken a toll on consumer spending. Americans saved roughly 5% of their disposable personal income in June, up sharply from the year-ago period, according to the Commerce Department. And although the latest reading of the Consumer Confidence Index came in higher (54.1) than economists had expected, the measure remains well below the benchmark for a nation of healthy spenders (90.0). Saving is important for your bottom line, but it’s equally important for your psyche to splurge every once in a while, says Kit Yarrow, a professor of psychology and marketing at Golden Gate University in San Francisco, whose book “Gen Buy” assesses the motivations behind consumers’ purchases. “It’s like a charge to the brain,” she says. Done right, indulging in an out-of-the-ordinary purchase can relieve stress and help motivate you to get through a tough time. To be sure, there’s a lot of unhealthy splurging. Some consumers hobbled by the recession have been overindulging as a distraction, says Matt Wallaert, a behavioral psychologist and the lead scientist for budget site Thrive. “People are hitting this place of hopelessness,” he says. “They’re saying, ‘I lost my job, I know I can’t find another one soon. The heck with it, I’m going on vacation.’” For others, sweeping cutbacks have brought new scrutiny to the rare splurge. “People have actually thought about for the first time in a long time what their juiciest splurges are,” Yarrow says. “It’s no longer just a rationalization of excessive spending.” Of course, the ideal splurge is largely subjective. Some people prefer vacations; others prefer the latest gadget or a day at the spa. But there are some key attributes that make some purchases more satisfying than others -- no matter how much you spend. We talked to psychologists about five factors that can help maximize the positive feeling you get from your next splurge.
Budgeting
Planning also extends the excitement and good feeling -- you can look forward to the splurge, as well as appreciate it during and after.
Daily impact
Just don’t make the mistake of conflating a regular impact with a regular purchase, Yarrow says. If a splurge becomes routine, you’ll need to build on it somehow to maintain that mental charge. A monthly massage might morph into a full spa day adding stress to your budget.
Motivation
Another person
Memory
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 | 27 Aug 2009 | 10:00 pm 10 Things Your Country Club Won't Tell You (10 Things)Excerpted from the book “1001 Things They Won’t Tell You.” 1. “We’ll do just about anything to get you to join.”You may think of country clubs as untouchable bastions of wealth and exclusivity. While that’s still the case with some, the industry as a whole has seen better days. Why don’t clubs have the same appeal as they once did? People work longer hours, and the competition for their downtime is fierce. Plus, there are plenty of places to network these days, including upscale gyms. “[Country] clubs are finding themselves in this new position where they have to actively go out and pursue members,” says Rick Coyne, an executive director of the Professional Club Marketing Association. The result: Many clubs are trying to bring in new members by cutting attractive deals. The Santa Rosa Golf & Country Club in Santa Rosa, Calif., for example, offers sliding fees for “young executives” under 40. And the Boca Pointe Country Club in Boca Raton, Fla., provides one- to three-month trial memberships for about $400 per month—no strings. If you don’t see a deal at your local country club, that doesn’t mean there isn’t one. Not all discounts are advertised, so just ask. 2. “Want out? It could take a while.”Quitting your country club can be even harder than joining. Just ask Bob Husband, president of Heritage Golf Group, which owns 15 clubs. A longtime member of three clubs in Southern California (none of which Heritage owns), Husband decided that paying triple monthly dues and fees was too much, and he asked to quit one of the three. That was in 2003; in 2005 he was still No. 30 on a waiting list to leave. The catch: The club requires eight new members to join before any one person can quit. A waitlist to leave is not uncommon at clubs, where members’ monthly fees are the primary source of income. While eight-to-one policies are an anomaly, it’s common for clubs to require one new member for each one that quits. But there are some ways around it: Inquire about suspending membership until someone new joins. At the Quail Creek Country Club in Naples, Fla., a member can pay a year’s worth of dues, then become inactive until a new membership is sold. And some clubs will refund some or all of the initiation fee, which can be thousands of dollars, upon exit—but you may have to wait for the check until you’re out. Kathi Driggs, chief operating officer for the Club Managers Association of America, advises carefully researching a club before joining. “It’s a major decision,” she says. 3. “Just because we look posh doesn’t mean we have any money.”In 2003 members of the Raleigh Country Club in Raleigh, N.C., were shocked when the club filed for Chapter 11 bankruptcy protection. They soon found out it owed about $7 million, much of it for ambitious renovations. An investor came in and rescued the club, but not before members sweated rumors that it was going to be turned into a subdivision. That same year, owners of Hunting Hills Country Club in Roanoke, Va., suffering from a decline in membership, were forced to sell the club’s golf course. They leased it back and continued running it, but only by slicing monthly dues and adding hundreds of new members. Country clubs are businesses, too. How to know if your club, or the one you want to join, is financially sound? Chat with members—the gossipy ones. Look around. If routine maintenance is being ignored, that could be a red flag, says Frank Vain, president of McMahon Group, a private-club consultancy. Sure, the grass has been cut, but is worn carpeting being quickly replaced? Says Vain, “That really is a sign of the underlying financial strength of the club.” You can even ask to see the books. Some clubs will let potential members read their annual report. 4. “Membership fees are only the beginning.”You paid your initiation fee and your monthly dues, but your obligation isn’t squared away just yet. About two out of three clubs impose a “food minimum,” an amount members are required to spend, which can run $100 a month or more—and alcohol doesn’t always count. Between his three clubs, Husband spends about $200 a month on food. Some clubs also charge extra for services like bag storage, shoe shines, and locker rentals. At Colonie Golf & Country Club in Voorheesville, N.Y., in addition to monthly dues and a food minimum for the restaurant, families pay an annual house fee for storing golf bags, hitting balls on the practice range, and using the putting green. Cart rental is also extra. Many clubs also charge members for big maintenance and renovation projects, and some even divvy up financial losses among members. How to avoid surprises? Study your contract: Any extra charges must be spelled out (all of the above were). Another strategy is to stay involved— some clubs will put these issues up for a vote, often to all members. 5. “The public course is just as nice as ours.”Avid golfers used to look down their noses at public courses. But over the past decade, public facilities have been stepping up their level of service and have become competitive with private courses. When Greg Sinner moved to Arizona, he wanted service on par with that of his exclusive private club back in Texas. Instead, he’s found what he needs at the Raven Golf Club at South Mountain, a public course in Phoenix. Not only is the price reasonable—$70 to $180 per person per round, and no initiation fees or club dues, as with country club courses—but he can bring as many friends or clients as he likes. Raven also offers fancy extras, like staffers who wipe down your clubs and provide course conditions. Sinner also likes the fact that he can play at other clubs guilt-free: “If you spend a lot of money on some of these private courses, you don’t want to play anywhere else. You can’t afford it.” 6. “Any Joe off the street is welcome to golf at our club . . .”Is that golfer slowing your game by hogging the seventh hole? He might not even be a fellow member. To raise revenue, many country clubs have begun opening their courses to the public, charging a per-day fee for a round of golf and use of the facilities. The Colonie Golf & Country Club, for example, opened its course to nonmember foursomes in early 2003 and took in an additional $40,000 in fees in the first year as a result. (The club currently limits nonmember foursomes to weekends only.) If your club allows nonmembers on its course, there are ways to ensure that you get to golf when you want to. At most clubs, reserved tee times are guaranteed, and in the case of walk-ins, a club will almost always give priority to its members. But with more nonmembers playing these days, it doesn’t pay to be spontaneous: Clubs often won’t bump nonmembers who reserve tee times a few days in advance. Bottom line: Consult your club’s bylaws. Boca Pointe’s, for example, stipulate that its golf course is for members only. Also, see what your options are. ClubCorp, a national chain of country clubs, offers Signature Gold, an enhanced membership program that for a one-time fee of around $3,000 will let members enjoy complimentary golf and dining at 170 clubs and resorts around the country. 7. “. . . and dine in our banquet rooms, too.”Many revenue-challenged country clubs are finding themselves sitting on plum assets, such as sizable ballrooms and catering-friendly kitchens, and realizing that renting out their facilities for big events can bring in big money. For example, a lavish affair can net the Flossmoor Country Club in Illinois around $20,000, which “fills in a lot of gaps,” says Tom Gilley, a club member and former president of the board of directors. How can you avoid going for a quiet dinner at the club and getting turned away—or worse, being seated in an adjacent room, the walls throbbing to the beat of “The Chicken Dance”? Ask about your club’s policy on special events. Many facilities have a dedicated party room and will keep the regular dining room open for members, or will send a calendar to members so they’re informed about scheduled events in advance. 8. “That ‘pro’ helping you with your swing might be an apprentice.”A big perk for many country club members is getting to train or practice with a golf pro. To be considered a “pro,” a golfer should be a Class A Professional, which means he or she has successfully completed the Professional Golfers’ Association of America’s threelevel training program. But at many clubs, lessons are given by assistant pros, which is perfectly acceptable— in fact, the golf pro training program requires aspiring pros to clock a certain number of hours working under Class A Professionals. While many assistant pros can be good teachers, some are, well, greener than the grass on the golf course. Nick Stripling, a former assistant pro at Bolingbrook Golf Club in suburban Chicago, recalls a colleague who was hired when he had just begun PGA training and had never taught a lesson before. “He just played golf in college,” says Stripling. (A Bolingbrook rep says assistant pros often give lessons to beginners.) Tom Gustafson, former executive director of the Southern California Section of the PGA, says pros should have apprentices give them mock lessons before teaching others. But that doesn’t always happen. Ask about your instructor’s training. And if you want your club’s seasoned pro, request him or her specifically—but be prepared to pay more, as much as $150 for a one-hour lesson. 9. “Don’t let the fine china fool you—we’re not as clean as we look.”Country club restaurants are just that—restaurants—and are subject to the same health-department regulations. But there’s one difference: Country clubs are big on buffets, often a more fertile breeding ground for bacteria than food served à la carte. And people sometimes get sick. In one notable case, more than 100 people contracted salmonella poisoning after eating at Brook-Lea Country Club in Rochester, N.Y., in 2002. The club’s insurance company later settled claims for an undisclosed amount; John Maggio, former president of the board of the Brook-Lea Country Club, says the club hired a new chef after the incident and worked with the local health department to put additional health-safety procedures in place. Most clubs are regularly inspected, but be aware that they’re held to no higher standard than your local Denny’s. And when you can, think about skipping the buffet. 10. “Sure, we’re a private club, but we’re also a big corporation.”Traditionally, country clubs have been tightly held by a wealthy family or by the club’s members. Many still are. But as in so many industries, corporations are gobbling up the more than 5,000 U.S. country clubs and some 16,000 golf courses. ClubCorp, one of the largest of these companies, owns or operates nearly 100. Critics say the conglomerates detract from the personality and charm of the country club industry. Big companies running strings of clubs, Vain says, “are going to look at it from the bottom line up.” Indeed, when a chain acquires a club, its first priority is often to increase membership, since that’s the fastest and easiest way to boost revenue. But consolidation can sometimes be good for members. Big companies can often afford to operate an unprofitable club, even spend money on improvements, which is something independent operators can’t always do. And though membership generally grows when a corporation steps in, membership fees often go down. 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 | 27 Aug 2009 | 10:00 pm Active Trader: Oil's Moment of Truth? (Active Trader)"Oil is at an inflection point." That’s the sentence being used by pundits and commodities traders this week, and by the way many of them say ‘inflection point,’ so breathlessly, it seems urgent. While people outside the close-knit world of commodities trading may think the phrase sounds, well, pointless, it carries plenty of weight for active traders. An inflection point, in trader jargon, is a price level that foretells of a dramatic change. The price of oil, which now is about $71 a barrel, might move up or down in the near future, experts say, but whichever direction it goes it will do so significantly. Traders feel that in just a month or two, oil could go as high as $90 or as low as $55. The pundits base the inflection point idea on how oil has traded in the past. Traders saw that when oil last traded in the low $70-a-barrel range in Oct. 2008, it didn’t stay there for long. Within two months, it fell to $34. Oil prices have long moved on a slew of factors, including the value of the dollar, crude inventory levels and political upheavals in oil-rich nations. And right now oil’s “fundamentals,” as the pros refer to its supply and demand, remain weak. Worldwide demand for oil is negative, and there’s plenty of supply. But while those factors remain in play today, experts believe that traders’ views on the broad economy have emerged as a stronger determiner of oil prices than they have in the past. Since the March market lows, traders, buoyed by positive economic news, have pushed oil prices higher alongside stocks. In the past, most economists would argue that rising oil prices were bad for stocks. Yet this time around, relief that the global economy didn’t collapse has outweighed the concern that companies’ costs would increase, says Adam Sieminski, chief energy economist for Deutsche Bank. Always a volatile commodity, oil has outdone itself over the past year surging to $145 a barrel last July and plunging to $34 by last December. It’s particularly hard to forecast short-term prices in this climate. Some energy investors don’t even try. Eric Marshall, the Dallas, Texas-based co-manager of the Hodges Small-Cap Fund, says he pays much more attention to the health of the companies he’s invested in, like offshore driller Transocean (RIG), than to oil’s spot price. But short-term traders who are betting that oil’s price will move significantly soon have a couple of options. If you believe that oil will go down quickly, and you want to stay in energy, experts say you can buy shares of integrated oil firms such as ExxonMobil (XOM) whose diversity and size make them less vulnerable to changes in the spot price in oil. If you feel that oil’s price will rise soon, you can buy an exchange-traded fund that directly tracks the price of oil such as PowerShares DB Oil (DBO). 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 | 27 Aug 2009 | 10:00 pm West Will Languish; Asia Will LeadAFTER THE RECENT JUDDER IN THE ASIAN MARKETS, WHO BETTER to ask about the region's prospects than Christopher Wood? The Hong Kong-based strategist for CLSA Asia-Pacific Markets, a unit of Crédit Agricole, pens the widely followed newsletter Greed & Fear. He was early to spot the problems in the U.S. mortgage market and their global financial implications, writing about them back in 2005. Even earlier, he espied the troubles brewing in Thailand, before the 1997 Asian crisis. Midway through last week, the MSCI AC Asia ex-Japan index had risen by 79% in U.S. dollar terms since the October 27 bottom, while the Standard & Poor's 500 is up just 17% over the same period. Wood acknowledges a modest correction may be in order, but believes prospects are good for a long-term bull market in Asia. To learn why, keep reading. Barron's: You sure got this crisis right. Where are we now? Wood: This financial crisis in the Western world will lead to a long period of anemic growth. The data that is making people more optimistic on the U.S. right now is tending to be production-oriented data like the ISM [a survey of manufacturers] or car sales. But there is very little sign to me that U.S. consumer demand is recovering or that real releveraging is taking place. In fact, all the evidence both in the U.S. and Euroland is that the consumer is going into long-term retrenchment. Even when the banks in America and Europe become healthier in coming quarters and years, I believe demand for credit will be much less than it was in the last five, ten years. So, we are going into a long-term period of deleveraging. We'll continue to see deflation backdrops in the Western world. The best case is a long period of subpar, anemic growth. What does this mean for equities? My formal target has been a 1050 on the S&P 500 [versus the current level around 1,000]. But that is just a technical view. Either in the fourth quarter of this year or definitely next year, the S&P is going to have a proper correction, by which I mean declines below the technical level of 875. There is no evidence that the U.S. or British consumer is really recovering. Actually, America and Europe remain at risk of Japanese-style liquidity traps despite all this fiscal monetary policy activism you have seen in the West. From a global equity investor's standpoint, Asia and the emerging markets stand out as a place to invest. I haven't been surprised that Asia and emerging markets have outperformed since the autumn lows. It is a very positive sign that Asia and emerging markets did not make new lows when the S&P did in March. It's also positive that trading volumes have increased for most of the period since the start of the year in the Asian stock markets' recovery, whereas trading volumes were broadly static on the S&P. Those rising volumes I attribute to growing domestic investor participation within Asia. The biggest beneficiaries of Western monetary easing aren't going to be indebted Western consumers. The biggest beneficiary of monetary easing in the West is going to be Asia...and emerging-market asset prices. That's primarily equities and real estate, because the money generated by all this excess liquidity from dramatic monetary easing in the past year or more, is going to flow to the best story. Which one? When I say you want to be overweight Asia and emerging markets, I'm talking predominantly about investing in domestic themes in [Asia and emerging] markets, such as financial services, real estate, domestic infrastructure. If I was advising a big global or domestic U.S. investor that didn't have emerging-market expertise that just wanted to concentrate on three big markets, I would advise them to invest in China, India and Brazil, because they are all good stories. Different, though. Well, China is a weird mix of command economy and private-sector capitalism. If you invest in the blue chips, you are predominantly investing in state-owned enterprises, be they China Mobile [ticker: CHL], Industrial & Commercial Bank of China [1398.Hong Kong], China Life Insurance [LFC], PetroChina [PTR]. The advantage is that these are dominant companies without competitive threat. You're not going to have huge corporate-governance abuse, because [people who do that in China] are at risk of being executed. The negative is, they are not pure capitalist enterprises, and you have always got the regulatory risk if they decide to change the rules of the game. That's the China story. The China index is predominantly domestic demand. India is very different. What's good about China tends to be bad about India. And what's bad about India tends to be good about China. India is much more the U.S. model of the stock market. You have a huge number of companies, a wide diversity of sectors. In India, the question of who wins and who loses in any sector is much more important than in China. You have more than 100 years of stock-market history, and a more Western-style legal system. In other words, a real element of due process, which is not the case in any other emerging market. India is great, India is my favorite emerging-market equity story. If I was only going to invest in one, I would invest in India because of the wide diversity of companies you could invest in. But it will always have a premium, good price/earnings rating. The other virtue about India is that export is unimportant in terms of gross domestic product. China is more about exports than India, but it's not all about exports, either. That's why both China and India this year have confounded most economists' forecasts, growing much more than most people were predicting at the start of the year despite the fact that the U.S. is barely growing. Then there's Brazil, which I don't follow closely, because CLSA is an Asia specialist. The big story there remains the ability for real interest rates to really collapse, because they finally cracked inflation. Inflation is very low. They can bring rates to single-digits, and that will encourage the development of a middle class. Obviously, it has the resources as well. BRICs without Russia? Why not Russia? Russia is okay, but less diversified than Brazil and more a pure oil play. The decoupling story, once debunked, is being revived. I wouldn't put it that strongly. I would look at it like this: At the beginning of 2008, the investment community had basically largely embraced the notion of decoupling. By the end of '08, the investment consensus had embraced the precisely opposite notion that China and Asian emerging markets would prove to be export train wrecks correlated with the U.S. consumer. The reality is something in the middle, what I call macroeconomic, incremental decoupling -- a boring, middle-of-the-road view. China, India growth has slowed, but not to the extent of some of the more bearish forecasts. Many were correctly bearish on the U.S. and Euroland...[while] China will grow 8% to 9% this year. It has the help of a big command economy stimulus. The natural excuse for a breather is renewed tightening concerns in China, but I don't think China will be slamming on the brakes. India will probably grow more than 6%. In India, there's no command-economy stimulus, because the government couldn't organize one. But it's not a train wreck correlated with the U.S. consumer. Today, the trend in bank-lending in India remains healthy. Stock-market decoupling is a different story. As of today, we have zero evidence of the stock-market decoupling. We've had dramatic outperformance by Asia and emerging markets since the October low. When stock markets correct, Asian and emerging markets normally underperform on the downside as much as they outperformed on the upside. We can't stress-test if Asia and emerging-market stock markets have started to decouple until the next time the S&P has a proper correction -- let's say below 875. The key issue for people involved in Asian emerging markets is how resilient they prove to be. Now, if they only go down as much as the S&P in the context of the dramatic outperformance we've seen to date, that would be incredibly positive. But they've demonstrated this year their macroeconomic resilience. You've talked about an asset bubble in Asia. How far into it are we? Valuations have expanded quite dramatically. No way I would call it an asset bubble yet. All we've had is outperformance. And Asian valuations collapsed late last year way beyond where common sense suggested they should stop, simply because hedge funds and funds-of-funds were liquidating the one investment they still had made some money on, and didn't face lockouts in Asian and emerging-market equities. If you were a fund-of-funds with a lot of hedge funds owning garbage credit, you just redeemed what you could sell. Asian valuations are not cheap today. But in a real bubble, Asia ends up trading two or three times the P/E of the S&P. In the very short term, frankly, Asia has outperformed so much that there's a risk of the S&P outperforming Asia. On a three-month basis, if you had not invested anything in Asia up to now and had $100 to invest, I'd only invest a third of the amount today, and the rest after a correction. What are some of the stresses in Asia? The big stresses remain in the West, where monetary policy remains very easy for a long time. If Western policy remains very loose, that could trigger a speculative bubble in Asia. You know, that doesn't have to happen. The Asian policy makers can counter that by tightening aggressively. But there is a remarkable lack of stress in Asia and emerging markets, because there's a remarkable lack of consumer debt, corporate debt, and government debt. There are high savings rates. They are just in much better condition than the developed world. What themes do you like and dislike? I like financial services, real estate and domestic infrastructure -- the three broad domestic sectors linked to a domestic demand, asset-reflation theme. If you have got the ability to buy smaller stocks, then you can buy consumer stocks. [Wood's thematic model portfolio is shown on the nearby table.] Search-engine stocks are also domestic demand proxies. I would be less aggressive investing in exporters, but there's nothing I aggressively dislike in Asia, I'd say. I also think Asian currencies are long-term appreciation stories, another reason to own the equities. Asian currencies are going to be relatively safe havens compared with Western currencies, because they are not going to blow up their solvent balance sheets bailing out banks. And basically, on a five-year view, I'm expecting investors to lose confidence in Western paper currencies. Tell us about Taiwan. This is a specific story that has nothing to do with the general Asian theme, based on political developments. Sooner or later, you will see a formal end of hostilities or tensions between China and Taiwan, which will lead to a dramatic improvement in economic links. That will lead to a huge rerating in equity prices in Taiwan, and probably also an appreciation of the [New Taiwan] dollar. Over the past year you've already seen pretty significant developments, most importantly a growing number of direct flights. On a five year view, I'd expect more integration: Chinese banks would be able to function in Taiwan and vice versa, growing investments by big Chinese companies in Taiwan, and Taiwan companies integrating their China operations into reported results. This is a very good story and people should buy Taiwan on pullbacks if they don't already own it, and take a long-term bullish view of the NT$. How about Japan, which votes in a parliamentary election on August 30? It isn't an emerging market. But if the DPJ [Democratic Party of Japan] does win the election as expected, that can only be a potential positive. It creates the hope of change and [of] a more domestic-demand-driven policy. If the equity-market rally keeps going, Japan is overdue some outperformance, particularly the exporters, which are actually doing some genuine cost-cutting. But it has all kinds of structural issues that the rest of Asia doesn't have. The most interesting domestic sector in Japan is the real-estate investment trusts, like Japan Prime Realty [8955.Japan] and the Japan Retail Fund [8953.Japan]. The REITs have distressed valuations and very high yields -- 6% to 9% -- relative to very low Japanese interest rates. And the government is now supporting the sector. Thank you. 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 | 27 Aug 2009 | 10:00 pm August 28, 2008 (Thursday): More Layoffs at Lehman? GDP Makes Strong ShowingThe Incredibly Shrinking Investment BankIn yet another haircut, Lehman Brothers is expected to lay off up to 1,500 people, or about 6% of the firm's work force. The layoffs are likely to come before the firm reports third-quarter results in mid-September, according to a person briefed on the plan. In a broad rally among financial stocks, Lehman's shares rose 7.4% to $15.87. (For more on this news, click here.) GDP Makes a Stronger-Than-Expected ShowingIn a pleasant surprise, the U.S. economy in the second quarter grew faster than expected. The seasonally adjusted annual rate was 3.3% from April to June, reported the Commerce Department, instead of the 1.9% it earlier projected. Why the bump up? Exports came in stronger than originally anticipated. (For more on this news, click here.) Retail TherapySears second-quarter profit fell 62%, seriously imperiling the retailer’s most recent efforts to turn itself around. The company, which is being run by hedge fund billionaire Edward Lampert, has been trying to restructure since the beginning of the year, but the latest results are giving Wall Street analysts pause. The company, which also owns Kmart, is losing share to competitors like Wal-Mart and Kohl's. "A strategy of retrenching through lower inventory levels and through lower expenses [is] the beginning of a slide down a slippery slope from which there is rarely a return," Gary Balter, retail analyst at Credit Suisse, said in a research note today. (For more on this news, click here and here.) 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 | 27 Aug 2009 | 10:00 pm Asia stocks rise but China bank lending nags (Reuters)
Source: Yahoo! News: Stock Markets News | 27 Aug 2009 | 9:48 pm Boeing says Dreamliner will fly by end of 2009Boeing says its 787 aircraft will be ready for its first test flight by the end of this year and its initial delivery by the end of next year, sending its shares higher as it gives some clarity to a program that has been delayed five...Source: New Zealand Herald - Business | 27 Aug 2009 | 8:30 pm Delegat's posts 57pc profit surge on Oyster Bay thirstDelegat's Group has unveiled a 57 per cent jump in annual profit, as it had recently predicted, as demand for its Oyster Bay brand wines surged, defying the global recession. Net income rose to a record NZ$30 million, or 30.05...Source: New Zealand Herald - Business | 27 Aug 2009 | 8:00 pm Toyota to end California plant production (Reuters)Reuters - Toyota Motor Corp will end production at a California plant it has shared with General Motors for 25 years, prompting regret and criticism from labor and politicians facing more job losses in an industry and a state pummeled by recession.Source: Yahoo! News: Business | 27 Aug 2009 | 7:42 pm Toyota to end California plant productionWASHINGTON (Reuters) - Toyota Motor Corp will end production at a California plant it has shared with General Motors for 25 years, prompting regret and criticism from labor and politicians facing more job losses in an industry and a state pummeled by recession.Source: Reuters: Business News | 27 Aug 2009 | 7:42 pm Strong lift in July building consentsThe number of consents for new dwellings lifted strongly last month, particularly when apartment numbers were excluded. Statistics New Zealand (SNZ) today said consents were issued for 1214 new dwellings in July. Of those just...Source: New Zealand Herald - Business | 27 Aug 2009 | 7:30 pm Dell results better than expected, shares jumpSAN FRANCISCO (Reuters) - Dell Inc reported a stronger-than-expected quarterly profit on Thursday, showing it was better able to cut costs and protect prices on its products than analysts, or its own executives, had predicted.Source: Reuters: Business News | 27 Aug 2009 | 7:27 pm Three in court over $10m property scamThree former real estate agents allegedly involved in a $10m property scam have appeared in court. The trio are facing charges brought by the Serious Fraud Office at the Auckland District Court. The three men have all been granted...Source: New Zealand Herald - Business | 27 Aug 2009 | 7:00 pm Toyota to pull out of California plantSource: Business and financial news - CNNMoney.com | 27 Aug 2009 | 6:33 pm US home sales soar 9.6pc in JulyWASHINGTON - Sales of new US homes surged 9.6 per cent in July, another sign the housing market is climbing back from the historic bottom it reached early this year. The monthly increase was greater than expected, the fourth in a...Source: New Zealand Herald - Business | 27 Aug 2009 | 6:30 pm First-time buyers may need 60 per cent depositWhat has an obscure and complicated European financial directive got to do with first-time buyers trying to get on to the property ladder? Source: Latest Business News from Times Online | 27 Aug 2009 | 6:01 pm Rent to buy schemes are helping first-time buyersThe end of easy credit has turned even the affluent into envious have-nots, effectively consigned to a life as a permanent tenant. In the past year, those who believed that the market slowdown would finally bring a home within reach have been shocked to find that mortgage lenders are demanding deposits of as much as 40 per cent for a market-leading rate, with no sign of an easing of these conditions. Source: Latest Business News from Times Online | 27 Aug 2009 | 6:01 pm South West: Focus on CornwallOn the beach at Porthpean, children are setting off on kayaking missions, poking about in rock pools or struggling into wetsuits. It is one of the hottest days of a drizzly summer; something of an irony since Bricks & Mortar is in Cornwall to report on the impact of the wet weather on the second-home market. Source: Latest Business News from Times Online | 27 Aug 2009 | 6:01 pm Dell predicts return to growthExecutives at Dell, the world’s second-biggest PC maker, on Thursday predicted a return to growth in the second half of this year, though they also warned that any recovery was likely to be weak at first and slow to devSource: Financial Times - US homepage | 27 Aug 2009 | 5:25 pm AT&T, union reach tentative agreementNEW YORK (Reuters) - AT&T Inc and the Communications Workers of America union have reached a tentative agreement covering some 7,000 to 8,000 of telecommunications company's the U.S. core wireline employees.Source: Reuters: Business News | 27 Aug 2009 | 5:16 pm US resists £50m VAT claim on embassy workThe US is standing firm against UK demands to pay up to £50m in value added tax on its new embassy building in south south LondonSource: Financial Times - US homepage | 27 Aug 2009 | 5:01 pm Auckland Airport profits fall 63pc to $41mAuckland International Airport reported a 63.1 per cent fall in full year net profit to $41.7 million, even as most revenue lines showed growth. Adjusted for the revaluation of investment property, and restructuring costs, underlying...Source: New Zealand Herald - Business | 27 Aug 2009 | 5:00 pm Write-Offs: 08.27.09$$$ The Most Powerful Banker You've Never Heard Of [BW] $$$ Hassan Nemazee's about to come into some money. [Cityfile] $$$ Alternatives to Sarkozy's pay caps [The Deal] $$$ Merrill Lynch Seething With Anger Over Treatment Of Dan Sontag [BI] $$$ Racketeering 101: Bailed Out Banks Threaten Systemic Collapse If Fed Discloses Information [ZH] $$$ SHIA LaBEOUF NOT RBS-BOUND. We *love* our tipsters, but a tip for giving 'em to us? Acronyms are tricky! Make sure to double-check. (Money Never Sleeps was at RBC last night, not RBS, and will start filming there in November. Employees are being offered roles as extras.) 
 Sponsored Topics: Merrill Lynch - Shia LaBeouf - Wall Street - Deal - Business Source: Dealbreaker | 27 Aug 2009 | 4:48 pm Fairfield County, We Have A Problem
The old adage is true- old habits die hard.
Sponsored Topics: Connecticut - Fairfield County Connecticut - United States - UBS AG - Fairfield County Source: Dealbreaker | 27 Aug 2009 | 4:37 pm Stanford hospitalized as CFO pleads guilty to fraudHOUSTON (Reuters) - Accused swindler Allen Stanford was hospitalized with a high pulse rate on Thursday, hours before he was to appear at a court hearing where his former top aide entered the first guilty plea in a $7 billion fraud case.Source: Reuters: Business News | 27 Aug 2009 | 4:34 pm Dresdner Bankers Jump The GunRewarding failure is having a bit of tough time catching on in Germany. While Dick Fuld disciples argue that managing a company into bankruptcy is worth about $233 million, three former Dresdner employees were being given the message by their new master, Commerzbank, that massive losses do not provide too much leverage for suing for million dollar performance bonuses.
Hopefully these guys realize this should be viewed as just a dress rehearsal. Pay day doesn't really come until the company you are trying to bankrupt actually goes bankrupt.
Sponsored Topics: Commerzbank - Dresdner Kleinwort - Germany - Frankfurt am Main - Bankruptcy Source: Dealbreaker | 27 Aug 2009 | 4:05 pm Podcast: Rep. Barney Frank Checks In
Rep. Barney Frank, at left, welcomes Federal Reserve Chairman Ben Bernanke to Capitol Hill last month. (Karen Bleier / AFP/Getty Images) On today's Planet Money: If any single player is driving the process for reforming financial regulation on Capitol Hill, it's Rep. Barney Frank (D-Mass.). The chair of the House Financial Services Committee tells Adam Davidson that bipartisan consensus on the issue is beyond reach. As you'll hear in this interview, Frank is an intense lawmaker with very definite ideas about politics and the art of the possible. Bonus: Rep. Frank confronts a person comparing President Obama to Hitler. Download the podcast; or subscribe. Intro music: The Beastie Boys' "Sabotage." Find us: Twitter/ Facebook/ Flickr. This month, Rep. Frank held a town hall meeting on overhauling health care. These town hall meetings have been contentious around the nation. Frank waded right into the fight.
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 27 Aug 2009 | 4:03 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 | 27 Aug 2009 | 3:49 pm How the major stock indexes fared on Thursday (AP)AP - The stock market's rally plodded along Thursday, sustained by gains in financial and industrial shares. Major indexes overcame early losses and finished slightly higher, including the Dow Jones industrial average, which set a fresh 2009 high. The Dow has risen for eight straight days, its longest winning streak since April 2007.Source: Yahoo! News: Stock Markets News | 27 Aug 2009 | 3:42 pm Bankers watch as Sweden goes negativeBy breaking the taboo surrounding sub-zero rates, Sweden’s Riksbank may have set an important precedent, write Andrew Ward and David OakleySource: Financial Times - US homepage | 27 Aug 2009 | 3:41 pm Edward Ayers Says 1760 Was Height of Slavery in U.S.: AudioSource: Bloomberg - All Podcasts | 27 Aug 2009 | 3:37 pm Chandler on Currencies, Atorino on Ratings Agencies: AudioSource: Bloomberg - All Podcasts | 27 Aug 2009 | 3:35 pm Stock market reverses early losses, plods higher (AP)
Source: Yahoo! News: Stock Markets News | 27 Aug 2009 | 3:34 pm US GDP shrinks 1pc, list of problem banks growsThe US economy shrank at a smaller-than-expected 1 per cent annual pace in the second quarter, a recovery from the 6.4 per cent slump three months earlier, suggesting America is climbing out of recession. Economists had expected...Source: New Zealand Herald - Business | 27 Aug 2009 | 3:30 pm Goldman Sachs: A "huddle" is not a forum for sharing stock or sector "tips."
Sponsored Topics: Goldman Sachs - Business - Investing - Stocks and Bonds - Equities Source: Dealbreaker | 27 Aug 2009 | 3:18 pm Investors trading 3 stocks that may be doomed (AP)AP - Investors are still trading common shares of Fannie Mae, Freddie Mac and American International Group Inc. by the billions, even though analysts say their prices are almost certain to go to zero.Source: Yahoo! News: Business | 27 Aug 2009 | 3:12 pm Investors trading 3 stocks that may be doomed (AP)AP - Investors are still trading common shares of Fannie Mae, Freddie Mac and American International Group Inc. by the billions, even though analysts say their prices are almost certain to go to zero.Source: Yahoo! News: Stock Markets News | 27 Aug 2009 | 3:12 pm Investors trading 3 stocks that may be doomed (AP)AP - Investors are still trading common shares of Fannie Mae, Freddie Mac and American International Group Inc. by the billions, even though analysts say their prices are almost certain to go to zero.Source: Yahoo! News: Business | 27 Aug 2009 | 3:12 pm European companies in derivatives protestCompanies are hitting out against proposed reforms of the derivatives markets, saying new rules could impose a huge drain on corporate cashSource: Financial Times - US homepage | 27 Aug 2009 | 3:08 pm AIG extends improbable rally as bears squeezed (AFP)
Source: Yahoo! News: Stock Markets News | 27 Aug 2009 | 3:02 pm Clunkers sold more foreign cars than U.S.While Detroit has benefited from Cash for Clunkers, foreign automakers have gained even more.Source: Business and financial news - CNNMoney.com | 27 Aug 2009 | 3:01 pm Is There Anything You'd Like To Ask Barney Frank?
YES, girlfriends, this is finally happening.
Sponsored Topics: Top Chef - Bravo - Kim - Arts - Fashion design Source: Dealbreaker | 27 Aug 2009 | 2:55 pm ‘Swollen’ City hits back at TurnerFSA chairman draws fire from bankers, industrialists and London’s mayor after suggesting a global transaction tax and saying the UK’s banking industry was destabilising the economySource: Financial Times - US homepage | 27 Aug 2009 | 2:46 pm Moody's mulls downgrade for Sallie Mae (AP)AP - Moody's Investors Service said it is considering downgrading long-term ratings for the nation's biggest student lender, Sallie Mae, citing earnings and cash-flow generation at the company.Source: Yahoo! News: Business | 27 Aug 2009 | 2:14 pm Dell Scores One… Early (DELL)Dell Inc. (NASDAQ: DELL) has reported earnings. The PC-giant posted earnings of $0.24 EPS and $12.76 billion in revenues. Thomson Reuters had estimates for the former PC-leader at $0.23 EPS and $12.59 billion in revenues. While the earnings report was going to be key, there were several other considerations. This actually translates to a drop in [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 27 Aug 2009 | 2:07 pm Pharmacy fulfills needs of terminally illCompetition among big drug store chains has gotten so fierce that no market is off limits. One regional pharmacy chain is looking to stand out by adding services for the terminally ill. Joel Rose reports.Source: Marketplace | 27 Aug 2009 | 1:46 pm FDIC problem bank list hits 416, but recovery eyedWASHINGTON (Reuters) - Problem U.S. banks and thrifts on an official watchlist rose more than a third to 416 in the second quarter of 2009, as bad loans continued to bite, but regulators saw signs of stabilization in the industry.Source: Reuters: Business News | 27 Aug 2009 | 1:41 pm Citigroup Plays Teacher In Scandinavia
But it's not just politicians in Norway who have a new outlook on the world. The folks who were supposed to help represent the municipalities' interests also see the world differently now.
This has been a great laugh alright. No doubt people couldn't contain themselves when the elderly were sleeping in the halls in nursing homes as a result of this non-stop comedy show. Hopefully next time Citi just sends some Tickle the Vickle dolls for those craving humor.
Sponsored Topics: Norway - Oslo - Sognefjord - Society and Culture - Government Source: Dealbreaker | 27 Aug 2009 | 1:40 pm Presented By:Source: Dealbreaker | 27 Aug 2009 | 1:40 pm US ‘problem’ bank list hits 15-year highThe number of ‘problem’ banks rose to 416 in the second quarter, while more failures pushed the FDIC’s insurance fund to the lowest level since the savings and loan crisisSource: Financial Times - US homepage | 27 Aug 2009 | 1:38 pm Oil falls on rising U.S. stockpiles (Reuters)
Source: Yahoo! News: Stock Markets News | 27 Aug 2009 | 1:29 pm Simon Johnson: Is This Firefighter Arson?By Laura Conaway Simon Johnson blisteringly asks whether the same regulators and systems that helped cause the economic crisis are being rewarded for staving off the worst of the calamity. Johnson asks whether we're all watching a case of firefighter arson. He writes on Baseline Scenario: No one is suggesting that our illustrious financial firefighters deliberately triggered a crisis. But, for over two decades, they and their close mentors oversaw the operation and development of a banking and securities system with profound instability hard wired into its DNA. Johnson, former chief economist for the International Monetary Fund, has been a critic of the official response from the outset of the crisis. He argued that the Obama administration should nationalize troubled banks, and here he unloads on the new plan for overhauling financial regulation: President Obama said on Tuesday that Ben Bernanke helped avert a second Great Depression. That is a considerable achievement, but why then are this administration and the Federal Reserve proposing only minor adjustments in oversight and governance for the financial system that ran amok -- producing "financial innovation" that harms consumers and destabilizes everything? » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 27 Aug 2009 | 1:26 pm Dell Earnings on Deck (DELL, AAPL, HPQ)Dell Inc. (NASDAQ: DELL) is about to report earnings. Thomson Reuters has estimates for the former PC-leader at $0.23 EPS and $12.59 billion in revenues. For next quarter those targets are $0.26 EPS on $12.86 billion in revenues. Based on how this chart looks and how the stock has risen so much, this company probably [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 27 Aug 2009 | 1:22 pm Stanford’s finance chief pleads guiltyJames Davis, the chief financial officer at the Stanford Financial Group, pleaded guilty to charges that he helped Sir Allen Stanford in an alleged $7bn Ponzi schemeSource: Financial Times - US homepage | 27 Aug 2009 | 1:15 pm Drawing close in times of disasterOne bright spot that tends to emerge out of calamity is a renewed sense of community. Author Rebecca Solnit's book explores how this trend emerged in five disasters, including Hurricane Katrina. She talks to Tess Vigeland.Source: Marketplace | 27 Aug 2009 | 1:14 pm Fed thinks disclosure is a bad ideaThe Federal Reserve Board is trying to head off a court order to reveal, by the end of the month, which banks accepted trillions of dollars worth of emergency loans from the Fed to stay afloat. John Dimsdale reportsSource: Marketplace | 27 Aug 2009 | 1:05 pm Job lows don't mean volunteer highsMany people are out of work or under-employed because of the recession, so you might think they'd use their free time to volunteer. Not so -- a new report out today shows that Americans are donating less of their time. Jeff Tyler reports.Source: Marketplace | 27 Aug 2009 | 1:02 pm Picture: On The Street In Argentina
Argentinian real estate still recovering. (Ryan Stotland) By Laura Conaway Ryan Stotland sends this picture from Buenos Aires of people camped on the street beneath a real estate sign. Argentina's economy has been on track to shrink at a rate of 2.5 percent this year, but things have started picking up. A recent report out of Dow Jones says it might be about to grow again in the third quarter of this year. Sounds a lot like what we're hearing at home in the U.S. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 27 Aug 2009 | 12:52 pm Economists don't believe in soulmatesEconomist Betsey Stevenson isn't your typical wedding guest. While most ceremony attendees are thinking love and romance, she's listening for the contract in the vows. She explains why searching for a partner is like searching for a job.Source: Marketplace | 27 Aug 2009 | 12:46 pm Take Solace Jews!Yours wasn't the only religion thoroughly fucked by Ponzi-Boy (though you are apparently the fall-guys). There's another religious group that was taken in by Bernard Madoff, one that's less well known than the Jewish community he so widely infiltrated: the Sufis. Followers of a mystical religion were taken in by Madoff scheme [Boston Globe]
Sponsored Topics: Bernard Madoff - New York - Ponzi scheme - Sufism - California Source: Dealbreaker | 27 Aug 2009 | 12:33 pm Is the FDIC too big to fail?Today the FDIC announced its rescue fund dropped by 20 percent in the second quarter. How concerned should we be about the solvency of the FDIC? Tess Vigeland talks to former FDIC chairman Bill Isaac.Source: Marketplace | 27 Aug 2009 | 12:32 pm August Car Sales: An Anomaly And A Short One (F)(TM)HMC)August light vehicle sales in the US have to be good. The “clunkers” program produced almost 700,000 sales. The industry might as well enjoy it while its lasts. September and the rest of the year will be awful. Edmunds predicts that the 1.17 million cars will be sold this month, which is up 18% from last [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 27 Aug 2009 | 12:30 pm Bailed-out firms not your best stock betIn the last few weeks, AIG, Fannie Mae and Freddie Mac have all bounced big time -- and taxpayers are big investors in all three. But Amy Scott tells us why it might not be a good idea to invest even though these seem like hot stocks.Source: Marketplace | 27 Aug 2009 | 12:29 pm Robin Hood Lives
As taxes and regulations continue to bombard everything that moves in London, you'd think the prospect of yet another cash drain would send shivers up the spine of the UK authorities as the city's competitiveness as a financial center comes under fire.
With friends of a healthy banking sector like these, who needs enemies? FSA Chairman Proposes Global Tax on Banks to Aid Poor [Bloomberg]
Sponsored Topics: Financial Services Authority - London - Adair Turner Baron Turner of Ecchinswell - Bank - Robin Hood Source: Dealbreaker | 27 Aug 2009 | 12:28 pm Boeing Dreamliner to fly this yearThe first of Boeing’s long-delayed 787 Dreamliner will fly by the end of the year with plans for 10 aircraft a month by 2013Source: Financial Times - US homepage | 27 Aug 2009 | 12:12 pm Knight Transportation Raised to `Neutral’ at UBS: AudioSource: Bloomberg - All Podcasts | 27 Aug 2009 | 11:58 am Tribes build business beyond casinosNative American tribes that run casinos are expanding to new ventures as changing markets affect gaming. Now tribal portfolios are incorporating everything from malls to chocolate factories. Brian Bull reports.Source: Marketplace | 27 Aug 2009 | 11:51 am US regulators launch telecoms probeRegulators launched a broad assault on the US mobile phone industry, announcing an investigation into competition in the sector dominated by the ‘big four’ wireless network operators: AT&T, Verizon Wireless, Sprint Nextel and Deutsche Telekom’s T-Mobile USA unitSource: Financial Times - US homepage | 27 Aug 2009 | 11:50 am Hubbard Sees Vigorous Economic Rebound Starting Slowly: AudioSource: Bloomberg - All Podcasts | 27 Aug 2009 | 11:48 am AIG Chief Benmosche: Bathroom Fixtures Are The Ultimate Panty-Dropper
On working hard for the money, wherever, whenever: "People criticise me for being on vacation. I actually started work a week before I was actually supposed to," he said. "I do have conference calls every day, I have all my information sent here. I can work here as well as in the office in New York." On keeping him happy by making it rain, as he has offers of golden showers from a million other institutions coming out the ass: The new AIG CEO is being paid more than his predecessor, Ed Liddy, who made just $1 a year. AIG said it will pay Benmosche $3 million in cash and $4 million in fully-vested stock. He also could receive a bonus valued as high as $3.5 million.
Sponsored Topics: New York - American International Group - Edward M. Liddy - Labor Day - United States Source: Dealbreaker | 27 Aug 2009 | 11:10 am RIP Dominick Dunne
It seems oddly fitting that news of Dominick Dunne’s death is lost in the coverage of Ted Kennedy’s. Dunne wrote about the lives of the rich and powerful, including the Kennedys. The Australian has a nice piece, by — get this Dominic Dunne.
Of course, Vanity Fair has a memorial as well. Image Credit: Jason Bell for Vanity Fair
Source: Business Pundit | 27 Aug 2009 | 10:07 am Toyota Recalls Scions, Corollas for Braking Problems
Toyota Motor Corp yesterday announced a recall of almost 96,000 Corolla, Corolla Matrix, and Scion cars due to potential accumulation of ice on their braking systems. Reuters has more: If people drive the cars in extremely low temperatures, ice may accumulate at the brake system port and decrease braking power and lengthen vehicle stopping distances, Toyota said. Since the condition can happen at low temperatures, Toyota’s recall applies to vehicle owners in 19 states: Alaska, Colorado, Idaho, Illinois, Iowa, Kansas, Maine, Michigan, Minnesota, Montana, Nebraska, Nevada, New Hampshire, New York, North Dakota, South Dakota, Vermont, Wisconsin and Wyoming.
Source: Business Pundit | 27 Aug 2009 | 9:50 am Carnegie Mellon’s Death Calculator Hints at Your Expiration Date
DeathRiskRankings.com, a new website designed by Carnegie Mellon researchers, allows you to eyeball your chances of dying next year, based your answers to a few simple questions. The calculator uses public data from the US and EU to assign you a personalized mortality likelihood based on your gender, location, age, and other factors. The idea behind the project is to make people aware of risks to their mortality, then engage them in public debate. According to Fox, (Creators) Fischbeck and Gerard hope the site will add information to the U.S. health care debate. “We believe that this tool, which allows anyone to assess their own risk of dying and to compare their risks with counterparts in the United States and Europe, could help inform the public and constructively engage them in the debate,” Fischbeck said. To test out the tool yourself, go to DeathRiskRankings.com, then navigate to the Death Comparison tab. There, you will be able to generate a list of things likely to kill you.
Source: Business Pundit | 27 Aug 2009 | 9:47 am FDIC Fund Falls 20 Percent. Bair Says Your Money's Safe.By Laura Conaway The FDIC fund for protecting $4.5 trillion in U.S. bank deposits slipped by 20 percent to $10.4 billion at the end of June, the the agency reports. A year ago, the fund held more than $45.2 billion. So far this year, 81 banks have failed, requiring expensive rescues from the FDIC. The number of banks on the FDIC's "Problem List" rose to 416 at June's end, from 305 in March. In a press release, the FDIC noted that more than 28 percent of all member banks reported a net loss in the second quarter. The FDIC says that's because more debtors are failing to pay back the money they owe. Losses on commercial paper, the giant short-term borrowing that fuels much of commerce as we know it, totaled $3.6 billion, up from $366 million last year. The percentage of loans and leases in arrears hit 4.35 percent, the highest level since the FDIC began tracking it 26 years ago. The dismal economy is forcing banks to set aside more money to cover the losses. FDIC Chairwoman Sheila Bair wrote: "Deteriorating loan quality is having the greatest impact on industry earnings as insured institutions continue to set aside reserves to cover loan losses. Of all the major earnings components, the amount that insured institutions added to their reserves for loan losses was, by far, the largest drag on industry earnings compared to a year ago." This month the FDIC began changing the way it rescues banks. Typically, regulators let the FDIC take the worst of a bank's losses and fire-sale the assets to a healthy bank, which takes over. Now regulators using "clawback" provisions that require the incoming owner to share future profits with the FDIC. The FDIC may also ask for a bailout of their own -- the agency can borrow up to $500 billioin from the Treasury. "A decline in the fund balance does not diminish our ability to protect insured depositors," Bair said in the press release. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 27 Aug 2009 | 9:42 am Onward! (And Backward!) The Weird Economics Of Craigslist
Craig Newmark, the picture of contentment. (Chip Somodevilla / Getty Images)
Maybe times are changing. David Pogue writes in the New York Times today that Apple's new operating system, called Snow Leopard, is admirably streamlined. It's the radical concept of a software update that's smaller, faster and better -- instead of bigger, slower and more bloated. May the rest of the industry take the hint. Meanwhile, Wired this month goes after a related idea, "Why Craigslist Is Such A Mess." Craigslist's bare-bones approach has some obvious problems. It's so stripped of bells and whistles that you can scarcely find your way through it. So why hasn't a competitor stepped in and stolen all the business? Gary Wolf writes: The Internet's great promise is to make the world's information universally accessible and useful. So how come when you arrive at the most popular dating site in the US you find a stream of anonymous come-ons intermixed with insults, ads for prostitutes, naked pictures, and obvious scams? In a design straight from the earliest days of the Web, miscellaneous posts compete for attention on page after page of blue links, undifferentiated by tags or ratings or even usernames. Millions of people apparently believe that love awaits here, but it is well hidden. Is this really the best we can do? Why doesn't Craigslist feel the need to improve? Wolf says the answer starts with its founder, Craig Newmark: Though the company is privately held and does not respond to questions about its finances, it is evident that craigslist earns stupendous amounts of cash. One recent report, from a consulting firm that counted the paid ads, estimates that revenue could top $100 million in 2009. Should craigslist ever be sold, the price likely would run into the billions. Newmark, by these lights, is a very rich man. When anybody reminds him of this, the craigslist founder says there is nothing he would care to do with that much money, should it ever come into his hands. He already has a parking space, a hummingbird feeder, a small home with a view, and a shower with strong water pressure. What else is he supposed to want? » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 27 Aug 2009 | 9:26 am Jesup & Lamont’s Hamilton Questions Aerospace Turnaround: AudioSource: Bloomberg - All Podcasts | 27 Aug 2009 | 9:22 am Mayer, Calomiris Say Mortgage Money Still Hard to Get: AudioSource: Bloomberg - All Podcasts | 27 Aug 2009 | 9:20 am Chandler Sees Euro Falling to Mid-$1.30s by End of Year: AudioSource: Bloomberg - All Podcasts | 27 Aug 2009 | 8:50 am Garrity Says Dell Shares May Rise as High as $17: AudioSource: Bloomberg - All Podcasts | 27 Aug 2009 | 8:25 am Marta Sees U.S. Unemployment Peaking at 10.5%: AudioSource: Bloomberg - All Podcasts | 27 Aug 2009 | 8:18 am Haynes Likes Health Care, Utilities, Energy Stocks: AudioSource: Bloomberg - All Podcasts | 27 Aug 2009 | 8:13 am Need Office Space? Try Co-Working For Free
The new trend of co-working allows entrepreneurs to build community in shared work spaces that are inexpensive and professional. Co-working space provider OfficeLinks hopes to grow the market for this service and lure lonesome work-at-homers out into their ready-to-use offices and meeting rooms with Free Fridays. Workers in Chicago and New York can try the Co-Working Offices - office spaces with enterprise-grade technology and workplace infrastructure - for free on Fridays. The offices are fully-furnished and staffed. They can be accessed on a transactional basis - as needed. The Co-Working program includes access to modern workstations, free WIFI, as well as refreshments and snacks to fuel the brain. Interested professionals may register by calling (646) 512 - 5700. Each Friday starting on August 28th there will be ten no-charge spaces available.
I’m sure we’d all be curious to hear from anyone who takes advantage of Free Fridays. Image Credit: Nate One, Flickr
Source: Business Pundit | 27 Aug 2009 | 7:46 am Surprise! GDP Stays At -1 Percent Growth. New Job Loss Claims Fall
A range of 300,000 to 350,000 is considered healthy. (Source: U.S. Department of Labor) By Laura Conaway Good morning, or what passes for it. The U.S. economy was shrinking at annualized rate of 1 percent in the second quarter of this year, the Bureau of Economic Analysis reports today. The bureau confirmed the advance number it gave on July 31 for U.S. gross domestic product, or GDP, which measures all economic activity. That advance figure often changes in later reports, but not this time. In the first quarter, the economy was shrinking at a yearly clip of 6.4 percent. New seasonally adjusted claims for unemployment insurance fell last week to 570,000, from a revised figure of 580,000 the week before, the Department of Labor reports. This decline ended two straight weeks of rising claims, after six weeks of falling. The four-week moving average, generally a less volatile number, fell by 4,750 to 566,250. That's 90,000 lower than the peak in April. Economists consider a healthy number of new weekly claims to be between 300,000 and 350,000. After the jump, the bigger picture on unemployment. Today's report from the Bureau of Labor Statistics shows that the number of people on regular unemployment benefits is 6.13 million, down from 6.25 million the week before and the smallest number since April. Another 2.9 million people were receiving Emergency Unemployment Compensation, a federally funded program that allows for 33 additional weeks of benefits in high-unemployment states. The average job search now lasts 25.1 weeks. The category of those out work longer than 27 weeks was the only duration to show a marked increase. Overall unemployment fell by .1 percent in July, to 9.4 percent. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 27 Aug 2009 | 7:45 am Leases are for Adults
Source: Business Pundit | 27 Aug 2009 | 5:09 am
|
