World Business News Headlines for August 30, 2009

Financial HelpLine (Ask SmartMoney)

Market's latest plunge got you worried about your finances? Our editors and writers answer your questions.

Source: SmartMoney.com | 30 Aug 2009 | 10:00 pm

Japan at polls; opposition party is seen winning

Japan is voting on Sunday, and by most accounts the Liberal Democratic Party, which has ruled the country for nearly all of the past 54 years, will go down to a sharp defeat.

Source: MarketWatch.com - Top Stories | 30 Aug 2009 | 3:38 am

Japan at polls; opposition party is seen winning

Japan is voting on Sunday, and by most accounts the Liberal Democratic Party, which has ruled the country for nearly all of the past 54 years, will go down to a sharp defeat.

Source: MarketWatch.com - Top Stories | 30 Aug 2009 | 3:05 am

Rep. Frank eyes Fed audit, emergency lending curbs

WASHINGTON (Reuters) - Rep. Barney Frank, the chairman of the U.S. House of Representatives Financial Services Committee, said he plans legislation to restrict the Federal Reserve's emergency lending powers and subject the central bank to a "complete audit."

Source: Reuters: Business News | 30 Aug 2009 | 3:04 am

Rep. Frank eyes Fed audit, emergency lending curbs (Reuters)

Reuters - Rep. Barney Frank, the chairman of the U.S. House of Representatives Financial Services Committee, said he plans legislation to restrict the Federal Reserve's emergency lending powers and subject the central bank to a "complete audit."
Source: Yahoo! News: Business | 30 Aug 2009 | 3:04 am

Japan at polls; opposition party is seen winning

Japan is voting on Sunday, and by most accounts the Liberal Democratic Party, which has ruled the country for nearly all of the past 54 years, will go down to a sharp defeat.

Source: MarketWatch.com - Top Stories | 30 Aug 2009 | 3:03 am

GM to form China venture, invest $293 million

SHANGHAI (Reuters) - General Motors said on Sunday it has agreed to set up a light commercial vehicle production venture with major Chinese automaker FAW Group, with total investment of 2 billion yuan ($293 million).

Source: Reuters: Business News | 30 Aug 2009 | 3:00 am

GM to form China venture, invest $293 million

GM to form China venture, invest $293 million (Reuters)

Reuters - General Motors said on Sunday it has agreed to set up a light commercial vehicle production venture with major Chinese automaker FAW Group, with total investment of 2 billion yuan ($293 million).
Source: Yahoo! News: Business | 30 Aug 2009 | 3:00 am

Voting underway in Japanese elections

Voting began in a Japanese general election expected to cause political upheaval. Pre-election polls indicated that the opposition Democratic Party of Japan would defeat a Liberal Democratic Party that has ruled Japan for all but 11 months of the last 54 years
Source: Financial Times - US homepage | 30 Aug 2009 | 2:44 am

Report: French get list of tax suspects from Swiss

France has received a list of 3,000 French taxpayers with bank accounts in Switzerland as part of a double taxation agreement signed between the two countries last week, according to a...
Source: RSS feed - channel BNewsBusiness | 30 Aug 2009 | 2:14 am

Whistleblower claims Halifax 'planning to close hundreds of branches and counters'

A senior management whistleblower has claimed that Halifax is planning to close small branches across the country.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 Aug 2009 | 1:35 am

We can't be neutral on net neutrality

Size up your inflation risk, then gird for the possible

Not everyone is hit by inflation in the same way or with the same magnitude. So pull out your budget, see what might be affected if prices jump, and take steps to mitigate the risk. ...
Source: RSS feed - channel BNPaperBusiness | 30 Aug 2009 | 1:00 am

Asian-inspired contemporary in North Tustin

The remodeled 1960s two-story emphasizes open space, angled walls and built-in storage. A wraparound deck overlooks the pool.

Over the last 15 years, this 1960s two-story French farmhouse in unincorporated North Tustin has been transformed into an Asian-inspired contemporary with an emphasis on open space, built-ins and angled walls.

Source: L.A. Times - Business | 30 Aug 2009 | 1:00 am

Ideas to cut the federal deficit could cost homeowners billions

Options that lawmakers are likely to consider to raise revenue include slashing the maximum deduction for mortgage interest or replacing it with a flat 15% tax credit. ...
Source: RSS feed - channel BNPaperBusiness | 30 Aug 2009 | 1:00 am

We can't be neutral on net neutrality

The snooze-worthy phrase is about something vital to all: whether the companies that control the pipes through which data flow can dictate terms to the websites that originate the data.

The new chairman of the Federal Communications Commission, Julius Genachowski, didn't pussyfoot around last week when he was asked to explain the Obama administration's stance on net neutrality.

Source: L.A. Times - Business | 30 Aug 2009 | 1:00 am

Wanting time off work before a mass layoff

The etiquette of using sick days as vacation, extending a company-paid trip and finding balance with a workaholic business partner. Dear...
Source: RSS feed - channel BNPaperBusiness | 30 Aug 2009 | 1:00 am

Is Angelo Mozilo a villain or just vilified?

The former Countrywide chief is awaiting verdicts in the courtroom and history.

When David Gautreaux volunteered to assist at a charity golf tournament in Thousand Oaks two years ago, he was eager to meet the event's host, Angelo R. Mozilo, then chief executive of mortgage giant Countrywide Financial Corp.

Source: L.A. Times - Business | 30 Aug 2009 | 1:00 am

Google Maps adds Southern California traffic information

TECHNOLOGY
Source: RSS feed - channel BNPaperBusiness | 30 Aug 2009 | 1:00 am

He's a driving force in the world of electric cars

Tom Gage, a self-described 'car nut' since childhood, has been advancing the technologies under the hoods of electric vehicles as chief executive of AC Propulsion.

The gig: He doesn't make the cars of the future; he makes the cars of the future go. As chief executive of AC Propulsion Inc., Tom Gage advances the technologies under the hoods of electric transportation. The high-tech batteries and drive systems made by the San Dimas company power a growing number of electric vehicles. Those include a test fleet of BMW's electric Minis, which are currently whooshing -- silently -- over roads in California, New York and New Jersey.

Source: L.A. Times - Business | 30 Aug 2009 | 1:00 am

Google Maps adds Southern California traffic information

TECHNOLOGY

Source: L.A. Times - Business | 30 Aug 2009 | 1:00 am

Is Angelo Mozilo a villain or just vilified?

The former Countrywide chief is awaiting verdicts in the courtroom and history. When David Gautreaux volunteered...
Source: RSS feed - channel BNPaperBusiness | 30 Aug 2009 | 1:00 am

Ideas to cut the federal deficit could cost homeowners billions

Options that lawmakers are likely to consider to raise revenue include slashing the maximum deduction for mortgage interest or replacing it with a flat 15% tax credit.

You might assume that during August, with the Senate and House on their summer break, nothing much happens on Capitol Hill. You know the old saw: Your money is safe when Congress is out of town.

Source: L.A. Times - Business | 30 Aug 2009 | 1:00 am

Wanting time off work before a mass layoff

The etiquette of using sick days as vacation, extending a company-paid trip and finding balance with a workaholic business partner.

Dear Alana: I recently found out that the office I work in is closing and everyone who works here will be laid off as of December.

Source: L.A. Times - Business | 30 Aug 2009 | 1:00 am

Size up your inflation risk, then gird for the possible

Not everyone is hit by inflation in the same way or with the same magnitude. So pull out your budget, see what might be affected if prices jump, and take steps to mitigate the risk.

Do you need to worry about inflation?

Source: L.A. Times - Business | 30 Aug 2009 | 1:00 am

Guidelines can help make renting out a room a livable situation

Many people are making extra income with their homes. Performing a background check, providing a lease and a list of house rules can avoid potential problems. Also, federal housing regulations apply.

Renting out a room in his home was both a financial necessity for Christopher Paulsen and a hedge against loneliness.

Source: L.A. Times - Business | 30 Aug 2009 | 1:00 am

Guidelines can help make renting out a room a livable situation

Many people are making extra income with their homes. Performing a background check, providing a lease and a list of house rules can avoid potential problems. Also, federal housing regulations apply. ...
Source: RSS feed - channel BNPaperBusiness | 30 Aug 2009 | 1:00 am

Check for ID theft if card issuers are closing accounts inexplicably

Dear Liz: I was deep in credit card debt but, because of a stroke of good fortune, came into enough money to completely pay off all my debts except my home. My house payment is now easy to make and my family is in the best financial shape we have ever been in. We even have several thousand dollars in the bank for emergencies.

Source: L.A. Times - Business | 30 Aug 2009 | 1:00 am

He's a driving force in the world of electric cars

Tom Gage, a self-described 'car nut' since childhood, has been advancing the technologies under the hoods of electric vehicles as chief executive of AC Propulsion. ...
Source: RSS feed - channel BNPaperBusiness | 30 Aug 2009 | 1:00 am

Asian-inspired contemporary in North Tustin

The remodeled 1960s two-story emphasizes open space, angled walls and built-in storage. A wraparound deck overlooks the pool. ...
Source: RSS feed - channel BNPaperBusiness | 30 Aug 2009 | 1:00 am

Check for ID theft if card issuers are closing accounts inexplicably

Dear Liz: I was deep in credit card debt but, because of a stroke of good fortune, came into enough money to completely pay off all my debts except my home. My house payment is now easy to make and my...
Source: RSS feed - channel BNPaperBusiness | 30 Aug 2009 | 1:00 am

Boehringer stroke drug proves a winner in trial

* Pradaxa shows 34 pct relative risk reduction vs warfarin
Source: RSS feed - channel BNewsBusiness | 30 Aug 2009 | 12:00 am

Astra drug beats Plavix without major bleed risk

* Brilinta shows 16 pct relative risk reduction vs Plavix
Source: RSS feed - channel BNewsBusiness | 30 Aug 2009 | 12:00 am

GM China, China's FAW launch joint venture

General Motors China and state-owned automaker FAW launched a 2 billion yuan ($293 million) joint venture Sunday to make light-duty trucks and vans. GM said the joint venture will...
Source: RSS feed - channel BNewsBusiness | 29 Aug 2009 | 10:42 pm

Rules rein in Medicare Advantage marketing

New regulations for the plans, known as Medicare Advantage, banned unsolicited phone calls and door-to-door sales. They stopped agents from churning up commissions by switching customers...
Source: RSS feed - channel BNewsBusiness | 29 Aug 2009 | 10:36 pm

Jimena is raised to hurricane status

Jimena reaches hurricane status and threatens Mexico's west coast.

Source: MarketWatch.com - Top Stories | 29 Aug 2009 | 10:16 pm

Jimena is raised to hurricane status

Jimena reaches hurricane status and threatens Mexico's west coast.

Source: MarketWatch.com - Top Stories | 29 Aug 2009 | 10:15 pm

Employees aim for up to 5 percent stake in VW (Reuters)

Reuters - The roughly 370,000 employees of Volkswagen and Porsche are striving initially to acquire a stake of up to 5 percent in the automotive group, VW's labor chief told a German newspaper.

Source: Yahoo! News: Business | 29 Aug 2009 | 10:04 pm

Employees aim for up to 5 percent stake in VW

FRANKFURT (Reuters) - The roughly 370,000 employees of Volkswagen and Porsche are striving initially to acquire a stake of up to 5 percent in the automotive group, VW's labor chief told a German newspaper.

Source: Reuters: Business News | 29 Aug 2009 | 10:04 pm

Employees aim for up to 5 percent stake in VW

Steady as she goes for ECB as green shoots blossom

The European Central Bank will keep rates at historically low levels Thursday, analysts said, as it waits to see if the tentative signs of improvement in the economy bloom into a full-blown
Source: RSS feed - channel BNewsBusiness | 29 Aug 2009 | 10:03 pm

Grameen shows poorest of poor can be creditworthy

The global financial crisis has highlighted a curious success story: A bank that doles out loans to some of the world's poorest, least-creditworthy people continues to have a payback rate...
Source: RSS feed - channel BNewsBusiness | 29 Aug 2009 | 9:55 pm

LNG boom to make Australia 'Middle East of gas'

Australia is poised to become "the Middle East of gas" as Asia's rapidly growing economies queue up to buy its vast reserves in liquid form, according to analysts. The government last...
Source: RSS feed - channel BNewsBusiness | 29 Aug 2009 | 9:42 pm

Comedy firm Avalon find fun way to earn £4m

Britains’s kings of comedy laughed all the way to the bank last year. The two owners of Avalon, the comedy firm that manages the careers of funny men including Al Murray and Harry Hill, paid themselves £4m after restructuring the business.

Source: Latest Business News from Times Online | 29 Aug 2009 | 6:00 pm

Heritage SAS man set for bigger role

A deal designed to seal Heritage Oil’s delayed £3.5 billion merger with Turkey’s Genel Enerji could be announced this week.
Source: Latest Business News from Times Online | 29 Aug 2009 | 6:00 pm

De Beers in $1.5bn loan talks$

The diamond giant De Beers has hired Price Waterhouse Coopers to help renegotiate a $1.5 billion ($£922m) loan with a consortium of more than 20 banks.

Source: Latest Business News from Times Online | 29 Aug 2009 | 6:00 pm

Mariah Carey has the perfect sales pitch

Pop star Mariah Carey is pioneering a new business model for the struggling music business: her next album will be “sponsored” by the Bahamas Board of Tourism and perfume companies wishing to be associated with the fragrant star.
Source: Latest Business News from Times Online | 29 Aug 2009 | 6:00 pm

Banks plan to pay bonuses early to avoid 50% tax

Inverstment banks that typically pay bonuses in April and May are considering paying out earlier next year so that employees can avoid the 10% rise in income tax, applicable to those earning more than £150,000, that comes into force on April 5.

Source: Latest Business News from Times Online | 29 Aug 2009 | 6:00 pm

Recovery surprises leave markets floating on air

Late August is a dangerous time to write about the stock market, ahead of the autumn storms. This time last year I might have remarked on the solid gains shares were showing during the holiday month, with the FTSE 100 up more than 300 points.Then banking armageddon arrived, pushing the index down nearly 2,000 points over the next couple of months. Not every autumn has a global financial meltdown and, fingers-crossed, history will not repeat itself. And we should not get too hung up about the seasons.
Source: Latest Business News from Times Online | 29 Aug 2009 | 6:00 pm

Road to the top job need not be a rocky one

Succession planning is always a tricky issue. When it involves the possibility of a chief executive stepping up to become chairman, in contravention of accepted wisdom on corporate governance, it can become a minefield. A battle on this issue can split boardrooms, alienate shareholders and lead to the loss of valuable experience and irreplaceable relationships at the top of the company.
Source: Latest Business News from Times Online | 29 Aug 2009 | 6:00 pm

Lehman UK arm to sue for $100bn$

Administrators of the London arm of Lehman Brothers, the Wall Street bank that collapsed a year ago, are preparing a $100 billion ($£61.5 billion) claim against its former parent company in America.

Source: Latest Business News from Times Online | 29 Aug 2009 | 6:00 pm

Lufthansa jettisons BMI British Midland directors

The new owners at BMI British Midland have begun a management shake-up at the airline with the departure of two senior executives.

Source: Latest Business News from Times Online | 29 Aug 2009 | 6:00 pm

Mike Volpi leads bidders for Skype takeover

A group of venture-capital and private-equity firms is working on a takeover bid for Skype, the internet phone service that is being hived off from its owner eBay, the online auctioneer.
Source: Latest Business News from Times Online | 29 Aug 2009 | 6:00 pm

Emails spark woman's sacking

An Auckland accountant was sacked for sending "confrontational" emails with words in red, in bold and in capital letters. Vicki Walker, who was a financial controller with ProCare Health, has been awarded $17,000 for unfair dismissal,...
Source: New Zealand Herald - Business | 29 Aug 2009 | 6:00 pm

Deborah Hill Cone: NZ could use a little samba shimmy

I am writing this at night next to the pool at the Copacabana Palace Hotel. I know, I can't quite believe it myself. I could order a Pratos Tipicos Brasilerios - I have the menu open next to me as I type this - it's a typical Brazilian...
Source: New Zealand Herald - Business | 29 Aug 2009 | 5:00 pm

PricewaterhouseCoopers preparing 100bn claim against Lehman Brothers

Administrators to the London arm of Lehman Brothers the investment bank that collapsed last September are preparing a 100bn £61.5bn claim against its former parent company in the US.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Aug 2009 | 4:08 pm

AIG weighing many options for ILFC: sources

NEW YORK (Reuters) - American International Group Inc and Steven Udvar-Hazy, head of its International Lease Finance Corp unit, are weighing several options for the aircraft leasing business, including breaking up the company, two sources familiar with the matter said on Saturday.

Source: Reuters: Business News | 29 Aug 2009 | 3:34 pm

BT ousts Global Services boss Royston Hoggarth

Boss of BT Global Services in the UK leaves post after the IT services division dragged the telecoms company to its second ever fullyear loss.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Aug 2009 | 3:29 pm

National Association of Pension Funds hits out at banks over unfair share issue fees

Britain's leading pension fund body has hit out at excessive fees and a lack of competition among investment banks underwriting share issues.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Aug 2009 | 3:29 pm

RSA planning 1bn rights issue

Insurance group considering cash call to take advantage of stronger market conditions and boost its financial position.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Aug 2009 | 3:29 pm

British Car Auctions on sale for £600m

British Car Auctions the secondhand dealership formerly owned by Tory grandee Lord Ashcroft has been put up for sale after a pickup in the market caused in part by the Government's cashforbangers scheme.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Aug 2009 | 3:29 pm

Film firm Bonded Services to be sold

Historic film business which stores and distributes Oscarwinning movies for Hollywood studios has hired advisers to sell the company.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Aug 2009 | 3:29 pm

White Van Man more confident about economic outlook

He may be cutting you up and driving too fast in the outside lane but before you curse and flash the headlights or worse White Van Man's appalling driving may have renewed purpose.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Aug 2009 | 3:01 pm

BAE Systems targets 300 Typhoon exports

BAE Systems will go headtohead with the US in the lucrative fighter plane export market as it attempts to sell up to 300 Eurofighter Typhoons abroad to keep production going when domestic orders dry up.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Aug 2009 | 3:01 pm

Clarks looks to fill chief executive Peter Bolliger's shoes

C&J Clarks the world's biggest shoe company is to start the search for a new chief executive following a decision by Peter Bolliger to step down after 15 years.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Aug 2009 | 3:01 pm

Booming biz cashes in on hookah craze

Want to plunge into the modern American melting pot? Try the offices of Social Smoke, a hookah manufacturer in Arlington, Texas.
Source: Business and financial news - CNNMoney.com | 29 Aug 2009 | 2:27 pm

Act fast! $8,000 tax credit ends soon

Use 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 | 29 Aug 2009 | 2:23 pm

Don't mess with Texas banks

Source: Business and financial news - CNNMoney.com | 29 Aug 2009 | 2:23 pm

On Katrina anniversary, Obama seeks accountability

In his weekly radio address Saturday, President Barack Obama remembered the fourth anniversary of Hurricane Katrina, calling on the government to be more accountable and prepared to help the public.

Source: MarketWatch.com - Top Stories | 29 Aug 2009 | 2:03 pm

Jimena is raised to hurricane status

Jimena reaches hurricane status and threatens Mexico's west coast.

Source: MarketWatch.com - Top Stories | 29 Aug 2009 | 1:55 pm

France obtains tax suspects' Swiss account details

PARIS (Reuters) - France has secured the names and details of some 3,000 suspected tax evaders with Swiss bank accounts in what the budget minister described as a first in its battle against banking secrecy.

Source: Reuters: Business News | 29 Aug 2009 | 1:54 pm

Kennedy was 'the soul of the Democratic party'

Sen. Ted Kennedy was “the heir to a weighty legacy, a champion of those who had none, the soul of the Democratic party, and the lion of the United States Senate,” President Barack Obama said Saturday at Kennedy’s funeral in Boston.

Source: MarketWatch.com - Top Stories | 29 Aug 2009 | 1:25 pm

Kennedy was 'the soul of the Democratic party'

Source: MarketWatch.com - Top Stories | 29 Aug 2009 | 11:58 am

Kennedy was 'the soul of the Democratic party'

Source: MarketWatch.com - Top Stories | 29 Aug 2009 | 11:56 am

Leaders pay tribute to Kennedy

President Barack Obama hailed Senator Edward Kennedy as the ’greatest legislator of our time’ at the funeral on Saturday of the towering politician and patriarch of the pre-eminent American political dynasty
Source: Financial Times - US homepage | 29 Aug 2009 | 11:02 am

The Unusual Suspects (ATVI, AIG, ALTH, TREE, GOOG, PAY, EXPO, WIRE, AXYS)

We have almost a whole new slate of stocks in this week’s round of “The Unusual Suspects” for key stocks traders need to keep an eye on for the week ahead. Activision Blizzard Inc. (NASDAQ: ATVI) was singled out by Barron’s. We ran a bit noting $100 as a possible target for American International Group [...]

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Source: 24/7 Wall St. | 29 Aug 2009 | 10:00 am

Two sides to the broker's coin

As the property market shows signs of rejuvenation, banks are loosening the purse strings and relaxing their lending criteria. The value and number of loan approvals is well up on the beginning of the year and more banks are lending...
Source: New Zealand Herald - Business | 29 Aug 2009 | 10:00 am

Make a move on tenancy scams

Unsuspecting tenants are losing money handed over for a new rental property to scamsters pretending to be property managers or landlords. Kohanga reo teacher and mother of four, Lisa Clayton, answered an advertisement for a rental...
Source: New Zealand Herald - Business | 29 Aug 2009 | 10:00 am

'Good as gold' still rings true

Demand for gold is soaring and NZ Mint has opened the country's first trading floor in its new Auckland CBD headquarters. The mint's head bullion trader, Mike O'Kane, says gold has never been more popular. The price is currently...
Source: New Zealand Herald - Business | 29 Aug 2009 | 10:00 am

Start-up boost for great idea

Budding entrepreneurs or businesses wanting to start a new enterprise can take advantage of a $10,000 opportunity up for grabs to help them forge ahead in the tough market. Marketing expert Laurel Julinda is today launching an...
Source: New Zealand Herald - Business | 29 Aug 2009 | 10:00 am

Restaurants' high water mark-ups

A 300 per cent mark-up on bottled water in some top restaurants has left diners choking on the bill. But the industry is unapologetic, saying food and other beverages on restaurant menus are marked up by just as much - but it's...
Source: New Zealand Herald - Business | 29 Aug 2009 | 10:00 am

Kerre Woodham: It's tough work if you can get it, so lay off

News of the Telecom's CEO's $5 million pay package has been met with howls of outrage from the company's striking lines engineers. Shameless greed, their union rep called it, and there are probably a few Telecom shareholders who...
Source: New Zealand Herald - Business | 29 Aug 2009 | 10:00 am

Danger lurks in those messages

Sending emails around the office is second nature to most, but employment lawyers warn companies could end up in dangerous territory without an email etiquette policy. Auckland employment lawyer Eska Hartdegen said employers should...
Source: New Zealand Herald - Business | 29 Aug 2009 | 10:00 am

Anthony Doesburg: Enforcing new phone laws will be a hard cell

As cellphones become satellite navigation devices and sat-navs become phones, there's potential for plenty of confusion when the police begin enforcing the ban on handheld cellphone use while driving. In Australia, where the law...
Source: New Zealand Herald - Business | 29 Aug 2009 | 9:55 am

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