BP strikes 'giant' oil well in Gulf of Mexico

BP, the British energy company, has made a "giant" oil discovery in Mexico which could provide a major boost for the group during a turbulent trading period.


Source: Latest Business News from Times Online | 2 Sep 2009 | 5:05 am

UK construction shrinks for 18th month in a row

Britain's construction industry contracted for the eighteenth month in a row during in August and is now being hit by a dearth of civil engineering orders.


Source: Latest Business News from Times Online | 2 Sep 2009 | 4:38 am

Europe, Asia fall on US finance-sector fears (AP)

Pedestrians are reflected on an electronic stock indicator in central Tokyo, Japan, Wednesday, Sept. 2, 2009. Japan's Nikkei stock average slid 276.88 points, or 2.63 percent, from Tuesday to 10,253.18 at the close of Wednesday's morning trade. (AP Photo/Shizuo Kambayashi)AP - European and Asian stocks fell Wednesday after an overnight sell-off on Wall Street as renewed fears about the U.S. financial sector gave investors a reason to cash out of markets many considered overvalued.



Source: Yahoo! News: Stock Markets News | 2 Sep 2009 | 4:31 am

Iceland's banks 'need to recover'

The recession in Iceland will be deeper than in most developed countries, with a large drop in domestic demand, a report says.
Source: BBC News | Business | World Edition | 2 Sep 2009 | 4:28 am

Tax credit: 'I lost a louse and bought a house!'

These 7 new homeowners stepped up their house-hunting to take advantage of the first-time buyer tax credit -- before it expires on Dec. 1.
Source: Business and financial news - CNNMoney.com | 2 Sep 2009 | 4:27 am

Indications: U.S. stock futures edge lower after Tuesday's rout

U.S. stock futures edged lower Wednesday after the previous session’s hammering, with attention on the financial sector on worries that the run-up for banks and insurers from March lows was too strong.



Source: MarketWatch.com - Top Stories | 2 Sep 2009 | 4:20 am

DSG International sales hold up better than expected

DSG International the owner of Currys and PC World reported a betterthanexpected decline in quarterly performance and the sale of its eight Polish stores for just €1 88p.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Sep 2009 | 4:18 am

Court hearing expat pensions case

A case that could affect the pensions of thousands of Britons who have retired abroad is being heard in a European court.
Source: BBC News | Business | World Edition | 2 Sep 2009 | 4:17 am

Sony (SNE): Will 3D TV Sell?

Sony (SNE), which has failed at most of its new initiatives over the last two years, needs something to work. It PS3 has sold poorly. Prices for it digital cameras and TV screens are under pressure from firms in Korea and China. Its new e-reader is competing in a market which includes Amazon’s (AMZN)  Kindle which [...]

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Source: 24/7 Wall St. | 2 Sep 2009 | 4:09 am

The Glenlivet(R) Introduces the Latest Expression of Single Malts: Nadurra Triumph 1991(R)

NEW YORK, Sept. 2 /PRNewswire/ -- The Glenlivet announces the introduction of The Glenlivet Nadurra Triumph 1991(R), a limited-edition expression of the Nadurra range. A unique...
Source: RSS feed - channel BNewsBusiness | 2 Sep 2009 | 4:00 am

Subprime and Deep Subprime Outstanding Balances Grow 33 Percent as Consumers Migrate to Lower Credit Bands

Two new reports from Experian and Oliver Wyman illuminate key trends in the credit and economic landscapes COSTA MESA, Calif. and NEW YORK, Sept. 2 /PRNewswire-FirstCall/...
Source: RSS feed - channel BNewsBusiness | 2 Sep 2009 | 4:00 am

New RISI Global 15-Year Packaging Outlooks Show Containerboard Demand Growth to Average 1.4% in North America, 5.6% in Asia and 6.6% in China Through 2024

BOSTON, Sept. 2 /PRNewswire/ -- Forecast Highlights: North America -- Bans on plastic bags not expected to lead to revival in paper bag
Source: RSS feed - channel BNewsBusiness | 2 Sep 2009 | 4:00 am

401k Ratings Firm BrightScope Secures $2 Million in Series B Funding

Investment Round Led by Jim Caccavo to Bring Greater Transparency to the 401k Industry SAN DIEGO, Sept. 2 /PRNewswire/ -- BrightScope (
Source: RSS feed - channel BNewsBusiness | 2 Sep 2009 | 4:00 am

Southwest Airlines Introduces EarlyBird Check-In, a New Customer Convenience That Simplifies Travel

EarlyBird Check-in Automatically Assigns and Confirms Customers' Boarding Positions in Advance of General Check-in DALLAS, Sept. 2 /PRNewswire-FirstCall/ -- Don't race....
Source: RSS feed - channel BNewsBusiness | 2 Sep 2009 | 4:00 am

Nokia (NOK) Marries Facebook

Facebook, which has over 200 million users, is becoming nearly as widely available on handsets as it is on PCs. Its members cannot get enough of sharing their experiences and profiles with their Facebook “friends.” Social networking is becoming a larger business by the day. A new comScore study shows that one of every five [...]

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Source: 24/7 Wall St. | 2 Sep 2009 | 3:49 am

EU wary on withdrawing fiscal stimuli

European Union finance ministers were set to agree that the EU should not be too hasty in withdrawing fiscal stimuli and other extraordinary measures introduced in response to the worst economic crisis in Europe’s post-1945 history
Source: Financial Times - US homepage | 2 Sep 2009 | 3:40 am

Oil India in talks for overseas assets - exec

KOLKATA, India, Sept 2 (Reuters) - State energy explorer Oil India Ltd, which is launching an IPO next week to raise up to $570 million, is in talks with about four companies overseas to buy stakes in...
Source: RSS feed - channel BNewsBusiness | 2 Sep 2009 | 3:37 am

Bank of Israel forecasts shekel-bullish: Citi

The Bank of Israel's new macroeconomic forecasts, lifting estimates of growth in gross domestic product for 2009 and 2010, "are rather bullish" and "seem shekel-positive," Citigroup's emerging-markets analyst say in a note dated Wednesday.



Source: MarketWatch.com - Top Stories | 2 Sep 2009 | 3:37 am

The Swine Flu Ferret Defense

There are dozens of biotech companies and several Big Pharma firms that hope to make money on swine flu treatments, mostly vaccines. They are driven by the WHO’s estimate that nearly a third of the people in the world could contract the disease over the next two years. The really wide big outbreak is supposed [...]

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Source: 24/7 Wall St. | 2 Sep 2009 | 3:33 am

Tokyo paces fall in Asia, Shanghai bucks trend

Japanese stocks drop sharply after a big fall on Wall Street, with Elpida Memory Inc. falling on equity-dilution concerns after it announced a fundraising plan.



Source: MarketWatch.com - Top Stories | 2 Sep 2009 | 3:33 am

BP says it's made a giant oil discovery

BP on Wednesday says it drills to one of the lowest depths ever in the oil and gas industry as it touts a “giant” discovery.



Source: MarketWatch.com - Top Stories | 2 Sep 2009 | 3:33 am

UPDATE 1-BP makes "giant" oil find in Gulf of Mexico

LONDON, Sept 2 (Reuters) - London-based BP Plc said it had made a "giant" oil discovery in the Gulf of Mexico, reaffirming the area's importance to Western oil majors who are barred from investing in...
Source: RSS feed - channel BNewsBusiness | 2 Sep 2009 | 3:30 am

World Cup to boost mobile phone advertising in S.Africa-report

* S.Africa mobile phone adverts to be boosted by World Cup
Source: RSS feed - channel BNewsBusiness | 2 Sep 2009 | 3:30 am

Nokia launches phones, announces Facebook deal

STUTTGART (Reuters) - The world's largest mobile phone maker Nokia launched new phones on Wednesday and announced a location-based service deal with social networking site Facebook.

Source: Reuters: Business News | 2 Sep 2009 | 3:29 am

Nokia announces Facebook deal, new phones

LONDON (MarketWatch) -- Nokia Corp., the world's largest maker of mobile phones, on Wednesday announced a partnership with networking giant Facebook and launched several new handsets at its annual conference.



Source: MarketWatch.com - Top Stories | 2 Sep 2009 | 3:22 am

Deals of the day -- mergers and acquisitions

Sept 2 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0900 GMT on Wednesday.
Source: RSS feed - channel BNewsBusiness | 2 Sep 2009 | 3:18 am

UPDATE 2-O'Brien revives Independent feud; showdown looms

DUBLIN, Sept 2 (Reuters) - Irish billionaire Denis O'Brien ended a six-month truce with the O'Reilly family on Wednesday, calling for a showdown over Independent News & Media's UK broadsheet titles,...
Source: RSS feed - channel BNewsBusiness | 2 Sep 2009 | 3:11 am

Meet your dinner, then eat it


Source: Business and financial news - CNNMoney.com | 2 Sep 2009 | 3:11 am

Dear investor: Times have changed

Money manager Ron Muhlenkamp gets a lot of credit for his bold, macro-driven investing style, and he deserves it: His namesake fund has returned 9% annually over the last 15 years, 2% better than the S&P 500.
Source: Business and financial news - CNNMoney.com | 2 Sep 2009 | 3:10 am

Small business borrowers get creative

When the borrowing gets tough, the tough keep trying.
Source: Business and financial news - CNNMoney.com | 2 Sep 2009 | 3:10 am

Credit Suisse eyes private bank buys, no word on ING

ZURICH (Reuters) - Credit Suisse's Private Banking head Walter Berchtold said the bank is on the look out for acquisitions, but would not comment on whether this included a bid for private banking assets of ING .

Source: Reuters: Business News | 2 Sep 2009 | 3:08 am

Brown expands youth jobs scheme

The government is pledging a further 85,000 'opportunities' to help get young people into work, in industries such as in retail, tourism and hospitality.
Source: BBC News | Business | World Edition | 2 Sep 2009 | 3:03 am

Stocks look to open lower

The mood on Wall Street was jittery Wednesday morning as investors eyed a drop in overseas markets and awaited the latest on the jobs picture.
Source: Business and financial news - CNNMoney.com | 2 Sep 2009 | 3:02 am

Is The Internet Broken?

Google’s (GOOG) Gmail system, which serves millions of customers around the world, shut down yesterday. The problem may hurt its efforts to market applications which include e-mail to businesses. Google prides itself on the reliability of its software, at least according to its marketing pitch. It is not clear why Google had the problem. It keeps [...]

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Source: 24/7 Wall St. | 2 Sep 2009 | 3:02 am

Hargreaves Lansdown to pay another special dividend

Hargreaves Lansdown is to pay shareholders a special dividend for a second consecutive year, but cautioned against further expectations after forecasting a "material drop" in interest income on Wednesday...
Source: RSS feed - channel BNPaperBusiness | 2 Sep 2009 | 3:02 am

Asia Markets: China's wild stock moves driven by institutions

China’s institutional investors are believed to be the catalyst behind the market’s volatile moves in recent weeks, including Monday’s 6.7% tumble, the biggest single-day fall in 15 months.



Source: MarketWatch.com - Top Stories | 2 Sep 2009 | 3:02 am

GM's August China vehicle sales more than double

SHANGHAI (Reuters) - General Motors Co said on Wednesday its China vehicles sales in August jumped 112.7 percent from a year earlier, paving the way for a more than 40 percent rise in sales for the full year.

Source: Reuters: Business News | 2 Sep 2009 | 3:00 am

GM's August China vehicle sales more than double (Reuters)

Reuters - General Motors Co said on Wednesday its China vehicles sales in August jumped 112.7 percent from a year earlier, paving the way for a more than 40 percent rise in sales for the full year.
Source: Yahoo! News: Business | 2 Sep 2009 | 3:00 am

EU business sees partial reversal of China reforms

BEIJING (Reuters) - China is backsliding on reforms to open up its economy to foreign business, thereby hindering competition and imperiling its shift to a new model of sustainable growth, the European Union Chamber of Commerce in China said on Wednesday.

Source: Reuters: Business News | 2 Sep 2009 | 2:58 am

O'Brien urges vote on Independent's future

Denis O'Brien, the Irish businessman and second-largest shareholder in Independent News & Media, reignited a long-running feud with the board on Wednesday as he called for an extraordinary meeting...
Source: RSS feed - channel BNPaperBusiness | 2 Sep 2009 | 2:56 am

Stock index futures point to lower start

(Reuters) - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 are down 0.2 to 0.5 percent, pointing to a lower start when the U.S. markets open on Wednesday and extending the previous session's sharp losses.

Source: Reuters: Business News | 2 Sep 2009 | 2:53 am

Stock index futures point to lower start (Reuters)

Traders work on the options trading floor at the New York Stock Exchange, May 26, 2009. REUTERS/Brendan McDermidReuters - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 are down 0.2 to 0.5 percent, pointing to a lower start when the U.S. markets open on Wednesday and extending the previous session's sharp losses.



Source: Yahoo! News: Business | 2 Sep 2009 | 2:53 am

Stock index futures point to lower start (Reuters)

Traders work on the options trading floor at the New York Stock Exchange, May 26, 2009. REUTERS/Brendan McDermidReuters - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 are down 0.2 to 0.5 percent, pointing to a lower start when the U.S. markets open on Wednesday and extending the previous session's sharp losses.



Source: Yahoo! News: Stock Markets News | 2 Sep 2009 | 2:53 am

DSG investors to vote on chief's 25% pay cut

Shareholders in DSG, the owner of Curry's and PC World, will today vote on a plan to cut its chief executive's pay by 25 per cent, replacing the lost income with share options.


Source: Latest Business News from Times Online | 2 Sep 2009 | 2:53 am

Maersk to raise $1.8bn to boost flexibility

Denmark's AP Moller-Maersk on Wednesday became the latest container shipping company to announce plans to raise DKr9.2bn ($1.8bn) in fresh money through a share placing.The announcement comes as a surprise...
Source: RSS feed - channel BNPaperBusiness | 2 Sep 2009 | 2:53 am

London Markets: Retailers outperform in lower London

Retailers move higher in London, bucking a broadly lower trend, with electrical-products retailer DSG International advancing after it said that sales outperformed expectations and margins widened.



Source: MarketWatch.com - Top Stories | 2 Sep 2009 | 2:49 am

Bomb damages Athens stock exchange, one hurt (Reuters)

A member of the Greek anti-terrorist team inspects the area outside the Athens Stock Exchange in Athens, Greece, on Wednesday, Sept. 2, 2009. Police said a bomb placed in a small van, seen in the background right, exploded outside the Stock Exchange early Wednesday, lightly injuring a passer-by and causing extensive damage to the building and to parked cars. A second bomb outside a government building in the northern city of Thessaloniki caused only minor damage. Both attacks were preceded by anonymous warning calls to Greek media, but there was no claim of responsibility. (AP Photo/Thanassis Stavrakis)Reuters - A powerful car bomb blew up outside the Athens stock exchange on Wednesday, slightly wounding one woman, in what Greek police suspect was the latest attack by leftist or anarchist groups.



Source: Yahoo! News: Stock Markets News | 2 Sep 2009 | 2:46 am

E.On not to renew FA Cup backing

Energy firm E.On will not be renewing its sponsorship of the FA Cup after 2010, it is announced.
Source: BBC News | Business | World Edition | 2 Sep 2009 | 2:45 am

Buy-out group eyes Ssangyong

Shares of Ssangyong Motor rose 15 per cent on Wednesday after a private equity fund said it was looking to buy the South Korean carmaker, which filed for bankruptcy protection earlier this year, for as...
Source: RSS feed - channel BNPaperBusiness | 2 Sep 2009 | 2:37 am

World stocks slide despite upbeat data (AFP)

A pedestrian passes before a share prices board in Tokyo. Global stock markets slid, with the heaviest losses seen in Asia, as investor confidence in economic recovery wanes despite positive economic data from around the world.(AFP/Yoshikazu Tsuno)AFP - Global stock markets slid on Wednesday, with the heaviest losses seen in Asia, as investor confidence in economic recovery wanes despite positive economic data from around the world.



Source: Yahoo! News: Stock Markets News | 2 Sep 2009 | 2:34 am

Cattles to axe 500 jobs in battle for survival

Cattles, the troubled doorstep lender, is poised to cut a further 500 jobs after the closure of a number of its Welcome Financial branches.


Source: Latest Business News from Times Online | 2 Sep 2009 | 2:33 am

A worldwide worry: Rally may be over

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 2 Sep 2009 | 2:32 am

Investors fret 2009 stocks rally is over (Reuters)

Traders work on the options trading floor at the New York Stock Exchange, May 26, 2009. REUTERS/Brendan McDermidReuters - World stocks fell close to 1 percent on Wednesday after an overnight sell off on Wall Street, with both Asia and Europe rattled by concerns over the sustainability of this year's equity rally.



Source: Yahoo! News: Stock Markets News | 2 Sep 2009 | 2:21 am

Oil speculators on the run

Last year Andrew Hall, the head of Citigroup's energy trading unit, made over $100 million, making him one of the highest paid people on Wall Street.
Source: Business and financial news - CNNMoney.com | 2 Sep 2009 | 2:19 am

FTSE shares open lower (AFP)

London stocks inched lower in early trading on Wednesday as investor confidence in economic recovery waned despite positive economic data from around the world.(AFP/File/Shaun Curry)AFP - London stocks inched lower in early trading on Wednesday as investor confidence in economic recovery waned despite positive economic data from around the world.



Source: Yahoo! News: Stock Markets News | 2 Sep 2009 | 2:18 am

UK jitters may spell end of rally

London shares fell for a second day following sharp drops in Asian markets and on Wall Street over fears that the summer rally has driven stocks too far above economic reality.


Source: Latest Business News from Times Online | 2 Sep 2009 | 2:13 am

2010 fears

Why the World Cup is upsetting South African taxi drivers
Source: BBC News | Business | World Edition | 2 Sep 2009 | 2:05 am

Hargreaves Lansdown profits jump 20pc

Hargreaves Lansdown the investment broker reported a 20pc rise is fullyear profits boosted by the recent stock market rally.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Sep 2009 | 2:05 am

Mayor to lobby EU on hedge fund crackdown

The Mayor of London will today lobby Brussels over its proposed crackdown on hedge funds and private equity firms.


Source: Latest Business News from Times Online | 2 Sep 2009 | 2:04 am

Is health care the next 'bonusgate'?

Earlier this year, public outrage boiled over with news of eye-popping pay to top executives on Wall Street.
Source: Business and financial news - CNNMoney.com | 2 Sep 2009 | 2:02 am

China closes doors to European businesses

Doing business in China is getting harder not easier according to European businesses as they laid out complaints in a new report.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Sep 2009 | 1:58 am

Currencies: Aussie soars on better-than-expected GDP data

The Australian dollar jumps against its U.S. counterpart Wednesday, as second-quarter gross domestic product data reinforces expectations that Australia will be among the first countries to return to a tightening cycle.



Source: MarketWatch.com - Top Stories | 2 Sep 2009 | 1:57 am

Media Digest 9/2/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   Sales  growth of Ford (F) and Hyundai topped other car companies. Reuters:   The EU could slow a takeover of Sun (JAVA) by Oracle (ORCL). Reuters:   Home sales and factory orders signaled an end to the recession. Reuters:   Executives a bailed out banks may make millions on stock options. Reuters:   Some analysts were skeptical about Bank of America’s (BAC) [...]

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Source: 24/7 Wall St. | 2 Sep 2009 | 1:54 am

Video: Business dragon James Caan's top recession tips

The star of BBC2 business show Dragon's Den tells Telegraph TV how your business can survive the recession.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Sep 2009 | 1:54 am

Insurers warn new rules may force them to raise £50bn

UK insurers have warned that they may have to ask investors for more than £50 billion extra in new equity if proposed new European regulations come into effect.


Source: Latest Business News from Times Online | 2 Sep 2009 | 1:52 am

Ack! Gmail goes down for an hour

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 2 Sep 2009 | 1:50 am

Party goes on for bailed-out bankers


Source: Business and financial news - CNNMoney.com | 2 Sep 2009 | 1:49 am

Journalists say N Koreans arrested them in China

Two US reporters detained for nearly five months in North Korea have indicated that their arrest was a premeditated trap laid by Pyongyang
Source: Financial Times - US homepage | 2 Sep 2009 | 1:47 am

Europe Markets: European shares extend September losses

European shares extended steep losses from the previous session on Wednesday, as investors continued to sell shares in financials including Dutch insurer and lender ING and Belgian bank KBC.



Source: MarketWatch.com - Top Stories | 2 Sep 2009 | 1:47 am

Athens bourse to remain open despite bomb attack (AFP)

Investigators searche for evidence in front of the Athens stock exchange. A homemade bomb hidden inside a van exploded outside the Athens stock exchange in the latest of a series of attacks against financial targets in the Greek capital, police said.(AFP/Louisa Gouliamaki)AFP - The Athens stock exchange will remain open on Wednesday despite a powerful bomb attack outside the building that slightly hurt a passerby, its chairman said.



Source: Yahoo! News: Stock Markets News | 2 Sep 2009 | 1:41 am

London shares fall further as risk appetite wanes

London equities remained under pressure on Wednesday, as concern lingered that the summer rally on world stock markets had taken leading indices too far, too fast.But the pace of the selling on the FTSE...
Source: RSS feed - channel BNPaperBusiness | 2 Sep 2009 | 1:41 am

Denis O'Brien calls EGM to vote on sale or closure of Independent titles

Denis O'Brien INM's second largest investor has called an extraordinary general meeting to end debt impasse shakeup board and shut titles.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Sep 2009 | 1:35 am

A.P. Moller-Maersk to sell $1.8 billion of stock

Shipping giant A.P. Moller-Maersk says it will sell up to $1.8 billion in stock after the economy's decline dented its balance sheet.



Source: MarketWatch.com - Top Stories | 2 Sep 2009 | 1:31 am

Troubled Cattles closes 30 branches

Cattles, the troubled subprime lender, is to close 30 of its Welcome Financial Services branches across the UK, affecting 510 jobs, as part of its plans to rein in new lending and concentrate on debt collection...
Source: RSS feed - channel BNPaperBusiness | 2 Sep 2009 | 1:21 am

Asia Markets And Europe Open 9/2/2009

Markets in Asia were mixed. The Nikkei fell 2.4% to 10,281. The Hang Seng was down 1.4% to 19,586. The Shanghai Composite was up 1.2% to 2,715. At the open in Europe, the FTSE fell .1% to 4,815. The Dax was off .1% to 5,325 and the CAC 40 fell .3% to 3,573. Data from Reuters and MarketWatch Douglas A. McIntyre Posted [...]

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Source: 24/7 Wall St. | 2 Sep 2009 | 1:19 am

Currys firm summer sales down 6%

Currys and PC World owner DSG says sales fell a less-then-expected 6% in the summer but it is "cautious" on the economy.
Source: BBC News | Business | World Edition | 2 Sep 2009 | 1:02 am

EBay to sell Skype to group of investors

The Internet auction firm would get $1.9 billion in cash for the Internet phone company plus $125 million to be paid later. It would retain the remaining 35% stake. ...
Source: RSS feed - channel BNPaperBusiness | 2 Sep 2009 | 1:00 am

Groceries to cost even less as supermarket price war intensifies

Already having cut prices for much of 2009, Vons, Ralphs and Southern California's other big chains are gearing up for a new round of reductions as they seek to win back shoppers and market share.

A price war between Southern California's big supermarket chains is heating up.



Source: L.A. Times - Business | 2 Sep 2009 | 1:00 am

DirecTV, Comcast fight over Versus distribution

The satellite TV broadcaster drops Comcast's sports network. Things have gotten ugly.

Call it Goliath Versus Goliath.



Source: L.A. Times - Business | 2 Sep 2009 | 1:00 am

How to limit a fire's damage

If you become a fire victim, it'll happen fast and you won't have much time to make decisions. Here are some steps to take in advance.

When my mom's house in San Francisco burned down a few years ago, I learned that if the flames don't destroy all your stuff, the water from firefighters' hoses will finish the job.



Source: L.A. Times - Business | 2 Sep 2009 | 1:00 am

'Clunkers' program gives biggest boost to foreign carmakers

Overall U.S. auto sales in August are the highest in more than a year, largely thanks to the rebate program. South Korean makers provide the biggest sales surprise, with Hyundai reporting a 47% jump.

Hailed as a jump-start for the U.S. economy, the federal government's "cash for clunkers" gave the biggest boost to foreign automakers.



Source: L.A. Times - Business | 2 Sep 2009 | 1:00 am

American Airlines cutting 921 flight attendant jobs

AIRLINES



Source: L.A. Times - Business | 2 Sep 2009 | 1:00 am

Khosla Ventures raises $1.1 billion to invest in green technology

The Silicon Valley venture capital firm will finance early and mid-stage clean energy and information technology companies as well as high-risk 'science experiments.'

In a sign that green technology investing is bouncing back, Silicon Valley venture capital firm Khosla Ventures said Tuesday that it had raised $1.1 billion to spur development of renewable energy and other clean technologies.



Source: L.A. Times - Business | 2 Sep 2009 | 1:00 am

'Clunkers' program gives biggest boost to foreign carmakers

Overall U.S. auto sales in August are the highest in more than a year, largely thanks to the rebate program. South Korean makers provide the biggest sales surprise, with Hyundai reporting a 47% jump. ...
Source: RSS feed - channel BNPaperBusiness | 2 Sep 2009 | 1:00 am

EBay to sell Skype to group of investors

The Internet auction firm would get $1.9 billion in cash for the Internet phone company plus $125 million to be paid later. It would retain the remaining 35% stake.

EBay Inc., long criticized for its high-priced purchase of Internet phone company Skype, is finally getting out of a marriage that was a mismatch from the start.



Source: L.A. Times - Business | 2 Sep 2009 | 1:00 am

O.C. Register publisher files for Chapter 11 bankruptcy

Freedom Communications Inc. had failed to ease a $770-million debt load. The company says the Register and its other newspapers and magazines will continue publishing during the reorganization.

Freedom Communications Inc., publisher of the Orange County Register, filed for Chapter 11 bankruptcy protection Tuesday after the slide in the newspaper industry and the recession made it impossible for the company to repay $770 million in debt.



Source: L.A. Times - Business | 2 Sep 2009 | 1:00 am

Captain Morgan may set sail for tax benefits

The rum brand's parent firm, Diageo, would receive advantages worth $2.7 billion under a deal to move production to the Virgin Islands from Puerto Rico. ...
Source: RSS feed - channel BNPaperBusiness | 2 Sep 2009 | 1:00 am

Google's Gmail goes down for more than an hour

Google Inc.'s Gmail electronic mail platform went off-line Tuesday for more than an hour, prompting an outcry from tens of thousands of users and reminding consumers that the Mountain View, Calif., company...
Source: RSS feed - channel BNPaperBusiness | 2 Sep 2009 | 1:00 am

Grossman Burn Center headed for West Hills Hospital

The well-known facility is set to leave its home at Sherman Oaks Hospital early next year.

Grossman Burn Center, well-known for treating many of the nation's high-profile burn victims, is leaving its 40-year home at Sherman Oaks Hospital for West Hills Hospital & Medical Center.



Source: L.A. Times - Business | 2 Sep 2009 | 1:00 am

Captain Morgan may set sail for tax benefits

The rum brand's parent firm, Diageo, would receive advantages worth $2.7 billion under a deal to move production to the Virgin Islands from Puerto Rico.

Yo ho ho and a bottle of rum.



Source: L.A. Times - Business | 2 Sep 2009 | 1:00 am

Bomb rocks Athens Stock Exchange

A powerful car bomb damaged the Athens Stock Exchange building early today, injuring one person and reminding Greece's business establishment that it is a potential victim of far-left terrorism.
Source: Latest Business News from Times Online | 2 Sep 2009 | 12:40 am

Cattles to shut 30 branches 510 jobs at risk

Cattles the struggling doorstep lender said it planned to close 30 branches of its Welcome Financial Services subsidiary putting about 510 jobs at risk.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Sep 2009 | 12:39 am

Threat to 510 jobs at UK lender

UK sub-prime lender Cattles says it may cut about 510 jobs as part of plans to close 30 branches of its Welcome Financial business.
Source: BBC News | Business | World Edition | 2 Sep 2009 | 12:34 am

Sharemarket ends day mixed

The New Zealand sharemarket finished somewhat recovered from an early tumble after stocks in the United States fell for a third straight day. The benchmark NZX-50 index closed down 10.031 points, or 0.325 per cent, at 3074.649,...
Source: New Zealand Herald - Business | 2 Sep 2009 | 12:30 am

Insurers may face £50bn bill from European proposals

Britain's insurers have warned that they may be forced to issue cash calls worth up to £50bn if new European rules on the industry are put into place.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Sep 2009 | 12:29 am

Australian growth beats forecasts

Australia's economy grew by more than expected in the second quarter of 2009, boosted by consumer spending.
Source: BBC News | Business | World Edition | 2 Sep 2009 | 12:22 am

The graduate's guide to insurance

Scrimping on insurance could result in an expensive start to the academic year.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Sep 2009 | 12:17 am

Bristol brokers battle downturn

Bristol-based brokers Hargreaves Lansdown report a rise in profits despite the economic downturn.
Source: BBC News | Business | World Edition | 2 Sep 2009 | 12:16 am

What next for corporate bonds?

It was only six months ago that some articles appeared in the media to say there was a 'bubble' in corporate bonds.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Sep 2009 | 12:06 am

Freightways snares Australia Post deal

Freightways will deliver parcels in this country for Australia Post, which will increase its market share as the business was previously with rival CourierPost. Freightways' managing director Dean Bracewell said Australia Post...
Source: New Zealand Herald - Business | 2 Sep 2009 | 12:00 am

Asian markets falter after Wall Street selloff

Asian stock markets pulled back on Wednesday sending Japan's benchmark down nearly 3pc after an overnight selloff on Wall Street amid fears about the US financial sector.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 1 Sep 2009 | 11:59 pm

Mayor condemns hedge fund plans

The Mayor of London says EU plans to regulate hedge funds are a "blatant attack" on the city's role as a financial centre.
Source: BBC News | Business | World Edition | 1 Sep 2009 | 11:31 pm

September 2, 2008 (Tuesday): McCain Skips King, California Needs a Budget

McCain Cancels on Larry King

CNN anchor Wolf Blitzer announces that John McCain is canceling an interview with Larry King because the campaign didn’t like the way CNN treated a McCain spokesman. ''A senior McCain adviser tells CNN the interview has been pulled because of a segment CNN ran last night during Campbell Brown's 'Election Central,' '' Blitzer tells viewers. In the exchange, CNN’s Brown grilled Tucker Bounds, a campaign spokesman, about the fitness of Gov. Sarah Palin for the commander-in-chief job. Brown pressed Bounds to provide an example of executive decisions made by Palin in her role as commander in chief of the Alaska National Guard. (For more on this news, click here and here.)

California: You’re Late!

California’s state budget is 64 days late, and still not ready for prime time — surpassing the record for tardiness set in 2002. The holdup: disagreement about how to close a $15 billion gap in the budget. Democratic lawmakers seek a sales tax increase, while Republicans oppose the higher tax. Some communities are already feeling the pinch of budget cuts. Art classes at one high school have moved to the lawn because the school district cannot afford new portable classrooms, reports the New York Times. The looming gap is largely a result of high foreclosure rates and higher-than-expected fuel costs. (For more on this news, click here.)

Chrome Sweet Chrome

In a gambit for a slice of the browser market Google today introduces Chrome, a stripped-down browser designed to take on Microsoft’s Internet Explorer. Chrome, which is still in beta, hopes to make it easier for consumers to use web-based programs like Gmail and Google Docs, which run on browsers, Google says. The format reflects Google’s approach of encouraging people to shift from using programs on their personal computers to using software delivered from the web. (For more, click here.)

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Source: SmartMoney.com | 1 Sep 2009 | 10:00 pm

3 Stocks With Heaps of Free Cash Flow (Screens)

In the U.S., interest-bearing checking accounts pay an average of 0.6%, according to Bankrate.com. One-year certificates of deposit pay just 1.8%. The companies listed below don’t offer the same principal guarantee as banks do on deposits, of course. But they pay much more. Each has a dividend yield that tops 3%. And each generates yearly free cash equal to more than 10% of its stock market value—a sign that those dividends are affordable.

Free cash flow is generally a sign of financial strength. A company that produces it consistently shows it’s not just tending to the paper earnings that Wall Street fixates on, but it's producing real cash that can fund dividends, share repurchases and expansion. Compare free cash flow with a company’s stock price by looking for high free cash flow yields, and you can use the measure to help identify potential stock bargains while favoring companies that are prosperous and strong, like the following three.

Lockheed Martin 

Free Cash Flow Yield: 12%
Dividend Yield: 3%

Shares of the Bethesda, Md.-based defense contractor have fallen about 10% this year, while the broad market has rallied. The stock now sells for 10 times forecast 2009 earnings, a discount of about 40% to the market. Fears of cuts to America’s weapons spending are weighing on the stock; the U.S. Senate recently voted to remove funding for Lockheed’s F-22 fighter jets from the 2010 defense budget. Also, a confluence of small events, like a contract dispute with New York City over work on subway cameras, hurt the company's second-quarter earnings. Regardless, these shares seem to be a good deal. Industry watchers say government money not spent on F-22s might go toward buying more next-generation F-35s, which are already well-funded by Congress and carry fatter profit margins for Lockheed (LMT). And recent stumbles show little sign of doing lasting damage. The company’s sales are expected to increase 6% both this year and next.

Eaton

Free Cash Flow Yield: 14%
Dividend Yield: 3.6%

Cleveland-based Eaton (ETN) makes electrical systems, hydraulics, car and aircraft components and other goods that are sensitive to the business cycle. Demand for its wares has been shattered by the present recession with companywide sales expected to drop 23% this year. Shares are barely half their price of two years ago. But Eaton has a strong balance sheet and still generates plenty of free cash. Shares are 26 times this year’s depressed earnings forecast, but are less than 10 times what the company earned in each of the past three years. Patient investors can collect dividends on the shares now while awaiting an economic recovery that should drive company profits and the stock price higher.

Pfizer 

Free Cash Flow Yield: 15%
Dividend Yield: 3.8%

Pfizer (PFE) chose poorly, in my opinion, when it halved its dividend at the end of January to afford a purchase of rival drug maker Wyeth. Investors seem quick to forgive, however. They dragged the stock down 40% during the month following the news, but have since bid it back up -- and then some. Analysts say the two companies are a good fit, since Pfizer has tired products but plenty of marketing savvy, while Wyeth has fresher drugs but could use some help pushing them. So large was Pfizer’s yield before that half of it is still sizable: 3.8%. And despite the recent run-up, shares still seem cheap at eight times forecast 2009 earnings.

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 | 1 Sep 2009 | 10:00 pm

Activision Blizzard: Game-Changer Is Poised to Rule

IT'S A GAME THAT HAS PRACTICALLY BECOME THE national pastime in South Korea. Professional players earn six-figure salaries and enjoy the benefits of hefty sponsorships from big corporations and the Korean Air Force. Two television stations devote programming exclusively to the game, one broadcasting matches all day, every day. There is a league of 12 teams, and a players' association. To accommodate the crowds -- sometimes upwards of 100,000 -- championship matches are frequently held in open-air stadiums. Not so different from other popular sports, except that what the stadium crowd is watching is on giant screens, and it's a videogame. Human competitors in front of personal computers direct the action, but the real interest is in the lightning-fast battles in fantastically imagined onscreen worlds .

Welcome to the world of "e-sports" and Starcraft, the online videogame that's been a monster hit for 11 years, a near-eternity in the videogame industry. More than 11 million copies of the game have been sold worldwide, with a good chunk of those in Korea, where Starcraft still ranks among the top three online games sought out by gamers in the 22,000 PC bangs, or cybercafes, that dot the country.

Then there's Call of Duty, a game of modern military strategy, with 20 million players online: a user base, as one advertising wag described it, "bigger than all the armies of the world combined."

And then again there is the granddaddy of them all, World of Warcraft, a so-called massive multiplayer online role-playing game set in the fantasy world of Azeroth, where players assume the roles of heroes battling for control of the kingdom. It has nearly 12 million monthly subscribers worldwide and generates cash flow of nearly half a billion dollars a year.

The enormous popularity of these games, and also of top-selling hits such as the Tony Hawk series and Guitar Hero, has helped power Santa Monica, Calif.-based Activision Blizzard (ATVI), with its $15 billion market cap and more than $4 billion in sales, into its position as the dominant and most profitable force in the dynamic videogame industry. Formed last year by the merger of independent Activision and Vivendi's Blizzard Entertainment, the studio responsible for the Starcraft and World of Warcraft sensations, Activision Blizzard "has done a great job positioning itself for where the industry is headed," according to Ed Williams, game analyst at BMO Capital Markets. And "relative to the opportunity ahead of it," he says, Activision Blizzard shares "represent attractive value." Williams sees the shares climbing to 15, a 29% advance from their current level.

The videogame industry's opportunity, to hear Activision Blizzard Chief Executive Bobby Kotick tell it, is nothing less than a chance to vanquish the film and television industries, a process that is unfolding now and could be realized in five years: "I view the medium as having the potential to eclipse film and television," he asserted in a telephone interview from his office in the heart of the world's entertainment capital. (Activision Blizzard is the only videogame company that is so situated.)

His industry will get its chance, says Kotick, when the next generation of hardware makes it possible to master the difficult art of facial animation, bringing characters to life and providing an emotional connection that allows for better storytelling and character development -- what film and TV deliver today. The notion is not as far out as it might seem, as anyone with teenagers can attest. Already, videogames have begun providing an interactive and physical experience, with systems such as Nintendo's Wii and games like Guitar Hero, that go well beyond anything on film and TV in terms of audience interaction and participation.

As a result of these and other developing trends, including the ability of game machines to read and interpret a user's body movements and hand gestures, and even facial expressions, the $51 billion worldwide videogame industry has broadened its appeal to a wider audience -- as well as to advertisers. Not only are more people playing the games, but they are spending more time and money on them.

The industry's move toward online-subscription and "pay-as-you-go" formats, in which users download not only games but other high-margin content such as music and game extensions, is accelerating a shift away from strict reliance on consoles and off-the-shelf packaged games. In the next five to 10 years, videogames will be less dependent on any one kind of device or single platform, and there will be more opportunity for audiences to enjoy interactive entertainment across a range of devices, says Kotick.

No one stands to benefit more from this evolution than Activision Blizzard. It has global reach and a strong foothold in Asia, particularly in the China market, where it was the first Western gaming company to gain a major presence. It is also already the foremost provider of online games, with Starcraft and World of Warcraft, and it has a powerful lineup of hit "franchise" titles, like Diablo and Transformers games, as well as the Tony Hawk series.

And with its blockbuster Guitar Hero, which elevates air-guitar playing to a whole new level and has helped spread the social appeal of videogames beyond the demographic of teenage boys, Activision Blizzard finds itself at the forefront of the fastest-growing segment of the videogame industry: the music category. Guitar Hero, introduced in 2005, has also proved revolutionary in terms of what customers are willing to spend on a game: About $500 additional is laid out by each purchaser, after all the equipment and add-ons associated with the game are added up. That compares with the more typical expenditure of $50 by the buyer of a typical single boxed game. Here, too, the No. 1 videogame developer has a special advantage because of its 54% majority owner, Vivendi, which also owns Universal Music, the world's No. 1 music company.

FROM A FINANCIAL STANDPOINT as well, Activision Blizzard is sitting pretty. Bolstered by the annual half billion in cash flow from World of Warcraft, it has about $3 billion in cash and no debt on its formidable balance sheet. In the latest quarter, it authorized an additional $250 million in shares for its stock-buyback program, bringing the total to $1.25 billion, of which it already has repurchased more than $650 million.

One need only look at the company's history of buybacks to see the influence of Kotick's early backer and long-time mentor, Las Vegas casino impresario Steve Wynn. "I remember Steve years ago telling me that he made as much money for his shareholders by buying back stock," recalls Kotick, who along with Brian Kelly bought Activision out of bankruptcy in 1991. "That was something that stuck with me. If you think your stock is likely to appreciate over time, and you can minimize dilution, and you are generating cash flow in excess of what you need for your own working-capital requirements -- that is something to pay attention to. We've made a lot of money for our shareholders by buying our shares back."

Shades of Wynn are seen, too, in what Kotick refers to as Activision Blizzard's "culture of thrift." Carpeting at the bare-bones headquarters building hasn't been changed since the company took up residence in 1997, for instance, and Kotick has his own obsession with "rightsizing" and improving operating margins.

Studying Wynn's management style the past 20 years has helped Kotick "figure out how to balance the desire to generate a profit and higher return on invested capital but make sure the culture is committed to creativity and excellence."

"He's very focused on delighting audiences," says Kotick of Wynn.

Reflecting what a powerhouse it's become, Activision Blizzard delivered earnings in the most recent quarter that exceeded its own estimates as well as Wall Street's. In the second quarter, it reported earnings of $195 million, or 15 cents a share, on total revenue of $1.04 billion. Earnings excluding deferred revenue from previous business periods, also referred to as non-GAAP (generally accepted accounting principles) earnings, were $112 million, or eight cents a share, on $801 million in sales. The company had forecast earnings of six cents a share and sales of $775 billion. And guess what? It reported record operating margins of 26%.

The company also reiterated its earlier view that it will earn 63 cents a share, non-GAAP, for the full year 2009, despite revising its revenue outlook to $4.5 billion from $4.8 billion because of a delay in the launch of some widely anticipated game sequels.

Activision Blizzard now commands close to 10% of the worldwide market, roughly a 17% share of the North American market and 11% of the European market.

Yet, changing hands recently at about $11.63, its shares trade at a multiple of less than 15 times projected 2010 earnings and at about 10 times Ebitda, or earnings before interest, taxes, depreciation and amortization, reflecting less the future and more the current lull besetting the industry. Still, for the premier company in the business, that's a bargain, especially compared with its two biggest competitors, Electronic Arts (ERTS) and Take-Two Interactive (TTWO), which trade at higher multiples and have been struggling operationally.

THERE'S NO QUESTION THE VIDEOGAME market has fallen victim to the punk economy. Sales of videogames have softened dramatically the past five months, with annual growth this year likely to be in the low single digits, compared with 20% in 2008. Console growth has slowed as well, and while the industry has recently cut hardware prices -- just last week Sony (SNE) cut its PlayStation 3 by $100 to $299, and Microsoft (MSFT) lowered its Xbox 360 by an equal amount to $299.99 -- Kotick's concern is that growth will continue to be challenging.

"It's not a trivial investment for people," especially with unemployment at 10%, notes Kotick. "Part of my concern over the next couple of years is when you look at an economy that's not growing and you look at all the economic challenges we face, not just for videogames but for all businesses."

Pressuring the stock, too, are issues specific to Activision Blizzard. While Call of Duty: Modern Warfare 2 was the big hit of June's annual Electronic Entertainment Expo, known as E3, and even though it is expected to be the most popular console game this holiday season, it will be tough to match the revenues that the megahit Guitar Hero brought in last year.

Investors have also been disappointed that the eagerly awaited launch of the online Starcraft II will be delayed until early next year to coincide with the company's release of its revamped Battle.net online community game service; that delay caused the company to revise its revenue outlook for the full year.

There has been heightened anxiety as well about Activision Blizzard's decision to switch distributors for its World of Warcraft franchise in China -- to Internet outfit NetEase and away from online game distributor and developer The9.

Investors are concerned that no revenue has been generated from the game since early June. They worry, too, that the company might have risked losing an important customer base for the sake of higher royalty payments from a new distributor. But Kotick calls NetEase "the best partner we could ever ask for."

In another set of delays, the Chinese government had asked for changes to the "Wrath of the Lich King" -- an expansion pack for World of Warcraft. Activision Blizzard agreed to the changes. Now the Beta versions have moved forward, and Kotick expects it won't be long before the newly enhanced World of Warcraft is up and running in China.

Last, heavy insider selling all year among top executives, including Kotick, who is considered a smart seller of stock, hasn't gone unnoticed. Kotick maintains he is simply exercising options that are due to expire, and he points out that most of his net worth is still tied up in the company. Indeed, while the dollar amount of stock sold is huge, it represents a small percentage of his overall holdings.

These are nagging concerns, for sure. But when all is said and done, they will be seen as having created a great buying opportunity in the shares of this driving force. Activision Blizzard is a game we'll play any day.

The Bottom Line
With its experience in developing and marketing console, PC and online games, Activision Blizzard may see its shares rise as much as 29% in a year.

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 | 1 Sep 2009 | 10:00 pm

Banks to Small Biz: "Borrowers Welcome"

Five years ago, when the economy was humming, 5 percent of small businesses surveyed by the National Federation of Independent Business labeled “financing”—in other words, borrowing—as the biggest thorn in their paw. Fast-forward to today, in the aftermath of a recession that has broken records for unpleasantness and left lenders like CIT Group in deep trouble. How many small businesses consider borrowing problems their top concern now? Five percent.

This is not to say that borrowing’s a walk in the park—the volume of small-business loans is down 38 percent from last year. But there’s reason to believe it’s “less dire for smaller businesses” than the numbers show, according to Holly Wade, policy analyst at the business federation. Small businesses traditionally have a variety of capital sources, tend to cut back on borrowing when sales decline and borrow from smaller banks that have sidestepped the toxic-loan issues. And after a slow start, the federal Small Business Administration is offering some stimulus-package relief, reducing bank fees and increasing the percentage of each loan that the government will guarantee. All these factors appear to be working more grease into the rusted capital-funding machine. The banks are at least saying they are open for business. As long as a borrower doesn’t expect “pre-2008” terms, “we have money to lend and a strong desire to do so,” chirps Robert McGannon, chief lending officer at Kansas City, Mo.–based Country Club Bank.

Borrowers may have more hoops to jump through to prove their worthiness, but plenty of entrepreneurs have scored government-backed loans—even during the most uncertain days of the crisis. “Easier than I expected,” says Sarah Lindholm, of Vail, Colo., who was approved by the first lender she approached. A month after showing off her business plan, she had $150,000 to launch Cooper Martin, a zipper-and-velcro-laden clothing line for people recovering from surgery. Lindholm didn’t even have flawless credit—she had some credit card debt following law school. One sign of tougher times: Her bank stipulated that she receive only 40 percent of her loan in cash and the remainder as a line of credit. But since she didn’t need to draw down the entire amount right away this summer, Lindholm was more than happy she didn’t have to pay interest on the whole sum.

It helps to have what Stephen Fraser calls the “suicidal single-mindedness” to run the paperwork gauntlet. Fraser and his partner Gart Davis started Spoonflower, a custom fabric company in Mebane, N.C., in May 2008—just before credit shut down. They invested $35,000 of their own for software development but soon needed a loan to buy a new fabric printer. Of course, last December and this January were possibly the worst months to borrow. The partners approached three banks that might as well have had signs reading no start-ups need apply. One leasing company had the nerve to offer a loan at 54 percent interest. But the fourth lender, BB&T, lent them $45,000 at 8 percent with the government’s backing, giving Fraser and Davis the money to keep up with the company’s escalating sales. Fraser calls his financing experience “harrowing” and his “most frightening experience outside of parenthood.” But then, entrepreneurship has never been for sissies.

New Rules for Loan Rangers

Show more. Banks are asking for more data than usual on past and projected cash flow—as much as three years of past records.

Have a Plan B. Lenders will want to see two strategies for getting a loan repaid. If option one is your business income, option two might be, say, selling the brick oven if your pizzeria goes bust.

Spruce up the score. Borrowers’ credit records are under more scrutiny. Those whose credit scores are below 700 may have a problem.

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 | 1 Sep 2009 | 10:00 pm

4 Coupon Sites for the Fall Fashionista (Deal of the Day)

Fashion trends may come and go, but good deals are always in style.

And they’re especially trendy this back-to-school season. Not only are consumers expected to spend about 8% less because of the recession ($549, down $45 from last year), but roughly half of shoppers say they’re also waiting for sales and coupons to purchase items on their list, according to the National Retail Federation, an industry trade group.

Deal hunters are seeing plenty of promotions this fall, but retailers have scaled back inventory to avoid a repeat of last year’s deep discounting, says Kathryn Finney, founder of TheBudgetFashionista.com, which tracks trends and sales. “It’s not going to be crazy, cuckoo Saks (SKS) sales where everything is 90% off, and then you have a coupon for another 10%,” she says.

Still, there are better deals out there for shoppers who know where to look. Try these four sites that keep tabs on the latest deals:

1) Your Retailer’s Dot Com

“A lot of retailers are moving away from coupon codes because they’re not easy to control,” says Michelle Madhok, founder of sale and deal tracker SheFinds.com. Many deals expire fast, or are generated for a single shopper to use. With that in mind, consider signing up for your favorite retailers’ email newsletters so that you’ll be aware of deals from the outset -- instead of having to hunt for them. Worried your inbox will overflow? Set up a separate free email account solely for such correspondence.

Sample deal: Tuesday, teen retailer Delia’s emailed customers to tell them about new clearance items for sale at 80% off. The store also offered coupon code DXKW75 for free shipping on orders of $75 or more. Offer expires Sept. 8.

2) ShopItToMe.com 

Sign up for a free account to receive regular emails from the site about sales on your favorite brands. You can specify sizes and items, says Bronwyn Phonseya, a spokeswoman for MomsLikeMe.com, a social networking site for mothers. That way, you won’t give in to a 20% off sale when the shirt you wanted is sold out in your size and color. “It’s the one email newsletter I read every single day, that I’ve never unsubscribed from,” she says.

Sample deal: A recent “sale mail” spotted a French Connection double-breasted coat, originally $268, marked down to $159. A shopper would save 41%.

3) RetailMeNot.com 

“The worst thing is searching for a code and not knowing if it works,” Finney says. This site curbs that problem with an active user community. Visitors click to indicate whether a code worked for them or not. The survey gives old or bad codes a low rating and pushes the best ones to the top of the list, she says. Check user comments that warn consumers that they’ll have to pay with a store credit card or avoid sale merchandise to snag the deal.

Sample deal: At Talbots.com (TLB), use coupon code 022176672 at checkout to pay $5 for shipping (regularly $6 to $20, based on how much you spend). No expiration listed.

4) Pronto.com 

Compare prices on your favorite women’s, men’s and children’s fashions from store to store. You can also browse the latest trends, narrowing the lists by whether an item is on sale. Sign up for a free account to receive email notifications when your favorite brands and wish-list items in your size go on sale. “The idea is that everything comes to you,” Madhok says.

Sample deal: A search found Converse Chuck Taylor All-Star sneakers at a dozen stores ranging from $30 to $52 -- including a pair on sale for $30 on Amazon.com (AMZN). The next-cheapest price: $36.

Looking for more coupons? View our list of all-around favorites here. We also have lists for parents, for saving on groceries and for cutting gadget costs.

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 | 1 Sep 2009 | 10:00 pm

Australian economy continues to shine

The Australian economy expands, helped by robust contributions from the household sector and business spending on machinery and equipment
Source: Financial Times - US homepage | 1 Sep 2009 | 9:47 pm

U.S. factory, home sales data signal recovery

WASHINGTON/NEW YORK (Reuters) - The U.S. manufacturing sector grew for the first time in 19 months in August and home sales contracts hit a two-year high in July, more evidence the economy was pulling out of the worst recession in 70 years, reports on Tuesday showed.

Source: Reuters: Business News | 1 Sep 2009 | 9:09 pm

U.S. auto sales boom; Hyundai, Ford gain ground

DETROIT/PARIS (Reuters) - U.S. auto sales boomed in August as $3 billion in government incentives drove sharp gains for Hyundai Motor Co and Ford Motor Co but failed to provide a boost for General Motors Co in its first full month outside bankruptcy.

Source: Reuters: Business News | 1 Sep 2009 | 9:07 pm

Madoff case trustee targeting sons, brother: report

NEW YORK (Reuters) - The court-appointed trustee in charge of the Bernard Madoff Ponzi case is preparing to file civil complaints against Madoff's two sons, as well as his brother, CBS News reported on Tuesday.

Source: Reuters: Business News | 1 Sep 2009 | 9:01 pm

Aust banks only out for profit, says Kiwibank boss

Most banks are only interested in making as much money as possible out of their current customers, Kiwibank chief executive Sam Knowles says. But Kiwibank was focused on recruiting new customers, he told an inquiry into bank prices...
Source: New Zealand Herald - Business | 1 Sep 2009 | 6:30 pm

Bank figures show the first drop in consumer debt

The amount of consumer debt in the economy fell in July for the first time since records began in 1993, it emerged.


Source: Latest Business News from Times Online | 1 Sep 2009 | 6:00 pm

Sony plans to put 3D TVs in homes by end of 2010

Sony will announce today that it is aiming to put 3D televisions in homes by the end of 2010.
Source: Latest Business News from Times Online | 1 Sep 2009 | 6:00 pm

Ebay calls time on Skype venture

Ebay agreed to unload a 65 per cent stake in its Skype internet calling service, bringing down the curtain on a deal that had come to be seen as the internet auction company’s biggest strategic mistake
Source: Financial Times - US homepage | 1 Sep 2009 | 5:54 pm

CME warns of one-size-fits-all market regulation

NEW YORK (Reuters) - CME Group Inc , the world's largest derivatives exchange operator, warned against forcing futures and equities markets into the same regulatory mold on Tuesday, ahead of hearings in Washington.

Source: Reuters: Business News | 1 Sep 2009 | 5:48 pm

Madoff beach house on the market

MONTAUK, New York - Those who see Bernard Madoff as the personification of greed and excess might be disappointed by his beach house: It's not that palatial. At 3,014 square feet, (280 sq. metres), the home is cottage-size by...
Source: New Zealand Herald - Business | 1 Sep 2009 | 5:30 pm

U.S. auto sales boom; Hyundai, Ford gain ground (Reuters)

Reuters - U.S. auto sales boomed in August as $3 billion in government incentives drove sharp gains for Hyundai Motor Co and Ford Motor Co but failed to provide a boost for General Motors Co in its first full month outside bankruptcy.
Source: Yahoo! News: Business | 1 Sep 2009 | 5:12 pm

Financials suffer amid profit concerns

US financial shares suffered their biggest fall since late June as investors brought the sector’s long rally to a halt amid concerns over the profitability of regional and commercial banks during the economic downturn
Source: Financial Times - US homepage | 1 Sep 2009 | 5:06 pm

Fonterra online auction prices jump 'extraordinary' 24pc

The price of milk powder jumped more than 24 per cent in Fonterra Cooperative Group's online auction as demand for dairy products continues to recover from its lows in February. The average price of milk powder jumped 24 per cent...
Source: New Zealand Herald - Business | 1 Sep 2009 | 5:00 pm

Former Westpac boss's clifftop mansion sold - to his own bank

The luxury North Shore clifftop mansion of a former bank boss who has returned to Australia has been sold - to his own bank. Westpac struck an agreement with its former boss here to buy his designer house if it was not sold in...
Source: New Zealand Herald - Business | 1 Sep 2009 | 5:00 pm

Worries about banks drag stock market lower (AP)

Traders and specialists work on the floor of the New York Stock Exchange shortly before the closing bell Tuesday, Sept. 1, 2009, in New York. A stock market ripe for a big pullback succumbed Tuesday, plunging when rumors of a bank failure revived investors' anxiety about the banking industry and the economy as a whole. (AP Photo/David Karp)AP - A stock market ripe for a big pullback succumbed Tuesday, plunging when rumors of a bank failure revived investors' anxiety about the banking industry and the economy as a whole.



Source: Yahoo! News: Stock Markets News | 1 Sep 2009 | 4:38 pm

Worries about banks drag stock market lower (AP)

Traders and specialists work on the floor of the New York Stock Exchange shortly before the closing bell Tuesday, Sept. 1, 2009, in New York. A stock market ripe for a big pullback succumbed Tuesday, plunging when rumors of a bank failure revived investors' anxiety about the banking industry and the economy as a whole. (AP Photo/David Karp)AP - A stock market ripe for a big pullback succumbed Tuesday, plunging when rumors of a bank failure revived investors' anxiety about the banking industry and the economy as a whole.



Source: Yahoo! News: Business | 1 Sep 2009 | 4:38 pm

Write-Offs: 09.01.09

$$$ Wells Fargo to Repay TARP Without Raising New Equity [Bloomberg]

$$$ Captain Morgan: these are your tax dollars at work. [LATimes]

$$$ Survey: Bridgewater Is Biggest, Best Hedge Fund [FINalternatives]

$$$ Sheila Bair goes on the attack [The Deal]

$$$ Tax the stupid [GC]



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Sponsored Topics: Hedge fund - Wells Fargo - Bair Sheila C - Troubled Asset Relief Program - Business
Source: Dealbreaker | 1 Sep 2009 | 4:37 pm

Presented By:


Source: Dealbreaker | 1 Sep 2009 | 4:37 pm

Chrysler misses out on 'clunkers' boost

The US cash-for-clunkers scheme, which pumped US$3bn of taxpayer subsidies into the world's largest car market, strengthened foreign car manufacturers and Ford at the expense of the two companies explicitly backed by the government. Chrysler,...
Source: New Zealand Herald - Business | 1 Sep 2009 | 4:30 pm

Barney Frank Addresses The Issue Of Persecution

Barney Frank 2.jpgAccusing the Obama administration of Nazi policies will certainly get a reaction out of BF. But if you really want to see him animated, seize $40 million from two of the world's largest online poker rooms and see what happens. After the US Attorneys Office in the Southern District of New York put an end to some friendly online games of Texas Hold 'Em, B-Frank had seen enough.

"I have been following them and I'm appalled by them....Sometimes when I talk about trying to appeal this (online gambling prohibition), people say, 'Oh well. What are you worried about? They're not enforced.' I think that (the US Attorney's actions) is an outrageous example. I've complained to the justice department. It is persecution - you know - we're told that we don't have enough people, judges, prosecutors, etc to enforce the laws. The great weights of effort are just outrageous."

Barney will debate you on his views on financial reform until you're blue in the face. But on the issue of forcing people to get off the couch and leave their homes to gamble, there is no room for discussion.



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Sponsored Topics: Gambling - Poker - Online poker - Games - Barney Frank
Source: Dealbreaker | 1 Sep 2009 | 4:24 pm

How the major stock indexes fared on Tuesday (AP)

AP - A stock market ripe for a big pullback succumbed Tuesday, plunging when rumors of a bank failure revived investors' anxiety about the banking industry and the economy as a whole. A batch of economic reports that just weren't good enough added to the mix.
Source: Yahoo! News: Stock Markets News | 1 Sep 2009 | 4:17 pm

SFO to investigate ASB fraud claims

The Serious Fraud Office will start trawling through ASB records to decide whether an investment adviser, fired for fraud over advice he gave to customers involving millions of dollars, will face criminal charges. The alleged fraud...
Source: New Zealand Herald - Business | 1 Sep 2009 | 4:00 pm

David Newport: Is business ownership for me?

This is a good question to ask in this market with unemployment expected to reach 10 per cent, redundancy announcements in the newspaper every day, expats returning and corporate consultants positions not being renewed. Have you...
Source: New Zealand Herald - Business | 1 Sep 2009 | 4:00 pm

What's It Going To Take To Smoke Andrew Cuomo Out Of His Cave?

andrewcuomo.jpgHere's a little thought question for the group while we wait for Gmail to start working again (it's been what feels like hours at this point, which is just obscene). New AIG Chief Bobby Benmosche has been pulling out all the stops in an effort to provoke Andy Cuomo. He's threatened to lock the Attorney General in room and do things so unspeakable that we don't even want to hear about them, only saying that they'll be worse than anything you can ever imagine. He's offered non-apologies. He's referred to himself in the third person when doing so. And we've gotten nary a peep from Andrew. Greg and I actually made the huge effort to call his office today and see if anyone over there wanted to give it a shot. Nothing. How must Benmosche up the ante to get something out of this prick? Tell a bunch of employees he's going to screw Cuomo's wife?* Threaten Andy's good standing with NAMBLA? Claim he's going to release a Sheryl Weinstein-genre book about what went down in the room? Go all Mike "I'll eat your a-hole and then fuck you 'til you love me" Tyson on his ass? WHAT? If Cuomo should be counted on for one thing it's being thin skinned and of the temperament that causes someone to seek out fights as a way to deal with Daddy issues. Now one is banging his door and he's too good to answer the phone? WTF? I refuse to accept that he's taking the high road.

*Before you get up in my business about how that's not realistic, review the transcript from yesterday's meeting at AIG. This is exactly the road we're going down.



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Sponsored Topics: American International Group - Attorney general - Business - Work Time Fun - Health
Source: Dealbreaker | 1 Sep 2009 | 3:48 pm

Ron Paul Calls U.S. Health Care a `Corporate System': Audio


Source: Bloomberg - All Podcasts | 1 Sep 2009 | 3:41 pm

Greenhaus on Markets; Marshall on Apple, Tech Stocks: Audio


Source: Bloomberg - All Podcasts | 1 Sep 2009 | 3:35 pm

Precious Metal ETFs Attractive to Investors in Japan: Audio


Source: Bloomberg - All Podcasts | 1 Sep 2009 | 3:32 pm

Marvel Cut to `Neutral’ at JPMorgan: Audio


Source: Bloomberg - All Podcasts | 1 Sep 2009 | 3:31 pm

'Property obsession' is the problem, not OCR

New Zealand is "using the credit card to pay the mortgage" and if it continues we will lose our sovereignty to Australia, politicians were told today. Commentators told opposition MPs holding an inquiry into bank pricing that New...
Source: New Zealand Herald - Business | 1 Sep 2009 | 3:30 pm

Hirsch Sees Stimulus Package Effect Waning by 2010: Audio


Source: Bloomberg - All Podcasts | 1 Sep 2009 | 3:29 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 | 1 Sep 2009 | 3:27 pm

John Casesa Says Ford Motor Is `Executing Well': Audio


Source: Bloomberg - All Podcasts | 1 Sep 2009 | 3:25 pm

Gabelli Recommends Legg Mason, Precision Castparts: Audio


Source: Bloomberg - All Podcasts | 1 Sep 2009 | 3:24 pm

Clifton Says Health Care Now Liability for Democrats: Audio


Source: Bloomberg - All Podcasts | 1 Sep 2009 | 3:23 pm

Goldman's O’Neill Says Europe Growth a Positive Surprise: Audio


Source: Bloomberg - All Podcasts | 1 Sep 2009 | 3:21 pm

IHS's Lindland Raises U.S. Auto Sales Forecast for 2009: Audio


Source: Bloomberg - All Podcasts | 1 Sep 2009 | 3:20 pm

The Death of an Energy ETF (DXO)

It has been no secret that the CFTC is looking into many exchange traded notes and exchange traded funds that deal in the energy markets, along with other futures and other investment vehicles, to see how the role of speculators has played in the price swings in the commodity markets.  Today came the announcement that [...]

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Source: 24/7 Wall St. | 1 Sep 2009 | 3:15 pm

College Football Coach Follows Lead of Ponzi Kings

rich rodriguez.jpgBernie had the dying of cancer rumor. Sir Allen had the overactive pulse. Now, with the methodology of 'play the victim to take attention away from the crime' well established, Michigan head football coach Rich Rodriguez is getting in on the game. Just days after U of M announced an investigation into player allegations that they were forced to train too long en route to a 3-9 record, the coach's financial advisor, in response to a suit filed against Rodriguez, claims he was a victim of a Ponzi scheme.

The suit, filed last month in U.S. District Court in South Carolina, alleges that Rodriguez and several other partners owe a bank $3.9 million after they allegedly defaulted on a loan to build condominiums near Lane Stadium at Virginia Tech. The transaction was initiated before 2004, when Rodriguez coached at West Virginia.

"Coach Rodriguez is the victim of a fraudulent real estate Ponzi scheme that has unfortunately affected many Americans," said his advisor, Mike Wilcox, in a statement released this morning by the University of Michigan athletic department. "Several other coaches and prominent individuals are involved in this transaction."

If we're getting a preview of things to come, this type of transparent trickeration is not going to make the Wolverines champions of the West.




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Sponsored Topics: Rich Rodriguez - West Virginia - University of Michigan - College football - Head coach
Source: Dealbreaker | 1 Sep 2009 | 3:02 pm

Sony to throw its weight behind 3D TV

The technology looks set to hit the household market with the Japanese consumer electronics group announcing plans to sell 3D televisions globally by the end of 2010
Source: Financial Times - US homepage | 1 Sep 2009 | 3:01 pm

The Great Gmail Outage (GOOG, YHOO, MSFT)

If you have ever relied on any outside service to host your email or if you have ever had your email even routed from an outside service, there is the occasional outage.  It is this occasional outage that occurs in the tech world that can become ‘outrage’ if it becomes persistent or routine.  And a [...]

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Source: 24/7 Wall St. | 1 Sep 2009 | 2:37 pm

Shuttered In California: 'A Least You're Not Opening A Yogurt Shop'

Out of business.

Out of business in Roseville, Calif. (David Wood)

David Wood sends this picture from Roseville, Calif., northeast of Sacramento, land of 11.8 percent unemployment. Wood writes that the picture is just two days old:

It's on the door of a Swirls yogurt shop that opened in early fall 2008. Even though it is immediately next door to a very popular and thriving Tex-Mex style restaurant they never attracted many customers.
I am a longtime patron of the restaurant but I never entered the yogurt shop. I often saw the lone worker sitting at a table reading a paperback. As an entrepreneur and business owner myself, my heart breaks for the people that must have put so much effort, time, AND money into this venture.
But I can't help but be reminded of the comment my favorite banker made when I asked her if I was crazy to mortgage my house for start-up money 20 years ago. She said (exactly), "You'll be okay because you are doing something that you are an expert at. At least you're not opening a yogurt shop."

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Source: NPR Blogs: Planet Money | 1 Sep 2009 | 2:26 pm

Asian carmakers raise share in US

Scrapping incentives lifted car sales around the world in August, preliminary data showed, as government subsidies tempted buyers into dealerships
Source: Financial Times - US homepage | 1 Sep 2009 | 2:23 pm

U.S. factory, home sales data signal recovery (Reuters)

Workers build the 2010 Ford Taurus at the Ford assembly plant in Chicago, Illinois in this August 4, 2009 file photo. REUTERS/Frank PolichReuters - The U.S. manufacturing sector grew for the first time in 19 months in August and home sales contracts hit a two-year high in July, more evidence the economy was pulling out of the worst recession in 70 years, reports on Tuesday showed.



Source: Yahoo! News: Business | 1 Sep 2009 | 2:22 pm

US media lose $10bn advertising in first half

New data show intense pressure on media owners and ad agencies as they search for other business models
Source: Financial Times - US homepage | 1 Sep 2009 | 2:09 pm

Shark Attack

Lock Stock.jpgContrary to popular belief, there is consumer-based lending going on in the UK. While the purse strings at RBS might be a bit tight these days, the likes of Johnny "Boy" Kiely are happy to address your borrowing needs at competitive interest rates in the 2000% range.

Folks in the UK are learning that the market clearing rates offered by loan sharks are a tad bit higher than those offered by establishments whose primary place of business is something other than a dark alley or the back seat of a stolen car. As those institutions are not so willing to trust others with their cash, people are turning to the lending entrepreneurs who typically go by a nickname in quotes in greater numbers.

In a recent report, the U.K. think tank New Local Government Network said it expects the number of people with debts to loan sharks to jump to more than 200,000 in Britain this year, from an estimated 165,000 in 2006. A confluence of indebtedness, poverty and the diminished availability of regulated subprime credit are creating the conditions in which many are borrowing "from nefarious sources," the report says.

It looks like there will be at least one group of people getting record, performance-based paydays in the UK this year.



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Sponsored Topics: UK - Loan - New Local Government Network - Royal Bank of Scotland Group - Credit
Source: Dealbreaker | 1 Sep 2009 | 2:00 pm

Firefighters say LA fire will be contained

Firefighters expressed optimism that they will contain a devastating wildfire that is threatening thousands of homes and sparking a mass evacuation
Source: Financial Times - US homepage | 1 Sep 2009 | 1:48 pm

EBay to sell 65 percent of Skype for $1.9 billion

NEW YORK (Reuters) - Internet auction house EBay Inc plans to sell a majority stake in its online phone unit Skype for $1.9 billion to private investors including Silver Lake, a deal analysts said was worth more than expected but may curb eBay's growth potential.

Source: Reuters: Business News | 1 Sep 2009 | 1:22 pm

Maria Bartiromo Is Not Afraid To Ask The Tough Questions

Picture 38.png
For the haters out there who thought you could just fellate your way to the 69th spot on Vanity Fair's list of the most important people ever, think again! You also have to be smart.

Maria Bartiromo Presses 44-Year-Old Congressman: If Medicare Is So Good, Why Aren't You On It? [HuffPo]



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Sponsored Topics: Medicare - Vanity Fair - Huffington Post - Maria Bartiromo - Health
Source: Dealbreaker | 1 Sep 2009 | 1:16 pm

Benmosche Clears The Air

Robert Benmosche realizes he may appear to be a bit high strung (or just a bit crazy) to some of you. So the AIG CEO wants you to decide which of two camps he fits into.

"You can characterize me as a goon or you can characterize me as somebody who is attempting to deal with a complex issue of a very demoralized employee force and said those things to them in confidence to reassure them that they no longer have to be afraid that they are going to be attacked again,"

But now the highlights from the pep talk are out in the open and BB needs to understand that he better make sure his private conversations are, in fact, private. He needs a source of inspiration to turn this PR nightmare around and it appears he may have found one- in the form of The Jimmy episode.

"If there is anybody critical of Bob it is Bob," he said, referring to himself in the third person. "And Bob has to recognize that when he is having private meetings, that occasionally somebody is going to want to tape it and allow the press to get things I said in private, and that's unfortunate. I have to be aware of that."

Bob is aware now.

AIG CEO regrets sharp criticism of Cuomo [Reuters]



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Sponsored Topics: American International Group - AIG - Reuters - Public relations - Government
Source: Dealbreaker | 1 Sep 2009 | 1:15 pm

EBay to sell 65 percent of Skype for $1.9 billion (Reuters)

Reuters - Internet auction house EBay Inc plans to sell a majority stake in its online phone unit Skype for $1.9 billion to private investors including Silver Lake, a deal analysts said was worth more than expected but may curb eBay's growth potential.
Source: Yahoo! News: Business | 1 Sep 2009 | 1:14 pm

Unemployment Rises Everywhere. El Centro, Calif., Hits 30.2 Percent

By Laura Conaway

Unemployment has kept on growing in every one of the nation's 372 metropolitan areas, the Bureau of Labor Statistics reports. Unemployment was higher in July 2009 in each metro than at this time last year.

Of the 19 metros where joblessness tops 15 percent, California lays claim to eight. God bless El Centro, Calif., which has the highest unemployment at 30.2 percent. Another five of the most miserable metros are in Michigan.

At the other end of the scale are Washington, D.C., at 6.2 percent, and Oklahoma City at 5.9 percent.

The jump from this year to last year happened in Greater Detroit, with 8.4 percent. Next up were Bend, Ore., with 7.1 percent and Elkhart County, Ind., at 7 points. The only places where joblessness grew by less than a point were Bismarck and Grand Forks, N.D.

The national unemployment rate dipped by 0.1 percent to 9.4 percent in July. The Bureau of Labor Statistics is set to release the August figure on Friday.

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Source: NPR Blogs: Planet Money | 1 Sep 2009 | 1:12 pm

Lamy says job losses will hit free trade

Organisation sticking to its forecast of a 10 per cent drop in merchandise trade volumes for 2009
Source: Financial Times - US homepage | 1 Sep 2009 | 12:32 pm

Defensive Stocks Offering No Haven (WMT, PEP, KO, TAP, KFT, CAG, CPB, HRL, MCD, MO, VGR, RAI, PG, CL, MRK, JNJ, NVO)

Wasn’t it just last week that we were up eight days in a row on the DJIA?  And now we have a sell-the-news reaction to the recent growth numbers.  Maybe it is because we ran too far too fast and because we started pricing in robust growth rather than muted growth.  But generally when equities [...]

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Source: 24/7 Wall St. | 1 Sep 2009 | 12:31 pm

Maria Bartiromo And Erin Burnett Are (Collectively) More Important Than David Einhorn And John Paulson

Picture 37.png
According to Vanity Fair, which ranks the duo at slot 69 (you see what they did there?) today on its annual New Establishment list. Einhorny is 87, and John Paulson, who's yet to prove himself to the magazine, is nowhere to be found. The Big Man, who was placed in the super demeaning spot of 99 (out of 100) last year did not make the cut this time around, nor did Ben Bernanke because, really, what has that guy ever done? Blankfein is the number one stunna, and to that end, Matt Taibbi, not present or accounted for, can suck LB's gold-plated scrot. Others to note:

4. Warren Buffett

6. Larry Fink

9. Jamie Dimon

43. Tyler Perry

86. Meredith Whitney

Update: Never let it be said that Vanity Fair doesn't have a pair. After fumbling around and fucking up Steve Cohen's online entry last year so that all of his "in the news" links went to stories about other guys named Steve Cohen, they've had the gall to stick him in an auxiliary list called "The Pit Stop." It's there that the magazine has singled out other money honeys (Steve Schwarzman, Bruce Wasserstein, etc) who've made the list in year's past only to fall off in 2009 and offered the pep talk that if they put their noses to the grindstone, maybe, just maybe, they'll have their honor of seeing their names alongside Maria Bartiromo's in 2010. Damien Hirst was also thrown in the mix, because, let's be honest, he's one trick pony, and the number of animal-in-formaldehyde fetishists are few and far between. He's not doing well unless Big Daddy's doing well (and with the cheddar he had to shell out upfront to cross-breed a collie with a CNBC on-air commentator for his latest piece, Big Daddy had better do very well).



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Sponsored Topics: John Paulson - Vanity Fair - Maria Bartiromo - Erin Burnett - Health
Source: Dealbreaker | 1 Sep 2009 | 12:14 pm

24/7 Wall St. TV: Boeing CEO Finds A Scapegoat

The launch of Boeing’s 787 Dreamliner has been delayed so often that it would be comical except that the aerospace firm’s shareholders and customers are not laughing. Boeing trades at $50, down from more than $100 less than two years ago. Management has been appropriately blamed for most of the tardiness which has been caused [...]

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Source: 24/7 Wall St. | 1 Sep 2009 | 12:00 pm

12 Amazing Success Stories of Unlikely Entrepreneurs

This is a guest post by Merrin Muxlow from Resource Nation.

One of my favorite Business Pundit posts of all time profiles 25 visionary entrepreneurs who “created empires from virtually nothing.” While entrepreneurial success stories are always inspiring, the best ones always seem to be those that people can relate to. All due respect to the entrepreneurial geniuses of past centuries, but not many of us are aiming to become a railroad tycoon these days.

Here are some amazing success stories of entrepreneurs that started small.

1. Judi Sheppard Missett
Jazzercise

03judi_hdsht

The founder of this wildly successful fitness company started teaching dance classes after hanging up her professional dancing shoes. When turnout dropped, she had an epiphany. The women weren’t coming to class to learn the precise steps to a dance, but to lose weight and tone up.

Sheppard Missett picked up the pace, turned up the music, and created a fun class that was soon packed. She trained additional instructors to teach the routines she choreographed, which eventually lead to a franchise deal. The company now has over 7,500 locations worldwide, a clothing line, and an extremely loyal fan base–all from a dance class.

2. Brian Scudamore
1-800-GOT-JUNK

brian-and-the-junk-truck

Scudamore started his company, which he describes as “the FedEx of junk removal,” with $700 in start-up capital and his own beat-up truck. He dropped out of college with only a year left to run the business full time. 1-800-GOT-JUNK now has nearly 100 franchised locations across North America.

3. A.J. Scribante

MAJERS

scribante

A.J. Scribante started off selling bleach to supermarkets and other stores around the Midwest. But Scribante had bigger things in mind. He wanted to find a better way to compare regional differences in retail prices, so that he could make more sales.

He started collecting newspaper grocery store ads from various cities to show to grocery stores in different markets. He put all those ads into a single booklet. He realized how valuable the information was when companies started requesting price data for competitors. Thus, the idea for MAJERS, what would become a multi-million dollar marketing information company, was born.

4. Jill Blashack Strahan
Tastefully Simple

mp_main_wide_jillblashackstrahan

Blashack Strahan started her gourmet food company with $6,000 in savings, a backyard shed for storage, and a pool table as a packing station.

In her own words: “I remember sitting outside one day, thinking we were three months behind on our house payment, I had two employees I couldn’t pay, and I ought to get a real job. But then I thought, No, this is your dream. Recommit and get to work.”

She had the idea to sell at taste-testing parties, and sales began slowly picking up. In 12 years, Tastefully Simple has grown into a $120 million dollar business. ()

5. Ben Cohen and Jerry Greenfield
Ben & Jerry’s

slide5benjerry

The now-legendary duo decided to open a business after taking a correspondence course on the art of ice cream making. They discovered that just about the only college town without an ice cream shop was Burlington, Vermont. With $8,000 in savings and a $4,000 loan, they leased an old gas station in Burlington, purchased equipment, and began coming up with ideas for “unique” flavors. Twenty years later, the company was taking in $237 million in annual revenue.

6. David Hauser and Siamak Taghaddos
Got VMail/Grasshopper

gotvmail

Hauser and Taghaddos came up with a great idea for an inexpensive VoIP phone system for small businesses. They got their startup money the hard way, by asking friends and family to help fund their business.

The idea for GotVMail was to give smaller companies a way to sound as professional as larger, established firms, allowing small businesses to set up voice-mail boxes that can route calls to cell phones and get messages via e-mailed MP3 files. GotVMail, now Grasshopper, generates about $5 million in revenue per year.

7. Seth Goldman
Honest Tea

seth

Goldman started out brewing the tea in his kitchen and storing it in thermoses. After only five weeks spent perfecting the brewing process, he brought samples of and a mock-up label to a meeting with the company that is now Whole Foods Market, hoping that they would place a small order. They asked for 15,000 bottles. Honest Tea is now the top-selling bottled organic tea in the U.S.

8. Pamela Skaist-Levy and Gela Nash-Taylor
Juicy Couture

pamela-skaist-levy-and-gela

Skiast-Levy and Nash-Taylor didn’t want to start a business in debt. Instead, they started their clothing empire with $200 of their own money, and applied for a revolving line of credit. Neither took a salary for two years while they designed and produced the now-ubiquitous terry and velour tracksuits that would make them famous. Juicy Couture Clothing is now sold at Saks Fifth Avenue, Neiman-Marcus, and Bloomingdales.

9. Jake Neuberg and Ramit Varma
Revolution Prep

founders_in_ft_green

Neuberg and Varma, who both had experience as tutors, met in business school and launched their test prep company in 2002, financing themselves with personal credit cards. After nearly going broke the first year, the company started becoming profitable. By 2004, Revolution Prep had more than $1 million in revenues, and by 2007, their first-quarter sales topped $3 million.

10. Ryan Hoak, Michael Benbow, and Todd Essman
RealGM.com

realgm

Hoak and Benbow “met” on an internet message board and came up with the idea for a site that lets fans analyze hypothetical NBA trades. Based in Illinois and Australia, respectively, the two collaborated on Trade Checker, later enlisting the help of Essman.

Not only was the idea a hit among NBA fans, it also attracted the attention of real NBA general managers. In addition to licensing RealGM software to teams for approximately $30,000 a year, RealGM.com has become one of the world’s most popular sports websites, attracting over 20 million page views per month.

11. Mena and Ben Trott
Six Apart

menabentrott

Husband-and-wife team Mena and Ben Trott developed Movable Type as a tool for Mena’s personal blog posts. When they offered it online, there were over 200 downloads within the first hour. From their apartment, the Trotts (who were also high school sweethearts) launched software company SixApart, now a multi-national provider of blogging tools with more than 10 million estimated users.

12. Dana Levy
Daily Candy

690228_dana-levy-ny-mag

The snappy email newsletter that highlights everything from restaurant openings to eyebrow waxing was first sent in March 2000 to a 700-name email address list, authored by Levy herself. In a few short years, the subscriber base approached 3 million, e-mails were targeted locally, and spin-offs (Daily Candy Kids) became profitable in their own right. Comcast purchased Daily Candy in 2008 for $125 million.

So there you have it–a few inspiring success stories we all can relate to. At Resource Nation, we work with thousands of entrepreneurs a month, and one thing is apparent: There’s no “sure thing” business or industry. Whether you’re starting a software company from your garage or an exercise class at your local community center, dream big. These entrepreneurs are proof that those dreams really do come true.

zzzzresource

Merrin Muxlow is a writer, yoga teacher, and law student based in San Diego, California. Merrin writes extensively for Resource Nation, an online resource that provides expert advice on purchasing and outsourcing decisions for small business owners and entrepreneurs. She frequently contributes to several sites and programs that offer tools for business owners, including Dell, BizEquity, StartUpNation, and bMighty.



Source: Business Pundit | 1 Sep 2009 | 11:31 am

Break Out The Spandex, Vikram Pandit

Picture 35.pngNot sure how we missed this yesterday, but in the Wall Street Journal's ongoing effort to make sure you're not a fattie, the paper has moved on from cankles to abs. Specifically those of Terrell Owens, who shares his tips for flab blasting in the instructional video at left. Watch if you want to find out how to get cut from a dick. Not quite the look you're going for? You're in luck-- this is apparently the latest in a new series of work-out videos from various financial titans. So! Who do we want to see next? Obviously we're already intimately familiar with Charlie Gasparino's routine, but it wouldn't hurt him to get in front of the camera and shout out some inspirational lines in between grunts. Dykstra, given, and he could use the money. Pandidto, sure, and you haven't lived until you've seen someone in Stamford go 30 minutes of no mercy on the NordicTrack in a velour warm-up suit, so add him. Who else? Speaking of pec wailing wish lists, a HD version of this would be nice.



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Sponsored Topics: Terrell Owens - Wall Street Journal - Charlie Gasparino - Vikram Pandit - Video
Source: Dealbreaker | 1 Sep 2009 | 11:27 am

Raytheon Buys BBN Technologies

raytheon

Defense contractor Raytheon today announced its acquisition of BBN Technologies, the high-tech company that helped develop ARPANET and email. ZDNet has more:

The acquisition brings a number of BBN offerings into Raytheon’s stable, such as the Boomerang acoustic-based shooter detection system currently deployed with US. forces and mission-critical technology development programs for defense and intelligence clients.

BBN’s portfolio encompasses technologies including advanced networking, speech and language technologies, information technologies, sensor systems, and cybersecurity.

Terms of the agreement were not disclosed, according to the release.



Source: Business Pundit | 1 Sep 2009 | 11:18 am

China goes big in green car race

China is getting serious in the clean-energy car race with big investments in low-emissions vehicles. Scott Tong reports.
Source: Marketplace | 1 Sep 2009 | 10:34 am

Germans hoard incandescent bulbs

The European Union has begun to phase out incandescent light bulbs so consumers can move on to compact fluorescents. But Curt Nickish reports the ban is touching off a run on incandescent bulbs.
Source: Marketplace | 1 Sep 2009 | 10:34 am

'Man in Van' on recession story odyssey

Aaron Heideman lost his job, moved into his van, and drove around the country collecting stories of how people were handling the recession. He's turned it into an art project and talks with Kai Ryssdal about his experiences.
Source: Marketplace | 1 Sep 2009 | 10:34 am

Why banks want to see your pretty face

If some banks have their way, you may not be able to wear hats or sunglasses when making a deposit. Why? David Martin Davies reports.
Source: Marketplace | 1 Sep 2009 | 10:33 am

Sluggish ad sales for big sports events

John Ourand of the SportsBusiness Journal talks with Kai Ryssdal about why ad sales for the Olympics and Super Bowl are doing so poorly, and what it means for the networks.
Source: Marketplace | 1 Sep 2009 | 10:33 am

Where eBay-Skype went wrong

EBay has reached a deal to sell most of its stake in Internet phone calling company Skype to private investors. Bob Moon reports on how eBay ended up buying something it didn't need or want.
Source: Marketplace | 1 Sep 2009 | 10:33 am

IRS may lower 401(k) contribution limit

The IRS may reduce how much money you'll be able to contribute tax-free to your 401(k). Jeremy Hobson reports.
Source: Marketplace | 1 Sep 2009 | 10:33 am

Merkel, Sarkozy push for exec pay cap

German Chancellor Angela Merkel and French President Nicolas Sarkozy are teaming up at the G-20 summit to pass measures restricting bank executives' bonuses. Stephen Beard reports.
Source: Marketplace | 1 Sep 2009 | 10:33 am

Manufacturing's Up. Pending Home Sales, Too. Construction Spending Ticks Downward

By Laura Conaway

Two new signs of life in the economy:

First, U.S. manufacturing grew in August for the first time in 19 months. Customers were ordering new stuff like it was 2004, the Institute for Supply Management reports. Exports grew by five index points, thanks to a weaker dollar making it cheaper for other nations to buy American goods. High Frequency Economics' Ian Shepherdson says the Cash for Clunkers program helped.

Overall, it was the best showing since June 2007, with an ISM manufacturing index of 52.9, up from 48.9 in July. Anything over 50 indicates growth.

You remember growth, right? Norbert Ore, chair of ISM's survey, tells the AP that the current index figure has historically equated to a 3.7 percent annualized rate of expansion in gross domestic product. Last quarter, GDP was contracting at a yearly clip of 1 percent.

Second, the National Association of Realtors reports that its pending home sales index in July hit a two-year high, rising 3.2 percent. That's the sixth increase in a row and 12 percent up from this time last year. Pending sales have climbed for so long since the index began in 2001. Calculated Risk chalks it up to falling prices and a tax credit for first-time buyers.

You could take all of this for good news, unless you're in the double-dip recession crowd.

UPDATE: The Commerce Department says construction spending fell by 0.2 percent from June to July. Spending through the first seven months of the year is off by 11.4 percent.

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Source: NPR Blogs: Planet Money | 1 Sep 2009 | 10:00 am

Listener: 'All The Colonoscopies You Can Have' Night At Hospital


A cartoon supporting a public option for health insurance.

By Laura Conaway

Several listeners have objected to Monday's podcast comparing health insurance to an all-you-can-eat buffet. Bradley Smith joins a few of you in recommending the video pitch for a public health insurance option. Smith writes:

I have a cavity so I go to a dentist and get a filling. I cut my leg so I go to a doctor to get stitches. I break my arm and get it put in a cast by a doctor. I want to have unprotected sex with my wife and I have a vasectomy.
I DO NOT "OVER CONSUME" HEALTH CARE. NOBODY I HAVE EVER MET "OVER CONSUMES" HEALTH CARE.
However, I personally know DOZENS of people who "UNDER CONSUME" health care. I am shocked and disgusted by the implication of your all you can eat analogy. My job as a patient is to select a competent physician and work with him to achieve wellness. IT IS NOT MY JOB AS A CONSUMER TO DRIVE DOWN COSTS!!! For God sake could you please acknowledge the real problems faced by Americans as they negotiate an inefficient and bureaucratic health care system?
Find out where the real waste is by watching this short and informative video here [Ed.: Embedded above.]
Gotta run. I'm going to "Get as Many Colonoscopy Surgeries as you Care to have Night" at the local hospital.

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Source: NPR Blogs: Planet Money | 1 Sep 2009 | 9:46 am

Disney Meets Marvel…

mickey

donald



Source: Business Pundit | 1 Sep 2009 | 7:23 am

Bank Of America May Repay Billions. Sheila Bair Defends FDIC's Turf.

By Laura Conaway

Morning! Bank of America, which has ranked high on a list of banks that have gotten TARP bailouts and paid nothing back, is moving to repay some $20 billion. That's not money from its $45 billion in Treasury aid, but from supplemental aid when BofA need a nudge to finish buying Merrill Lynch.

The Federal Reserve won a court stay of an order that it release the names of banks who got help from its emergency lending programs. The Fed says revealing the information could cause a run on the banks. James Kwak of Baseline Scenario's not buying it.

Meanwhile, in the latest salvo over banking regulation, FDIC chairwoman Sheila Bair ably defends her turf against the idea of a "super-regulator" who would curb some of the power vested in agencies like hers.

Calculated Risk puts the number of delinquent mortgages in the U.S. above 4 million.

Unemployment in the 16-nation Eurozone has hit a 10-year high of 9.5 percent.

And China's putting the squeeze on exports of rare-earth minerals like terbium. The move forces manufacturers to set up shop in the nation instead of locating production elsewhere.

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Source: NPR Blogs: Planet Money | 1 Sep 2009 | 6:32 am

How Products Really Get Developed

zftb2



Source: Business Pundit | 1 Sep 2009 | 5:47 am

EBay Sells Skype for $2.75 billion

skype

EBay today will announce the sale of Skype to private investors. The New York Times has more on the coming announcement:

The investment group is likely to include Andreessen Horowitz, a new venture capital firm headed by the Netscape co-founder Marc Andreessen, these people said. One of the people added that Index Ventures, a London-based venture capital firm that was an early investor in Skype, and the private equity firm Silver Lake Partners were also involved. A price was not disclosed, but eBay has said it wants around $2 billion for Skype, which is on track to take in more than $600 million in revenue this year.

EBay acquired Skype in 2005, outbidding Google and Yahoo in a deal that has come to be viewed as one of the worst technology transactions of the decade. Including payouts to Skype’s founders, the price ultimately topped $3.1 billion. EBay later wrote down $900 million of Skype’s value, after it became clear that the company was not a good fit with eBay’s main e-commerce and online payment businesses.

Although eBay has said it was planning an initial public offering for the Skype division next year, it has been talking to various companies and investment groups interested in buying the service. Skype’s founders, Niklas Zennstrom and Janus Friis, approached private equity firms earlier this year in hopes of making a bid for their old company. But they did not meet eBay’s price, and separately the parties are fighting in a British court over ownership of the core peer-to-peer technology behind the Skype service. The case is due to be heard by a British court next year.

UPDATE (from Mashable):

Specifically, eBay is selling 65 percent of the company to a group that includes Silver Lake, Index Ventures, Andreessen Horowitz and the Canada Pension Plan (CPP) Investment Board. The auction giant gets $1.9 billion in cash for the stake, along with a note for $125 million.



Source: Business Pundit | 1 Sep 2009 | 5:35 am