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IMF warns spending cuts will derail recoveryThe head of the International Monetary Fund (IMF) has warned governments not to unwind their economic stimulus packages too soon or risk derailing recovery. Source: Latest Business News from Times Online | 4 Sep 2009 | 4:55 am Google China chief quits suddenly after months of clashes with censorsThe head of Google in China Kaifu Lee has quit the company abruptly after several turbulent months of clashes with the Chinese government.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Sep 2009 | 4:31 am G20 ministers expected to discuss exit strategiesFinance ministers from the world’s 20 most powerful industrialized and developing economies are expected this weekend to begin cautiously discussing exit strategies from massive stimulus measures amid signs of an earlier-than-expected recovery from the steepest global economic downturn since World War II.
Source: MarketWatch.com - Top Stories | 4 Sep 2009 | 4:28 am The elephants of styleWe are always reinventing ourselves. In the beginning, when we are very new, we reach for gravity, adopting silly pinstripes and tight shoes.Source: Business and financial news - CNNMoney.com | 4 Sep 2009 | 4:27 am Beijing lifts quota on foreign investment: reportsChinese authorities reportedly set forth draft changes on foreign investment, including provisions to raise by 25% the ceiling on investments by foreign institutions and to shorten the duration of “lock-ups” on certain types of investments they make.
Source: MarketWatch.com - Top Stories | 4 Sep 2009 | 4:25 am Indian Oil Corp to consider bonus issue on Sept 13MUMBAI, Sept 4 (Reuters) - State-run oil refining and marketing firm Indian Oil Corp said in a statement on Friday its board would consider a bonus issue on Sept. 13. (Reporting by Ami Shah)Source: RSS feed - channel BNewsBusiness | 4 Sep 2009 | 4:22 am Dallas Fed chief: Growth may slow to a 'crawl'Read full story for latest details.Source: Business and financial news - CNNMoney.com | 4 Sep 2009 | 4:19 am Judge blocks R.I. furlough dayRhode Island will be open for business Friday.Source: Business and financial news - CNNMoney.com | 4 Sep 2009 | 4:18 am Biden’s Stimulus Speech: A Context Checkby Christopher Flavelle and Amanda Michel, ProPublica – September 3, 2009 Vice President Joe Biden marked the 200-day point of the stimulus package today with a speech at the Brookings Institution, where he spent nearly an hour ticking off its achievements so far. Among other things, Biden said some economists had given the $787 billion stimulus [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 4 Sep 2009 | 4:10 am UPDATE 1-Southern Cross sells property, assets for 13.3 mln stg* Sells Carnbroe Care, Taunton home freehold propertiesSource: RSS feed - channel BNewsBusiness | 4 Sep 2009 | 4:05 am G20 to pledge stimulus until economic recovery certainLONDON (Reuters) - The G20 will promise this weekend to keep economic support packages in place until recovery is certain and seek to reassure financial markets they have credible plans to withdraw the stimulus when appropriate.Source: Reuters: Business News | 4 Sep 2009 | 4:05 am G20 to pledge stimulus until economic recovery certain (Reuters)Reuters - The G20 will promise this weekend to keep economic support packages in place until recovery is certain and seek to reassure financial markets they have credible plans to withdraw the stimulus when appropriate.Source: Yahoo! News: Business | 4 Sep 2009 | 4:05 am Car sales rise 6% in August on scrappage schemeCar sales jumped 6 per cent in August in a sign that the Government's scrappage scheme is continuing to encourage demand for new vehicles. Source: Latest Business News from Times Online | 4 Sep 2009 | 4:02 am Media Report: 'TV Everywhere' may give insight into online adsThough some worry that the “TV Everywhere" concept will not help the entertainment industry find a viable business model for the Internet, it could still yield some important data points -- like how much advertising viewers will tolerate.
Source: MarketWatch.com - Top Stories | 4 Sep 2009 | 4:00 am Indications: U.S. stock futures higher with jobs data on tapU.S. stock market futures were higher on Friday as traders await key payrolls figures expected to set the tone for end-of-the-week stock market action.
Source: MarketWatch.com - Top Stories | 4 Sep 2009 | 3:59 am Stock futures signal gains; eyes on jobs data(Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Friday, ahead of eagerly-awaited monthly U.S. jobs data and unemployment rate.Source: Reuters: Business News | 4 Sep 2009 | 3:49 am Stock futures signal gains; eyes on jobs data (Reuters)
Source: Yahoo! News: Stock Markets News | 4 Sep 2009 | 3:49 am Stock futures signal gains; eyes on jobs data (Reuters)
Source: Yahoo! News: Business | 4 Sep 2009 | 3:49 am IMF: More Concern About The RecoveryWhat was being described by many economists just a few weeks ago as a robust recovery has become hardly any recovery at all. Economist Joseph Stiglitz recently said that improvement in global GDP may not be sustainable. He voiced concern that the anticipated expansion could turn into a “W-shaped” recovery which would mean several more years [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 4 Sep 2009 | 3:46 am Special EU summit called ahead of G20 talks in USSweden has called for an extra meeting of European Union leaders to discuss the global financial crisis ahead of a summit of Group of 20 nations in the U.S. later this month. Sweden,...Source: RSS feed - channel BNewsBusiness | 4 Sep 2009 | 3:45 am Hong Kong gets late boost, leads gains in AsiaHong Kong shares on Friday gets a late boost after mainland China’s foreign exchange regulator issues a draft proposal to raise the investment quota for foreign investors in local securities.
Source: MarketWatch.com - Top Stories | 4 Sep 2009 | 3:44 am Oil rises above $68 ahead of US jobs reportOil prices peaked above $68 a barrel Friday in Asia as investors looked to a U.S. unemployment report later in the day for signs of economic recovery. Benchmark crude for October...Source: RSS feed - channel BNewsBusiness | 4 Sep 2009 | 3:43 am CORRECTED-RLPC-T2 Income Fund resumes dividend payment(Corrects discounted CLO note purchase in paragraph 7 of Sept. 3 story to $900,000 from $900 million)Source: RSS feed - channel BNewsBusiness | 4 Sep 2009 | 3:42 am Alchemy boss Moulton quits firmThe head of private equity group Alchemy Partners, Jon Moulton, leaves the company saying it is "not what it was".Source: BBC News | Business | World Edition | 4 Sep 2009 | 3:41 am Smart fixes for homes leaking cashYou don't need to spend big bucks to tackle sorely needed home-improvement projects. These smart short-term fixes can do the job.Source: Business and financial news - CNNMoney.com | 4 Sep 2009 | 3:37 am Prison town struggles for survivalAs Michigan's economy worsened last year, Michael Hester decided it was time to leave the private sector to work in the prison system, figuring a state job as a corrections officer would be more stable.Source: Business and financial news - CNNMoney.com | 4 Sep 2009 | 3:33 am CliffhangerAre global stock markets about to fall off a cliff?Source: BBC News | Business | World Edition | 4 Sep 2009 | 3:30 am Google China chief resigns to set up ventureThe head of Google in China has resigned in a move that will raise new questions about whether the US search company can succeed in the world’s biggest internet market. Source: Latest Business News from Times Online | 4 Sep 2009 | 3:29 am GM Daewoo says to raise $396 mln in rights offerSEOUL, Sept 4 (Reuters) - GM Daewoo Automotive and Technology Co, a unit of General Motors [GM.UL], said on Friday it would raise 491.2 billion won ($396 million) in a new share sale next month.Source: RSS feed - channel BNewsBusiness | 4 Sep 2009 | 3:27 am Microsoft wins right to sell WordMicrosoft overturns a ban on selling its flagship word-processing software Word 2003 and 2005 following a patent dispute.Source: BBC News | Business | World Edition | 4 Sep 2009 | 3:26 am Small business sounds off on health careCongressional efforts to revamp the country's healthcare system have sparked a fierce debate within the small business community, pitting owners who believe that reform would curb rising healthcare costs against neighbors who fear higher taxes. All sides of the debate were on display this summer as legislators met with their constituents around the country.Source: Business and financial news - CNNMoney.com | 4 Sep 2009 | 3:18 am UPDATE 1-Nippon Oil: All Marifu units shut after blackout* No schedule for restart after lightning-caused blackout (Adds details)Source: RSS feed - channel BNewsBusiness | 4 Sep 2009 | 3:13 am FACTBOX-Japan brokerage industry changes in past decadeTOKYO, Sept 4 (Reuters) - Japan's Daiwa Securities Group plans to end its investment banking venture with Sumitomo Mitsui Financial Group , three sources said. [ID:nBNG447046]Source: RSS feed - channel BNewsBusiness | 4 Sep 2009 | 3:12 am Stocks look to jobs reportU.S. stock futures rose Friday, although the mood on Wall Street could change once the government releases its monthly jobs report.Source: Business and financial news - CNNMoney.com | 4 Sep 2009 | 3:11 am UPDATE 7-Daiwa to buy out SMFG from banking venture -sources* Daiwa, SMFG in talks to end investment banking JV - sourcesSource: RSS feed - channel BNewsBusiness | 4 Sep 2009 | 3:10 am Boosting economy to top G20 talksFinance officials from the G20 are to outline a commitment to boosting the global economy when they meet in London later.Source: BBC News | Business | World Edition | 4 Sep 2009 | 3:03 am IMF head sees slow recovery, defends dollar's roleThe head of the International Monetary Fund added his voice Friday to those questioning the strength of the global recovery, warning central banks to be caution in timing their exits from loose policy.
Source: MarketWatch.com - Top Stories | 4 Sep 2009 | 3:02 am UPDATE 1-Deals of the day -- mergers and acquisitionsSept 4 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0900 GMT on Friday.Source: RSS feed - channel BNewsBusiness | 4 Sep 2009 | 3:00 am Treasury Wants Stronger Capital Base For Banks But Plans Are VagueThe Treasury wants to make banks, particularly large ones, increase their capital bases and improve their liquidity. In a statement, the department said, “Capital requirements for all banking firms should be increased, and capital requirements for financial firms that could pose a threat to overall financial stability should be higher than those for other banking [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 4 Sep 2009 | 2:59 am EU bank face conundrum on state aid approvalEuropean banks are playing for high stakes. No less than 30 of them require European Commission approval for rescues from national governments.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Sep 2009 | 2:55 am Scrap scheme lifts UK car salesThe UK scrappage scheme continued to help new car sales in August with sales up 6% from a year ago, figures show.Source: BBC News | Business | World Edition | 4 Sep 2009 | 2:54 am 13 pain-free ways to save moneyThese CNNMoney.com readers have cut back on spending without sacrificing. Here's how they do it.Source: Business and financial news - CNNMoney.com | 4 Sep 2009 | 2:40 am Currencies: Dollar edges down ahead of U.S. jobs reportThe dollar edged down in Asian trading Friday, but stayed in relatively narrow ranges against major currency pairs ahead of the key U.S. nonfarm payrolls report for August due later in the session.
Source: MarketWatch.com - Top Stories | 4 Sep 2009 | 2:39 am Saving homeowners, one at a timeWhenever Alice Steinhardt walks into her office, her phone's message light is red.Source: Business and financial news - CNNMoney.com | 4 Sep 2009 | 2:37 am London awaits US jobs reportThere were signs of a return to risk on London's equities market on Friday, ahead of important economic data likely to test the foundations of summer rally on world indices. The FTSE 100 turned round...Source: RSS feed - channel BNPaperBusiness | 4 Sep 2009 | 2:36 am Gold flirts with $1,000 after six-month highTOKYO (Reuters) - Gold hovered a hair below $1,000 an ounce on Friday, consolidating the biggest two-day gain since March after a mix of inflation anxiety, a retreat from risk assets and a technical break stoked renewed investor interest.Source: Reuters: Business News | 4 Sep 2009 | 2:36 am London Markets: British stocks advance as banks, miners climbLondon shares perked up on Friday, with investors picking up shares in banks and miners as they wait for data that’s expecting to show the rate of U.S. job losses slowed in August.
Source: MarketWatch.com - Top Stories | 4 Sep 2009 | 2:36 am UK new car sales gain for second straight month as scrappage scheme pays offFresh evidence that the scrappage scheme is helping the car market.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Sep 2009 | 2:29 am Rio Tinto suspends iron ore talks with ChinaRio Tinto has suspended iron ore price negotiations with Chinese steel mills after the detention of its staff by the Chinese authorities. Source: Latest Business News from Times Online | 4 Sep 2009 | 2:09 am WTO poised to declare Airbus aid illegalThe World Trade Organisation is expected to rule that billions of dollars in European government subsidies for Airbus aircraft are illegalSource: Financial Times - US homepage | 4 Sep 2009 | 2:06 am Media Digest 9/4/2009 Reuters, WSJ, NYT, FT, BloombergReuters: China is making it difficult for foreigners to trade in its commodidites markets. Reuters: Toshiba will pay $5 billion for a unit of Areva. Reuters: The SEC and CFTC will align efforts to police markets. Reuters: The Fed’s Fisher sees near-term strength in the economy. Reuters: Low-priced retailers had improved sales last month. Reuters: Google (GOOG) appointed a new [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 4 Sep 2009 | 2:05 am Google books deal battle heats upThe battle between critics and supporters of Google's effort to create the world's largest virtual library intensifies.Source: BBC News | Business | World Edition | 4 Sep 2009 | 2:02 am Equities rise ahead of jobs data, dollar slips (Reuters)
Source: Yahoo! News: Stock Markets News | 4 Sep 2009 | 1:58 am Gold hits sixmonth highGold prices have reached their highest level since February on strong investment demand amid caution ahead of key US payrolls data.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Sep 2009 | 1:53 am Uh oh. Gold's nearing $1,000Are gold investors starting to sense something wrong that others are missing?Source: Business and financial news - CNNMoney.com | 4 Sep 2009 | 1:52 am McDonald's vs. McCurry heads for Malaysia court againKUALA LUMPUR (Reuters) - An eight-year legal battle between fast food giant McDonald's and a Malaysian restaurant called McCurry over copyright infringement is set to continue on Monday in the country's highest court.Source: Reuters: Business News | 4 Sep 2009 | 1:51 am Europe Markets: Automakers, miners lead gains in EuropeEuropean shares advanced on Friday ahead of some key U.S. jobs data, with miners building on gains from the previous session as gold futures stayed over $990 an ounce and automakers also advancing.
Source: MarketWatch.com - Top Stories | 4 Sep 2009 | 1:51 am Darling: bonuses must be 'earned not guaranteed'Finance ministers from the G20 group of developed and emerging nations will meet in London today to try to reach agreement on a set of rules limiting the amount bankers can earn. Source: Latest Business News from Times Online | 4 Sep 2009 | 1:43 am London stocks upbeat (AFP)
Source: Yahoo! News: Stock Markets News | 4 Sep 2009 | 1:42 am Google China chief leaves companyLee Kai-Fu, who led Google's expansion into China, is leaving the company to start his own business.Source: BBC News | Business | World Edition | 4 Sep 2009 | 1:40 am Toshiba plans $5 billion-plus bid for Areva unit: sourcesTOKYO (Reuters) - Japan's Toshiba Corp plans to bid for French nuclear group Areva's power distribution and transmission equipment unit, four sources with direct knowledge of the situation said, in a deal that could cost it more than $5 billion.Source: Reuters: Business News | 4 Sep 2009 | 1:37 am Toshiba plans $5 billion-plus bid for Areva unit: sources (Reuters)
Source: Yahoo! News: Business | 4 Sep 2009 | 1:37 am SMFG to exit Daiwa joint ventureSumitomo Mitsui Financial Group is poised to pull out of Daiwa SMBC, following its failure to increase its stake in the investment banking joint venture with Daiwa Securities.Daiwa, Japan's second-largest...Source: RSS feed - channel BNPaperBusiness | 4 Sep 2009 | 1:31 am Asia Markets And Europe Open 9/4/2009Markets in Asia were mixed. The Nikkei fell .3% to 10,187. The Hang Seng rose .8% to 19,901. The Shanghai Composite rose .9% to 2,861. At the open in Europe, the FTSE rose .7% to 4,830. The Dax was up .6% to 5,334 and the CAC was up .5% to 3,570. Data from Reuters and MarketWatch Douglas A. McIntyre Posted in International [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 4 Sep 2009 | 1:25 am Mobile firms 'eyeing T-Mobile UK'Vodafone, France Telecom and Telefonica are all in talks with Deutsche Telekom over buying its T-Mobile UK unit, a report says.Source: BBC News | Business | World Edition | 4 Sep 2009 | 1:25 am Toshiba plans $5bn bid for Areva unitTOKYO, September 4 Japan's Toshiba Corp plans to bid for French nuclear group Areva's power distribution and transmission equipment unit, four sources with direct knowledge of the situation said, in a...Source: RSS feed - channel BNPaperBusiness | 4 Sep 2009 | 1:23 am How cravatwearing meerkat Aleksandr Orlov has become the biggest name in insuranceAleksandr Orlov has become one of the biggest names in insurance.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Sep 2009 | 1:21 am Slight drop on ASXThe Australian share market lost its earlier strong gains on book squaring to close in slightly positive territory, amid light trading ahead of the weekend. The benchmark S&P/ASX200 index closed up 5.9 points, or 0.13 per cent,...Source: New Zealand Herald - Business | 4 Sep 2009 | 1:20 am Asian markets gain cautiously ahead of jobs report (AP)
Source: Yahoo! News: Stock Markets News | 4 Sep 2009 | 1:01 am WGA report shows tough times for screenwriters10% fewer writers reported earnings last year, and income fell 18%. The guild had a $5.1-million deficit. To pen...Source: RSS feed - channel BNPaperBusiness | 4 Sep 2009 | 1:00 am HMO claims-rejection rates trigger state investigationCalifornia Atty. Gen. Jerry Brown is joining state regulators in scrutinizing the payment practices of seven major health plans in response to complaints from physicians and hospitals.California Atty. Gen. Jerry Brown is joining state regulators in scrutinizing how HMOs review and pay insurance claims submitted by doctors, hospitals and other medical providers.
Source: L.A. Times - Business | 4 Sep 2009 | 1:00 am 30-year mortgage rates edge lowerTHE ECONOMY
Source: L.A. Times - Business | 4 Sep 2009 | 1:00 am Allegations of drug use, infidelity complicated Broadcom co-founder Henry Nicholas' divorceNewly released documents reveal harsh battles with his former wife, Stacey, over how to divide the couple's $1 billion in community property.Newly released documents in the divorce of Broadcom Corp. co-founder Henry T. Nicholas III reveal harsh battles with his former wife, Stacey, over how to divide the couple's $1 billion in community property, alleged drug use and her relationship with the family's security chief.
Source: L.A. Times - Business | 4 Sep 2009 | 1:00 am L.A. billboard attacking Mercury Insurance is removedConsumer Watchdog paid for the sign to be up in the Mid-Wilshire area, but it was taken down early after the insurance firm complained. ...Source: RSS feed - channel BNPaperBusiness | 4 Sep 2009 | 1:00 am Google's head of China operations to step downKai-Fu Lee will start up a venture in Beijing. He was the subject of a 2005 lawsuit when the search engine leader hired him away from Microsoft. ...Source: RSS feed - channel BNPaperBusiness | 4 Sep 2009 | 1:00 am Gold prices surge near $1,000-an-ounce markSome analysts say gold may be benefiting not just from concern about the dollar's outlook but also from investor jitters about the future value of all paper currencies. ...Source: RSS feed - channel BNPaperBusiness | 4 Sep 2009 | 1:00 am Findings of wine contest study hard for critics to swallowRobert Hodgson said he looked at the results for several thousand wines entered in 13 U.S. wine competitions in 2003 and found little consistency in which ones won gold medals.Wineries covet gold medals and spend millions of dollars a year entering wine in competitions and paying fees in hopes that they will be able to brag about awards on their bottles and boast about them in pitches to tasting room customers and wine club members.
Source: L.A. Times - Business | 4 Sep 2009 | 1:00 am WGA report shows tough times for screenwriters10% fewer writers reported earnings last year, and income fell 18%. The guild had a $5.1-million deficit.To pen a living as a Hollywood screenwriter has always required fortitude and patience. Given the ratio between number of writers and available work, the odds of success are long.
Source: L.A. Times - Business | 4 Sep 2009 | 1:00 am L.A. billboard attacking Mercury Insurance is removedConsumer Watchdog paid for the sign to be up in the Mid-Wilshire area, but it was taken down early after the insurance firm complained.It was big. It was bright. It was controversial. And now it's gone.
Source: L.A. Times - Business | 4 Sep 2009 | 1:00 am 30-year mortgage rates edge lowerTHE ECONOMYSource: RSS feed - channel BNPaperBusiness | 4 Sep 2009 | 1:00 am Fremont solar panel firm Solyndra to get U.S. loan guaranteeA Fremont, Calif., company that makes solar panels will receive a $535-million federal loan guarantee, allowing it to finish the first phase of construction of a factory, a government official said.Source: RSS feed - channel BNPaperBusiness | 4 Sep 2009 | 1:00 am Large U.S. retailers struggle in August as sales fall 2.9%Teen apparel leads the decline, raising concerns about back-to-school shopping and the upcoming holiday buying season. Off-price retailers and discounters provide some good news.Many of the nation's largest retailers missed the mark in August, failing to entice back-to-school shoppers despite new fashions and low prices.
Source: L.A. Times - Business | 4 Sep 2009 | 1:00 am Oracle deal for Sun hits a European roadblockThe European Commission's competition bureau launches a review of the proposed acquisition by the software maker, which has already been approved by the U.S.Oracle Corp., the software giant that has been gobbling up companies during the recession, hit a regulatory speed bump in its $7.4-billion bid to acquire Sun Microsystems Inc. as Europe's antitrust watchdog announced plans to investigate the deal.
Source: L.A. Times - Business | 4 Sep 2009 | 1:00 am Stocks break 4-day slide on hopes for jobs reportThe Dow climbs 63.94 points to 9,344.61 after falling 300 points since last week. Stocks rose Thursday, ending...Source: RSS feed - channel BNPaperBusiness | 4 Sep 2009 | 1:00 am The California: A chick Ferrari that captures a guy's heartThe thunder-thighed 2009 Ferrari California flouts tradition with a V-8, not a V-12, under the hood. But the slower metabolism means you get most of the good of a Ferrari in a usable, daily dose.I really want to hate this car.
Source: L.A. Times - Business | 4 Sep 2009 | 1:00 am Google appoints China sales head to replace LeeSHANGHAI (Reuters) - Google, fighting to gain ground on China's Baidu's dominant search lead in the country, confirmed the departure of its China president on Friday and said its regional sales head would take over Lee Kai-Fu's business and operational responsibilities.Source: Reuters: Business News | 4 Sep 2009 | 12:51 am Ruling due in planemaker disputeThe World Trade Organization is set to rule on the biggest trade dispute in its history - between aircraft makers Boeing and Airbus.Source: BBC News | Business | World Edition | 4 Sep 2009 | 12:48 am Alistair Darling seeks coalition around fiscal stimulus as G20 ministers gatherChancellor will urge governments to continue the global fiscal stimulus as finance ministers gather in London.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Sep 2009 | 12:48 am Chancellor expects £1bn from Liechtenstein tax dealAlistair Darling said he will push the G20 for "tough sanctions" on offshore havens to claw back more lost tax.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 4 Sep 2009 | 12:45 am Sharemarket posts modest gainsThe New Zealand sharemarket ended higher today with the help of a strong performance from leader Fletcher Building. The benchmark NZX-50 index closed up 6.572 points, or 0.218 per cent, at 3098.322. Turnover was worth $96.55 million...Source: New Zealand Herald - Business | 4 Sep 2009 | 12:25 am Futures Movers: Oil futures edge higher on demand prospectsCrude-oil futures move modestly higher, as the market continues to gauge the prospects for oil and gasoline demand.
Source: MarketWatch.com - Top Stories | 4 Sep 2009 | 12:21 am N Korean claims annoy US and SeoulPyongyang’s announcement that it was in the final stage of enriching uranium and weaponising plutonium drew expressions of annoyance from American and South Korean officialsSource: Financial Times - US homepage | 3 Sep 2009 | 11:52 pm American Air, FAA dispute may escalate: report(Reuters) - AMR Corp's American Airlines faces an increasing dispute with Federal Aviation Administration (FAA) regulators over allegedly improper repairs to at least 16 aircraft, the Wall Street Journal said, citing people familiar with the matter.Source: Reuters: Business News | 3 Sep 2009 | 11:31 pm Google’s head of China resignsThe head of Google in China resigned, in a sign that the company could be set for an adjustment in its strategy to break into the world’s largest market by internet usersSource: Financial Times - US homepage | 3 Sep 2009 | 11:02 pm Don't Count Out the U.S. Dollar (By the Numbers)What a difference 10 years makes. The euro began trading in January 1999 and by September had lost more than 25% of its value. That month, then-Treasury Secretary Larry Summers met with European finance ministers in Prague and reaffirmed U.S. willingness to invest dollars in support of the floundering currency. Publicly, it was billed as help for old friends. Editorials at the time guessed that American policy makers secretly wouldn't mind if the dollar lost a touch of its strength, since that would make exports cheaper for European buyers. If that was the plan, it has worked too well. A decade later, the Euro has gained more than 60% against the dollar, and it is America whose currency seems unstable. Yen, Canadian dollars, oil, gold—these assets and many others buy far more dollars today than a decade ago. Nobel economist Joseph Stiglitz, Chinese central bank governor Zhou Xiaochuan and Russian President Dmitry Medvedev have voiced support in recent months for a super-national currency to take over the dollar's role as a parking place for global reserves. In July, Medvedev even presented Group of Eight conference attendees in Italy with a minted coin mock-up bearing the words “United Future World Currency.” To the wrong-way trading momentum and bashing from on high, add a worrisome budget deficit. The latest forecasts say the U.S. government will overspend its tax receipts this year by $1.6 trillion. Just five years ago, a figure one-quarter that size was cause for serious worry. All told, now seems a lousy time to hold savings in dollars, especially while interest rates on savings accounts are pitiful. Don't be too quick to count out the buck, though. Fundamentals suggest it's due for a lift. Consider something called purchasing power parity. Among countries with roughly equal standards of living, identical goods should cost about the same after adjusting for exchange rates, the theory goes. If a hamburger costs two American dollars but only one British pound, the two currencies are at equilibrium when a pound buys two dollars, so long as the two burgers are of similar quality. The Economist magazine uses just that — the local price of Big Mac hamburgers — to judge which country's currencies are more or less dear than they should be. At its last reading, the Big Mac index said the euro was nearly 30% overvalued. The Swiss franc was the costliest currency. The British pound, down sharply against the dollar over the past two years, seems nearly cheap enough. Most Asian currencies look underpriced. Of course, the Big Mac approach is only a half-serious one. While the burger might be a fine good for such analysis, given its global reach and eerily consistent quality, a basket of many goods gives a more reliable read. The Organization for Economic Cooperation and Development tracks just such a basket. Its figures, too, say that life in the euro zone (but not Eastern Europe) is too costly to justify present exchange rates. Commodity-rich countries like Australia seem to have overpriced currencies, too. Asia again looks cheap. If America is unable to close its gaping budget deficits in coming years, the dollar might indeed tumble. But don't expect it to do so relative to the currencies of peer nations. Japan owes far more relative to the size of its economy. France and Germany, almost as much. The U.K. owes less but its debt is growing fast. And the U.S. is expected to have a much younger population than these countries in coming years—a key predictor of a nation's ability to generate economic growth and tax revenue. The 1% that U.S. money markets pay savers at the moment won't make anyone rich. But the dollars stashed in them might be something of a bargain. 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 | 3 Sep 2009 | 10:00 pm The Top 100 Independent AdvisorsTHE EPIC TRAVAILS OF BIG FINANCIAL INSTITUTIONS over the past year have been a windfall for America's small, independent investment advisors. With giants like Merrill Lynch taking huge hits to their reputations from the credit crisis, investors have been decamping to smaller outfits in large numbers. Advisors, too, have been jumping from the major Wall Street houses to independent outfits or hanging out their own shingles. Result: Some $200 billion flowed into the independents last year, bringing their total assets under management to about $2 trillion. Fully half of that new money moved from Street firms, says Tiburon Strategic Advisors, a California-based research firm. The rise of the small fry is apparent in Barron's annual listing of the top 100 independent advisors, (see table, "Top 100"). The ranking, including both registered independent advisors, or RIAs, and advisors at boutique brokerages, features 41 new names and a new No. 1, Ric Edelman of Fairfax, Va. Many on the list credit their growth to transparency of operations and legal requirements for RIAs to put customers' interests first -- appealing features in these post-Madoff times. Advisors at Wall Street firms aren't required to live up to customer-first, or fiduciary, obligations, but that may be changing as Washington moves to bolster financial regulation (see "Relationship Rehab, Washington-Style"). Make no mistake: It isn't easy to compete against the giant financial concerns. Wall Street houses and regional brokerages still manage at least $5 trillion for individual investors, more than twice as much as the independents. These firms and their clients benefit from sophisticated technology and extensive regulatory compliance efforts -- strong bulwarks against fraud. Here, then, are snapshots of how five of the top 100 independents are rising to the challenge. Nathan BachrachFinancial Network Group Bachrach figures that his financial-planning firm has just wrapped up the best six months of its 18-year history. "We used to get calls from three to five new clients a week; now we see that many call us every day," he says. The stock market's roaring rally since March obviously hasn't hurt. But Bachrach, 57, says that's not the only factor. "I'm able to hire incredibly strong talent as other firms cut back," he asserts. What's more, his firm's small size and personal touch have been a magnet for investors shaken up by the market tumult of the past year. Bachrach's clients, he says, "can see and understand what it is I'm doing for them." Bachrach, who began his career by designing local employment programs in Cincinnati, clearly knows how to put dollars to work, too. And he knows when to take them out. He began cutting portfolio exposure to the stock markets in early 2007, shielding his clients from some of the mayhem. "The new clients we are getting have gone through a process of wondering what it was that people who lost less did to accomplish that, and have thought more in depth about what risk really means," says Bachrach. In his view, it means focusing less on beating an index -- or other investors -- and more on achieving set objectives. "You have to focus on doing well over the whole course of the financial plan," he says. For now, that approach is taking Bachrach and his clients farther afield geographically than ever before. "This century is likely to belong to someone else, not America," he explains. "You may be here, but your money may not, unless it's in those areas where an American company's ingenuity comes up with a solution to global problems." He cites ExxonMobil's experiments in developing new biofuels from algae as an example. "Independent advisors can access all the best global managers these days," Bachrach adds. Leland FaustCSI Capital Management Faust thinks it's crystal clear where independents are getting their new business: "A lot of the major firms that dominated the market have become discredited," he says. "People say to themselves, 'If they can't manage their own affairs, why should I let them manage mine?' " He figures that advisors with fiduciary responsibilities to clients -- including him and his team -- are especially attractive to investors these days. "An advisor who is a real fiduciary can afford to be objective and pessimistic when that's what the times are calling for," says Faust, 63, who started his career as a tax lawyer before partnering with an investment advisor to launch CSI in 1978. Faust places a great deal of emphasis on client education, especially since many of his clients are professional athletes with little financial background. "They become wealthy very suddenly and at a very young age, and in an environment where conspicuous consumption is the norm," Faust says. "They are the ultimate short-term thinkers. But the short-term focus is a tremendous detriment to society in so many ways, particularly when it comes to investing. Like many other successful independents, Faust took a cautious approach to financial markets during the bubble years. "We've always had a significant exposure to fixed income, and we just increased that in 2007 when the markets became messier," he says. "Now, what we need to do is to be willing to emphasize -- or de-emphasize -- broad sectors." For instance, Faust's clients have almost no exposure to financial stocks. Even after the shock of the past year's market collapse, investors still need to adjust expectations, Faust says. "It's the fact that clients aren't willing to accept the kinds of returns that are available from the market that leads to disasters like the one we've just experienced." Patrick HoranHoran Capital Management Working for years as a professional photographer, Horan, now 52, stumbled over his new career after talking about his money with a friend who was working as a financial planner. "He pointed out to me that it wasn't what I was able to make that was important, but how much of that I was able to keep and what I could do with it." That idea so intrigued Horan that he moved into the business. After spending a decade at IDS Financial Services (which later became part of American Express), he left to set up an independent firm in 1995. "I realized that there were better ways to do this job than as a captive agent selling only proprietary products," Horan explains. "It was a company that did a great job of education and training, but I felt we could do more by putting clients' interests first." That, he said, led to the firm's business model appearing far more transparent to potential clients. "People could understand and relate to it more easily; they didn't worry about what we were suggesting to them because it was clear from the outset how we made our money, and it was from fees, not commissions," says Horan. His value-investment philosophy -- Horan describes himself as a disciple of Benjamin Graham -- is proving increasingly attractive to investors whose chase for elusive growth stocks repeatedly led to grief during the past decade. "Our preference is to own great stocks directly -- and to keep owning them, to try and make money over a two-to-five-year cycle, not in two to five weeks," Horan says. "Coke's stock might be volatile, but I can sleep at night with the conviction that a portfolio with stocks like that, in companies that likely won't go out of business suddenly, will fare well over the long haul." Steve LockshinConvergent Wealth Management His family expected him to follow in his father's footsteps and become a doctor, but Lockshin had other ideas. As a high-school senior, he cold-called his girlfriend's father's tennis partner -- a top-producing financial advisor at Legg Mason -- and asked for a summer job working with him. "I told him I knew nothing about money!" Lockshin recalls, laughing. The bold approach won an unpaid summer internship. "I fell in love with the business and went to work for Legg Mason full-time after I graduated college," he says. Next, Lockshin was wooed away by an ultrawealthy investor. "He wanted me to do for him and his family what other firms were doing for institutions; to be systematic about asset allocation, for instance," he says. "I became his financial concierge, and now that's pretty much the role I play for all my clients." Those clients are still ultra-high-net worth (clients need to have $10 million in assets to hire Lockshin's firm), and the approach remains the same. "We want to see everything -- tax returns, the family's balance sheet, the ownership of every asset, their cash-flow needs," explains Lockshin, now 43 years old. "They can only take risks, emotionally speaking, if they don't have to worry about their cash flow, and their No. 1 objective is to preserve their lifestyle." These portfolios are hardly limited to stocks. "One of the safest and most rewarding areas to be in has been opportunistic credits," Lockshin says. He defines that category as bonds with higher yields than those offered on Treasury securities, ranging from corporate convertible securities to high-yield bonds and senior bank debt. He also likes the emerging markets, allocating more to economies that are the least correlated with the United States. "These days, we're benefiting a lot from the trust we've earned over the last decade or so," he says. "A lot of the clients coming to us now are here because we can say we are working for them, not working trying to sell products." Peter MalloukCreative Planning An entrepreneur may lose everything on a business bet, but that's one thing successful investors will never do, says Mallouk. "It's just not possible," he argues. "Either that means they weren't properly allocated, or they tried to do the wrong thing at the wrong time, or they weren't in quality investments, or they weren't waiting for the market to come back." Despite the remarkable bounce by stock-market indexes this year, Mallouk says he wouldn't be surprised to see another market crisis of some kind within the next decade. "I don't know what will cause it or how it will unfold; I just know I have to help my clients prepare to withstand whatever it is, and for whatever kind of recovery follows." The market crash, he says, exposed a number of very common errors -- and he intends to help clients avoid those going forward. One of his new clients had a $9 million portfolio that is now worth only $2 million, because the client's former advisor thought that financial stocks looked historically cheap, and therefore attractive, in the run-up to the crisis of 2007 and 2008. "What really killed a lot of people was buying value-priced stocks thinking that they were real value," Mallouk says. "The market had already priced financials at those levels; who am I to decide that the market is wrong? That isn't investing; that's going to the casino and placing a bet." Instead, Mallouk's clients ended up owning stocks like Wal-Mart and high-quality bonds. "It's concentrating on asset classes, not trying to identify bargain-priced stocks, that leads to long-term outperformance," Mallouk insists. 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 | 3 Sep 2009 | 10:00 pm Commodity ETFs: Young and Restless or Safe?Although some investors may be steering clear of commodities thanks to a recent price plunge and talk of new regulations on buying futures contracts, the exchange-traded funds still have their benefits. Back in 2004, there was just one commodity exchange-traded fund, the SPDR Gold Shares (GLD). Now there are 87, with about $59 billion in assets, up from $36.3 billion at the end of 2008. Much of that growth is due to experts encouraging investors to own some commodities. They're a "natural fit" for those who worry about inflation, says Lane Jones, chief investment officer for Evensky & Katz, a money-management firm in Coral Gables, Fla. Commodity ETFs — typically made up of futures contracts, bundled together to trade as a single unit — offer an efficient way to invest. Jones likes the iPath Dow JonesUBS Commodity Index Total Return ETN (DJP). The fund is technically a debt security called an exchange-traded note and offers some tax benefits over commodity ETFs, which can generate taxable income even if the fund loses money. It's also broadly diversified, with about a third of its holdings in energy. Of course, when commodities crash, so do funds like DJP, which lost 39 percent last year. One fund avoided the bust: the Elements S&P Commodity Trends IndicatorTotal Return ETN (LSC). The fund owns sectors that have been moving up, assuming prices will keep rising, and bets against commodities with falling prices. Academic research suggests this momentum strategy ultimately beats the indexes, says Morningstar analyst Bradley Kay. But this year it's down 12 percent, compared with a 6 percent gain for DJP. Even a commodities fund with brains can't always outsmart the market. SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
Source: SmartMoney.com | 3 Sep 2009 | 10:00 pm September 4, 2008 (Thursday): Dow Drops to 11,188; Unexpected Surge in Jobless ClaimsDow Drops To 11,188Forget about the Jimmy Choo boots or 50-yard-line seats for fall. Investors retreated on a round of glum economic news. Among the problems: weak retail sales in August, more Americans filing for unemployment. There’s concern in the markets about a global slowdown. The Dow sinks 344.65 points, or about 3%, to 11,188.23, while the Standard & Poor’s 500 stock index bumps down 3 percent. That’s the biggest one-day drop in three months. (For more on this news, click here.) Jack in the BoxFormer lobbyist Jack Abramoff, who got rich swindling Indian tribes, is sentenced to four years in prison. Although Abramoff asks for mercy—“I have fallen into an abyss,” he says. “My name is the butt of a joke”—the judge tacks on nine months to the 39-month sentence sought by prosecutors. She says Abramoff had engaged in “a consistent course of corrupt conduct.” (For more on this news, click here.) Detroit Mayor Pleads GuiltyDetroit Mayor Kwame Kilpatrick pleads guilty to obstruction of justice on two felony charges related to the city’s $8.4-million settlement of a lawsuit brought by fired policemen. “I lied under oath,” Kilpatrick said. As part of the deal, Kilpatrick is to resign as mayor, spend four months in jail, pay the city of Detroit $1 million and go on probation for five years. Prosecutors had charged that Kilpatrick had lied during the legal proceedings with the police officers to hide text messages that revealed an affair with his former chief of staff. (For more on this news, click here.) Surprise Jump in Jobless ClaimsAfter three weeks of decline, the number of new jobless claims rose unexpectedly, according to a Labor Department report. New applications for unemployment insurance last week came in at a seasonally adjusted 444,000, up 15,000 from the previous week. The number had been expected to come in around 420,000. A year earlier, that number was 320,000. Jobless claims hit their six-year high of 457,000 in late July. (For more on this news, click here.) SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
Source: SmartMoney.com | 3 Sep 2009 | 10:00 pm Checkpoint Gnarly (Tough Customer)Before my recent flight home To Buffalo, N.Y., there was a rude surprise at the gate. I'd lingered too long at the candy counter, as usual, so I arrived late-the last passenger to board. Except I couldn't. A security guard blocking my path in the gangway said I'd been selected for a random pat down. I'd already passed the airport's security checkpoint. Why the last-minute frisking? The guard, who turned out to be a Transportation Security Administration officer, wouldn't explain-she simply said that if I refused, I couldn't board the plane. Pat down? It was more like an erotic massage administered by a professional wrestler. It was so rough that halfway through, I asked her to stop and agreed to cancel my flight. No go. She snatched my suitcase and said I'd have to accompany her to security. Yikes! Feeling trapped, I agreed to finish the frisk; she insisted on starting over from the beginning. Turns out I'm not the only passenger to endure the gangway grapple. TSA spokesperson Laura Uselding says that while my experience wasn't an example of good customer service, random gate pat downs have been standard procedure since early this year. "It's all about creating unpredictable layers of security," she says. Indeed, there's a lot more TSA surveillance going on at the airport (and beyond) than you'd expect-and it's growing fast. There is some good news here. Thanks to a billion-dollar stimulus grant, the TSA is speeding the introduction of better X-rays, streamlined baggage systems and liquid-bottle scanners that should make life easier for travelers. In coming years high-tech advancements may eliminate the onerous screening ritual and liquids restrictions entirely; we could race through the airport with giant bottles of shampoo. The agency is also training thousands more officers, bomb experts and canine teams to patrol airports, train stations, even ferries. But some of its efforts might sound a little creepy to privacy enthusiasts. This year the TSA assumed the job of checking our travel plans against FBI watch lists and started requiring passengers to provide their birth date when booking flights. The agency is also employing 2,400 "behavioral detection officers" who wander the airport looking for folks who seem scared or stressed out. Act suspicious and they might take you aside-I got questioned in Newark airport just for writing in a notebook. Congress is already considering limits on recently deployed screening machines that let officers see through our clothes. And new devices being tested would remotely monitor your pulse, temperature, respiration and expressions to reveal signs of "harmful intent." Yes, you could literally be stopped for breathing wrong. It's not like we've seen evidence these techniques are reeling in terrorists. Behavior-detection officers have referred 213,000 people to secondary screenings-but the TSA won't say this has foiled any terrorist plots. The air-blasting, explosives-detecting "puffer" machines are being retired because they kept breaking down and generating false alarms. Perhaps the agency's ever-growing budget could better be spent on basics. This spring the TSA told Congress it won't meet the deadline for screening cargo on passenger flights, that thanks to a convoluted review process, it has spent just 12.5 percent of the $1.5 billion allocated to bus and train security, and despite the 2007 discovery of a gun-smuggling ring run by airline employees, the agency still doesn't screen all airport workers. Then there's the dismaying fact that in test after test TSA screeners fail to spot explosives squirreled through security. At least the agency responds to complaints. A few days after reporting my zealous pat down, I got a call from a TSA security director, who told me he sent one of his deputies to test the officer who frisked me. He was surprised to learn that the ensuing pat down literally knocked the deputy off her feet. My nemesis, he said, will be retrained. Yes, it's safe to go back to the airport. 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 | 3 Sep 2009 | 10:00 pm Christmas in September? Sizing Up the Early Deals (Deal of the Day)Consumers have more than 100 shopping days left until Christmas, but retailers are already angling to secure a chunk of your holiday budget. “There's no question that the economy has forced retailers of all sizes to get more creative than they have before,” says Kathy Grannis, a spokeswoman for the National Retail Federation, an industry group. The NRF anticipates a slight improvement in holiday spending after last year's 3% drop. “Really, the best promotion wins.” Several retailers are experimenting with programs that offer rewards tied to your fall spending. The idea is to get you spending in stores now and committed to more spending closer to the holidays. Sears (SHLD) has taken a different route, offering a 3% rebate on top of whatever money consumers set aside in a store Christmas Club account. Although the promise of extra cash for the holidays may be enticing, be cautious about locking up too much money with one retailer, says Daniel Horne, an associate professor of marketing at Providence College in Rhode Island. “Any time you lose flexibility on where you can spend, that's a trade-off,” he says. Holidays sales won't go into full swing until November, so you risk missing out on better deals at other stores with comparable merchandise. Here's what several big-name retailers are offering: Macy's: Members of Macy's (M) Star Rewards program can enroll in the Thanks for Sharing program for $25, of which $10 goes to charities, including Make-A-Wish Foundation and March of Dimes. In exchange, shoppers receive a 10% rebate on purchases made Sept. 19 through Dec. 31. The rebate will be mailed in February 2010 in the form of a gift card. Sears: Sign up for the Christmas Club program before Oct. 31, and then add cash to your card. The retailers will award a 3% rebate (up to $100) based on the value of your account on Nov. 14. The card can be used at Sears, Kmart, Lands End, The Great Indoors and MyGofer.com. Sephora: Members of the retailer's Beauty Insider rewards club who have spent $350 or more during the calendar year will receive a holiday gift card based on their spending that year. A spokeswoman for the company says Sephora is finalizing details of the promotion. 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 | 3 Sep 2009 | 10:00 pm Fed's Fisher sees near-term strength for economy (Reuters)Reuters - Dallas Federal Reserve Bank President Richard Fisher on Thursday said the United States should have a "good snap-back" from recession in the final months of 2009, but that future growth could be a "slow crawl."Source: Yahoo! News: Business | 3 Sep 2009 | 9:34 pm Fed's Fisher sees near-term strength for economySANTA BARBARA, California (Reuters) - Dallas Federal Reserve Bank President Richard Fisher on Thursday said the United States should have a "good snap-back" from recession in the final months of 2009, but that future growth could be a "slow crawl."Source: Reuters: Business News | 3 Sep 2009 | 9:34 pm ASB slashes floating mortgage rate to 5.75pcASB has slashed its floating home mortgage rate by 65 basis points from 6.4 per cent to a market-low rate of 5.75 per cent, which it said was its lowest floating rate in more than 40 years. ASB's move appears to break a log-jam...Source: New Zealand Herald - Business | 3 Sep 2009 | 9:13 pm Sen Schumer calls for making SEC self-funded (Reuters)
Source: Yahoo! News: Stock Markets News | 3 Sep 2009 | 9:12 pm English says world lenders likely to fund NZ's debtInternational money lenders are interested in funding the Government's $40 billion debt, Finance Minister Bill English said today. Mr English has been in Tokyo and is currently in New York meeting with financial institutions, rating...Source: New Zealand Herald - Business | 3 Sep 2009 | 9:00 pm Van der Heyden joins airport boardFonterra chairman Henry van der Heyden is joining the board of Auckland International Airport Ltd. He will be an independent director, as will stock broker James Miller, who was also appointed a non-executive director today. Miller...Source: New Zealand Herald - Business | 3 Sep 2009 | 8:51 pm Commercial vehicle sales crash in AugustCommercial vehicle sales in New Zealand crashed to their lowest monthly total in August since 2002, figures released by the NZ Transport Agency (NZTA) show. Commercial vehicle sales tend to fall in August after stronger June and...Source: New Zealand Herald - Business | 3 Sep 2009 | 8:30 pm Business confidence improving, says new surveyA monthly survey of business conditions has found confidence at its highest level since February 2008, but still in negative territory. The latest New Zealand Manufacturers and Exporters Association (NZMEA) survey put net confidence...Source: New Zealand Herald - Business | 3 Sep 2009 | 8:00 pm Santander Brazil unit IPO could exceed $5.6 billion (Reuters)Reuters - Banco Santander SA, the Brazilian unit of Spain's Santander , filed on Thursday for an initial public offering in Brazil and the United States, in what could become one of the largest IPOs of the year.Source: Yahoo! News: Business | 3 Sep 2009 | 7:59 pm Santander Brazil unit IPO could exceed $5.6 billionSAO PAULO/NEW YORK (Reuters) - Banco Santander SA, the Brazilian unit of Spain's Santander , filed on Thursday for an initial public offering in Brazil and the United States, in what could become one of the largest IPOs of the year.Source: Reuters: Business News | 3 Sep 2009 | 7:59 pm New NZ consulate to open in MumbaiNew Zealand is to open a consulate-general in India business powerhouse Mumbai, Trade Minister Tim Groser says. Groser is attending a World Trade Organisation meeting in New Delhi. "India is a market that has the potential to...Source: New Zealand Herald - Business | 3 Sep 2009 | 7:00 pm Congress to probe SEC's lapse on MadoffWASHINGTON (Reuters) - An investigative panel in the U.S. Congress will hold hearings on the failure of the U.S. Securities and Exchange Commission to follow clues that could have uncovered Bernard Madoff's $65 billion Ponzi scheme.Source: Reuters: Business News | 3 Sep 2009 | 6:11 pm Bankruptices down in July, says VedaIn July 461 New Zealanders applied for either bankruptcy or the alternative no-asset procedure, down on 591 in the previous month, says credit monitoring company Veda Advantage. For more than a year now, more than 400 people a...Source: New Zealand Herald - Business | 3 Sep 2009 | 6:00 pm Financial customers deliver 9 million complaintsThe UK financial services industry has been hit by nine million formal customer complaints in the past three years, new figures revealed yesterday. Source: Latest Business News from Times Online | 3 Sep 2009 | 6:00 pm Hundreds of jobs at risk as easyJet cuts flightsEasyJet will cut up to one fifth of its flights from Luton as the budget carrier shifts its focus to Gatwick and continental airports. Source: Latest Business News from Times Online | 3 Sep 2009 | 6:00 pm Services sector boost lifts hope of UK recoveryBritain’s services sector enjoyed its fastest growth for nearly two years during August, reinforcing hopes that the economy is pulling out of recession, figures revealed yesterday. Source: Latest Business News from Times Online | 3 Sep 2009 | 6:00 pm Business big shot: Harriet Green of Premier FarnellHarriet Green was relatively upbeat yesterday considering that Premier Farnell, the electronics distributor she heads, had just reported a 10 per cent drop in second-quarter profits that sent its shares down by almost 10 per cent. Source: Latest Business News from Times Online | 3 Sep 2009 | 6:00 pm You’ll glimpse an upturn if you don’t look backEconomists often get their timing a bit wrong, but it was particularly unfortunate for the number crunchers over at the Organisation for Economic Co-operation and Development yesterday. Less than half an hour before they issued their latest forecast on the UK economy, their prediction appeared to be flatly contradicted by Purchasing Managers’ Index (PMI) data for the services sector. Source: Latest Business News from Times Online | 3 Sep 2009 | 6:00 pm SEC, CFTC urged to align rules to police markets (Reuters)
Source: Yahoo! News: Stock Markets News | 3 Sep 2009 | 5:52 pm Refunding The SECSenator Charles Schumer believes that the SEC is underfunded. Statistics tend to support his case. The SEC’s staff of approximately 3,650 oversees 35,000 entities. Securities trading volume has increased 261% between 2003 and 2008, but the SEC staff grew only 15% during that time. Over that same time frame the number of tips and complaints [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Sep 2009 | 5:46 pm Buiter Says `Tobin Tax’ Suggestion Will `Go Nowhere’: AudioSource: Bloomberg - All Podcasts | 3 Sep 2009 | 5:25 pm Schumer: Change SEC funding after Madoff failure (AP)AP - A key senator wants to change how the Securities and Exchange Commission is funded, saying the agency needs more resources to prevent future disasters like its failure to detect Bernard Madoff's multibillion-dollar fraud.Source: Yahoo! News: Stock Markets News | 3 Sep 2009 | 5:09 pm The Dow Jones industrials' moves since Lehman fall (AP)AP - How far the Dow Jones industrial average has fallen or advanced each trading day since Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection on Sept. 15. Since Lehman's fall, which touched off a paralysis of the credit markets and deepened the recession, the stock market has gone through an extended period of volatility before kicking into a big rally starting this spring. The numbers are the closing levels for the Dow:Source: Yahoo! News: Business | 3 Sep 2009 | 4:58 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 | 3 Sep 2009 | 4:58 pm Fox Business recruits talk radio veteranFox Business Network has turned to Don Imus to boost ratings and advertising revenues two years after Rupert Murdoch launched his challenge to CNBC and Bloomberg TelevisionSource: Financial Times - US homepage | 3 Sep 2009 | 4:53 pm Modest gains for NZ sharesThe New Zealand sharemarket made a modest gain in early trading as investors continued to show interest in Fletcher Building shares. The benchmark NZX-50 index is up 2.8 points to 3094, after gaining 16.9 points yesterday. Fletcher...Source: New Zealand Herald - Business | 3 Sep 2009 | 4:49 pm On the ballESPN boss sets out its sports vision for the UKSource: BBC News | Business | World Edition | 3 Sep 2009 | 4:48 pm Gates looks to boost Afghanistan supportThe US’s defence chiefs sought to rally support for Barack Obama’s strategy for Afghanistan in the face of increasing criticism and ahead of the US president’s impending decision on whether to ramp up or rein in the war effortSource: Financial Times - US homepage | 3 Sep 2009 | 4:38 pm Oil groups face Libya ultimatumLibya is to require foreign companies to appoint Libyan chief executives to joint venturesSource: Financial Times - US homepage | 3 Sep 2009 | 4:15 pm Write-Offs: 09.03.09$$$ Greenwich renting itself out by the hour. [Bloomberg] $$$ Tech mogul Tom Siebel injured by elephant [MN] $$$ John Mack On The Move [The Observer] $$$ Gov to own 1/3 of Vikula's ass next week [C] 
 Sponsored Topics: Bloomberg L.P. - Greenwich - The Observer - Bloomberg - United States Source: Dealbreaker | 3 Sep 2009 | 4:03 pm Liz Claiborne working with turnaround firm (AP)AP - Clothing maker and retailer Liz Claiborne Inc. is working to improve its performance with help from turnaround firm Alvarez & Marsal.Source: Yahoo! News: Business | 3 Sep 2009 | 4:03 pm America's Team Alumnus Gets In On Mortgage Fraud
While Lockhart's arrest is certainly a set back for him, he should take comfort knowing he performed a public service here. Getting involved in this relatively clever scheme helps dispel the myth that, Najarians aside, ex-NFL players barely have the mental firepower to sign the royalty checks coming in from the car dealerships they slap their names on to. Former Cowboys Linebacker Eugene Lockhart Indicted [Bloomberg]
Sponsored Topics: Dallas Cowboy - Michael Irvin - National Football League - Eugene Lockhart - NFL Source: Dealbreaker | 3 Sep 2009 | 3:58 pm Sheldon on Post-Recession; Mortgage Financing, Banks: AudioSource: Bloomberg - All Podcasts | 3 Sep 2009 | 3:54 pm JPMorgan's Kasman Sees 4% U.S. Growth in Third-Quarter: AudioSource: Bloomberg - All Podcasts | 3 Sep 2009 | 3:52 pm Stocks break 4-day slide ahead of jobs report (AP)
Source: Yahoo! News: Stock Markets News | 3 Sep 2009 | 3:51 pm Youngberg Says BP Oil Find Creates Production Potential: AudioSource: Bloomberg - All Podcasts | 3 Sep 2009 | 3:42 pm Can the SEC Be Sued for Failing to Catch Madoff? (Time.com)Time.com - The SEC's internal investigation of its failure to catch Bernard Madoff finds incompetence and human frailty, but is that enough to make the SEC liable?Source: Yahoo! News: Stock Markets News | 3 Sep 2009 | 3:20 pm Big Problems For Little Britain
Not to be outdone, Foreign Office Minister Chris Bryant calmly informed the Caymanian people that there are simply not enough trust fund babies in the world for the islands to remain on the OECD's grey list.
The UK has made their stance on taxes and regulation well known. Of all places, they should know you can't have your cake and eat it too. Cayman Islands says competition prompts UK stance [Reuters]
Sponsored Topics: Cayman Islands - UK - Financial Services Authority - Financial services - Caribbean Source: Dealbreaker | 3 Sep 2009 | 3:14 pm Guillible Imbeciles At SEC Easily 'Distracted' By Bernie Madoff's 'Captivating' Tales, Bellybuttons
One investigator described Mr. Madoff as "a wonderful storyteller" and "a captivating speaker" ... the examiner said he found it "interesting" but also "distracting" because they were there "to conduct business." As to why Madoff did not collect fees like all other hedge-fund managers, they accepted his response that he was not "greedy" and was happy with just receiving commissions. Of course, Berns really didn't even have to go into such elaborate tales in order to pull the Ponzi over these people's eyes. It sounds like a simple "Hey, look over there!" or "No further questions" would've sufficed. There were also simple bureaucratic foul-ups, like the one in which different branch offices of the S.E.C. were both looking into the operations of Mr. Madoff. "Astoundingly, both examinations were open at the same time in different offices without either knowing the other one was conducting an identical examination," Mr. Kotz noted. Basically, Day One at Clownface College needs to be "The Pencil Sharpener: No Matter How Curious, Do Not Stick Your Dick In It."
Sponsored Topics: Hedge fund - Bernard Madoff - Business - US Securities and Exchange Commission - Day One Source: Dealbreaker | 3 Sep 2009 | 2:55 pm Hays banks on public sector boostBritain's largest recruitment company expects public sector recruitment to help support its profits over the next year despite pressure on the Government to slash spending.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 3 Sep 2009 | 2:33 pm G20 plans for stimulus exitWorld leaders, on the eve of a London meeting of finance ministers, called for a co-ordinated strategy as OECD data suggested the world’s economy now looks likely to come earlier than had been expected just a few months agoSource: Financial Times - US homepage | 3 Sep 2009 | 2:26 pm Survey Of The Unemployed Finds 'A Shaken, Traumatized People'By Laura Conaway Being unemployed is just awful. It sounds simple to say, until you're the one living it. Now the John J. Heldrich Center for Workforce Development, part of Rutgers University, puts some scholarship behind the obvious. Its new survey of 1,200 Americans out of work "portrays a shaken, traumatized people coping with serious financial and psychological effects from an economic downturn of epic proportion," the center reports. Two-thirds of the respondents described themselves as depressed. More than half have hit up family or friends for loans. Sixty percent said they had no warning -- a category the Bureau of Labor Statistics tracks -- and only 15 percent said they got any severance. The survey includes comments from laid-off workers, including this one: There used to be page of jobs every day and -- in my industry -- two columns in the paper. Now there are days where the entire list of available jobs in this city, you can count on both hands! On Friday morning, we'll be posting charts from the new August unemployment report so you can see the latest on what's happening in the national job market. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 3 Sep 2009 | 2:22 pm International Monetary Fund faces 88.5bn shortfall in G20 fundingThe International Monetary Fund IMF has received formal pledges for 411.5bn of the 500bn emergency funding promised by the G20 in April leaving a shortfall of 88.5bn.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 3 Sep 2009 | 2:15 pm National Express subject of 'final' takeover bid by CVCCosmenNational Express's future as an independent company was on a knifeedge last night after the CVCCosmen combine which has been stalking the beleaguered transport group upped its indicative cash offer from 450p to 500p a share and declared it final.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 3 Sep 2009 | 2:09 pm Demand for ‘cat’ bonds growsNatural catastrophe markets are only now recovering from the loss of confidence after Lehman’s role in holding the collateral for a handful of catastrophe bondsSource: Financial Times - US homepage | 3 Sep 2009 | 1:47 pm SEC's Latest Plan to Step Up Game: Train Employees
The Securities and Exchange Commission may create a "fraud college" to train staff in detecting market abuses after the agency failed to stop Bernard Madoff's $65 billion Ponzi scheme, Chairman Mary Schapiro said. |
