Kesa struggles as slowdown wipes out UK growth

Kesa Electricals, the owner of the Comet chain, said today that like-for-like sales slumped 3.9 per cent in its first quarter as a slight recovery in the UK was more than offset by problems elsewhere.


Source: Latest Business News from Times Online | 10 Sep 2009 | 5:31 am

Kitchen sales help Home Retail Group hold steady

Home Retail Group, the owner of Argos and Homebase, said that it expected to match last year's interim underlying profits after kitchen, DIY and television sales proved resilient in the downturn.


Source: Latest Business News from Times Online | 10 Sep 2009 | 5:27 am

National Express to open books to £765m buyers

National Express is set to open its books to a Spanish-led consortium to thrash out the details of a potential £765 million bid to take over the troubled transport company, despite pressure from shareholders to consider a break-up to create more value.


Source: Latest Business News from Times Online | 10 Sep 2009 | 5:13 am

Duchy Originals announces deal with Waitrose

Duchy Originals, the organic food label set up by the Prince of Wales, has announced new backing from Waitrose after the recession hit its sales.


Source: Latest Business News from Times Online | 10 Sep 2009 | 4:59 am

Jet Airways boss says pilots 'like terrorists'

The chairman of Jet Airways, India’s largest private airline, has accused his pilots of “behaving like terrorists” after hundreds of them went on sick leave to protest against the sacking of four colleagues involved in union activities.


Source: Latest Business News from Times Online | 10 Sep 2009 | 4:47 am

World stocks rise on US optimism (AP)

A man wlaks by a securities firm in Tokyo Thursday, Sept. 10, 2009. Japanese stocks jumped Thursday, buoyed by fresh optimism over a global economic recovery as the Federal Reserve's latest survey suggested a U.S. recession may be over. The benchmark Nikkei 225 index surged 201.53 points, or 2.0 percent, to 10,513.67. (AP Photo/Junji Kurokawa)AP - European and Asian stocks rose Thursday and Wall Street was expected to gain at the open after a Federal Reserve report boosted hopes the U.S. economy is recovering steadily.



Source: Yahoo! News: Stock Markets News | 10 Sep 2009 | 4:35 am

Japan's Suntory in talks to buy Orangina

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 10 Sep 2009 | 4:29 am

Financial reform may fail to avert another Lehman (Reuters)

People stand next to windows, above an animated sign, at the Lehman Brothers headquarters in New York, September 16, 2008. REUTERS/Chip EastReuters - The collapse of Lehman Brothers a year ago has been likened to the 1994 crash that killed Formula One star Ayrton Senna, in the way it has spurred calls for root-and-branch review of risk in the financial sector.



Source: Yahoo! News: Business | 10 Sep 2009 | 4:27 am

Zardari rejects Obama’s AfPak strategy

Pakistan’s president, Asif Ali Zardari, has rejected the Obama administration’s strategy of linking policy on Pakistan and Afghanistan in an effort to end a Taliban insurgency and bring stability to the region
Source: Financial Times - US homepage | 10 Sep 2009 | 4:25 am

China: A $1 Trillion Green Technology Market

A new report from the China Greentech Initiative, which is made up of several dozen alternative energy companies and government organizations, says that the potential for green technology sales in China is as much as $1 trillion. PricewaterhouseCoopers helped compile the research. The report says that the total green tech “addressable market” in the world’s most populous country [...]

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Source: 24/7 Wall St. | 10 Sep 2009 | 4:17 am

ASML lifts sales outlook; shares trade higher

ASML, the world’s largest maker of semiconductor lithography machines, lifts its sales outlook for the second half of the year, citing improving demand for memory and logic products.



Source: MarketWatch.com - Top Stories | 10 Sep 2009 | 4:15 am

Indications: U.S. futures just below highs as TI hikes view

U.S. stock futures trade near 11-month highs as Texas Instruments and ASML up their outlooks in an indication of strengthening demand for microchips.



Source: MarketWatch.com - Top Stories | 10 Sep 2009 | 4:05 am

Cadbury takeover: Which British companies are next?

Weak Sterling has brought UK brands within easier reach of foreign predators.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Sep 2009 | 4:03 am

Unhappy with your broadband speed? Try Winston the pigeon.

Winston the pigeon carries a 4GB memory stick across South Africa faster than an IT firm's ADSL service can transfer the data.
Source: BBC News | Business | World Edition | 10 Sep 2009 | 4:03 am

GM to unveil Opel decision

FRANKFURT/BERLIN (Reuters) - General Motors was set to end months of suspense over the fate of its Opel unit on Thursday and announce whether it plans to sell the European carmaker to one of two rival bidders.

Source: Reuters: Business News | 10 Sep 2009 | 4:03 am

GM to unveil Opel decision (Reuters)

A GM and Opel logos are seen on a Hydrogen car during a presentation in Berlin, August 28, 2009. REUTERS/Pawel KopczynskiReuters - General Motors was set to end months of suspense over the fate of its Opel unit on Thursday and announce whether it plans to sell the European carmaker to one of two rival bidders.



Source: Yahoo! News: Business | 10 Sep 2009 | 4:03 am

IEA sees higher global oil use as economy recovers

LONDON (Reuters) - Global oil demand will be almost 0.5 million barrels per day (bpd) higher than previously forecast this year and next on stronger-than-expected U.S. and Asian fuel consumption, the International Energy Agency said.

Source: Reuters: Business News | 10 Sep 2009 | 4:02 am

Congress probing SEC's Madoff failure (AP)

File - Securities and Exchange Commission (SEC) Inspector General H. David Kotz, testifies on Capitol Hill in Washington, in this Jan. 5, 2009 file photo before the House Financial Services Committee. The Senate Banking Committee is scheduled to hear testimony Thursday Sept. 10, 2009 from David Kotz, the SEC inspector general, who revealed in a detailed report last week how the agency bungled five investigations of Madoff's business between June 1992 and last December, when the disgraced financier confessed.(AP Photo/Haraz N. Ghanbari, File)AP - Congress is reopening its inquiry into the Securities and Exchange Commission's failure to detect the multibillion-dollar fraud conducted for more than a decade by Bernard Madoff, this time seeking answers from the agency watchdog and potential lessons for lawmakers in crafting new financial rules.



Source: Yahoo! News: Stock Markets News | 10 Sep 2009 | 4:01 am

Futures Movers: Oil gains after supply data, OPEC decision

Oil futures rose early Thursday after a report showed a big draw in U.S. crude supplies, the OPEC cartel left its output quota unchanged and the International Energy Agency raised its forecast for global oil demand.



Source: MarketWatch.com - Top Stories | 10 Sep 2009 | 4:01 am

CCHS Names Joel Steigelfest Chief Information Officer

Executive to Focus on Advanced Technology Initiatives to Better Serve Customers, Accelerate Business Innovation FORT LAUDERDALE, Fla., Sept. 10 /PRNewswire/ -- Cross...
Source: RSS feed - channel BNewsBusiness | 10 Sep 2009 | 4:00 am

eQuest Adds Over 500 United Kingdom Job Boards to Its Delivery Network

eQuest Strengthens Support for its International Customer Base LONDON, Sept. 10 /PRNewswire/ -- eQuest, the international leader in job posting deliveries and Internet...
Source: RSS feed - channel BNewsBusiness | 10 Sep 2009 | 4:00 am

Santiago Calatrava Unveils His Newly Designed Liege-Guillemins TGV Railway Station

New High Speed Trains Put Belgium on the Fast Track NEW YORK, Sept. 10 /PRNewswire/ -- On Friday, September 18th, Santiago Calatrava will unveil one of his most ambitious...
Source: RSS feed - channel BNewsBusiness | 10 Sep 2009 | 4:00 am

How State and Local Governments Are Funding Retiree Health Obligations

New brief from the Center for State and Local Government Excellence WASHINGTON, Sept. 10 /PRNewswire-USNewswire/ -- A new issue brief from the Center for State and...
Source: RSS feed - channel BNewsBusiness | 10 Sep 2009 | 4:00 am

Photos: TripAdvisor Points Out Top 10 Places Worldwide to Beware Pickpockets

European Cities Run Off with Majority of Top 10 and Spain Snags Two Spots NEWTON, Mass., Sept. 10 /PRNewswire/ -- TripAdvisor(R), the world's most popular and largest...
Source: RSS feed - channel BNewsBusiness | 10 Sep 2009 | 4:00 am

IEA sees higher global oil use as economy recovers (Reuters)

Reuters - Global oil demand will be almost 0.5 million barrels per day (bpd) higher than previously forecast this year and next on stronger-than-expected U.S. and Asian fuel consumption, the International Energy Agency said.
Source: Yahoo! News: Business | 10 Sep 2009 | 3:59 am

Haggling for homes: Try Florida

If you're a house hunter in Florida, prepare to haggle. The Sunshine State is the easiest place to negotiate a price cut on your new home.
Source: Business and financial news - CNNMoney.com | 10 Sep 2009 | 3:59 am

540,222 homes reposessed so far

Substantially fewer homes were repossessed in August than in July, but just as many Americans were behind on their mortgage payments, according to a report released Thursday.
Source: Business and financial news - CNNMoney.com | 10 Sep 2009 | 3:58 am

Foreclosures Stay Near Record Highs, Won’t Peak Until Late 2010

The carefully watched monthly RealtyTrac data on foreclosures was released earlier today and it paints a picture of a national foreclosure situation that is not improving and is not likely to improve until a year from now. The new data from the service shows foreclosure filings were reported on 358,471 U.S. properties during August, a decrease [...]

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Source: 24/7 Wall St. | 10 Sep 2009 | 3:55 am

Should insurers pay for health reform?

The negotiations over health reform are kicking into high gear. And one of the top issues is whether to make insurance companies pay for some of it.
Source: Business and financial news - CNNMoney.com | 10 Sep 2009 | 3:52 am

58 and no retirement savings

Question: I'm 58 and have never opened any kind of a retirement account. Is it too late for me to do so now, or should I hope that Social Security will be there when I retire in a few years? --Vincent I., Denver, Colorado
Source: Business and financial news - CNNMoney.com | 10 Sep 2009 | 3:49 am

The $33 million bonus saga

Bank of America and regulators once again urged a federal judge to uphold a $33 million settlement tied to the disclosure of Merrill Lynch bonuses.
Source: Business and financial news - CNNMoney.com | 10 Sep 2009 | 3:48 am

How much is your great idea worth?

Process Equipment Co. had a fine history of innovation. Founded in 1946 by Emmert Studebaker, a member of the famous car-making family, PECo sold laser welders and other specialized equipment to GM and other manufacturers. That brought in dependable revenues of $40 million a year.
Source: Business and financial news - CNNMoney.com | 10 Sep 2009 | 3:47 am

How to talk money with Mom and Dad

This spring Michael Rowe and his six siblings flew their parents to Orlando to celebrate their 85th birthdays. After the guests of honor excused themselves for a nap one afternoon, conversation around the swimming pool quickly turned serious. Did Mom and Dad have enough money to see them through their retirement? No one quite knew the answer.
Source: Business and financial news - CNNMoney.com | 10 Sep 2009 | 3:45 am

London Markets: U.K. shares hold 5,000, rate call on tap

London shares manage to hold over the 5,000 mark on Thursday, with drugmakers and miners leading the top index higher ahead of an interest rate decision from the Bank of England.



Source: MarketWatch.com - Top Stories | 10 Sep 2009 | 3:41 am

GM expected to hold on to Opel unit

US carmaker likely to say on Thursday that it is shelving plans to spin off its European Opel and Vauxhall businesses
Source: Financial Times - US homepage | 10 Sep 2009 | 3:40 am

IEA sees higher global oil use as economy steadies

LONDON (Reuters) - Global oil demand will be almost 0.5 million barrels per day (bpd) higher than previously forecast this year and next on stronger-than-expected fuel use in North America...
Source: RSS feed - channel BNewsBusiness | 10 Sep 2009 | 3:39 am

Texas Instruments, ASML invigorate tech sector

AMSTERDAM/SAN FRANCISCO (Reuters) - European technology shares rose sharply on Thursday after positive outlook comments from chip maker Texas Instruments and chip equipment firm ASML .

Source: Reuters: Business News | 10 Sep 2009 | 3:37 am

Texas Instruments, ASML invigorate tech sector

AMSTERDAM/SAN FRANCISCO (Reuters) - European technology shares rose sharply on Thursday after positive outlook comments from chip maker Texas Instruments and chip equipment firm ASML .
Source: RSS feed - channel BNewsBusiness | 10 Sep 2009 | 3:37 am

Opel and Vauxhall fate in balance

General Motors is due to make an announcement later about what it wants to do with Opel and Vauxhall.
Source: BBC News | Business | World Edition | 10 Sep 2009 | 3:37 am

The Failure Of The Mortgage Modification Plan

The Administration’s plan to help modify millions of mortgages to keep “worthy” homeowners in their houses is not working. A Treasury Department report shows that 360,165 people had their monthly payments reduced through August. That is only a little more than 10% of the mortgageholders eligible for the program. And, the situation is not likely to [...]

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Source: 24/7 Wall St. | 10 Sep 2009 | 3:37 am

House prices rise 0.8% to fuel rebound hopes

House prices rose for the second month in a row during August, according to Halifax.


Source: Latest Business News from Times Online | 10 Sep 2009 | 3:31 am

Pakistani stocks end lower; rupee firms

KARACHI, Sept 10 (Reuters) - Pakistani stocks ended nearly one percent lower on Thursday after gaining almost 3 percent the previous day as investors sold shares to book profits at higher levels, dealers...
Source: RSS feed - channel BNewsBusiness | 10 Sep 2009 | 3:25 am

UPDATE 3-Chevron signs $60 bln Australia LNG export deal

* Chevron seals about 3 mtpa of LNG sales from Gorgon project
Source: RSS feed - channel BNewsBusiness | 10 Sep 2009 | 3:25 am

Commodities Corner: Gold needs to lodge a proper foothold at $1,000

Gold managed to reclaim the $1,000-an-ounce level this week to trade at levels not seen in more than a year, but it’ll need quite a bit more than a friendly boost to gain a good foothold and climb to fresh highs.



Source: MarketWatch.com - Top Stories | 10 Sep 2009 | 3:24 am

House prices 'increase by 0.8%'

House prices rose by 0.8% in August compared with July - the second monthly rise in a row, says the Halifax.
Source: BBC News | Business | World Edition | 10 Sep 2009 | 3:20 am

India's Hazira LNG to import 3 cargoes in Sept-CEO

NEW DELHI, Sept 10 (Reuters) - India's Hazira LNG Pvt Ltd may import three cargoes of liquefied natural gas this month, the firms's chief executive told Reuters on Thursday.
Source: RSS feed - channel BNewsBusiness | 10 Sep 2009 | 3:19 am

Van der Moolen files for bankruptcy

Once one of the prime marketmakers on Wall Street, Dutch group says it can no longer pay ongoing expenses, including salaries, for September.
Source: Financial Times - US homepage | 10 Sep 2009 | 3:17 am

Stock futures rise; Texas Instruments eyed

(Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500 up 0.27 percent, Dow Jones futures up 0.24 percent and Nasdaq 100 futures up 0.21 percent at 4:46 a.m. EDT.

Source: Reuters: Business News | 10 Sep 2009 | 3:09 am

Stock futures rise; Texas Instruments eyed (Reuters)

The sign of the New York Stock Exchange is pictured March 26, 2009. REUTERS/Chip EastReuters - U.S. stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500 up 0.27 percent, Dow Jones futures up 0.24 percent and Nasdaq 100 futures up 0.21 percent at 4:46 a.m. EDT.



Source: Yahoo! News: Business | 10 Sep 2009 | 3:09 am

Stock futures rise; Texas Instruments eyed (Reuters)

The sign of the New York Stock Exchange is pictured March 26, 2009. REUTERS/Chip EastReuters - U.S. stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500 up 0.27 percent, Dow Jones futures up 0.24 percent and Nasdaq 100 futures up 0.21 percent at 4:46 a.m. EDT.



Source: Yahoo! News: Stock Markets News | 10 Sep 2009 | 3:09 am

GM May Take Opel Into Bankruptcy

GM may have learned something from its US-government backed bankruptcy in America. A car company can make it through Chapter 11 successfully and live to have its balance sheet better off and its operations more efficient. GM’s board says it will announce its plans for its Opel units soon. One of its options is to allow [...]

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Source: 24/7 Wall St. | 10 Sep 2009 | 3:07 am

British home prices rise again in August: survey (AFP)

An estate agents window display in Epping, 2008. Home-loans provider Nationwide said that house prices jumped 1.6 percent in August from July, the biggest increase since December 2006 as fewer properties came on the market.(AFP/File/Shaun Curry)AFP - Home prices in Britain rose by 0.8 percent in August from the July level, highlighting a soft economic recovery taking hold in the country, a survey from home-loans provider Halifax showed on Thursday.



Source: Yahoo! News: Business | 10 Sep 2009 | 3:03 am

General Motors to retain ownership of Vauxhall

General Motors (GM) is set to retain ownership of its European business, removing the short-term threat of thousands of job losses at Britain’s Vauxhall plants.


Source: Latest Business News from Times Online | 10 Sep 2009 | 3:00 am

Brazil Finds The Largest New Oil Fields In The World

BP (BP) last week said it found an oil field deep under the Gulf of Mexico that could yield as much as one billion barrels of oil and gas. Not to be outdone, yesterday Brazil said its Guará offshore discovery could have two billion barrels of crude and gas. When this is added to the Tupi and Lara [...]

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Source: 24/7 Wall St. | 10 Sep 2009 | 2:53 am

UK house prices gain for second month

UK house prices climbed for a second month in August in the latest sign that low interest rates and the decline of the last two years are attracting buyers.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Sep 2009 | 2:50 am

'One in 10 conned' by ticket sites

Sports and music fans are left wanting by online ticket sites that don't produce the goods, says the Office of Fair Trading.
Source: BBC News | Business | World Edition | 10 Sep 2009 | 2:48 am

Home Retail Group sells more kitchens and computers at Homebase and Argos

Home Retail Group owner of household goods retailers Homebase and Argos reported betterthanexpected secondquarter sales as customers bought more kitchens televisions and computers.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Sep 2009 | 2:45 am

Asia Markets: Japan machinery-orders data fail to derail rally

Japanese markets remain bullish, discounting new government data pointing to weakness in capital spending.



Source: MarketWatch.com - Top Stories | 10 Sep 2009 | 2:44 am

FTSE climbs further above 5,000

The FTSE 100 headed further above 5,000 in early trading this morning, hitting a new 11-month high, as positive market sentiment strengthened.


Source: Latest Business News from Times Online | 10 Sep 2009 | 2:41 am

Stocks set to advance

Stocks were headed for a higher open Thursday as investors awaited reports on trade and employment, and considered President Obama's health care speech.
Source: Business and financial news - CNNMoney.com | 10 Sep 2009 | 2:38 am

Economic Report: British house prices up 0.8% in August: Halifax

British house prices rise for a second month in August, leaving the average near the level seen at the end of last year, the nation’s largest mortgage lender said.



Source: MarketWatch.com - Top Stories | 10 Sep 2009 | 2:34 am

IEA raises oil-demand forecasts for 2009 and 2010

The International Energy Agency raises its forecast for global oil demand by nearly 500,000 barrels a day for both this year and 2010.



Source: MarketWatch.com - Top Stories | 10 Sep 2009 | 2:21 am

Japan's Suntory in talks to buy Orangina

Suntory, the whisky-to-green tea drinks conglomerate, is in talks to buy Orangina, the French brand, as part of efforts to expand its business interests beyond Japanese shores.


Source: Latest Business News from Times Online | 10 Sep 2009 | 2:18 am

U.S. foreclosures off 1% vs. July, up vs. year ago

U.S. foreclosure filings in August fell less than 1% from July and rose 18% from the year-earlier month, the real-estate consultants RealtyTrac report.



Source: MarketWatch.com - Top Stories | 10 Sep 2009 | 2:17 am

Media Digest 9/10/2009 Reuters, WSJ, NYT, FT, Bloomberg

Reuters:   GM has made its decision on Opel and will announce it today. Reuters:   Foreign car makers are having trouble with the affluent market in China Reuters:   Steve Jobs made a presentation at Apple’s (AAPL) latest public meeting. Reuters:   OPEC will hold prices steady. Reuters:   Google (GOOG) plans new mirror technology to improve solar power. Reuters:   Bank of America (BAC) is [...]

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Source: 24/7 Wall St. | 10 Sep 2009 | 2:03 am

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.



Source: MarketWatch.com - Top Stories | 10 Sep 2009 | 2:01 am

Morrisons sees surge in profits

Morrisons sees half year pre-tax profits rise 22%, saying new customers had been drawn in by its prices in the downturn.
Source: BBC News | Business | World Edition | 10 Sep 2009 | 2:00 am

Optimism pushes Aust dollar higher

SYDNEY - The Australian dollar closed higher on Thursday as investors continued their enthusiasm for a recovery in the global economy.However, gains were pared following a weak jobs report that knocked expectations of an interest...
Source: nzherald.co.nz - Business | 10 Sep 2009 | 1:57 am

London shares continue rally

London equities continued to rise on Thursday in a broad-based rally led by resource and financial stocks that strengthened the FTSE 100's hold over the 5,000-point level. The benchmark index was 22 points...
Source: RSS feed - channel BNPaperBusiness | 10 Sep 2009 | 1:38 am

Asia Markets And Europe Open 9/10/2009

Markets in Asia were mixed. The Nikkei rose 2% to 10,514. The Hang Seng was up 2% to 21,263.  The Shanghai Composite was off .7# to 2,925. At the open in Europe, the FTSE was up .5% to 5,029. The Dax was higher .6% to 5,610 and the CAC 40 was up .5%. Data from Reuters and MarketWatch. Douglas A. McIntyre Posted [...]

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Source: 24/7 Wall St. | 10 Sep 2009 | 1:36 am

Bank set to hold UK interest rates

The Bank of England is expected to keep interest rates at 0.5% for the sixth consecutive month when makes its decision later.
Source: BBC News | Business | World Edition | 10 Sep 2009 | 1:34 am

Morrisons profits rise 22% but growth to slow

Wm Morrison, Britain’s fourth biggest supermarket chain, has reported a 22 per cent rise in underlying pre-tax profits and a further improvement in like-for-like sales.


Source: Latest Business News from Times Online | 10 Sep 2009 | 1:25 am

Wm Morrison profits jump raises dividend 35pc

The supermarket chain's valueformoney groceries are a hit.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Sep 2009 | 1:17 am

Redrow suffers worst loss to date

Redrow, one of the UK's largest housebuilders, has suffered its worst annual results, reporting a pre-tax loss of £140.8m.
Source: BBC News | Business | World Edition | 10 Sep 2009 | 1:16 am

Aussie stocks close higher

MELBOURNE - Australian share market closed just over one per cent higher on Thursday on investor exuberance after labour data showed a steady unemployment rate.However, brokers said also profit-takers swooped on gold stocks, and...
Source: nzherald.co.nz - Business | 10 Sep 2009 | 1:14 am

Oil prices up after Opec meeting

Oil prices rise above $72 a barrel after the meeting of the producers' cartel Opec in Vienna decides not to change oil output.
Source: BBC News | Business | World Edition | 10 Sep 2009 | 1:03 am

BofA, Wells Fargo step up mortgage modifications

A month after being shamed for helping relatively few borrowers, the two big banks report big gains. Among all lenders nationwide, more than 360,000 homeowners have gotten relief.

The sluggish $75-billion federal mortgage relief program got a boost from Wells Fargo & Co. and Bank of America Corp., both of which stepped up their efforts last month to modify home loans.



Source: L.A. Times - Business | 10 Sep 2009 | 1:00 am

Tiffany sues to keep H & M away in Century City

The upscale jeweler says plans to open the clothing store nearby violates its agreement at the Westfield Century City shopping center and would tarnish its image. ...
Source: RSS feed - channel BNPaperBusiness | 10 Sep 2009 | 1:00 am

Industrial and financial stocks pull market higher

The Dow rises 49.88 points to 9,547.22, its second-highest close of the year. Broader indexes also gain. Stocks...
Source: RSS feed - channel BNPaperBusiness | 10 Sep 2009 | 1:00 am

Goldman chief attacks 'outsized' pay for bankers

After raking in millions as a top executive of Goldman Sachs Group Inc., Lloyd C. Blankfein said outsized banker pay encouraged excess and worked "against the public interest."



Source: L.A. Times - Business | 10 Sep 2009 | 1:00 am

Warner shakes up DC Comics to compete with Marvel

Facing even stronger competition with a Disney takeover of Marvel, the studio unveils a plan for tighter control of the superhero unit and names 'Harry Potter' brand manager Diane Nelson to run it.

Warner Bros. hopes to cure a case of superhero envy.



Source: L.A. Times - Business | 10 Sep 2009 | 1:00 am

L.A. City Council approves pay raise to cover LAX workers' health costs

Contractors must either pay $14.80 an hour or $10.30 an hour with a $4.50 contribution to cover workers' insurance coverage.

Although the economic climate is the worst in decades, the Los Angeles City Council on Wednesday unanimously approved a measure designed to provide health insurance to about 5,100 low-income workers at Los Angeles International Airport by requiring employers to increase their pay.



Source: L.A. Times - Business | 10 Sep 2009 | 1:00 am

Tiffany sues to keep H & M away in Century City

The upscale jeweler says plans to open the clothing store nearby violates its agreement at the Westfield Century City shopping center and would tarnish its image.

H&M is one of retailing's hottest clothing chains, but Tiffany & Co. doesn't want it for a neighbor.



Source: L.A. Times - Business | 10 Sep 2009 | 1:00 am

Goldman chief attacks 'outsized' pay for bankers

After raking in millions as a top executive of Goldman Sachs Group Inc., Lloyd C. Blankfein said outsized banker pay encouraged excess and worked "against the public interest."
Source: RSS feed - channel BNPaperBusiness | 10 Sep 2009 | 1:00 am

Apple's Steve Jobs makes first appearance since liver transplant

'I have the liver of a twentysomething person who died in a car crash and who was generous enough to donate their organs,' the famously private CEO says.

It was supposed to be about Apple Inc.'s dazzling new products. Instead, the company's press conference on Wednesday was about the man.



Source: L.A. Times - Business | 10 Sep 2009 | 1:00 am

BofA, Wells Fargo step up mortgage modifications

A month after being shamed for helping relatively few borrowers, the two big banks report big gains. Among all lenders nationwide, more than 360,000 homeowners have gotten relief. ...
Source: RSS feed - channel BNPaperBusiness | 10 Sep 2009 | 1:00 am

Beatles take the music industry's sad song and make it better

Rock Band video game and remastered CDs prompt fans old and new to get back into the Fab Four's music. The 2009...
Source: RSS feed - channel BNPaperBusiness | 10 Sep 2009 | 1:00 am

Apple unveils cutting-edge upgrades rather than new technology

The iPod Nano now has a built-in video camera, an FM radio with live pause mode, and a pedometer. The iPod Touch gets more storage space for less, and iTunes has several new features for music lovers...
Source: RSS feed - channel BNPaperBusiness | 10 Sep 2009 | 1:00 am

Oakland A's performance shows that 'moneyball' doesn't always pay off

The use of statistical analysis to identify underappreciated players may lead to periods of success, but the concept has never been a panacea for the problems of a low-budget team.

If anybody out there happens to be interested, the Oakland Athletics are on track to turn in their worst performance on the baseball field in more than 10 years.



Source: L.A. Times - Business | 10 Sep 2009 | 1:00 am

Economy is stabilizing but still fragile, Fed says

Survey paints a mixed picture, with large pockets of weakness among different industries and regions.

An economic recovery may well have arrived, but a Federal Reserve report released Wednesday shows just how varied it is proving to be by industry and region.



Source: L.A. Times - Business | 10 Sep 2009 | 1:00 am

Apple unveils cutting-edge upgrades rather than new technology

The iPod Nano now has a built-in video camera, an FM radio with live pause mode, and a pedometer. The iPod Touch gets more storage space for less, and iTunes has several new features for music lovers.

An upgraded iPod Nano -- with video camera, FM radio and other niceties -- in a slimmer, flashier package is the highlight of Apple's new product lineup.But the fact that it's an upgrade is telling -- Apple Inc. revealed no brand-new products at Wednesday's long-awaited unveiling. The rumored tablet-style computer that's supposedly in the works was not mentioned.



Source: L.A. Times - Business | 10 Sep 2009 | 1:00 am

L.A. City Council approves pay raise to cover LAX workers' health costs

Contractors must either pay $14.80 an hour or $10.30 an hour with a $4.50 contribution to cover workers' insurance coverage. ...
Source: RSS feed - channel BNPaperBusiness | 10 Sep 2009 | 1:00 am

Economy is stabilizing but still fragile, Fed says

Survey paints a mixed picture, with large pockets of weakness among different industries and regions. An economic...
Source: RSS feed - channel BNPaperBusiness | 10 Sep 2009 | 1:00 am

Bank of America defiant over Merrill Lynch bonuses

The bank, insisting it's done nothing wrong, tells a federal judge that it 'stands ready to litigate' if he doesn't approve a settlement with the SEC. It also upbraids the New York attorney general. ...
Source: RSS feed - channel BNPaperBusiness | 10 Sep 2009 | 1:00 am

Beatles take the music industry's sad song and make it better

Rock Band video game and remastered CDs prompt fans old and new to get back into the Fab Four's music.

The 2009 version of Beatlemania had no screams, no fainting and little hysteria. But there were plenty of smiles on the faces of fans indulging their fondness for the music of the Fab Four as the Beatles: Rock Band and a batch of new and improved CDs of their complete catalog went on sale Wednesday.



Source: L.A. Times - Business | 10 Sep 2009 | 1:00 am

Sharemarket rising after OCR

The New Zealand sharemarket held its gains from early trade after Reserve Bank Governor Alan Bollard left the official cash rate (OCR) unchanged, and improved on them in the afternoon instead of tailing off.Dr Bollard stuck to...
Source: nzherald.co.nz - Business | 10 Sep 2009 | 12:52 am

Australia agrees $60bn gas deal

Chevron Australia signs $60bn worth of deals to supply liquefied natural gas to Japan and South Korea.
Source: BBC News | Business | World Edition | 10 Sep 2009 | 12:46 am

Dollar still near US70c

Though the New Zealand dollar slipped a little from the new 12-month highs it hit against the US dollar early today, it finished the day up near US70 cents.At 5pm today the kiwi was worth US69.78.It stepped over the US70c...
Source: nzherald.co.nz - Business | 10 Sep 2009 | 12:31 am

Japanese brewer may buy Orangina

Japan's third largest brewer is in talks to buy the soft drinks maker Orangina from its private equity owners.
Source: BBC News | Business | World Edition | 10 Sep 2009 | 12:19 am

Court orders UBS to post $35 million bond in fraud case

NEW YORK (Reuters) - A Connecticut court ordered UBS to pledge assets or post a $35 million bond after finding "probable cause" that the bank committed securities fraud in a deal with Pursuit Partners, the hedge fund's lawyers said on Wednesday.

Source: Reuters: Business News | 9 Sep 2009 | 11:55 pm

Steve Jobs strides back onto Apple stage

SAN FRANCISCO (Reuters) - Steve Jobs stepped back into the spotlight for the first time in nearly a year on Wednesday, drawing a standing ovation before unveiling new and cheaper iPods for Apple Inc.

Source: Reuters: Business News | 9 Sep 2009 | 11:50 pm

Goldman's chief Blankfein joins the bankers thinking afresh about capitalism

It's a year since the shocking collapse of names such as Lehmans Merrill Lynch AIG Bear Stearns and HBOS. From the rubble some businesses with state aid were salvaged. Others lost for ever.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Sep 2009 | 11:06 pm

U.S. recession ends, jobless outlook bleak: survey (Reuters)

Reuters - The U.S. employment picture will stay bleak well into next year long after the recession ends, but the worst of the labor market crisis is over, top private economists said on Thursday.
Source: Yahoo! News: Business | 9 Sep 2009 | 10:42 pm

U.S. recession ends, jobless outlook bleak: survey

WASHINGTON (Reuters) - The U.S. employment picture will stay bleak well into next year long after the recession ends, but the worst of the labor market crisis is over, top private economists said on Thursday.

Source: Reuters: Business News | 9 Sep 2009 | 10:42 pm

$300m bill for rural broadband, Govt will fund 'some'

The Government says $300 million needs to be spent getting rural New Zealanders connected with broadband.It wants 25 per cent of those living in rural areas to have access to broadband soon, Communications Minister Steven Joyce...
Source: nzherald.co.nz - Business | 9 Sep 2009 | 10:30 pm

U.S. foreclosures near record, peak in late '10: report (Reuters)

Reuters - U.S. mortgage foreclosure filings in August hovered near July's record high despite broad efforts to keep borrowers in their homes and will probably rise for another year, according to a report released on Thursday.
Source: Yahoo! News: Business | 9 Sep 2009 | 10:27 pm

U.S. foreclosures near record, peak in late '10: report

NEW YORK (Reuters) - U.S. mortgage foreclosure filings in August hovered near July's record high despite broad efforts to keep borrowers in their homes and will probably rise for another year, according to a report released on Thursday.

Source: Reuters: Business News | 9 Sep 2009 | 10:27 pm

The great Madoff sell-off

The antique fishing rods propped up against the wall in the vast kitchen, the 1895 set of Shakespeare's complete works on the shelf, the century-old golf clubs in the corner n they are the accumulated knick-knacks of a rich man's...
Source: nzherald.co.nz - Business | 9 Sep 2009 | 10:00 pm

In a Recession, Who Needs a June Wedding? (Deal of the Day)

The promise of warm weather, blossoming flowers and robust attendance make summer the peak season for weddings. But there are other perks for couples who marry in the winter – namely huge savings.

Peak wedding season falls between May and October in most of the U.S., says Richard Markel, the president of the Association for Wedding Professionals International, a trade group of wedding professionals. During that time, most wedding vendors – including caterers, photographers and limousine companies – charge the most because their services are in such high demand. But in the winter, business comes to a standstill – especially in the northern regions hit with particularly harsh weather – and engaged couples have more room to negotiate for lower prices.

During the winter, the number of weddings throughout the country declines by 40% to 50% below that of peak season, Markel says. And of the roughly 2.2 million weddings that take place in the U.S. each year, only 5% occur in January, he says. That winter dip in demand means that couples marrying during the cooler months will be competing against fewer weddings for vendors.

Now, couples who are considering a January, February or March wedding still have time to book vendors, Markel says. “Couples have a major opportunity because the number of weddings that occurred in 2009 has been down by about 5%, and bookings for early 2010 are down as well,” he says.

Here are the four wedding vendors with whom you’ll see some of the biggest winter savings.

Banquet Facility

The largest wedding-related expense is the banquet reception, which can cost upwards of $10,000, depending on the number of guests, location and menu, Markel says.

Typically, banquet facilities charge a fixed price per person. But between January and March, the total cost often drops between 20% and 50%, Markel says. (The savings will be lower in states that have warm weather throughout the year, like parts of Florida and California.) Couples who get married in the Meeting House Grand Ballroom, a banquet facility in Plymouth, Mich., will see big price differences between the seasons. For weddings between January and March, couples will pay Friday prices for a Saturday wedding, says Randy Lorenz, the owner and general manager. For a party of 200 adults, that’s a discount of $2,000; the banquet facility also waives its $300 ceremony fee.

However, not all wedding venues are cheaper during the winter than during the spring, summer or fall. Weddings at ski resorts are priciest in the winter, the venues’ peak season, says Elise Enloe, a master bridal consultant and the director of education for the Association of Bridal Consultants, a trade group of wedding professionals. Also, facilities that are popular with corporate holiday parties or conventions tend to be at their busiest during the winter, says LeLani Mandac, a senior catering manager at the Hilton Anaheim.

To save with a winter wedding at the Hilton Anaheim, couples will have to reserve the space no more than six months in advance, she says. Couples who choose an available weekend between conventions could receive an upgraded package at no extra cost, like a $70 per person plated dinner (the facility’s priciest package) at a cost of $65 per person, or an additional hour to their wedding celebration, which usually costs $250, for free.
In New York, winter is typically slow for caterers and other wedding vendors, says Andrea Correale, the president of Elegant Affairs, an off-premise catering and event design company. As a result, couples marrying there have more leverage to negotiate meal prices during the cooler months. A caterers’ price difference between a winter and summer wedding in New York is $50 on average per person, Correale says.

Flowers

Couples who are set on a color or type of flower should keep an open mind or prepare to drop a lot of cash.

The average cost of wedding flowers ranges between $2,000 and $3,000 in the U.S., says Baxter Phillip, the executive vice president at Phillip’s Flowers & Gifts in Chicago. To save with a winter wedding, choose flowers that are in season, like irises, orchids, lilies and most roses, he says. Hydrangeas and peonies are the most expensive in January, and red and white roses are the priciest in the two weeks leading up to Valentine’s Day and during the holiday season.

Also, find out where the flowers are coming from. Their starting point and shipping costs factor into the price you’ll pay. Seventy-five percent of wedding flowers (primarily roses) come from South America, whose summer season is our winter, Phillip says. Those flowers are often more affordable for winter weddings in the U.S. than, say, flowers imported from Holland, which shares our winter season. Distance is also a factor. Flowers that ship from South America to Florida will be cheaper than those that are shipped to California, says Angie Zimmerman, the owner of Heavenly Flowers & Events in El Dorado Hills, Calif.

Or stick to locally-grown flowers that are in season. For example, tulips are less expensive in California during the winter than they are in most of the U.S. because the state has many local tulip growers, Zimmerman says.

Photography & Video

Fewer weddings mean fewer requests for photographers and videographers.

For weddings between December and March, Bill Louis, the owner of Stella View Studios, a photography company in Union, N.J., says he discounts his custom photography packages, which start at $1,099, by 10% to 20%.

Jeff Sharpe, a co-owner of Sharpe Photographers in Roseville, Calif., where the starting price for photos is $2,200, says the company offers a 10% to 25% discount for weddings between January and March. During the same months, Eli Allen, the owner of Majestic Images in Philadelphia, who charges a starting price of $7,000 for photography and video combined, offers a 20% discount.

Transportation

Limos are at their most expensive during prom season and peak wedding season – periods that winter wedding couples would avoid. So expect to pay 10% to 20% less during the winter than you would in May or June, Markel says.

Santos Limousines, in Avenel, N.J., lowers the price on its fleet of limos and luxury cars for most weekend weddings between the first Saturday after Thanksgiving through the end of March. For three-and-a-half hours of use, a 2009 Rolls Royce Phantom rented during the winter will cost a couple $1,000, down from its peak price of $1,200; a Chrysler 300 stretch limo will go for $400, down from a high of $475; and a Cadillac Escalade ESV Series will cost $825, down from as much as $925.

From Sundays through Thursdays during the winter, Reston Limousine, which is based in Washington, D.C., offers a fourth hour free on any vehicle rental at least three hours long.

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 | 9 Sep 2009 | 10:00 pm

3 Companies With Heaps of Cash (Screens)

Retail sales are soft, unemployment hit a 26-year high in August and a U.S. Treasury official warned Wednesday that millions more home foreclosures are likely. Oddly enough, though, most of Corporate America has never been flusher.

Financials, utilities and transport companies still carry plenty of debt, to be sure. According to Standard & Poor's, though, all other members of its index of 500 of the nation’s largest companies collectively hold about $700 billion—more than ever before.

The reasons are several. First, companies were hoarding cash well before the recession; their stockpile has topped $600 billion since 2004. Second, most companies responded to the past year's sales downturn with a sharp reduction in spending. Third, as corporate lending dried up over the past year, many companies trimmed or halted dividend payments to store up funds. Fourth, most companies didn't exactly buy low over the past year—share repurchases and cash takeovers all but disappeared.

I wouldn't quite call the record cash holdings a positive sign. Companies are meant to return profits to shareholders, not sit on them. But investors who fear the economy will remain weak for several more quarters, or even years, can take comfort in knowing that the country's biggest industrial companies (if not all of its banks) seem financially prepared.

Below are three companies that could use a business boost but that are sitting on heaps of cash. I've focused only on dividend-payers, since they might be able to increase their payments, and since companies with plenty of cash and no dividends are at risk for low returns on investment at best and overpriced acquisitions at worst.

Garmin

Net cash / market value: 14%
Dividend yield: 2.3%

Garmin (GRMN) makes navigation devices, like those that mount to windshields and give drivers turn-by-turn directions. A recession, market saturation and competition from Dutch rival Tom-Tom have caused sales to slide of late. Analysts are predicting a 23% sales decline this year. Meanwhile, the navigation ability of smart phones threatens to do to dedicated navigation devices what cell phones have already done to car phones. Tom Tom recently introduced a $99, turn-by-turn navigation program for Apple's (AAPL) iPhone. All that said, Garmin easily surpassed Wall Street's earnings forecasts in its most recent quarter, and makes money from far more than car devices. It makes navigation gadgets for boats, airplanes and joggers, and recently introduced its first phone. Shares are up 65% this year, but still trade at a discount of about a quarter to the broad market.

Buckle

Net cash / market value: 13%
Dividend yield: 2.9%

Aeropostale (ARO) has lower prices than most of the other jeans-sellers at the mall. Largely for that reason, its sales are on pace to jump 15% this year. Buckle (BKE), meanwhile, sells jeans for $100 and more a pair. Remarkably, it's expected to increase its sales by 13% this year. There are signs the 401-store chain's fastest growth is behind it. Women are still clamoring for its jeans, but demand among men has cooled. Still, the stock seems plenty affordable at 10 times earnings.

Lincoln Electric

Net cash / market value: 12%
Dividend yield: 2.4%

Based on earnings alone, Lincoln Electric (LECO) looks expensive, at 36 times the 2009 forecast. But demand for the company's welding and cutting supplies has been crushed this year by a downturn in manufacturing. Sales are expected to decline 33%. Earnings are seen plunging to $1.32 a share from $5.36 last year. If we assume the company can reclaim just half of that profit decline in coming years, shares are selling at 14 times earnings. A full return to last year's profit would put the price/earnings ratio in single digits. And while not all companies find worthwhile projects for their cash stockpiles, Lincoln should have little trouble. It's an acquisition-driven company, and there are plenty of beaten-down industrial suppliers at the moment waiting to be bought on the cheap.

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 | 9 Sep 2009 | 10:00 pm

Modest Expectations for Fall

THE 2009 RALLY HAS REPAIRED SOME of the portfolio damage suffered in the stock-market crash. Repairing confidence, however, is a different matter. Though stocks rebounded as much as 52% in the past six months, even Wall Street's most faithful constituents don't expect that momentum to last.

As autumn arrives, the 10 top strategists and investment officers surveyed by Barron's say they expect the Standard & Poor's 500 to finish this year at an average of 1056 -- barely 4% above today's level at 1016. To put this in perspective: After clocking monthly gains averaging 6.5% since March, the market is now expected to creep up less than 1% a month. Apparently, the fourth-quarter bounce has gone the way of the three-piece suit and the two-martini lunch. A Santa Claus rally? Maybe not this year.

No, the strategists haven't turned bearish. They are essentially bullish, even if their price targets are subdued. Nearly all of them think that lavish government stimulus programs have stabilized the economy during the worst recession in generations, and they expect operating profits of S&P 500 companies to rebound 24% in 2010. The majority heavily favor cyclical energy, materials and technology stocks, which usually thrive as the global economy mends. In contrast, no one likes consumer staples. And other defensive havens, such as health care and utilities, are roundly shunned.

Remarkably, our last survey, conducted this past December, called for the S&P 500 to finish this year at 1045. That puts our forecasters well on track for a bull's eye. Yet many of these vocationally bullish strategists have resisted the urge to nudge their targets higher, even as the S&P approaches, or surpasses, their previous marks.

The cluster of year-end targets between 1000 and 1100, all in a tight band within a short distance of today's market, reflects a common concern that stocks have already run up very far, very fast. Traders lunging at stocks at the first whiff of economic recovery have swelled price/earnings multiples. "A lot of good news is already priced into the market," says Larry Adam, Deutsche Bank Private Wealth Management's chief investment strategist.

Says Myles Zyblock, RBC Capital Markets' chief institutional strategist: "We've had the lion's share of multiple expansion, and we'll need earnings to grow to catch up. The market is digesting a lot of gains, and it won't take much to trigger a correction."

Last week, stocks pulled back 1.2%, even after data showed manufacturing expanding for the first time since January 2008. One red flag for this fall: Estimates by stock analysts for 2010 profits are still roughly 25% higher than market strategists' forecasts -- and the third quarter is when companies begin looking ahead to a new year and quashing improbable expectations, says Citigroup strategist Tobias Levkovich.

The expiration of the Federal Deposit Insurance Corp.'s term-loan guarantee for bank bonds, or any tax hikes to fund health-care reform, could rattle the market, he warns. In addition, companies were granted a reprieve from funding their pensions in 2009, and with only 21 companies within the S&P 500 sitting on fully funded retirement plans, the resumption of that obligation will eat into next year's profits.

Still, no one seems to think a correction will be anything but short and shallow. Most believe that the 12-year low seen in March, when the S&P 500 skidded to 676, will remain a "generational" threshold, and that the government's assertive policies have averted a depression and forced a revival that is beginning to resuscitate our economic indicators.

The restocking of depleted inventories, consumer-targeted incentives like cash for clunkers, and easier comparisons all invite economists to pencil in gross-domestic-product growth in the low single-digits in the second half and in 2010.

Nearly everyone acknowledges the looming threat of stringent taxation, and the toll that must one day be paid for today's financial-disaster relief. But no one expects the Federal Reserve to yank its obliging monetary policy before year end. The debate, in fact, is whether the government will wait until 2011 before raising rates again. And seven of the 10 firms in our survey expect Treasuries to stagnate and the yield on the 10-year to edge up from about 3.44% today.

SO, ARE THE EASIEST GAINS already behind us? We've seen the best six-month run since 1938, yet there are reasons, some overlooked by investors, why stocks could still work their way higher.

For a start, companies' profit margins are holding up well. Margins shriveled to about 4% during downturns in the 1980s and early 1990s, but recently troughed at 6%. Henry McVey, head of global macro and asset allocation at Morgan Stanley Investment Management, attributes the stronger margins to higher commodity prices during this trough, lower corporate taxes and a smaller debt burden. And with technology and health care making up 19% and 14% of the S&P 500's market cap, respectively, high-margin and less economically sensitive segments now drive a bigger chunk of the market.

"Higher relative margins endow Corporate America with more of a buffer against economic volatility than what Corporate Japan exhibited in the 1990s," McVey says. He expects S&P 500 multiples to stabilize or even expand, as return on equity rebounds to 14% in 2010 from the current 11%.

Replacing duds like General Motors with more robust companies on indexes also adds roughly $7 of earnings per share to S&P operating profits. Thanks to such changes, the S&P's book value per share has increased $40 from the market bottom, to about $495 -- and could rise further as profits swell.

"The key issue to focus on in the next four months is top-line revenue growth," says David Kostin, Goldman Sachs' chief U.S. strategist. Since peaking at $91 a share in mid-2007, S&P 500 profits have suffered the worst contraction since the Great Depression, falling 53%. During this stretch, companies have cut jobs, slashed fixed costs and amassed considerable operating leverage that can come in handy when revenue grows again.

Kostin thinks companies exposed to the faster-growing economies of Brazil, Russia, India and China are better positioned to deliver such growth. To that end, Goldman has flagged a basket of 50 U.S. stocks with the highest percentage of sales to these BRIC countries. The selection includes Sohu.com (SOHU), Marvell Technology (MRVL), Mylan Laboratories (MYL), Pfizer (PFE), Morgan Stanley (MS) and Yum! Brands (YUM).

Goldman's roster of 24 stocks with the greatest operating leverage includes Amazon.com (AMZN), Safeway (SWY), Pioneer Natural (PXD), Hess (HES), Grainger (GWW) and Applied Materials (AMAT).

Kostin's 1060 target for the S&P pegs the index at 14 times projected 2010 profits of $75 a share, and he thinks a multiple of 15 would be "reasonable" in a modestly growing economy. JPMorgan Chase strategist Thomas Lee says a forward multiple of 16 is typical six months into an economic expansion; his target of 1100 is just 14.7 times his projected 2010 profits. The group forecasts S&P 500 companies will earn a weighted average of $72 a share next year.

THE MOST BULLISH CALL in the Barron's survey comes from John Praveen, who sees three catalysts propelling the market another 16%, to ring in the new year at 1175. "The recovery from the global recession is stronger and faster than expected, earnings expectations are being revised upward, and we're entering the inflation sweet spot," says the chief investment strategist at Prudential International Investment Advisers. "Deflation fears are receding, yet inflation is not yet picking up. So corporations have pricing power, but central banks aren't going to raise rates just yet."

Christopher Hyzy, U.S. Trust's chief investment officer, also thinks "growth could prove higher and inflation lower than the consensus forecasts." The recession and credit crunch created the most slack of any downturn since World War II, with a third of our industrial capacity idle, and Hyzy believes prices of goods could stay low even as sales volume starts to pick up. "Because of the affordability of durable goods, consumers can de-lever and still spend enough for sales to grow nominally," he says.

Hyzy sees "a great convergence" of the shorter-term repair-and-recovery phase with the longer-term shift of economic growth from developed to developing worlds. Steadily improving confidence and near-zero interest rates on cash will support prices of assets, including equities.

SO WHAT ARE WE WORRIED ABOUT? For openers, increased regulations, higher taxes, vexing unemployment and the inevitable "exit strategies" through which central banks will begin to withdraw liquidity.

McVey of Morgan Stanley flags three key risks ahead, starting with the price of oil. When inflation fears are afoot, higher commodity prices are embraced as a welcome sign of healthy global demand -- "but above $85 [a barrel], I think rising crude oil prices go from being a positive to negative." Anything that diminishes the currently steep -- and lucrative -- yield curve will rattle the market, as can any fundamental shift in global policies toward protectionism, or away from the collective support of global growth.

The swing in investor sentiment also bears watching. "The word 'depression' crept into our vocabulary regularly just a few months ago," says Robert Doll, BlackRock's global chief investment officer. "Has our world changed so completely we're now focused primarily on earnings growth? Have companies' balance sheets really improved that thoroughly?" Among Doll's concerns: Banks haven't set aside enough to cover losses in consumer loans, credit cards, autos and commercial real estate, and he remains wary of financial stocks. Levkovich also warns about commercial real estate, especially real-estate investment trusts, which have doubled from their March lows. He cites rising vacancies and a supply glut.

Barclays' equity strategist, Barry Knapp, has the lowest target; he expects the S&P 500 to pull back 8.5% to end the year near 930. Stocks' summer rally coincided with falling real rates, "which implies a slight marking down of growth expectations," he cautions. Meanwhile, bank loans and leases have shrunk 4.9% this year. The yields of lower-risk asset classes and agency mortgage-backed securities have risen slightly this summer, versus those of comparable-maturity Treasuries. Knapp views this as tied to the winding down of the government's massive quantitative easing program (read, money printing). "If the recent spread widening continues into September, we doubt that U.S. equities will remain unscathed."

Although leading economic indicators are turning higher, with home prices rising for the first quarter since 2006, worries remain that the economy will fall into a double-dip recession.

Then there are the well-articulated fears about muted consumer spending. The U.S. savings rate dipped to 4.2% in July from 4.5% in June, chiefly as the cash-for-clunkers program boosted car purchases, but most economists expect it to resume climbing toward 8% next year. And every one percentage-point rise in savings reduces growth by 0.7 percentage points.

Investors are "naturally worried about a languishing consumer," says JPMorgan's Lee. However, frugal spending is typical after a recession. In fact, in three out of every four recoveries, consumer spending has lagged behind overall GDP growth in the first nine months, and the firm's economists expect consumer spending to grow 2%-3% through 2010 while the economy expands at a 3%-4% pace.

The unprecedented credit crunch and market meltdown led to an unprecedented level of government stimulus, and now "we're experiencing an unprecedented rally that I feel isn't yet complete," says Michael Hartnett, Bank of America Merrill Lynch's chief global equity strategist. Merrill has a 12-month target instead of a year-end one, and isn't included in our survey.

Ahead lies a possible "moment of truth," Hartnett says. "Will attempts of policy makers to stimulate the economy lead to a virtuous cycle of growth, even if that growth is slow? Or will it fail because no matter the short-term incentive, consumers will worry about the eventual cost of that stimuli and decide not to spend?" Besides the usual consumer barometers, Hartnett is also watching President Obama's approval ratings as a gauge of consumer confidence.

JUST HOW CROWDED IS THE BET on cyclical stocks? Global-growth beneficiaries like technology are favored by no fewer than eight strategists, energy by seven and industrials by six. Strikingly, not a single expert suggests shunning energy, industrial, materials and technology issues, even though some of these have already risen substantially; tech and materials stocks are up 39% and 31%, respectively, this year.

That stellar run and the by-now-familiar argument in their favor is why BlackRock's Doll advocates a "barbell" portfolio, balancing cyclical and defensive stocks. "I believe the recession is ending, and we can't ignore the cyclical upside," Doll observes. "But cyclicals have run up hard, especially low-quality stocks, and I want some defensive quality in my portfolio." His picks: energy and health care.

In fact, McVey asserts that our recent lunge at economically sensitive stocks will eventually give way to "the revenge of the establishment." This means that established leaders will brandish their pricing power to crowd out smaller players and pad their market shares.

The familiar constraints on discretionary spending -- stagnant wages, decimated wealth, and those staggering credit-card balances -- have all but one strategist giving up on the consumer. "Consumer discretionary offers one of the more direct ways to capture stabilization in the housing indicators and peak in unemployment insurance claims," says RBC's Zyblock, who singles out media as a beaten-down, heavily shunned sub-sector whose earnings are starting to improve. Boding well for that sector, marketing will be stepped up in 2010 for the World Cup, the Winter Olympics, the World Expo in China and the midterm elections, adds Deutsche's Adam, who is underweight consumer stocks but favors media issues.

"Coming out of a recession, you tend to see a boost in media and advertising spending, with companies spending more to drive sales," Adam says.

Zyblock also likes financials, even though many banks are still struggling. They're "the best direct play on receding system-wide stress, the pickup in capital- markets activity and an upturn in financial assets," he says. Financial stocks are up 13% this year but remain at the low end of their 30-year valuation range, and a steep yield curve further pads the spread-lending business. Commercial real estate could "remain problematic" for many regional banks, but the bank index is turning up from cyclically depressed levels, he adds.

Health care, meanwhile, is bogged down with worries about pending reforms, and Adam calls it the sector with the most attractive valuation. "In the end, we'll most likely see a watered-down reform package that offers coverage to more people, but margins aren't going to collapse as much as people fear," Adam says.

He thinks a greater emphasis on preventive medicine will increase testing and benefit the laboratory, equipment, medical-service and pharmacy-benefits management groups. That should help health-care shares push higher as uncertainty lifts. With any luck, the market, too, will work its way up through the end of the 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 | 9 Sep 2009 | 10:00 pm

Should You Buy Term Life Insurance?

Your financial planner mentions the words term life, and you immediately zone out. But supercheap grabs everyone’s attention, and premiums for term life are just that, despite a modest uptick this year. So who needs an insurance policy that pays out only if the person who owns it dies within a certain number of years? Generally, someone with debt that ends after a set period, such as a mortgage or tuition payments, or dependents (kids, an unemployed spouse).

Term life is cheaper than some universal and whole-life policies, because those types last longer and double as investment vehicles. But premiums are expected to continue creeping up, so buying a term policy now will likely save you money in the long run. Some tips:

Lock in the Rate

The only way buyers can keep benefiting from today’s low rates is to get a policy with “guaranteed level premiums,” where the rates don’t change from year to year. It’s like getting a fixed rate on a mortgage.

Get the Right Term Length

Term policies range from five to 35 years. Longer policies have higher premiums, but buyers shouldn’t skimp on coverage just to save money, says Byron Udell, chief executive of online insurance broker AccuQuote.com. Future health problems could make it much more expensive or even impossible to buy another policy. A $1 million 20-year term policy costs about $670 a year for a healthy 40-year-old man. (Ten years ago, it was $860.) “It’s the price of a few hot dogs a week,” says Udell.

Consider a Convertible Policy

Many term life policies can be changed to a universal or whole-life one. This helps people who want to extend their coverage to offset estate taxes—allowing heirs to pay the taxes with the money they receive from the policy—or to continue to provide for their dependents. Buyers should get the longest conversion period possible to avoid having to pay more if their health deteriorates, says Douglas Mishkin, president and chief executive of New York brokerage Algren Associates.

Read the Fine Print

Policies can have different riders, including provisions that pay out double the money in the case of accidental death, but some can significantly increase the cost of a policy. Gary Dworkin, chairman of the National Association of Independent Life Brokerage Agencies, says he would be cautious about extra benefits. “I don’t want to be responsible for recommending a bell or whistle at the expense of the most important thing: the base product,” he says.

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 | 9 Sep 2009 | 10:00 pm

September 10, 2008 (Wednesday): From Bad to Worse at Lehman; Worries for WaMu

A $3.9 Billion Loss for Lehman

The situation is growing even more critical for storied investment bank Lehman Brothers. The bank says it had a third-quarter loss of $3.9 billion. That marks the biggest loss in Lehman’s 158-year history. Trying to calm investors, Lehman says it will sell off assets and slash its dividend—all the way to 5 cents from 68 cents. But after a morning bump, Lehman’s shares wind up falling again, closing down 7% to $7.25. (For more on this news, click here and here.)

Meanwhile, Over at WaMu…

And the subprime hits just keep coming. While Lehman Brothers struggles, there’s also growing anxiety about Washington Mutual. With about $180 billion in mortgage-related loans, the bank could face billions in losses by some estimates. “If this goes on until the end of the year, the bank is either going to have to be sold or recapitalized by the government. Those are the only choices,” Christopher Whalen, a managing partner at Institutional Risk Analytics, tells the New York Times. WaMu shares fell below $3 for the first time since 1991. (For more on this news, click here.)

Follieri’s Folly

Raffaello Follieri, the Italian businessman who dated actress Anne Hathaway, pleads guilty to 14 counts of wire fraud, money laundering and conspiracy. Follieri used his wide-ranging contacts to lure investors to real estate ventures. Under the terms of the plea, Follieri must surrender assets including $2.4 million—and 12 watches. (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 | 9 Sep 2009 | 10:00 pm

Obama shifts healthcare to moral ground

President Barack Obama appealed for bipartisan reform of the US healthcare system, recasting the debate as a moral one and saying it was ‘part of the American character’ to ensure that people who needed help did not go without
Source: Financial Times - US homepage | 9 Sep 2009 | 9:40 pm

Bollard warns of currency, housing risks

Reserve Bank Governor Alan Bollard is warning of the risks of a high New Zealand dollar and rising house prices but has also downplayed the risks after leaving interest rates unchanged today.Bollard kept the official cash rate...
Source: nzherald.co.nz - Business | 9 Sep 2009 | 9:30 pm

Madoff recorded coaching witness to outsmart SEC (AP)

Bernard Madoff exits federal court in New York in March, 2009. The US Securities and Exchange Commission flubbed a probe of confessed swindler Bernie Madoff, who pulled off one of the biggest frauds in Wall Street history, an internal probe showed Wednesday.(AFP/Getty Images/File/Mario Tama)AP - Disgraced financier Bernard Madoff coached a potential witness about fooling federal regulators, saying "you don't have to be too brilliant" to get away with it, according to a newly released transcript of a 2005 telephone call.



Source: Yahoo! News: Stock Markets News | 9 Sep 2009 | 9:12 pm

Fed officials see slow recovery for labor market

DALLAS (Reuters) - U.S. labor markets could take years to recover from the setbacks of the current recession, which have pushed the unemployment rate to a 26-year high, top Federal Reserve policy-makers said on Wednesday.

Source: Reuters: Business News | 9 Sep 2009 | 8:40 pm

Finance company victims still want Royal Commission of Inquiry

Investors who lost money in failed finance companies still want a Royal Commission of Inquiry, even though Parliament's commerce select committee has launched its own investigation.Representatives of the pressure group Exposing...
Source: nzherald.co.nz - Business | 9 Sep 2009 | 8:30 pm

US economy improving, recession looks over says Fed

WASHINGTON - Economic activity is stabilising or improving in most of the U.S, according to a new government survey, adding to evidence that the worst recession since the 1930s is over.The Federal Reserve's snapshot of economic...
Source: nzherald.co.nz - Business | 9 Sep 2009 | 8:00 pm

OPEC holds output steady, looks to economy

VIENNA (Reuters) - OPEC early on Thursday agreed to hold output targets steady after top exporter Saudi Arabia looked to economic strength to bolster the oil price and dismissed bulging inventories.

Source: Reuters: Business News | 9 Sep 2009 | 6:59 pm

Obama urges action on health care

Reporter Tamara Keith talks with Kai Ryssdal about what President Obama had to say in his speech to Congress, whether he still favors a public-insurance option, and what happens next.
Source: Marketplace | 9 Sep 2009 | 6:53 pm

GM on verge of keeping European business

Surprise move by board could spell good news for Vauxhall's 5000 British workers.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Sep 2009 | 6:21 pm

Tony Ball offered top job at ITV

But deal is not sealed as negotiations are continuing on the terms and conditions of his pay package.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Sep 2009 | 6:14 pm

Telecom could face network nightmare with works changes

Telecom customers could be left unable to make phone calls, text or surf the web if proposed changes to public works legislation go ahead, a parliamentary committee was told today.Submissions on Maori Party MP Te Ururoa Flavell's...
Source: nzherald.co.nz - Business | 9 Sep 2009 | 6:00 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 | 9 Sep 2009 | 5:52 pm

Inside Madoff's homes, boats

In an age when the rich and famous often indulge themselves with huge, expensive mansions, Bernie Madoff played it relatively conservatively.
Source: Business and financial news - CNNMoney.com | 9 Sep 2009 | 5:35 pm

Roesch Says Cadbury Would Help Kraft in Emerging Markets: Audio


Source: Bloomberg - All Podcasts | 9 Sep 2009 | 5:24 pm

Write-Offs: 09.09.09

$$$ Dutch Banks Agree To Limit Bonuses [NYT]

$$$ Greenspan Apology: Still MIA [FS]

$$$ Know your eligible princes. [Cityfile]

$$$ Live-blogging the Lehman made for tv movie on BBC-- Dick Fuld choked a teddy bear a few scenes back.

$$$ Pic of the Day. Berns's throne room:
berniebathroombike2.JPG



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Sponsored Topics: Teddy bear - BBC - Richard S. Fuld Jr. - Television movie - The New York Times Company
Source: Dealbreaker | 9 Sep 2009 | 4:45 pm

Industrials, financials pull stock market higher (AP)

FILE - This Sept. 8, 2008 file photo shows Anthony Campagna, left, Donald Himpele Jr., and Chris Enright, right, all of Spear, Leeds, & Kellogg Specialists, gathering around the post where their firm trades Fannie Mae prior to the opening bell at the New York Stock Exchange in New York. A year after edging dangerously close to free fall, there are signs the economy is regaining a foothold. But Americans' sense of financial security is badly shaken and the nation confronts questions that defy quick or comfortable answers. (AP Photo/Henny Ray Abrams, File)AP - The stock market extended its gains to a fourth day as the Federal Reserve said the economy was stabilizing.



Source: Yahoo! News: Stock Markets News | 9 Sep 2009 | 4:27 pm

Recession forcing retailers to think small (AP)

In this photo made Friday, Sept. 4, 2009, a customer looks at no-frills laptops (which start around $300) at a Best Buy in Chicago. (AP Photo/Nam Y. Huh)AP - The Great Recession and Americans' retreat into thriftiness are teaching retailers a new lesson: How to survive when consumers are focused on "needs" rather than "wants."



Source: Yahoo! News: Business | 9 Sep 2009 | 4:22 pm

California Budget Crisis Leaves It A Bit Less Pet Friendly

Terminator 2.jpgIt appears the Governator looked back to his Terminator days for insight in closing part of California's $26 billion budget gap. While the state continues to fight about whether or not to unleash tens of thousands of prisoners on its more law abiding citizens, stray animals are getting the opposite treatment and being "dealt with" quicker to keep costs at shelters under control.

The recent budget compromise between Gov. Arnold Schwarzenegger and legislative leaders to reduce a $26 billion deficit included a provision that reduces the mandatory holding period for stray animals from six days to three days.

So the next time your dog takes off and you're deciding between chasing after him or just waiting until he returns, remember the phrase 'I'll be back' becomes less applicable for him with each passing minute.

Budget crisis cuts holding time at pet shelters [SF Chronicle]



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Sponsored Topics: California - Arnold Schwarzenegger - A Place to Grow - Recreation - Law
Source: Dealbreaker | 9 Sep 2009 | 4:05 pm

David Blanchflower threatened to quit Bank of England over recession failures

Bank of England policymaker says Governor Mervyn King failed to act fast enough in response to the recession.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Sep 2009 | 4:04 pm

BofA pushes SEC settlement, rejects Cuomo charges (Reuters)

Taxis pass the Bank of America branch in New York's Times Square June 30, 2005. REUTERS/Shannon StapletonReuters - Bank of America Corp and the U.S. Securities and Exchange Commission on Wednesday made a third attempt to persuade a skeptical judge to approve their settlement over Merrill Lynch & Co bonuses. But experts said they may not have done enough.



Source: Yahoo! News: Stock Markets News | 9 Sep 2009 | 3:55 pm

US interest rates seen as steady in near term

The US Federal Reserve will probably not have to raise interest rates in the first half of next year, senior officials believe, despite the brisker than expected start to recovery now under way
Source: Financial Times - US homepage | 9 Sep 2009 | 3:55 pm

RSA to stay in UK after tax talks with the Government

RSA has abandoned plans to redomicile for a more favourable tax regime after holding talks with the Government.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Sep 2009 | 3:40 pm

SEC defends $33M settlement with Bank of America (AP)

Taxis pass the Bank of America branch in New York's Times Square June 30, 2005. REUTERS/Shannon StapletonAP - Federal regulators on Wednesday defended their proposed $33 million settlement with Bank of America over bonuses paid by Merrill Lynch. But the Securities and Exchange Commission said the bank didn't waive attorney-client privilege, making it impossible to establish if its executives knowingly breached securities laws.



Source: Yahoo! News: Business | 9 Sep 2009 | 3:36 pm

SEC defends $33M settlement with Bank of America (AP)

Taxis pass the Bank of America branch in New York's Times Square June 30, 2005. REUTERS/Shannon StapletonAP - Federal regulators on Wednesday defended their proposed $33 million settlement with Bank of America over bonuses paid by Merrill Lynch. But the Securities and Exchange Commission said the bank didn't waive attorney-client privilege, making it impossible to establish if its executives knowingly breached securities laws.



Source: Yahoo! News: Stock Markets News | 9 Sep 2009 | 3:36 pm

Goldman chief admits banks lost control

Lloyd Blankfein, chief executive of Goldman Sachs, admitted that banks lost control of the exotic products they sold in the run-up to the financial crisis, and said that many of the instruments lacked social or economic value
Source: Financial Times - US homepage | 9 Sep 2009 | 3:34 pm

National Express set to accept £765m CVCCosmen bid

National Express is poised to accept a 500pashare offer from the CVCCosmen consortium after ruling out breaking up the transport group.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Sep 2009 | 3:20 pm

How the major stock indexes fared on Wednesday (AP)

AP - The stock market extended its gains to a fourth day as the Federal Reserve said the economy was stabilizing. Industrial and financial stocks led the advance Wednesday. The Fed's report on regional economies was more optimistic than earlier reports, but it also found that consumer spending would rise only because of car purchases linked to the government's brief Cash for Clunkers program.
Source: Yahoo! News: Stock Markets News | 9 Sep 2009 | 2:56 pm

Celebrating a Dud at Texas Instruments (TXN)

Texas Instruments Inc. (NYSE: TXN) has come out in a mid-quarter update and raised its guidance.  The new quarterly guidance is $0.37 to $0.41 EPS on  $2.73 to $2.87 billion in revenues.  The prior guidance was $0.29 to $0.39 EPS and $2.5 to $2.8 billion in revenues.   Thomson Reuters has estimates at roughly $0.35 EPS [...]

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Source: 24/7 Wall St. | 9 Sep 2009 | 2:46 pm

Podcast: Planet Money Survives First Year (Anniversary Edition)

Manchester United football team wearing AIG shirts.

Bracing for it in September 2008. (Paul Ellis / AFP/Getty)


On today's Planet Money:

Adam Davidson and Alex Blumberg spent the summer of 2008 working on the story that would launch Planet Money -- a Chana Joffe-Walt report about the connection between Chinese windmills and U.S. airplanes.

But a funny thing happened on the way to that first feature: in a terrifying series of financial calamities last September, the global economy darned near died.

What began as the month we all started thinking about Too Big Too Fail turned into Planet Money's first crazy, crazy year. You were there. Celebrate it with us in this anniversary podcast.

Bonus: After the jump, Planet Money's first real blog post (man, was Jeezy right) and our first seven podcasts.

Download the podcast; or subscribe. Intro music: Marnie Stern's "Every Single Line Means Something." Find us: Twitter/ Facebook/ Flickr.

Young Jeezy.

In August 2008, Young Jeezy told you to dial it back. (Kevin Winter / Getty Images)

Planet Money posted its first real blog post on August 21, 2008. Filed by Laura Conaway, it carried the headline "Young Jeezy Declares Recession."

Full text:

Never mind former Sen. Phil Gramm's "mental recession." Rapper Young Jeezy is titling his next album Recession -- and he does mean the economic variety. He got out in the streets for this one, posting a YouTube report looking at families on the lower rungs (warning: plenty of profanity).
Economists continue to debate whether the U.S. is a recession, but Young Jeezy says he has never seen the economy this bad. In an interview with XXL, Jeezy acknowledges his own change of heart about the financial scene. "When money was plentiful, I was the first one who told you to stack it. Live your life with it," he says. "Now that money slowed up, I'ma be the one telling you to save it like they ain't gon' make it no more."
Bonus: Young Jeezy's totally official site

P.S. The National Bureau of Economic Research got around to confirming Young Jeezy's position on Dec. 1, 2008, when it announced the U.S. had been in recession for a year.

We'll list our first seven podcasts below.

If you're interested in evolution, the first two have no opening music. The third and fourth feature Marnie Stern's "Every Single Line Means Something," and the calm music is Elizabeth Mitchell's cover of "Three Little Birds." And if you're looking for more back issues, try Odeo.

  1. Podcast #1 09.08.08: Brad Setser Explains The China Thing

  2. Podcast #2, 09.09.08: The Economist's Nightmare: No Bailout

  3. Podcast #3, 09.15.08: Listen Up: Your Questions Answered Here

  4. Podcast #4, 09.16.08: Listen Up: More Questions Answered Here

  5. Podcast #5, 09.07.08: Listen Up: Naked Short Selling, Meet Moral Hazard

  6. Podcast #6, 09.18.08: Listen Up: Ralph Reed Lands On Planet Money

  7. Podcast #7, 09.19.08: Listen Up: Economist Blames Election-Year Politics

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Source: NPR Blogs: Planet Money | 9 Sep 2009 | 2:43 pm

And The Oscar Goes To...

academy-awards.jpgMaybe he was just a huge Seinfeld fan who thought some performance art was the best way to honor the show. Or that a fake statue and some photoshop work would always offer enough credibility to entice people to part with millions without a second thought. But whatever the real reason, Brice Carrington is headed to jail for at least 4 years for a unique investment scam. Borrowing a page out of Kramer's Scarsdale Surprise playbook, Carrington posed as an Academy Award-winning sound engineer armed with a fake Oscar statuette and photographs to convince potential investors of his Hollywood connections and buy into his fictional online sound effects library. A $2.65 million home and luxury car collection later, the Oscar winner agreed to a plea deal (without a Raquel Welch clause) and will learn his final fate on Jan. 8th.



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Sponsored Topics: Academy Award - Hollywood Los Angeles California - Sound effect - Arts - Music
Source: Dealbreaker | 9 Sep 2009 | 2:26 pm

National Bank of Abu Dhabi to Start Exchange-Traded Fund: Audio


Source: Bloomberg - All Podcasts | 9 Sep 2009 | 1:58 pm

MasterCard Raised to `Hold’ at Citigroup: Audio


Source: Bloomberg - All Podcasts | 9 Sep 2009 | 1:57 pm

Federal Reserve Says The Economy Is Looking Up

By Laura Conaway

The Federal Reserve is ready to put the skip back in your step, America. Its latest survey of the 12 Federal Reserve Districts, known as the Beige Book, concludes that the economy is either stabilizing or getting better in most of the country.

All but one district, St. Louis, said the economy was at least stable. In St. Louis, central bankers report the pace of decline is "moderating." Businesses across the nation are "cautiously positive," the Fed says.

Again, we're seeing stronger signals of optimism from businesses than from individuals. AP notes that analysts think the economy is now growing at an annualized rate of three or four percent. From AP:

Most of that growth should come from more spending from businesses, which had slashed investments -- often by double-digits -- during the recession.
Consumer spending, however, is expected to turn up only because of the binge-buying of automobiles generated by the short-lived Cash-for-Clunkers program.

Consumer spending is still down, as is commercial real estate and lending.

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Source: NPR Blogs: Planet Money | 9 Sep 2009 | 1:31 pm

Is This Enough For You Andrew Cuomo?

Andrew Cuomo.jpgWith any luck, this may finally be enough to get Andrew Cuomo into the octagon. Bobby Benmosche gave it his best by warning AC about the enormous can of whoop ass he can expect once the Croatian wine duties have been attended to. But maybe it takes a more eloquent message to get the NY Attorney General's blood boiling enough to do his best Bruce Banner impression and embark on a rampage in Charlotte that will only end when he's holding Ken Lewis upside down by the ankles.

Bank of America's lawyers responded to Cuomo's most recent round of Merrill conspiracy accusations by stating, repeatedly, and in a colorful variety of ways, that his Office's letter is a delicate mixture of selective hearing and remedial reading comprehension. If "The worst thing that will ever happen to him is when he and I meet in the room and I close the door" can't get the Hulk fired up, let's hope "the basic premise of the letter is simply wrong" and "the letter contains a number of spurious and false allegations" can.



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Sponsored Topics: Andrew Cuomo - Bank of America - Attorney general - New York - Hulk
Source: Dealbreaker | 9 Sep 2009 | 1:15 pm

Apple Wants Cisco’s Flip Video Market (AAPL, CSCO)

Generally speaking, success and intrigue in a new hot market brings on competition.  It seemed to be a bit of an odd merger to many when Cisco Systems, Inc. (NASDAQ: CSCO) acquired the private company called Pure Digital Technologies, the maker of the popular Flip Video™ cameras.  But a new iPod nano product from Apple [...]

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Source: 24/7 Wall St. | 9 Sep 2009 | 1:05 pm

Caption Contest Wednesday: Dick effing Fuld. No sh*t. Yeah, it's him. No, hell no, he looks like sh*t. He looks like a big bag full of mashed up asshole. Nice tan, though.

dickfuldmomjeans.jpg
Dick Fuld on the move in JFK.



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Sponsored Topics: JFK - Richard S. Fuld Jr. - United States - Dick Fuld - History
Source: Dealbreaker | 9 Sep 2009 | 12:54 pm

Brazil oil find could hold 2bn barrels

Petrobras, the national oil company, has reported that a giant offshore oil field could be double the size of last week’s discovery in the Gulf of Mexico
Source: Financial Times - US homepage | 9 Sep 2009 | 12:54 pm

Pic: When RVs Were HOT (You Know, Before Unemployment And All)

Indiana RV industry.

The view from the summer of 2005. (Brimley / Planet Money Flickr pool)

By Laura Conaway

@Brimley posts this to the Planet Money Flickr pool -- he says he found this issue of Indiana Business from 2005 while moving his office.

The coverline asks whether RVs "will continue to be HOT SELLERS." Back then, the industry centered on Elkhart County, Ind., had just notched its best year since John Travolta fit into that white suit. The prosperity didn't last long. Today, Elkhart County has famously hit very hard times. It suffered a 17.8 percent decline in employment, the nation's largest, from December 2007 to December 2008, hit a jobless rate of 16.7 percent as of July.

So will RVs "continue to be HOT SELLERS"? As Brimley answers the magazine's headline, "I think the answer is 'no.' "

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Source: NPR Blogs: Planet Money | 9 Sep 2009 | 12:46 pm

Justin Fox Sees Need to Open OTC Derivatives Markets: Audio


Source: Bloomberg - All Podcasts | 9 Sep 2009 | 12:43 pm

Pond Sees Slowing Foreign Demand for U.S. Treasury Bonds: Audio


Source: Bloomberg - All Podcasts | 9 Sep 2009 | 12:40 pm

10 People Who Won the Lottery–Then Lost it All

Ever dream of winning the lottery? The golden ticket holders on this list might convince you otherwise. Most of them either regret winning the jackpot, or admit it made their lives hell. Let them show you what the lottery could make you lose.

10. Callie Rogers
callie
Image

Six years later, Rogers is a 22-year-old single mother of two. She now works as a maid to sustain herself and her family. She is paying off debt induced by her spending. Today, she has this to say about her winnings:

My life is a shambles and hopefully now it has all gone I can find some happiness. It’s brought me nothing but unhappiness. It’s ruined my life.

9. The Roby Brigade

roby
Image

The day before Thanksgiving, 1996, a group of 43 farmers from Roby, TX pooled their money to buy 430 lottery tickets. The next day, they won a $46 million prize. Roby, a town of only 600 inhabitants, was suddenly full of millionaires.

In an ideal world, those winning would have saved Roby, a floundering cotton farming town facing severe drought. But that didn’t happen.

Many winners used their jackpots–$1.085,162 total, or $39,000/year–for practical uses, like starting college funds, paying off loans, or buying new pickup trucks, according to the September 2004 issue of Texas Monthly.

Though “the town’s farmers could finally breathe a sigh of relief,” few prospered from their winnings. Most winners cut deals with lottery buyout brokers, who gave them cash upfront in exchange for future annual payments, writes Pamela Colloff, author of the Texas Monthly article. In the end, she says, that left them with roughly 1/3 of their original winnings. Bad business ventures and a plague of untimely bad luck didn’t help.

Years later, Roby remains a dying town. “For all the trouble the lottery brought on me, I don’t know whether to be happy I won or sorry I didn’t,” said Lance Green, the town’s mayor at the time.

8. Ken Proxmire

prx

Ken Proxmire, a tool grinder from Michigan, won $1 million in the 1977 Michigan Lottery. Proxmire used his winnings to indulge his inner entrepreneur. He moved to California to open a chain of sporting goods stores.

Several years later, his business went under. $100,000 in debt, Proxmire filed for bankruptcy. His wife left him at that time, too, according to this Time Magazine article. Since his business failure, tax payments and bankruptcy settlements have gobbled up most of his annual winnings.

7. William “Bud” Post

post

When William “Bud” Post won $16.2 million in a 1988 lottery, one of the first things he did was try to please his family, according to this Bankrate article.

Unfortunately, his kin was of the unfriendly sort. Post’s brother hired a hit man to kill him, hoping to inherit some money. Other family members persuaded him to invest in two businesses that ultimately failed. Post’s ex-girlfriend sued him for some of the winnings. Post himself was thrown in jail for firing a gun at a bill collector.

Over time, Post accumulated so much debt that he had to declare bankruptcy. He now relies on Social Security for income. “Lotteries don’t mean (anything) to me,” he is quoted as saying—after he lost all his money.

6. Janite Lee

zzzzjanite

Janite Lee, a St. Louis wig shop owner, won $18 million in 1993. The 52-year-old then went on a philanthropic binge that lost her everything. Besides the usual million-dollar house and cars, Lee reportedly donated more than $1 million to Washington University, where her namesake reading room commemorates the occasion. She reportedly donated $277,000 to Democratic political candidates, earning herself meals with Bill Clinton, Al Gore, and even the President of South Korea.

She didn’t stop there. $30,000 went to the family of a South Korean church pastor who passed away. The St. Louis Korean American Association received a house from her. Another Korean adoption-related association also benefited.

Lee’s philanthropy was expensive. But combined with her gambling habit—she lost $347,000 in a single year—bank loans, and credit card debt, it harkened disaster. She filed Chapter 7 bankruptcy in 2001.

5. Luke Pittard

pittard

Welshman Luke Pittard won £1.3 million in a 2006 UK lottery play. He spent a portion of his prize money on a Canary Islands holiday, a wedding, and new house.

After only 18 months, however, Pittard felt bored. Early retirement didn’t suit him. So he returned to his previous job—at a Cardiff, Wales McDonald’s restaurant. Back among burgers, he feels much happier, despite the fact that his winnings interest makes him more than his restaurant wage.

Though Pittard didn’t lose all his winnings, his unique choice of post-lottery employment earns him a spot on this list.

4. Willie Hurt

zzzzhurt

Willie Hurt won $3.1 million in the 1989 Michigan Lottery. Within two years, this former family man found his life in shambles. He divorced his wife, lost custody of his kids, and spent his remaining money on crack cocaine. An attempted murder charge tops off Hurt’s world of lotto-induced pain.

3. Suzanne Mullins

wasting

In 1993, Suzanne Mullins won $4.2 million in the lottery. She later borrowed almost $198,000 from a lending company, using her lotto winnings as colateral, according to this Bankrate article. But she never paid the company back. They later sued her for the missing amount.

Mullins claimed that her son-in-law’s long illness produced $1 million in medical bills, aggravating the debt situation. Mullins apparently has no assets left to pay off her debt.

2. Jack Whittaker

jackwhittaker

55-year-old Jack Whittaker ran a successful contracting company in West Virginia when he won a $315 million Powerball jackpot. At the time, it was the biggest amount ever won by a single ticket.

Whittaker, who already had a net worth of $17 million, received a $114 million check after taxes. He gave money to Christian charities and a personal foundation supporting low-income families.

Whittaker did some good, but his bad deeds make his story. He was arrested twice, once for drunk driving and once for threatening a bar manager followed. A woman sued him after he groped her at a dog racetrack. Thieves took $545,000 in cash from Whittaker’s car while he was visiting a strip club. About a year later, thieves again stole $200,000 from his car. Caesars Atlantic City sued him for bouncing $1.5 million in checks. His wife divorced him.

Then, there were the dead bodies. In 2003, Whittaker’s granddaughter’s boyfriend was found dead of an overdose inside Whittaker’s home. His 17-year-old granddaughter, whom he had been giving a $2,100 weekly allowance, fatally overdosed months later, at a different location. His daughter—mother of the dead granddaughter—died this year of as-yet-undetermined causes.

In this messiest of lotto stories, nobody seems to have won.

1. Billy Bob Harrell
zzzcross

In 1997, Home Depot stocker Billie Bob Harrell, Jr. won a $31 million Texas jackpot. To the former Pentecostal preacher, $1.24 million per year was a gift from heaven.

He bought a ranch, six homes for himself and family, and a bunch of new cars. After the initial glory subsided, however, Harrell found himself losing and loaning money at an alarming rate. Like many winners, he had trouble saying no to those who ask for his funds.

As a result, Harrell’s life became too stressful to handle. He divorced his wife. Less than two years after hitting paydirt, he committed suicide. “Winning the lottery is the worst thing that ever happened to me,” he is quoted as saying shortly before his suicide.



Source: Business Pundit | 9 Sep 2009 | 12:38 pm

DPJ sets stage for deep cuts to stimulus

The man widely tipped to become Japan’s new finance minister has called for ‘substantial cuts’ to the country’s nearly Y15,000bn economic stimulus package
Source: Financial Times - US homepage | 9 Sep 2009 | 12:36 pm

Beige Book Looks More Gray

The DJIA has rolled over a bit since the release of the latest Beige Book from the Federal Reserve, yet the market is still higher.  Ditto for the S&P.  The Fed’s Beige Book is supposed to be a collection of information on the current economic conditions put together by each Federal Reserve Bank in its [...]

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Source: 24/7 Wall St. | 9 Sep 2009 | 12:36 pm

David Ganek NOT In Trouble

The departure of Randy White from David Ganek's Level Global Investors had insiders buzzing this morning with wishful thoughts that this art lovin ex-SAC super trader's fund is in trouble. Not so!

Dealbreaker caught up with the firm and learned team Ganek (which runs a long/short equity fund) is actually thriving. After only ending 2008 down 6 percent Level Global is now cruising in positive territory up 8 percent ytd. And their AUM which was $2.3 billion in beginning of 2008 is now $4bn.



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Sponsored Topics: Mutual fund - Investing - Business - Funds - Assets under management
Source: Dealbreaker | 9 Sep 2009 | 12:30 pm

Funtleyder Says Health-Care Bill Won’t Curb Spending: Audio


Source: Bloomberg - All Podcasts | 9 Sep 2009 | 12:28 pm

Apple Wows Users with New iPod Nano, Upgraded iTunes

apple

A cool new iPod Nano, revamped iTunes, innovative home content sharing, and digital LP technology stole the show at Apple’s “It’s Only Rock and Roll” conference today. Steve Jobs himself appeared at the San Francisco event, much to viewer’s delight.

Here’s a summary of the Apple show, based on what the folks at Engadget reported on their liveblog:

First, Steve Jobs himself appeared on state. He recounted a few key Apple sales statistics (we have included all the stats in the entire presentation below):

–30 million iPhones sold in just over 2 years
–75,000 apps in the App Store
–1.8 billion apps downloaded by users
–100 million iTunes accounts, all with credit cards
–220 million iPods sold to date
–Latest market data gives iPod 73.8% share
–20 million iPod touches sold
–21,178 entertainment titles (games) in the App Store
–100 million iPod nanos sold

New Software/Hardware:

iPhone OS 3.1
–This free upgrade is available today

–Apple has applied Genius technology to Store apps. Genius can reccomend apps to you based on what you own.

–Adding more than 30,000 ringtones to the Store, for $1.29 a pop

iTunes 9
–Home sharing. You can copy songs, TV shows, and other content between up to 5 computers in your home. You’ll see everyone’s content, then drag and copy it to your own library. (Apparently this means that one person in your home can buy an app, and everyone else can have it, too.)

–New: Genius Mixes, a DJ-like program that plays mixes from your library. Like having a personalized radio station.

–Improved syncing. You can now sync by artist, genre, playlist, etc.

–Manage apps in iTunes. You can now move apps through iTunes and arrange your home screens there.

–Better Store. A cleaner design, new artist and movie pages, new integration with Facebook and Twitter,

–iTunes LPs. iTunes has essentially imported the classic LP–with illustrations, lyrics, photos, writing, even interviews–onto iTunes. You can now see and browse entire LPs through iTunes.

iPod Nano
–Each new nano now comes with an 8GB (video) camera in back. You can send videos to YouTube, watch them on your iPod, and send them to your computer.

–New features: Genius mixes, FM radio, pedometer (syncs to Nike), voiceover, microphone/speaker.

–Nanos now have a larger display.

–New prices: 8GB — $149. 16GB — $179.

New iPod Touch prices
64GB — $399
32GB — $299
8GB — $199

iPod Classic
160GB (new capacity) — $249

iPod Shuffle
–Now with snazzy new headphones, which all have the controller for the shuffle.

–Shuffle voice will now inform you when it closes the airlock, and when the battery is full.

–New colors: pink, silver, blue, green, black. Special edition: polished stainless steel.

–2GB — $59; 4GB — $79

Price Drop on Current iPod Models
Apple dropped prices on its current models earlier today. The 8GB iPod Nano and 120GB iPod Classic dropped $20 in price; the 8GB iPod Touch costs $40 less; the 16GB Nano and 16GB Touch are $50 cheaper, and the 32GB Touch is a whopping $120 less.

Demos include new iTunes, new games for iPod Touch, LPs, and more. Please see Engadget for details.



Source: Business Pundit | 9 Sep 2009 | 12:18 pm

A look at economic developments around the globe (AP)

AP - A look at economic developments and activity in major stock markets around the world Wednesday:
Source: Yahoo! News: Stock Markets News | 9 Sep 2009 | 12:18 pm

Swagel Says Public Lost Urgency for Financial Reform: Audio


Source: Bloomberg - All Podcasts | 9 Sep 2009 | 12:17 pm

Beijing strains to hear the voice of the people

In the absence of elections and free speech, government’s ability to uncover the true state of public opinion is limited, writes David Pilling
Source: Financial Times - US homepage | 9 Sep 2009 | 12:16 pm

Obama Health Care Speech: Excerpts for Business-Minded People

Having just watched today’s entire Obama health care speech, I wanted to provide you with essential excerpts for business-minded people. There’s more to the speech, but here’s the at-a-glance, crucial information for small business owners, employees, and anyone else wondering how the plan will affect business and the economy.

The excerpts below are from the full transcript of the speech, found here. We’ll include more analysis in subsequent posts.

The plan I’m announcing tonight would meet three basic goals:

It will provide more security and stability to those who have health insurance. It will provide insurance to those who don’t. And it will slow the growth of health care costs for our families, our businesses, and our government. It’s a plan that asks everyone to take responsibility for meeting this challenge – not just government and insurance companies, but employers and individuals. And it’s a plan that incorporates ideas from Senators and Congressmen; from Democrats and Republicans – and yes, from some of my opponents in both the primary and general election.

Here are the details that every American needs to know about this plan:

First, if you are among the hundreds of millions of Americans who already have health insurance through your job, Medicare, Medicaid, or the VA, nothing in this plan will require you or your employer to change the coverage or the doctor you have. Let me repeat this: nothing in our plan requires you to change what you have.

What this plan will do is to make the insurance you have work better for you. Under this plan, it will be against the law for insurance companies to deny you coverage because of a pre-existing condition.

As soon as I sign this bill, it will be against the law for insurance companies to drop your coverage when you get sick or water it down when you need it most. They will no longer be able to place some arbitrary cap on the amount of coverage you can receive in a given year or a lifetime.

We will place a limit on how much you can be charged for out-of-pocket expenses, because in the United States of America, no one should go broke because they get sick.

And insurance companies will be required to cover, with no extra charge, routine checkups and preventive care, like mammograms and colonoscopies – because there’s no reason we shouldn’t be catching diseases like breast cancer and colon cancer before they get worse. That makes sense, it saves money, and it saves lives.

That’s what Americans who have health insurance can expect from this plan – more security and stability.

Now, if you’re one of the tens of millions of Americans who don’t currently have health insurance, the second part of this plan will finally offer you quality, affordable choices. If you lose your job or change your job, you will be able to get coverage.

If you strike out on your own and start a small business, you will be able to get coverage. We will do this by creating a new insurance exchange – a marketplace where individuals and small businesses will be able to shop for health insurance at competitive prices.

Insurance companies will have an incentive to participate in this exchange because it lets them compete for millions of new customers. As one big group, these customers will have greater leverage to bargain with the insurance companies for better prices and quality coverage. This is how large companies and government employees get affordable insurance. It’s how everyone in this Congress gets affordable insurance. And it’s time to give every American the same opportunity that we’ve given ourselves.

For those individuals and small businesses who still cannot afford the lower-priced insurance available in the exchange, we will provide tax credits, the size of which will be based on your need. And all insurance companies that want access to this new marketplace will have to abide by the consumer protections I already mentioned. This exchange will take effect in four years, which will give us time to do it right. In the meantime, for those Americans who can’t get insurance today because they have pre-existing medical conditions, we will immediately offer low-cost coverage that will protect you against financial ruin if you become seriously ill. This was a good idea when Senator John McCain proposed it in the campaign, it’s a good idea now, and we should embrace it.

…under my plan, individuals will be required to carry basic health insurance – just as most states require you to carry auto insurance. Likewise, businesses will be required to either offer their workers health care, or chip in to help cover the cost of their workers. There will be a hardship waiver for those individuals who still cannot afford coverage, and 95% of all small businesses, because of their size and narrow profit margin, would be exempt from these requirements. But we cannot have large businesses and individuals who can afford coverage game the system by avoiding responsibility to themselves or their employees. Improving our health care system only works if everybody does their part.



Source: Business Pundit | 9 Sep 2009 | 11:30 am

What Do You Think This Is, Merrill Lynch?

Walking through the master bedroom, with a vaulted ceiling, dark wood floors and his-and-hers bathrooms and closets, Schowalter says she wants to keep buyers focused on the property, not Madoff.

Taking a break from cleaning, a Marshals Service contractor, Mike Clawson, tells Schowalter of the difficulties he has encountered as he has tended to the 20-foot-tall ficus hedge in the front yard and the rest of the trees and greenery that provide privacy from the houses immediately next door.

People have walked by cursing him, assuming he works for Madoff, says Clawson, as he chomps on a cigar from the Dominican Republic. One woman hurled a bag of dog excrement at him, narrowly missing, he says.

Marshals Service Markets Madoff's Home [Bloomberg]



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Sponsored Topics: Bernard Madoff - United States Marshals Service - Dominican Republic - Merrill Lynch - United States
Source: Dealbreaker | 9 Sep 2009 | 11:24 am

Presented By:


Source: Dealbreaker | 9 Sep 2009 | 11:24 am

U.K. population increase raises concern

A baby boom in the U.K. paired with a rise in immigration is causing some economic pundits to express alarm. Stephen Beard reports.
Source: Marketplace | 9 Sep 2009 | 10:53 am

Advertising's creative revolution

Director Doug Pray talks with Kai Ryssdal about his latest film, "Art & Copy," which explores the creative forces behind some of the most famous ads of the 20th century.
Source: Marketplace | 9 Sep 2009 | 10:53 am

A bad number for consumer spending

BusinessWeek's Michael Mandel talks with Kai Ryssdal about how consumer spending is based on false pretenses.
Source: Marketplace | 9 Sep 2009 | 10:53 am

No recovery with so many unemployed

While some sectors of the economy are improving, the labor market is still hurting. Commentator Robert Reich says that bad news for a real recovery.
Source: Marketplace | 9 Sep 2009 | 10:53 am

Spotlight on hope during Fashion Week

New York Fashion Week will soon be underway, and there are hints of recovery on the runway. Sally Herships reports.
Source: Marketplace | 9 Sep 2009 | 10:53 am

Recession takes bite out of McDonald's

McDonalds' sales growth has slowed in the U.S. and fell in Asia. Steve Henn reports the recession is tarnishing the performance of even the best-positioned brands.
Source: Marketplace | 9 Sep 2009 | 10:53 am

TARP 2.0 Looking Good

Sinking Cars.jpgThe stage is being set for round two of TARP. But instead of just being upfront about the need for some more printed money, the administration has turned this charade into a full blown three ring circus. TARP 2.0 is now one step closer to lift off after a congressional panel revealed what anybody with a pulse knew months ago: not all of the $81 billion that went out the door to GM and Chrysler is likely to come back. And while improved disclosure is an absolute must when it comes to banks and the products they sell to individuals, the doctrine evidently has its limits when tens of billions of taxpayer dollars are being thrown about.

"Congress and ultimately the American taxpayer have been left in the dark concerning details of Treasury's review process and its methodology and metrics at a time when Treasury committed additional TARP funds to these companies," the panel said.

"The Treasury auto team failed to disclose to the public both the factors and criteria it used in its viability assessments, the scope of outside involvement in its evaluations, and its basis and reasoning for selecting particular benchmarks," according to the report. "Simply, its disclosures did not go far enough."

On the off chance the New GM fails to exceed its predecessor's all-time market cap high (which would put the taxpayer investment at roughly break even), the bailout for the bailout appears more likely by the day.



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Sponsored Topics: Troubled Asset Relief Program - General Motors - Chrysler - Business - Market capitalization
Source: Dealbreaker | 9 Sep 2009 | 10:40 am

Goldman Partner's Neighbors Scandalized By Shirt Optional Parties

Picture 14.pngGoldman Sachs partner managing director Richard Kimball Jr. apparently got in some trubs with his Southampton neighbors this summer. His neighbors are people who say judgey stuff like "he is certainly enjoying the life of a single man" (Rick is divorced from Blackstone co-founder Pete Peterson's daughter, Holly, who you might know from her memoir about screwing the male nanny) and "there were a series of wild pool parties going on late until the night, with a lot of young pretty girls" (the implication being that these women are whores and Dick was throwing off the wall fuck-fests even Eliot Spitzer wouldn't attend, not even in the hardcorest of his hooker banging days). Obviously they would've been cool with the hos if they'd been invited over to join the fun but they weren't so they called the cops and had that shit shut down. Several times. Oh, but they weren't done there. Next they got Page Six on the horn and started crunching numbers.

"Another neighbor went round to get them to turn it down, and she came back saying there were a lot of topless girls around the pool with just two or three guys.

A lot of girls? Only two or three guys? Could that mean anything but insane orgies? Not in my world. This is the best part:

"Many of the residents say he ruined their summer. It's pretty arrogant behavior."

Got that? He ruined their summer. The whole thing. Down the drain.



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Sponsored Topics: Eliot Spitzer - Southampton - Goldman Sachs - Richard Kimball - Managing director
Source: Dealbreaker | 9 Sep 2009 | 10:27 am

Scared of 9/9/09? Calm Yourself with a Domino’s Birthday Cake

If the concept of 9/9/09–today’s unusual date–is giving you the jitters, why not calm down with a Chocolate Lava Crunch Cake, courtesy of Domino’s Pizza? The only caveat: You or someone you know needs to be turning 9 or 99 years old today. Nation’s Restaurant News has more:

The first 99 people who are turning either 9 or 99 on Sept. 9, 2009 — that’s 09/09/09 — and who prove it by e-mailing a copy of their birth certificate or driver’s license along with their address and phone number to pr@dominos.com, will receive a $25 gift card.

Domino’s is using the birthday tie-in to draw attention to its newest menu item, molten chocolate cakes called Chocolate Lava Crunch Cakes.

“We won’t see the date for another hundred years,” spokeswoman Jenny Fouracre said in a statement. “So in honor of this unusual day on the calendar, we thought it would be fun to provide the birthday cake, our newest dessert menu item, to those turning 9 or 99.”

The contest runs from Aug. 31 at 8 a.m. through Sept. 30 at 11:59 p.m., or until all 99 prizes are gone.

Sure beats worrying about the end of the world.



Source: Business Pundit | 9 Sep 2009 | 9:50 am

Bloomberg's O'Leary Discusses Issues Facing Congress: Video


Source: Bloomberg - All Podcasts | 9 Sep 2009 | 9:48 am

Palm Unveils New Pixi on Apple Announcement Day

pixi

Last night, Palm unveiled its new Pixi, a new, cheaper smartphone that runs on the Palm Pre OS. TechCrunch has more:

In a move akin to Herman’s Hermits opening for the Rolling Stones, Palm has decided to announce the new Palm Pixi, a phone akin to the Palm Centro of yore in price point and features, on the very day Apple will eat up the rest of the news cycle.

The Pixi is a non-slider with touchscreen and full keyboard. It will cost about $149 with two year contract and rebates on Sprint. You have 8GB of on board storage and it takes 2-megapixel pictures – down from the Pre’s 3-megapixels.

There is no Wi-Fi, a dealbreaker for many. The Pixi will be available in multiple “Artist Series” styles and will be available around the holidays.

More.

Lots of people use smartphones without Wi-Fi, so I question whether the Pixi’s lack thereof is really a “dealbreaker.” More interesting is the fact that Palm chose to nestle its new product announcement on the day of a big Apple event. Has Palm fallen so far behind that it has to ride Apple’s PR coattails just to make a statement? Or is this just a really bad marketing strategy? I’m guessing the latter.



Source: Business Pundit | 9 Sep 2009 | 9:41 am

Shilling Sees U.S. Recession Continuing Into 2010: Audio


Source: Bloomberg - All Podcasts | 9 Sep 2009 | 9:25 am

Price Says LBO Firms' Debt Purchases May Spark Lawsuits: Audio


Source: Bloomberg - All Podcasts | 9 Sep 2009 | 9:25 am

Job Openings Stuck Near Record Lows

Jobless by duration of employment

Laid-off workers have struggled to find new jobs. (Source: Bureau of Labor Statistics)

The Bureau of Labor Statistics released the Job Openings and Labor Turnover Survey for July, and it's about stark as stark can be. From the BLS:

On the last business day of July, the number of job openings in the U.S. was little changed at a series low level of 2.4 million, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The hires rate was little changed and remained low at 3.1 percent in July. ... The number of job openings has fallen by 2.4 million, or 50 percent, since the most recent peak in June 2007.

The only industry to show a change in job openings was retail, and that was a decline of 0.4 percent. Likewise, the BLS says the number of job openings showed little change across regions, except for a decline in the northeast.

Last week, the BLS reported that with a jobless rate of 9.7 percent, the average job search has declined just a nubbin, to 24.9 weeks. That's still in record territory by a solid month. There are now more than six people unemployed for every job opening. A labor market with so few openings can't begin to reabsorb the 14.9 million people now counted as unemployed.

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Source: NPR Blogs: Planet Money | 9 Sep 2009 | 9:06 am

Greenspan: Another Crisis Is Inevitable

By Laura Conaway

Good morning. Former Federal Reserve chair Alan Greenspan tells the BBC that a global economic crisis "will happen again". Greenspan says people in prosperous times can't stop themselves from believing that leaner time are inevitable.

The Wall Street Journal finds the overhaul of financial regulation is faltering, a year after the Lehman Brothers collapse.

Surprising words from the Financial Times, which reports that Goldman Sachs CEO Lloyd Blankfein has attacked some investment banking products for lacking "social utility" -- or as the FT paraphrases it, for being "socially useless."

Banks expect to haul in $27 million on overdraft fees this year from checks and debit cards.

The New York Times reports that 2.8 million households are carrying interest-only mortgages that will soon become a lot more expensive. The loans looked like a great deal when home values were rising. Now, not so much. As NPR's Chris Arnold reports, the threat of foreclosures remains a big, big problem for banks.

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Source: NPR Blogs: Planet Money | 9 Sep 2009 | 8:18 am

No Abductions at Night

ufo_sign_at_road



Source: Business Pundit | 9 Sep 2009 | 5:55 am