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Word on the street: No job prospectsThe job market is showing signs of improvement, according to the latest economic reports. But for those out of work and pounding the pavement, there are few signs of a turnaround.Source: Business and financial news - CNNMoney.com | 11 Sep 2009 | 4:32 am OECD July indicator points to stronger recoveryPARIS (Reuters) - The economic outlook improved in most countries in the 30-nation OECD area and clear signs of recovery can be seen in the major seven economies, an OECD survey said on Friday.Source: Reuters: Business News | 11 Sep 2009 | 4:17 am OECD July indicator points to stronger recovery (Reuters)Reuters - The economic outlook improved in most countries in the 30-nation OECD area and clear signs of recovery can be seen in the major seven economies, an OECD survey said on Friday.Source: Yahoo! News: Business | 11 Sep 2009 | 4:17 am Morgan Stanley’s Mack steps asideJohn Mack is to step down as chief executive of Morgan Stanley, putting an end to a four-year tenure marked by controversy over his strategic decisions and a near-death experience during last year’s financial crisis.Source: Financial Times - US homepage | 11 Sep 2009 | 4:12 am Rover bosses attacked over payoutBosses of MG Rover - whose collapse cost 6,500 jobs - gave themselves "unreasonably large" payouts, a report finds.Source: BBC News | Business | World Edition | 11 Sep 2009 | 4:11 am Indications: U.S. stock futures inch higher after Chinese dataU.S. stock futures inch higher and the dollar hits fresh lows Friday after a raft of positive data from China adds to the growing sense of a worldwide economic recovery.
Source: MarketWatch.com - Top Stories | 11 Sep 2009 | 4:10 am World stocks rise on good China data, US hopes (AP)
Source: Yahoo! News: Stock Markets News | 11 Sep 2009 | 4:07 am GM Fuel-Cell Car Logs One Million MilesThe cloud that is GM may have found a silver lining. GM’s Chevrolet Equinox, which is powered by a pollution-free fuel-cell, passed its one millionth mile in test drives. The firm says that the trials have been done with about 5,000 people rotating in and out of more than 100 cars over the past 25 months. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Sep 2009 | 4:05 am China's commercial aviation dreams face headwindsChina announcies to the world it is entering the big leagues of the commercial aerospace industry with its own, homegrown large-body jetliner. The only snag, analysts say, is that it's unlikely any of the world's airlines will ever want to buy one.
Source: MarketWatch.com - Top Stories | 11 Sep 2009 | 3:56 am Asian markets mostly up on China data boostChinese shares on Friday headed into the weekend with strong gains as a rush of upbeat data reaffirmed that the economic recovery was continuing.
Source: MarketWatch.com - Top Stories | 11 Sep 2009 | 3:50 am China’s Growth Smokes The USEither China’s economy is more resilient than the US’s or its $585 billion stimulus package is working better than the American version which has a $787 billion price tag. Last month, output at China’s factories gained 12.3% from a year earlier. Retail sales climbed 15.4% in August from a year before. It appears that both business [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Sep 2009 | 3:48 am World stocks rise on good China data, US hopesEuropean and Asian stock markets rose Friday on strong economic data from China and comments by U.S. Treasury Secretary Timothy Geithner, who said the financial sector was stabilizing and...Source: RSS feed - channel BNewsBusiness | 11 Sep 2009 | 3:45 am Dollar hits fresh one-year lowThe dollar fell to a fresh one-year low on a trade-weighted basis on Friday after stronger-than-expected Chinese data added to global recovery hopes. This boosted risk appetite and stemmed haven demand...Source: RSS feed - channel BNPaperBusiness | 11 Sep 2009 | 3:41 am Stock index futures point to higher open (Reuters)
Source: Yahoo! News: Business | 11 Sep 2009 | 3:40 am Stock index futures point to higher open(Reuters) - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were up between 0.1 and 1 percent, pointing to a stronger start on Wall Street on Friday.Source: Reuters: Business News | 11 Sep 2009 | 3:40 am Stock index futures point to higher open(Reuters) - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were up between 0.1 and 1 percent, pointing to a stronger start on Wall Street on Friday.Source: RSS feed - channel BNewsBusiness | 11 Sep 2009 | 3:40 am Stock index futures point to higher open (Reuters)
Source: Yahoo! News: Stock Markets News | 11 Sep 2009 | 3:40 am World’s Largest Cellular Company Still In Talks With Apple (AAPL)Apple (AAPL) has a deal with China Unicom (CHU) to sell its iPhone on the mainland. The deal, however, is not exclusive. The head of China Mobile (CHL), which has 500 million subscribers and is the world’s largest cellular company, says his firm is in talks with Apple about selling the iPhone, which would give [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Sep 2009 | 3:34 am Lies and cover-up at MG Rover exposed by reportA damning report into the collapse of MG Rover today claimed one of its former directors attempted to destroy evidence about the carmaker's demise and another was having a "personal relationship" with a consultant who was paid £1.6 million by the business. Source: Latest Business News from Times Online | 11 Sep 2009 | 3:34 am France sees chance for bonus restrictionsFrench Finance Minister Christine Lagarde expressed optimism Friday that world leaders will agree to international rules on trader bonuses at this month's summit of rich and developed...Source: RSS feed - channel BNewsBusiness | 11 Sep 2009 | 3:31 am UPDATE 1-New data shows promise of German Merck's MS drug* 43-44 pct of patients show no disease activity after 2 yrsSource: RSS feed - channel BNewsBusiness | 11 Sep 2009 | 3:27 am Changes at top of Morgan StanleyUS bank Morgan Stanley has said its chief executive John Mack will be replaced by a relative outsider, James Gorman.Source: BBC News | Business | World Edition | 11 Sep 2009 | 3:15 am Union election warning to BrownGordon Brown is warned that Labour is headed for defeat at the next election ahead of a meeting with union leaders over spending cuts.Source: BBC News | Business | World Edition | 11 Sep 2009 | 3:13 am UPDATE 1-Rockhopper to farm out licence to third party energy coSept 11 (Reuters) - Oil and gas explorer Rockhopper Exploration Plc said on Friday that it agreed on the terms for a farm-in of one of its licences with a third party energy company.Source: RSS feed - channel BNewsBusiness | 11 Sep 2009 | 3:05 am FTSE breaks back through 5,000Overnight gains by Asian stockmarkets helped the FTSE 100 break back through the 5,000 barrier. Source: Latest Business News from Times Online | 11 Sep 2009 | 3:02 am China's industrial output and investment risesCreeping nerves over the strength of China’s economic recovery were soothed today as a raft of official data showed soaring industrial activity, bank lending and investment. Source: Latest Business News from Times Online | 11 Sep 2009 | 3:00 am MG Rover report: Lord Mandelson initiates move to disqualify Phoenix FourMinister orders ban on former directors of carmaker which collapsed with the loss of 6500 jobs from running companies.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 11 Sep 2009 | 3:00 am Poverty Rises, Will Rise FurtherThe recession seems to have taken a toll on the rich and poor alike, but the rich can usually afford housing. The nation’s poverty rate climbed to 13.2%, up from 12.5% in 2007. That is almost certainly a sign the economy has decimated the earning power of millions of Americans. The number of people living [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Sep 2009 | 2:59 am BPC says institutional investors buy stake, shrs upSept 11 (Reuters) - British oil company BPC Ltd said a number of "well-known" institutional investors bought over 272 million shares of the company after RAB Special Situations and Edgewater Estates cut...Source: RSS feed - channel BNewsBusiness | 11 Sep 2009 | 2:57 am London Markets: Mineral extractors help U.K. stocks advanceMiners rise in London, as gold prices continue to flirt with the $1,000-an-ounce level and Chinese data appear to back recovery hopes.
Source: MarketWatch.com - Top Stories | 11 Sep 2009 | 2:57 am 50 Most Powerful WomenIn 1998 when the Most Powerful Women in Business list premiered, just two of our honorees ran Fortune 500 companies. This year 13 do.Source: Business and financial news - CNNMoney.com | 11 Sep 2009 | 2:53 am World markets climb amid upbeat China dataWorld stock markets pushed higher Friday as stronger-than-expected data about China's economy and the U.S. job market added to optimism about the global recovery. European markets...Source: RSS feed - channel BNewsBusiness | 11 Sep 2009 | 2:51 am GM’s Own “Cash For Clunkers” ProgramThe “cash for clunkers” program was not kind to GM. It did not have a single vehicle on the list of the ten most purchased cars which was dominated by Toyota (TM), Honda (HMC), and Ford (F). GM had 17.6% of the total new cars sold, behind Toyota’s 19.4%. The plan did not do much [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Sep 2009 | 2:50 am Spending spreeHow Libya's oil wealth flows into the UKSource: BBC News | Business | World Edition | 11 Sep 2009 | 2:46 am UPDATE 1-Japan to buy Glaxo, Novartis H1N1 vaccines -media* Japan to spend $1.1 bln on vaccine imports, newspaper saysSource: RSS feed - channel BNewsBusiness | 11 Sep 2009 | 2:44 am Dr Reddy's says founders not planning stake saleBANGALORE, Sept 11 (Reuters) - Dr Reddy's Laboratories Ltd said on Friday the founders of the Indian drug maker had no plans to sell their stake in the company, denying media and market talk about a possible...Source: RSS feed - channel BNewsBusiness | 11 Sep 2009 | 2:41 am N Brown broadens niche with High & MightyHigh & Mighty, the niche fashion retailer for tall men, has been bought by N Brown, the home shopping group best known for its ranges for large women. Source: Latest Business News from Times Online | 11 Sep 2009 | 2:39 am Lend to family the right wayWhen Brian Hetherington complained to his father two years ago about the weighty 9% rate he and his wife were paying on their home-equity line of credit, Jim, the senior Hetherington, had an idea. He could lend the couple the $100,000 to pay off the loan and charge them only 6%. It's been win-win ever since. "We haven't missed a payment," says Brian, 43. And his folks are still earning a return on their money.Source: Business and financial news - CNNMoney.com | 11 Sep 2009 | 2:37 am UPDATE 1-TABLE-Latest Norwegian election opinion pollsOSLO, Sept 11 (Reuters) - Four new opinion polls published on Friday ahead of Norway's parliamentary election on Sept. 14 were evenly split over whether the centre-left government will retain its majority...Source: RSS feed - channel BNewsBusiness | 11 Sep 2009 | 2:34 am FTSE 100 set for third weekly gain in four after breaking 5000 markThe index of bluechip companies poised to gain after breaking the 5000 mark for the first time since October.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 11 Sep 2009 | 2:34 am Stocks set to ease at openStocks appeared set for a flat open Friday, starting the day with the Dow, S&P and Nasdaq at their 2009 highs.Source: Business and financial news - CNNMoney.com | 11 Sep 2009 | 2:30 am Orange restores broadband serviceService is restored to customers of Orange broadband following an outage Thursday, the company says.Source: BBC News | Business | World Edition | 11 Sep 2009 | 2:25 am China’s economic recovery gains paceChina’s economic recovery accelerated in August after government investment continued to fuel growth and banks increased lendingSource: Financial Times - US homepage | 11 Sep 2009 | 2:24 am Wetherspoon sales stabilise amid profit fallJD Wetherspoon, the pub owner, reported a 17 per cent fall in full-year profits after the company was forced to writedown the value of pubs that traded badly in the depths of the recession. Source: Latest Business News from Times Online | 11 Sep 2009 | 2:18 am China economy surprisingly strong; policy intactBEIJING (Reuters) - Chinese industrial output and other economic data surprised on the upside in August, suggesting its recovery is on a solid course but not so strong that Beijing will need to hit the policy brakes anytime soon.Source: Reuters: Business News | 11 Sep 2009 | 2:15 am China economy surprisingly strong; policy intact (Reuters)Reuters - Chinese industrial output and other economic data surprised on the upside in August, suggesting its recovery is on a solid course but not so strong that Beijing will need to hit the policy brakes anytime soon.Source: Yahoo! News: Business | 11 Sep 2009 | 2:15 am Corrections: Cadbury investors should rush for exitsA Sept. 11 column misstated the price of Cadbury shares. The story has been corrected.
Source: MarketWatch.com - Top Stories | 11 Sep 2009 | 2:15 am EU looks at bail-out bank bonusesThe European Union will examine bonuses at banks that received government bail-outs, says the EU's competition commissioner.Source: BBC News | Business | World Edition | 11 Sep 2009 | 2:14 am Economic Report: Japan GDP grew less than expected in April-JuneJapan’s April-June gross domestic product growth is unexpectedly revised downward, as the government says capital expenditure in the quarter was worse than initially reported.
Source: MarketWatch.com - Top Stories | 11 Sep 2009 | 2:13 am China FX diversification makes sense: U.S. official (Reuters)Reuters - It makes sense for China to diversify its huge stockpile of foreign exchange reserves, the U.S. Treasury's economic and financial emissary to China said on Friday.Source: Yahoo! News: Business | 11 Sep 2009 | 2:10 am China FX diversification makes sense: U.S. official (Reuters)Reuters - It makes sense for China to diversify its huge stockpile of foreign exchange reserves, the U.S. Treasury's economic and financial emissary to China said on Friday.Source: Yahoo! News: Stock Markets News | 11 Sep 2009 | 2:10 am China FX diversification makes sense: U.S. officialDALIAN, China (Reuters) - It makes sense for China to diversify its huge stockpile of foreign exchange reserves, the U.S. Treasury's economic and financial emissary to China said on Friday.Source: Reuters: Business News | 11 Sep 2009 | 2:10 am Brett Arends' ROI: Cadbury investors should rush for exitsIf Brett Arends were an investor in Cadbury, he'd be cashing out this morning -- as fast as he could.
Source: MarketWatch.com - Top Stories | 11 Sep 2009 | 2:08 am Ross to charter bank, pursues Corus assets: report(Reuters) - Stephen Ross, founder of the private developer Related Companies, and two of his partners have been granted preliminary approval by U.S. regulators to charter a new bank that would enable them to bid for failed institutions seized by the government, the Wall Street Journal said on Friday.Source: Reuters: Business News | 11 Sep 2009 | 1:55 am Media Digest 9/11/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: International bank regulators are looking at Brazil as a model. Reuters: John Mack will step down at Morgan Stanley’s (MS) CEO. Reuters: The SEC vowed reforms after its report on Madoff revealed mistakes. Reuters: GM will sell control of Opel to Magna. Reuters: Geithner said the need for government support of markets is ending. Reuters: Studies show that one dose of [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Sep 2009 | 1:54 am Europe Markets: Europe gains stretch to sevenEuropean shares rose for the seventh straight session Friday, up for the seventh day in row, with banks and miners once more leading the market higher.
Source: MarketWatch.com - Top Stories | 11 Sep 2009 | 1:53 am FTSE 100 regains 5,000 as retailers recoverLondon equities made progress on Friday, with retail stocks back in demand after the previous session's losses appeared to leave them looking attractive. The FTSE 100 started the session 27 points higher...Source: RSS feed - channel BNPaperBusiness | 11 Sep 2009 | 1:52 am Thomas Kostigen's Ethics Monitor: Business groups demand climate trialThe U.S. Chamber of Commerce, the largest nonprofit business group in the world, is seeking to have the facts of climate change put on trial -- to the delight of some of its members and the chagrin of others.
Source: MarketWatch.com - Top Stories | 11 Sep 2009 | 1:45 am Asia Markets And Europe Open 9/11/2009Markets in Asia were mixed The Nikkei fell .7% to 10,444. Toyota (TM) dropped. The Hang Seng was up .4% to 21,156. The Shanghai Composite gained 2.2% to 2,990. At the open in Europe, the FTSE was up .6% to 5,014. Rio Tinto (RTP) rose . The Dax was up .5% to 5,622 and the CAC 40 rose .5% [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Sep 2009 | 1:24 am City Diaries'The next crisis will make this one look like a warm-up'Source: BBC News | Business | World Edition | 11 Sep 2009 | 1:14 am Media firms, advertisers team up to develop new ways to measure TV viewingThe move to create the Coalition for Innovative Media Measurement comes amid growing frustration with Nielsen's rating system.If you don't like the message, get a new messenger.
Source: L.A. Times - Business | 11 Sep 2009 | 1:00 am Disney hopes its 2-D 'Princess and the Frog' doesn't fall flatHoping to build excitement, the studio begins an early rollout for its first hand-drawn animated movie in years.First rule of movie marketing: With a hard sell, sell the faithful first.
Source: L.A. Times - Business | 11 Sep 2009 | 1:00 am Bargains are a big draw at L.A. County FairShopping is topped only by food as the most popular reason that 1.3 million people venture to the Fairplex in Pomona.The aroma of deep-fried chicken and funnel cakes drifted across the Los Angeles County fairgrounds. The gleeful shouts of teenagers on carnival rides filled the air. ¶ But Kyle De La Cruz and his sister Jenny did not come to the fair for high-cholesterol treats or carnival thrills. They came to shop. ¶ The siblings arrived early last weekend to find a deal on a barbecue island they would share at their adjoining homes in Glendale. And they got it. The salesman, selling spas, hot tubs and outdoor kitchens under a tall awning, cut $1,000 off the price of a $5,000 barbecue and even offered free shipping. ¶ "We want this umbrella too," Jenny De La Cruz insisted, pointing to a red umbrella shading the display grill. ¶ "Whatever color you want," the salesman offered. ¶ With the global economic calamity putting a chokehold on consumer spending, merchants of cars, boats, cookware, swimming pools and so much more arrived at the Los Angeles County Fair this year, motivated to get recession-weary visitors spending again. And shoppers like the De La Cruzes were pushing for bargains.
Source: L.A. Times - Business | 11 Sep 2009 | 1:00 am Video game sales fell 16% in August from a year earlierThe drop was the industry's sixth consecutive monthly decline, according to a report released by market research firm NPD Group.Boom! Not even John Madden and his trademark expressions could avert the crash in video game sales in August, which fell 16% from last year.
Source: L.A. Times - Business | 11 Sep 2009 | 1:00 am U.S. poverty rate hit 11-year high in 2008Incomes fell and the ranks of the uninsured grew as the recession took its toll and layoffs left many people without health insurance, the Census Bureau says. ...Source: RSS feed - channel BNPaperBusiness | 11 Sep 2009 | 1:00 am Stricter vehicle emissions rules are targetedA lawsuit challenges President Obama's efforts to further limit greenhouse gas emissions by seeking to block the waiver the EPA gave California under the Clean Air Act.A federal lawsuit by two industry groups aims to halt the U.S. government and the state of California from moving ahead with new greenhouse gas emissions rules for cars and trucks -- an action that, if successful, could scuttle a key piece of the Obama administration's plans to set stricter nationwide standards for vehicles.
Source: L.A. Times - Business | 11 Sep 2009 | 1:00 am U.S. poverty rate hit 11-year high in 2008Incomes fell and the ranks of the uninsured grew as the recession took its toll and layoffs left many people without health insurance, the Census Bureau says.The government's first broad look at the recession's effect on the nation's households in 2008 showed the poverty rate jumped to an 11-year high, incomes sank across the board and the number of people without health insurance rose to 46.3 million.
Source: L.A. Times - Business | 11 Sep 2009 | 1:00 am Wells Fargo exec used Malibu Colony home lost by Madoff-duped couple, neighbors sayA top bank executive was seen spending weekends and hosting parties in the $12-million beach house. The bank says it will 'conduct a thorough investigation of the allegations' by neighbors. ...Source: RSS feed - channel BNPaperBusiness | 11 Sep 2009 | 1:00 am Media firms, advertisers team up to develop new ways to measure TV viewingThe move to create the Coalition for Innovative Media Measurement comes amid growing frustration with Nielsen's rating system. ...Source: RSS feed - channel BNPaperBusiness | 11 Sep 2009 | 1:00 am General Motors to offer buyers a 60-day money-back guaranteeThe automaker says it is launching its ambitious 'May the Best Car Win' campaign to reverse its sinking market share. The program begins Monday and lasts through November. ...Source: RSS feed - channel BNPaperBusiness | 11 Sep 2009 | 1:00 am GM strikes deal to sell control of European operationsGermany's chancellor hails the deal that will put Opel and Vauxhall in the hands of a consortium led by Canadian auto parts maker Magna.After months of debate, General Motors Co. has agreed to sell a majority stake of its European operations to a consortium of buyers led by a Canadian parts maker.
Source: L.A. Times - Business | 11 Sep 2009 | 1:00 am Wells Fargo exec used Malibu Colony home lost by Madoff-duped couple, neighbors sayA top bank executive was seen spending weekends and hosting parties in the $12-million beach house. The bank says it will 'conduct a thorough investigation of the allegations' by neighbors.Bernard L. Madoff's massive fraud stunned some of the wealthy denizens of Malibu Colony, especially when a couple devastated by the scheme surrendered their oceanfront home to Wells Fargo Bank.
Source: L.A. Times - Business | 11 Sep 2009 | 1:00 am Stricter vehicle emissions rules are targetedA lawsuit challenges President Obama's efforts to further limit greenhouse gas emissions by seeking to block the waiver the EPA gave California under the Clean Air Act. ...Source: RSS feed - channel BNPaperBusiness | 11 Sep 2009 | 1:00 am Disney hopes its 2-D 'Princess and the Frog' doesn't fall flatHoping to build excitement, the studio begins an early rollout for its first hand-drawn animated movie in years. ...Source: RSS feed - channel BNPaperBusiness | 11 Sep 2009 | 1:00 am General Motors to offer buyers a 60-day money-back guaranteeThe automaker says it is launching its ambitious 'May the Best Car Win' campaign to reverse its sinking market share. The program begins Monday and lasts through November.Concerned that too few Americans are willing to buy a car from a bankrupt automaker with a legacy of poor quality, General Motors Co. has come up with a deal: Try one for 60 days. If you don't like it, you can get your money back.
Source: L.A. Times - Business | 11 Sep 2009 | 1:00 am Video game sales fell 16% in August from a year earlierThe drop was the industry's sixth consecutive monthly decline, according to a report released by market research firm NPD Group. ...Source: RSS feed - channel BNPaperBusiness | 11 Sep 2009 | 1:00 am GM strikes deal to sell control of European operationsGermany's chancellor hails the deal that will put Opel and Vauxhall in the hands of a consortium led by Canadian auto parts maker Magna. ...Source: RSS feed - channel BNPaperBusiness | 11 Sep 2009 | 1:00 am Warehouse lifts NZ marketInvestors pushed up the price of The Warehouse chain today, apparently buoyed by the implications of "green shoots" in the retail trade, and underpinned a lift in the New Zealand sharemarket.That "big box" retailer reported a...Source: nzherald.co.nz - Business | 11 Sep 2009 | 12:54 am China's exports see sharp declineChina's exports continued to decline in August, down 23% to $103.7bn from the same month last year.Source: BBC News | Business | World Edition | 11 Sep 2009 | 12:46 am Wetherspoon toasts record salesPub operator JD Wetherspoon says it has weathered the recession as it reported record sales levels.Source: BBC News | Business | World Edition | 11 Sep 2009 | 12:43 am GM to sell control of Opel to Russia-backed MagnaBERLIN/FRANKFURT (Reuters) - General Motors agreed to sell a 55 percent stake in Opel to a group led by Canada's Magna after months of fraught negotiations that had weighed on the European unit and its 50,000 workers.Source: Reuters: Business News | 11 Sep 2009 | 12:19 am NZ dollar keeps on climbingThe rise and rise of the NZ dollar continued today.It climbed above US70c just before 5am and rose through the day to be worth US70.40c at 5pm.It hit a new one-year high and at the end of the day, was still rising, hitting...Source: nzherald.co.nz - Business | 11 Sep 2009 | 12:01 am Japan economy expands less than expectedJapan’s economy grew a revised 0.6% in the three months to June, less than preliminary figures had shown but confirming that the economy crawled out of recession after a full year of sharp contractionSource: Financial Times - US homepage | 10 Sep 2009 | 11:56 pm Recessionhit citizens need all the advice they can getSource: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Sep 2009 | 11:54 pm Steel furnace restart 'elation'Corus's decision to restart a blast furnace mothballed during the recession is given a warm but cautious welcome.Source: BBC News | Business | World Edition | 10 Sep 2009 | 11:41 pm MG Rover report: Former directors may be bannedLord Mandelson the Business Secretary will seek to ban some of the socalled Phoenix Four following a report into the collapse of the carmaker to be published today.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Sep 2009 | 11:21 pm Asia Markets: Oil futures, shares may be misreading China demandWhile investors in crude futures and energy stocks cheer a report tipping higher global demand through next year, a closer reading shows the outlook may not be bright enough to justify a recent rally.
Source: MarketWatch.com - Top Stories | 10 Sep 2009 | 11:08 pm 2010 Ford Taurus SHO: Finessing a muscle car makeoverIt's plain big, but hides it well with its sheer speed.At the moment, my brain aches. Actually, I think I might have strained something, pulled a mental muscle as I attempted to heft the idea of a $45,165, 4,368-pound, 365-hp, six-speed, twin-turbo, all-wheel-drive Ford Taurus.
Source: L.A. Times - Business | 10 Sep 2009 | 10:57 pm Japan's economy grows after year long recessionTOKYO - Japan's growth in the second quarter was weaker than initially thought, but government figures still show that the world's second largest economy has managed to climb out of a recession.The Cabinet Office said today that...Source: nzherald.co.nz - Business | 10 Sep 2009 | 10:45 pm EOG: Drilling in All the Right PlacesWHILE OIL HAS RALLIED SMARTLY THIS YEAR after plummeting last fall, there has been no corresponding comeback for its cousin, natural gas. To the contrary, gas prices have sunk to seven-year lows as supply threatens to exceed storage capacity and overwhelm demand. At first blush, that sounds like miserable news for EOG Resources, a Houston-based natural-gas producer spun out of Enron in 1999. But EOG's three-year effort to pump up its production of crude oil -- in part by using the same horizontal-drilling technology that has made it one of the largest independent gas producers in the U.S. -- looks expertly timed. The diversification could help EOG boost revenue and income, especially if, as expected, oil prices continue to rise. It also could attract more investors. EOG shares (EOG) have fallen more than 30%, to around 70, from an August 2008 high. They could rally to above 80, a gain of more than 15%, in the coming year. EOG boasts 8,689 billion cubic-feet equivalent of energy reserves. The vast majority is natural gas, which accounts for more than 80% of annual production. Management is aiming for a 50/50 North American production split by 2013 between oil and natural-gas liquids, on the one hand, and natural gas. That's a smart move, since oil will probably continue to trade at a significant premium to gas. "Over the long term, oil's run should be more consistent," says Chairman and Chief Executive Mark Papa. The shifting emphasis is propping up slowing production growth this year. EOG is looking to up overall production by 5.5%, or close to 350,000 barrels of oil-equivalent a day, after several years of double-digit annual growth. In the second quarter, U.S. crude production jumped by 21% and production of natural-gas liquids by 56%, helping the company beat profit estimates. Production of natural gas was flat. Oil and natural-gas liquids counted for 25% of overall revenue last year, up from 20% three years ago. Canaccord Adams analyst Irene Haas repeated her Buy rating on EOG following the latest quarterly report, encouraged by the company's success in increasing its "oilier" assets. "Once they pick a niche, they become one of the better players there," she says. In addition to a greater focus on oil, EOG boasts what management calls "a powerful arsenal of gas assets," with stakes in most major North American fields. It is the leading driller in the largest producing field in the U.S., Barnett Shale, near Forth Worth, Texas, and expanded production there 50% last year. EOG's portfolio also boasts promising long-term growth plays in North Dakota's Bakken Shale and in British Columbia. Papa, who has worked for EOG or its predecessors for more than 20 years, champions a conservative growth strategy. Unlike his former Enron colleagues, he has built a pristine balance sheet and controls operating and capital costs. And, unlike many other gas executives, he strives to build production internally, eschewing pricey acquisitions. Consequently, EOG's net debt-to-capital ratio of 17% is the lowest among its large-capitalization peers, while its 20% average return on invested capital employed in the past 10 years is among the highest. Rivals such as Chesapeake Energy (CHK) and Devon Energy (DVN) are growing faster, but EOG is extracting oil and gas from its wells more efficiently. Investor Steven Rogé of Rogé Partners Fund notes that EOG spends $2.60 per thousand cubic feet to replace reserves, compared with $5.36 for rivals. EOG REMAINS SOLIDLY PROFITABLE, in part because of higher oil volume and its hedging strategy. Analysts expect it to earn $682 million, or $2.64 a share, on revenue of $4.5 billion this year, compared with $1.9 billion, or $7.50 a share, on $7 billion of sales in 2008. Canaccord analyst Haas estimates cash flow of $13.10 a share, based on oil at $60 a barrel and gas at $4.25 per million BTUs. EOG is fairly inexpensive at 5.3 times that cash flow estimate, about in line with the group's median price-to-cash-flow ratio but below its 6.7 historical average. Haas thinks the stock deserves a multiple of at least a 6.5, or $85 a share. In 2004, EOG was the first public company to apply horizontal drilling to extract gas from Barnett Shale. Other natural-gas drillers eventually caught up, as they will in oil production. Even so, it's good to be a leader.
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Source: SmartMoney.com | 10 Sep 2009 | 10:00 pm Is Our Debt Higher Than the Value of All Stocks? (By the Numbers)The following short financial quiz won’t save you any money, tell you whether you’re sufficiently insured or show you how to reallocate your assets. Just so you know. Simply guess which of the choices costs more, then read on for the analysis. Buying all of America’s stocks or paying off its government debt? The U.S. Treasury operates TreasuryDirect.org, a site that allows individual investors to buy U.S. government bills, notes and bonds. On the site is a handy “Debt to the Penny” software application. It says that at the end of August, the government owed $11,812,870,150,873.53. Let’s call it $11.81 trillion. Any Valencian will tell you that paella, the rice dish that originated near the Spanish city, isn’t authentic unless its yellow color comes from saffron, not food dye. And any restaurateur will tell you that saffron is the world’s costliest spice, which is why even Spain abounds with dyed paella. The Wall Street Journal recently profiled Iranian-born Behroush Sharifi, Manhattan’s “Saffron King.” The former Grateful Dead follower deals saffron and other spices by bicycle to top restaurants, and says his premium Persian saffron sells for $200 an ounce. On Thursday, crude oil traded in New York at $72 a barrel after three days of gains. That’s far below the $145 it peaked at in July 2008, but well above the roughly $25 a barrel it cost in the U.S., adjusted for inflation, over 60 years ended 2007. Most newspapers reported the July 2008 price as a record. It is, if we’re looking at prices during the age of the automobile, or of modern oil production. But 150 years ago, when Edward Drake’s discovery of plentiful “rock oil” some 69 feet below Titusville, Pa., sparked a drilling rush, the stuff sold for far more than today’s traders can recall. According to the Oil Region Alliance of Business, Industry and Tourism, based near Titusville in Oil City, Pa., early production numbers are not well documented. Some drillers found far more oil than they could store or transport, and simply let it run off into nearby creeks. The few documented trades that exist — buyers mostly distilled crude to kerosene and used it to replace whale oil in lamps — put crude’s price at $9.60 a barrel in 1860. Adjusted for inflation, that’s about $227 a barrel today. A year later, by the way, overproduction caused the price to crash to 50 cents a barrel — close to $12 today. 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 | 10 Sep 2009 | 10:00 pm Is Web TV Worth It?Don’t look now, but couch spuds are going surfing. Now that TV sets are as thin as a quarter-inch and as wide as 205 diagonal inches, manufacturers have begun rolling out the next generation of flat screens with a coveted new feature: direct access to the Web. According to research firm iSuppli, nearly 15 million Internet TVs are expected to ship to stores this year, up from just 1.1 million in 2008; most will command up to a 25 percent premium over regular sets. Earlier this year Sony and LG Electronics released their first models, which can display pictures directly from photo-sharing sites like Flickr and stream TV shows and films from Netflix. Beginning in November, Vizio’s new models will let shopaholics browse products on eBay and place bids. Its remote control—complete with a small slide-out keyboard—will let users post Facebook updates and send Twitter messages. Certainly, this new technology aims to fit the changing ways that Americans seek entertainment. Not only have they become far less tied to rigid broadcast schedules—and far more willing to stream the latest episode of, say, Lost or Heroes on their laptops while sitting out on the back deck—but they’ve also increasingly become digital multitaskers. A recent survey by the Consumer Electronics Association revealed that more than 60 percent of online adults report Web browsing while watching TV. And nearly half of those who plan to buy a new TV this year say they’re somewhat or very likely to get one with a built-in Internet connection. Bas Debbink, for one, wouldn’t exactly call himself a cutting-edge gadgeteer. Sure, he hits the Internet for stock updates and weather forecasts. He enjoys the occasional YouTube clip (like one his neighbors recently posted of a fox meandering through their yard) and has only just started looking into streaming movies online. Still, the 40-year-old from Somerset, N.J., admits that these days he’s feeling like a digital pioneer since he’s doing all this Web browsing on his 50-inch plasma TV. But when it comes to the full promise of interactive television, consumers like Debbink are still being told to stay tuned. While broadcasters have been talking up “convergence” for at least a decade, analysts say they’ve been slow to integrate Web content with their programming in a way many consumers say they want. Hoping to click a few buttons on your remote to identify the song playing behind that love scene? Want to see the name and movie credits of that obscure character actor? Those features are still on pause. And then there’s the fact that the new Internet TVs don’t exactly let you surf to your heart’s content. Because most Web sites are configured to be viewed on small monitors, TV manufacturers haven’t installed full-blown Internet browsers; instead, they typically offer content from a handful of designated Web partners, whose sites are specially designed to not get blurry or grainy when blown up. Says Shawn DuBravac, research director at the Consumer Electronics Association, “We still have a lot to figure out in this space.” Indeed, tech enthusiasts have been trying several alternative ways to surf their boob tubes. This spring, when Linda Jackson couldn’t find an Internet TV model that offered wide-open access to the Web, the 51-year-old from San Rafael, Calif., bought a regular 46-inch LCD set and connected it with a special cable to her laptop—making it, in effect, a humongous computer monitor. She likes cycling through her digital photo collection while listening to a “chill” Internet radio station, and she can surf without limits, using a wireless keyboard. Other early convergence devices channel the Web much like a set-top box does a cable signal. Gaming consoles, like PlayStation 3 and Xbox 360, enable gamers to play virtual tournaments and chat with fellow players, while special media boxes let users access movies, TV shows and music through iTunes store purchases (Apple TV) or Netflix subscriptions (Roku). 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 | 10 Sep 2009 | 10:00 pm September 11, 2008 (Thursday): Can Lehman Find a Buyer?; Palin Says She's ReadyLehman Looks for BuyerWith investors apparently unconvinced that Lehman Brothers can solve its woes stemming from exposure to the subprime mortgage crisis, the investment bank is scrambling to find a buyer. Potential partners include Bank of America and the British bank, Barclays PLC. Before investors started selling off Lehman in droves, CEO Richard Fuld Jr. has vowed he would never sell the company. Shares skid another 42%. (For more on this news, click here and here.) Palin: I’m ReadyIn her first in-depth news interview since joining John McCain’s GOP ticket, Alaska Gov. Sarah Palin tells ABC’s Charles Gibson she is ready. "I answered him yes, because I have the confidence in that readiness and knowing that you can't blink," Palin says. "You have to be wired in a way of being so committed to the mission, the mission that we're on, reform of this country and victory in the war." The interview prompts sniping from the left, especially when Palin stumbles over a question about the so-called Bush doctrine. (For more on this news, click here and here.) Another Number, More Bad NewsToday it’s the U.S. trade deficit, which hit a 16-month high. The Commerce Department says the U.S. imported $62.2 billion more in goods and services than it exported in July. That’s a 5.7 percent increase from June. In other bad news, the Labor Department reports that there are 3.53 million Americans on the unemployment rolls, near the number’s five-year high. (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 | 10 Sep 2009 | 10:00 pm 5 Deals on Travel After Labor Day (Deal of the Day)Summer vacation season may be over, but fall travel promises to be a better deal for bargain-hunting consumers. Americans scrimped on summer vacations, spending just $300 on average, according to Quicken Online, which compiled spending data from the more than 1.3 million consumers who use its financial-management program. Leisure travel cutbacks have hurt the industry, but it’s the decline in business travel that’s forcing hotels to slash their rates this fall, says Gabe Saglie, a spokesman for travel booking site Travelzoo (TZOO). Companies typically plan for conventions and other off-site events a year in advance, and as we approach the anniversary of 2008’s market crash, many hotels are finding themselves with a surplus of vacant rooms. Now, the recession’s effect is being compounded by the usual fall slowdown as kids return to school. To offset the loss, many hotels in popular vacation destinations are cutting rates by as much as 50%. Here are five fall destinations worth considering: New YorkWall Street’s woes have pushed hotel prices in the Big Apple down 29% compared with last fall, according to data from travel-booking site Expedia (EXP). “That’s the biggest drop I’ve ever seen [for the city] in 30 years of covering travel,” says Chris McGinnis, a spokesman for Expedia. The Park Central New York Hotel is now offering a 20% discount when you book a stay of five nights or more, lowering weekday rates for a room with a king-size bed from $349 to $279. Visitors will also find plenty of deals on attractions, particularly Broadway shows – where prices have fallen by as much as 50%. (For tips to snag those theater deals, click here.) Sample deal: Three-star Murray Hill East Hotel is offering travelers who book through Orbitz a 25% discount on a stay through Sept. 30. Rates regularly start at $164 a night. Las VegasA big convention destination, Las Vegas has been hard hit by cutbacks in business travel. In May, Gov. Jim Gibbons said that roughly 400 convention cancellations made thus far in 2009 would cost the city $100 million in hotel income. “Until they see business travel pick up, they’ll focus on getting the leisure traveler with rock-bottom rates,” Saglie says. Some properties have lowered rates by as much as 70%, he says. The Mirage, where rates now start at $77 a night, is offering an additional 10% discount to travelers who book through the casino’s web site. The offer is good for stays before Jan. 31, 2010. (For more tips to save on casino travel, click here.) Sample deal: At MGM Grand, book a stay sometime between Nov. 1 and Dec. 24, and get a third night free. Rates start at $79 a night. San FranciscoWeather-wise, fall is the best time to visit San Francisco, says McGinnis, who lives there. “In the summer, there’s fog; in the winter, rain,” he says. Now, prices are favorable for travelers, with the average room rate down 21%, compared with last fall. For example, Campton Place San Francisco is offering a third night free for stays before Dec. 31. Rates start at $270. Sample deal: Four-star Hotel Nikko San Francisco is now offering its rooms at a 30% discount on Expedia, dropping the weekend rate for a room with a king-size bed from $433 to $303. OrlandoTravel to this family destination typically drops off in the fall, but this year rates have tumbled another 20% or so, Saglie says. Some of the best deals can be found at family-friendly properties and those with close ties to nearby theme parks. Through Dec. 17, Nickelodeon Family Suites is offering a third night free and a $50 credit toward the resort’s amenities, which include a water park, spa and 4-D movie theater. (For tips to save on theme park tickets themselves, click here.) The catch: Florida’s hurricane season lasts through November, so consider inexpensive travel insurance. Sample deal: Participating Marriott Vacation Club resorts are offering one free night when you book two, or two nights free when you book three. (Use promo code BOG when reserving.) Rates start at $119. Promotion ends Jan. 31, 2010. MauiHawaii has taken a double hit as cash-strapped business and leisure travelers have opted for destinations closer to home. Traditionally, the Big Island is the place to find deals, but this fall, pricier areas like Maui are slashing rates by an average of 15% compared to last year, McGinnis says. For example, the Four Seasons Resort Maui cut its post Labor Day rates from $495 to $395 per night, a savings of 20%. “It’s a slower season, so airfares are cheap, too,” he says. Alaska Airlines (ALK) recently offered one-way fares for roughly $150 from Portland, Ore., and Seattle. Sample deal: At the four-star Sheraton Maui Resort & Spa, get a third night free for stays before Dec. 25. Nightly rates start at $260. 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 | 10 Sep 2009 | 10:00 pm Broker Talk: Stop Worrying About the Recovery (Broker Talk)
Investors worry the market rally has gone too far and that talk of recovery is, well, just talk. These broker firm strategists say to put those fears to rest. Who’s Talking: David Bianco, Chief U.S. Equity Strategist, Bank of America-Merrill Lynch
The Gist: The recent market rally was modest by historical standards. In the early stages of economic recovery, it should continue. 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 | 10 Sep 2009 | 10:00 pm Food prices fall, biggest monthly drop in 3 yearsFood prices fell by 0.9 per cent in August from July, the largest monthly fall in more than 3 years.Lower prices for grocery food, and fruit and vegetables accounted for nearly all of the drop in the food price index, Statistics...Source: nzherald.co.nz - Business | 10 Sep 2009 | 9:30 pm Myers announces Australia's biggest IPO for two yearsAustralia's largest department store announced its flotation today, in what is the country's biggest initial public offering in more than two years. Source: Latest Business News from Times Online | 10 Sep 2009 | 9:27 pm Guest nights up in July - jump in foreign visitorsThe number of guest nights spent in short term commercial accommodation was up 3 per cent in July from a year earlier.It was only the third month in the past year where the number has been up on the year ago figure, and was boosted...Source: nzherald.co.nz - Business | 10 Sep 2009 | 9:00 pm BofA says still in talks to exit government pactWASHINGTON (Reuters) - Bank of America Chief Executive Ken Lewis said his company is still in talks with U.S. officials on how to compensate the government for a prior loss-sharing agreement, according to a letter released by a watchdog lawmaker on Thursday.Source: Reuters: Business News | 10 Sep 2009 | 8:57 pm Warehouse shares jump on 'recession-proof' profit resultWarehouse Group shares jumped more than 5 per cent after the biggest retailer on the NZX 50 Index reported its first margin growth in four years and announced a special dividend, underlining its ability to maintain profitability in...Source: nzherald.co.nz - Business | 10 Sep 2009 | 8:00 pm SEC contrite about missing Madoff, vows reformsWASHINGTON (Reuters) - Contrite U.S. Securities and Exchange Commission officials apologized for bungling five probes that should have uncovered Bernard Madoff's $65 billion fraud and pledged to overhaul the way the agency operates.Source: Reuters: Business News | 10 Sep 2009 | 7:46 pm Boost seen for Dems' student loan plan, House vote near (Reuters)Reuters - Democratic lawmakers seeking a thorough overhaul of the $92 billion U.S. student loan market were expected to score a win in the days ahead from a favorable finding by the Congressional Budget Office.Source: Yahoo! News: Business | 10 Sep 2009 | 7:41 pm GM fuel cell testers reach million mile markBUFFALO - General Motors is now 1 million miles (1.6 million kilometres) into its fuel cell experiment and company officials say having everyday people drive a test fleet of pollution-free cars has convinced them they are on the right...Source: nzherald.co.nz - Business | 10 Sep 2009 | 7:00 pm Morgan Stanley CEO Mack to be replaced by Gorman (Reuters)Reuters - Morgan Stanley Chief Executive John Mack is stepping down and will be replaced by retail brokerage head James Gorman, signaling the storied bank is embracing stable businesses after losing big on risky ones.Source: Yahoo! News: Business | 10 Sep 2009 | 6:59 pm Morgan Stanley CEO Mack to be replaced by GormanNEW YORK (Reuters) - Morgan Stanley Chief Executive John Mack is stepping down and will be replaced by retail brokerage head James Gorman, signaling the storied bank is embracing stable businesses after losing big on risky ones.Source: Reuters: Business News | 10 Sep 2009 | 6:59 pm SEC officials promise changes after Madoff failure (AP)
Source: Yahoo! News: Stock Markets News | 10 Sep 2009 | 6:56 pm 'Hanover tried to get me arrested'Property developer Mark Cooper says when he flew from Mexico to Auckland for a meeting with Hanover Finance in February he believed it was to settle his long-running dispute with the lender.Instead he found himself at the Auckland...Source: nzherald.co.nz - Business | 10 Sep 2009 | 6:30 pm SEC faces reform ultimatumThe US Securities and Exchange Commission must ‘reform itself from within’ or Congress will do it for the agency which bungled several opportunities to stop Bernard Madoff’s ‘Ponzi’ scheme, US Senator Richard Shelby warnedSource: Financial Times - US homepage | 10 Sep 2009 | 6:28 pm Google offers concession over sales rights for its digital libraryGoogle yesterday offered a significant olive branch to its commercial rivals as it struggled to fend off criticism of its plans to digitise the world’s books. Source: Latest Business News from Times Online | 10 Sep 2009 | 6:03 pm Lord Mandelson prepares to ban the ‘Phoenix Four’Lord Mandelson, the Business Secretary, is understood to be preparing the way for the consortium of businessmen known as the “Phoenix Four”, who ran Rover from 2000, to be disqualified as company directors. Source: Latest Business News from Times Online | 10 Sep 2009 | 6:02 pm Workers warned of job cuts after Vauxhall takeoverLord Mandelson warned Vauxhall’s 5,500 workers last night to brace themselves for job cuts but insisted that a new deal to take control of the carmaker had saved the group’s two British manufacturing plants. Source: Latest Business News from Times Online | 10 Sep 2009 | 6:00 pm The man who fuelled Lord Turner’s attack on the CityPaul Woolley is an unlikely revolutionary. With sober suit, silk tie and measured, thoughtful delivery, he looks and sounds like a retired City gent. Which is exactly what he also is. He was a banker with Barings years before that bank’s implosion and then founded the London arm of GMO, the American fund management group. Source: Latest Business News from Times Online | 10 Sep 2009 | 6:00 pm Barrick Gold expects $4 billion from share offerLOS ANGELES (Reuters) - Barrick Gold Corp said on Thursday that proceeds from its pending equity offering will total around $4 billion, making the stock sale the biggest in Canadian history, according to Thomson Reuters data.Source: Reuters: Business News | 10 Sep 2009 | 5:46 pm US starts to unwind state bank supportThe US is starting to pare back its emergency support for banks and financial markets, Treasury secretary Tim Geithner declared, saying that the financial system no longer needed extensive government propsSource: Financial Times - US homepage | 10 Sep 2009 | 5:35 pm Tannenbaum Sees Private Equity Becoming More Available: AudioSource: Bloomberg - All Podcasts | 10 Sep 2009 | 5:24 pm Morgan Stanley chief executive John Mack to step downMorgan lifer leaves after steering investment bank through financial crisis.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Sep 2009 | 5:14 pm SEC contrite about missing Madoff, vows reforms (Reuters)
Source: Yahoo! News: Stock Markets News | 10 Sep 2009 | 5:12 pm Google offers to open digital library to rivalsGoogle is proposing access to its massive database of digital books, as it renews efforts to counter a wave of opposition stirred up by its landmark legal settlement with the publishing industrySource: Financial Times - US homepage | 10 Sep 2009 | 4:58 pm Write-Offs: 09.10.09$$$ Jim Chanos wants to educate you about short-selling. [HFF] $$$ America's Only Growth Industry [Cityfile] $$$ Dollar Dominatrix: 39th most powerful woman in business. [Fortune] $$$ Dan Loeb cares about the children [PDF] $$$ Geithner: Bailout Programs Are Shrinking [NYT] $$$ Jellyfish tossing helps land Madeira Beach man in jail [St. Petersburg Times] 
 Sponsored Topics: St. Petersburg Times - Saint Petersburg - Russia - Administrative Regions - Madeira Beach Florida Source: Dealbreaker | 10 Sep 2009 | 4:53 pm Obama wins over sceptical DemocratsBarack Obama’s healthcare reform plans picked up fresh momentum as previously sceptical Democrats rallied around the US president, leaving Republicans to launch a new offensiveSource: Financial Times - US homepage | 10 Sep 2009 | 4:45 pm Warehouse shares surge in early tradeThe New Zealand sharemarket rose in early trading, with a surge by shares in The Warehouse after it reported its full year results .The retailerSource: nzherald.co.nz - Business | 10 Sep 2009 | 4:38 pm Stocks extend gains to 5 days after jobs report (AP)
Source: Yahoo! News: Stock Markets News | 10 Sep 2009 | 4:34 pm Let's Get Ready To Rumble
The guy has already beaten an ethics investigation and dodged cancer this year. No batter has won the triple crown since 1967 and between Albert Pujols and Chris Dodd, Pujols seems to have a better chance at completing his trifecta.
Sponsored Topics: Chris Dodd - Christopher Dodd - Barney Frank - United States Senate Committee on Banking Housing and Urban Affairs - Albert Pujols Source: Dealbreaker | 10 Sep 2009 | 4:26 pm Insiders sell like there's no tomorrowCan hundreds of stock-selling insiders be wrong?Source: Business and financial news - CNNMoney.com | 10 Sep 2009 | 4:17 pm Motorola unveils Google-powered smartphoneMotorola unveiled its first Google Android-powered smartphone, a touch screen device designed to compete with Apple’s iPhone that will target consumers who use social media sitesSource: Financial Times - US homepage | 10 Sep 2009 | 4:16 pm How the major stock indexes fared on Thursday (AP)AP - Investors poured money into stocks for a fifth day after a drop in weekly unemployment claims and a spike in oil raised hopes for the economy.Source: Yahoo! News: Stock Markets News | 10 Sep 2009 | 4:00 pm Receivers move on companies associated with luxury resortTwo companies associated with the Fiji Beach Resort & Spa managed by Hilton are in receivership.They are Denarau Investments and Denarau International.The Hilton is continuing to operate the 160-villa resort on Denarau Island...Source: nzherald.co.nz - Business | 10 Sep 2009 | 4:00 pm Widow, 80, comes up cold in life insurance dispute (AP)AP - The Meli family once ran a Flint warehouse that kept perishable goods from spoiling. Now it seems their money nearly $200,000 is stuck in storage.Source: Yahoo! News: Business | 10 Sep 2009 | 3:58 pm Senate grills SEC for 'colossal failure' on MadoffLawmakers took the Securities and Exchange Commission to task Thursday for failing to prevent Bernard Madoff from perpetrating one of the largest financial frauds in U.S. history.Source: Business and financial news - CNNMoney.com | 10 Sep 2009 | 3:52 pm Morgan Stanley's Mack stepping downSource: Business and financial news - CNNMoney.com | 10 Sep 2009 | 3:37 pm Professor: Economics Isn't Changing Enough After The CrisisBy Laura Conaway Today we heard from economics professors Atif Mian and Amir Sufi about what they've learned in the financial crisis. Economics professor Ascension Mejorado of New York University also recently considered for us how the financial crisis would change the way the discipline is taught. Mejorado's answer? Not much. She writes: Textbooks are not implementing any substantial changes in response to the current crisis. Those authors who want to address this problem just introduce a section in the chapter on money and banking or in the chapter on the business cycle. But, unfortunately, they still see it as a problem "of people," not as a problem "of the system." To understand what is going on they should have to change their approach and rescue the ideas of the classical authors, from Smith to Marx. Of course, they are never going to do that and neoclassical economics will just see this crisis as a blip in the growth path of the system. Some are even saying that we are almost out of the crisis... and Bernanke's last testimony before Congress is fueling this idea too. Sorry I can't be more optimistic but I really think that the current crisis will not alter the way economics is taught. The economics courses taught at most universities have a purpose and that is to divulge the idea that a free enterprise system is perfect. The current crisis contradicts this vision of capitalism as a perfect system where markets will always clear and produce full employment. It shows that there is something inherently wrong with a free market system. Hence, conventional economists opted, first, for minimizing the consequences of the current slump and, secondly, they decided to blame it on the weakness of people's character. I would like to see a real alternative to current conventional textbooks showing how our economic system REALLY works. But I don't think it will happen anytime soon. On Friday, we'll post a different view from Simon Johnson, who teaches economics at the Massachusetts Institute of Technology. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Sep 2009 | 3:24 pm GM introduces money-back guaranteeAnyone who buys a General Motors car will be able to return it for a full refund within 60 days if they're not totally happy with it, the automaker announced Thursday.Source: Business and financial news - CNNMoney.com | 10 Sep 2009 | 3:23 pm Gasparino: John Mack Stepping Down As CEO Of Morgan Stanley
Update: Guest brings up a good question-- will the new regime unblock this here website?
Sponsored Topics: Morgan Stanley - John Mack - James Gorman - Morgan - Recreation Source: Dealbreaker | 10 Sep 2009 | 2:55 pm Sports Direct hit by Serious Fraud Office investigationSports Direct shares fell 17pc yesterday after investigators from the Serious Fraud Office and Office of Fair Trading visited the retailer's headquarters.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Sep 2009 | 2:52 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 | 10 Sep 2009 | 2:48 pm The Dow Jones industrials' moves since Lehman fall (AP)AP - How far the Dow Jones industrial average has fallen or advanced each trading day since Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection on Sept. 15. Since Lehman's fall, which touched off a paralysis of the credit markets and deepened the recession, the stock market has gone through an extended period of volatility before kicking into a big rally starting this spring. The numbers are the closing levels for the Dow:Source: Yahoo! News: Business | 10 Sep 2009 | 2:48 pm September 11 Lesson Plans Make Kids Think Critically About 9/11
The Sept. 11 Education Trust has set up a new September 11 lesson plan for middle- and high school students. The plan, which includes DVDs, Google Earth terrorism mapping, discussion, and archival footage, is intended to help students learn about 9/11 in an interdisciplinary way. Schools in New York, New Jersey, California, Illinois, Indiana, Kansas, and Alabama will participate in the program tomorrow. To get a peak at exactly what the September 11 lesson plan offers, I visited learnabout9-11.org. Here are some sample discussion questions that teachers might ask students: * How would you explain 9/11 today to someone who was born on September 12, 2001? * Sally Regenhard laments “the four words no mother should ever hear” when she asks about her son: “I want to know where my son is,” she says. The official responds “He is unaccounted for.” She then reflects “That is something that happens in a war…” How would you react to being told that someone you loved was “unaccounted for”? Why might it matter to a person’s relatives that the person’s body be accounted for? Below are more details of what students will see and experience during the September 11 lesson: The print lessons build upon the DVD sources as a way of incorporating The lessons can be implemented in a single class session or over the course of an entire week. The individual educator has the freedom to decide how much content to include. You can decide how much print or video information to use, creating a flexible mix of content to suit the abilities of students in your classroom. Mapping terrorist activities on Google Earth “Visualizing 9/11” provides a fascinating look into the images that have come to symbolize the event for many “The Post-9/11 Recovery Process” deals with the challenges of gathering human remains in the aftermath of a tragedy; “Honoring Heroes” raises questions about how to define heroism “Advocacy” addresses how citizens can shape the government’s response to a disaster. Teachers or schools need to purchase the lesson plan. A single license costs $99; a 5-user license is $499.
Source: Business Pundit | 10 Sep 2009 | 2:44 pm Bowker blames Government for National Express plightRichard Bowker the former chief executive of National Express has come out fighting over the way he ran the company.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Sep 2009 | 2:41 pm A Look At The New World OrderIn the wake of the economic crisis, the naysayers have been coming out of the woodwork proclaiming that the days of the US as an economic superpower are numbered. Some have theorized that the emerging markets will, collectively, grab the torch and lead the way forward. With their commodity-rich economies set to prosper, increased cooperation between the likes of Russia and Venezuela cannot be taken lightly. On his current visit to Moscow, Chavez warned of the coming turning of the tide by saying "The empire of the Yanks will fall this century, and I am not talking about the end of the century but in the next decades". But while many here may dismiss the economic threat posed by this budding relationship, Chavez himself showed what's possible when this dynamic duo works together.
Sponsored Topics: Moscow - Russia - New World Order - Venezuela - United States Source: Dealbreaker | 10 Sep 2009 | 2:40 pm Presented By:Source: Dealbreaker | 10 Sep 2009 | 2:40 pm Duddy: Christmas is keyTerry Duddy chief executive of Argos owner Home Retail Group has warned that the crucial Christmas trading period will test the tentative consumer recovery.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Sep 2009 | 2:33 pm Kesa's European businesses slump but Comet sales riseA slowdown at its European operations hit sales at retailer Kesa Electricals causing total likeforlike sales in the three months to July 31 to fall 3.9pc.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Sep 2009 | 2:31 pm ITV's new controlsITV is to introduce a tougher "double compliance" process to ensure its television programmes by independent producers do not breach the broadcasting code set down by the media regulator.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Sep 2009 | 2:23 pm Motorola (MOT): Right Phone, Wrong NetworkMotorola (MOT), one the world’s No.2 handset company and now nearly out of business, introduced its new flagship product called Cliq. The phone runs the new Google (GOOG) Android mobile operating system. It will launch on the T-Mobile network in the last quarter of the year. The handset is unique, according to Motorola, because it has [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Sep 2009 | 2:19 pm Whacking Mack (MS)It turns out that all the rumors of the resignation or retirement of top dog John Mack turned out to be accurate. Better late than never… Morgan Stanley’s (NYSE: MS) Board of Directors announced today that Co-President James P. Gorman will become the new CEO as many had expected. The effective date will be January [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Sep 2009 | 2:17 pm Marc Faber Sees Stock Markets Rising on Weakening Dollar: AudioSource: Bloomberg - All Podcasts | 10 Sep 2009 | 2:01 pm Wal-Mart’s Duke Outlines New Normal and Late Christmas (WMT)Wal-Mart Stores Inc. (NYSE: WMT) presented today at the Goldman Sachs retail conference. This was one of the new CEO Mike Duke’s first presentations since taking the top position at the world’s largest retailer. Goldman Sachs was looking to see how customer spending and behavior is going now that the customer is shifting back toward [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Sep 2009 | 1:55 pm Social Media and Connection
I’m curious if you think that social media – as well as all our mobile, digital communication in general – is making us more or less connected to other people. When you see three people sitting at the same table in a restaurant, each with his or her head down and thumbs furiously tapping, it’s easy to say that we’re becoming less connected. Maybe we’re just differently connected. When you can put names and faces togehter, and learn what’s important to a group of people – whether they’re family, customers, or voters – I’d say we’re getting more connected. Or is it neither? Personally, when I need a break from working, or I’m bored, I fire up Facebook and interact. Or send off a message to a friend hoping for distraction. In the past, I would have spent much of this time watching TV. We can probably agree that passively watching the tube isn’t contributing to any kind of connection at all. (Except back in the Golden Age of Television – before Tivo, when we used to discuss Seinfeld at work on Friday mornings.) So maybe it’s a wash? Do you feel more or less connected to people since you’ve started using social media?
Source: Business Pundit | 10 Sep 2009 | 1:47 pm GM opts for Magna in Opel dealThe US carmakers’ board has chosen Canada’s Magna International and Russia’s Sberbank to take a 55% stake in its European Opel and Vauxhall businessSource: Financial Times - US homepage | 10 Sep 2009 | 1:38 pm Dick Fuld: "I've Had Paulson Up My Ass All Week"
The direction they went with Vikram is just good comedy:
Sponsored Topics: Television movie - Television - Arts - Richard S. Fuld Jr. - Programs Source: Dealbreaker | 10 Sep 2009 | 1:37 pm Stimulus Money Is Stimulating At Least One ThingTo a certain extent it's understandable how over a quarter million people have fallen victim to stimulus-based scams. When it appears as though the government can perform spectacular magic tricks by making stimulus money appear out of thin air, people can be forgiven for thinking it's all part of a master giveaway plan.
But before you go on thinking the government is going to pay your ConEd bill, the FTC Chairman attempted to clarify the matter once and for all.
For that benefit, you need to be elected to office first.
Sponsored Topics: Joe Biden - Barack Obama - United States - President Barack Obama - Federal government of the United States Source: Dealbreaker | 10 Sep 2009 | 1:28 pm U.S.-Based Gold ETF to Store Product in Switzerland: AudioSource: Bloomberg - All Podcasts | 10 Sep 2009 | 1:23 pm The Pink Ladies Need Our Help
* Where's the money, Lebowski? * I'm gonna fuck you 'til you love me, Geithner * Show us your tax returns, Tits * F/M/K: Vikram/Lewis/Tyson and why * A series of cards reading "What" "are" "you" "doing" "after" "this" "Liz?" * Timmy, tell me how my ass taste! -- Paulson * You LIE!!! Now you go. Update: A real time submission: "Would you be happy to walk us through it again?" Update II: Is today the day Geithner fucks some congressmen up? Because it sounds like he's two clarify-this-for-me's away from choke holds. Update III: This is the best suggestion so far, the rest don't even come close: "Mary Jo kopechne was given more help than this"
Sponsored Topics: Sharpie - Tax - Asshole - United States - People Source: Dealbreaker | 10 Sep 2009 | 1:02 pm China opens the door to foreign listingsDirector-general of the Shanghai government’s Financial Services Office says that by early 2010 there will be one or two foreign listingsSource: Financial Times - US homepage | 10 Sep 2009 | 1:00 pm Market is back to normal. Now what?I have to admit it's getting better. A little better all the time.Source: Business and financial news - CNNMoney.com | 10 Sep 2009 | 12:52 pm Why Apple is sticking with AT&TSource: Business and financial news - CNNMoney.com | 10 Sep 2009 | 12:36 pm SEC told to fully probe complaints to bust fraud (Reuters)
Source: Yahoo! News: Stock Markets News | 10 Sep 2009 | 12:35 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 Thursday:Source: Yahoo! News: Stock Markets News | 10 Sep 2009 | 12:27 pm Safe Call and Text with Cell Phone Number Nickname
MobiDigger is a relatively new service that allows users to mask their phone number with a chosen nickname. Two months after launching, MobiDigger expects reaching the half million user point by the end of 2009. Why a Cell Phone Nickname?Similar to how email addresses and online IDs display a nickname to the public whilst routing messages to the correct recipient, MobiDigger gives subscribers the ability to nickname their cell phone number. The service is independent from the mobile carrier. It protects the recipient of the call or text in various situations where they don’t know the other party well. The company points out dating and selling items online as prime examples. It’s also just a handy tool because mobile nicknames can be much more easily remembered than phone numbers.
Safety FeaturesMobiDigger has recently added “block” and “SOS” codes to their service. By simply texting one of those keywords to the MobiDigger short code, the sender can block a particular person from their network, or, they can send a predefined help message to one or more of their personal emergency contact numbers requesting assistance. As the mother of a soon-to-be first time cell phone owner, I like the idea of my child could give out his number without anyone being able to trace it. But somehow I don’t believe it’s possible. We’re all so very findable now. What do you think? Would you get this service, and if so – would it be for safety or convenience?
Source: Business Pundit | 10 Sep 2009 | 11:43 am Pachter Says Beatles Rock Band Game Has Wide Appeal: AudioSource: Bloomberg - All Podcasts | 10 Sep 2009 | 11:43 am Chicago Looking To Compete In Olympic Caliber Spending
Based on this, it appears there's another lesson from the crisis that has yet to be learned. While people in Montreal undoubtedly enjoyed reliving those memorable weeks in the summer of '76 for the 30 years they were paying for Olympic Stadium, taxpayers in Chicago may not be so interested in funding short term gains in the long term.
Sponsored Topics: International Olympic Committee - Chicago - Olympic Games - Olympic sports - Montreal Source: Dealbreaker | 10 Sep 2009 | 11:37 am How Could The Auto Industry Fail With This Type Of Genius At The Wheel?
Update II: From the front lines: The "lunchtime run" gambit paid off in a big way as he downed over 10 items within an hour's time. He's up to 21 items consumed and nearly 5,000 calories deep. That being said, he's currently wearing a "thousand-yard stare" and looking pretty bad. In a stunning turnaround from the typical Detroit modus operandi, he may fail despite "giving it his all." Update III: Outcome: FAIL. "He pressed on during the last hour, but looked and acted like a man defeated. He was offered a bargain: he would win a smaller prize (10,000 shares of Old Carco LLC) for finishing off tomorrow what he had left uneaten; he backed out of that challenge as well." Earlier: Nothing To Fear: Steve Rattner Will Drag This Lil' Fella Across The Finish Line
Sponsored Topics: Pop-Tarts - Famous Amos - Animal Crackers - Food - Home Source: Dealbreaker | 10 Sep 2009 | 11:35 am Herrmann Sees Unemployment Peaking Within Five Months: AudioSource: Bloomberg - All Podcasts | 10 Sep 2009 | 11:10 am More Americans Poor, Fewer Insured: Census BureauBy Laura Conaway Median household incomes fell by in 2008 by 3.6 percent, to $50,303, the U.S. Census Bureau reports. The poverty rate rose to 13.2 percent, up by 0.7. Some 39.8 million people were classed among the poor last year, up by 2.6 million. The ranks of Americans without health insurance grew to 46.3 million, from 45.7 million -- a small enough increase to leave the percentage unchanged at 15.4 percent. Unpack the rest of the numbers in the Census Bureau's annual report on income, poverty and health insurance, including the news that 31 percent of the population fell into poverty for at least two months at some point between 2004 and 2007. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Sep 2009 | 11:08 am Before you say 'fire my team's coach...'As football season kicks off, the state of the economy has commentator and sportswriter Jon Wertheim rethinking about how cavalier he will be in calling for coaches to get canned.Source: Marketplace | 10 Sep 2009 | 11:02 am Small donations help fight child deathsA new report by UNICEF says early childhood deaths have fallen below nine million for the first time on record. Stacey Vanek-Smith reports donations have played a big role in making it happen.Source: Marketplace | 10 Sep 2009 | 11:02 am Herbicide sales hurt Monsanto's profitsMonsanto, the world's largest seed company, will be falling short on their earnings this year. That'll end eight years of gain. Jeremy Hobson reports.Source: Marketplace | 10 Sep 2009 | 11:02 am Is EU offer to poor countries enough?The European Union may offer nearly $22 billion a year by 2020 to developing nations to fight global warming and sing on to a climate change treaty. Is it an offer too good to refuse? Ashley Milne-Tyte reports.Source: Marketplace | 10 Sep 2009 | 11:02 am Inspecting Obama's health care claimsIn his prime-time speech, President Obama said fixing health care would cost $900 billion over the next decade and help millions of uninsured people get coverage. Tamara Keith checks out a few of his claims.Source: Marketplace | 10 Sep 2009 | 11:02 am Bernstein's Dell Says Energy Stocks Are Attractive: AudioSource: Bloomberg - All Podcasts | 10 Sep 2009 | 10:56 am Parmentier Sees U.S. Health Care Deal by End of Year: AudioSource: Bloomberg - All Podcasts | 10 Sep 2009 | 10:55 am Universal Electronics Raised to `Buy’ at Deutsche Bank: AudioSource: Bloomberg - All Podcasts | 10 Sep 2009 | 10:49 am Levitt Says SEC Must Restore Culture of Enforcement: AudioSource: Bloomberg - All Podcasts | 10 Sep 2009 | 10:41 am Lessons From The Fall: Household Debt Got Us Into This Mess
Building again in Phoenix, Ariz. (Matthew Gindlesperger / Planet Money Flickr group) During this first anniversary month of the economic crisis, Planet Money will feature economists talking about what they've learned from a miserable year. First up: Atif Mian and Amir Sufi, who teach at the Chicago Booth School of Business. The dramatic collapse of financial markets in the fall of 2008 captivated the world's attention and sent the stock market reeling. But the collapse of financial markets was a symptom of a more troubling underlying condition: U.S. households dramatically increased their leverage, or debt, from 2001 to 2007. Our research suggests that the historic growth in household debt preceding the financial crisis was the primary driver of the onset and deepening of the current recession. The central lesson we as economists have learned from the crisis is that an unsustainable increase in household debt is one of the most serious threats to the U.S. economy. Going forward, policy-makers, regulators and researchers must recognize the central role of household financial health in causing economic turbulence if we are to avoid repeating this painful episode. This is not the first time excessive household leverage preceded a severe economic downturn, and the effect of household debt on the economy is not unique to the United States. Our own research emphasizes three lessons from the recent U.S. household leverage crisis: First, the availability of cheap mortgages increases the demand for housing, which can push up house prices. In turn, as demand increases and house prices go higher, lenders become overconfident. They then begin offering mortgage credit on even cheaper terms, fueling a violent cycle where household valuations become increasingly unrealistic. In such a credit cycle, the growth in house prices reflects cheap debt, not the underlying earnings power of households. For example, from 2002 to 2005, we find that zip codes where house prices increased the most had the largest percentage of subprime borrowers -- borrowers who were experiencing a relative decline in income. Treating house-price growth as independent of mortgage-credit availability -- which both regulators and researchers did during the housing boom -- is naive at best and dangerous at worst. Second, the growth in house prices has a real impact on the economy. We find that homeowners extract $0.25 to $0.30 in cash from their houses for every $1 of growth in house price. Our analysis suggests that the home-equity withdrawals are primarily used for consumption or home improvement, which temporarily boosts economic growth. But when a credit-induced housing bubble drives economic growth on the upside, the consequences on the downside will be necessarily painful. For example, the current U.S. economic downturn has been most severe in counties that saw the most aggressive borrowing during the housing boom. Third, political considerations distort the policy response to a financial crisis. For example, pressure from the financial industry -- through lobbying and campaign contributions -- helps push legislators to bail out struggling financial institutions. The implications for moral hazard are obvious: during booms, institutions have the incentive to take large bets and structure themselves in such a way as to make their failure unpalatable to regulators during busts. Similarly, the electorate demands action during economic downturns which can promote excessive public spending. Indeed, our biggest worry is that we are simply replacing a private debt problem with a bigger public debt problem. Going forward, there are two additional questions that are important to answer if we are to fully appreciate the effects of household finance on economic cycles. First, why does lending for real estate increase so dramatically when credit is flowing freely? The expansion of subprime mortgage lending in the U.S. is the most recent example, but similarly dramatic real estate lending cycles preceded severe economic downturns in Japan and the Southeast Asian countries. We suspect that when the value of collateral becomes artificially inflated, creditors have a harder time putting an accurate price on the risk of real estate lending. Second, why do households borrow so aggressively when they get access to credit? One potential explanation is that, in normal times, households are constrained from achieving their optimal spending patterns by overly restrictive credit markets. As credit becomes more easily available, they borrow to satisfy their previously unfulfilled needs. For example, a smart high school graduate borrows to pay tuition for college, which helps her earn higher wages in the future. However, the pattern of boom-bust cycles in household leverage suggests that people borrow for reasons other than their long-term economic well-being. For instance, they may have self-control problems. As credit becomes easier to get, these problems entice them to borrow more heavily, which leads to future regret. The dynamic is even more severe if sophisticated creditors structure financial products to capitalize on this lack of self-control. The answer to these two questions will have profound implications for our understanding of household debt and economic fluctuations. This is not the first time that household leverage has led to a severe economic downturn; without further inquiry, we fear it will not be the last. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 10 Sep 2009 | 10:27 am GM Sells Majority Opel Stake to Canadian, Russian Companies
GM Motors will sell a 55% stake in Opel and Vauxhall to Russian bank Skerbank and Canadian auto supplier Magna. CNNMoney reports: Under the plan, Magna, along with Russia’s Sberbank, will take over 55% of Opel. Opel employees will own another 10%, leaving GM with just 35% of Adam Opel GmbH, an automaker GM has owned since 1929, except for a period during Germany’s Nazi era. Opel, along with its closely related British sister-brand Vauxhall, is GM’s largest-selling brand in Europe by far. Together, they represents more than 70% of GM’s European sales. Earlier this year, the German government loaned Opel $2.1 billion to assist with completing the deal with Magna. Meanwhile, 65% of Opel’s stock was transferred into a trust controlled jointly by representatives of GM and the German government. Opel, based in Russelsheim, Germany, employs 25,000 people in Germany and another 25,000 elsewhere. GM will retain a 35% stake in Opel.
Source: Business Pundit | 10 Sep 2009 | 10:04 am What Hugh Hefner is Actually Worth
It’s unusual for a gossip magazine to post details of someone’s monthly expenditures. But TMZ did just that after they obtained a copy of Hef’s income and expense declarations, which came with his divorce papers. Here’s how much Hugh rakes in per month: – Salary from Playboy: $116,667 –Total monthly income: $290,580 In addition, Hugh has the following assets: – $306,548 in cash – Total assets (excluding Playboy stock and property): $43,232,096 And here’s how Hugh spends his millions per month: – Rent (including groceries, household supplies, utilities, cell phone and email): $53,593 $36.8 million in stocks and bonds? I’d like to know more details about where he puts all that.
Source: Business Pundit | 10 Sep 2009 | 10:00 am Meredith Whitney Talks Bears and Government Coddling on CNBC
Meredith Whitney said in a CNBC interview today that she thinks housing prices could fall 25% more, spending will fall, and the stock market will fall further. So much for green shoots. 24/7 Wall Street has more: (Whitney) said that housing prices could fall another 25%. Here she sees a supply jam more than a vicious cycle as well as unemployment and exotic mortgage resets that makes the price drop inevitable. She thinks Florida has a massive leg down coming in another wave. She also thinks spending is going to be lower. She said originally that she sees $2.7 trillion in credit being pulled out of the system by the end of 2010. So far she noted that we are $1.25 Trillion of the way there, but consumers are now de-leveraging and are trying to not carry credit card debt. The banks are taking advantage of inflating assets and riding a steep yield curve that will bring a similar Q3 earnings to Q2 earnings. But the banks are now getting overvalued and she does not think a similar stock move is coming like we saw after the Q2 post-earnings run-ups. And as far as the overall stock market and financial stocks, she’s bearish there too and is looking for another leg down in the stock market. She thinks there will be both positive and negative trading opportunities around the market dynamics. Her only single BUY rating in the banks is ating in the banks is Goldman Sachs Group Inc. (NYSE: GS) which she said “still has a lot of gas in its tank.” It also doesn’t hurt that Goldman Sachs holds the key to the government’s revolving door. Here’s the first Whitney video on CNBC.
Source: Business Pundit | 10 Sep 2009 | 9:41 am Key's McCain Says Emerging Markets Are Best Investments: AudioSource: Bloomberg - All Podcasts | 10 Sep 2009 | 9:10 am Job Loss Claims Fall, Trade Deficit Grows. Plus: A French Carbon TaxBy Laura Conaway New claims for unemployment benefits fell by 26,000 last week, to 550,000, the Department of Labor reports. The four-week moving average fell by 2,750, to 570,000. We're still far outside what economists consider a healthy range of 300,000 to 350,000 new weekly claims. The sheer duration of joblessness is becoming its own factor, driving the overall jobless rate upward even as new claims fall. People who've been laid off face a record-low number of openings and are beginning to exhaust their benefits. As of August 29, some 6,088,000 million people were collecting unemployment benefits, down from 6,247,000 from the week before. As of August 22, another 3,102,877 people were receiving Emergency Unemployment Compensation, a federally funded program that allows for 33 additional weeks of benefits in high-unemployment states. The emergency benefits rolls grew from 3,029,668 the week before. Meanwhile, the U.S. trade deficit grew by 16.3 percent to $32 billion from June to July, the Commerce Department reports. If that looks like a big jump, it's because it is -- the biggest percentage jump in a decade, AP reports. In a sign that consumer demand made something of a rebound, imports grew by 4.7 percent, the biggest increase since at least 1992. Exports also grew, by 2.2 percent. Part of the increase in imports came from rising oil prices, which pushes the dollar value of imports up. Also leading the way were imports of cars and car parts, with a 21.5 percent spike as Cash for Clunkers drew customers into showrooms and factories started production again. After the jump, more headlines worth your attention. President Obama defended his push for overhauling health care last night, telling Congress and the nation that he won't sign a plan that "adds one dime" to the federal deficit. France is readying a carbon tax for 2010, to be paid by businesses and households alike. Take your vitamins: The Economist looks at the changing money supply, in an analysis that's moderately technical and probably crucial. Pow! Warner Brothers tightens its hold on DC Comics as it battles the new Disney/Marvel leviathan. Or maybe Warner's got its own reasons. Calculated Risk urges deficit hawks to take a breath -- he says now is not the time to cut the federal debt load. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Sep 2009 | 7:27 am Panera Offers Free Food During Today’s “September Sampler Day”
Appease your inner free foodie today at Panera Bread locations, which are offering a “September Sampler Day” today, September 10, 2009. Stop in between 6am-9pm for free samples of Panera’s Power Breakfast Sandwich, Napa Almond Chicken Sandwich, BBQ Chopped Chicken Salad, Macademia Nut Blondies, and Chocolate Fudge Brownies.
Source: Business Pundit | 10 Sep 2009 | 6:38 am Why Communication Matters in Business
Source: Business Pundit | 10 Sep 2009 | 5:56 am
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