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Carmakers urge scrappage renewalCar firms including Ford and Toyota urge governments to continue their popular car scrappage schemes.Source: BBC News | Business | World Edition | 16 Sep 2009 | 4:42 am Zimbabwe inflation eases furtherZimbabwean inflation slowed again last month, thanks to the lower cost of food and soft drinks, the government says.Source: BBC News | Business | World Edition | 16 Sep 2009 | 4:41 am Stock futures point toward higher opening (AP)
Source: Yahoo! News: Stock Markets News | 16 Sep 2009 | 4:39 am ArcelorMittal back on prowl for dealsArcelorMittal, the world’s top steelmaker, says it's back on the prowl for companies as it set new debt limits.
Source: MarketWatch.com - Top Stories | 16 Sep 2009 | 4:26 am UK unemployment climbs to 2.47mThe number of people out of work in the UK has risen by 210,000 in the three months to July, the latest official figures show.Source: BBC News | Business | World Edition | 16 Sep 2009 | 4:24 am California will lag U.S. growthRead full story for latest details.Source: Business and financial news - CNNMoney.com | 16 Sep 2009 | 4:23 am Blockbuster to close up to 960 stores by end of 2010 (Reuters)Reuters - Top U.S. movie rental chain Blockbuster Inc, which is facing tough competition from Netflix Inc and Coinstar Inc's Redbox, plans to close up to 960 stores by the end of next year.Source: Yahoo! News: Business | 16 Sep 2009 | 4:20 am Zune HD is no iPod killerMicrosoft's Zune HD, which went on sale Tuesday, is more than just another portable media player trying to unseat Apple's iPod.Source: Business and financial news - CNNMoney.com | 16 Sep 2009 | 4:16 am Adobe buying OmnitureAdobe Systems went shopping on Tuesday. And it came home with a pricey find.Source: Business and financial news - CNNMoney.com | 16 Sep 2009 | 4:15 am 4 steps to a worry-free retirementThe stock market keeps taking a hammer to the conventional wisdom about retirement investing.Source: Business and financial news - CNNMoney.com | 16 Sep 2009 | 4:14 am Chrysler business plan by end of November: CEO (Reuters)Reuters - Chrysler's new business plan will be presented by the end of November and will show numbers and the path out of years of difficulties, the company's chief executive said on Wednesday.Source: Yahoo! News: Business | 16 Sep 2009 | 4:13 am Chrysler business plan by end of November: CEOFRANKFURT (Reuters) - Chrysler's new business plan will be presented by the end of November and will show numbers and the path out of years of difficulties, the company's chief executive said on Wednesday.Source: Reuters: Business News | 16 Sep 2009 | 4:13 am Magna feels the heat over Opel plansVolkswagen and BMW voiced unease over Magna’s plans to take a majority stake in Opel and warned that they would review links with the Canadian car parts supplierSource: Financial Times - US homepage | 16 Sep 2009 | 4:11 am Oil hovers under $71 as US crude supplies climbOil traded just below $71 a barrel Wednesday as an unexpected rise in U.S. crude supplies heightened investor concerns about weak consumer demand. Benchmark crude for October delivery...Source: RSS feed - channel BNewsBusiness | 16 Sep 2009 | 4:06 am UK gas prices edge up on unsteady flow, power softLONDON, Sept 16 (Reuters) - British gas prices rose on erratic flows from the North Sea, with prompt and curve prices gaining slightly early on Wednesday, traders said.Source: RSS feed - channel BNewsBusiness | 16 Sep 2009 | 4:03 am Hong Kong, Sydney, Seoul hit 2009 highsIndexes in Hong Kong, Australia, South Korea and Taiwan end at their highest levels of 2009 Wednesday, reflecting buoyant investor sentiment in the region and tracking a similar upbeat performance on Wall Street.
Source: MarketWatch.com - Top Stories | 16 Sep 2009 | 4:03 am Stock futures signal gains (Reuters)
Source: Yahoo! News: Business | 16 Sep 2009 | 4:00 am Stock futures signal gains (Reuters)
Source: Yahoo! News: Stock Markets News | 16 Sep 2009 | 4:00 am Stock futures signal gains(Reuters) - Stock futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500 up 0.46 percent, Dow Jones futures up 0.356 percent and Nasdaq 100 futures up 0.35 percent at 5:44 a.m. EDT.Source: Reuters: Business News | 16 Sep 2009 | 4:00 am EA shares pressured by worries about game salesSAN FRANCISCO (MarketWatch) -- Electronic Arts Inc. remains one of the largest forces in the video game industry, but the company has taken more than its share of the sales slump that has afflicted the sector over the last six months.
Source: MarketWatch.com - Top Stories | 16 Sep 2009 | 4:00 am Deficit Not Hurting Obama Ratings, YetWhether people blame President Obama for growing deficits or not, his job approval rating is holding its own. A new Bloomberg poll of 1,004 adults conducted between September 10 and September 14 shows Obama with a 56% job approval rating. The same survey says that 61% of those asked still feel favorably toward him. The one [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Sep 2009 | 3:57 am Total sees challenging market as it tops rivalsFrench oil giant Total says it’s facing a challenging environment due to an oversupplied market.
Source: MarketWatch.com - Top Stories | 16 Sep 2009 | 3:54 am Fiat chief: Fiat-Chrysler can reach 6 millionFiat and Chrysler CEO Sergio Marchionne says the new auto alliance can reach a production of 5.5 million to 6 million cars a year. Marchionne told reporters at the Frankfurt Auto Show...Source: RSS feed - channel BNewsBusiness | 16 Sep 2009 | 3:53 am Shares rise on renewed optimismEuropean and Asian shares rise strongly, buoyed by US stocks closing at their highest level so far in 2009 overnight.Source: BBC News | Business | World Edition | 16 Sep 2009 | 3:53 am Stocks set to extend rallyU.S. stocks appeared set for a positive start Wednesday as upbeat sentiment about the economic outlook carried over from the previous session.Source: Business and financial news - CNNMoney.com | 16 Sep 2009 | 3:53 am Quicken owner buys Mint.com: Don't fretSource: Business and financial news - CNNMoney.com | 16 Sep 2009 | 3:52 am Indications: U.S. futures rise as Bernanke glow remainsU.S. stock futures were pointing to a higher start on Wednesday with a focus on the economy after upbeat talk from U.S. Federal Reserve Chairman Ben Bernanke and more deal action from Adobe Systems.
Source: MarketWatch.com - Top Stories | 16 Sep 2009 | 3:52 am World markets rise on hopes US out of recessionWorld stock markets rallied Wednesday after Federal Reserve Chairman Ben Bernanke said the U.S. recession was likely over, a view largely supported by recent economic figures. Germany's...Source: RSS feed - channel BNewsBusiness | 16 Sep 2009 | 3:49 am World markets rise on hopes US out of recession (AP)
Source: Yahoo! News: Stock Markets News | 16 Sep 2009 | 3:49 am Where are the subprime perp walks?Where are the perp walks for the subprime mortgage executives that dragged us into this mess?Source: Business and financial news - CNNMoney.com | 16 Sep 2009 | 3:46 am Pakistani stocks end on highest closing this yearKARACHI, Sept 16 (Reuters) - Foreign investors' appetite for Pakistani energy shares helped Karachi's benchmark index close at its high level this year on Wednesday, though local institutions stayed on...Source: RSS feed - channel BNewsBusiness | 16 Sep 2009 | 3:42 am Unemployment hits 14-year high of 2.47 millionThe number of young people out of work hit a record 947,000 in July as total unemployment in Britain hit 2.47 million. Source: Latest Business News from Times Online | 16 Sep 2009 | 3:41 am Carlyle trades cable asset for Taiwan Mobile stakeCarlyle Group to sell cable operator Kbro Co. to Taiwan Mobile Co. in exchange for a 15.5% stake in the cellular operator.
Source: MarketWatch.com - Top Stories | 16 Sep 2009 | 3:39 am Bernanke: Recession 'very likely over'In his first speech since he was reappointed, Federal Reserve Chairman Ben Bernanke said the recession is "very likely over" but detailed the tough road ahead for the economy.Source: Business and financial news - CNNMoney.com | 16 Sep 2009 | 3:38 am Facebook: 300 Million Users And Low RevenueFacebook bragged that it has hit 300 million users. The firm’s CEO said, “It’s a large number, but the way we think about this is that we’re just getting started on our goal of connecting everyone.” The trouble is that Facebook does not have the revenue to go along with its huge audience. Facebook claims it [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Sep 2009 | 3:31 am Unions slam bank greed, urge jobs plan pre-G20PARIS (Reuters) - Trade unions urged G20 leaders on Wednesday to respond decisively to the specter of 59 million job losses and slammed banks for awarding bonuses worth more than 20 percentSource: RSS feed - channel BNewsBusiness | 16 Sep 2009 | 3:28 am Unions slam bank greed, urge jobs plan pre-G20PARIS (Reuters) - Trade unions urged G20 leaders on Wednesday to respond decisively to the specter of 59 million job losses and slammed banks for awarding bonuses worth more than 20 percent of the taxpayer money spent bailing them out.Source: Reuters: Business News | 16 Sep 2009 | 3:28 am UPDATE 3-Commods trader Noble: Investor may buy big stake* In detailed talks with one investor, may or may not happenSource: RSS feed - channel BNewsBusiness | 16 Sep 2009 | 3:28 am Oil dips on weak demand, signs of recovery supportLONDON (Reuters) - Oil eased lower below $71 a barrel on Wednesday as a higher-than-expected rise in U.S. fuel stocks overshadowed signs of an economic recovery.Source: Reuters: Business News | 16 Sep 2009 | 3:26 am Gold nears record peak above $1,000 levelGold extended its push beyond the $1,000 mark on Wednesday, closing in on its record set last March, helped by further dollar weakness and concerns about the outlook for inflation. Gold traded at $1,015...Source: RSS feed - channel BNPaperBusiness | 16 Sep 2009 | 3:24 am IDFC unit says buying BP's Indian wind power assetsNEW DELHI, Sept 16 (Reuters) - India's Green Infra, a unit of IDFC's private equity arm, is buying the Indian wind power assets of energy giant BP , chief operating officer Sunil Jain said on Wednesday...Source: RSS feed - channel BNewsBusiness | 16 Sep 2009 | 3:23 am London shares higher as global recovery hopes riseThe FTSE 100 made further progress on Wednesday, setting course for a fourth consecutive session of gains as investors continued to bet that economic recovery prospects were improving.The gains on London's...Source: RSS feed - channel BNPaperBusiness | 16 Sep 2009 | 3:18 am Ireland taps taxpayers to buy up toxic loansBrian Lenihan, Ireland’s Finance Minister, will this morning reveal the cost to the taxpayer of buying up bad loans from the country's retail banks. Source: Latest Business News from Times Online | 16 Sep 2009 | 3:15 am AUTOSHOW-Fiat CEO says has closed with OpelFRANKFURT, Sept 16 (Reuters) - Italian car maker Fiat SpA has closed with Opel and will achieve its target of selling 5.5-6 million vehicles alone with Chrysler, its chief executive said on Wedensday...Source: RSS feed - channel BNewsBusiness | 16 Sep 2009 | 3:14 am London shares rise at open (AFP)
Source: Yahoo! News: Stock Markets News | 16 Sep 2009 | 3:12 am European retailers Inditex, Next top expectationsEuropean clothing retailers Inditex and Next both reported rising sales in first-half results released on Wednesday, while profit for both beat expectations as costs were kept tight and, in the U.K. at least, the consumer environment saw improvement.
Source: MarketWatch.com - Top Stories | 16 Sep 2009 | 3:10 am A hot wine startup hits 'pause'Greg Snell's startup seemed to have it all -- an innovative product, millions in venture capital from a top Silicon Valley firm, and a wait list of enthusiastic customers ready to shell out thousands of dollars. But after the recession hit, the former semiconductor industry executive found his fledgling company teetering on the verge of failure.Source: Business and financial news - CNNMoney.com | 16 Sep 2009 | 3:06 am British unemployment hits 14-year highThe number of people claiming jobless benefits in recession-hit Britain has jumped to 2.47 million for the first time in 14 years, official data showed Wednesday. Britain's unemployment...Source: RSS feed - channel BNewsBusiness | 16 Sep 2009 | 3:04 am Higher payouts from Premium BondsCompetition for savers' money is being stepped up with a 50% rise in the prize money on offer to holders of Premium Bonds.Source: BBC News | Business | World Edition | 16 Sep 2009 | 3:02 am World’s Airlines To Lose $11 Billion In 2009The global airline industry, still staggering from huge losses and bankruptcies late last year caused by oil prices that moved over $140 a barrel, is not doing much better in 2009. Low passenger traffic is the chief culprit, but crude at $70 after a sharp dip early in the year puts on significant addition pressure. The International Air [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Sep 2009 | 3:01 am Takeover speculation fuels FTSEBid rumours and strong figures from Next, the high street retailer, helped London's FTSE 100 index to continue on its upward course. Source: Latest Business News from Times Online | 16 Sep 2009 | 2:58 am Ocado appointment gives strong signal of IPOOcado announce on Wednesday that it is appointing an experienced investment banker as a finance director, in the clearest signal yet that the online retailer is gearing up for an initial public offering...Source: RSS feed - channel BNPaperBusiness | 16 Sep 2009 | 2:54 am The Recession Is Dead, Long Live The RecessionProfessor Bernanke made it official by saying the recession is almost certainly over. He has to be conservative when he speaks because he does not want his comments as Chairman of the Federal Reserve to cause an overreaction. The market celebrated after the news of Bernanke’s revelation even though economists have been making the same [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Sep 2009 | 2:43 am UK unemployment jumps to highest since 1995 as recession pain bitesUK unemployment has jumped to the highest in almost 15 years as the downturn forces companies to axe workers.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 16 Sep 2009 | 2:41 am London Markets: British shares hit fresh annual highLondon’s top index climbed to a fresh annual high on Wednesday, as investors picked up on signs that a recent improvement in the global economy may be sustained.
Source: MarketWatch.com - Top Stories | 16 Sep 2009 | 2:35 am Anadarko venture discovers new oil frontierAnadarko, of the US, with partners Woodside of Australia, Spain's Repsol, and Tullow, the UK-listed oil company, will reveal as early as Wednesday that they have established a new oil frontier that stretches...Source: RSS feed - channel BNPaperBusiness | 16 Sep 2009 | 2:28 am Anadarko venture discovers new oil frontierAnadarko and its partners are expected to announce discovery of a new oil frontier that stretches 1,100km along the coast from Ghana to Sierra LeoneSource: Financial Times - US homepage | 16 Sep 2009 | 2:28 am Archbishop of Canterbury Dr Rowan Williams: bankers have failed to repentThe Archbishop of Canterbury has waded into the debate on bankers' bonuses, warning that financiers feel no "repentance" for the excesses of the boom that led to financial meltdown. Source: Latest Business News from Times Online | 16 Sep 2009 | 2:28 am Hatoyama unveils cabinet line-upJapan’s parliament confirmed Yukio Hatoyama, leader of the centre-left Democratic party, as prime minister, completing a historic shift in power following national elections late last monthSource: Financial Times - US homepage | 16 Sep 2009 | 2:27 am Taiwan Mobile acquires cable TV operatorTaiwan Mobile on Wednesday announced the acquisition of one of the country's leading cable television operators.The telecom group, Taiwan's second-largest mobile network by subscribers, acquired Kbro,...Source: RSS feed - channel BNPaperBusiness | 16 Sep 2009 | 2:27 am Japan 'opposes yen intervention'Japan's incoming finance minister Hirohisa Fujii says he opposes intervention in the currency market to weaken the yen.Source: BBC News | Business | World Edition | 16 Sep 2009 | 2:23 am U.S. growth in 2 percent range over near term: forecast (Reuters)Reuters - The U.S. economy will emerge from recession by growing more than 2 percent in the current and fourth quarters on a dramatic reversal in inventories, but growth next year will be tepid, a UCLA Anderson Forecast said on Wednesday.Source: Yahoo! News: Business | 16 Sep 2009 | 2:10 am U.S. growth in 2 percent range over near term: forecastSAN FRANCISCO (Reuters) - The U.S. economy will emerge from recession by growing more than 2 percent in the current and fourth quarters on a dramatic reversal in inventories, but growth next year will be tepid, a UCLA Anderson Forecast said on Wednesday.Source: Reuters: Business News | 16 Sep 2009 | 2:10 am Next lifts forecasts a second time on sales growthNext, the high street fashion chain, today raised its full-year profit forecast for a second time after reporting better than expected interim growth. Source: Latest Business News from Times Online | 16 Sep 2009 | 2:07 am Media Digest 9/16/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: Obama’s move on trade with China makes good on a promise to labor. Reuters: Uninsured Americans hope healthcare reform will bring them coverage. Reuters: Adobe (ADBE) will buy Omniture for $1.8 billion. Reuters: Citigroup (C) is seeing demand from institutional investors. Reuters: Lehman says Barclays (BCS) got an $8.2 billlion windfall from a deal between the two firms. Reuters: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Sep 2009 | 2:04 am Next offers gloomy outlook for high streetNext, the clothing retailer, has painted a gloomy picture of life on the British high street in 2010, even as it increased its profit forecast for 2009.The company on Wednesday predicted that the weak...Source: RSS feed - channel BNPaperBusiness | 16 Sep 2009 | 1:54 am Europe Markets: Europe stocks up for ninth time in 10 daysEuropean shares rose for the ninth time in ten sessions on Wednesday, with miners and construction firms in the lead, as investors bought up shares in the hope that there will be a sustained recovery in the global economy.
Source: MarketWatch.com - Top Stories | 16 Sep 2009 | 1:53 am You can't handle the truth about stocksThe advice rolls off the tongues of financial planners and appears frequently in the pages of financial magazines such as Money: To have any shot at retiring well, you need to invest a good portion of your money in stocks.Source: Business and financial news - CNNMoney.com | 16 Sep 2009 | 1:45 am AIG behemoth is trying to regain its feetMost US companies caught up in the storm last year have, by now, learned their fate. Not AIG.Lehman Brothers is gone Bear Stearns and Merrill Lynch were acquired. Citigroup and Bank of America were bailed...Source: RSS feed - channel BNPaperBusiness | 16 Sep 2009 | 1:30 am EU may force Lloyds to sell Halifax reportEuropean Commission may force Lloyds to sell all or part of its key Halifax arm in compensation for the billions it has received in state aid The Times reports.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 16 Sep 2009 | 1:26 am Asia Markets And Europe Open 9/16/2009Markets in Asia were mixed. The Nikkei rose .5% to 10,271. The Hang Seng was up 1.8% to 21,231. The Shanghai Compsite fell 1.1% to 3,000 At the open in Europe, the FTSE was up .7% to 5,075. The Dax rose .5% to 5,565. The CAC 40 was up .5% to 3,771. Data from Reuters and MarketWatch Douglas A. McIntyre Posted in [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Sep 2009 | 1:23 am Aussie market closes over 2pc upMELBOURNE - The Australian share market has finished almost two and a half per cent stronger at a fresh 11-month high on Wednesday, with solid gains across the board amid higher oil and commodity prices.At 1615 AEST, the benchmark...Source: nzherald.co.nz - Business | 16 Sep 2009 | 1:17 am UK unemployment set to reach 15year highUK unemployment figures are set to show that the number of people joining the dole queue has hit a 15year high as the recession forces companies to axe workers.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 16 Sep 2009 | 1:14 am Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.
Source: MarketWatch.com - Top Stories | 16 Sep 2009 | 1:01 am Macquarie Airports reshuffles portfolioAustralia's Macquarie Airports has reshuffled its European portfolio after agreeing to sell its 35.5 per cent stake in Bristol Airport and to lift its holding in Copenhagen Airports to 30.8 per cent.The...Source: RSS feed - channel BNPaperBusiness | 16 Sep 2009 | 1:00 am Long Beach Seafarers Center is barely treading waterThe nonprofit facility where sailors seek respite after long voyages is struggling to stay open as donations from shipping firms dry up.After a lonely three-week voyage across the Pacific, the multinational crew of the British-flagged container ship Hyundai Tokyo arrives at the largest U.S. port complex and proceeds to do irreparable damage to the stereotype of the hard-living international merchant seaman.
Source: L.A. Times - Business | 16 Sep 2009 | 1:00 am Southern California's vital signs are improvingData suggest that an economic recovery has begun in the region. But the state's picture isn't all bright.Signs are increasing that an economic turnaround has begun in Southern California, even as residents and businesses continue to struggle in the worst downturn in decades.
Source: L.A. Times - Business | 16 Sep 2009 | 1:00 am Schwarzenegger orders more renewable energy -- his wayThe governor says California electric utilities must get 33% of their power from renewable sources by 2020, but he plans to veto Democratic bills that push to produce it in state.The state's electric utilities will be required to get at least a third of their power from wind, solar and other renewable resources by 2020, under an executive order signed Tuesday by Gov. Arnold Schwarzenegger.
Source: L.A. Times - Business | 16 Sep 2009 | 1:00 am Southland home prices move north for fourth consecutive monthThe median rose 2.6% last month to $275,000, according to real estate research firm MDA DataQuick. But the number of homes sold, although up 11% from August 2008, was down 10.8% from July.Southern California's median home price climbed for a fourth straight month in August, boosted by investors snatching up homes in distant suburbs and a relative decline in foreclosed homes for sale, a real estate research firm reported Tuesday.
Source: L.A. Times - Business | 16 Sep 2009 | 1:00 am Schwarzenegger orders more renewable energy -- his wayThe governor says California electric utilities must get 33% of their power from renewable sources by 2020, but he plans to veto Democratic bills that push to produce it in state. ...Source: RSS feed - channel BNPaperBusiness | 16 Sep 2009 | 1:00 am Adobe to pay $1.8 billion for OmnitureTECHNOLOGY
Source: L.A. Times - Business | 16 Sep 2009 | 1:00 am If banks behave, Obama's watchdog agency shouldn't scare themMillions of consumers got burned in the meltdown of the mortgage market. Yet the financial services industry remains adamantly opposed to President Obama's proposed Consumer Financial Protection Agency, intended to streamline and strengthen safeguards for the little guy.
Source: L.A. Times - Business | 16 Sep 2009 | 1:00 am Proposed fuel-economy rules would boost U.S. in climate talksThe Obama administration's new rules, which would mesh with California's tough regulations, represent the first major move to curb greenhouse emissions on a national scale.The Obama administration's new rules for vehicle fuel economy and first-ever limits on greenhouse gas emissions would dramatically improve the efficiency of America's automotive fleet -- and give the White House a boost in upcoming international climate control talks.
Source: L.A. Times - Business | 16 Sep 2009 | 1:00 am Blockbuster to close up to 960 storesThe video rental chain doubles the number of locations it's likely to shut by the end of next year.Blockbuster is looking lackluster.
Source: L.A. Times - Business | 16 Sep 2009 | 1:00 am Adobe to pay $1.8 billion for OmnitureTECHNOLOGYSource: RSS feed - channel BNPaperBusiness | 16 Sep 2009 | 1:00 am Microsoft's Zune HD player: It's still no iPodThe latest run at Apple dominance shows some nice capabilities, including radio and video access, but it falls short on software and apps.In a public demonstration that hope springs eternal, Microsoft on Tuesday introduced the latest version of its Zune portable player.
Source: L.A. Times - Business | 16 Sep 2009 | 1:00 am UK Coal raises £100mUK Coal Britain's biggest coal producer said on Wednesday it would raise about £100m before expenses from investors in order to reduce debt.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 16 Sep 2009 | 12:55 am Next sees consumer mood improveFashion retailer Next says it has seen "slight improvement" in consumer confidence - but is still cautious about prospects for the months ahead.Source: BBC News | Business | World Edition | 16 Sep 2009 | 12:52 am UK Coal in £100m fundraising planMine operator UK Coal announces plans to raise £100m from investors to reduce its debt levels and develop the business.Source: BBC News | Business | World Edition | 16 Sep 2009 | 12:45 am Allen Stanford claims he cannot afford a lawyerAllen Stanford, the financier charged with defrauding investors of $7 billion ($£4.3 billion), will be represented by a public lawyer after telling a US court that he has no money to pay for an attorney. Source: Latest Business News from Times Online | 16 Sep 2009 | 12:30 am Market rises, Telecom dips - recoversThe New Zealand sharemarket rose today but not as much as key markets in Asia as the share price of market leader Telecom dipped, then recovered on a government broadband announcement.Many Asian markets posted strong gains today...Source: nzherald.co.nz - Business | 16 Sep 2009 | 12:30 am Zara owner's net profit down 8%Inditex, the parent of the Zara fashion chain, says its net profit fell in the six months to July, beating analyst expectations.Source: BBC News | Business | World Edition | 16 Sep 2009 | 12:08 am Five activists removed from cargo shipFive more Greenpeace protesters were tonight removed from freighter East Ambition in the port of Tauranga.They were among 14 Greenpeace members who boarded the ship from a small boat this morning while the vessel was anchored...Source: nzherald.co.nz - Business | 16 Sep 2009 | 12:03 am Mis-sold mobile crackdown startsRules to tackle the mis-selling of mobile phone contracts have been brought in by the communications regulator Ofcom.Source: BBC News | Business | World Edition | 15 Sep 2009 | 11:35 pm NZ dollar firms over US70cThe New Zealand dollar firmed today against a weak US dollar as investors were again more comfortable with risk.By 5pm today the NZ dollar was buying US70.57c from US70.14c at 5pm yesterday.BNZ Capital senior strategist Danica...Source: nzherald.co.nz - Business | 15 Sep 2009 | 11:24 pm Lord Turner is wrong about London: we need a competitive financial services industryA competitive financial services industry in the UK is in everyone's interests argues Dr Rebecca Driver Director of Research and Chief Economist at the ABI.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 15 Sep 2009 | 10:54 pm Boost Your Returns: CDs (Magazine Cover)Certificates of deposit have long been the hiding place for money you absolutely can’t afford to lose—the house down payment or next year’s tuition. But lately, CD investing has seemed only a hair more profitable than sticking cash under a mattress, with the average one-year CD paying only 1.75 percent. Small wonder that financial-service companies have seen a niche for structured CDs, which offer the possibility of double-digit returns. Investors face more risk, explains Frederick Wright, a financial planner at Smith & Howard Wealth Management, but they can’t lose their principal; as with all CDs, it’s insured by the federal government, up to $250,000. Structured CDs come in many varieties, but the basic idea is that the returns are linked to the performance of some other kind of asset. Sonny Davis, an Atlanta business owner, bought a three-year CD pegged to the value of the dollar. The CD will make money if the dollar loses value against a group of emerging-market currencies—if the dollar’s value drops by 20 percent over that span, for example, Davis will earn 20 percent plus a premium, giving him a return of more than 8 percent annually. Then again, if the dollar strengthens, Davis gets his principal back but doesn’t earn a dime. Another structured product, the inflation-linked CD, is gaining popularity as a hedge against rising prices. Mark Del Pezzo, director of portfolio management for Camarda Financial Advisors in Fleming Island, Fla., recently put clients in a Wells Fargo CD that pays 3.25 percent through June 2012 and then resets every three months, paying 1.4 percent above the inflation rate. All these CDs can be tricky to understand even for the pros, and the fine print can be onerous. The products often cap investors’ returns, so if the stock market goes on a tear, a stock-linked CD might pay only 60 percent of the gains. And investors accustomed to getting some small amount of interest from a CD are often surprised to find that their gains from a structured one can be, well, zero. There are, of course, other options: Buying a five-year CD can net an investor closer to 3 percent a year, and there are also “callable” CDs, which pay slightly higher rates but give the bank the option of recalling the CD and returning investors’ money if rates drop lower. To get 5 percent from a callable CD, you’d have to agree to lock up your cash for—drum roll, please—20 years. Many financial planners think that’s too long to wait for a payoff that small. CDs With PotentialInflation-Indexed: Wells Fargo Five-Year CD (Yield: Inflation + 1.4%) Stock-Indexed: Harris Bank Five-Year CD (Yield: S&P 500 returns, capped at up to 20% annually) Currency-Indexed: Wells Fargo Three-Year CD (Yield: varies widely) Also See: 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 | 15 Sep 2009 | 10:00 pm Obama Gets A-/B- on Health Care TestPrinceton professor Uwe Reinhardt writes that he couldn't resist grading President Obama's big health care speech last week: "After decades of teaching, I view everything around me as a final exam and assign it letter grades." Reinhardt's report card gives Obama an A- overall. But when it comes to the president's pitch for a public health plan option? B-/C+ As an economist... I have some trouble buying the president's argument that a new public plan, added to the existing large number of private insurance vehicles, would inject more competition into the market for health insurance and that more competition in that market would help lower the cost of health care. Reinhardt says someone in the Political Science department might give that part of the speech an A though. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 15 Sep 2009 | 9:50 pm Telecom could still get slice of $1.5b broadband planCommunications Minister Steven Joyce has left the door open for Telecom's Chorus division to buddy up with the government's new investment company to roll-out ultrafast broadband.Joyce confirmed a single partner could win...Source: nzherald.co.nz - Business | 15 Sep 2009 | 8:37 pm Bernanke says recession is "very likely" overWASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Tuesday that the worst U.S. recession since the Great Depression was probably over, but the recovery would be slow and it would take time to create new jobs.Source: Reuters: Business News | 15 Sep 2009 | 7:32 pm Lehman: Barclays got $8.2 billion "windfall" from saleNEW YORK (Reuters) - Lehman Brothers Holdings Inc said on Tuesday that Barclays Capital Inc got a $8.2 billion "windfall profit" from excess assets it took control of in the fire sale of Lehman's U.S. brokerage business a year ago.Source: Reuters: Business News | 15 Sep 2009 | 7:32 pm South Canterbury Finance in holding patternSouth Canterbury Finance (SCF) has now put plans for a new prospectus out to the end of September, and there is still no word on the company's planned capital raising.The company had ceased allotting securities under its debenture...Source: nzherald.co.nz - Business | 15 Sep 2009 | 7:30 pm Rod Drury: Broadband really is the silver bulletAlmost weekly I hear "... but that's not a silver bullet". Broadband and connecting New Zealand digitally to the rest of the planet IS the biggest silver bullet for turning New Zealand around that I've seen in my business career....Source: nzherald.co.nz - Business | 15 Sep 2009 | 7:30 pm Facebook makes money, tops 300 million usersSAN FRANCISCO (Reuters) - Facebook is making enough money to cover its costs and now has 300 million users, the world's largest social networking site said on Tuesday, proving the Internet's newest star industry can be a viable business.Source: Reuters: Business News | 15 Sep 2009 | 7:28 pm IRS issues rules to ease mortgage refinancing (AP)AP - The IRS issued new rules Tuesday designed to make it easier to refinance some commercial real estate loans in an effort to curb the number of defaults.Source: Yahoo! News: Business | 15 Sep 2009 | 6:38 pm Wall St rulebook may not change muchWASHINGTON - The rule book for Wall Street may not change that much after all.Tougher financial rules that seemed inevitable after last year's crisis have been stymied by industry lobbying, government turf battles and a stabilising...Source: nzherald.co.nz - Business | 15 Sep 2009 | 6:30 pm Row over Tory plans to axe £30bn defence projectsThree of Britain’s biggest defence projects with a combined value of nearly £30billion could face the axe if the Conservatives win the general election next year. Source: Latest Business News from Times Online | 15 Sep 2009 | 6:00 pm Kiwi wine exports hit billion dollar markNew Zealand's wine industry has hit the billion dollar mark for annual exports, a full year earlier than it had expected. Chief executive of New Zealand Winegrowers, Philip Gregan, said today that Statistics NZ figures showed...Source: nzherald.co.nz - Business | 15 Sep 2009 | 6:00 pm Tourism industry sentiment improvingSentiment in the tourism industry is improving, raising hopes the worst of the recession may be behind it.According to the latest Tourism Industry Monitor, published today, 44 per cent of those surveyed believe demand for tourism...Source: nzherald.co.nz - Business | 15 Sep 2009 | 6:00 pm Unite fears for future of jobs at VauxhallTony Woodley, the joint general secretary of Unite, warned yesterday that the fate of the Vauxhall workforce was by no means certain as senior officials of Magna flew into London to talk to Lord Mandelson’s department about state aid. Source: Latest Business News from Times Online | 15 Sep 2009 | 6:00 pm Regulator rules out relaxation of ITV advert rulesITV, the commercial broadcaster still embroiled in a debate over who should be its next chief executive, was told by the Competition Commission on Tuesday that it should not increase the prices that it charges advertisers. Source: Latest Business News from Times Online | 15 Sep 2009 | 6:00 pm Brussels may force Lloyds to surrender HalifaxThe European Commission has warned Lloyds Banking Group that it may have to split off Halifax as punishment for the billions of pounds of state aid that it has received. Source: Latest Business News from Times Online | 15 Sep 2009 | 6:00 pm Adobe to buy Omniture for $1.8 billion (Reuters)
Source: Yahoo! News: Business | 15 Sep 2009 | 5:54 pm Adobe to buy Omniture for $1.8 billionBOSTON/SEATTLE (Reuters) - Adobe Systems Inc plans to pay $1.8 billion for fast-growing business software maker Omniture Inc as the maker of Photoshop and Acrobat looks to turn around declining sales.Source: Reuters: Business News | 15 Sep 2009 | 5:54 pm Facebook boasts positive cash flowFacebook says it has more than 300m users and its cashflow is positive, two milestones that re-emphasise its position as one of the fastest-growing websitesSource: Financial Times - US homepage | 15 Sep 2009 | 5:41 pm Citi raises $5bn in bail-out bondsCitigroup raised $5bn in government-guaranteed bonds under a emergency facility that is set to expire in six weeks and has been abandoned by most of its rivals as market conditions improvedSource: Financial Times - US homepage | 15 Sep 2009 | 5:32 pm Lehman collapse: Buffett's missed message from Barclays could have changed historyIt was the call that could have saved Lehman - if only Warren Buffett knew how to get his voicemail.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 15 Sep 2009 | 5:21 pm Lehman Says Barclays (BCS) Took $8.2 Billion Too MuchLehman Bros. has misplaced $8.2 billion and believes that Barclays (BCS) may have made off with it. Barclays bought some of Lehman’s assets after the investment house filed Chapter 11. According to AP, “Lehman wants a judge to force Barclays to give back some of the money it took as part of the deal, including $5 billion given [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Sep 2009 | 5:13 pm Lehman creditors challenge transfer to BarCapRepresentatives of the defunct Lehman Brothers estate claim that up to $8bn in cash and securities was transferred to Barclays Capital without the court’s knowledgeSource: Financial Times - US homepage | 15 Sep 2009 | 5:07 pm The End To “Free” At The Wall Street JournalIt costs money to subscribe to the print edition of The Wall Street Journal. The price is $2.29 a week to be exact. The newspaper also charges for its $1.99 a week for its online edition. The best no-cost way to get WSJ content has been on handheld devices like the RIM (RIMM) Blackberry devices and Apple (AAPL) iPhones. The [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Sep 2009 | 5:00 pm Rejection of BofA settlement a setback for SEC (AP)
Source: Yahoo! News: Stock Markets News | 15 Sep 2009 | 4:59 pm Blackstone CEO Steps Into Battle Over Placement AgentsBy Caitlin Kenney Blackstone CEO Stephen Schwarzman is defending the use of placement agents by private-equity firms. In a letter posted on the SEC website, Schwarzman explains the role they played in helping establish his first private-equity fund. Bloomberg reports: "Without the assistance of CS First Boston and Bankers Trust, I can assure you that our fundraising efforts for our first private-equity fund would have utterly failed," Schwarzman wrote of the predecessor of Zurich-based Credit Suisse Group AG. "Blackstone would have been a very different firm today and may not even have survived at all." As we reported earlier this summer, placement agents have come under intense scrutiny by the SEC and New York Attorney General Andrew Cuomo because of their ties to state and local pension funds. The SEC is currently considering a proposal that would ban placement agents from representing clients before state and local pensions. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 15 Sep 2009 | 4:55 pm Write-Offs: 09.15.09$$$ Rockefeller & Co CEO dies in apparent suicide [Reuters] $$$ Merrill Lynch Accuses 3 of 'Nefarious Plot' [Courthouse News] $$$ Meredith Whitney: US Economy Faces Big Test Next Month [CNBC] $$$ Parsing a Lehman employee's words [The Deal] 
 Sponsored Topics: Merrill Lynch - Suicide - CNBC - Meredith Whitney - Business Source: Dealbreaker | 15 Sep 2009 | 4:39 pm Nato chief calls for closer ties with RussiaAnders Fogh Rasmussen, who took over as Nato secretary-general a month ago, said he wanted to begin an ‘open and frank conversation [with the Kremlin] that creates a new atmosphere’Source: Financial Times - US homepage | 15 Sep 2009 | 4:30 pm Charlie Gasparino Pleased To See John Thain Finally Recognizes The Only Way He's Getting Back To Wall Street Is With Charlie Gasparino's Blessing
Sponsored Topics: Merrill Lynch - John Thain - Charlie Gasparino - Wall Street - Business Source: Dealbreaker | 15 Sep 2009 | 4:05 pm Chris Dodd Not Buying What The Beard Is Selling
Evidently the guy at the helm of the forthcoming regulatory overhaul bonanza likes his chances of success.
Sponsored Topics: Christopher Dodd - United States Senate Committee on Banking Housing and Urban Affairs - Senate Banking Committee Chairman Chris Dodd - Chris Dodd - United States Source: Dealbreaker | 15 Sep 2009 | 3:44 pm How the major stock indexes fared on Tuesday (AP)AP - Better news on retail sales and manufacturing helped send stocks higher Tuesday, as did comments from Federal Reserve Chairman Ben Bernanke that the recession was probably over. The government reported that retail sales jumped in August by the biggest amount in three years. The Fed's index of manufacturing in the New York region rose to its best level since late 2007.Source: Yahoo! News: Business | 15 Sep 2009 | 3:38 pm How the major stock indexes fared on Tuesday (AP)AP - Better news on retail sales and manufacturing helped send stocks higher Tuesday, as did comments from Federal Reserve Chairman Ben Bernanke that the recession was probably over. The government reported that retail sales jumped in August by the biggest amount in three years. The Fed's index of manufacturing in the New York region rose to its best level since late 2007.Source: Yahoo! News: Stock Markets News | 15 Sep 2009 | 3:38 pm Summary Box: SEC stung by judge rejecting deal (AP)AP - SEC IN A TIGHT SPOT: Already disgraced for its failure to uncover Bernard Madoff's massive fraud scheme, the Securities and Exchange Commission has been stung by a judge's rejection of its $33 million settlement with Bank of America over executive bonuses paid at Merrill Lynch.Source: Yahoo! News: Stock Markets News | 15 Sep 2009 | 3:34 pm EBay Upgraded at Brigantine, UBS, Piper Jaffray: AudioSource: Bloomberg - All Podcasts | 15 Sep 2009 | 3:26 pm No One Will Ever Let John Thain Forget ToiletGate
Office or Facility Renovations
Sponsored Topics: John Thain - Bank of America - Wall Street - American International Group - Croatia Source: Dealbreaker | 15 Sep 2009 | 3:16 pm Axiom's Dalton Says Stock Gains Likely to Slow: AudioSource: Bloomberg - All Podcasts | 15 Sep 2009 | 3:10 pm U.S. credit card defaults up, signal consumer stressNEW YORK (Reuters) - Bank of America Corp and Citigroup Inc customers defaulted on their credit card debts in August at the highest rates since the onset of the recession, a sign that the banks' consumer lending woes are far from over.Source: Reuters: Business News | 15 Sep 2009 | 3:04 pm Blockbuster’s Fate: Dying Store Model May Work (BBI, NFLX, CSTR, TIVO, CMCSA, TWX, AMZN)Blockbuster Inc. (NYSE: BBI) is dying if you read today’s headlines. Word from most media outlets today is that Blockbuster may close some 960 stores. Ouch. That sounds as though there will be no stores left until you look further into it. SEC filings filed today disclose new credit pacts. The company gave investors a [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Sep 2009 | 3:01 pm Presented By:Source: Dealbreaker | 15 Sep 2009 | 3:01 pm ING May Get Screwed Twice On Mortgage Valuations
In the midst of the credit crisis, when bids on MBS were tough to come by and even tougher for the seller to stomach, a structured finance advisory firm, Dynamic Credit, put the value of ING's portfolio at 90 cents on the dollar. That figure sounds a tad bit high to some in the European regulatory community who are now considering giving ING a slightly less sensational figure, which would do quite a number on the bank's capital base. The EC wants to make sure banks are operating on a level playing field and select firms don't receive preferential treatment. So European regulators don't want to get into a game of picking winners and losers. Too bad that sort of thinking wasn't around one year ago today. ING's State Help At Risk [Forbes]
Sponsored Topics: European Commission - European Union - Government - Multilateral - Business Source: Dealbreaker | 15 Sep 2009 | 3:01 pm Skidelsky Discusses Keynes, Banking, Financial Crisis: AudioSource: Bloomberg - All Podcasts | 15 Sep 2009 | 2:51 pm Roth on Market Technicals, Johnson on Retail Sales: AudioSource: Bloomberg - All Podcasts | 15 Sep 2009 | 2:48 pm Sosnick Sees Wal-Mart Attracting High-Income Consumers: AudioSource: Bloomberg - All Podcasts | 15 Sep 2009 | 2:42 pm Banks face restrictions on bonusesTemporary curbs based on more demanding capital requirements to be presented by Financial Stability Board to G20 leaders’ meeting next weekSource: Financial Times - US homepage | 15 Sep 2009 | 2:42 pm Telsey's Feldman Sees U.S. Consumers Gaining Confidence: AudioSource: Bloomberg - All Podcasts | 15 Sep 2009 | 2:40 pm Bove Could Care Less About Mack Leaving (MS, GS, JPM)Dick Bove of Rochdale Securities does not care about John Mack leaving Morgan Stanley (NYSE: MS). In fact. you might think he’s even glad to see some new blood managing the company. Bove called the brokerage firm’s, a.k.a. bank holding company without a bank, outlook positive. He noted that Morgan Stanley’s balance sheet is under [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Sep 2009 | 2:18 pm Bernanke says US recession likely overThe US recession “is very likely over”, Ben Bernanke, Fed chairman, said as data showed retail sales rose last month at the fastest rate in more than three yearsSource: Financial Times - US homepage | 15 Sep 2009 | 2:14 pm Will Allen Stanford Wind Up Calling Allen Stanford To The Stand?
Sponsored Topics: Dick DeGuerin - Allen Stanford - Texas - Ponzi scheme - Lawyer Source: Dealbreaker | 15 Sep 2009 | 2:11 pm Tories' George Osborne unveils new economic model for UKGeorge Osborne says an election victory would trigger an emergency budget to cut public spending and keep interest rates low.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 15 Sep 2009 | 2:00 pm Lutz Says GM Focused on Expanding North American Sales: AudioSource: Bloomberg - All Podcasts | 15 Sep 2009 | 1:55 pm Lehman funds put back in playAlvarez & Marsal the US restructuring adviser to Lehman Brothers holding group has reemployed dozens of former Lehman traders to "play" the markets.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 15 Sep 2009 | 1:54 pm Stephansen Sees Difficult Return to Economic Expansion: AudioSource: Bloomberg - All Podcasts | 15 Sep 2009 | 1:51 pm Ben Bernanke: 'recession is over'The worst US recession since the Great Depression is "very likely" over according to Ben Bernanke chairman of the Federal Reserve.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 15 Sep 2009 | 1:33 pm Osborne's path from austerity to prosperity is in the right directionFor the Tories it was a significant victory yesterday to witness Gordon Brown finally admitting to what any sane person had concluded was necessary not just a year ago but at least two years ago as we entered this crisis. Cuts in public spending to stem the new crisis of public debt.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 15 Sep 2009 | 1:30 pm A Devilish Look At The Financial LexiconBy Caitlin Kenney Matthew Rose over at the Wall Street Journal has a great financial edition of the "Devil's Dictionary." Here are a few of my favorites: BANK, BAD, n. 1. Everyone else. 2. Especially Goldman Sachs. GREEN SHOOTS, n. 1. The first signs of spring, often clobbered by summer's heat and autumn's rain. 2. A sign the economy is falling apart more slowly than previously thought. Related: DAISIES, PUSHING UP. See also THINKING, WISHFUL. STRESS TEST, n. 1. A measure of arterial blood flow to the head. 2. Alchemic process by which struggling, undercapitalized banks are transformed into paragons of modern finance. (See BANKS, GOOD.) Also known as the "Timothy F. Geithner Seal of Approval," which some bankers insist is good until it isn't anymore. (See BANKS, BAD.) Anyone care to take a stab at definitions for capital injection, leverage or mark-to-market? » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 15 Sep 2009 | 1:27 pm Technical Difficulties Prevented Warren Buffett From Saving Lehman Brothers
Billionaire Warren Buffett said he was approached a year ago about insuring Lehman Brothers Holdings Inc.'s assets before the investment bank filed for bankruptcy and didn't receive financial documents he requested. Update: A Fortune reporter caught up with WB later and he had this to say, which makes me question the whole story: I caught up with Buffett afterward, and asked him whether, in retrospect, he might have gone for the deal. He pulled the simple little Samsung phone out of his pocket and pondered it for a moment. It's entirely possible, he suggested. "I don't know." I would possibly buy the "I don't know how to check voicemail line" if he was one of those olds who, like, didn't interact with technology whatsoever. Had other people check his email, had an assistant carry his phone and take calls, etc. The fact that he has the cell in his pocket seems to indicate he knows damn well how to how to retrieve a message, and that this story is a crock, cooked up for the ladies in the audience (the conference was for Fortune's Women In Power), which would obviously make sense.
Sponsored Topics: Warren Buffett - Lehman Brothers - Bankruptcy - New York City - Investment Banks Source: Dealbreaker | 15 Sep 2009 | 1:22 pm People! THIS TYPE OF PERFORMANCE DOES NOT MAKE PTJ WANT TO RAIN BUCKETS O' CHICKEN ON YOUR ASSES!Tudor BVI Global: ...as for our Stamford sisters, your showing is not the sort of work that'll get you free Jäger bombs spiked with E(strogen) but luckily the Big Man is feeling pretty generous so meet us at Hank's after work. It's Tuesday, so it's time to party. SAC Capital International:
Sponsored Topics: SAC Capital Advisors - Year-to-date - Jäger - Organizations - Hedge fund Source: Dealbreaker | 15 Sep 2009 | 1:00 pm Getting a grip on Chinese tyresBarack Obama’s ruling will worsen tension, but unless it proves to be the first in a string of bad decisions, it need not be catastrophic. Cool heads can stop a global trade conflagrationSource: Financial Times - US homepage | 15 Sep 2009 | 12:59 pm The Face Of Foreclosure
Rosemary Williams outside her foreclosed home in Minneapolis. (Christopher Loren Thompson/ Planet Money Flickr pool) By Caitlin Kenney Listener Christopher Thompson sends these powerful photographs taken outside the foreclosed home of Rosemary Williams, a Minneapolis woman who for months has refused to leave her property. Seven protesters were arrested outside the home over the weekend for breaking through plastic police tape roping it off. Minnesota Public Radio reports: Williams has been fighting eviction for months. GMAC said in a statement that it has attempted to negotiate several arrangements that would have allowed Williams to remain in her home, but they all fell through. Williams was ordered to leave her property on Aug. 7, when Hennepin County sheriff's deputies served the eviction notice and changed the locks on her house. But a group of her supporters broke the locks and have been occupying the home ever since, vowing to stay despite the order. "We intend to protest this," said activist Mick Kelly this afternoon. "Our goal is to get justice for Rosemary, to allow Rosemary to stay in her home." Williams accepted a $5,000 check from GMAC this afternoon, but has not yet decided whether to cash it. A GMAC spokesperson said the company provided the money to help Williams relocate to a new residence. Foreclosure filings last month were down less than 1 percent from July. According to RealtyTrac, there were 358,471 foreclosure filings nationally. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 15 Sep 2009 | 12:03 pm MarketRiders Automates the Financial Advisor, Sort Of
MarketRiders, an online investment service that promotes proper asset allocation and low fees, wants to be the electronic answer to the financial advice industry. For a small fee, MarketRiders’ software will generate customized asset allocation recommendations. By cutting out the middleman, MarketRiders has potential to offer returns similar to existing fund managers’, but without the hefty fees. When you sign up, its investment engine, called E.Adviser, asks you several questions about your investment time horizon and risk tolerance. It then generates asset allocation recommendations based on your answers. Once you trade, E.Adviser tracks your progress and lets you know when to rebalance. The service costs $9.95/month, far less than a comparable suite of mutual funds. The MarketRiders website explains the problem: According to Morningstar, only 14% of the top 100 mutual fund managers in a given year were able to repeat their performance the following year. Over a five year period, 97% of the professional money managers underperform their index after fees and taxes! There’s probably not an industry that is so overpaid for providing so little. Yet most investors continue paying investment management fees that, while seemingly small, easily siphon away 33% of their wealth over 15 years. The financial industry’s abuse of the individual investor is part of what is causing a crisis in many American households today. Offended by this, Mitch, Steve and Ryan created MarketRiders. TechCrunch has more on why MarketRiders was founded: Mitch Tuchman, the founder of MarketRiders and a former hedge fund manager, studied the investment strategies of big university endowments like Yale’s. He learned that 80 to 90 percent of returns within any given year come from being in the right asset class (stocks, bonds, real estate, commodities, emerging markets), not from stock picking or market timing. The trick to steady returns is to try to mimic the market, not beat it, through exposure to broad asset classes. “Wall Street is the biggest fleecing machine in the world,” says Tuchman. “It is selling investors on the idea that if you give this manager money he will give you a better return than the market.” A better strategy, he thinks, is simply to buy a variety of exchange-traded funds which index different markets and then periodically re-balance your portfolio. The catch? E.Adviser only generates ETF portfolios. MarketRiders targets passive, risk-averse investors with $50,000 or more to put into the market. Why does the service only give specific tips on how to diversify within one type of fund? Most ETFs are cheap and relatively safe, but not foolproof. I would be more interested in MarketRiders if it recommended a broader range of investment types. I would also be more convinced of its potential to replace human advisors if it wasn’t stuck on one type of fund. I wonder whether its target market has the same kinds of concerns, or whether they are so passive that they don’t think about ETFs’ potential limitations. Do you think that as a business, MarketRiders is onto something? Do they need to expand their services, or are they targeting a lucrative niche with their strategy? Or are they just another computational flavor in an ever-expanding market?
Source: Business Pundit | 15 Sep 2009 | 11:49 am Adobe Buys Omniture for $1.8 billion
Adobe Systems Inc. announced it will buy business software company Omniture Inc. for $1.8 billion. Reuters has more: Adobe…looks to counter falling sales from its Photoshop and Acrobat programs. Adobe, which reported lower fiscal third-quarter sales and profit on Tuesday, has been struggling to grow in the economic downturn as corporations and home computer users rein in technology spending. The addition of Omniture would allow Adobe to offer software to advertising agencies and corporations, allowing them to analyze how consumers use commercial websites built using Adobe tools in order to improve their profitability. Adobe, whose software competes with products from Microsoft Corp (MSFT.O) and Apple Inc (AAPL.O), offered to pay $21.50 per share in cash for Omniture, a 24 percent premium over Omniture’s closing price on Tuesday. Omniture shares soared 25 percent to $21.74 in after-hours trading, while Adobe shares slid 4.5 percent to $34.06. The deal, if completed, would be Adobe’s second-largest acquisition after its $3.4 billion purchase of Macromedia in December 2005.
Source: Business Pundit | 15 Sep 2009 | 11:38 am Economic developments from around the globe (AP)AP - A look at economic developments and activity in major stock markets around the world Tuesday:Source: Yahoo! News: Stock Markets News | 15 Sep 2009 | 11:31 am Economic developments from around the globe (AP)AP - A look at economic developments and activity in major stock markets around the world Tuesday:Source: Yahoo! News: Business | 15 Sep 2009 | 11:31 am Wall Street's less honest after LehmanRegulators who let Lehman Brother collapse admit it was a tough ride, but claim it all worked out in the end. Commentator David Skeel says otherwise.Source: Marketplace | 15 Sep 2009 | 11:16 am Women are key to ending povertyAuthors Nicholas D. Kristof and Sheryl WuDunn talk with Kai Ryssdal about their book, "Half the Sky," and why more aid should be targeted to women so countries can be lifted out of impoverishment.Source: Marketplace | 15 Sep 2009 | 11:15 am L.A. restaurant has the links to successMany businesses are struggling to get by in this recession, but there are success stories. Caitlan Carroll reports on one restaurant in downtown Los Angeles that's sizzling even as the economy cools.Source: Marketplace | 15 Sep 2009 | 11:15 am Commission looks for answers to crisisCongress' Financial Crisis Inquiry Commission will soon begin investigating how the U.S. economy came close to collapse. The commission's chairman, Phil Angelides, talks with Kai Ryssdal about what he hopes to find and how it may aid regulation.Source: Marketplace | 15 Sep 2009 | 11:13 am Credit card companies try new tacticsWith consumers defaulting and newfound scrutiny from lawmakers, credit card companies are in a tough place. Stacey Vanek-Smith reports that's got companies trying a new tactic.Source: Marketplace | 15 Sep 2009 | 11:13 am Does Cadbury have merger appetite?Kraft Foods is denying it will unload any of its brands to pay for a possible acquisition of Cadbury. Joel Rose reports the candy maker may be holding out for a better bid, or may go it alone.Source: Marketplace | 15 Sep 2009 | 11:13 am Health care plans may be too expensiveWhen it comes to health care, one thing almost everybody agrees on is that everyone should have insurance. But getting there is the problem. Tamara Keith reports.Source: Marketplace | 15 Sep 2009 | 11:13 am Morgan Keegan Called For Flagrant Foul
Sponsored Topics: Chicago Bull - Basketball Hall of Fame - Mutual fund - Horace Grant - Airness Source: Dealbreaker | 15 Sep 2009 | 11:01 am Cliggott Says Investors Put Billions Into Asset Markets: AudioSource: Bloomberg - All Podcasts | 15 Sep 2009 | 10:41 am FTSE 100 remains above 5,000 mark (AFP)
Source: Yahoo! News: Stock Markets News | 15 Sep 2009 | 10:38 am Stiglitz: GDP Is Not Enough
The U-index measures the proportion of one's time in which the strongest feeling is a negative one. This graph measures women aged 18-68 who are not full time students in the cities of Columbus, Ohio, Rennes, France and Odense, Denmark. (Alan Krueger/The Commission on the Measurement of Economic Performance and Social Progress) By Caitlin Kenney What is the best way to measure economic health? That was the challenge French President Nicholas Sarkozy presented to a commission led by Nobel Prize winner Joseph Stiglitz when he asked them to consider the current state of statistics about the economy and society. The commission of economists and social scientists presented their report to the French president this week stressing the inadequacy of GDP. From the report: ...Perhaps had there been more awareness of the limitations of standard metrics, like GDP, there would have been less euphoria over economic performance in the years prior to the crisis; metrics which incorporated assessments of sustainability (e.g. increasing indebtedness) would have provided a more cautious view of economic performance. But many countries lack a timely and complete set of wealth accounts -- the 'balance sheets' of the economy -- that could give a comprehensive picture of assets, debts and liabilities of the main actors in the economy. The report includes key recommendations for fixing the problems with GDP like: "look at income and consumption rather than production," "emphasize the household perspective" and "broaden income measures to non-market activities." Another issue the report addresses is GDP's inability to adequately measure well-being over time. From the report: The traditional approach followed by economists to measure human well-being focuses on the resources that individuals have at their command, which are usually assessed in terms of either money income or assets or the goods and services that they consume. However, although resources are clearly important for human well-being... they are also clearly insufficient, for reasons that are detailed in Box 2.1.Human well-being depends on what resources enable people to do and to be, and the ability to convert resources into a good life varies across people. This suggests that indicators that go beyond being measures of income, wealth and consumption and incorporate the nonmonetary aspects of quality of life (hereafter referred to as QoL) have an important role to play. So far, president Sarkozy has embraced the commission's findings and pledged to incoporate them in France's accounting. Speaking to the Financial Times, Sarkozy said: The world over, citizens think we are lying to them, that the figures are wrong, that they are manipulated. And they have reasons to think like that. Behind the cult of figures, behind all these statistical and accounting structures, there is also the cult of the market that is always right. The French president also has another reason to celebrate the report. Mr Stiglitz and co-author Jean-Paul Fitoussi say a different approach for measuring performance could cut the per capita GDP gap between the US and France by at least half. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 15 Sep 2009 | 10:09 am Retail Sales Jump Up. Citigroup Wants Government Out.By Caitlin Kenney Good morning! Here's what we're reading today: Retail sales jumped up 2.7 percent last month, thanks to the largest increase in auto sales in nearly eight years. Sales at automobile dealerships and parts stores increased 11 percent, largely due to the government's cash-for clunkers program. Purchases not including automobiles also rose by 1.1 percent. Citigroup wants to reduce the government's stake in the bank. The Wall Street Journal (sub req'd) reports that executives are working on plans for a multi-billion-dollar stock offering to the public. Wholesale prices paid to factories, farmers and other producers were up 1.7 percent in August. Energy costs rose 8 percent, led by gasoline.
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 15 Sep 2009 | 8:57 am Wholesale prices soar 1.7 percent in AugustWASHINGTON -- Inflation at the wholesale level shot up at double the expected rate in August as gasoline prices soared by the largest amount in a decade.
Source: L.A. Times - Business | 15 Sep 2009 | 7:27 am In Buying Mint, Intuit Looks to Revitalize (BusinessWeek)BusinessWeek - Last year, Intuit's legal department sent a threatening letter to Mint.com demanding that the upstart rival in personal finance software explain its breakneck pace of growth. The correspondence was leaked and Intuit was upbraided in the blogosphere for what looked like bullying behavior. Even Intuit CEO Brad Smith later professed dismay. "It looked like Goliath picking on David," Smith said in an April interview with BusinessWeek. At the same sitting, Smith praised Mint's "brilliant" approach to helping consumers manage their money on the Web.Source: Yahoo! News: Business | 15 Sep 2009 | 6:08 am European stocks steady on grim Lehman date (AFP/DDP/File)AFP/DDP/File - European equities paused on Tuesday as investors mulled the one-year anniversary of the collapse of US investment bank Lehman Brothers which devastated the financial sector and the global economy.Source: Yahoo! News: Stock Markets News | 15 Sep 2009 | 5:59 am He’s Never Drinking Decaf Again
Source: Business Pundit | 15 Sep 2009 | 5:46 am Intuit Buys Mint.com for $170 million
Financial software company Intuit has purchased personal finance website Mint.com for $170 million. The New York Times has more: Mint, which unveiled its free online services in September 2007, quickly became popular as more people turned to the Web to create budgets and manage their finances. The company says it has 1.5 million users tracking nearly $50 billion in assets and $200 billion in transactions. “As Mint’s product grew in popularity, it became clear it wasn’t a question of if Intuit would acquire them anymore, but one of when and how much,” said Jeff Clavier, founder of SoftTech VC, an early-stage investment company that backed Mint. Although Mint.com and Quicken Online are rival services, the companies say they will continue to operate the two sites independently, and incorporate some of Mint’s features into Intuit’s services. “We were much better served by having Mint and its leadership as part of Intuit instead of trying to build it separately,” said Dan Maurer, senior vice president of Intuit’s consumer group. The acquisition is subject to regulatory approval, but the companies said they hoped to close the deal by the end of the year.
Source: Business Pundit | 15 Sep 2009 | 5:46 am
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