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Pound slips on Bank of England warningThe pound hit a five month low against the euro today after the Bank of England raised the prospect of a prolonged fall in the value of sterling against other currencies as a result of the credit crisis. Source: Latest Business News from Times Online | 21 Sep 2009 | 4:51 am Fed not acting like there's a recoveryFederal Reserve Chairman Ben Bernanke has said that the recession is "very likely over," but the Fed isn't acting like we're in a recovery.Source: Business and financial news - CNNMoney.com | 21 Sep 2009 | 4:33 am Children's favourite Noddy embarks on global adventureChildren's favourite Noddy will venture into new global markets to celebrate his 60th birthday, says parent company Chorion.Source: BBC News | Business | World Edition | 21 Sep 2009 | 4:30 am Google, Yahoo in ad battleIn a challenge to Yahoo's display ad dominance, Google unveiled a new technology aimed at making advertising easier for marketers.Source: Business and financial news - CNNMoney.com | 21 Sep 2009 | 4:27 am Santander raising up to $7.3 billion in Brazil IPOSpanish banking giant Santander said Monday that it will raise up to $7.3 billion through an initial public offering of shares in its Brazilian subsidiary.
Source: MarketWatch.com - Top Stories | 21 Sep 2009 | 4:27 am 'Years needed' to rebuild wealthYears of saving would be needed to return household wealth to pre-recession levels, says a Bank of England report.Source: BBC News | Business | World Edition | 21 Sep 2009 | 4:25 am Fortune 500's top stock is ...With apologies to the Beatles, the list of the best-performing Fortune 500 stocks in the year after the collapse of Lehman Brothers reads like a stroll down Penny Lane.Source: Business and financial news - CNNMoney.com | 21 Sep 2009 | 4:21 am Wall Street may ride the bull a little longerWith little on the docket to challenge investor optimism, the defiantly bullish stock market is looking to extend its staggering run in the week ahead.Source: Business and financial news - CNNMoney.com | 21 Sep 2009 | 4:21 am Weak metal prices hit FTSEIt was a tale of two miners in early trading this morning. Antofagasta was the best performer among Britain’s leading blue chips, while Kazakhmys was the biggest faller in a subdued FTSE 100. Source: Latest Business News from Times Online | 21 Sep 2009 | 4:16 am Buzzword battle: Apple vs. MicrosoftSource: Business and financial news - CNNMoney.com | 21 Sep 2009 | 4:15 am Recession results in steep fall in emissionsA slowdown in economic activity has resulted in an unparalleled fall in greenhouse gas emissions, providing a “unique opportunity” to move the world away from high-carbon growth, an IEA study has foundSource: Financial Times - US homepage | 21 Sep 2009 | 4:15 am World stocks lower as investors eye Fed meeting (AP)
Source: Yahoo! News: Stock Markets News | 21 Sep 2009 | 4:10 am IRS Gives Tax Cheats More TimeThe IRS is extending the deadline for tax cheats who have hidden assets overseas to turn themselves in from this week until October 15. It is an odd way to treat law breakers, but the IRS must be recovering a lot of revenue, so the end-point of the program may be pushed out again and again. The [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Sep 2009 | 4:10 am Spirit AeroSystems Announces Senior Notes OfferingWICHITA, Kan., Sept. 21 /PRNewswire-FirstCall/ -- Spirit AeroSystems, Inc., a wholly-owned subsidiary of Spirit AeroSystems Holdings, Inc. (NYSE: SPR) (the "Company") announced...Source: RSS feed - channel BNewsBusiness | 21 Sep 2009 | 4:00 am New Release of Recognition and Verification Software for Brazilian Checks From Parascript Offers Highest Recognition Rates- Parascript CheckPlus International for Brazil achieves courtesy and legal amount recognition rates in the 75 percent range, significantly better than other solutions on the market -Source: RSS feed - channel BNewsBusiness | 21 Sep 2009 | 4:00 am Lennar Reports Third Quarter ResultsMIAMI, Sept. 21 /PRNewswire-FirstCall/ -- -- Revenues of $721 million - down 35% -- Loss per share of $0.97 (includes a $0.42 per share charge related toSource: RSS feed - channel BNewsBusiness | 21 Sep 2009 | 4:00 am First Financial Holdings, Inc. Announces Commencement of $50 Million Public Offering of Common StockCHARLESTON, S.C., Sept. 21 /PRNewswire-FirstCall/ -- First Financial Holdings, Inc. ("First Financial" or the "Company") (Nasdaq: FFCH), the holding company for First Federal...Source: RSS feed - channel BNewsBusiness | 21 Sep 2009 | 4:00 am Indications: U.S. stock futures lower to kick off weekU.S. stock futures were pointing south on Monday, with investors focused on leading indicators and earnings from Lennar to provide more keys on how the recovery path will proceed.
Source: MarketWatch.com - Top Stories | 21 Sep 2009 | 3:58 am Metals Stocks: Gold falls as dollar gains ahead of Fed, G20Gold futures fall 1% Monday to trade near $1,000 an ounce, as the U.S. dollar surges against major rivals, reducing the appeal of the precious metal.
Source: MarketWatch.com - Top Stories | 21 Sep 2009 | 3:58 am Wal-Mart (WMT) Is The Next Wal-MartThe New York Times has joined a long line of media and analysts who say that Amazon (AMZN) will menace bricks-and-mortar superstore retailers the way that it did the traditional book shops and DVD distributors. The Times points out the general merchandise sales at Amazon will top sales of media products like movies and music later [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Sep 2009 | 3:55 am Europe Markets: Metals and chemicals firms drag on EuropeEurope stocks decline as traders move away from resource and chemical plays that have fronted gains as the economy recovers.
Source: MarketWatch.com - Top Stories | 21 Sep 2009 | 3:44 am Pound plumbs five-month euro lowThe pound has fallen against the euro and the dollar after a warning that UK public debt levels may not be sustainable.Source: BBC News | Business | World Edition | 21 Sep 2009 | 3:42 am Forget stock price, focus on valueIt's all too easy to think that a stock that has risen sharply is no longer a bargain -- or conversely that shares that have been cut in half must be a good deal. If only investing were that simple.Source: Business and financial news - CNNMoney.com | 21 Sep 2009 | 3:40 am Swine Flu ReduxThere was concern about significant worldwide infection and death shortly after the swine flu was discovered in Mexico earlier this year. That concern tailed off as it because clear, perhaps prematurely so, the strain was infecting many people but killing few. Even predictions that one-third of the world’s population might come down with the disease [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Sep 2009 | 3:40 am Pound hits five-month euro lowThe pound dropped to a five-month low against the euro and lost ground against the dollar on Monday after the Bank of England warned sterling's long-run sustainable exchange rate may have fallen due to...Source: RSS feed - channel BNPaperBusiness | 21 Sep 2009 | 3:33 am Halliburton Investor Relations Named One of Dallas Business Journal's 2009 Best Places to WorkRanks Number 39 in Small-Company Category DALLAS, Sept 21 /PRNewswire/ -- Halliburton Investor Relations (HIR), a Dallas-based, full-service investor relations firm,...Source: RSS feed - channel BNewsBusiness | 21 Sep 2009 | 3:30 am What's More Dangerous? Insure.com Looks at Everyday Risks, From Vacuum Cleaners to CarsDARIEN, Ill., Sept. 21 /PRNewswire-FirstCall/ -- When you're cleaning your house, should you be more scared of your washing machine or your vacuum cleaner? If you had to choose,...Source: RSS feed - channel BNewsBusiness | 21 Sep 2009 | 3:30 am Los Angeles County Economic Dev. Corp. (LAEDC) and the World Trade Center LA/Long Beach Hires MAYO Communications for Media RelationsMAYO earned a record 250 million media impressions last year alone LOS ANGELES, Sept. 21 /PRNewswire/ -- The Los Angeles County Economic Development Corporation (LAEDC) andSource: RSS feed - channel BNewsBusiness | 21 Sep 2009 | 3:30 am Europe talks tough on bank bonuses ahead of G20European officials vowed over the weekend to press for tough restrictions on bankers’ pay despite opposition from the United States when leaders of the world’s most powerful economies meet in Pittsburgh later this week for the Group of 20 summit.
Source: MarketWatch.com - Top Stories | 21 Sep 2009 | 3:26 am Stocks set for lower openU.S. stock futures fell Monday, as investors paused to take stock of the recent surge on Wall Street.Source: Business and financial news - CNNMoney.com | 21 Sep 2009 | 3:24 am Remaking world economy on G-20 agendaRead full story for latest details.Source: Business and financial news - CNNMoney.com | 21 Sep 2009 | 3:21 am McChrystal warns of Afghan ‘failure’US general in charge of Nato forces in Afghanistan says that without more resources the international mission could end in failureSource: Financial Times - US homepage | 21 Sep 2009 | 3:12 am The 24/7 Wall St. Interview With Ivan Seidenberg, CEO Of Verizon24/7 Wall St. interviewed Ivan G. Seidenberg, the Chairman and CEO of Verizon (VZ), recently. The conversation covered Verizon’s major plans, the global telecom markets, and the effects of the recession. This is the one in a series of 24/7 Wall St. interview with large company CEOs to examine the future of business and industry as the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Sep 2009 | 3:10 am Study finds aspirin protects against colon cancer* More studies needed to see if would help wider populationSource: RSS feed - channel BNewsBusiness | 21 Sep 2009 | 3:00 am Nexans France axes some 400 jobs, shuts one unitPARIS, Sept 21 (Reuters) - Nexans SA , the world's biggest cable maker, said last week it will shed some 400 jobs in France and shut a production unit in a move to reorganise its activities, hard hit by...Source: RSS feed - channel BNewsBusiness | 21 Sep 2009 | 2:57 am MCC lays solid ground on Shanghai debutShares in Metallurgical Corporation of China (MCC), the construction company that helped to build the Bird’s Nest stadium for last year’s Beijing Olympics, ended their first day of trading 27 per cent higher as retail investors scrambled for a piece of China's second-biggest initial public offering of 2009. Source: Latest Business News from Times Online | 21 Sep 2009 | 2:56 am The United States Of DetroitNo one questions that the most economically devastated geographic region in the US during this recession is Detroit. GM, Ford (F), and Chrysler have eliminated tens of thousands of jobs as have their suppliers. The “tri-county” area around The Motor City is the picture of what America would have looked like if the severe recession [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Sep 2009 | 2:56 am Sterling falls against dollar and euro after BoE report highlights UK's economic imbalancesSterling fell against a broadly stronger dollar on Monday and hit a 5month low against the euro as bearish sentiment grows after Bank of England report.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 21 Sep 2009 | 2:55 am London Markets: Miners, banks weigh on U.K. marketU.K. stocks moved lower Monday, following a gain of more than 3% for the country’s main index in the previous week, with mining companies and banks coming under selling pressure.
Source: MarketWatch.com - Top Stories | 21 Sep 2009 | 2:51 am Northern Foods parts ways with finance bossNorthern Foods today parted company with Andrew Booker, its finance director, after only ten months with the group. Source: Latest Business News from Times Online | 21 Sep 2009 | 2:49 am Obama wants G20 to rethink global economyWASHINGTON/BERLIN (Reuters) - U.S. President Barack Obama said on Sunday he would push world leaders this week for a reshaping of the global economy in response to the deepest financial crisis in decades.Source: Reuters: Business News | 21 Sep 2009 | 2:47 am China eases Macau visas; casino shares soarHONG KONG (Reuters) - China has quietly eased restrictions on its citizens traveling from Guangdong province to Macau, sending casino stocks soaring on Monday as industry executives bet on...Source: RSS feed - channel BNewsBusiness | 21 Sep 2009 | 2:46 am China eases Macau visas; casino shares soarHONG KONG (Reuters) - China has quietly eased restrictions on its citizens traveling from Guangdong province to Macau, sending casino stocks soaring on Monday as industry executives bet on record October earnings in the world's hottest gambling market.Source: Reuters: Business News | 21 Sep 2009 | 2:46 am China eases Macau visas; casino shares soar (Reuters)Reuters - China has quietly eased restrictions on its citizens traveling from Guangdong province to Macau, sending casino stocks soaring on Monday as industry executives bet on record October earnings in the world's hottest gambling market.Source: Yahoo! News: Stock Markets News | 21 Sep 2009 | 2:46 am London stocks steady at open (AFP)
Source: Yahoo! News: Stock Markets News | 21 Sep 2009 | 2:41 am Stock futures dip along with oil (Reuters)
Source: Yahoo! News: Business | 21 Sep 2009 | 2:38 am Stock futures dip along with oil(Reuters) - Stock index futures pointed to a lower open on Wall Street on Monday, with futures for the S&P 500 down 0.6 percent, Dow Jones futures down 0.5 percent and Nasdaq 100 futures down 0.7 percent at 4:18 a.m. EDT.Source: Reuters: Business News | 21 Sep 2009 | 2:38 am Stock futures dip along with oil (Reuters)
Source: Yahoo! News: Stock Markets News | 21 Sep 2009 | 2:38 am How to stretch your retirement dollarsOnce you have your Social Security strategy down, there's just one little retirement question left to consider: How can you make the money that you've so diligently saved provide the life you want for as long as you live? Oh. That.Source: Business and financial news - CNNMoney.com | 21 Sep 2009 | 2:37 am World stocks slip as G20, Fed loom (Reuters)
Source: Yahoo! News: Stock Markets News | 21 Sep 2009 | 2:35 am S Africa 'may miss power target'South Africa's aim to provide universal access to the electricity grid by 2012 may not be realised, says its state power firm.Source: BBC News | Business | World Edition | 21 Sep 2009 | 2:32 am Wealth workout: lock in savings now to make high returnsFixed rate deals are higher today than they were six months ago.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 21 Sep 2009 | 2:20 am Land Sec sells Bullring stake to Australian taxpayersThe Australian taxpayer is to become the joint-owner of Birmingham’s Bullring after Land Securities sold its stake in the shopping centre for £210 million. Source: Latest Business News from Times Online | 21 Sep 2009 | 2:12 am Share tips: buy Tesco and DebenhamsStockbrokers give their views on whether you should buy sell or hold a selection of shares.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 21 Sep 2009 | 2:12 am Marsh on Monday: Bismarck may be raised -- in new monetary orderThe name of Prince Otto von Bismarck may be raised, as the 19th century German leader's surname forms the acronym of a league of emerging market nations. These countries could end up calling the shots in the global economy.
Source: MarketWatch.com - Top Stories | 21 Sep 2009 | 2:11 am Lloyds faces offshore tax inquiry after BBC Panorama investigationBritish tax officials are investigating allegations that wealthy clients of Lloyds Banking Group are being encouraged to avoid UK taxes by channelling money through China it was reported on Monday.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 21 Sep 2009 | 2:07 am Total issues oil shortage warningThe head of oil giant Total tells the BBC the world could face a future oil shortage because of underinvestment.Source: BBC News | Business | World Edition | 21 Sep 2009 | 2:06 am RBS reportedly considering $6.5 billion share saleRoyal Bank of Scotland is considering selling as much as 4 billion pounds ($6.5 billion) of shares to existing investors in a move that would reduce the overall stake handed to the government under its asset-protection scheme, according to published reports.
Source: MarketWatch.com - Top Stories | 21 Sep 2009 | 2:04 am Congress to BofA: Tell all on Merrill dealA U.S. House of Representatives panel has told Bank of America Corp that it cannot use attorney-client privilege to withhold from Congress details on its purchase of Merrill Lynch, The New York Times reported Monday.Source: Business and financial news - CNNMoney.com | 21 Sep 2009 | 2:03 am Media Digest 9/21/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: Obama is asking the G 20 to reshape the global economy. Reuters: Congress will demand details of the Bank of America/Merrill Lynch deal. Reuters: Holiday spending is expected to be flat. Reuters: It may be too late to catch the turnaround in eBay’s (EBAY) stock. Reuters: Senator Dodd favors a bank “super cop”. Reuters: The Conference Board said pay [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Sep 2009 | 2:01 am Defensive stocks gain as London rally coolsLondon equities slipped back on Monday, with weakness in the mining sector taking a toll on the FTSE, but overall losses were limited by demand for defensive stocks. The benchmark index gave up 18 points...Source: RSS feed - channel BNPaperBusiness | 21 Sep 2009 | 1:54 am China Metallurgical jumps as trading kicks offShares of China Metallurgical Corp, one of the country's biggest engineering groups, rose as much as 38 per cent on its first day of trading in Shanghai in spite of a weak market.Although the rise fell...Source: RSS feed - channel BNPaperBusiness | 21 Sep 2009 | 1:51 am Charge students more, say bossesA CBI report suggests students should pay more interest on loans and higher tuition fees, sparking anger from their union.Source: BBC News | Business | World Edition | 21 Sep 2009 | 1:33 am Land Securities sells Bullring stake for 210mLand Securities has sold its one-third stake in Birmingham's Bullring, the shopping centre in Britain's second largest city, to Australia's sovereign wealth fund for 210m.The 40-acre Bullring was Europe's...Source: RSS feed - channel BNPaperBusiness | 21 Sep 2009 | 1:29 am Asia Markets And Europe Open 9/21/2009Markets in Asia were mixed and the Japanese exchanges were closed. The Hang Seng fell .2% to 21,585. HSBC (HBC) rose. The Shanghai Composite rose .2% to 2,968. At the open in Europe, the FTSE was down .2% to 5,165. The DAX fell .6% to 5,670. The CAC 40 fell .2% to 3,821. Data from Reuters and MarketWatch. Douglas A. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Sep 2009 | 1:27 am Aussie stocks marginally weakerPERTH - The Australian share market closed marginally weaker on light trading volumes amid profit-taking, although companies with exposure to the United States gained ground on expectations of an improving economy.The benchmark...Source: nzherald.co.nz - Business | 21 Sep 2009 | 1:24 am EdF seeks to sell more of British Energy La Tribune reportFrance's EDF is looking for a partner for UK nuclear power generator British Energy as part of its ongoing campaign to sell off some €5bn £4.5bn of assets according to a report in the French newspaper La Tribune on Monday.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 21 Sep 2009 | 1:23 am Freightways delivers dividend, closes upDespite delivering an 8.5c dividend to shareholders today, Freightways still closed up 4c at 324 amid a mixed market.The benchmark NZSX-50 index closed down 0.026 per cent, or 0.809 points, at 3155.654. Turnover was 36,464,705...Source: nzherald.co.nz - Business | 21 Sep 2009 | 1:04 am The Internet is proof that government doesn't bungle everythingSince it's so fashionable these days to question whether government can do anything right -- whether it's regulating banks, bolstering the economy or overseeing healthcare -- it's worth noting that we're about to celebrate the 40th anniversary of one of the most important federal initiatives of our time.
Source: L.A. Times - Business | 21 Sep 2009 | 1:00 am 'Cloudy' gets just a little sunshineSony's animated film opens at No. 1, but its $30.1 million is so-so. Three other movies have soft debuts.Sony's efforts to gain a foothold in the highly competitive computer-generated animation market continue to generate mixed results, as "Cloudy With a Chance of Meatballs" opened to a so-so $30.1 million this weekend in the U.S. and Canada, according to studio estimates.
Source: L.A. Times - Business | 21 Sep 2009 | 1:00 am Google is searching for users in ChinaThe U.S. giant is far from a household name in the Asian nation, lagging behind domestic rival Baidu. It's taking steps to change that.Google Inc. has endured the ire of the Chinese censorship machine. In its nine years in China, it has been slowed down, shut down and accused of peddling smut.
Source: L.A. Times - Business | 21 Sep 2009 | 1:00 am Google is searching for users in ChinaThe U.S. giant is far from a household name in the Asian nation, lagging behind domestic rival Baidu. It's taking steps to change that. ...Source: RSS feed - channel BNPaperBusiness | 21 Sep 2009 | 1:00 am Savers need to resume buying habits to aid recovery, experts sayThe continuing refusal or inability of millions of American consumers to spend money the way they did before the financial crisis casts a potentially dark shadow over the nation's economic future.In January, after putting the kids to bed, Mary Morrill and her husband spread their monthly bills, grocery receipts and checkbooks on the kitchen table and began the first of several long nights finding ways to cut spending -- especially with credit cards.
Source: L.A. Times - Business | 21 Sep 2009 | 1:00 am Grocery stores taking check use off shoppers' listsIn a cost-cutting move, Whole Foods may emulate Fresh & Easy in accepting only cash and credit and debit cards at checkout.Long before banks started locating branches inside supermarkets, grocery stores acted as informal financial establishments, cashing payroll checks and personal checks to provide ready cash for their customers. That's starting to change.
Source: L.A. Times - Business | 21 Sep 2009 | 1:00 am Investors' attention will focus on Fed policymakersThe interest rate-setting board will meet. Also, economic data due out will suggest whether a U.S. recovery is on track.If the stock market's seemingly unstoppable march higher is to be believed, the economy is firmly on the road to recovery. Several key events on the economic calendar this week may help determine whether that conviction holds up.
Source: L.A. Times - Business | 21 Sep 2009 | 1:00 am IRS to extend amnesty deadline for tax dodgersMore than 3,000 Americans hiding assets overseas have applied for the program, which promises no jail time and reduced penalties for tax cheats who come forward.The IRS is extending the Wednesday deadline for international tax dodgers to apply for an amnesty program in order to give a rush of applicants more time to prepare their paperwork.
Source: L.A. Times - Business | 21 Sep 2009 | 1:00 am ABC takes risks with its fall prime-time lineupThe network faces its toughest challenge in years as it premieres twice as many new shows as its rivals. Many of its hit shows are aging and 'Lost,' a cult classic, is in its last season.In the opening of ABC's new drama "FlashForward," the world's population blacks out at the same moment and has a vision of events on a day in April 2010.
Source: L.A. Times - Business | 21 Sep 2009 | 1:00 am Heirs file claims to Marvel heroesWalt Disney Co. may not get full ownership of many of Marvel Entertainment's most famous superheroes if new copyright claims by the family of the late artist Jack Kirby have merit.
Source: L.A. Times - Business | 21 Sep 2009 | 1:00 am Disney's clash at the topStudio chief Dick Cook's 38-year career that began as a Monorail operator ends abruptly after he chafes CEO Bob Iger.After 38 years, the end for Dick Cook came in less than 10 minutes.
Source: L.A. Times - Business | 21 Sep 2009 | 1:00 am IRS to extend amnesty deadline for tax dodgersMore than 3,000 Americans hiding assets overseas have applied for the program, which promises no jail time and reduced penalties for tax cheats who come forward. ...Source: RSS feed - channel BNPaperBusiness | 21 Sep 2009 | 1:00 am Investors' attention will focus on Fed policymakersThe interest rate-setting board will meet. Also, economic data due out will suggest whether a U.S. recovery is on track. ...Source: RSS feed - channel BNPaperBusiness | 21 Sep 2009 | 1:00 am 'Cloudy' gets just a little sunshineSony's animated film opens at No. 1, but its $30.1 million is so-so. Three other movies have soft debuts. Sony's...Source: RSS feed - channel BNPaperBusiness | 21 Sep 2009 | 1:00 am Savers need to resume buying habits to aid recovery, experts sayThe continuing refusal or inability of millions of American consumers to spend money the way they did before the financial crisis casts a potentially dark shadow over the nation's economic future. ...Source: RSS feed - channel BNPaperBusiness | 21 Sep 2009 | 1:00 am Grocery stores taking check use off shoppers' listsIn a cost-cutting move, Whole Foods may emulate Fresh & Easy in accepting only cash and credit and debit cards at checkout. ...Source: RSS feed - channel BNPaperBusiness | 21 Sep 2009 | 1:00 am Land Securities sells Bullring stake to Australian governmentLand Securities sold its one third stake of the Bullring Birmingham to the Future Fund an investment fund for the Australian Government on Monday for £210m.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 21 Sep 2009 | 12:42 am Recovery not in sight says QantasQantas Airways paints a gloomy picture of the airline industry, saying it has yet to see any real improvement in conditions.Source: BBC News | Business | World Edition | 21 Sep 2009 | 12:07 am Disagreement over dollar's directionThe New Zealand dollar is ripe for a turn - although traders' disagree markedly over which way they could go.At 5pm the NZ dollar was buying US70.73c, easing from US70.88c at the 8am today and a 13-month high of US71.55c on Thursday.Westpac...Source: nzherald.co.nz - Business | 21 Sep 2009 | 12:03 am Global bank regulator says treat recent improvements at banks with cautionRecent improvements in the global financial sector should be treated with caution Jaime Caruana the head of the world's biggest central bank body warned on Monday ahead of this week's G20 summit.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Sep 2009 | 11:55 pm Jonathan Burton's Life Savings: Quick ways to rebuild your retirement portfolioJo and Al Lineberry were expecting a smooth and stress-free retirement when life intervened. Two years ago, the Lineberrys were corporate executives in Minneapolis with successful and lucrative careers. Then Al was laid off, and Jo lost her job nine months later.
Source: MarketWatch.com - Top Stories | 20 Sep 2009 | 11:55 pm Peter Brimelow: Market rises, just as Sound Advice saidSound Advice's Gray Emerson Cardiff emitted a brave bullish bellow back in May and now seems headed to beat the September slough.
Source: MarketWatch.com - Top Stories | 20 Sep 2009 | 11:52 pm Congress demands BofA details on Merrill deal: reportWASHINGTON (Reuters) - A House of Representatives panel has told Bank of America Corp that it cannot use attorney-client privilege to withhold from Congress details on its purchase of Merrill Lynch, The New York Times reported on Monday.Source: Reuters: Business News | 20 Sep 2009 | 11:49 pm Congress demands BofA details on Merrill deal: report (Reuters)
Source: Yahoo! News: Business | 20 Sep 2009 | 11:49 pm Oil falls below $72 on easing Asian stocks, SinopecPERTH (Reuters) - Oil prices fell below $72 a barrel in thin trading on Monday, pressured by easing Asian stocks and comments by Asia's No. 1 refiner Sinopec that diesel demand China had not completely recovered.Source: Reuters: Business News | 20 Sep 2009 | 11:45 pm Oil falls below $72 on easing Asian stocks, Sinopec (Reuters)
Source: Yahoo! News: Stock Markets News | 20 Sep 2009 | 11:45 pm Holiday spending seen flatLOS ANGELES (Reuters) - U.S. holiday spending is expected to be flat versus a year ago, as consumers remain cautious and the national unemployment rate hovers at nearly 10 percent, Deloitte said in a forecast released late on Sunday.Source: Reuters: Business News | 20 Sep 2009 | 11:00 pm Holiday spending seen flat (Reuters)
Source: Yahoo! News: Business | 20 Sep 2009 | 11:00 pm BofA to add DuPont's Holliday to board: report(Reuters) - DuPont Co Chairman Charles Holliday will likely be added to Bank of America Corp's board of directors at a meeting on Monday, the Wall Street Journal said, citing a person familiar with the situation.Source: Reuters: Business News | 20 Sep 2009 | 10:57 pm BofA to add DuPont's Holliday to board: report (Reuters)Reuters - DuPont Co Chairman Charles Holliday will likely be added to Bank of America Corp's board of directors at a meeting on Monday, the Wall Street Journal said, citing a person familiar with the situation.Source: Yahoo! News: Business | 20 Sep 2009 | 10:57 pm Obama wants G20 to rethink global economy (Reuters)Reuters - U.S. President Barack Obama said on Sunday he would push world leaders this week for a reshaping of the global economy in response to the deepest financial crisis in decades.Source: Yahoo! News: Business | 20 Sep 2009 | 10:29 pm 10 Ways To Make Your Boss Love YouThe stock market’s been climbing. Housing prices are on the rebound. But the job market? Like a bum on a bender, it still hasn’t hit bottom. Even as the Dow continued its impressive run-up in recent months, Americans were still losing jobs at the rate of 2,500 an hour. Looking for work? At last count, there were 14.5 million workers competing for just 2.6 million openings, and the average job hunt lasted six months. All of which means there’s one piece of advice that holds true for just about every employee: Keep your job. Even the most ambitious Americans are playing defense when it comes to career planning—hanging on to their jobs as tight as they can. For most workers, that includes paying extra attention to their relationship with their direct supervisor, who, not surprisingly, is under quite a bit of pressure lately. According to a recent survey of U.S. managers by global HR consulting firm BPI, 82 percent feel stressed on the job, and 75 percent say the stress has hurt their relationship with their teams. “If a boss was indecisive, controlling or temperamental in good times, he’s probably twice as bad now,” says Manhattan psychotherapist Katherine Crowley, who specializes in workplace relationships. The fact that many managers these days lack the skills to lead a team only adds to the challenge. Twenty years ago most supervisors received formal training from their companies, learning how to set goals, settle disputes and reward good performance. But companies are increasingly focusing that time and money elsewhere. According to a study by Bersin & Associates, spending on leadership development as a share of employee education budgets fell 20 percent last year. Translation: Your manager is probably making it up as he goes along. But you don’t have to. Career consultants say the current office environment offers outstanding opportunities for employees who—far from lying low—are increasing their role at work by actively supporting their boss. There’s a term for this, of course: It’s called “managing up.” What does this mean in practical terms? To come up with a surefire plan for job retention, we talked to a slew of management gurus and, to keep it real, to corporate leaders who are bosses themselves (boy, did they give us an earful). Here, 10 strategies that employees in almost any job can use to help keep their bosses happy—and keep themselves off the street. Put in the Hours -- When it CountsThe choppy economy has us spending more time at the office; according to a survey by the Society for Human Resource Management, 50 percent of workers say there’s more pressure to work long hours now than there was a year ago. Roughly half of all workers also say they’re increasing their hours to impress the boss and shore up job security. But bosses say they don’t actually care how many hours employees work, as long as the job gets done. Yes, managers expect late nights or a sacrificed weekend in a crunch. But when it’s just for show, you’re wasting your time. Shai Littlejohn, an entertainment lawyer, says there’s nothing more annoying than an employee who brags about his long hours—it strikes her as self-serving. Plus, she can’t help wondering, “Why can’t you finish your job in a normal amount of time like everyone else?” Another reason to pace yourself? There’s actually evidence that working long hours can hurt your performance. A study published this year in the American Journal of Epidemiology found that middle-aged workers who consistently worked at least 55 hours a week scored lower on reasoning and vocabulary tests than counterparts working 40-hour weeks. A second study found that medical residents working 90 hours a week showed the same impairment level as those who drank 4 ounces of vodka. Most bosses understand that a work-life balance creates a happy, productive employee; they appreciate a worker who paces herself to maintain peak performance. Crowley, coauthor with Kathi Elster of Working for You Isn’t Working for Me, suggests that employees tell their bosses exactly what they need: “I have to leave tonight at 7” while explaining, “I need some rest because I want to do the best job possible.” And if you happen to get caught goofing off on the job, don’t pretend you’re not. Steve Richard, CEO of Arlington, Va., sales outsourcing firm Vorsight, says it’s annoying to approach an employee and watch him switch from Facebook or a sports site to a spreadsheet. “I’m human—I look at ESPN too,” he says. “Don’t hide it from me.” EmpathizeDavid Via, vice president of sales and marketing for D’Addario, a Long Island music-accessories manufacturer, offers unusual words of praise for his national sales manager: “He reads between the lines.” For instance, Via recently CC’d this sales manager on an e-mail to another employee who wanted advice on a big contract. “I’ll see if I can do it over the weekend,” Via wrote. The unspoken message? “I’m totally swamped!” Via was delighted when the manager immediately offered to review the contract himself. Putting yourself in your manager’s shoes can earn favor, but it also takes the sting out of bad boss behavior, says management consultant Lynn Taylor, author of Tame Your Terrible Office Tyrant. In interviews with 200 bosses and employees, she found one factor underlying practically all the supervisors’ most annoying behaviors: fear. Whether a boss is being demanding, critical, stubborn or needy, chances are she’s scared of failing or looking bad to her own boss. “It’s not about you,” says Taylor. The employee can turn things around by addressing the underlying problem. If the boss is stressed about a big presentation, for example, the employee could offer to help. Of course, the source of a manager’s freak-out isn’t always readily apparent. Tim Reeves, CEO of Philadelphia advertising firm The Neiman Group, says employees don’t realize how lonely it can be at the top. They tend to depersonalize their boss and forget he has his own burdens. That isolation creates an opportunity for the thoughtful employee who sincerely cares for his boss’s well-being—and is confident enough to ask about the boss’s concerns and priorities. On the other hand, any boss can tell when it’s just self-centered brownnosing, says Reeves: “A gratuitous inquiry into ‘How are the kids’ is not what I’m talking about.” Defuse a Bad SituationIn the late ’90s, a Harvard Business Review study confirmed many employees’ worst fears. Researchers interviewing hundreds of executives found that almost all supervisors sort their subordinates into an in-group and an out-group—typically within five days of meeting them. It gets worse: Once an employee gets lumped in the out-group, the boss literally doesn’t notice the person’s accomplishments; he notices only failures that reinforce the initial impression. The researchers say a frank, face-to-face discussion is the best way to break the cycle. But the supervisor may never request that meeting—bosses dread confrontation as much as employees do. “It’s no fun to tell someone they’re not cutting the mustard,” admits John Erwin, president of call-center provider CareNet. Instead, the bad feelings fester until it’s time for layoffs—and guess who gets cut. When an employee takes the initiative and calls a meeting, “It’s a huge relief,” says San Francisco human-resources consultant and 5 O’Clock Club coach Susan Bloch. That doesn’t mean begging for help, however; that just puts pressure on the boss. Rather, a shrewd employee will identify job objectives that he hasn’t met, pinpointing reasons for failures and suggesting a better approach. This method works for onetime blunders as well. An employee who brings a mistake to his boss’s attention—and comes armed with a solution—can win points for candor. Erwin says he’d rather hear the stupid truth about a situation (“I forgot!”) than a dozen lame excuses. Be a ConduitThe boss who surrounds himself with panting sycophants is an old cliché, but the stereotype has little basis in reality. Fact is, leaders worry about overlooking unpleasant truths in the office. Elster, a Manhattan business strategist and executive coach, says some bosses are so desperate for straight information, they hire folks like her to grill employees and report back. No surprise, then, that an employee who tells the ugly truth is “invaluable to the boss,” she says. Stuart Udell, CEO of 550-employee online college Penn Foster, found that as he rose higher in the ranks, he heard far less negative feedback. So he particularly appreciates employees who clue him in to festering problems. He fondly recalls a warehouse manager who took smoke breaks with coworkers and came to him with insider intelligence. At another company, Udell relied on a sales VP who told him when the finance and product teams weren’t communicating. He didn’t regard these folks as snitches, he says, because they never trashed individual colleagues. Indeed, Elster advises against tattling about an employee’s ethics or performance, because it looks vindictive and self-serving. Bosses say they also value employees who help them understand when the troops are confused or misinformed. Justin Honaman, director of customer intelligence at Coca-Cola (KO), says he loves employees who pose the questions in meetings that everyone else is afraid to ask. It helps him do his job. After all, he has no way of knowing what his team doesn’t know. On the flip side, he dislikes employees who ask questions engineered to put him on the spot. “It’s funny for a few minutes,” he says, “but you don’t forget it.” Ask for HelpBosses say they love an employee who asks for help. Not only does it show humility and a desire to learn, but it’s also a subtle form of flattery—“ego-stroking for the boss,” says Ridgewood, N.J., executive coach Bill Belknap. In fact, self-reliance can backfire. John Southard, partner at Overland Park, Kan., architecture firm Hollis + Miller, says younger associates try to impress by handling everything themselves, but those who seek advice perform better and advance faster. Still, bosses say it’s easy to tell when an employee asks questions just to get attention, and Belknap agrees that some take this tactic too far: Ultimately, an employee who brings every problem to her boss looks lazy. Smart subordinates exhaust every resource—coworkers, Google, Twitter—and approach the boss with only their toughest challenges. Connect the Boss's WayWhen it comes to deciding when, where and how to communicate with the boss, pro wrestler The Rock said it best: “It doesn’t matter what you think!” Subordinates need to adopt the manager’s style, says Bloch, the human-resources consultant. That means delivering information in a format the boss can process. The late management guru Peter Drucker observed that some folks are fantastic readers who don’t retain much of what they hear. Hard-core listeners, meanwhile, comprehend little on the printed page. If a subordinate keeps writing memos for a listener, Drucker wrote, “the boss will think the employee is stupid, incompetent and lazy.” Experts also divide the boss ranks into analytical types and big-picture folks. The analytical boss needs to hear all the details supporting a conclusion. The big-picture boss just wants to know how a recommendation relates to her goal. But one communication rule applies to every boss: Keep it up. In fact, it’s best to overcommunicate, until the boss says to back off. One of the most common reasons for a bad performance review is an employee’s failure to track his boss’s top priorities, says Bloch. She suggests a regular exchange in which the boss and subordinate review the employee’s agenda. Show InitiativeWe don’t need science to tell us that bosses prefer employees who request more responsibility. Still, there are studies to prove it. A recent analysis examining decades of research on workplace personalities found that proactivity—the tendency to show initiative and seek opportunity—is the top predictor of an employee’s performance rating and likelihood of advancement. These days, of course, everyone’s assuming wider duties, whether they want to or not. A CareerBuilders poll this summer found that 47 percent of workers say they’ve taken on more responsibility thanks to employer layoffs. But showing initiative doesn’t necessarily mean extra hours, says Belknap, the executive coach. It can mean exchanging a task for a higher-level assignment or finding a clever way to solve a problem. Even if your suggestion is dismissed, just making the effort “puts you ahead of the pack,” he says. Udell, the Penn Foster CEO, still gushes about the project manager he hired to develop an online testing system back when he ran the K-12 division at Kaplan. Before a big sales meeting, the manager noted that the division’s Web site needed an overhaul. He suggested a consultant who could do the job in just six weeks—for less than $12,000. This didn’t require much effort on the manager's part, but Udell appreciated that the employee was anticipating the challenge his boss was facing: “He knew I’d be standing in front of my sales force having to explain why we had such a crappy Web site.” Be PositiveBosses hate the office complainer, because an employee with a bad attitude can infect the entire team. But positive employees quickly earn their boss’s favor. Before Erwin, the call-center president, rose to the executive suite, he liked to position his most positive employees right near his desk, simply because the cheerleaders helped him stay upbeat: “The smiles and supportiveness keep you charged up.” It’s not just a big boss ego trip. Positive folks really do perform better in the face of challenge and rejection. In a study of 15,000 workers who took an industry test and applied for a life-insurance job, University of Pennsylvania researcher Martin Seligman found that within two years of hiring, the optimists significantly outsold the pessimists. Meanwhile, a subgroup of 130 optimists who failed the industry test (but were hired anyway) outsold everyone. Larry Rivers, president of Fort Valley State University in Georgia, says he couldn’t do without the positive attitude of his prize employee, Judy Carter, dean of the university’s College of Education. When Rivers took his job in 2006, he launched a plan to double enrollment within five years. There was plenty of grumbling from folks who said it was too much too soon. Not Carter. When Rivers asked her to start three new teacher-prep programs, she started seven, attracting 500 new education majors. She also tirelessly campaigned for the changes, meeting with professors and administrators to explain how the growth would lead to more research funding, higher salaries and travel money. “She gets people to buy in,” says Rivers, who notes that the school wound up reaching its five-year goal in just three years. “A good attitude is contagious.” Of course, the cheerleading can backfire if it’s not supported by results. Vorsight CEO Richard says he’s frustrated with salespeople who set optimistic goals and fail to deliver. He needs accurate forecasts to manage cash flow, and the puffery is “very annoying.” Make Like Mini-MeThey say that if you want to be the boss, you should dress like the boss. That’s true. But here’s an even better reason to copy your supervisor’s look: It creates an instant connection. Research shows that we feel more comfortable and trusting around people who reaffirm the validity of our own choices, and that includes our choice of fashion. An employee who adopts the boss’s look is saying he’s on the boss’s team, says Clearwater, Fla., image consultant Kelly Machbitz. Yes, this sounds fairly creepy. But it doesn’t mean being a clone. An employee doesn’t need to dress like his manager every day. Rather, it’s a strategy for face-to-face meetings. Nor does it mean slavishly imitating the boss’s look down to the last detail. Instead of buying the same Ralph Lauren striped shirt the boss wore last Thursday, a zippy stripe from another designer will do. Successful mimics also decode the unspoken boundaries of their manager’s attire; they never show up looking more casual or sloppier than the boss looks on his worst day. There are other sartorial strategies that establish trust on a subconscious level. An employee who upstages her boss by dressing more formally or expensively looks out of place and signals that she’s gunning for her manager’s job. Machbitz also recommends building a wardrobe around reassuring colors. Brown, navy blue and gray convey competence; black and bright red are aggressive and threatening. Get Your Face TimeForced to choose between a “competent jerk” and a “likable fool,” any boss will swear he’d pick the jerk. But that’s not how it works in real life. In a study analyzing more than 10,000 work relationships across four white-collar companies, Stanford and Harvard University researchers found that time and time again people choose likability over competence. They also found that perceived likability depends, in part, on something as simple as how much time people spend together: We like folks with whom we are familiar, and the better we know someone, the easier they are to work with. No wonder Americans spend so much time dining and golfing with the boss. While the days of bringing the boss home for dinner are long gone, a recent survey of six-figure executives found that 55 percent said socializing with the boss was good for their career, and 27 percent believe it’s a necessity. Only 17 percent said they never hang with the boss outside work. Alas, this is one area where employees have to let the boss take the lead, says Crowley, the psychotherapist. If the boss extends an invitation, it’s bad form to say no, but inviting the boss for drinks or a round of golf nearly always comes off as manipulative. Most bosses have very firm ideas about how and when they want to socialize with subordinates. Southard, the architect, says he and his partners put a lot of thought into a formal program of office events for socializing—including “Thirsty Thursdays” coordinated by a “Ministry of Fun,” plus scheduled coffee breaks. So when an employee comes by outside those hours to chitchat, he can’t help wondering, “Are they bored?” Still, there are subtle ways of orchestrating face time. Littlejohn, the lawyer, says she appreciates being included in group invitations via e-mail (“Going to lunch—anyone interested?”). Selecting a conference or seminar to attend with a boss shows initiative, and the process of learning together can be a bonding experience. Folks who bump into the boss outside the office should keep it friendly but brief. Rivers, the university president, says he tries to be polite, but employee encounters can interfere with his grocery shopping: “That gets to be a little trying at times.” 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 | 20 Sep 2009 | 10:00 pm The Smart Way to Leave a JobNot long ago, a group of Chinese steelworkers reacted to news of an impending layoff with an impulsive gesture: They killed their boss. Perhaps they forgot to consider—who’s going to give them a reference? While a good relationship with your manager is crucial to keeping your job, it’s just as important to handle the boss with care when you’re leaving. A former manager can be a source of support, advice and contacts. But whether or not the departure was voluntary, many folks can’t get a reference thanks to an awkward separation, says Tory Johnson, recruiting guru and author of Fired to Hired. With roughly a third of all workers likely to leave their jobs this year, voluntarily or not, it’s worth asking what constitutes a graceful exit. No matter what, if you leave voluntarily, your boss should hear the news first. The thoughtful employee schedules an in-person meeting and times it so that the boss has space to deal with the loss. (Dan Calista, CEO of health care consulting firm Vynamic, will never forget the employee who called over the weekend to announce his resignation—catching Calista at the hospital right after his daughter was born.) Obviously, the initial meeting is not appropriate for a lengthy, heartfelt discussion; the worker should simply express his commitment to a smooth transition. Later, he can deliver a thank-you expressing gratitude for particular experiences. As for that transition, bosses appreciate an employee who calls clients and suppliers to explain who will be taking over, leaves contact information with colleagues and ensures voice mail and e-mail are forwarded. Believe it or not, bosses also welcome an opportunity to advise a laid-off employee—it demonstrates there are no hard feelings and shows appreciation for the boss’s insight. Managers also like to keep up with laid-off employees, despite the potential for awkwardness. Holiday cards, breakfast invitations, LinkedIn connections and e-mail updates are all in order. Johnson suggests leaving a recommendation on your boss’s LinkedIn profile; the gesture can spur a reciprocal exchange. But make it specific—a generic “Joe was the best boss!” constitutes brownnosing. Above all, keep the communication regular. Vorsight CEO Steve Richard says he dislikes folks who disappear for years and then come back looking for a reference: “It’s a turnoff. They don’t care about you.” 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 | 20 Sep 2009 | 10:00 pm Amid Market Highs, More Worries It's a 'Junk' Rally (Pundit Watch)Stocks stretched to 2009 highs last week, but market experts remain divided over the sustainability of the rally and the pace of economic recovery. Despite Fed Chairman Ben Bernanke's pronouncement that last year's collapse of Lehman Brothers "sparked a deep global recession, from which we are only now beginning to emerge," the fledgling recovery's health and endurance continues to provoke sharp debate among economists and market strategists. The terminology is now familiar to even the most economically unschooled reader: "Jobless recovery," "unsustainable rally," "cyclical upturn" and "V-shaped recovery" are the stuff of routine headlines, but the meaning and importance of new data and recent market surges reveals a significant split. Bulls say we are headed back to growth, while bearish types credit the plethora of government stimulus programs for altering conditions to the point where investors don't know the difference between real growth and a federal spending bubble. Yardeni Research chief economist Ed Yardeni, once one of the financial commentariat's more bullish voices, reckons it's somewhere in between. The “cash for clunkers” program helped auto and industrial production, and the $8,000 tax credit gave home buying a boost, but neither is a long-term solution. Still, Yardeni told clients Wednesday that stimulus has provided a spark. It won't be a blazing path to growth, but "real GDP growth won’t peter out next year, though it should be lackluster around 2%." "We’ve managed to muddle along before, and we will probably do it again," he wrote Wednesday. "Besides, we always fret about the sustainability of recoveries, yet they usually do become self-sustaining and don’t require any additional government stimulus programs. In other words, business cycle history suggests that Muddling Along is more likely than Petering Out, in my opinion." The keenest observers point out that market behavior is linked to economic conditions, but not always in the manner small investors would expect. Gluskin Sheff chief economist and market strategist David Rosenberg looked at the market rally since its March lows, and doesn't see the small investor playing a major role. Never before has the S&P 500 rallied 60% from a low in so short a time frame as six months, he pointed out Thursday. Nor has the index rallied 60% during a period with 2.5 million job losses. "So who’s doing the buying?" he asked. "Very likely it is still a combination of program trading, short coverings and portfolio managers desperately trying to make up for last year’s epic losses." That's prompted professional investors bent on keeping their jobs and their hides to continue buying a broad range of rising stocks on momentum, with little option to hold out for fundamental indicators of growth. Barclays Capital quantitative strategist Matthew Rothman wrote Thursday that "we continue to believe that the current rally is largely a 'junk rally' with poor quality outperforming, leading the market higher." Regardless of whether the recent economic upticks are sustainable, stronger-than-expected or weaker-than-they-look, investors face a stark choice. Satya Pradhuman,a quantitative strategist at Cirrus Research, thinks it's time to sell, as government-rooted stimulus has pushed the market ahead of the recovery, and on Tuesday, wryly noted that "history shows that such optimism portends a heightened risk of disappointment in the coming months and quarters." But perhaps it's better to be profitable than right, Richard Ross, global technical strategist at Auerbach Grayson, wrote Thursday. "Markets around the world have extended their gains in the face of persistent skepticism and incredulity and appear poised to continue their run. While it may seem counterintuitive, my analysis suggests that the technical backdrop for stocks is actually improving even as prices move higher," he wrote. "The absence of any real selling pressure, lack of unbridled euphoria, recent rotation into higher-quality industrial names and healthy degree of skepticism is the signature of a market which wants to move higher." In other words, this wave keeps rolling, but investors should watch out for a sudden break and rocky shoals. 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 | 20 Sep 2009 | 10:00 pm How to Invest in Toxic AssetsTO JUDGE BY THE PAST 18 MONTHS, the government’s meddling in the markets has produced plenty of ups and downs. But now the feds are serving up a potentially lucrative investment opportunity aimed right at John Q. Public. With a handful of big fund companies, the government is heaping incentives on investors willing to take a flier on some of those gnarly mortgage-backed securities. Make no mistake, says Morningstar analyst Michael Herbst, this is no government handout. Is there money to be made? Maybe. Is it risky? Definitely. Like all things bailout-related, the Public-Private Investment Program (PPIP, pronounced pee-pip) is part policy, part politics. Its explicit goal is to create a market for mortgage-backed securities, the sliced-and-diced packages of home loans that basically stopped trading when the housing market crashed. Why does the government care? Well, those frozen securities are gumming up the works at the banks that are left holding the bag. If they can’t sell those bonds, they can’t make loans: no mortgages, no commercial loans, no small-business lending. So to entice investors, the government concocted what’s basically a matching grant and chose nine asset managers to participate. For every dollar those managers attract from investors, the government will invest a dollar and lend one more. So if a firm raises $500 million, the government will add $500 million and lend another $500 million. Presto: $1.5 billion to grease the mortgage-backed securities market. Now the politics. Most experts agree that institutions and millionaires are the obvious investors for a pool of securities that’s risky, illiquid and requires a long holding period. But creating a program with the potential to make more money for the already wealthy won’t play at election time. So the government has encouraged the asset managers to open the door to retail investors. BlackRock has already registered a closed-end fund (a mutual fund with a limited number of shares) that will invest in PPIP assets; other firms are considering creating real estate investment trusts (REITs) to do the same. (The firms declined to comment, citing a quiet period.) For individual investors, the chance to invest alongside the federal government isn’t a slam dunk, Herbst says. Closed-end funds, like the one BlackRock will offer, don’t always reflect the value of the underlying investments. The securities could lose money, and these kinds of complicated mortgage-backed securities don’t fit easily into a natural allocation of fixed income or alternatives. So if you’re tempted, take a small bite, experts say. Or just take heart-—with the Treasury as a coinvestor, profits should return to the taxpayer eventually. 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 | 20 Sep 2009 | 10:00 pm 7 Tips to Get the Most Out of a Sample Sale (Deal of the Day)Shoppers looking for designer labels after last week’s Spring 2010 Fashion Week in New York may soon have the opportunity to grab clothes by some of their favorite designers for as much as 80% off. The catch: avoiding some common sales traps. These deals are available at sample sales, which sell unsold stock and returns, as well as items that never made it to the runway, let alone the racks. Sample sales have exploded amid the recession, says Michelle Madhok, the founder of deal tracker SheFinds.com. “All these [liquidation] companies are trying to benefit from the down market,” she says. Beyond the traditional sales for women’s fashion, there are now sample sales for men’s and kids’ fashion, home goods and even beauty products. Many sales have also moved online to capture a wider audience of shoppers. The sales represent an opportunity to stay trendy on the cheap because most of the goods come from designers’ latest collections. “Designers just haven’t given luxury consumers any compelling reasons to buy,” says Pam Danziger, the founder of Unity Marketing, a market researcher that tracks spending by wealthy consumers and on high-end goods. Average spending at luxury brands and boutiques is down 12% compared with the first quarter of this year, she says. That leaves a lot of inventory unsold. Of course, snagging a pair of $330 Galliano skinny jeans for $59 (82% off) or $470 Marc Jacobs sandals for $99 (79% off) doesn’t necessarily mean you’re getting a great deal. Sample sales are known for frenzied crowds and impulse buys – a risky environment for the usual no-return policies. “People will just grab things,” says Rachel Weingarten, a New York-based stylist and personal image consultant. “They’re dazzled by the designer labels.” Here’s how to make sure you’re getting a good deal: Mark your calendar. To gauge demand, many sample sales require advance registration. Keep up with the latest sale notices at Daily Candy, The Budget Fashionista and SheFinds, among other sites. They’ll tell you where to go, what wares you’ll find and how big of a discount to expect. Measure everything. Ignore sizes on the label, says Linda Arroz, a stylist based in Los Angeles. Many items at sample sales aren’t standard -- they were fit to a specific person, or otherwise altered to look good on the runway. “The fits are usually way off,” she says. “Don’t assume.” Try on the items you can and bring a tape measure to gauge what you can’t. For online sales, which primarily feature unsold items from stores, first check the designer’s web site for sizing. Gauge prices. True sample sale prices are below wholesale (i.e., less than half the suggested retail price on the tag), says Cheryl Holland Bridges, the director of the Center for Retailing Studies at Texas A&M University in College Station, Texas. Be cautious about buying anything with less of a discount. You might be able to find it cheaper at an outlet, a discount luxury retailer like Bluefly.com (BFLY) or secondhand on eBay (EBAY). Check trends. “Sample sale pieces are probably the items they couldn’t sell, that no one wanted,” Weingarten says. That begs the question -- do you? “If it doesn’t flatter you, it’s a waste of money,” she says. Review quality. True samples may be designed slightly differently or cut from a different fabric than the piece that eventually made it to stores, Bridges says. Don’t assume that an item is in perfect condition either. Check for wear and tear. Hunt for codes. Online sample sale sites like RueLaLa, Gilt Groupe and HauteLook require an invitation or code to register. (Membership is free.) Google the site name and “code” to see if you can snag an extra discount. For example, use code OPRAH to join Billion Dollar Babes and save $25 on your first purchase. Work your way up. Most online sample-sale shoppers browse from the top of the page down, so start at the bottom to increase your odds of snagging something, Madhok says. But don’t let the item linger in your virtual shopping cart too long. Some sites dump unpurchased goods back into inventory after 10 minutes or so. 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 | 20 Sep 2009 | 10:00 pm Japan set ‘to freeze’ sale of Post BankJapan’s new government is poised to halt the scheduled initial public offerings of Japan Post Bank, the world’s largest bank by deposits, and its sister insurance company, according to the financial services ministerSource: Financial Times - US homepage | 20 Sep 2009 | 9:18 pm New advisers at MacquariesMacquarie Private Wealth (NZ) has appointed two new investment advisers in Auckland.Alistair Ross and Kristan Mines have joined the company. The pair were both previously with Goldman Sachs JB Were.Ross has extensive experience...Source: nzherald.co.nz - Business | 20 Sep 2009 | 9:00 pm Foodtown, Woolworths brands on way outProgressive Enterprises is to phase out its Foodtown and Woolworths brands during the next five years, replacing them with a "new generation" Countdown branding.Progressive managing director Peter Smith said the Countdown brand...Source: nzherald.co.nz - Business | 20 Sep 2009 | 8:00 pm Golden coffins, parachutes should go: reportNEW YORK (Reuters) - Pay practices, such as excessive golden parachutes, golden coffins and multi-year employment agreements with generous severances, should be avoided, a report on compensation to be released on Monday said.Source: Reuters: Business News | 20 Sep 2009 | 7:43 pm Qantas: Business not improvingAustralia's national carrier Qantas Airways says it is yet to see substantial improvements in business conditions.Chairman Leigh Clifford said in the company's annual report today that there was significant uncertainty surrounding...Source: nzherald.co.nz - Business | 20 Sep 2009 | 7:30 pm Pensions 'quality mark' unveiledA new scheme is being unveiled which aims to rebuild confidence in pensions and encourage more employees to join schemes.Source: BBC News | Business | World Edition | 20 Sep 2009 | 7:29 pm Taliban says US faces ‘graveyard of empires’Mullah Mohammed Omar, the Afghan Taliban leader, warns that Washington’s military campaign will be consigned to the same fate as the doomed empire of Alexander the GreatSource: Financial Times - US homepage | 20 Sep 2009 | 7:29 pm Insolvency rate 'slows in August'The number of failing UK businesses declined by almost a quarter last month, according to a report.Source: BBC News | Business | World Edition | 20 Sep 2009 | 7:05 pm Financial advisers get watchdogCommerce Minister Simon Power today announced new appointments to the Securities Commission and a new Commissioner for Financial Advisers.David Mayhew has been appointed the new Commissioner for Financial Advisers.He will...Source: nzherald.co.nz - Business | 20 Sep 2009 | 7:00 pm CBI report casts the first shot in battle over university fundingToday’s report by the CBI’s higher education task force represents the first shot in what promises to be a long war over top-up fees and university funding. Source: Latest Business News from Times Online | 20 Sep 2009 | 6:01 pm Excalibur expands as biotech sector contractsExcalibur, the biotech investment company owned by Sir Christopher Evans, has bought International Biosciences Managers (IBML), a biotech advisory and fund management firm. Source: Latest Business News from Times Online | 20 Sep 2009 | 6:00 pm First in line: the hotel industryThe bonus culture may be returning with unseemly haste, but the more onerous regulatory regime brought in to control the banking and financial services sector after last year’s crash spells bad news for the hotel sector, according to a new book. Source: Latest Business News from Times Online | 20 Sep 2009 | 6:00 pm Home loan affordability falls to low pointRising house prices and interest rates combined in August to weaken home loan affordability to its worst level in 2009, the BNZ Home Loan Affordability measure shows.The apparent recovery in the housing market and higher long...Source: nzherald.co.nz - Business | 20 Sep 2009 | 6:00 pm CBI report brings fresh pressure on university students to pay moreStudents should pay higher interest rates on their loans and have their maintenance grants scaled back even if tuition fees rise, a report says today. Source: Latest Business News from Times Online | 20 Sep 2009 | 6:00 pm New Trojan virus poses online banking threatCyber criminals have created a highly sophisticated Trojan virus that steals online banking log-in details from infected computers. Source: Latest Business News from Times Online | 20 Sep 2009 | 6:00 pm Kiwi expats returning in big numbersNew Zealand had its highest annual net migration gain in nearly five years during the 12 months to August, figures published by Statistics New Zealand (SNZ) today show.Global financial turmoil was thought to have lifted the number...Source: nzherald.co.nz - Business | 20 Sep 2009 | 5:30 pm Where will the kiwi dollar go this week?The New Zealand dollar may nudge 72 USc this week, a level it last reached in August 2008, as a glut of domestic data helps underpin investor sentiment for the currency. The kiwi could shed its gains if G-20 leaders hint at unwinding...Source: nzherald.co.nz - Business | 20 Sep 2009 | 5:00 pm BIS chief warns against bank rebound complacency: FTLONDON (Reuters) - The world should not assume that the financial sector has rebounded for good, despite stock market rallies, the head of the body that oversees global banking regulation said in the Financial Times on Monday.Source: Reuters: Business News | 20 Sep 2009 | 4:59 pm Business coalition urges pay overhaulA coalition of US companies, investors and directors will propose a radical overhaul of executive pay, calling for the elimination of practices including severance payments, tax refunds and the personal use of corporate jetsSource: Financial Times - US homepage | 20 Sep 2009 | 3:40 pm G20 should address global challengesLeaders of the Group of 20 nations meeting in the US city of Pittsburgh this week should set an ambitious agenda for “responsible globalisation” that links efforts to promote more balanced growth with financial stability, development and climate change, according to Robert Zoellick, World Bank presidentSource: Financial Times - US homepage | 20 Sep 2009 | 3:23 pm Bank regulator worried by complacencyThe head of the body that oversees global banking regulation has issued a stern warning that the world cannot afford to slip into a “complacent” assumption that the financial sector has rebounded for goodSource: Financial Times - US homepage | 20 Sep 2009 | 3:23 pm FedEx, Cisco, Office Depot cautious on economyWASHINGTON (Reuters) - Key business leaders expect slow and steady U.S. economic growth but say longer term recovery depends on reforming health care and tax policy, and improving access to credit for small business.Source: Reuters: Business News | 20 Sep 2009 | 2:30 pm Bank of England warns of the consequences of thriftAn attempt by British consumers to rein in spending after the harsh lessons of the recession could limit growth and therefore depress household income further the Bank of England warns.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Sep 2009 | 1:18 pm Insolvencies fall to lowest level for this yearThe number of businesses that failed in Britain last month fell to its lowest level this year according to new analysis from creditchecking company Experian.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Sep 2009 | 1:16 pm Companies can influence curricula says CBIBusinesses will be given the opportunity to influence higher education curricula in return for funding and student support the CBI Higher Education Task Force proposes said on Monday.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Sep 2009 | 1:14 pm RBS 'ponders share rights issue'RBS declines to comment on speculation it plans a share issue to avoid the UK government's stake in the bank rising.Source: BBC News | Business | World Edition | 20 Sep 2009 | 12:51 pm Obama to meet Netanyahu and AbbasUS president Barack Obama will host a meeting between Israeli and Palestinian leaders in New York, seeking to break a Middle East stalemate after a troubled week for US diplomacy in the regionSource: Financial Times - US homepage | 20 Sep 2009 | 12:08 pm Stocks' rise hinges on Fed and data (Reuters)
Source: Yahoo! News: Stock Markets News | 20 Sep 2009 | 11:43 am California bond issue draws strong demandStrong demand for California’s latest debt sale has pushed down anticipated yields in a sign that credit markets may be bouncing back from the financial crisisSource: Financial Times - US homepage | 20 Sep 2009 | 11:22 am Fed meeting key to continued market rally (AP)AP - If the stock market's seemingly unstoppable march higher is to be believed, the economy is firmly on the road to recovery. Several key events on the economic calendar this week may help determine whether that conviction holds up.Source: Yahoo! News: Business | 20 Sep 2009 | 11:17 am Fed meeting key to continued market rally (AP)AP - If the stock market's seemingly unstoppable march higher is to be believed, the economy is firmly on the road to recovery. Several key events on the economic calendar this week may help determine whether that conviction holds up.Source: Yahoo! News: Stock Markets News | 20 Sep 2009 | 11:17 am Meltdown jolts consumers from financial fairyland (AP)
Source: Yahoo! News: Business | 20 Sep 2009 | 11:08 am Fed policymakers likely to maintain aid programs (AP)AP - With the economy starting to rebound but still fragile, Federal Reserve policymakers this week are expected to keep emergency programs to encourage spending and borrowing intact. But to avoid unleashing inflation later on, they are likely to consider ways to rein in programs designed to keep mortgage rates down and get banks to lend more freely.Source: Yahoo! News: Business | 20 Sep 2009 | 10:58 am ‘Social’ phones to reveal all about your callerAn application called Robo.to, available in the fourth quarter on the iPhone and handsets that run Google’s Android operating system, offers information including personal videos, photos and current locationSource: Financial Times - US homepage | 20 Sep 2009 | 10:35 am FOMC Preview: The End of Free Money Coming SoonThe FOMC is expected to give us a decision on interest rates this Wednesday, September 23 around 2:15 PM EST. One tool we prefer to use for determining the direction of Fed Funds is long standing 30-Day Fed Fund Futures contracts traded on the CME. We are seeing a mix of several events culminating here [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Sep 2009 | 9:06 am
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