British mortgage approvals rise 81 per cent

The number of mortgage approvals in August rose 81.4 per cent from the previous year to levels not seen since before the worst of the credit crisis, the British Bankers' Association (BBA) said today.


Source: Latest Business News from Times Online | 23 Sep 2009 | 5:10 am

Lower sales hit Game Group profit

Games retailer Game Group announces a slump in half-year profits but says trading is returning to "more normal patterns".
Source: BBC News | Business | World Edition | 23 Sep 2009 | 4:33 am

Palin marks visit to Asia wtih speech

Sarah Palin addresses fund managers at a five-star hotel in Hong Kong Wednesday in a wide-ranging speech.

Source: MarketWatch.com - Top Stories | 23 Sep 2009 | 4:31 am

Tech firms getting rich quick

Technology stocks have outperformed the broader market during the past six months -- and with good reason.
Source: Business and financial news - CNNMoney.com | 23 Sep 2009 | 4:28 am

Intel chief PC sales bump

Source: Business and financial news - CNNMoney.com | 23 Sep 2009 | 4:27 am

Mortgage approvals up 81% in year

The number of mortgages approved by the major banks in August was up 81% compared with the same month a year ago.
Source: BBC News | Business | World Edition | 23 Sep 2009 | 4:26 am

UK 'blocking tough finance rules'

German Finance Minister Peer Streinbrueck has accused the UK of blocking tougher financial rules ahead of the G20 summit.
Source: BBC News | Business | World Edition | 23 Sep 2009 | 4:26 am

6 countries in recovery

The G-20's six largest economies took a big hit during the global recession in the past year and a half. Challenges remain but most appear on the path to recovery.
Source: Business and financial news - CNNMoney.com | 23 Sep 2009 | 4:23 am

BOE seen in holding pattern until November

Bank of England policy makers appear content to stay on the sidelines until November before making any further adjustments to the central bank’s money-creating quantitative-easing program, economists said Wednesday following the release of minutes of the Monetary Policy Committee’s September meeting.

Source: MarketWatch.com - Top Stories | 23 Sep 2009 | 4:21 am

Bank of England rate setters see risk of false dawns for economy in September minutes

Monetary Policy Committee says despite positive signs for the British economy improvements could prove to be "false dawns".
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Sep 2009 | 4:14 am

Same 4-bedroom house - wildly different prices

Imagine you're a mid-level executive living in Grayling, Mich., the "Canoe Capital of the World."
Source: Business and financial news - CNNMoney.com | 23 Sep 2009 | 4:08 am

Ford to launch new car in India

Ford announces that it is to make a new car in India, as part of its $500m (£304m) investment plan in the country.
Source: BBC News | Business | World Edition | 23 Sep 2009 | 4:08 am

Extended Unemployment Payments In 27 States: What About The Other 23?

Congress has passed a law extending unemployment insurance in the 27 states where the jobless rate  is above 8.5%. The bill passed by a margin of 331-83, so it had remarkably broad support. Congress and the Administration are understandably worried that more than one million people will lose their income social safety net between now and [...]

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Source: 24/7 Wall St. | 23 Sep 2009 | 4:03 am

Indications: U.S. stock futures hug flat line before Fed

LONDON (MarketWatch) -- U.S. stock futures trade in a narrow range Wednesday as traders wait to see if the U.S. Federal Reserve will indicate that its unprecedented loose monetary policy is coming to an end.

Source: MarketWatch.com - Top Stories | 23 Sep 2009 | 4:03 am

Burberry helps put fizz into FTSE

A leap in the Burberry share price and a strong showing from mining stocks saw the FTSE 100 continue its upward climb amid a flurry of fundraisings in the property sector.


Source: Latest Business News from Times Online | 23 Sep 2009 | 4:00 am

Seagate, Western Digital surge on PC recovery hope

Hard drive makers Seagate Technology and Western Digital Corp. have seen their market values more than triple so far this year on hopes for a strong recovery in the PC market.

Source: MarketWatch.com - Top Stories | 23 Sep 2009 | 4:00 am

Europe orders more Airbus sensor checks

PARIS (Reuters) - European safety officials have ordered checks on certain Airbus speed sensors supplied by U.S. manufacturer Goodrich, weeks after clamping down on alternative equipment from France's Thales.
Source: Reuters: Business News | 23 Sep 2009 | 3:59 am

Mere promises?

Were the G20 leaders true to their word?
Source: BBC News | Business | World Edition | 23 Sep 2009 | 3:55 am

Moody's accused of issuing inflated ratings: report

(Reuters) - A former analyst with Moody's Corp has accused the credit ratings agency of issuing inflated ratings, and has taken his concerns to U.S. congressional investigators, the Wall Street Journal reported on Wednesday.
Source: Reuters: Business News | 23 Sep 2009 | 3:55 am

Topps Tiles stems falling sales and raises hopes

Topps Tiles added to hopes that consumers’ appetites for large-scale purchases are returning by reporting that recent trading had improved.


Source: Latest Business News from Times Online | 23 Sep 2009 | 3:51 am

Yahoo!’s Curious $100 Million Marketing Program

Yahoo! (YHOO) will spend $100 million marketing itself to Internet users over the next 15 months. That is odd because there is probably in not a man, woman, or child who uses the Internet and has heard of Yahoo!. Yahoo! claims to have almost 600 million users around the world. comScore says that the portal has [...]

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Source: 24/7 Wall St. | 23 Sep 2009 | 3:48 am

CalciTech Reaches Agreement With Calcinor

GENEVA, September 23 /PRNewswire-FirstCall/ -- CalciTech Ltd. (OTCBB: CLKTF) CalciTech announces today that it has signed a Letter of Intent with Calcinor SA of Spain....
Source: RSS feed - channel BNewsBusiness | 23 Sep 2009 | 3:46 am

Economic Report: Euro-zone output continues slow return to growth

A monthly survey of purchasing managers in the 16-nation euro zone indicates a slow but continued rise in private-sector output in September, providing further evidence that the single-currency region’s economy stabilized in the third quarter, economists say.

Source: MarketWatch.com - Top Stories | 23 Sep 2009 | 3:45 am

State pension will be linked to earnings despite cuts Tories say

The huge budget deficit will not stop a Tory government restoring the link between earnings and the level of the basic state pension David Cameron the Conservative leader has said.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Sep 2009 | 3:44 am

World markets mixed as monthslong rally sputters (AP)

AP - World stock markets sought direction Wednesday as a monthslong rally sputtered and investors waited for clues from the U.S. Federal Reserve about the global recovery's strength.

Source: Yahoo! News: Stock Markets News | 23 Sep 2009 | 3:43 am

Eurozone economic growth picks up

Purchasing managers’ indices for September show a second consecutive monthly expansion in private-sector activity, though the pace of recovery could be losing momentum
Source: Financial Times - US homepage | 23 Sep 2009 | 3:40 am

Governor keeps door open on 'money printing' scheme

Bank of England policymakers voted unanimously to keep their asset purchase programme at £175 billion in September, despite warnings from those who had voted for a bigger increase in August that there was still a case for another rise.


Source: Latest Business News from Times Online | 23 Sep 2009 | 3:38 am

China’s Trade Strategy: Appeal All Negative Rulings

China’s new trade strategy is simple. It appeals all cases that go against it at the WTO. China recently faced US tariffs on its tires. China quickly turned around and said that its export practices were fair, and that it would probably appeal the decision to the WTO for a reexamination. China is also being forced to [...]

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Source: 24/7 Wall St. | 23 Sep 2009 | 3:35 am

Frost & Sullivan Launches Green Building Technologies Market Tracking Service

Respondents to Ongoing Survey Include Decision Makers, Influencers for Commercial Buildings in Europe. LONDON, Sept. 23 /PRNewswire/ -- Frost & Sullivan, the Growth...
Source: RSS feed - channel BNewsBusiness | 23 Sep 2009 | 3:35 am

MPC unanimous on rates decision

The Bank of England's monetary policy committee was unanimous in their decision to keep rates on hold at 0.5% this month, the minutes show.
Source: BBC News | Business | World Edition | 23 Sep 2009 | 3:31 am

Stock futures signal flat to higher start, Fed eyed

(Reuters) - Stock futures pointed to a flat to higher start for Wall Street on Wednesday ahead of the Federal Reserve's interest rate decision, with Dow Jones futures up 0.2 percent, S&P 500 futures up 0.3 percent and Nasdaq futures flat at 4:15 a.m. EDT.
Source: Reuters: Business News | 23 Sep 2009 | 3:30 am

Stephanomics

Coulda, woulda, shoulda: Central banks cry innocent
Source: BBC News | Business | World Edition | 23 Sep 2009 | 3:29 am

Smart staffing can save your business

My maternal grandparents, Minnie and Izzy Grubman, owned a ladies' undergarment and accessories shop called Grubman's, on Springfield Avenue in Newark. In July 1967 the city was rocked by six days of rioting, fueled by unemployment, poverty and corrosive racial inequity. The rioters attacked both white- and black-owned businesses. But when the smoke had finally cleared, Grubman's was unscathed.
Source: Business and financial news - CNNMoney.com | 23 Sep 2009 | 3:28 am

Ford unveils small car to be produced in India

Ford unveils a new small car, the Figo, that it will produce at a newly expanded manufacturing facility in Chennai, India.

Source: MarketWatch.com - Top Stories | 23 Sep 2009 | 3:28 am

Hozpitality.com Announces Launch of its Brand New Re-Designed Website www.hozpitality.com

DUBAI, UAE, September 23 /PRNewswire/ -- Dubai-based dedicated hospitality job board Hozpitality.com announced the relaunch of its newly designed job board,
Source: RSS feed - channel BNewsBusiness | 23 Sep 2009 | 3:23 am

Oil eases below $72 on doubts over U.S. demand

LONDON (Reuters) - Oil fell below $72 a barrel on Wednesday, pressured by doubts over U.S. demand after industry data showed a surprise build in crude oil stockpiles.
Source: Reuters: Business News | 23 Sep 2009 | 3:19 am

Need a mortgage? Consider an FHA loan

1. Chances are good that you'll come across one. During the heyday of no-money-down lending, you were unlikely to have a buyer using a government-insured Federal Housing Administration (FHA) loan, which lets borrowers purchase a home with a down payment of as little as 3.5%. Now FHAs are the only game in town for anyone who can't put down the minimum 10% many banks require to get a conventional loan.
Source: Business and financial news - CNNMoney.com | 23 Sep 2009 | 3:19 am

BiolineRX says drug helps schizophrenic cognition

TEL AVIV, Sept 23 (Reuters) - Israeli drug development company BiolineRX said on Wednesday results of a Phase 2b trial of its schizophrenia treatment BL-1020 demonstrate a positive impact on the cognitive...
Source: RSS feed - channel BNewsBusiness | 23 Sep 2009 | 3:18 am

Dollar falls to one-year euro low

The US dollar falls to a one-year low against the euro ahead of the G20 meeting of world leaders.
Source: BBC News | Business | World Edition | 23 Sep 2009 | 3:16 am

Mortgage lending and approvals jump in August

Mortgage lending by banks rose 47pc in August on the previous month and the number of home loans approved surged 81pc year on year the BBA said.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Sep 2009 | 3:15 am

Airline tickets to raise cash for UN health effort

Travelers will soon have the chance to donate $2 or more to help fight AIDS in developing countries when they buy an airline ticket. The money will go to the Millennium Foundation. The...
Source: RSS feed - channel BNewsBusiness | 23 Sep 2009 | 3:15 am

Roche's Avastin misses melanoma goal, after all

* Avastin shows promising trend in trial but not significant
Source: RSS feed - channel BNewsBusiness | 23 Sep 2009 | 3:15 am

Apple (AAPL) iPhone Goes To Korea

South Korea has become the latest country to open up to sales of the Apple (AAPL) iPhone. According to The Wall Street Journal, The Korea Communications Commission has approved the sale of the handset. The new deal may not seem like much until analysts take into account that fact  that the Asian nation has a population [...]

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Source: 24/7 Wall St. | 23 Sep 2009 | 3:14 am

Ford CEO says U.S. market looking good

NEW DELHI (Reuters) - The CEO of Ford Motor Co said on Wednesday the U.S. market was looking good and vehicle sales were expected to increase.
Source: Reuters: Business News | 23 Sep 2009 | 3:11 am

Stocks look to the Fed

U.S. stock futures rose Wednesday, although gains were slight as investors awaited the Federal Reserve's policy statement due out in the afternoon.
Source: Business and financial news - CNNMoney.com | 23 Sep 2009 | 3:08 am

London Markets: Redrow, Barratt gain as U.K. market edges higher

U.K. shares post modest gains, with house builders Barratt Developments and Redrow among the biggest risers after they announce plans to raise cash.

Source: MarketWatch.com - Top Stories | 23 Sep 2009 | 3:07 am

Europe orders more Airbus sensor checks

PARIS (Reuters) - European safety officials have ordered checks on certain Airbus speed sensors supplied by U.S. manufacturer Goodrich, weeks after clamping down on alternative parts from...
Source: RSS feed - channel BNewsBusiness | 23 Sep 2009 | 3:06 am

Legal Issue: Bank Of America (BAC) Gives Congress Documents

The legal issue of attorny-client priviledge is heating up as Bank of America (BAC) is turning some documents over to a Congressional committee that wants details of the bank’s buy-out of Merrill Lynch. House Oversight and Government Reform Committee Chairman Adolphus Towns has said that B of A cannot hide its actions from Congress by [...]

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Source: 24/7 Wall St. | 23 Sep 2009 | 3:04 am

FSA argues for 'radical change'

Radical change is needed in the financial sector in order to restore public trust, says the head of the City watchdog.
Source: BBC News | Business | World Edition | 23 Sep 2009 | 3:03 am

Wynn puts focus on gaming ahead of Macau IPO

MACAU (Reuters) - Forget the shows, buffets, show girls and cigar bars, as it prepares for a $1.6 billion initial public offering for its casino operations in the Chinese gambling enclave of Macau, U.S. gaming giant Wynn Resorts has figured out what Asian punters want and is giving them plenty of it: Good old-fashioned gambling.
Source: Reuters: Business News | 23 Sep 2009 | 3:01 am

Sino-Global Announces Full Year 2009 Results

BEIJING, Sept. 23 /PRNewswire-Asia/ -- Sino-Global Shipping America, Ltd. (Nasdaq: SINO) ("Sino-Global" or the "Company"), a leading, non-state-owned ...
Source: RSS feed - channel BNewsBusiness | 23 Sep 2009 | 3:00 am

London shares inch higher after MPC minutes

London equities inched higher on Wednesday as minutes from the Bank of England's last monetary policy meeting did not surprise traders, leaving the option for more quantitative easing on the table. The...
Source: RSS feed - channel BNPaperBusiness | 23 Sep 2009 | 2:57 am

CCB unit invests $14.6 mln in rubber stopper maker

BEIJING, Sept 23 (Reuters) - China Construction Bank (CCB) said on Wednesday that it had invested 100 million yuan ($14.6 million) in a rubber stopper company, in a bid to tap into China's booming healthcare...
Source: RSS feed - channel BNewsBusiness | 23 Sep 2009 | 2:57 am

Opel takeover to involve 'painful cuts': EU

The takeover of carmaker Opel by auto parts maker Magna will involve "painful" job cuts and governments should stop doling out public money to prevent them, a top European Union official...
Source: RSS feed - channel BNewsBusiness | 23 Sep 2009 | 2:56 am

Game Group profit slumps by two-thirds

Europe’s largest retailer of video games, Game Group, on Wednesday said its first-half profit dropped by two-thirds after the company didn’t have as strong a lineup of games and hardware to market.

Source: MarketWatch.com - Top Stories | 23 Sep 2009 | 2:41 am

Bank of England MPC voted 90 to keep 'money printing' at £175bn

No indication that a cut in the interest rate the Bank pays on banks' deposits was discussed.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Sep 2009 | 2:40 am

U.K. home builders to raise $1.4 billion

U.K. home builders Barratt Developments and Redrow announce plans to raise around $1.42 billion in share sales that will strengthen their balance sheets and reduce debt.

Source: MarketWatch.com - Top Stories | 23 Sep 2009 | 2:40 am

Wynn puts focus on gaming ahead of Macau IPO (Reuters)

Reuters - Forget the shows, buffets, show girls and cigar bars, as it prepares for a $1.6 billion initial public offering for its casino operations in the Chinese gambling enclave of Macau, U.S. gaming giant Wynn Resorts has figured out what Asian punters want and is giving them plenty of it: Good old-fashioned gambling.

Source: Yahoo! News: Business | 23 Sep 2009 | 2:39 am

Trio of share issues as groups join dash for cash

A trio of share issues was unveiled on Wednesday as British companies looked to the buoyant stock market for cash to reduce their borrowings and fund growth.The biggest was announced by Barratt Developments,...
Source: RSS feed - channel BNPaperBusiness | 23 Sep 2009 | 2:37 am

Stock futures signal flat to higher start, Fed eyed (Reuters)

Reuters - Stock futures pointed to a flat to higher start for Wall Street on Wednesday ahead of the Federal Reserve's interest rate decision, with Dow Jones futures up 0.2 percent, S&P 500 futures up 0.3 percent and Nasdaq futures flat at 4:15 a.m. EDT.

Source: Yahoo! News: Stock Markets News | 23 Sep 2009 | 2:34 am

Stock futures signal flat to higher start, Fed eyed (Reuters)

Reuters - Stock futures pointed to a flat to higher start for Wall Street on Wednesday ahead of the Federal Reserve's interest rate decision, with Dow Jones futures up 0.2 percent, S&P 500 futures up 0.3 percent and Nasdaq futures flat at 4:15 a.m. EDT.

Source: Yahoo! News: Business | 23 Sep 2009 | 2:34 am

Mark Mobius: Making money in emerging markets

Mark Mobius spends his working life visiting the world's emerging markets. He tells Robert Miller why he believes they will continue to make money for investors.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Sep 2009 | 2:28 am

Fed to note economic improvement, may hint on exit (Reuters)

Reuters - The U.S. Federal Reserve is expected to take note of an improving economy at the close of a meeting on Wednesday, while cautioning that high unemployment puts the recovery at risk.

Source: Yahoo! News: Business | 23 Sep 2009 | 2:28 am

Fed to note economic improvement, may hint on exit

WASHINGTON (Reuters) - The U.S. Federal Reserve is expected to take note of an improving economy at the close of a meeting on Wednesday, while cautioning that high unemployment puts the recovery at risk.
Source: Reuters: Business News | 23 Sep 2009 | 2:28 am

The Fed's dollar conundrum

Whose recovery is the Fed stimulating, anyway?
Source: Business and financial news - CNNMoney.com | 23 Sep 2009 | 2:27 am

13 extra weeks of jobless benefits

More than a million people could receive an additional 13 weeks of unemployment benefits under a bill the House is set to take up on Tuesday.
Source: Business and financial news - CNNMoney.com | 23 Sep 2009 | 2:27 am

Peston's picks

Were banks let off lightly by their regulator-in-chief?
Source: BBC News | Business | World Edition | 23 Sep 2009 | 2:24 am

Ford unveils first small car made in India

Source: Business and financial news - CNNMoney.com | 23 Sep 2009 | 2:21 am

Media Digest 9/23/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   A dispute over tires is making trade talks among G20 nations difficult. Reuters:   Bank of America (BAC) will give Congress documents about Merrill. Reuters:   Th G20 is looking at ways to rebalance the world’s economy. Reuters:   China and the US are trying to improve UN climate talks. Reuters:   The recession is pulling US senior citizens back to work. Reuters:   [...]

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Source: 24/7 Wall St. | 23 Sep 2009 | 2:02 am

Property sector launches new cash call wave

Three of the biggest names in Britain's construction and property industries announced share issues today in the second wave of fundraising to hit the sector this year.


Source: Latest Business News from Times Online | 23 Sep 2009 | 2:00 am

US regulator warns BP over safety at Texas City

BP failed to carry out promised safety improvements after an explosion at its Texas City refinery US agency says.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Sep 2009 | 1:58 am

Jon Friedman's Media Web: Brennan: Bloomberg TV's best hope

Bloomberg TV has taken another big step in competing against the likes of CNBC and the Fox Business Network by hiring CNBC veteran Margaret Brennan, writes Jon Friedman.

Source: MarketWatch.com - Top Stories | 23 Sep 2009 | 1:58 am

S Korean regulators allow sale of iPhone

South Korean regulators on Wednesday ruled to allow the sale of Apple's flagship iPhone, kindling fresh competition in a handset market dominated by local manufacturers Samsung Electronics and LG Electronics...
Source: RSS feed - channel BNPaperBusiness | 23 Sep 2009 | 1:56 am

S Korean regulators allow sale of iPhone

The communications watchdog gives the go-ahead to Apple’s flagship handset, kindling fresh competition in a market dominated by local manufacturers Samsung and LG
Source: Financial Times - US homepage | 23 Sep 2009 | 1:56 am

Yell makes £500m cash call to rejig its debt

Yell Group, the troubled publisher of the Yellow Pages, is to tap investors for £500 million in an effort to slash debts and ensure the support of its banks.


Source: Latest Business News from Times Online | 23 Sep 2009 | 1:50 am

Yell plans 500m equity offering

Yell Group, the company behind the Yellow Pages directories, will launch an equity offering in a bid to raise at least 500m close to its current market value to pay down debt.The group, which is struggling...
Source: RSS feed - channel BNPaperBusiness | 23 Sep 2009 | 1:47 am

Ford CEO says U.S. market looking good (Reuters)

Reuters - The CEO of Ford Motor Co said on Wednesday the U.S. market was looking good and vehicle sales were expected to increase.

Source: Yahoo! News: Business | 23 Sep 2009 | 1:35 am

Aussie market climbs 1.5pc

MELBOURNE - The Australian share market advanced 1.5 per cent to a fresh 11-month high, driven by banks and resources stocks, and the expiry of derivatives contracts.At 1615 AEST, the benchmark S&P/ASX200 index was up 70.4 points,...
Source: nzherald.co.nz - Business | 23 Sep 2009 | 1:34 am

Yell calls on investors for £500m

Yell the debtladen British Yellow Pages publisher plans to raise at least £500m by selling new shares using the proceeds to repay creditors it said on Wednesday.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Sep 2009 | 1:29 am

London stocks steady at open (AFP)

AFP - London stocks were steady at the open on Wednesday, with the FTSE 100 index of leading shares gaining just 0.16 percent to 5,150.67 points.

Source: Yahoo! News: Stock Markets News | 23 Sep 2009 | 1:25 am

Liberty International to raise funds via placing

Liberty International Britain's largest shopping mall owner is to place 56.1m of shares to raise new funds to kickstart investment plans it mothballed at the height of the financial crisis a year ago.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Sep 2009 | 1:24 am

Asia Markets And Europe Open 9/23/2009

Markets in Asia were lower, and Japan was closed for holidays. The Hang Seng dropped .6% to 21,573. HSBC (HBC) fell but Geely Automotive rose. The Shanghai Compsite fell 1.9% to 2,843. At the open in Europ, the FTSE rose .2% to 5,153. The Dax rose .1% to 5,7.14 and the CAC 40 was up .1% to 3,826. Data [...]

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Source: 24/7 Wall St. | 23 Sep 2009 | 1:23 am

New Zealand economy grows for first time in 18 months

New Zealand's economy grew slightly in the quarter ending in June the first expansion in a year and a half and a possible sign that the country's longest recession in decades is bottoming out the government said on Wednesday.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Sep 2009 | 1:20 am

Moody's accused of issuing inflated ratings: report (Reuters)

Reuters - A former analyst with Moody's Corp has accused the credit ratings agency of issuing inflated ratings, and has taken his concerns to U.S. congressional investigators, the Wall Street Journal reported on Wednesday.
Source: Yahoo! News: Business | 23 Sep 2009 | 1:07 am

Housebuilders Barratt and Redrow to raise £870m to reduce debts

Barratt and Redrow to raise £720.5m and £150m to put them in a stronger position to ride out the housing slump.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Sep 2009 | 1:01 am

Wells Fargo chairman to step down at year's end, bank says

Dick Kovacevich, who agreed last fall to stay temporarily to help the bank deal with the financial crisis, will be replaced by John Stumpf, who will retain his CEO position when he becomes chairman. ...
Source: RSS feed - channel BNPaperBusiness | 23 Sep 2009 | 1:00 am

China appeals WTO ruling against media restrictions

Hollywood loves the ruling, which says Beijing can't force foreign companies to distribute their movies, music and books through state-owned entities that have a monopoly over the market.

Hollywood's long-running battle to pry open the vast Chinese market suffered another setback Tuesday.

Source: L.A. Times - Business | 23 Sep 2009 | 1:00 am

House OKs extension of jobless benefits

The stopgap move would cover 13 more weeks of payments to more than 1 million workers whose benefits are set to expire before the end of 2009. But some states are seeking longer-term solutions.

The House voted overwhelmingly Tuesday night to approve a $1.4-billion stopgap extension of jobless benefits, but some states are beginning to seek longer-term solutions to an unemployment problem that is expected to worsen heading into next year.

Source: L.A. Times - Business | 23 Sep 2009 | 1:00 am

Cost cuts are a stabilizer for U.S. airlines

Steps taken as oil prices rose have put domestic carriers in a better position than their rivals abroad. They...
Source: RSS feed - channel BNPaperBusiness | 23 Sep 2009 | 1:00 am

Toyota wants California to repay it for training workers

The automaker seeks $2 million in taxpayer funds for teaching skills to employees at New United Motor Manufacturing, in accordance with an agreement. But it plans to close the Fremont plant in 2010.

Toyota Motor Corp. is closing California's last automobile plant, but that isn't keeping the factory from asking the state for $2 million in taxpayer money for recent training that made some of its workers better car builders.

Source: L.A. Times - Business | 23 Sep 2009 | 1:00 am

Dow, S & P 500 and Nasdaq hit 11-month highs

The global advance in stocks began after the Asian Development Bank raised its forecast for 2009 economic growth in Asia. ...
Source: RSS feed - channel BNPaperBusiness | 23 Sep 2009 | 1:00 am

Spammers quickly adapt in anti-spam territory

Such messages (think male enhancement pills) account for 93% of more than 200 billion e-mails that clog inboxes daily, all because sly spammers bypass each new security measure that's thrown at them.

It's the sort of spam that gets your attention: an e-mail showing a topless woman offering drugs that promise to enhance a man's sexual prowess, illustrated with very naughty before-and-after photos.

Source: L.A. Times - Business | 23 Sep 2009 | 1:00 am

Kohl's bets big on California

The chain's gamble is about to be tested as it moves into 30 former Mervyns sites in California.

When Mervyns called it quits last year, many in the recession-battered retailing world were surprised when Kohl's Corp. rushed to take over dozens of the failed chain's locations.

Source: L.A. Times - Business | 23 Sep 2009 | 1:00 am

Wells Fargo chairman to step down at year's end, bank says

Dick Kovacevich, who agreed last fall to stay temporarily to help the bank deal with the financial crisis, will be replaced by John Stumpf, who will retain his CEO position when he becomes chairman.

BANKING

Source: L.A. Times - Business | 23 Sep 2009 | 1:00 am

Plug-in hybrid maker Fisker Automotive gets $529 million from Obama administration

The loan will go toward development and production of its Karma plug-in hybrid sedan and development of Project Nina, its next-generation plug-in.

In its latest bid to help finance the car of tomorrow, the Obama administration said it would lend more than $500 million to Irvine-based Fisker Automotive Inc. to develop a pair of plug-in hybrids.

Source: L.A. Times - Business | 23 Sep 2009 | 1:00 am

Sale of two-year Treasury notes attracts strong demand

The government sells a record $43 billion in two-year Treasury notes at a yield of 1.03%. Despite its already-record...
Source: RSS feed - channel BNPaperBusiness | 23 Sep 2009 | 1:00 am

Dow, S & P 500 and Nasdaq hit 11-month highs

The global advance in stocks began after the Asian Development Bank raised its forecast for 2009 economic growth in Asia.

The Dow Jones industrial average and other key U.S. stock indexes rose to nearly one-year highs Tuesday on growing optimism for the world economy and analyst upgrades of some high-profile companies.

Source: L.A. Times - Business | 23 Sep 2009 | 1:00 am

Disney tells details of Marvel Entertainment acquisition in a regulatory filing

Nearly three months of negotiations, which involved intense back-and-forth over price, culminated in the $4-billion deal announced Aug. 31.

Walt Disney Co.'s romance with Marvel Entertainment began last February when Disney Chief Executive Bob Iger first brought up the idea of an acquisition during an otherwise innocuous business meeting with Marvel film chief David Maisel.

Source: L.A. Times - Business | 23 Sep 2009 | 1:00 am

Kohl's bets big on California

The chain's gamble is about to be tested as it moves into 30 former Mervyns sites in California. When Mervyns...
Source: RSS feed - channel BNPaperBusiness | 23 Sep 2009 | 1:00 am

Cost cuts are a stabilizer for U.S. airlines

Steps taken as oil prices rose have put domestic carriers in a better position than their rivals abroad.

They couldn't have known it at the time, but United Airlines and other U.S. carriers were dealt a lucky break last year when an oil shock made it appear they were headed for bankruptcy.

Source: L.A. Times - Business | 23 Sep 2009 | 1:00 am

China appeals WTO ruling against media restrictions

Hollywood loves the ruling, which says Beijing can't force foreign companies to distribute their movies, music and books through state-owned entities that have a monopoly over the market. ...
Source: RSS feed - channel BNPaperBusiness | 23 Sep 2009 | 1:00 am

English: For the economy the worst is behind us

Signs the economy may have stopped shrinking do not signal the end of hard times, Finance Minister Bill English said today.Figures released by Statistics New Zealand today show the economy grew less than 0.1 per cent in the June...
Source: nzherald.co.nz - Business | 23 Sep 2009 | 12:37 am

NZ sharemarket little changed

The New Zealand sharemarket presented a mixed overall picture today but there was a lot going on.The benchmark NZSX-50 index closed up 5.045 points, or 0.161 per cent per cent, at 3147.907. Turnover was worth $99.13 million. There...
Source: nzherald.co.nz - Business | 23 Sep 2009 | 12:27 am

Dollar up on eco recovery news

The New Zealand dollar rose above US73c today on news the recession is over.Analysts said the data on the economy just keeps getting better. Yesterday there was better-than-expected current account data and an increased payout...
Source: nzherald.co.nz - Business | 23 Sep 2009 | 12:06 am

Nonresidential building index at 3-month low

BOSTON (Reuters) - A leading indicator of U.S. nonresidential construction spending dropped to its lowest level in three months in August as developers continued to find it tough to finance new projects.
Source: Reuters: Business News | 22 Sep 2009 | 10:53 pm

Fonterra stages second-half recovery, cuts debt, inventories

Fonterra staged a second-half recovery after what chairman Henry van der Heyden called business challenges and market volatility that were "probably unique in the lifetimes of anyone involved in dairying today."The world's largest...
Source: nzherald.co.nz - Business | 22 Sep 2009 | 10:00 pm

7 Pieces of Good News About the Economy (On the Street)

In a dismal and stagnant job market, rosy economic indicators may seem like a rarity – even if they aren’t rare at all.

Even as recent data, company news and federal announcements suggest the economy is perking up, the sagging labor market continues to weigh on conventional wisdom. “The public is going to worry about the economy until they see the job market pick up,” says John Canally, an economist at LPL Financial, a Boston-based network of financial advisors.

The job market is a real concern for economists, as well as the public. Consumer spending is crucial to economic growth, so a worried public could hold back the recovery. “The key thing is employment: Is it a leading indicator or a lagging indicator in this situation?” says Doug Roberts, the chief investment strategist for Channel Capital Research. Employment is traditionally considered a lagging indicator, but Roberts says that the pickup so far has been driven by various government stimulus programs, and a more sustainable recovery will need to rely on an increase in consumer confidence that gets people back into stores.

Many companies have cut deeply to control costs and have turned to their reduced staffs to take on extra responsibilities. When anxious workers are stretched thin – and profits hinge on people having jobs and buying products – something’s got to give. “It’s kind of like the paradox of thrift: It’s good if one company [runs tight], but if every company does that, there’s no demand for anyone else’s product,” says Robert Johnson, the associate director of economic analysis at Morningstar.

Still, many companies are posting results that trend upward, and there are lots of other signs that a recovery is underway – even if it hasn’t yet reached the job market. Most (working) economists agree that the momentum has shifted; the question is how fast – and by how much – will the economy bounce back.

“It’s hard for me to find an indicator that isn’t up,” Johnson says. He says he expects the economy to bounce back from a severe downturn with a strong recovery. “My personal disposition is, it’s going to be a lot better than most people think,” he says.

Here are seven recent pieces of good news that may indicate economic growth is on the horizon:

Bernanke Says So

Take it from the Federal Reserve: Growth was on the way. “The prospects for a return to growth in the near term appear good,” Fed Chairman Ben Bernanke said in a speech earlier this month at the Brookings Institution. "From a technical perspective, the recession is very likely over at this point.”

However, the Fed chief did not predict a strong or swift recovery. “The economic recovery is likely to be relatively slow at first, with unemployment declining only gradually from high levels,” Bernanke said. "It's still going to feel like a very weak economy for some time."

Photos: Getty Images

Inflation Is Still in Check

Last week, the Bureau of Labor Statistics said that the Consumer Price Index rose just 0.4% in August – and it has slipped 1.5% over the past year. The August increase was driven by a bump in the gasoline index, which rose 9.1% from July to August but has fallen 30% over the past 12 months. The food index was essentially unchanged in August, and new vehicle prices were down 1.3%, while prices for used cars and trucks were up 1.9%.

The lack of inflation is good news for workers still facing a tough job market with few prospects for wage increases. It also gives the Fed the leeway to keep interest rates low to encourage lending.

Deals Are Ramping Up

The pace of M&A activity has picked up over the past few weeks with several billion-dollar deals made or proposed, including Kraft’s (KFT) bid for Cadbury (CBY), Disney’s (DIS) purchase of Marvel, Warner Chilcott’s (WCRX) purchase of Procter & Gamble’s (PG) prescription drugs unit, and Dell’s (DELL) acquisition this week of Perot Systems, for about $3.9 billion in cash.

This activity could signal that big companies that have emerged from the recession relatively healthy are looking to snap up weakened rivals or that some firms are looking to position themselves for stronger growth as the economy perks up. For more on what this trend means for investors, see our story. 

GM Is Making More Cars

General Motors’ Vice Chairman Bob Lutz said last week that the company may need to increase production of four of its most popular new models to keep up with demand. And making those extra cars might require hiring more workers at some factories. Bankrupt in June, hiring in September – sounds like good news.

For now, the auto industry has gotten an artificial boost from the wildly popular cash for clunkers program. Of course, that incentive may have simply shifted some car sales from the fourth quarter to the third, as consumers rushed to take advantage of the deal. However, even if the industry’s fourth quarter is weak, demand for cars will pick up eventually, Johnson says. “Cars wear out, they break down. It isn’t like you can totally put those off forever,” he says.

Industrial Production Is Up

Industrial output rose 0.8% in August, according to the Federal Reserve. Manufacturing production expanded by 0.6%, and excluding motor vehicles and parts, the index rose 0.4%.

“Over the first half of the year all companies cut inventories at the fastest pace ever,” Canally says. Now, they are realizing that they may have cut back too far and are being forced to pick up production. Once that kind of pickup starts, it may slow down, but it’s unlikely to reverse, he says.

Regional Reports of Growth

The Philadelphia Fed’s September Business Outlook Survey found the region’s manufacturing sector “showing signs of growth.” The survey’s index of current activity jumped from 4.2 in August to 14.1 in September, the highest reading since June 2007. Although employment and work hour indexes were still negative, indicators of future activity approached 2004 levels, the report said.

The Chicago Institute for Supply Management’s Purchasing Managers Index ticked up from 43.4 in July to 50.0 in August, ending 10 straight months of contraction. Production and new orders indexes were both in positive territory for the first time in a year.

A Brighter Outlook for Consumers

Retail sales rose a surprising 2.7% in August, according to the Commerce Department. Cash for clunkers did spur some of this increase – sales of motor vehicles and parts were up 10.6% from July to August – but other sectors also saw gains.

Household net worth also increased during the second quarter of the year, for the first time since the third quarter of 2007, according to the Federal Reserve’s Flow of Funds report. The Fed said household debt contracted for the second consecutive quarter.

“Consumers have already started to repair their balance sheets,” Canally says. “It’s not like it has to start now.”

And not every consumer is drowning in debt, Johnson says. “We all know somebody like that, but it doesn’t mean every one of us is like that,” he says. The healthier consumers who see bargains and start shopping will pick up where the government stimulus leaves off, sparking sustainable growth, Johnson says.

SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.

Source: SmartMoney.com | 22 Sep 2009 | 10:00 pm

Thinking Twice About TIPS

Investors poured $8.5 billion into TIPS (Treasury Inflation-Protected Securities) funds in the second quarter, double the amount in the same period last year, according to researcher Strategic Insight. It’s easy to see why: When inflation rises, so does the face value of these bonds. In this case, inflation is measured by the Consumer Price Index, better known as the CPI, a representative basket of goods and services purchased by Americans. But that calculation is precisely why some money managers are growing suspicious of TIPS. Many experts argue that inflation will show up in ways not reflected by the CPI. “The CPI understates inflation,” says veteran value manager Charles de Vaulx, who runs $3.5 billion for money-management firm IVA and keeps a keen eye on economies around the world. He worries that the government’s burgeoning deficit will make foreign creditors jittery. As a result, they may demand more interest for the money they are loaning to the U.S., a form of inflation not reflected in the CPI.

Others take issue with the methodology used by the Bureau of Labor Statistics to calculate the CPI—for example, its decision to register a decline in price for newer computers that cost the same as an old version but offer more capabilities. That’s one reason independent economist John Williams, who runs Shadowstats.com, argues the CPI underestimates inflation’s true impact on Americans by as much as three to seven percentage points. That understatement could be even worse for people who live in more expensive parts of the country and whose daily expenses can be as much as 30 percent higher, says Baton Rouge, La.–based financial planner Steven Stahler.

The BLS says its main goal is to calculate the change in what consumers need to spend to maintain a constant level of satisfaction. And the pros are by no means ready to banish TIPS. “They aren’t perfect, but they have to be included,” says Mark Freeman, manager of the WHG Income Opportunity fund. The key is to hold TIPS until maturity to avoid losing any principal. And it shouldn’t be an investor’s only inflation-fighting tactic. Commodities and stocks can often provide inflation protection, though there are more exotic options as well.

Inflation Protection

Some experts recommend that investors expand their fight against inflation beyond TIPS. Other steps:

Check the ingredients. When prices rise, it’s often a good idea to own the commodities (like corn, wheat, copper and gold) that are driving those price increases. Investors can get access to commodities through an exchange-traded fund or mutual fund.

Buy the sellers. As an investor, you want a firm to be able to raise prices during inflation so it maintains its profit margins. That’s why Portage, Mich.–based planner Charles Zhang likes companies that have strong brands and a competitive edge, offering products many cannot do without.

Short Uncle Sam. Advisers such as Dawn Bennett of Washington, D.C., suggest shorting, or betting against, Treasurys. One tactic is to sell short a 20-Year Treasury-bond ETF, a position that will rise when government bond
prices fall.

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 | 22 Sep 2009 | 10:00 pm

September 23, 2008 (Tuesday): Billions for Goldman; White House Pushes Bailout

The Old Buffett Magic

The white knight from Omaha, Warren Buffett, announces a $5 billion investment in Goldman Sachs. At the same time, Goldman says it will sell at least $2.5 billion of common stock to the public. Buffett’s Berkshire Hathaway will get "perpetual" preferred shares of Goldman, which will pay a 10% dividend. Berkshire also will get warrants granting it the right to buy $5 billion of Goldman common stock at $115 a share, which is 8% below the 4 p.m. closing share price Tuesday of $125.05. The warrants would translate to about a 10% stake in Goldman for Berkshire if exercised; once Goldman sells common stock to the public, that would fall to 7%. (For more on this news, click here and here.)

White House on the Warpath

The White House pulls out the stops to convince Congress to pass its economic bailout plan, though both Senate and House members resist. Legislators continue to press for relief for homeowners and tougher terms for banks. Bush deploys Vice President Cheney and other officials to Capitol Hill to twist arms, while Treasury Secretary Hank Paulson and Fed chairman Ben Bernanke endure tough questions from the Senate Banking Committee. House Republicans are particularly testy, and by day’s end little progress is made. Bush also takes his plea to the world arena, telling other leaders that the U.S. has taken “bold steps” to address the crisis. (For more on this news, click here.)

G-Men on the Case

Who dunnit? Was it AIG in the study with the credit default swaps? Mr. Fuld in the kitchen with sub-prime mortgages? Sources in law enforcement tell the Associated Press that the Federal Bureau of Investigation is looking into possible fraud involving Fannie Mae, Freddie Mac, Lehman Brothers and American International Group. FBI officials say that the total number of corporate fraud investigations at the bureau is 26. That’s up from a week earlier, when FBI director Robert S. Mueller III cited 24 open cases. (For more on this news, click here and here.)

SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.

Source: SmartMoney.com | 22 Sep 2009 | 10:00 pm

3 Stocks Attracting Analyst Praise (Screens)

“You only find out who is swimming naked when the tide goes out,” Warren Buffett wrote in a 2001 letter to Berkshire Hathaway (BRK.A) stockholders. That’s wildly inaccurate beach advice. However, taken as financial advice, it’s the sort of vague gem that always seems to apply to the crisis of the moment. It’s timeless.

Recommendations to buy particular stocks don’t last nearly as long. Investors who follow the advice of Wall Street analysts should always check the date. Dozens of studies of analyst recommendations published over the past two decades point to two broad findings. First, stocks with heaps of “buy” recommendations attached to them tend to perform no better than other stocks. Second, stocks with recent, positive changes in analyst opinions—to “buy” from “hold,” for example—tend to outperform the broad market over the following year. The difference is timing. Five “buy” recommendations issued a year ago hold less predictive power than one issued yesterday because factors like price/earnings ratios, sales growth rates and economic trends can change sharply in a year.

At least one analyst covering each of the three stocks below changed his or her published recommendation to “buy” (or “outperform”) this week.

Alaska Air

Upgraded to Buy from Hold Sept. 22
Helane Becker, Jesup & Lamont

Alaska Air Group (ALK) flies passengers to almost as many cities in California as in Alaska (and has its corporate headquarters in Seattle). Its sales are forecast to decline 10% this year. That’s not so bad when compared with giant airlines like American and United, whose corporate parents are expected to suffer 2009 sales declines of 17% and 21%, respectively. On Tuesday, Alaska Air lowered its third-quarter estimate for fuel costs and said some key sales measures (sales per passenger and per seat/mile) improved in August from July. A new baggage fee helped. Helane Becker of Jesup & Lamont upgraded the stock, citing valuation in a Tuesday note. Shares sell for less than 12 times the 2009 earnings consensus.

Gymboree 

Upgraded to Outperform from Market Perform Sept. 22
Adrienne Tennant, FBR Capital Markets

Just over a year ago this column recommended  shares of Gymboree (GYMB) as a safe haven in stormy markets. They’re up 27%, vs. a 13% decline for the broad-market S&P 500 index. Once a play center and now a kids’ clothier, Gymboree is increasing its sales this year, unlike competitors The Children’s Place (PLCE) and Gap (GPS). In a Tuesday investor note recommending the stock, Adrienne Tennant of FBR Capital Markets wrote that the company is gaining market share because of “compelling” products, that potential exists for sustained sales improvements at longstanding stores and that the stock is still cheap. It trades at 15 times earnings.

Dish Network

Upgraded to Outperform from Market Perform Sept. 22
Marci Ryvicker, Wells Fargo Securities

Dish Network (DISH) offers satellite television service that competes with cable and with the satellite service of Direct TV (DTV). Because cable companies sell bundled television, telephone and Internet service, satellite companies must pair with telephone companies to compete. AT&T (T) dumped Dish for DTV earlier this year, so although DTV is expected to increase its sales by 9% this year, Dish’s sales are forecast to rise less than 1%. Perhaps that difference is more than reflected in the two stock prices, though. DTV sells for 19 times earnings and Dish just 10 times earnings. In a Tuesday upgrade note, Marci Ryvicker of Wells Fargo Securities wrote that Wall Street’s expectations for the company are too low and that the share price should rise as the economy pulls out of recession.

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 | 22 Sep 2009 | 10:00 pm

Can You Ditch All of Your Gadget Chargers? (Deal of the Day)

It’s time to pack away the tangle of power cords for charging your cellphone, MP3 player, laptop, digital camera and other electronic devices. Several new technologies showing up on store shelves this fall allow consumers to charge their gadgets without messing with wires.

The "wow" factor is hard to dispute. Toss your phone on a countertop mat when you get home from work. Charging automatically begins as soon as the device makes contact with the mat and stops when you pick it up or when it reaches full capacity. The technology is called either inductive or conductive coupling, depending on how it’s configured; it transfers power using the magnetic fields generated by electrical currents moving through wires.

Manufacturers have been experimenting with wireless charging technology for years (it’s what recharges most electric toothbrush models), says Steve Koenig, the director of industry analysis for the Consumer Electronics Association, an industry group. Palm (PALM) uses inductive coupling for the Pre’s Touchstone charging docks, and Energizer (ENR) sells a wireless charging device for battery packs designed for Nintendo Wii controllers.

Now, several companies are rolling out wireless charging mats and adaptors designed to power a wider variety of your gadgets. Battery maker Duracell is introducing a line called myGrid this fall, and smaller rival Powermat plans to release a suite of products on Oct. 4. A third firm, WildCharge, has sold similar devices since 2007.

As with any emerging technology, being an early adopter has its drawbacks. Before you invest in wireless charging components, consider these three potential pitfalls:

1) Costs offset energy savings

Wireless power has the potential to be more energy efficient -- pads don’t draw power when they’re empty or hosting fully-charged devices -- but the savings from your electric bill are unlikely to offset the currently high cost for components, says Michael Morgan, an industry analyst for mobile devices at ABI Research, a technology-focused market research firm. Duracell charges $80 for its myGrid charger pad (which also includes an adaptor and several phone tips). WildCharge bundles a pad and one phone skin/adaptor for $80, and Powermat has a package with a pad and universal adaptor for $100. Additional adaptors run $20 to $35, depending on the wireless power brand and the type of connection.

For 2009, the average family is expected to spend $2,225 on home energy, according to the Alliance to Save Energy. By Department of Energy estimates, electronics account for 15% of that bill, and as much as 75% of that portion stems from devices that are plugged in but not in use. Cut your power drain, and you could save up to $250 a year. The catch: Much of the drain comes from devices that won’t benefit from wireless power, such as televisions and desktop computers. There are also cheaper ways to reduce energy waste, such as using power strips.

2) Formats are evolving

Wireless power components aren’t interchangeable. As more players enter the market, you run the risk of investing in an obsolete brand or format, says Andrew Eisner, director of content for Retrevo.com, an online electronics marketplace that offers user manuals and consumer reviews. Wait and you may be able to more seamlessly integrate wireless power into your day-to-day routine. For example, wire-free design and integration firm WiProwess (which signed licensing agreements with WildCharge earlier this month) is experimenting with applications for putting wireless power into car consoles and office desks.

3) Device compatibility is limited

The true advantage of wireless power is the convenience of replacing several plug-in chargers with one plug-in charger pad. But syncing up every device is not easy. “A lot of the specific adaptors work only with phones,” Eisner says. Duracell’s myGrid works only with select devices from Apple (AAPL), BlackBerry, Motorola (MOT) and Nokia (NOK). WildCharge’s Power Disk and Powermat’s Power Cube adaptors work with a wide variety of devices, but their dongle designs create extra work for the user beyond the usual drop-and-go.

Wireless power adaptors that clip on or add heft to a phone case may also be incompatible with your lifestyle. “It can ruin the pocket-ability of devices,” Morgan says.

SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.

Source: SmartMoney.com | 22 Sep 2009 | 10:00 pm

The New Investor Has Different Priorities

AFTER SECOND-QUARTER MUTUAL-FUND PERFORMANCE turned positive -- the first good showing since the economic crisis started -- financial planner Nancy Anderson expected a flood of inquiries about buying stocks. None came. "I was surprised," says Anderson, who works for Financial Finesse, which advises 401(k) clients like Aetna and General Motors. "I'm a certified financial planner. But calls about foreclosures and hardship withdrawals were up," as well as questions about budgeting and debt payment. So much for animal spirits.

Following the series of shocks that started nearly two years ago -- from a 30% decline in the Dow to the collapse of Bear Stearns, Lehman Brothers and AIG to the revelations about Bernard Madoff's $65 billion Ponzi scheme -- individual investors have changed. They've understandably grown cautious, as was evident again last week when new data showed mutual-fund investors put an estimated $43 billion into bonds and withdrew $1.7 billion in stocks in August, even as the Dow was charging from its March low of 6,547 on its way to last week's 9,820. Cash now stands at $3.5 trillion, above where it stood at the height of the financial crisis.

So if he or she isn't jumping into equities, what does this new investor want and how will these altered desires change the market and the economy? In brief, they want more safety, preservation of capital, lower fees and more transparent products. These desires will push them toward fixed-income investments and other offerings that provide consistent returns and those that are easy to understand like indexes and exchange-traded funds. Although a few stock plays will benefit, the market itself will have to rely on professional buyers for support. The economy will have to soldier on without a key source of investment.

"The investment industry is knocked about and pessimistic," says Jim McCaughan, president of global asset management for Principal Financial Group, which sponsored a major study of investor expectations post-crisis. "People were seared by the last decade, which has seen two of the worst four bear markets in the last century," he adds. "A fair number of people expect as many as two [more] crises in the next decade. Both investor behavior and regulatory behavior will be measured to avoid these crises. Whether this caution is generational in the sense of the Great Depression -- where one never lost the [desire for] thrift -- is questionable. But it could be quite long term."

IT'S LITTLE WONDER THAT WE GOT to this gloomy point. Despite recent gains, American portfolios are decimated -- even as the big retirement wave looms. Says Richard Hughes, co-president of Portfolio Management Consultants, which advises pension managers: "People who were one to three years from retirement have lost 40% to 50% of the value of their portfolio; they can't possibly face another November 2007 to March of 2009 time frame." In a low-rate environment, expectations also are falling. Says Anderson: "Once people thought rates of return of 8% were realistic. Now, they're doubting 4% is attainable."

Plunging real-estate values and job insecurity are also affecting investors' view of the world. (Witness Eli Lilly's move to cut 5,500 workers last week.) In New York City, for example, high-end residential property resale prices are off by a third, while the number of finance jobs fell by 40,000 last year. That experience is more or less replicated in most of the country's urban centers.

This uncertainty is further stirred by concern about the outcomes of the political debate on items like Medicare and Medicaid, and worries about the stability of corporate and public pension plans.

As Mohamed El-Erian, co-chief investment officer at bond powerhouse Pimco, sees it, the market offers "equity risk, default risk, liquidity risk, inflation risk, and now, in this brave new world, public-policy risk." He likens stocks' recent advance to "a sugar high," and has 30% of his major funds in global equities -- just half the benchmark -- on the theory that companies will fail to deliver sustainable growth next year. (See his model portfolio nearby.) In its Total Return fund, Pimco has 44% in U.S. Treasuries, up from 25% in July.

"Nothing I see on the horizon will get us back to what we've always expected," says Stephen Leeb, a money manager, author and the publisher of a newsletter called the Complete Investor. "Our sun is setting, and that's anxiety-provoking to a lot of people."

BONDS WILL SURELY BE POPULAR with the new investor, both institutional and individual, who needs to offset his or her liabilities. In the flight to safety in 2008, U.S. Treasuries outperformed every other fixed-income security, and people still want a return of their principal. With governments of developed countries issuing so much debt, Pimco has constructed a new bond index that more heavily weights attractive bonds from emerging markets. In this environment, says Pimco's Ramin Toloui, "emerging-markets bonds are an attractive alternative," including Brazil's 10% bond due 2012, yielding 11.35%, and Mexico's 7.75% bond due in 2017, yielding 8%.

Corporate bonds also look cheap, yielding more than their historic averages both on investment grade and high yield. And despite their run-up, there are still plenty of municipal bonds with high yields and low prices, says Ellen Baber, who, with her mother and sister, runs an investment advisory practice for Wells Fargo Advisors, in Princeton, N.J. They work with professors and other generally conservative types of investors.

The newfound popularity of bonds is evident in recommended model portfolios that Wall Street firms assemble for their clients (for a sampling of changes in both model and actual portfolios see the chart below). As well-regarded strategist David Rosenberg of Gluskin Sheff said in last week's Barron's, investors have more downside protection in corporate bonds today than in equities, and he favors investment-grade securities in the A-rated universe yielding 6%. In a deflationary atmosphere, the real yield could be much higher than on stocks. Two of his picks: Goldman Sachs 7.50% due 2019 and Philip Morris 9.25%, also due in 2019.

And for newly budget-conscious Americans, cash will be another big draw. Consider Stacy Halpern.

Halpern, 47, lives in Chicago with her husband, who works in the financial-services business, and two youngsters who are in private school. She says that her husband, previously generous to a fault, recently "took a highlighter to the Visa bill," pointing out unnecessary expenses. And as for her son's bar mitzvah, "the big party is off; it might be the water park instead." With Halpern's third child, a daughter, at Wesleyan and bound for med school, the family watches its cash and assesses its risks more closely. "Our return expectations are lower, and we're more selective than we've ever been," she says.

Richard Marr, a financial advisor with Shottland/Marr Group, an affiliate of Wells Fargo Advisors, in Maplewood, N.J., says, post-financial crisis, he's become "more patient, and more analytical." He spends less time dialed into CNBC and, when an investment moves sharply, he's more likely to sell and sit on the cash. In the meantime, he's become even more enamored of dividends.

Rising savings rates could squeeze money available for stock investment, as people build cash cushions equivalent to living expenses ranging from six months to two years. "Cash is now a legitimate asset class," says Jack Ablin, chief investment officer of Harris Private Bank. The savings rate ranged from 8% to 10% from the 1950s to the 1980s, and then plummeted, falling to 1% by 2005. It's recently rebounded to 5%, according to the Bureau of Economic Analysis. Some predict it will hit 10%.

This budget consciousness also will affect the fees that investors are willing to pay and the value they place on liquidity. According to the Principal study, more than 40% of retail investors now seek "better liquidity," while more than 35% are looking for a "value-for-money fee structure." That means that cheaper, easier-to-understand products like index and exchange-traded funds will become more important to investors. Within 401(k)s, target-date funds are expected to grow in popularity. Employees, though cautious, may actually be more willing to boost their contributions to savings plans like 401(k)s.

In turn, at least for individual investors, products like private-equity funds will lose allure. Says Harris' Ablin: "Investors aren't going to trust these opaque investment products as much as they did in the past. That may mean avoiding vehicles with lockups, and without full transparency and disclosure. Anything like private equity that salts away money for extended periods of time could be a problem. Structured notes were supposed to protect on the downside, but there was a lot of credit risk there."

Instead, investors will demand more investments that offer guarantees or protection. Pimco recently rolled out a fund that seeks to limit risk in ways that diversification wasn't able to in the recent round of across-the-board declines. The Pimco Global Multi-Asset Fund (PGMAX) attempts to cap declines and uses a technique that identifies worst-case scenarios. And in an unstable world, Pimco increasingly uses indexes that don't rely on data from the past.

Annuities could also be more popular as well as TIPS -- Treasury Inflation Protected Securities -- and commodities that provide protection again inflation. Some companies, including Putnam, are introducing funds that seek to achieve specific, absolute target returns over Treasuries, reports Strategic Insight, a consulting firm.

As the recent rally demonstrates, there will be opportunities within the stock market to play this new theme. One group that may benefit is online brokerages catering to independent advisors and individual investors. These advisors could see an inflow of cash because they offer such a wide variety of investments at low fees.

Among the favored stock picks are Charles Schwab (SCHW) and TD Ameritrade Holding (AMTD). Jim Tierney, portfolio manager of the W.P. Stewart Growth Fund (WPSGX), is a fan of Schwab, citing its competitive costs and ability to cause disruption in the brokerage community. Schwab is forecasting 8%-10% organic growth in assets, and Tierney sees the stock "easily" getting to the mid-20s from 17.61 last week. Brian Angerame, a portfolio manager at ClearBridge Advisors, is also a fan of Schwab and TD, on the thesis that investor behavior is changing. "It will be generational. Have I started changing? Everyone has."

Other plays would include banking survivors like JPMorgan Chase (JPM) and Wells Fargo (WFC) and well-positioned asset managers such as BlackRock (BLK) and State Street (STT).

Some experts foresee Americans -- despite their new caution -- venturing overseas more often as they become more comfortable with foreign investing and, possibly, more skeptical about their own country's ability to lead global growth. Says El-Erian of his model portfolio: "The first message [of the model] is to make sure you have truly global international exposure. Don't be blinded by excessive home bias."

IS THERE ECONOMIC DOWNSIDE to the new investor's caution? Yes. The worst case would be a replay of the experience in Japan, where the stock market is still 75% below its 1989 peak, and what was once the world's strongest economy is now the world's most sluggish. As Japan's bear market wound through the 1990s, retail investors began plowing money into post-office savings accounts. These accelerated as Japan's population aged faster than any other nation's. Though younger investors put money into Chinese, Indian, Thai and Vietnamese stocks, and into high-yielding Australian deposits -- buying every market except their own -- they sustained huge losses in 2007. These younger investors don't have a lot of wealth, either; many are "flexible" hires, unlike their older counterparts in the Japanese labor market. The government has tried to shore up the market, without success. As a result, Japan has an astounding $13 trillion in bank deposits.

"It really did turn out to be generational in Japan," says Principal's McCaughan. "To the extent they invest in anything, they're risk-averse."

A survey conducted during the second quarter of 2009 by academic Amin Rajan, CEO of U.K.-based Create Research and funded by Citigroup and Principal Global, found that 34% of asset managers believe this scenario will unfold -- that clients' investment choices over the medium term will be driven largely by capital-protection considerations. Rajan's study surveyed 225 asset managers from 30 countries who oversee a total of $18.2 trillion of assets.

Wrote Rajan: "Big losses and changing demographics risk driving out a whole generation of clients, as has happened in Japan." Of course, he says, a V-shaped recovery in the U.S. could restoke greed. Nevertheless, "Chances are slim. Four standard-deviation events have burnt a big hole. Its pain may well endure beyond the recovery."

To be sure, many experts don't think we'll have a Japanese-type decline. The U.S. economy is much more flexible than Japan's, with fewer regulations; the population is also younger.

REGARDLESS OF THE EXACT EXTENT, the shocks of the past two years will limit investors' appetite for risk -- the question is really for how long. This caution is hardwired into us, according to Joy Hirsch, the director for the Program for Imaging and Cognitive Sciences at Columbia University. When not fielding questions from grad students at her office, Hirsch is running a series of experiments, including one that determines how likely people are to gamble if they feel stress. You could take $10 now, or wait a couple of weeks for the high probability of winning $20. So far, says Hirsch, people are more likely to take the $10, and gamble only if they feel they have some say in the decision.

Put another way, in blackjack, you are dealt two cards adding up to 16 and the dealer deals himself a seven. You assume there's a face card underneath, or at least a 10. Until recently, that suggested you take a card. "What we see today is investors much more happy sticking with 16," says Hughes of Portfolio Management Consultants. "If the dealer has 17 or higher, so be it. Nobody wants to experience regret from actions that they've taken."

"How afraid are you of a loss? That influences your risk-taking nature," says Columbia's Hirsch. "The basic tenet of economics is that investors are rational. But risk is uncertainty, and uncertainty is about emotion. Investors are more averse to loss than motivated by gain. Under conditions of high emotional arousal, you take less -- the $10 -- to get it immediately."

The trouble is that periods of high emotional arousal have chemical effects on the brain, ending up reorienting it. The recent crisis, Hirsch continues, is a "traumatic brain injury of an economic variety." And that could take a while to recover from, perhaps a generation.

Eventually, people will venture back to equities, once they build a cash cushion that makes them feel secure -- whether that's six months' living expenses or two years. That could boost the savings rate closer to 10% than zero. In fact, muses McCaughan of Principal, that could be the way some damaging global imbalances get fixed. The trade deficit could even close in on zero at some point, which might mean a stronger dollar. But that's another story.

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 | 22 Sep 2009 | 10:00 pm

Pyne Gould unveils discounted rights offer, shares soar

Pyne Gould, the investment and finance group with ambitions to become a bank, plans to raise as much as $270 million in a rights offer at a 60 per cent discount, seeking to restore a balance sheet eroded by write-downs on property...
Source: nzherald.co.nz - Business | 22 Sep 2009 | 9:30 pm

English welcomes GDP growth but says still work to do

Finance Minister Bill English has welcomed new data showing the economy grew in the last quarter but repeated his caution about the country's recovery.Figures released by Statistics New Zealand today show the economy grew less...
Source: nzherald.co.nz - Business | 22 Sep 2009 | 8:30 pm

BP given new warning over Texas refinery

The US department of labour has warned the oil company of continued safety issues at the facility, where 15 people were killed and hundreds injured in a 2005 blast
Source: Financial Times - US homepage | 22 Sep 2009 | 7:24 pm

Fed increases scrutiny over bank bonuses

US regulators have intensified efforts to gather intelligence on banks’ trading positions, in a move that could herald a new drive to ensure traders’ bonuses are based on real profits rather than unrealised gains that might never materialise
Source: Financial Times - US homepage | 22 Sep 2009 | 7:11 pm

Bank of America cuts customer overdraft fees

NEW YORK (Reuters) - Bank of America Corp is reducing overdraft and other account fees for a broad swath of customer accounts in a two-stage process over the next year, the company announced late on Tuesday.
Source: Reuters: Business News | 22 Sep 2009 | 7:10 pm

Intel in drive to create version of App Store

The world’s biggest chipmaker said it was creating a platform based on Apple’s App Store framework for devices running on its Atom low-power microprocessor
Source: Financial Times - US homepage | 22 Sep 2009 | 6:18 pm

President Hu Jintao commits China to carbon-cutting deal

China pledged yesterday to slow the growth of its emissions despite the rapid expansion of its economy.
Source: Latest Business News from Times Online | 22 Sep 2009 | 6:01 pm

Barratt ready for £700m fundraising

Barratt Developments will launch a £700 million fundraising via a placing and an open offer today as more companies seek to take advantage of the recent gains in stock markets to shore up their balance sheets.


Source: Latest Business News from Times Online | 22 Sep 2009 | 6:01 pm

Lloyds reshuffles board a week after Sir Win Bischoff arrives as chairman

Sir Win Bischoff made his first mark as chairman of Lloyds Banking Group yesterday, parting company with two independent directors, one of whom had been on the bank’s board for less than 12 months.


Source: Latest Business News from Times Online | 22 Sep 2009 | 6:01 pm

Top 100 Graduate employers, number 75: Boots the Chemist

What is it?


Source: Latest Business News from Times Online | 22 Sep 2009 | 6:01 pm

Pumpkin Patch posts $26.7m loss on US exit costs

Pumpkin Patch, the children's clothing chain, posted a full-year loss on costs to exit 15 unprofitable US stores and a decline in earnings from its biggest markets of Australia and New Zealand.The net loss was $26.7 million in...
Source: nzherald.co.nz - Business | 22 Sep 2009 | 6:00 pm

ING tops table of biggest KiwiSaver recruiters

A new survey of KiwiSaver numbers has been published showing which managers are doing the best (and worst) at recruiting new members.The survey, published by finance website goodreturns.co.nz
Source: nzherald.co.nz - Business | 22 Sep 2009 | 6:00 pm

NZ broadband performance keeps improving

Average broadband performance continues to improve, the Commerce Commission's June quarter report on broadband services shows.Telecommunications Commissioner Ross Patterson said the report showed steady improvement in average...
Source: nzherald.co.nz - Business | 22 Sep 2009 | 6:00 pm

Kovacevich to step down at Wells Fargo

Dick Kovacevich’s departure as chairman at the end of this year allows his successor as chief executive, John Stumpf, to consolidate his power and brings to a close a remarkable banking career
Source: Financial Times - US homepage | 22 Sep 2009 | 5:58 pm

BofA to provide more documents in Congress probe

WASHINGTON (Reuters) - Bank of America has agreed to turn over more documents to a congressional probe of its purchase of troubled investment bank Merrill Lynch, although some company material remains under wraps for now, a senior lawmaker said on Tuesday.
Source: Reuters: Business News | 22 Sep 2009 | 5:37 pm

Beijing begins petrol supplies to Iran

Chinese state companies this month began supplying petrol to Iran and now provide up to one-third of its imports in a development that threatens to undermine US-led efforts to shut off its supply of fuel
Source: Financial Times - US homepage | 22 Sep 2009 | 5:25 pm

Write-Offs: 09.22.09

$$$ Stumpf To Become Wells Chairman [WSJ]

$$$ John Thain might've lied about Stan O'Neal's office gym [BI]

$$$ Josh Rosner on The Crisis [WSCS]

$$$ Goldman Bankers Seek Perfect Match [The Deal]

$$$ More from the 'sensy' files: "Boville, 33, further claimed her male colleagues regularly subjected her to sexually charged come-ons and rude comments [such as], "Do the curtains match the carpet?" Male colleagues, the suit said, constantly referred to her "guns" for breasts and "wheels" for legs while propositioning her non-stop." [NYP]

Sponsored Topics: John Thain - New York Post - Wall Street Journal - WSCS - Deal
Source: Dealbreaker | 22 Sep 2009 | 4:32 pm

Touradji Pays The Price For Not Paying

A day after the Amaranth clawback campaign kicked off, their target, Touradji Capital explained to their investors that the $350 million lawsuit against them is nothing but a misguided attempt to partially right a $6 billion wrong.

Amaranth's action "is merely an offshoot of the frivolous litigation brought against the firm by two disgruntled former employees and one of their family members," (Touradji CEO Gil) Caffray wrote.

So what if they've got a couple guys who think they're still owed $25 million (each) in back pay. Gentry Beach and Rob Vollero must have bigger things on their mind than what allegedly went down with Amaranth and how much they might get one day in exchange for remembering some timely details, right?

In an April 15 deposition for the district court of Harris County, Texas, for the Playa case, Gentry Beach, citing his unidentified colleagues, said Paul Touradji signed a non-trade agreement with Amaranth so he could review their metals positions when Amaranth was shutting its fund during September and October 2006.

"From what I heard, Mr. Touradji then aggressively pressed these positions against them," Beach said in the deposition.

Touradji Rejects Amaranth Claim, Says It Acted 'Professionally' [Bloomberg]

Sponsored Topics: Harris County Texas - United States - Bloomberg L.P. - Lawsuit - Texas
Source: Dealbreaker | 22 Sep 2009 | 4:10 pm

Rebound in commodities carries stocks to 2009 high (AP)

AP - A rebound in commodities drew investors back into the stock market and helped push stocks to new highs for 2009.

Source: Yahoo! News: Stock Markets News | 22 Sep 2009 | 3:58 pm

Energy shares power TSX to higher close (Reuters)

Reuters - Toronto's main stock index closed more than 1 percent higher on Tuesday as a rally in oil prices lit a fire under energy shares and left the index just shy of its highest level in nearly a year.
Source: Yahoo! News: Stock Markets News | 22 Sep 2009 | 3:12 pm

How the major stock indexes fared on Tuesday (AP)

AP - A rebound in commodities drew investors back into the stock market Tuesday.
Source: Yahoo! News: Stock Markets News | 22 Sep 2009 | 3:05 pm

Freddie Mac names Ross Kari as new CFO (AP)

AP - Freddie Mac said Tuesday it has named a new chief financial officer, filling a post that has been occupied on an interim basis for a year.
Source: Yahoo! News: Business | 22 Sep 2009 | 3:04 pm

Butowsky Likes IShares Biotechnology ETF: Audio

Source: Bloomberg - All Podcasts | 22 Sep 2009 | 3:03 pm

Hedge fund sells part of its New York Times stock (AP)

AP - Harbinger Capital Partners LLC says it has sold part of its 20 percent stake in The New York Times Co., but still considers the company a core holding.
Source: Yahoo! News: Stock Markets News | 22 Sep 2009 | 3:00 pm

Govindarajan Discusses `Reverse Innovation': Audio (Correct)

Source: Bloomberg - All Podcasts | 22 Sep 2009 | 2:53 pm

IMF: Get Ready For A Long Haul

By Laura Conaway

Don't blame Alan Greenspan, at least not too much. That's one of the unstated conclusions from the International Monetary Fund in its World Economic Outlook for October. The IMF looks at causes and cures of the economic crisis, and finds that "monetary policy was not the smoking gun."

Greenspan, the former chair of the Federal Reserve, kept interest rates low during the first part of this decade. Economists, including ones Planet Money talks to, say Greenspan's policy steered investors away from relatively safe instruments like U.S. Treasurys and into riskier mortgage-backed securities.

The IMF notes that loose monetary policy had an effect, then concludes "it is not likely to have been the main systematic cause of the booms and subsequent busts across the global economy." Central banks did miss the warning signs, the IMF says, and thus the chance to raise rates and stave off a crisis.

After the jump, how long will the crisis drag on?

The IMF surveyed nations that have been through a financial crisis and found there's no quick path back to the old level of prosperity. From the IMF:

For the average country, output per capita declines by about 10 percent of its precrisis trend and fails to rebound seven years after the crisis, although there is a large variation in outcomes across crisis episodes. This result holds for both advanced and emerging economies.

What helps? Government money and plenty of it.

The medium-run output loss is not inevitable. Some countries succeed in avoiding it, ultimately exceeding the precrisis trajectory. Although post-crisis output dynamics are hard to predict, the evidence suggests that economies that apply macroeconomic stimulus in the short run after the crisis tend to have smaller output losses over the medium run.

The other salve is financial reform, the IMF says. World leaders have repsonded with an effective round of stimulus measures, the group notes. Now if they can just get on with "implementing reforms."

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Source: NPR Blogs: Planet Money | 22 Sep 2009 | 2:47 pm

Google Snares Partial Victory in Trademark Case (NewsFactor)

NewsFactor - In a four-year battle between Google and French retailer Louis Vuitton, the Internet search giant has won a partial victory. The battle stems from when the luxury accessory retailer brought legal action against Google after searches with its trademark appeared in rivals' sponsored links.
Source: Yahoo! News: Business | 22 Sep 2009 | 2:42 pm

Charlie Gasparino: Ken Lewis May Or May Not Resign

Chaz "Italian Women Come First" Gaspo's sources have briefed him on two possible scenarios. Scenario A) Lewis is charged by the SEC. In this case, he rides off into the sunset. Scenario 2) Lewis is charged by Andy Cuomo, in which case, water off a duck's back. It's going to take a lot more than some guff by a guy whose forehead hasn't caught up with evolution to scare Ken Lewis out of the building. Scenario D) Wild Card: DUI charge. Anyone's guess.

Sponsored Topics: U.S. Securities and Exchange Commission - Ken Lewis - Wild Card - SEC - Lewis
Source: Dealbreaker | 22 Sep 2009 | 2:41 pm

52-Week High Club

Gap Inc. (NYSE: GPS)  hits a yearly high of $22.54.  Fellow retailers Polo Ralph Lauren (NYSE: RL),  American Eagle Outfitters (NYSE: AEO) and J. Crew Group (NYSE: JCG) also hit yearly highs. Goldman Sachs (NYSE: GS) hits a yearly high of $184.30 on analyst enthusiasm for underwriting and mergers and acquisitions businesses.  Credit Suisse (NYSE: CS) [...]

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Source: 24/7 Wall St. | 22 Sep 2009 | 2:32 pm

General Motors Dealers Guarantee They Want No Part Of The Guarantee

There may be hope yet for taxpayers seeing a refund from the auto bailout. The catalyst for the woes experienced at GM may be little more than the identifying who the better leaders are: the five star generals or the foot soldiers. The results from the guys at the top of the chain of command have been pretty well documented. But, faced, with the prospect of allowing people to take their new set of wheels for a 2-month test drive, GM may want to listen to some of the chatter coming from the guys on the front line.

The financial news website 24/7 Wall Street reports that "149 of the firm's 4,000 dealers" have elected not to offer the guarantee, but then says "other sources say that the number is much higher." Some dealers have elected not to participate because they "believe that they are running financial risks by taking cars back from customers. Whether this is true or not is hard to tell. Some dealers are worried that once they pay customers it may take time for them to get money from GM." Others, apparently, "believe that the marketing program is a sign of desperation," with some Cadillac dealers worrying that the offer "cheapens the brand."

While coming up with the whole 60-day money back guarantee thing has to be seen as a innovation triumph of epic proportions, when people whose livelihoods are dependent upon their ability to take in (and retain) income from autos use phrases like 'sign of desperation' and 'cheapens the brand', the hour may have finally arrived to rethink the prevailing wisdom from on high.

Sponsored Topics: General Motors - Automobile - Autos - Recreation - Makes and Models
Source: Dealbreaker | 22 Sep 2009 | 2:01 pm

SEC warns swaps may evade White House reform (Reuters)

Reuters - The U.S. securities regulator warned Congress on Tuesday that parts of the $450 trillion private swaps market could still fall through regulatory cracks under the Obama administration's financial reform plan.
Source: Yahoo! News: Business | 22 Sep 2009 | 1:47 pm

SEC warns swaps may evade White House reform (Reuters)

Reuters - The U.S. securities regulator warned Congress on Tuesday that parts of the $450 trillion private swaps market could still fall through regulatory cracks under the Obama administration's financial reform plan.
Source: Yahoo! News: Stock Markets News | 22 Sep 2009 | 1:47 pm

Bear Stearns Hedge Fund Manager Was Shockingly Not Doing Such A Bang Up Job With The Personal Finances, Either

The government said evidence about [Ralph] Cioffi's lifestyle belongs in the case, including his collection of three Ferraris, and real estate and assets that show his net worth. He owns properties that include a $12 million property in Southampton, New York, a $3.5 million home in New Jersey, a $3.25 million home in Vermont, and two Florida properties worth $7.1 million and $1.25 million.

"The jury will learn that notwithstanding Cioffi's significant income, he was over-extended financially," prosecutors said.

As for the Ferraris: you know damn well he had to sell two of 'em and is now down to a single ride, so this is really not cool.

U.S. Wants Cioffi, Tannin Missing Computers in Trial [Bloomberg]

Sponsored Topics: New Jersey - Hedge fund - Bear Stearns - Real estate - Florida
Source: Dealbreaker | 22 Sep 2009 | 1:41 pm

Anderson Sees Need for `Enlightened' U.S. Tax Policy: Audio

Source: Bloomberg - All Podcasts | 22 Sep 2009 | 1:15 pm

Is Clorox Really Buyout Bait? (CLX, PG)

Clorox Corporation (NYSE: CLX) gave us a volume alert earlier today which was later summarized over for Volume Spike.  This generally slow-moving consumer products company is trading up with elevated stock volume and with more elevated options trading.  The rumor is that Proctor & Gamble (NYSE: PG) is a possible suitor, although there might be [...]

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Source: 24/7 Wall St. | 22 Sep 2009 | 12:49 pm

Donovan Says U.S. Needs National Rental Housing Policy: Audio

Source: Bloomberg - All Podcasts | 22 Sep 2009 | 12:44 pm

Verleger Says U.S. Free-Trade Should Apply to Everything: Audio

Source: Bloomberg - All Podcasts | 22 Sep 2009 | 12:41 pm

White House: Rising Cost Of Insurance Leads To Hidden Tax

By Laura Conaway

The cost of health insurance is far outpacing inflation and the growth in wages in all 50 states, a new White House report says. President Obama has been making a case that the nation needs to overhaul its insurance system to gain control of the costs and give Americans better access to care. With today's release the administration strikes a simple and particular note, that the current situation is not fair:

Health insurance premiums are highly variable across the country, with states experiencing premium growth of between 90% to nearly 150% over the past decade. These differences lead to inequities for families and businesses as well as underlying differences in the uninsured across states.

In the same period, wages have grown by 38 percent, inflation by 28 percent. The portion of Americans with private insurance fell by 6 percent from 2000 to 2008. The White House report says that as a result, people with coverage are paying a "hidden tax of about $1,000."

The White House continued its campaign on HealthReform.gov with report about the cost of cancer. It cites a Kaiser Family Foundation survey showing that 22 percent of people with health coverage burn through their savings after a diagnosis of cancer.

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Source: NPR Blogs: Planet Money | 22 Sep 2009 | 12:35 pm

Volkswagen Common Shares Raised to `Hold’ at Citigroup: Audio

Source: Bloomberg - All Podcasts | 22 Sep 2009 | 12:34 pm

AEI’s Antos Discusses Health-Care Debate: Audio

Source: Bloomberg - All Podcasts | 22 Sep 2009 | 12:31 pm

You Missed Your Chance To Get In A Hot Tub With Michael Moore Last Night

The important thing to remember here is 1) the whole "reeks of 2007" vibe was ironic, okay? and 2) it wasn't paid for with taxpayer money. I mean, it was, if you consider the fact that the venue it was held at, the newly renovated Lincoln Center, was funded in large part by bank donations, but they presumably didn't pay for the booze or the girls. So there's that.

Before the film, the crowd sipped champagne and cocktails in the "Morgan Stanley Lobby" and then headed to their seats in the "Citi Balcony." Movie tickets were available at the "Bank of New York Box Office" and there's outdoor seating at the "Credit Suisse Information Grandstand."

[...]

Following the Premiere, Esquire shuttles many of the attendees straight down to SoHo to the opening of The Esquire Apartment - a fully decadent penthouse where every square inch is paid for by a luxury sponsor. Hot tub, $120k pool table, $60k home theater, fine food. The only thing lacking was a doormat saying "Welcome To Capitalism."

I had fun....But ooooh the irony. Everyone I talked to was like, "man, this is the most bizarre combination. I bet Michael Moore would freak out if he saw that this was happening."....And then he showed up. And was eating it up.

A Review Of Michael Moore's New Movie, "Capitalism: A Love Story" [WSJ]
Anti-Capitalist Filmmaker Enjoys Vulgar Displays of Wealth [NRO]
Earlier: Michael Moore: Wall Street Still Cooking Up "Crazy Schemes" To Destroy Mankind

Sponsored Topics: MichaelMoore - Credit Suisse - Morgan Stanley - Wall Street - Wall Street Journal
Source: Dealbreaker | 22 Sep 2009 | 12:24 pm

Mugabe Roadshow Starts North American Leg

While Robert Mugabe may claim that he's in New York to attend the UN General Assembly meeting, it's really just a cover story for his ongoing capital raising efforts. The big boss is expected to demand that sanctions imposed by Western countries be lifted to help the marketing campaign's ongoing efforts to describe to investors exactly how a subprime-caliber economy, when tranched the right way, is a solid investment grade play.

A critical part of the selling strategy likely revolves around investors believing that the government will really get behind their programs designed to foster meaningful, sustainable growth and see them through to the end. So far, things are looking good.

Zimbabwean President Robert Mugabe will continue to seize all remaining white-owned farms, South Africa's Times newspaper reported, citing a "closely-guarded" document in its possession.

At least 223 white farmers are being prosecuted for failing to vacate their farms, the Johannesburg-based newspaper said on its Web site. The farms include land owned by foreigners, the Times added. At least one farmer has been "savagely assaulted" by self-styled war veterans loyal to Mugabe, it reported

Do not hesitate on this one people. He still wants your dollars regardless of the recent plunge. This is one guy who, when he hears about fears of a US currency crisis, probably can't contain his laughter.

Sponsored Topics: South Africa - Zimbabwe - Robert Mugabe - Africa - New York
Source: Dealbreaker | 22 Sep 2009 | 12:21 pm

Presented By:

Source: Dealbreaker | 22 Sep 2009 | 12:21 pm

Berlin frets at US focus on imbalances

German officials have warned of a ‘widening of differences’ ahead of the G20 summit, as US proposals attracted criticism in Europe for concentrating too heavily on global imbalances instead of reforming financial regulation
Source: Financial Times - US homepage | 22 Sep 2009 | 12:12 pm

House Prices Nudge Upward. Tax Credit Deadline Looms

By Laura Conaway

Look on the bright side: U.S home prices rose 0.3 percent from June to July, the Federal Housing Finance Agency reports. Or the darker side: In the year that ended in July, home prices fell 4.2 percent.

The House Price Index uses the purchase price for homes with mortgages either sold to or guaranteed by Fannie Mae and Freddie Mac. That means it tends to exclude the most expensive properties and ones in the subprime mortgage market. The delinquency rate among subprime mortgages is now above 41 percent.

The housing market has gotten a boost recently from the $8,000 federal tax credit for first-time homebuyers. As of Friday, 1.4 million people had used the credit to buy property. The deal runs out on Dec. 1.

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Source: NPR Blogs: Planet Money | 22 Sep 2009 | 11:56 am

Amazon (AMZN): All AT&T (T) Phones–A Penny A Piece

Jeff Bezos, the founder and CEO of Amazon (AMZN),  is known for being eccentric, but his new handset offer may be taking that act a bit too far. Every cellphone that operates on the AT&T (T) wireless network is for sale at Amazon.com today for one penny each. The only product not available at the remarkable [...]

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Source: 24/7 Wall St. | 22 Sep 2009 | 11:30 am

O'Donnell Says Low Treasury Yields Indicate Demand: Audio

Source: Bloomberg - All Podcasts | 22 Sep 2009 | 11:24 am

Barrow Says U.S. Dollar Will Continue to Reach New Lows: Audio

Source: Bloomberg - All Podcasts | 22 Sep 2009 | 11:22 am

Thoma: Give The Power To The Fed

By Laura Conaway

The financial system needs one very powerful regulator, says economist Mark Thoma, and that regulator should be the Federal Reserve. Thoma takes a look at Sen. Chris Dodd's proposal, which would combine the Federal Reserve, Office of Thrift Supervision, FDIC and Office of the Comptroller of the Currency.

Thoma likes Dodd's push to end regulator shopping, or arbitrage. It's just that Thoma think the logical approach is to give more power to the Fed and not to a new agency. He writes:

First, the agency in charge of regulating the financial system needs to be independent. For the Fed, there's a well-established tradition about what independence means, and that tradition has served us fairly well. The Fed also attempts to represent public, private, financial, and business interests, and though there is room for improvement in this area, this is also an attractive feature of the Fed's institutional structure. If we start all over with a separate agency, can we be assured that such independence and representation of interests will be present, and if it is, that it will persevere?

Second, the Fed's responsibility for conducting monetary policy causes it to collect lots of information about financial firms, and it has access to financial information in real time that other agencies do not. Thus, there are considerable complementarities between the Fed's role in setting monetary policy and its role as a regulator, and there are times--particularly in crises-- when regulation is an important branch of monetary policy. If the Fed has to gain the cooperation of a separate agency in order to conduct the monetary policy it deems necessary in a crisis, this could hamper its ability to respond as needed.

(H/T Brad deLong)

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Source: NPR Blogs: Planet Money | 22 Sep 2009 | 11:13 am

It's time to shout 'protectionism' at U.S.

The relationship between the U.S. and China has grown tense over trade policy issues. Commentator Dan Drezner says the Obama administration's recent actions signal things could get even worse.
Source: Marketplace | 22 Sep 2009 | 11:12 am

Pittsburgh shakes off its rust and grows

With the G20 Summit beginning later this week in Pittsburgh, Pa., Rico Gagliano reports on how years of population losses have affected his hometown, and how it's bouncing back.
Source: Marketplace | 22 Sep 2009 | 11:03 am

Caption Contest Tuesday

[Shia LaBeouf, Frank Langella as his mentor, and a dog who's had to see things an innocent Wall Streeter like you should never even hear about on the set of Money Never Sleeps.]

Sponsored Topics: FrankLangella - Shia LaBeouf - Wall Street - OliverStone - Michael Douglas
Source: Dealbreaker | 22 Sep 2009 | 10:56 am

America's older workers face job crisis

A new study says America's elderly are in a tough spot when it comes to finding work, and that's leaving many of them vulnerable. Jeff Tyler reports.
Source: Marketplace | 22 Sep 2009 | 10:54 am

Are E-cigarettes safe? Details are hazy.

Makers of a new product called an E-cigarette claim it's a safer way to get a nicotine fix than regular cigarettes -- without emitting second-hand smoke. The FDA isn't so sure. Jeremy Hobson reports.
Source: Marketplace | 22 Sep 2009 | 10:54 am

Unwinding TARP's payback plan

Professor Tony Sanders talks with Tess Vigeland about where we are with the TARP program, whether the financial system is still dependent on it, and how long it will take for firms to pay back funds.
Source: Marketplace | 22 Sep 2009 | 10:53 am

What's behind China's climate plan?

China's President Hu Jintao announced his country's ambitious strategy to combat global warming at the U.N. General Assembly. Alisa Roth reports on what he had to say.
Source: Marketplace | 22 Sep 2009 | 10:53 am

Census data reflect recession effects

Every year the Census Bureau gives a snapshot of the U.S. population. This year it shows some of the ways the recession is changing the way we live. Amy Scott reports.
Source: Marketplace | 22 Sep 2009 | 10:53 am

Chart: American Income By Race

By Laura Conaway

In its "Economic Snapshot for September 2009," the Center for American Progress reels off a list of statistics that are now way, way too familiar. The economy has lost 6.9 million jobs since the recession started in December 2007. People who lose their jobs are staying unemployed for record periods. Poverty is on the increase, employer-provided benefits on the decline.

Median household income, adjusted for inflation, fell by $1,860 from 2007 to 2008. But look under the hood and you'll find great disparity among American families. White family income stands at a median of $55,530, while the African-American family median is at $34,218. Hispanic families are faring only a little better, at $37,913.

Next up for the American economy? Trouble with debt, of course. Home foreclosures keep rolling in, with 9.1 percent of all mortgages delinquent and 3.9 percent in foreclosure. Of all credit card debt, 9.6 percent is in default. That's up 126.6 percent from the fourth quarter of 2007.

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Source: NPR Blogs: Planet Money | 22 Sep 2009 | 10:45 am

Optimism keeps FTSE 100 above 5,000 mark (AFP)

AFP - London's Stock Exchange rallied on Tuesday on mounting global economic optimism as investors awaited this week's Group of 20 summit and an interest rate meeting in the United States.

Source: Yahoo! News: Stock Markets News | 22 Sep 2009 | 10:44 am

China makes energy efficiency pledge

China plans a ‘notable’ cutback in the level of carbon dioxide its industries emit as part of international efforts to combat climate change, Hu Jintao, Chinese president, told a UN climate summit
Source: Financial Times - US homepage | 22 Sep 2009 | 10:42 am

European Commission Stumbles Upon Retail Banking Model

The Iraqi journalist who moonlights as an aspiring right handed pitcher may have been recently released for good behavior, but a report issued by the European Commission is threatening banks in member countries with turning up the enforcement if they don't clean up their act. The EC took a look at the business conventions of a couple hundred players across Europe and the results of their investigation may shock you.

The report, which analysed 224 financial institutions covering some 80 percent of the market, showed many banks appeared to try to hide charges with complex fee structures that a lot of customers said they found difficult to understand.

Information was often given in legal and financial jargon, important details were hidden in small print and formats were too long without focussing on key features of the product.

For 66 percent of the banks surveyed, fees, as presented on the Internet or on paper, were so unclear that experts needed to contact the institutions for additional information

It's alarming to think banks would operate this way, but those findings were nothing compared to the real stunner.

"Bank salespeople often receive bonuses as incentives to sell certain products. So they are trying to convince people to buy those products, even if they are unsuitable for them," said one official involved in preparing the report.

However, help is on the way for European customers starting in November when the widely feared voluntary code of good practices kicks in. If that doesn't work, banks may encounter a couple shoe throwing incidents of their own.

Sponsored Topics: European Commission - European Union - Government - Multilateral - Business
Source: Dealbreaker | 22 Sep 2009 | 10:39 am

Filmmaker Gains Thousands of Twitter Followers by Running Naked into Circle K

Image: Phx411

Last night at about 2am EST, Indonesian filmmaker Joko Anwar released a single, fateful tweet:

If I got my 3000th follower today, I’ll go into a Circle K naked.

It is now almost noon EST. And Joko Anwar has more than 10,000 followers. You can bet he’s getting publicity out of this. Alas, he also has to walk into a Circle K naked.

His follow-up tweets:

1 hour after initial tweet: You perverts! Hahahaha…

Almost 2 hours later: Ok. It looks like it’s gonna happen. Damn youuuu…!!! I’ll do it at night, ok?? Happy?????

Then: Damn. It’s so hard to get people to watch my movies, yet it’s so easy to make people want to see me naked. Just wait for pics tonight.

2 hours later: Have mercy. Let me do it at night. You’ll get the pics when you wake up tomorrow. Promise. *crying while doing push-up*

5 hours later: Be patient. Looking for the right Circle K.

His friends later livetweeted the actual event. As promised, Anwar ran naked into a Circle K. Here’s a picture of him (found on tweetphoto):

There are several lessons here. 1) Twitter is powerful publicity. People will follow you instantly–if you say the right thing. 2) The “right thing” may involve doing something embarrassing. 3) Is it worth it?

Source: Business Pundit | 22 Sep 2009 | 10:36 am

Bank of America Flag Controversy Illustrates Dangers of Blind Obedience

Last week, a Bank of America branch in Gaffney, SC stirred up controversy by removing American flags from an adjacent sidewalk. The bank later returned the flags, which were intended for a funeral procession for a fallen Marine. But the city isn’t about to forgive the bank.

The Spartanburg Herald-Journal has more:

The controversy developed last Tuesday as plans were being made for the body of Marine Lance Cpl. Chris Fowlkes to be returned to Gaffney. Fowlkes died Sept. 10 in a hospital in Germany of injuries he received in Afghanistan the previous week when a roadside bomb exploded.

Brenda Earls of Gaffney said she put flags on her street, York Drive, where Fowlkes’ grandparents, Ruth and John Fowlkes, also live. Earls also placed the small flags along the sidewalk of several businesses on Floyd Baker Boulevard, including Bank of America. She said the flags were on the street right-of-way and not the businesses’ property.

Earls said she noticed flags in front of the bank were gone as she continued her distributions and was approached by branch Manager Brandy Tate, who told her the bank’s policy did not allow flags for fear of “offending a customer.”

Earls said Tate told her the flags that were removed were inside the bank, and Earls should pick them up if she wanted them back. After a couple of hours, the bank’s corporate office issued a statement that removal of the flags had resulted from a breakdown in communications.

The bank returned the flags for an initial procession on Wednesday, then again for the actual funeral that Friday. It also issued a formal apology:

“We want to ensure the community knows how deeply proud we are of the men and women who have sacrificed so much in service to our country. The bank does fly the American Flag at our locations throughout the country and flags were displayed in front of our banking center in Gaffney the evening prior to our dedicated Marine returning home. We deeply apologize for any misunderstandings. “

But the controversy hasn’t died down. Today, the Cherokee County Council–Gaffney is located in Cherokee County–voted to close its Bank of America accounts.

It sounds like the B of A branch manager was operating under the same mentality as the Burger King manager who kicked out a baby earlier this year for not wearing shoes. That is, he let fear of corporate repercussions override common sense. He probably thought he would get in trouble if he didn’t strictly obey company guidelines.

The problem was his narrow-mindedness. If he had seen the situation from the town’s perspective, he would have realized that removing flags could potentially harm the bank more than his blind obedience of policies. Not knowing more about the branch manager’s situation–perhaps an event or situation induced him to act fearfully–I think that B of A would do well to put him through a course on seeing the bigger picture.

I don’t think this warrants him being fired, though. The town is already punishing him enough.

Source: Business Pundit | 22 Sep 2009 | 10:31 am

A look at economic developments 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 | 22 Sep 2009 | 10:18 am

Congress wary of 'plain vanilla' bank proposal (AP)

AP - Congress is expected to reject President Barack Obama's proposed mandate that banks offer customers "plain vanilla" financial products, such as a 30-year fixed mortgage.
Source: Yahoo! News: Business | 22 Sep 2009 | 9:43 am

Georgetown Country Club Files Bankruptcy, Bilks Brides

Massachusetts’ Georgetown Country Club, a championship golf course and country club, declared bankruptcy on September 11. Now, the organization refuses to refund couples’ wedding deposits, despite cancelling their reservations. WCVB Boston has more:

Sarah Crow is supposed to renew her wedding vows and hold her reception Saturday at the The Georgetown Country Club. Crow is out of her $9,000 deposit, saying she believed the owner intentionally deceived her family.

“Dr. Wojtkun knew he filed bankruptcy on Sept. 11. Why did he take a deposit Wednesday after that? That’s theft,” Crow said.

Christina Doherty booked her wedding reception for Oct. 3 at the Georgetown Country Club.

“We are $5,000 in the hole, trying to find a new place,” she said. Doherty said getting answers from the owner is another struggle. Chris Rich, who lives on the first fairway, said membership dissatisfaction with the owners contributed to the demise.

Tee time was still advertised but there was no answer when NewsCenter 5 called the office seeking comment. As of 10 p.m. Monday, doors remained unlocked but the staff was on the way out without work for the morning. (They found out this morning that they were out of a job.)

Once the club files for bankruptcy, it is anticipated that customers can file as a “debtor” to whom the club owes money. It was not immediately known whether Attorney General’s Office plans to investigate.

This has to be one of the more painful bankruptcies to affect people during this recession.

Source: Business Pundit | 22 Sep 2009 | 9:34 am

GIC makes $1.6bn from Citi stake sale

Singapore’s largest sovereign wealth fund has halved its stake in the US banking group to below 5 per cent, making a profit from the global equity market rebound
Source: Financial Times - US homepage | 22 Sep 2009 | 8:22 am

Morning Quote: Bair and Bamboo

By David Kestenbaum

From this story in the NYT today about the FDIC may borrow from banks to refill its insurance fund.

"Sheila Bair would take bamboo shoots under her nails before going to Tim Geithner and the Treasury for help," said Camden R. Fine, president of the Independent Community Bankers. "She'd do just about anything before going there."

I do think the opening to the story, while fun, is a bit misleading.

Tired of the government bailing out banks? Get ready for this: officials may soon ask banks to bail out the government.

True, the FDIC is a government agency, but it always uses bank money to make depositors whole when a bank goes under.

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Source: NPR Blogs: Planet Money | 22 Sep 2009 | 7:41 am

Bank Of America Wants To Pay You Back. Plus: Rich Maryland

By Laura Conaway

Good morning, and welcome to a day of big names making headlines.

Bank of America is making moves to pay back its bailout money, including $425 million in federal guarantees against possible losses from its shotgun merger with Merrill Lynch. Meanwhile, the SEC now says it will take BofA to trial over bonuses for Merrill executives.

The Government Accountability Office says AIG has stabilized but may never be able to repay its $182 billion federal bailout.

Faced with a wave of expensive bank failures, the FDIC is considering borrowing money from healthy banks to keep its insurance fund solvent.

The Singapore government cashed out much of its holdings in Citigroup, notching a $1.6 billion profit after the bank's shares recent recovery.

The Great Recession has us living in a world of pain, with longer commutes and delayed weddings. Also down: immigration.

The Census Bureau reports that people in Maryland enjoy the nation's highest median income. People in my native Mississippi have the lowest, and experience a cost of living that's about half what you'd find in Maryland. Five states saw median household income fall last year -- Florida led the race for the bottom with a decline of 3.9 percent.

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Source: NPR Blogs: Planet Money | 22 Sep 2009 | 7:39 am

Do Not Mess With Cherry Coke

Source: Business Pundit | 22 Sep 2009 | 5:45 am