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BAE pays £346m to take over UK shipbuildingBAE Systems, Europe's largest defence company, took full control of what remains of the UK's shipbuilding industry today with the acquisition of BVT. Source: Latest Business News from Times Online | 24 Sep 2009 | 5:25 am Songbird confirms £895 million fundraisingSongbird Estates, which owns much of the Canary Wharf business district, has confirmed that it will pay back an £880 million loan through the sale of shares totalling £895 million. Source: Latest Business News from Times Online | 24 Sep 2009 | 5:11 am Jaguar Land Rover to close West Midlands plantJaguar Land Rover said today that it will close one of its factories in the West Midlands but has pledged to create 800 new jobs on Merseyside. Source: Latest Business News from Times Online | 24 Sep 2009 | 5:06 am Pearl hires Rock's Sandler as listing loomsPearl Group, the closed life funds operator, confirmed today that Ron Sandler, head of the state-owned lender Northern Rock, had become its new chairman as it boasted a strong capital position and targeted a stock market listing by the end of the year. Source: Latest Business News from Times Online | 24 Sep 2009 | 4:40 am Car battery maker raises $380M in IPOA123 Systems, one of just a handful of U.S.-based makers of batteries for electric cars, far exceeded expectations when its initial public offering priced Wednesday after the bell.Source: Business and financial news - CNNMoney.com | 24 Sep 2009 | 4:32 am Jaguar to shut one Midlands plantJaguar Land Rover says it will close one of its plants in the West Midlands after 2014, but there will be no net job losses.Source: BBC News | Business | World Edition | 24 Sep 2009 | 4:26 am 'Store wars' as John Lewis opensWales' largest department store opens in Cardiff, triggering a retail fightback by rivals in other city centre shops.Source: BBC News | Business | World Edition | 24 Sep 2009 | 4:21 am S Korea agrees Tanzania land dealSouth Korea says it agreed to cultivate 1,000 sq km of Tanzania for farmland - the latest in a series of such deals.Source: BBC News | Business | World Edition | 24 Sep 2009 | 4:16 am Stock futures signal dip; Electronic Arts eyed(Reuters) - Stock index futures pointed to a lower open on Wall Street on Thursday, with futures for the S&P 500 down 0.26 percent, Dow Jones futures down 0.27 percent and Nasdaq 100 futures down 0.14 percent at 5:10 a.m. EDT.Source: Reuters: Business News | 24 Sep 2009 | 4:14 am What's really keeping mortgage rates lowSource: Business and financial news - CNNMoney.com | 24 Sep 2009 | 4:14 am Fed can't wait too long to whip inflationThe Federal Reserve is going to keep interest rates near zero for the foreseeable future. That much is certain.Source: Business and financial news - CNNMoney.com | 24 Sep 2009 | 4:13 am 6 groovy gadgetsThe Gizmodo Gallery in New York features 80 of the coolest gadgets from today and yesteryear. Here are our 6 favorites.Source: Business and financial news - CNNMoney.com | 24 Sep 2009 | 4:11 am GM to develop Indian electric carUS carmaker General Motors says it will develop a small cheap electric car for the Indian market.Source: BBC News | Business | World Edition | 24 Sep 2009 | 4:11 am Consumers vs. Banks: Round 1This summer, when Obama administration officials talked about overhauling financial regulation, they threw around a catchy phrase sure to appeal to consumers: "Plain vanilla" mortgages and credit cards.Source: Business and financial news - CNNMoney.com | 24 Sep 2009 | 4:10 am Same 4-bedroom: $2 million or $122,000Imagine you're a mid-level executive living in Grayling, Mich., the "Canoe Capital of the World."Source: Business and financial news - CNNMoney.com | 24 Sep 2009 | 4:07 am Indications: U.S. stock futures inch higherU.S. stock futures inch higher on Thursday, as the post-Fed debate continues and leaders from the world’s leading economies meet.
Source: MarketWatch.com - Top Stories | 24 Sep 2009 | 4:07 am Bankrolling Detroit's turnaroundSometimes you need a little starter cash to get things going.Source: Business and financial news - CNNMoney.com | 24 Sep 2009 | 4:06 am Visa, MasterCard get Hungary fineBUDAPEST (Reuters) - Hungary's competition authority the GVH ruled that Visa , MasterCard and the country's top commercial banks formed an illegal bank card interchange-fee cartel, it said on Thursday.Source: Reuters: Business News | 24 Sep 2009 | 4:06 am The Growing Trend Of Denying RumorsMicrosoft (MSFT) felt compelled to deny a rumor that it would buy Electronic Arts (ERTS) after shares in the game company rose over 7% on speculation of a deal. BusinessWeek had to say that it was not closing after a Twitter message to that effect leaked to the public. Last week, and again this week, there were [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 24 Sep 2009 | 4:04 am Rent your own mobile video arcadeDavid and Stuart Pikoff want to see your kids spending more time outdoors... playing Halo, Guitar Hero 3 and laser tag.Source: Business and financial news - CNNMoney.com | 24 Sep 2009 | 4:00 am Video: The Ad Council, The Humane Society of the United States and Maddie's Fund Launch First National PSA Campaign to Encourage Pet Adoption from SheltersThe Shelter Pet Project Marks First Ad Council Campaign to Focus on Pets NEW YORK, Sept. 24 /PRNewswire/ -- The Advertising Council, in partnership with The Humane Society...Source: RSS feed - channel BNewsBusiness | 24 Sep 2009 | 4:00 am AutoQuoteNow.com: One Step Further Towards Car Insurance SavingsBROOKLYN, N.Y., Sept. 24 /PRNewswire/ -- In response to the hard hits suffered by consumers in the href="http://www.autoquotenow.com/">car insurance industry,...Source: RSS feed - channel BNewsBusiness | 24 Sep 2009 | 4:00 am U.S. - Mexico Chamber of Commerce Chief Economist to Address Manufacturers at Upcoming EventU.S. - Mexico economic relationship to be examined as a part of a four day manufacturing in Mexico event to be held in Guaymas, Sonora. TUCSON, Ariz., Sept. 24 /PRNewswire/ --Source: RSS feed - channel BNewsBusiness | 24 Sep 2009 | 4:00 am deVere and Partners Announces Strategic Alliance With Jupiter Asset ManagementdeVere and Partners, the world's largest independent international financial consultancy is pleased to announce a new strategic alliance with Jupiter Asset Management. ...Source: RSS feed - channel BNewsBusiness | 24 Sep 2009 | 4:00 am Russian bank files bankruptcy suits against UC RusalAlfa Bank, Russia's largest private bank, on Thursday said it had filed a bankruptcy suit against two major units of the aluminium giant UC Rusal owned by troubled oligarch Oleg Deripaska.Source: RSS feed - channel BNewsBusiness | 24 Sep 2009 | 3:59 am UPDATE 2-DNO shares dive on potential loss of Iraq licences* Oil producer says preparing legal action vs Oslo bourseSource: RSS feed - channel BNewsBusiness | 24 Sep 2009 | 3:58 am G20 leaders meet to reform world economyLeaders of the world's main powers meet in Pittsburgh Thursday promising tough action to police financial markets and prevent a new economic crash. "In Pittsburgh, we will work with the...Source: RSS feed - channel BNewsBusiness | 24 Sep 2009 | 3:58 am Stocks head for mild gainsU.S. stocks were poised for a weak open Thursday, as economic jitters gave investors reason to halt the recent upswing in the market.Source: Business and financial news - CNNMoney.com | 24 Sep 2009 | 3:58 am Peston's picksWhat is there for Cadbury to gain from Kraft's offer?Source: BBC News | Business | World Edition | 24 Sep 2009 | 3:57 am Energy bills 'are full of jargon'Gas and electricity bills are filled with jargon that make them difficult to understand, campaigners say.Source: BBC News | Business | World Edition | 24 Sep 2009 | 3:54 am Retail Job Picture For Holidays WorsensThere has been some hope that with a modest recovery from the recession that holiday retail sales would pick up this year. Those hopes appear to be premature. The high levels of unemployment and lack of consumer access to credit may make this Christmas season even worse than last. The difficulties in the retail sector are [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 24 Sep 2009 | 3:50 am Merkel warns G20 against focusing on imbalancesAngela Merkel warned fellow world leaders not to make the fight against global imbalances the central issue of a meeting of the world’s 20 largest economies, which kicks off in PittsburghSource: Financial Times - US homepage | 24 Sep 2009 | 3:50 am REFILE-OMV exec sees healthy energy demand from 2011/12(Refiles to replace extra "2011" in second quote with "2012")Source: RSS feed - channel BNewsBusiness | 24 Sep 2009 | 3:47 am G20 progress on financial reform expected (Reuters)
Source: Yahoo! News: Business | 24 Sep 2009 | 3:44 am G20 progress on financial reform expectedBERLIN/PITTSBURGH (Reuters) - The Group of 20 summit this week will be key for financial reforms, German Chancellor Angela Merkel said on Thursday, warning that efforts to make the world less prone to financial disasters may lose momentum.Source: Reuters: Business News | 24 Sep 2009 | 3:44 am HIV vaccine shown to have some effectivenessA late-stage trial combining two HIV vaccines is shown to reduce the chance of infection by a third, raising the prospects that in time AIDS can go the way of polio as an eradicated disease.
Source: MarketWatch.com - Top Stories | 24 Sep 2009 | 3:43 am Microsoft says no plans to buy Electronic ArtsCHIBA, Japan (Reuters) - Microsoft Corp has no plans to acquire Electronic Arts, a Microsoft executive said, shooting down unsubstantiated talk of a potential bid that triggered a spike in...Source: RSS feed - channel BNewsBusiness | 24 Sep 2009 | 3:41 am Microsoft says no plans to buy Electronic ArtsCHIBA, Japan (Reuters) - Microsoft Corp has no plans to acquire Electronic Arts, a Microsoft executive said, shooting down unsubstantiated talk of a potential bid that triggered a spike in the video game publisher's shares.Source: Reuters: Business News | 24 Sep 2009 | 3:41 am Microsoft says no plans to buy Electronic Arts (Reuters)
Source: Yahoo! News: Business | 24 Sep 2009 | 3:40 am Cash boost for Korean game firmsOnline game firms in South Korea are getting a $19m cash injection from software giant Microsoft.Source: BBC News | Business | World Edition | 24 Sep 2009 | 3:38 am Stock futures signal dip; Electronic Arts eyed(Reuters) - Stock index futures pointed to a lower open on Wall Street on Thursday, with futures for the S&P 500 down 0.26 percent, Dow Jones futures down 0.27 percent and Nasdaq 100...Source: RSS feed - channel BNewsBusiness | 24 Sep 2009 | 3:37 am Stock futures signal dip; Electronic Arts eyed (Reuters)
Source: Yahoo! News: Business | 24 Sep 2009 | 3:37 am Stock futures signal dip; Electronic Arts eyed (Reuters)
Source: Yahoo! News: Stock Markets News | 24 Sep 2009 | 3:37 am The Global Car Industry Stays Brutal: Russians Cut 26,000 JobsThe employee bloodletting in the automotive industry is not confined to the US where hundreds of thousands of factory workers have lost their positions over the last decade. The largest car company in Russia will cut a quarter of its employees. OAO AvtoVAZ will fire 26,700 people. Despite rumors to the contrary, the global car and light [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 24 Sep 2009 | 3:32 am Payback time for homebuyer tax creditQuestion: I bought a home and qualified for the $8,000 first-time homebuyer tax credit. I'm still a bit confused, though, about the payback rules. Can you explain them? --Jessica G., Houston, TexasSource: Business and financial news - CNNMoney.com | 24 Sep 2009 | 3:30 am Oil drops towards $68 on demand concernsLONDON (Reuters) - Oil prices fell toward $68 a barrel after dropping nearly 4 percent in the previous session as a surprise jump in U.S. crude and product stocks roused concerns that prices may have run ahead of demand fundamentals.Source: Reuters: Business News | 24 Sep 2009 | 3:24 am Iridium plans its stock market comebackIridium Holdings, the satellite phone company, is to return to the stock market a decade after going into bankruptcy through a reverse takeover which values the company at around $560m. Iridium will be...Source: RSS feed - channel BNPaperBusiness | 24 Sep 2009 | 3:22 am Lada carmaker to cut 27,600 jobsRussia's largest carmaker, Avtovaz, says it will cut up to 27,600 jobs as it tries to cope with the global slump in demand.Source: BBC News | Business | World Edition | 24 Sep 2009 | 3:18 am Pentagon launches 3rd try to buy refueling planesWASHINGTON (Reuters) - The U.S. Defense Department said Thursday it was relaunching a competition for a multibillion-dollar fleet of mid-air refueling planes after two botched tries to award the deal.Source: Reuters: Business News | 24 Sep 2009 | 3:16 am LSE cuts jobs as trading volumes dropThe London Stock Exchange cuts 133 jobs, or 12% of its workforce, as trading volumes on its main market fall and demand for its data also declines.
Source: MarketWatch.com - Top Stories | 24 Sep 2009 | 3:12 am UK queries Magna's Vauxhall planUK Business Secretary Lord Mandelson says he does not believe Magna's plan for Vauxhall is "commercially the most viable".Source: BBC News | Business | World Edition | 24 Sep 2009 | 3:11 am FTSE falls on 'fragile' US recoveryThe FTSE 100 fell by 42 points in early trading today after losses on Wall Street last night and in Hong Kong this morning. Source: Latest Business News from Times Online | 24 Sep 2009 | 3:06 am H&M profit rises 4%, but sales disappointSwedish fashion retailer Hennes & Mauritz reported a 4% rise in its fiscal third-quarter profit , but sales figures fell short of expectations, particularly over the last month.
Source: MarketWatch.com - Top Stories | 24 Sep 2009 | 3:06 am Nintendo, Under Extreme Pressure, Cuts Wii PricesNintendo has shipped more than 52 million Wii units worldwide since it was first launched in late 2006. That dwarfs the sales of its rival consoles the Microsoft (MSFT) Xbox 360 and Sony (SNE) PS3. The third generation of the PlayStation was supposed to salvage Sony’s reputation and earnings in the consumer electronics markets. Instead [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 24 Sep 2009 | 3:05 am JAL requests government rescueJapan Airlines has asked the Japanese government to buy a stake in it as part of a proposed $2.5bn capital raising designed to fund the struggling carrier's operations and pay for a drastic restructuring...Source: RSS feed - channel BNPaperBusiness | 24 Sep 2009 | 3:01 am Waitrose to sell food in BootsShoppers in branches of Boots stores will soon be able to buy Waitrose food with their toiletries following a tieup between the two chains.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 24 Sep 2009 | 2:59 am US to pursue greater engagement with BurmaThe United States is set to abandon its long held policy of isolating the Burmese government in favour of greater engagement, but Hillary Clinton, the US secretary of state, has said that its sanctions regime will remain in placeSource: Financial Times - US homepage | 24 Sep 2009 | 2:59 am World stocks fall amid stimulus withdrawal jitters (AP)
Source: Yahoo! News: Stock Markets News | 24 Sep 2009 | 2:56 am Economic Report: German Sept. Ifo index rose less than forecastA closely watched gauge of German business sentiment improved but posted a smaller-than-expected rise in September.
Source: MarketWatch.com - Top Stories | 24 Sep 2009 | 2:54 am Stelios raises £7.5m to grow easyGroup empireSir Stelios Haji-Ioannou, the founder of easyJet, raised £7.5 million today by using two million shares in the low-cost airline as collateral on a loan. Source: Latest Business News from Times Online | 24 Sep 2009 | 2:53 am Citigroup (C) Retreats From Retail BranchesIt may be a decade or more from now, but the time will come when there are no bank branches at all. Broadband will be in 90% of American homes. Banking will be done online to save customers time and the banks will cut the cost of maintaining tens of thousands of people who work at [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 24 Sep 2009 | 2:49 am Overdraft charges: Gordon Brown calls for quick compensationThe Prime Minister has called on banks to find a quick way to refund customers if they lose the current test case on unauthorised overdraft charges.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 24 Sep 2009 | 2:44 am London Markets: 3i Group, LSE shares decline in lower LondonLondon shares trade lower, with financial-sector firms such as 3i Group and the London Stock Exchange declining in the top index.
Source: MarketWatch.com - Top Stories | 24 Sep 2009 | 2:42 am DNO shares halved on Kurdistan suspensionShares of the Norwegian oil group DNO International lost nearly half their value on Thursday after the Kurdistan government in Northern Iraq suspended the company’s operations on concerns that its reputation was sullied.
Source: MarketWatch.com - Top Stories | 24 Sep 2009 | 2:37 am Lloyd's of London cautious as firsthalf profits jumpLord Levene chairman of Lloyd's warns recessionary trends will continue to pose a threat to the insurance industry as firsthalf profits rise 39pc.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 24 Sep 2009 | 2:35 am German election outcome too close to callChancellor Angela Merkel’s Christian Democratic Union appears likely to retain the top spot in the German government when voters head to the polls Sunday.
Source: MarketWatch.com - Top Stories | 24 Sep 2009 | 2:33 am Scientists hail HIV vaccine breakthroughScientists announce a breakthrough in the search for a vaccine for HIV/Aids following the success of a testing programme involving 16,000 volunteers in ThailandSource: Financial Times - US homepage | 24 Sep 2009 | 2:30 am Japan Airlines requests bail-outLoss-making carrier Japan Airlines has asked for a government bail-out to help it survive, the airline's chief says.Source: BBC News | Business | World Edition | 24 Sep 2009 | 2:17 am Darling warns bankers 'the party's over'Alistair Darling has laid down a stark warning to bankers ahead of the G20 summit in Pittsburgh, which starts today. Source: Latest Business News from Times Online | 24 Sep 2009 | 2:03 am Fed's exit strategy may use money market funds: reportLONDON (Reuters) - The U.S. Federal Reserve is studying the idea of borrowing from money market mutual funds as part of eventual steps to withdraw stimulus, the Financial Times reported on Thursday.Source: Reuters: Business News | 24 Sep 2009 | 2:02 am Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.
Source: MarketWatch.com - Top Stories | 24 Sep 2009 | 2:01 am Europe Markets: European shares lower for first time in 3 daysEuropean shares fall for the first time in three sessions on Thursday, with investors booking some profits in banks and miners.
Source: MarketWatch.com - Top Stories | 24 Sep 2009 | 2:01 am Media Digest 9/24/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: The young and affluent in China may become more active consumers. Reuters: The G20 is looking to nurture the recovery and add financial safeguards. Reuters: Taxpayers may never get back all of their US bailout funds. Reuters: The Fed says the recovery in under way. Reuters: A new AIDS vaccine protected a number of people in a trial. Reuters: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 24 Sep 2009 | 1:52 am Sharp drop in borrowers choosing fixedrate mortgagesThe proportion of people opting for fixedrate mortgages has halved during the past two months broker says.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 24 Sep 2009 | 1:51 am Obama urges ‘new era of engagement’Barack Obama promised fellow leaders a new relationship with the US but said neither he nor his country alone could solve the problems of the worldSource: Financial Times - US homepage | 24 Sep 2009 | 1:44 am Stimulus worries hit FTSE 100The FTSE 100 was weaker on Thursday, as world equity markets reacted to signs from the US Federal Reserve that it was preparing to unwind its special economic support measures. London's benchmark index...Source: RSS feed - channel BNPaperBusiness | 24 Sep 2009 | 1:42 am PlayStation 3 sales hit one million in three weeks (AFP)
Source: Yahoo! News: Business | 24 Sep 2009 | 1:40 am JJB Sports losses deepen despite restructuringJJB Sports, the struggling sportswear retailer, today reported that losses in the first six months of the year soared by 230 per cent despite a comprehensive restructuring of the business, which was on the verge of bankruptcy just a few months ago. Source: Latest Business News from Times Online | 24 Sep 2009 | 1:35 am Songbird unveils £1.03bn rescue fundraisingSongbird Estates majority owner of Canary Wharf has unveiled a share sale to repay an £880m loan and bolster its balance sheet.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 24 Sep 2009 | 1:30 am Avtovaz to cut quarter of its workforceMOSCOW, September 24 - Avtovaz, Russia's largest carmaker, said on Thursday it had agreed to cut more than a quarter of its workforce as the producer of the iconic Lada struggles with a sharp decline in...Source: RSS feed - channel BNPaperBusiness | 24 Sep 2009 | 1:26 am Asia Markets And Europe Open 9/24/2009Markets in Asia were mixed as Japan reopened after a three day holiday. The Nikkei was up 1.9% to 10,544. JAL dropped sharply but Honda (HMC) and Sony (SNE) rose. The Hang Seng fell 2.3% to 21,107. HSBC (HBC) fell. The Shanghai Composite was up .4%. At the open in Europe, the FTSE was down .6% to 5,110. The [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 24 Sep 2009 | 1:24 am Aussie market down under 1pcMELBOURNE - The Australian share market retreated from its recent 11-month high to close 0.7 per cent lower, amid declines on Asian bourses and weaker commodity prices affecting local resource stocks.At 1615 AEST, the benchmark...Source: nzherald.co.nz - Business | 24 Sep 2009 | 1:23 am Oxy oil discovery could spark new interest in California's energy potentialThe biggest find in the state in 35 years, somewhere in Kern County, could herald new exploration in California and the U.S., experts say. But some worry it could lead to a false sense of security.A few years ago, Occidental Petroleum Corp. executive Stephen I. Chazen sounded like a cryptologist out of a Dan Brown novel as he told investors that an oil bonanza awaited any outfit that could "crack the code" of California's seismically fractured underground.
Source: L.A. Times - Business | 24 Sep 2009 | 1:00 am White House retreats on key part of proposed financial overhaulA requirement that firms providing financial products offer 'plain vanilla' loans and cards is dropped, indicating the Obama administration is willing to accept major revisions to get its plan passed.Lawmakers began an intensive push to pass the most sweeping revision of financial regulations since the Great Depression, but the Obama administration's proposed overhaul might undergo an overhaul itself along the way.
Source: L.A. Times - Business | 24 Sep 2009 | 1:00 am Mortgage modification event set for L.A.More than 50,000 homeowners with troubled loans are expected at the convention center starting Thursday. Lenders' representatives will be on hand at the free five-day event.More than 50,000 homeowners are expected to begin streaming through the Los Angeles Convention Center today, hoping for a hand in restructuring their mortgages or avoiding foreclosure.
Source: L.A. Times - Business | 24 Sep 2009 | 1:00 am Water to be auctioned by Chino Basin WatermasterThe auction is bound to raise the price. Putting water up for bid seems to be a first in California.Need more water? If you've got $30 million or so, you can bid for it at an auction this fall.
Source: L.A. Times - Business | 24 Sep 2009 | 1:00 am Federal Reserve leaves interest rates near zeroEconomic activity has picked up but is still weak, the central bank says.The Federal Reserve said Wednesday that it would keep short-term interest rates near zero for the foreseeable future, even though the central bank acknowledged that the economy was recovering from its long downturn.
Source: L.A. Times - Business | 24 Sep 2009 | 1:00 am Nintendo to cut price on Wii to $200The game console maker hopes to drive holiday sales with the 20% reduction, which comes after Sony trims the price on its PlayStation 3 and Microsoft issues a rebate on its Xbox 360 Elite. ...Source: RSS feed - channel BNPaperBusiness | 24 Sep 2009 | 1:00 am Nintendo to cut price on Wii to $200The game console maker hopes to drive holiday sales with the 20% reduction, which comes after Sony trims the price on its PlayStation 3 and Microsoft issues a rebate on its Xbox 360 Elite.Let the price war on video game consoles begin.
Source: L.A. Times - Business | 24 Sep 2009 | 1:00 am Details of computer tablet emerge, but is it real?The device shown in a Web video and code-named Courier is reportedly from Microsoft. The company neither confirms nor denies the product's existence.At long last, details about a super-secret computer tablet have emerged, complete with pictures and even a video showing how it works.
Source: L.A. Times - Business | 24 Sep 2009 | 1:00 am Stocks end lower despite better view from FedThe Dow comes within 82 points of crossing 10,000 for the first time since October, but closes at 9,748 after an 81-point loss. ...Source: RSS feed - channel BNPaperBusiness | 24 Sep 2009 | 1:00 am L.A. independent record shop is still in a grooveCollectibles and used CDs enable Rockaway Records in Silver Lake to survive while many like it have closed.Don't tell brothers Wayne and Gary Johnson the CD business is dead or that the brick-and-mortar record store has gone the way of the five-and-dime.
Source: L.A. Times - Business | 24 Sep 2009 | 1:00 am Zombie stocks: Speculators gamble on firms whose shares may be worthlessThe prices of so-called blue-penny stocks rarely rise above a buck. That, plus the lure of familiar failures such as Washington Mutual and Lehman Bros., make for a lively, if extremely risky, market.A year ago, Washington Mutual Inc. collapsed into bankruptcy and disappeared. But its stock is still trading -- in fact, its shares posted a 64% gain Monday.
Source: L.A. Times - Business | 24 Sep 2009 | 1:00 am L.A. independent record shop is still in a grooveCollectibles and used CDs enable Rockaway Records in Silver Lake to survive while many like it have closed. Don't...Source: RSS feed - channel BNPaperBusiness | 24 Sep 2009 | 1:00 am California sees big demand for $8.8 billion in short-term debtThe state completes its sale. It will fill individuals' orders for $6.64 billion in notes, while institutional investors will get the rest. Yields range from 1.25% to 1.5%.Investors' desperation for decent income played into California's hands this week as the state wrapped up its mammoth sale of $8.8 billion in short-term debt.
Source: L.A. Times - Business | 24 Sep 2009 | 1:00 am Zombie stocks: Speculators gamble on firms whose shares may be worthlessThe prices of so-called blue-penny stocks rarely rise above a buck. That, plus the lure of familiar failures such as Washington Mutual and Lehman Bros., make for a lively, if extremely risky, market. ...Source: RSS feed - channel BNPaperBusiness | 24 Sep 2009 | 1:00 am California sees big demand for $8.8 billion in short-term debtThe state completes its sale. It will fill individuals' orders for $6.64 billion in notes, while institutional investors will get the rest. Yields range from 1.25% to 1.5%. ...Source: RSS feed - channel BNPaperBusiness | 24 Sep 2009 | 1:00 am Federal Reserve leaves interest rates near zeroEconomic activity has picked up but is still weak, the central bank says. The Federal Reserve said Wednesday that...Source: RSS feed - channel BNPaperBusiness | 24 Sep 2009 | 1:00 am Pearl appoints Ron Sandler as new chairmanNorthern Rock chairman Ron Sandler has been confirmed as the new chairman of insurance group Pearl.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 24 Sep 2009 | 12:53 am Airbus needs extra cash for new planes: reportPARIS (Reuters) - Airbus , the world's largest civil planemaker, needs at least an extra 800 million euros ($1.2 billion) over six years to develop greener and faster planes, Chief Operating Officer Fabrice Bregier told Le Figaro newspaper.Source: Reuters: Business News | 24 Sep 2009 | 12:37 am Nintendo cuts price of Wii for first timeDeclining sales and price competition from Microsoft and Sony have led the Japanese company which makes the Wii games console to reduce its price by 20%Source: Financial Times - US homepage | 24 Sep 2009 | 12:36 am Market slips after US market fallsThe New Zealand sharemarket slipped lower today after the United States market tumbled in its last hour of trading.The benchmark NZSX-50 index closed down 17.489 points, or 0.556 per cent, at 3130.418. Turnover was worth $108.59...Source: nzherald.co.nz - Business | 24 Sep 2009 | 12:21 am Lord Myners wants British companies to name top earnersBritish companies should have to name up to the top 20 highestpaid employees Lord Myners the City minister said in a fresh assault on City bonuses.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 24 Sep 2009 | 12:00 am Dollar ends lower, intervention unlikelyThe New Zealand dollar was lower today but dealers largely dismissed speculation that the Reserve Bank of New Zealand intervened to push it down.The New Zealand dollar was US71.95c at 5pm, little changed from US72.02c at 8am and...Source: nzherald.co.nz - Business | 23 Sep 2009 | 11:35 pm Lord Mandelson questions Magna's plans for VauxhallBritain has questioned the viability of Magna International's plan to buy GM' European arm Opel in a letter to European competition chief.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Sep 2009 | 11:34 pm Some U.S. bailout funds won't be recovered: watchdog (Reuters)
Source: Yahoo! News: Business | 23 Sep 2009 | 10:52 pm Some U.S. bailout funds won't be recovered: watchdogWASHINGTON (Reuters) - U.S. taxpayers will probably never recover all of the hundreds of billions of dollars invested to bail out financial firms, automakers and homeowners, a key watchdog for the program said on Thursday.Source: Reuters: Business News | 23 Sep 2009 | 10:52 pm Wii price cut steals thunder from Sony at Tokyo Game ShowNintendo stole the thunder from its rivals at today’s opening of the Tokyo Game Show when it announced a $50 ($£31) cut to the price of its Wii console. Source: Latest Business News from Times Online | 23 Sep 2009 | 10:42 pm Turners & Growers makes appeal to Zespri growersTurners & Growers, the listed horticultural exporter and owner of the ENZA apple brand, has made a direct appeal to kiwifruit growers to support its drive to crack open Zespri's monopoly on some $1 billion of export fruit.T&G...Source: nzherald.co.nz - Business | 23 Sep 2009 | 10:32 pm 4 Ways to Shave Time Off Buying a Home (Deal of the Day)Most house hunters spend months juggling numbers like mortgage rates, list prices and broker fees. Here’s another figure they should keep in mind: 68. That’s the number of days left to snag the $8,000 federal tax credit for first-time home buyers. The credit expires on Nov. 30 – a deadline that’s putting pressure on would-be homeowners trying to take advantage of a real-estate market on the mend. “Most first-time home buyers understand that time is running out. Now they need to understand how little time is left to get into action,” says Jay Papasan, the vice president of publishing for Keller Williams Realty and co-author of “Your First Home: The Proven Path to Ownership.” In the current housing market it takes about 45 to 60 days to close on a home from the time you have an accepted offer, Papasan says. So buyers should have their offer accepted no later than mid-October if they’re trying to make the Nov. 30 deadline. (For information on who can qualify for the credit, check the IRS’s web site.) Several bills have been introduced in Congress to extend the credit by six months to give the real-estate market another boost, though they are still up for debate. The National Association of Realtors estimates that the credit has generated 350,000 home sales this year. Moody’s Economy.com puts the number at 400,000. The process of buying a home is neither quick nor easy. Compiling your financial paperwork, applying for a loan, negotiating an offer and signing contracts can take months. And that’s if everything goes smoothly. There are myriad ways home buyers – and especially novices – can get tripped up by the process. Here are four strategies that can expedite a closing. Make sure you’re liquidWhen it’s time to make a down payment, home buyers should make sure they have enough cash available. Their funds should not be tied up in a stock portfolio, 401(k) plan or other investment that could delay the money by days. Using gift money for a down payment is another potential snag for home buyers. Say your parents gifted you the $60,000 you’d need for a down payment on a new house. The bank underwriting your mortgage needs a paper trail to track the money’s origin, says David Hanna, the president of the Chicago Association of Realtors. Money that suddenly shows up in your account can raise a red flag. Buyers should expect a thorough financial examination, a process that “won’t necessarily derail [a] transaction,” Hanna says. “But it will slow it down.” Forget about short salesA short sale occurs when a homeowner is no longer able to make their mortgage payments and owes more on their home loan than what it can fetch in the current market. They’re attractive from a price point, but they can take months to close. So if you’re after the tax credit, “you have no business looking at short sales,” says Steven Senter, a real estate broker and the owner of Keller Williams Fox Valley Realty in St. Charles, Ill. When making an offer on a short sale, not only does the seller have to accept the offer, but the bank must accept and approve it too – and that can take a while. “There’s no guarantee on when the bank is going to approve it – it may approve it in 30 days, maybe in 300 days,” Senter says. Don’t go on a shopping spree before you closeRefrain from making big purchases on a credit card before closing on the home and completing the transaction, Papasan says. Big buys can trigger concern because a buyer’s debt-to-income ratio is usually the most important factor lenders use to determine how much they can borrow. This ratio compares the amount you earn to the amount you owe (including credit-card debt, student loans and car loans). Once you enter into the loan application process, that ratio is set. If you’re in the middle of securing financing, buying a $5,000 living room set might throw that balance off. Any increase in credit-card debt can come under scrutiny from a lender, who may be looking at buyers’ credit reports until the day of the closing. It can also prompt an inquiry on your credit report, which then might have a negative impact – albeit a slight one – on your credit score. Be aware of closing costsEach state has its own closing requirements, and first-time buyers should know in advance what and how much they’re required to cover. For example, in Maryland, the buyer pays the closing costs. In most states, the buyer and seller share the costs. In many states, closing costs must be paid in cash at the closing. Buyers “need to hold onto every penny until they make sure they get it done,” Papasan says. “You don’t want to be short at the last minute.” 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 | 23 Sep 2009 | 10:00 pm Active Trader: All About Moving Averages (Active Trader)It’s the question on the minds of nearly every trader: Where do we go from here? With the market up nearly 60% from its March lows, many investors fret stocks have come too far, too fast. Professional investors are turning to technical analysis – the study of price and volume movements – for clues, and right now, two indicators are coming up with unusual readings, most of which haven’t been seen in decades. The first indicator is the Standard & Poor’s 200-day moving average, the mean of the index’s closing prices over the past 200 days. Last week, the S&P 500 closed more than 20% above its 200-day moving average for the first time since Michael Jackson’s “Beat It” topped the pop charts, in May 1983. This came just six months after the index traded the furthest below its 200-day moving average since the Great Depression, according to Bespoke Investment Group, a money management and financial research firm. “It’s been a crazy market with a lot of mood swings,” says Justin Walters, co-founder of Bespoke Investment Group. “Things can change on a dime.” History shows that the type of volatility the markets have seen this year isn’t good news for investors, at least in the short term. There have only been three other times when the S&P closed 20% below and 20% above its 200-day average within less than a year: 1932, 1938 and 1974. In all three instances, the S&P was lower one, three and six months after it went 20% above its moving average. However, in two of those cases, the market was up a year later, by 30.5% in 1933 and by 12.2% in 1975. It was down just 2.8% in 1939, Walters says. Another unusual technical indicator, the “Golden Cross,” also suggests the market might move higher. This term refers to when the 50-day average moves above the 200-day average. In the past 30 years, there have been 14 Golden Crosses, with the most recent on June 23, says C.J. MacDonald, the portfolio manager of the Timothy Small-Cap Value Fund. In 13 of the past 14 times, the market has moved an average of 25% higher after the Golden Cross appears, MacDonald says. How should investors position their portfolios for a choppy market? Those who think the market is in short-term correction can set tighter stop-loss orders, of around 5%, on their stock positions, Walters suggests. Also, this might be a time to take some profits and reset portfolios to their original asset allocations. On the opposite end, conservative investors like retirees could consider lightening up on stocks when the market closes below its moving average, says Keith Goddard, co-manager of the Capital Advisors Growth Fund. But most investors shouldn’t give up on stocks longer term, MacDonald says: “Trends tend to persist.” 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 | 23 Sep 2009 | 10:00 pm Telecom Towers Have Profit PowersIt's not difficult to figure out why sales of smartphones have taken off nationwide. After all, the average price of one is $155, more than 30 percent lower than last year‹and today's models let you talk, e-mail and surf the Internet quickly. But making money off those hot handhelds can be much trickier than just texting your best friend about last night. Some savvy pros are ignoring the phone makers and service providers entirely and focusing on the wireless tower operators, the firms that build and maintain the towers that invisibly bounce all those calls, photos and millions of other bits of data to the right place. Not surprisingly, as sales of the smartphones continue to climb, analysts predict demand for the data bandwidth that makes all those Internet features possible will rise, too. The tower operators lease space on their networks to carriers like Sprint Nextel, AT&T, T-Mobile and Verizon. But unlike the carriers, the tower companies don't have to worry about attracting and retaining fickle consumers through price wars that cut into profits. "It's one of our favorite areas right now," says Chris Larsen, an analyst at investment bank Piper Jaffray. Of the three publicly traded tower operators, the blue chip is American Tower (AMT), says Larsen, with nearly $1.6 billion in annual revenue and 26,000 towers worldwide. It has the lightest debt load of the three and the biggest international footprint, with towers in Brazil, India and Mexico that contribute about 15 percent of revenue. That could grow dramatically as the wireless markets in those areas develop, Larsen says. The other two tower operators, Crown Castle International (CCI) and SBA Communications (SBAC), refinanced their debt late last year. Thanks to the lending crunch, that meant getting stuck with higher interest rates. But both companies have increased their free cash flow considerably over the past year and have the potential for rapid growth in market share as the economy turns around, says Doug Wilson, an analyst at Cohen & Steers. And he's not fazed by the fact that both stocks are up more than 50 percent this year; according to Wilson, they're still undervalued. 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 | 23 Sep 2009 | 10:00 pm AIM High Yield Fund: Not Too Risky, Not Too SafeYEARS AGO, PETER EHRET WAS FISHING ABOUT 30 miles off the Florida Keys when he saw an empty raft, adrift in the indigo-blue ocean. The refugee-escape vessel was little more than some wood planks held together by metal rods, with two oars for power. Today, the 46-year old lead manager of the AIM High Yield Fund A and global head of high-yield investment for Invesco fixed-income worldwide keeps a picture of the empty craft in his Houston office. It's a reminder to him of how insignificant market challenges are, compared with real life-and-death dramas. "It's quite a thing to come across, and to look at what goes on in other people's lives," Ehret says. Such perspective is hard-won for Ehret, who was hired in 2001 to improve the aggressive fund's spotty performance. He has had to contend with the fallout from the dot-com bubble, volatile, credit-sensitive markets, a financial crisis, the integration of AIM into Invesco's global business, and ripples from past market-timing charges. He seems to be succeeding. The $432 million AIM High Yield Fund Class A (AMHYX), whose top holdings are an array of corporate bonds, has seen returns rise by a whopping 43.4% this year so far, beating its benchmark and outperforming peers. In a recent report, Michael Herbst, an analyst at Chicago research firm Morningstar, wrote the fund's improving results "have been a long time coming, but they appear to be taking root." Herbst said AIM seems to be benefitting from integration of its global research business with Invesco and reduced fees. The fund has a 1.01% expense ratio, below average for the class. THE FUND'S STELLAR 2009 results underscore how volatile the market has been. In the fourth quarter of 2008 alone, as the Standard & Poor's 500 index fell 29.6% and Nymex's front-month crude oil contract plummeted 68.1%, the spread between the Barcap High Yield Index and comparable U.S. Treasuries peaked above 2,000 basis points, or 20 percentage points. Ehret's High Yield Fund Class A fell more than 19.7% for the quarter, a loss that was slightly wider than its benchmark Barclays index. The fund is starting to show outperformance over longer periods. It rose 3.97% in the 12 months through Aug. 31, 3.27% per year over three years and 4.71% over four years, versus a respective loss of 0.67%, and gains of 0.72% and 3.02% for peers. Ehret originally came on board after the fund suffered big losses from technology bets that went sour in 2000. With co-manager Carolyn Gibbs, he began working with his team to hone working definitions of financial terms -- like how they calculated a company's free cash flow -- and portfolio-selection processes. (Darren Hughes became a third portfolio manager in 2005.) Generally, Aim's fund managers take a bottom-up approach and primarily build portfolios based on individual ideas. Upon his arrival, Ehret set position limits and implemented new macro risk guidelines. The fund, for instance, no longer owns more than 10% of an issuer's securities. In 2003 Invesco was one of the firms snagged in a market-timing scandal brought on by lawsuits from the Securities and Exchange Commission, and the attorneys general of New York and Colorado. Invesco, with its Aim unit, settled for $375 million in damages and penalties, and agreed to $75 million in fee reductions by 2009. Other than its corporate connection, Ehret's fund had no involvement in the case. More recently, the 10-member Aim team, created before the 1997 merger, has become fully integrated with the rest of Invesco and employs upgraded technology. As of 2007, 114 fixed-income professionals at Invesco and affiliates such as Houston's Aim and Toronto-based Invesco Trimark, share ideas and portfolio positions on one platform linking to other offices in Louisville, Ky., New York, London, Frankfurt and Melbourne. Coming into 2009, the managers positioned the portfolio so it was exposed mainly to medium-risk names. "We decided we didn't want to take an inordinate amount of the market's highest risks because of the [U.S. government] debt overhang and concerns about the economy. But we also had some sense of recovery and saw how cheaply the market was priced, so we thought we didn't need to take refuge in the safest names of high yield," says Ehret. HENCE, THE FUND IS UNDERWEIGHT financials and certain companies that have very little debt, but has maintained exposure to technology, health care and energy. It bought the senior secured notes of Spansion (SPSNQ), a flash-memory producer, which had been left for dead in bankruptcy at near 20 cents on the dollar earlier this year. The bonds have rallied to near 90 cents as the company recovers and prepares to exit bankruptcy. Right now, Ehret likes Nashville-based Hospital Corporation of America (HCA), which owns 163 hospitals and 112 outpatient centers in the U.S. and England. He expects that once the noise around health-care reform quiets down, HCA will be able to raise equity and reduce its debt. The fund also favors Denver's Delta Petroleum (DPTR), an energy name that will probably rise as natural-gas prices recover. Delta bonds have jumped from around 30 cents at the end of '08, to the mid-60s. "There's too much talk about low natural-gas prices; 25% of the gas we use is from wells drilled within the last 12 months. Half comes from wells that are three years old or less," Ehret explains. "As such, we expect pricing to begin recovering." With the huge returns this year and uncertainties about economic growth, AIM High Yield has tough comparisons ahead. But Ehret remains philosophical. Last year, when his fund was struggling -- calendar 2008's return was negative 25.41% -- he looked at his picture of the empty raft and reminded everyone: "No matter what kind of bad day or struggle or challenge you're having, somebody else has had a lot more." By JAYNE JUNG, a free-lance financial journalist. 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 | 23 Sep 2009 | 10:00 pm 3 Stocks With Recently Raised Dividends (Screens)Why are dividend yields so low? High stock valuations, scarce credit and corporate hoarding each play a role. But I’m guessing the main reason is that investors don’t seem to care. Over the last two centuries, dividend yields on U.S. stocks have averaged 4.9%, according to a 2002 study published in Financial Analysts Journal. Today, the S&P 500 index, whose component stocks make up about three-quarters of the value of the American market, yields less than 2.1%, based on forecasted payments for 2009. If investors priced stocks according to dividend yields alone, history would suggest the index belongs at about 450, not 1060. Perhaps prices are a bit too high. The index trades at 20 times the 2009 estimate for its underlying operating earnings. Over 128 years ended 2000, the average U.S. stock traded at 14.5 times earnings, according to a 2000 study by the Federal Reserve Bank of Kansas City. Also, the index’s underlying dividend payments are expected to fall 23% this year because 62 of its 500 companies announced cuts and 10 scrapped their dividends altogether. Still, it’s a stretch to say that companies are scaling back payments because of financial difficulty. S&P 500 members will pay about 40% of their operating earnings as dividends this year, analysts estimate. Over 136 years ended 2007, the average payout percentage for U.S. companies was over 60%, according to calculations I made using data provided by Yale economist Robert Shiller. Standard & Poor’s reports that industrial companies in its 500 index (that is, all but financial, utility and transportation companies) hold a record amount of cash — some $700 billion, up from a range of $600 billion to $665 billion since 2004. For the most part, it seems as if companies aren’t paying as much as they can because their investors aren’t complaining. Stock buyers have chased the 500 index up nearly 60% from its March low. Perhaps they’re betting that all that cash will go toward share repurchases, which return profits to shareholders just like dividends. But companies this year mostly missed the chance to buy low. In the second quarter, S&P 500 companies spent 72% less on repurchases than a year earlier, and the least since 1998. If you’re the sort of contrarian investor who believes that dividends still matter, or even, as history suggests, that they’re the main component of long-term returns, the three companies listed below might interest you. Each has increased its dividend payment since the start of August. Each carries a yield of over 4% -- huge by current standards, if not historical ones. VerizonDividend change: To $1.90 a year from $1.84 in September Unemployment is cutting into Verizon's (VZ) sales of business services, as companies hesitate to upgrade their networks. Meanwhile, cable companies are competing to lure home phone customers to switch to cheap voice-over-Internet service. But Verizon owns 55% of lucrative Verizon Wireless, with 87 million customers nationwide and the highest margins in the industry. The firm also continues to lay a fiber-optic network that competes directly with cable companies. This year Verizon’s sales are expected to increase 11%. The company isn’t a fast grower, but it’s suitably cheap at 12 times earnings and pays plenty to stockholders each quarter. Philip Morris InternationalDividend change: To $2.32 a year from $2.16 in September Philip Morris International (PM) sells Marlboro and other cigarettes outside the U.S. in 160 countries. It was spun off last year by tobacco giant Altria (MO), which itself was once called Philip Morris. Since the spinoff, Philip Morris International has increased its dividend twice and kept its share price just about flat, vs. a 19% decline for Altria. Altria carries a much larger yield (7.5%), but analysts say it carries greater legal risk and has dimmer growth prospects. Volumes for Philip Morris International have fallen a bit lately, as new laws spreading across Europe have forbid smoking in bars, but the company is taking greater market share in many of its markets, according to Wall Street Strategies, a research firm. Legett & PlattDividend change: To $1.04 from $1.00 in August Legett & Platt (LEG) makes components for beds, office chairs, retail fixtures, car seats and much more. The company’s sales are expected to plunge more than 25% this year. That decline is mostly the result of a sharp downturn in car and house purchases and retail spending over the past year, but analysts say Legett has also exited low-margin businesses with sales totaling about $1 billion as part of an aggressive restructuring campaign. Note that the company is expected to earn 64 cents a share this year. It’s one thing for earnings to dip below the dividend rate, but quite another for management to increase payments at the same time. Keith Hughes, who covers the stock for investment bank Sun Trust Robinson Humphrey with a Buy recommendation, wrote in a Sept. 1 research note that the dividend hike “was done as a sign to investors that management is making progress in its goals.” One of management’s stated long-term goals is to pay 50% to 60% of its profits out as dividends. For the current dividend to be in that range, the company would have to earn at least $1.73 a share. Considering the company’s low capital spending, management can “easily maintain the payment,” absent “another big decline in consumer spending,” Hughes wrote. 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 | 23 Sep 2009 | 10:00 pm SEC charges Perot worker with insider trading (AP)AP - The Securities and Exchange Commission said Wednesday it has charged Reza Saleh, an employee of a Perot Systems Corp. affiliate, with insider trading related to Dell Inc.'s offer to buy Perot Systems earlier this week.Source: Yahoo! News: Stock Markets News | 23 Sep 2009 | 9:31 pm Securities Commission hampered, says new reportInvestors' watchdog the Securities Commission is handicapped by being kept on too short a leash both in terms of the tools at its disposal and available resources, however it has failed to bark as loudly as it might to warn of risks,...Source: nzherald.co.nz - Business | 23 Sep 2009 | 9:30 pm Water reforms could improve economy, says NZIERSimple reforms in the way water is allocated would help improve the performance of the economy, a note from thinktank the NZ Institute of Economic Research (NZIER) says.Note author NZIER senior fellow Brent Layton identified reforms...Source: nzherald.co.nz - Business | 23 Sep 2009 | 9:00 pm Chevron takes Ecuador fight to the HagueChevron, the world’s third biggest oil company, said it had filed an international arbitration claim against the government of Ecuador, citing violations of the country’s obligationsSource: Financial Times - US homepage | 23 Sep 2009 | 8:45 pm Consumer confidence soars in new surveyConsumer confidence has jumped to a four year high in the September quarter, according to the latest Westpac McDermott Miller Consumer Confidence Index.The dominant influence on the rise was a "sharp turnaround" in respondents'...Source: nzherald.co.nz - Business | 23 Sep 2009 | 8:30 pm Fletcher chief's pay dips in downturnHarder times for Fletcher Building have hit its top boss in the pocket.Chief executive Jonathan Ling got $1.24 million in the year to June 30 but missed out on bonus payments and the chance to double his money.Compared with...Source: nzherald.co.nz - Business | 23 Sep 2009 | 8:00 pm Kiwi dollar falls on rumours of Reserve Bank interventionThe New Zealand dollar has stumbled, after surging 3.1 per cent in the past two days, as the Federal Reserve announced it will begin unwinding its extraordinary stimulus measures early next year and rumours surfaced that the Reserve...Source: nzherald.co.nz - Business | 23 Sep 2009 | 6:30 pm Kraft unlikely to walk away, admits CadburyCadbury moved closer to ceding its independence yesterday after Todd Stitzer, the chief executive, told investors that Kraft, its American predator, was unlikely to walk away and raised the prospect of a joint counteroffer from Nestlé and Hershey. Source: Latest Business News from Times Online | 23 Sep 2009 | 6:01 pm Stocks end lower despite better view from Fed (AP)
Source: Yahoo! News: Stock Markets News | 23 Sep 2009 | 5:39 pm Hallenstein Glassons profits fall 20pcClothing retailer Hallenstein Glassons has reported a nearly 20pc profit fall for the past year, despite sales up 2.3 per cent on the previous 12 months.The company made an after tax profit of $12.8 million for the 12 months to...Source: nzherald.co.nz - Business | 23 Sep 2009 | 5:30 pm Podcast: The Giant Pool Of Money: Where Are They Now?
Before we knew what was coming. The front page of the NY Times the day after The Giant Pool of Money aired. (Steve Rhodes/Flickr) On today's Planet Money: We revisit the show that fathered our podcast -- The Giant Pool of Money. In that collaboration between NPR and This American Life, Adam and Alex set out to explain a simple question: "Why would the financial services industry rush to make lots of loans to people who couldn't pay them back?" They traced the mortgage chain from the people who took out the loans to those who re-packaged them and sold them off. That show aired in May of 2008, several months before we knew the extent of the giant financial collapse we were headed for. Today we visit two of the people featured in that piece -- Richard, a Marine who was facing foreclosure, and Jim Finkel, a CDO manager, to see they've fared in the downturn. Bonus: Strategic defaults, then and now. Download the podcast; or subscribe. Intro music: Radiohead's "Weird Fishes/Arpeggi." Find us: Twitter/ Facebook/ Flickr. Here's a New York Times story about strategic or "ruthless" defaults from May 10, 2008. Mortgage Holders Find It Hard to Walk Away From Their Homes: The blogosphere is full of tales of homeowners who supposedly are choosing to mail the house keys to their lenders rather than keep their depreciating homes. And yet "jingle mail," the term for those tinkling packages of keys, appears to be far rarer than many seem to think. Freddie Mac, the big government-sponsored mortgage company, estimates that just 0.14 percent of the defaulted mortgages in its portfolio involved properties that were abandoned by borrowers. Fannie Mae, another mortgage company, puts the figure in the single digits. Both companies deal in relatively conservative loans, so the total rate may be somewhat higher. Industry officials say they have no way of knowing for sure. The low numbers from Freddie Mac and Fannie Mae are consistent with past housing busts, like the ones that occurred in Texas in the 1980s and in the Northeast and California in the early 1990s. Homeowners typically do not walk away from homes they live in unless they are unable to pay the mortgage, usually because of job loss, a death in the family, divorce or a big jump in their monthly payments. Here's some recent figures from the Los Angeles Times: The number of strategic defaults is far beyond most industry estimates -- 588,000 nationwide during 2008, more than double the total in 2007. They represented 18% of all serious delinquencies that extended for more than 60 days in last year's fourth quarter. Two-thirds of strategic defaulters have only one mortgage -- the one they're walking away from on their primary homes. Strategic defaults are heavily concentrated in negative-equity markets where home values zoomed during the boom and have cratered since 2006. In California last year, the number of strategic defaults was 68 times higher than it was in 2005. In Florida it was 46 times higher. In most other parts of the country, defaults were about nine times higher in 2008 than in 2005. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 23 Sep 2009 | 5:26 pm Fed slows housing market plan; rates to stay low (AP)
Source: Yahoo! News: Business | 23 Sep 2009 | 4:58 pm Fed eyes tie-up with mutual fundsThe Federal Reserve is looking to team up with the money-market mutual fund industry as part of its strategy to ensure that its unconventional policies to stimulate the economy do not produce a bout of post-crisis inflationSource: Financial Times - US homepage | 23 Sep 2009 | 4:51 pm SEC sets insider trading charge in Dell-Perot deal (Reuters)Reuters - The U.S. Securities and Exchange Commission charged a Texas man with insider trading for reaping $8.64 million of illegal profit related to Dell Inc's planned purchase of Perot Systems Corp .Source: Yahoo! News: Business | 23 Sep 2009 | 4:38 pm SEC sets insider trading charge in Dell-Perot deal (Reuters)Reuters - The U.S. Securities and Exchange Commission charged a Texas man with insider trading for reaping $8.64 million of illegal profit related to Dell Inc's planned purchase of Perot Systems Corp .Source: Yahoo! News: Stock Markets News | 23 Sep 2009 | 4:38 pm SEC sets insider trading charge in Dell-Perot dealNEW YORK (Reuters) - The U.S. Securities and Exchange Commission charged a Texas man with insider trading for reaping $8.64 million of illegal profit related to Dell Inc's planned purchase of Perot Systems Corp.Source: Reuters: Business News | 23 Sep 2009 | 4:38 pm Write-Offs: 09.23.09$$$ The Most Powerful Women In Banking [AB] $$$ Bank of America shareholder says Ken Lewis should resign [The Deal] $$$ Move to Greenwich [WSJ] $$$ The John Thain office chronicles are still going on [BI] $$$ Hassan Nemazee Pleads Not Guilty in Style [Daily Intel] $$$ Experts' Perspectives on Systemic Risk and Resolution Issues, With Barney Frank, Starring John Cochrane, AQR Capital Management Professor of Finance [House] 
 Sponsored Topics: John Thain - Bank of America - Business - Financial Services - Banks and Institutions Source: Dealbreaker | 23 Sep 2009 | 4:37 pm Ralph Cioffi May Want To Reconsider His Options
With his freedom in potential jeopardy, and having close ties to south Florida, Ralph might just make a run for it from the Sunshine State. But he needs to do it the right way. Faking his own death or hopping the next plane to anywhere without a US extradition treaty have been done before. He needs something unique, something truly him. Maybe a boat. There are undoubtedly hundreds of people in that part of the state burned by one Ponzier or another looking for some cash from selling their yacht. But it has to be the right one. It has to be a yacht worthy of a guy looking to make up for losing two Ferraris. Where is he going to find a former master of the universe trying to get rid of his prized marine possession?
Sponsored Topics: Florida - United States - Sarasota Florida - Business - Watercraft Source: Dealbreaker | 23 Sep 2009 | 4:31 pm Geithner addresses ‘too big to fail’ problemLarge financial institutions will be prevented from receiving an implicit government subsidy, Tim Geithner, US Treasury secretary, and Barney Frank, chairman of the House financial services committee, insistedSource: Financial Times - US homepage | 23 Sep 2009 | 4:29 pm Edwards on MLPs, Natural Gas; Selvaraju on Protalix: AudioSource: Bloomberg - All Podcasts | 23 Sep 2009 | 4:21 pm IndexIQ's Patti Likes ETFs That Replicate Hedge Funds: AudioSource: Bloomberg - All Podcasts | 23 Sep 2009 | 4:11 pm Would You Spend Your Bonus On This Bed?
Luxury auto brand Lamborghini, which is owned by Volkswagen AG, has teamed up with Italian mattress maker Magniflex SpA to design a mattress aimed at men who love sports cars. God, is there anything that makes you feel more like a man than laying down at night and dreaming about (sucking) tailpipe? One thing I'm troubled by is that the "Lamborghini bed" is really just this:
Sponsored Topics: Lamborghini - Shopping - IPod - Television - Sports car Source: Dealbreaker | 23 Sep 2009 | 3:54 pm Credit Suisse bankers poised for pay-outAbout 300 Credit Suisse bankers and executives stand to share an estimated SFr1.9bn (€1.3bn) in stock next spring under a performance-based retention plan instituted nearly five years ago as the bank struggled to retain staffSource: Financial Times - US homepage | 23 Sep 2009 | 3:51 pm How the major stock indexes fared on Wednesday (AP)AP - Investors were encouraged by the Federal Reserve's improved assessment of the economy Wednesday, but not enough to propel the Dow Jones industrial average past 10,000. Stocks closed lower as a brief rally followed the Fed's economic statement but then faded. The Dow came within 82 points of crossing 10,000 for the first time since October, but ended the day with a loss of 81.Source: Yahoo! News: Stock Markets News | 23 Sep 2009 | 3:42 pm Presented By: Broadband Expansion to Benefit Small Businesses
Source: Dealbreaker | 23 Sep 2009 | 3:35 pm Persecution For Italy's Amnesty ProgramAt some point down the road, the US and Italy may want to compare notes about the level of interest in their respective tax amnesty programs. The IRS has made it clear that even if you decide to atone for your tax sins, your future is still a function of what side of the bed the respective tax investigator wakes up on. Then there is the Silvio Berlusconi plan. The rules are pretty simple- divulge what you're hiding abroad, pay a fine of 5% of that amount, and your record is wiped clean. End of story. As you might guess, not everybody is fully on board with the 5% stay out of jail (almost) free plan.
True as that may or may not be, with Italians hiding an estimated €600 billion in the shrinking list of tax havens, the government stands to gain a decent chunk of change with the introduction of its offshore tax rate program. It appears the country still hasn't decided whether or not to embrace the work of another famous Italian politician: Machiavelli. Berlusconi government under fire over fraud amnesty plan [Retuers]
Sponsored Topics: Italy - Silvio Berlusconi - Politics of Italy - Internal Revenue Service - United States Source: Dealbreaker | 23 Sep 2009 | 3:35 pm Burlington Northern Raised to `Hold’ at Citigroup: AudioSource: Bloomberg - All Podcasts | 23 Sep 2009 | 2:56 pm PNC's Hoffman Expects `U-Shaped' U.S. Recovery: AudioSource: Bloomberg - All Podcasts | 23 Sep 2009 | 2:49 pm Fed says U.S. recovery is underway (Reuters)
Source: Yahoo! News: Business | 23 Sep 2009 | 2:46 pm Brynjolfsson Says Hedge Funds Doing Well in Recession: AudioSource: Bloomberg - All Podcasts | 23 Sep 2009 | 2:45 pm Vladimir Putin Misses His Buddy
But Putin shouldn't have to fight this battle alone. This is the age of one world fighting global problems together as one. Nobody heads out there alone. We're on the buddy system now. So who is going to be there to help Putin pull through?
Sponsored Topics: Russia - Moscow - Vladimir Putin - George W. Bush - Eurasia Group Source: Dealbreaker | 23 Sep 2009 | 2:32 pm 52-Week High ClubBlackRock Inc. (NYSE: BLK) hits a yearly high of $220.17 on analyst upgrade from Deutsche Securities. Most other asset managers saw declines today. Greenhill & Co. (NYSE: GHL) hit a yearly high of $87.02 , likely on recently optimism concerning a pick up in M&A activity. Goldman Sach (NYSE: GS) also [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Sep 2009 | 2:16 pm US Federal Reserve pegs rates after 'pickup' in economyThe Federal Reserve last night held rates at 0pc0.25pc for the 10th meeting in a row.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Sep 2009 | 2:13 pm Bloomberg's Przybyla Discusses Obama Approval Ratings: VideoSource: Bloomberg - All Podcasts | 23 Sep 2009 | 1:58 pm DuPont's Holliday Sees Great Potential in Biotechnology: AudioSource: Bloomberg - All Podcasts | 23 Sep 2009 | 1:57 pm Achuthan Sees Non-Manufacturing Jobs Growth by 2010: AudioSource: Bloomberg - All Podcasts | 23 Sep 2009 | 1:56 pm BP warned again on safety at Texas plantBritish oil giant BP has been given a fresh warning over safety standards at its Texas refinery where 15 people were killed and hundreds injured in a 2005 explosion.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 23 Sep 2009 | 1:37 pm Federal Reserve Says The Recovery's In Sight, Will Keep Rates LowBy Laura Conaway America's economy has begun to recover from the economic crisis, the Federal Reserve says. In a statement released this afternoon, its Federal Open Market Committee says that "economic activity has picked up following its severe downturn." The Fed announced it will hold its benchmark interest rate at the historic low target range of zero to 0.25 percent. That step shows the central bank is more concerned about stimulating the economy than in protecting it from possible inflation. The FOMC says it expects inflation "will remain subdued for some time." Unemployment at 9.7 percent helps account for some of the "substantial resource slack" the Fed notes today. In general, the Fed today seems to be tiptoeing toward an exit of its recent interventions in the market. Since the onset of the economic crisis last year, the Federal Reserve has been trying to get more money flowing through system. The Fed has snapped up U.S. Treasury bonds from banks, since banks holding cash instead of bonds are in a better position to lend. In August, the Fed said it would start winding down its $300 billion plan for buying U.S. Treasury bonds from banks. Today, the Fed announced it will also start easing the pace of buying mortgage-backed securities: "The Committee will gradually slow the pace of these purchases in order to promote a smooth transition in markets and anticipates that they will be executed by the end of the first quarter of 2010." The Fed is aiming to buy $1.25 trillion of mortgage-backed securities tied to the Fannie Mae and Freddie Mac agencies and another $200 billion in agency debt. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 23 Sep 2009 | 1:36 pm Michael Moore: Capitalism Is A Ponzi SchemeAnd by the transitive property, you're all Bernie Madoffs.* Bernie is representative of the scheme of capitalism itself. [Capitalism] is a pyramid where the richest 1% have as much financial wealth as the combined 95%. It's a pyramid only a few people can be at the top of, and everyone else is made to believe that they can get to the top," he explains. "It's a bit of a ruse, and a ruse that's not unsimilar to Mr. Madoff's." Bernie Madoff's prison a target venue for Michael Moore and 'Capitalism: A Love Story' [NYDN via NYM] *Specific anatomical similarities will explored in Moore's next film, his first in a series of finance-related pornos. Still needs a title, though, so if you've got any ideas don't be shy.
Sponsored Topics: Ponzi scheme - MichaelMoore - BernardMadoff - Love Story - BernieMadoff Source: Dealbreaker | 23 Sep 2009 | 1:30 pm 24/7 Wall St. TV: Amazon Sells Phones For A PennyJeff 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 [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Sep 2009 | 1:03 pm With Your Help, Bernie Madoff Will Haunt Secretary's Bedroom No Longer
Sponsored Topics: Bernard Madoff - United States - Bernie Madoff - Auction - Long Island Source: Dealbreaker | 23 Sep 2009 | 12:57 pm Thanks to This Week's Advertisers
Sponsored Topics: Advertising - Economist - Soulcalibur - Video Games - Games Source: Dealbreaker | 23 Sep 2009 | 12:55 pm The Fed: The More Things Change, The More They Stay The SameThe Fed indicated that growth in the economy was picking up, a little, and that it would extend its debt buying plan, probably until the first quarter of next year. It view of the state of GDP was based on its last measurement in August. The FOMC data also showed a very small tick up in [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Sep 2009 | 12:23 pm Chinese Bank CEOs Getting Crushed...Comp-WiseThe mere thought of it is enough to induce euphoria among the compensation lawmakers of the world, and make Stan O'Neal spontaneously combust. You finally make it to the top of the corporate ladder at one of the biggest financial services organizations on the planet and for all your rainmaking efforts, your career justifying payday comes in at the handsome sum of a bit over $200k. China may have the world's two largest banks by market cap but they are light years behind the competition when it comes to embarrassing pay packages at the top.
So that's it then. The Chinese have found the executive compensation reform holy grail. What clever model should the US rush to embrace to simultaneously end the public outcry and create a legion of capable, responsible, humble bank heads?
On second thought, maybe $19 mil or so for Jamie Dimon isn't such a bad deal. Study shows U.S. bank CEO pay dwarfs rest of world [Reuters]
Sponsored Topics: Financial services - Jamie Dimon - Business - Chief executive officer - United States Source: Dealbreaker | 23 Sep 2009 | 12:22 pm Stitzer ‘sees sense’ of takeover of CadburyCadbury boss does not expect Kraft to walk away and says his ‘job is to get as much value as possible’Source: Financial Times - US homepage | 23 Sep 2009 | 12:10 pm Geithner Agrees To Scaled-Back Powers For Consumer WatchdogBy Laura Conaway Treasury Secretary Tim Geithner agreed to a reduced mandate for a Consumer Financial Protection Agency today. The CFPA was to have a broad mission of making sure banks and other financial institutions offer "plain vanilla" products like 30-year mortgages at fixed rates. Not surprisingly, banks objected to that idea. Questioned today by lawmakers, Geithner told the House Financial Services Committee that he was going with Chairman Barney Frank's plan. That plan, as Frank announced Tuesday night, includes a host of exemptions for nonbanks. Frank also announced an end to the "plain vanilla" requirement and the CFPA's power to enforce "reasonableness" standards. Geithner told lawmakers: "There has been a lot of concern that if you invest the government with the ability to decide what's appropriate here and there, that will lead to less competition and choice. The chairman's proposals, which I've had a chance to quickly read, provides a better balance of choice and protection." Geithner's prepared testimony had him sounding a good bit tougher. From that written testimony: There is no authority in federal regulations for watching over the parts of the consumer market that are operated by non-bank institutions. And the authority for watching over banks in that market is so fragmented among regulators that it encourages them to drag feet and point fingers instead of acting, and invites corrosive competition in regulatory laxity. Consumer protection cannot be reformed without addressing these structural problems. Our proposal will address them directly. It will consolidate fragmented consumer authorities into one agency, the Consumer Financial Protection Agency (CFPA), which will write rules, oversee compliance, and address violations by non-bank providers, as well as banking institutions. Effective protection requires consolidated authority to both write rules and conduct oversight and enforcement. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 23 Sep 2009 | 11:57 am FTSE retreats from previous gains (AFP)
Source: Yahoo! News: Stock Markets News | 23 Sep 2009 | 11:33 am Law firms revise recruitment practicesBig law firms used to recruit new lawyers early to lock in the best students. But with the recession drying up business, the legal profession has had to rethink its old way of doing things. Ashley Milne-Tyte reports.Source: Marketplace | 23 Sep 2009 | 11:02 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 Wednesday:Source: Yahoo! News: Stock Markets News | 23 Sep 2009 | 10:54 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 Wednesday:Source: Yahoo! News: Business | 23 Sep 2009 | 10:54 am Letters: Diesel, voicemail, health careKai Ryssdal reviews what listeners had to say about stories involving clean diesel, hating voicemail, and a commentary on health care rumors.Source: Marketplace | 23 Sep 2009 | 10:38 am What good does the Dow rising do?The Dow Industrials has made a run at hitting the 10,000 mark recently. Commentator Robert Reich says the rally isn't really helping working Americans.Source: Marketplace | 23 Sep 2009 | 10:38 am Federal Reserve after the bailoutsAlice Rivlin, former vice chair of the Federal Reserve Board, talks with Kai Ryssdal about the different bailouts sponsored by the Fed, and whether the financial system is still dependent on its programs.Source: Marketplace | 23 Sep 2009 | 10:38 am Parties target students to boost salesAs students head back to school for the start of fall semester, store owners are hoping to cash in on sales of college essentials. One retailer is even throwing a party. Monica Brady-Myerov reports.Source: Marketplace | 23 Sep 2009 | 10:38 am Franchisees sour on Dunkin' DonutsDunkin' Donuts franchisees are accusing the company of using lawsuits and huge fees to push stores out and get new ones into the chain. Mitchell Hartman reports.Source: Marketplace | 23 Sep 2009 | 10:38 am U.N. offsets balance CO2 emissionsDignitaries traveling to New York for the U.N. General Assembly are piling up on carbon emissions. But one day of the assembly will actually end up carbon neutral. Jeremy Hobson reports.Source: Marketplace | 23 Sep 2009 | 10:38 am Obama's financial reform optionsAt a House committee hearing on how to reform the financial industry, Treasury Secretary Tim Geithner said he'd like regulation proposals to be tougher. Bob Moon reports on what the White House can do on its own.Source: Marketplace | 23 Sep 2009 | 10:38 am Not So Great Expectations: Views Of Our Post-Crisis WorldBy Laura Conaway This week I've been struck by three worldviews and one motto. 1). On life after a financial recovery, from the International Monetary Fund: 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. 2). On America's new role in the world, from President Barack Obama: Some of our actions have yielded progress. Some have laid the groundwork for progress in the future. But make no mistake: this cannot be solely America's endeavor. Those who used to chastise America for acting alone in the world cannot now stand by and wait for America to solve the world's problems alone. 3). On stabilizing the economy, from Canadian Prime Minister Stephen Harper: "We cannot hinge future world growth simply on an overextended American consumer. That is not a wise strategy and that is certainly not the strategy of the government of Canada." After the jump, a watchword for Communist Party of China. As part of celebrating the 60th anniversary of the founding of the People's Republic of China, the Communist Party of China released 50 slogans. Among them: "Hail the great success of our country's reform and opening-up and socialist modernization!" » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 23 Sep 2009 | 10:19 am Brown Says Health-Care Bill Will Get Public Option: VideoSource: Bloomberg - All Podcasts | 23 Sep 2009 | 10:07 am Levitt Says It's `Crunch Time' for Regulatory Reform: AudioSource: Bloomberg - All Podcasts | 23 Sep 2009 | 9:57 am Bank Of America, JPMorgan Chase Dial Back Overdraft FeesBy Laura Conaway Good morning. Let's start right with your wallet, OK? Bank of America and JPMorgan Chase have backed off on some of their stiffest overdraft penalties. The banks are wary of a movement in Congress to end the nasty surprise of learning you spent $30 on a cup of coffee -- because you paid with a debit card and your account was overdrawn. The banks' new plans limit the number of overdraft charges in a single day and give consumers a chance to choose overdraft protection. Treasury Secretary Tim Geithner's due on Capitol Hill today, where he's expected to push for a Consumer Financial Protection Agency. The Federal Reserve Open Market Committee emerges from a two-day meeting today. Investors want to know the same thing they always want to know, which is whether the Fed will raise interest rates. Answer: Probably not. Watch for an announcement about the economic outlook this afternoon around 2:15 Eastern. From the Wall Street Journal: "Delayed Foreclosures Stalk Market." Or as Calculated Risk puts it, "The foreclosures are coming. How many and when is the question." The early bet is upwards of three million in the next few years. President Obama is hopeful the G20 meeting in Pittsburgh this week will lead to global agreement on financial reform. The Economist asks whether private capital could help poor countries with green projects. Answer: Maybe. More trade tension with China, this time over its policy of forcing foreign media outfits to distribute books, music and movies through state-owned entities. Last month the World Trade Organization said China was violating international rules. Now the Chinese have appealed the ruling. And finally, filmmaker Michael Moore is storming the gates with his new documentary, Capitalism: A Love Story. NPR's Kenneth Turan posts a review and clips. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 23 Sep 2009 | 8:53 am The Unique Origins of 25 Popular ProductsHappy accidents make good inventions. Spills, explosions, odd chemical reactions, and plain old forgetfulness produced some of today’s most practical products. From saccharin to shopping carts, each of the inventions below has a strange and unique origin: 25. Bra
New York socialite Mary Phelps Jacob patented the modern bra as the result of an unsuitable corset. When she found her whalebone corset poking out of an evening gown before an event, Phelps used silk handkerchiefs and ribbon to build herself a primitive bra. 24. Graham Cracker The Reverend Sylvester Graham claimed you could suppress carnal urges through diet. According to Graham, bland foods curbed sexual tendencies like masturbation. To help his followers adapt to his prescribed diet, Graham invented his namesake Graham Cracker in 1829. Hundreds of followers chowed down, paving the way for the modern, sexually unaffected graham cracker consumer. 23. Microwave Oven
In 1945, Raytheon engineer and inventor Percy Spencer stood in front of a magnetron—a radar component—and noticed a chocolate bar start to melt in his pocket. Curious about the magnetron’s potential, Spencer obtained a bag of popcorn kernels and watched them pop next to the magnetron. The microwave oven was born. Radarange, the world’s first microwave oven, was 6 feet tall, weighed 750 pounds, and cost around $5,000. It wasn’t until 1967 that a popular countertop model costing $495 hit the market. Today, most Americans own much cheaper and more efficient models. 22. Post-Its After experimenting with adhesives, 3M scientist Dr. Spencer Silver found himself with a reusable, mildly sticky glue in 1968. Though he hadn’t intended to create this specific substance, he tried promoting it within the company, as a spray or glue for temporary bulletin board notices. His efforts did not gain traction until fellow employee Art Fry attended one of Silver’s presentations. Fry, frustrated that his bible hymnal bookmarks constantly fell out during church choir practice, realized that Silver’s glue was the perfect bookmarking solution. Fry proposed the bookmark idea to management. Within five years, 3M introduced Post-it Notes. They have been indispensable to the modern office ever since. 21. German chocolate cake In 1852, English chocolatemaker Samuel German created Baker’s German’s Sweet Chocolate, the essential ingredient upon which the cake’s name is based. A Texas homemaker sent a newspaper a recipe for German’s Chocolate Cake in 1957, popularizing the cake recipe. General Foods, owner of the Baker’s Chocolate brand, forwarded the recipe to newspapers across the country in a push to increase chocolate sales. Somewhere along the line, newspapers dropped the “s” at the end of German’s, resulting in the “German” chocolate cake. 20. Corn Flakes In the late 1800s, entrepreneur Will Keith Kellogg teamed up with his brother John, an MD and nutrition expert, research healthy diets for patients. While making bread one day, Will accidentally let the dough stand too long. As a result, the dough produced flakes when he rolled it for baking. Feeling experimental, Will baked the flakes, creating a crunchy cereal that patients loved. Will refined the recipe with corn. He co-founded a cereal mail order company with Jon, then started the Battle Creek Toasted Corn Flakes Company, the first “ready-to-eat cereal” operation in the world. Kellogg’s followed, and corn flakes remain a classic. 19. WD-40
In 1953, three rocket scientists at San Diego’s Rocket Chemical Company tried to develop a substance that would prevent corrosion in rockets by displacing water. They finally succeeded on their 40th try, naming the substance “Water Displacer—40th Attempt.” More than 15 years later, Rocket company executive John S. Barry made the product a household name. Today, WD-40 resides is the lube of choice in as many as 80% of American households. 18. Shopping cart In the late 1930s, Oklahoma City grocery store owner Sylvan Goldman and an employee came up with a new way for shoppers to move larger amounts of groceries. At the time, customers lugged their goods in baskets, making for a heavy and difficult shopping experience. They patented the “Folding Basket Carriage for Self-Service Stores” in 1940. To advertise the new invention, the store discouraged customers from carrying baskets. At first, people avoided them. However, after Goldman marketed them through demos and models, they caught on like wildfire. Today’s shopping carts are a larger version of Goldman’s invention. Dr. Alexander Fleming, as part of his bacterial research, was growing Staph cultures in his London lab when he decided to go on vacation. He failed to wash out one batch of bacteria before he left. Two weeks later, when he came back, he found his petri dish covered in mold. All the bacteria in the dish had died. Fleming had discovered Penicillin, entirely by accident. 16. Teflon In 1938, chemist Roy Plunkett was researching refrigerants when perfluorethylene, one of his ingredients, polymerized inside a pressurized, iron-lined container. The iron had catalyzed the reaction, helping create an inert, low-friction seal. Plunkett’s company, Kinetic Chemicals (a DuPont-General Motors joint venture) patented the polymer in 1941. Four years later, it registered the Teflon trademark. The chemical continues to coat pans around the world. 15. TNT In 1863, Joseph Wilbrand discovered 2,4,6-trinitrotoluene. It took people 28 years to develop a high-velocity initiator to detonate the compound. The German army started using it as a shell filling in 1902. In 1914, during World War I, it became commonplace. People around the globe still explode it today. 14. X-Rays Renowned German scientist Wilhelm Röntgen was experimenting with cathode rays in 1895 when he discovered the x-ray. Röntgen had covered his cathode tube with thick black paper. When he ran an electric current through the tube, a nearby fluorescent screen started glowing. The screen, coated in barium platinocyanide, stopped glowing when Röntgen turned off the current. He realized that a mysterious kind of ray must be making the screen glow. He codenamed the ray an X-ray, and proceeded to write books on it. His discovery earned him the first-ever Nobel Prize in physics. 13. Bubble Gum In 1928, accountant Walter Diemer worked at a rubber company, but experimented with gum recipes on the side. One of his ingredient combinations was less sticky and stretchier than other gums. He discovered that it he could blow bubbles with it. Excited by the new gum’s potential, Diemer brought two kilograms of it to a grocery store. It sold out in one afternoon. It didn’t take long for bubble gum to catch on with kids; years later, in 1951, the Topps Company added a stick of it to their baseball card packages, replacing the old gift of a cigarette. It became an instant tradition. 12. Velcro After a 1941 hunting trip, Swiss engineer George de Mestral and his dog were both covered in burdock burrs. De Mestral examined some of the burrs under a microscope. He found that their hook-shaped spikes would latch onto loops in fur, hair, or clothing, making them incredibly sticky. He realized that materials could be bound together in the same way, if the hooks and loops were constructed properly. After years of experimentation, de Mestral found a way to make hooks and loops from nylon, then mechanize the process of weaving the hooks. Ten years after making his discovery, he submitted his hook/loop combo for a Swiss patent, which was granted in 1955. Worldwide patents and manufacturing plants followed, although it took more than a decade for Velcro to gain widespread acceptance. 11. Gatorade
In the early 1960s, University of Florida Gators football coach Ray Graves grew tired of watching his players grow tired in the tropical summer heat. When he asked his team doctor for help, the doctor inspired a research team to create a hydrating mixture of water, salt, sugar, lemon juice, potassium, and phosphate. Dubbed “Gatorade,” the drink supported the team during their first Orange Bowl win. Soon afterwards, researchers partnered with foodmaker Stokely-Van Camp to distribute the drink. Quaker later took over, helping the drink become an international sensation. The University of Florida, meanwhile, still receives royalties for Gatorade on an annual basis. 10. Maybelline
Before mascara was invented, women used to smear Vaseline and coal dust on their eyelashes. When American chemist T.L. Williams saw his sister doing this, he headed to his lab to create a more convenient product called Lash-Brow-Ine. Local women liked the mixture, but its name hardly rolled off the tongue. So he rebranded it Maybelline, a combination of his sister Maybel’s name and Vaseline. After Maybelline redefined modern mascara, it became a national cosmetics giant. 9. Slinky In 1943, US Navy engineer Richard James was trying to develop a spring for ship instruments when he stumbled across the Slinky. He knocked a spring from a shelf and watched it “step” its way down to a pile of books, then a table, then to the floor. His wife Betty named the toy “slinky,” and a company was born. In 1960, Richard, fed up with success, left the family to join a religious group in Bolivia. Betty continued to run the company until 1998. 8. Silly Putty During World War II, the United States experienced a severe rubber shortage. As a result, the government funded scientists’ efforts to find a cheap rubber replacement. One such scientist, General Electric’s James Wright, was working on a synthetic rubber substitute when he dropped boric acid into silicone oil. The stretchy, bouncy mass now known as Silly Putty resulted. Wright’s “nutty putty” made the scientific rounds, but nobody could find a use for it. Finally, in 1949, businessman Peter Hodgson ran across the stuff at a party. After buying production rights from GE, he dubbed the substance Silly Putty and repackaged it. A worldwide sensation ensued. 7. Popsicle 11-year-old Frank Epperson left a stirring stick in a soft drink out on his porch one night in 1905. The next morning, when he discovered his accident, he found that record low temperatures left the pop frozen to the stick. Epperson did nothing with his find until 1923, when he patented his “Eppsicle” ice pop. He changed the name to Popsicle when his kids started calling it that. After making the iced treat in a few different flavors, he sold production rights to New York’s Joe Lowe Company, which gained it a wider audience. The Popsicle, now owned by Unilever, today comes in more than 30 flavors. 6. Play-Doh Play-Doh began life as Kutol brand wallpaper cleaner. Just when Kutol, a family business, was going broke in the early 1950s, a magazine published an article about using wallpaper cleaner to make Christmas ornaments. Employee Joe McVicker’s sister-in-law Kay tried making wallpaper cleaner ornaments with local schoolkids, and found that they loved it. Her find inspired the owners to swap detergents for colorant in their cleaner, add a more pleasant smell, and renamed it Play-Doh. The new product first took off in schools around Cincinnati, then became the national sensation it is today. 5. Potato Chips
In 1853, George Crum served as the head chef of New York’s Moon Lake Lodge, famous for its French fries. When a customer sent back a plate of fries, complaining of their thick cut, Crum retaliated. He cut the potatoes as thin as he could, fried them in grease until they were crunchy, and sent them back. Surprisingly, the guest was delighted. So many other guests requested the thin-fried potatoes that Crum named them “Saratoga Chips.” The chips became so popular that other people started imitating the recipe and trying to sell them as a snack food. By the early 1920s, grocers began selling them. In 1926, Laura Scudder put potato chips into bags; six years later, Herman Lay turned his Lay’s potato chips into the first national brand. Today, bagged potato chips are one of the country’s favorite snack foods. 4. Saccharin
Johns Hopkins scientist Constantin Fahlberg discovered saccharin while experimenting on toluene derivatives, normally found in coal tar. When Fahlberg found that a residue from his experiments tasted sweet, he devoted more time to researching it. He later patented the substance and named it saccharin. Saccharin was introduced as a food additive in the US in 1900. It gained more traction as a sugar substitute during WWI, when sugar was rationed. Now, it is most popularly known as Sweet N’ Low. 3. Wheaties
In 1922, a health clinician was preparing bran gruel for his patients when he accidentally spilled some onto a hot stovetop. The gruel hardened into flakes, which the clinician found tasted good. The clinician showed the flakes to the Washburn Crosby Company (now General Mills), which perfected and packaged them as “Gold Medal Whole Wheat Flakes.” The company renamed the flakes Wheaties after a public naming contest. Nine years later, General Mills began sponsoring baseball broadcasts, and Wheaties became the now-famous “Breakfast of Champions.” 2. Scotch Guard
Scientist Patsy Sherman was working on inventing jet fuel line rubber for 3M in the early 1950s. One of her latex emulsions fell onto the flood, splashing a lab assistant’s shoes. Sherman and her team couldn’t wash it off—instead, water and solvents would bead on the surface of the latex, then run off. Sherman started researching the latex as a fabric protectant. In 1955, Scotchguard, which protected fabrics from liquids, was released to the market. 1. Kotex During World War I, paper manufacturer Kimberly Clark sold the Army an ultra-absorbent bandage called Cellucotton. Military nurses also started using the absorbent bandage material as sanitary napkins. When the war ended, Kimberly Clark decided to market Cellucotton for precisely that purpose. Dubbed “Kotex”—cotton + textile—the new product became the precursor of the modern maxi pad. Today, Kotex is one of Kimberly Clark’s best-known brands. Sources: Each source is linked in this blog post. We drew heavily on the Lemelson-MIT program’s inventors list, which deserves special mention.
Source: Business Pundit | 23 Sep 2009 | 8:30 am Women May Soon Outnumber Men in Workforce
For the first time in history, women may outnumber men in the workforce. Job losses and women’s ever-changing roles are responsible. USA Today has the scoop: Women held 49.83% of the nation’s 132 million jobs in June and they’re gaining the vast majority of jobs in the few sectors of the economy that are growing, according to the most recent numbers available from the Bureau of Labor Statistics. At the current pace, women will become a majority of workers in October or November. The change reflects the growing importance of women as wage earners, but it doesn’t show full equality, Hartmann says. On average, women work fewer hours than men, hold more part-time jobs and earn 77% of what men make, she says. Men also still dominate higher-paying executive ranks. Through June, men have lost 74% of the 6.4 million jobs erased since the recession began in December 2007. Men have lost more than 3 million jobs in construction and manufacturing alone. The only parts of the economy still growing — health care, education and government — have traditionally hired mostly women. That dominance has increased in part because federal stimulus funding directed money to education, health care and state and local governments. There may be a she-vival in the he-cession. Ideally, however, the economy will grow to a state where everyone has a shot at employment, regardless of gender.
Source: Business Pundit | 23 Sep 2009 | 8:20 am Will the Microsoft Courier Reinvent the Day Planner?Last night, Microsoft revealed details of Courier, its new tablet prototype. The dual-screen device comes with a stylus and a hinge, making old-school day planners look primordial. PCWorld has more on this potentially revolutionary business tablet: It’s not clear whether Courier will ever hit store shelves, as the device is just one of many tablet prototypes that Microsoft is developing, according to a CNET report. Nevertheless, with rumors swirling about an Apple tablet, and Courier’s similarity to Asus’ upcoming E-reader/netbook, it looks like the tablet concept could turn out be popular after all. Courier looks like it could revolutionize personal business devices. Details are scarce about what the Courier can do, but so far we know it comes in the shape of book with two, 7-inch screens (presumably in color), built-in camera on the back, and Wi-Fi. Courier embraces a vast array of user inputs including multitouch gestures like pinching and flicking as well as a stylus for handwriting and drawing. We’ve got no details on how Courier would handle tasks like e-mail or if it has a microphone or Webcam for VoIP and videoconferencing, but the Courier concept does look like an excellent digital replacement for the traditional paper planner. Unlike other digital planners like PDAs from Palm and Research in Motion, Courier appears to merge the best of the paper planner — two pages and large writing spaces — with a computer’s capability to manipulate and index data. Courier is for those who want a smartly designed day planner that will probably be able to do other things like play videos and run other entertainment applications, just like a smartphone can.
Source: Business Pundit | 23 Sep 2009 | 8:18 am Mistake #2: Hoping for the Best Are you wearing rose-colored glasses today? You may want to take those off long enough to get clear look at the plans you’re making for your own success. Next in the series of 8 Mistakes Men Don’t Make is the habit of hoping for the best. (Monday we talked about seeking validation.) This plays out when you fail to plan, rush negotiations, or overextend hoping to please colleagues and superiors so that they’ll just naturally want to look out for your best interests. I can’t find who first said it, but at the risk of quoting someone I don’t like, I’ll do it anyway: hope is not a strategy. Do You Truly Understand Others’ Motives?It’s never a good idea to assume that someone else–excuse my crudeness–gives a crap about what happens to you. Human nature being the way it is, unless this other person is your momma, that’s just not going to happen. I know I’ve been sucked into this trap a million times. You do good work and that should speak for itself. But it doesn’t. Everybody is the center of their own life. Plus, there is so much political maneuvering going on every day all around you that you’ll never fully comprehend it all. And you don’t have to. Pick Your Battle and Create a PlanWhat you do need to do is figure out what exactly it is you would like to have happen and figure out who’s got a stake in it and what their motivations are. It might be a big sale, creating a business relationship, or getting the ridiculous lunch room rules at your kids’ school overturned. Whatever it is, nothing’s going to come out your way–at least not consistently–without a plan. Meeting Before the MeetingOne of the things that Carol Spieckerman and Lisa Carver discuss in their presentation 8 Mistakes Men Don’t Make is the concept of having a meeting before the meeting. Men do this all the time; it’s called golf. Think about situations where it would be beneficial to iron out some of the more important details with key players before you’re in a more public meeting. This needs to be part of your plan. Can We Just Get This Over With Already?Harking back to the need for validation, some women rush through negotiations, taking away far less than they would if they had a tougher stomach for the process. We all need to learn to ask for more than what we think we can get. Remember too that the negotiation starts long before the negotiation. The other side will size you up from the get go. False modesty and rushing outcomes only send the message that you’re going to be easy to manipulate. The other big no-no we make if we’re hoping for the best: not walking away on our own terms. When you have a concrete plan in mind, you’re less likely to make this mistake. Overextending, aka I Can Do That!Over achieving is certainly not the exclusive domain of women. At first I didn’t understand what it had to do with hoping for the best. I thought it was more of a validation issue. But it’s all related. When we say yes too often, we create a baseline of accomplishment that is so high that we have to uber-achieve to get any recognition at all. And then when we don’t get the pats on the back we’re martyrs wondering why no one’s putting our needs first. Then we start taking it personally, but we’ll talk about that next week. If you enjoyed this post, please read more Mistakes Men Don’t Make and join in the conversation. Image Credit: Pink Sherbet, Flickr
Source: Business Pundit | 23 Sep 2009 | 8:15 am European markets rise before Fed rate decision (AFP)
Source: Yahoo! News: Stock Markets News | 23 Sep 2009 | 5:55 am Want Some Salt With That Spaghetti?
Source: Business Pundit | 23 Sep 2009 | 5:48 am London stocks rise (AFP)
Source: Yahoo! News: Stock Markets News | 23 Sep 2009 | 5:10 am
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