Fighting the Downturn

Mortgage deals record first fall in 10 months The number of mortgages approved for house purchase fell in August for the first time in 10 months, new figures showed today, in a sign of the continued fragility of the property market. Source: Latest Business News from Times Online | 29 Sep 2009 | 5:24 am FTSE pauses as mining sector falls London's FTSE 100 paused for breath today after its sharpest gain in three weeks yesterday despite better than expected GPD figures. Source: Latest Business News from Times Online | 29 Sep 2009 | 4:58 am LCH.Clearnet to return £100m in restructuring LCH.Clearnet, which offers clearing services to London and Continental exchanges, has published its long-awaited financial restructuring, which is designed to slim down its unwieldy register of 120 shareholders and return cash balances which have piled up at the business to investors. Source: Latest Business News from Times Online | 29 Sep 2009 | 4:58 am Daily Mail says ad sales decline Daily Mail and General Trust (DMGT) says advertising revenues in local media continued to plunge as the newspaper downturn continued. Source: BBC News | Business | World Edition | 29 Sep 2009 | 4:30 am Futures Movers: Crude futures hold their ground at $66 level Crude-oil futures hold their ground at the $66-a-barrel level, drifting lower ahead of weekly updates on U.S. petroleum inventories as concerns about tepid demand continue to weigh on the key energy contract. Source: MarketWatch.com - Top Stories | 29 Sep 2009 | 4:29 am From car engines to MRIs What do an MRI machine and a Ford F-150 have in common? Source: Business and financial news - CNNMoney.com | 29 Sep 2009 | 4:18 am Flight of fancy? Will British Airways' business class only service succeed? Source: BBC News | Business | World Edition | 29 Sep 2009 | 4:15 am Sir Allen Stanford to be moved to new jail Sir Allen Stanford Texas financier awaiting trial on charges that he ran a 7bn £4.4bn Ponzi scheme will be moved from the lockup where he got into a jail fight that resulted in him being hospitalised for a concussion. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Sep 2009 | 4:11 am FDIC to meet to tackle funding woe Source: Business and financial news - CNNMoney.com | 29 Sep 2009 | 4:10 am Stocks face weak start U.S. stock futures dipped Tuesday, as investors awaited readings on the housing market and consumer sentiment. Source: Business and financial news - CNNMoney.com | 29 Sep 2009 | 4:06 am Despite The Recession, Dell (DELL) Goes Super High-End Dell (DELL) may be taking a page from the Apple (AAPL) marketing manual. A PC with extraordinary features and a beautiful case will sell for more than $2,000, at least to some people. The Apple Mac has dominated the $1,000 plus PC market for the last two years. Dell means to get a larger portion [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall St. | 29 Sep 2009 | 4:06 am Indications: U.S. stock futures slip after deal-fueled rally U.S. stock futures edge lower Tuesday after the merger-fueled rally to start the week. Source: MarketWatch.com - Top Stories | 29 Sep 2009 | 4:05 am Air India protest hampers flights Hundreds of passengers are left stranded in India because of a strike by senior pilots working for the national carrier, Air India. Source: BBC News | Business | World Edition | 29 Sep 2009 | 4:04 am Your resume: How to make it pop The résumé is the gateway to most job openings. But even the most qualified candidates have trouble standing out on an 8-1/2 by 11 inch sheet of paper. Source: Business and financial news - CNNMoney.com | 29 Sep 2009 | 4:04 am Mortgage approvals dip in August The number of new mortgages approved fell for the first time in 10 months in August, Bank of England figures show. Source: BBC News | Business | World Edition | 29 Sep 2009 | 4:04 am These CEOs are getting raises Nonprofit CEOs didn't feel the economic pinch in 2008 despite charitable giving having declined for the first time since 1987. Source: Business and financial news - CNNMoney.com | 29 Sep 2009 | 4:02 am Nestle mulls shift to 'well-being' company-chairman FRANKFURT, Sept 29 (Reuters) - Nestle is mulling a move towards a greater focus on "well-being" as it seeks higher-margin business for the future, its chairman said. Source: RSS feed - channel BNewsBusiness | 29 Sep 2009 | 4:00 am Buying foreign currency: how to get more from your pounds Sterling's slump against the euro has highlighted the cost of money transfers. We explain how to get the best deal. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Sep 2009 | 3:59 am John Paulson mulls CIT and IndyMac merger: report (Reuters) Reuters - Hedge fund manager John Paulson is considering merging troubled U.S. finance company CIT Group with failed mortgage lender IndyMac Federal Bank , the New York Post said, citing people familiar with the matter. Source: Yahoo! News: Business | 29 Sep 2009 | 3:59 am John Paulson mulls CIT and IndyMac merger: report (Reuters) - Hedge fund manager John Paulson is considering merging troubled U.S. finance company CIT Group with failed mortgage lender IndyMac Federal Bank, the New York Post said, citing... Source: RSS feed - channel BNewsBusiness | 29 Sep 2009 | 3:59 am John Paulson mulls CIT and IndyMac merger: report (Reuters) - Hedge fund manager John Paulson is considering merging troubled U.S. finance company CIT Group with failed mortgage lender IndyMac Federal Bank, the New York Post said, citing people familiar with the matter. Source: Reuters: Business News | 29 Sep 2009 | 3:59 am UPDATE 3-China CNOOC silent on report of Nigeria oil talks (Adds analyst comment, changes story tag to NIGERIA-OIL) Source: RSS feed - channel BNewsBusiness | 29 Sep 2009 | 3:57 am Paulson mulls CIT and IndyMac merger -NY Post Sept 29 (Reuters) - Hedge fund manager John Paulson is considering merging troubled U.S. finance company CIT Group with failed mortgage lender IndyMac Federal Bank , the New York Post said, citing people... Source: RSS feed - channel BNewsBusiness | 29 Sep 2009 | 3:55 am Paulson mulls CIT and IndyMac merger -NY Post Sept 29 (Reuters) - Hedge fund manager John Paulson is considering merging troubled U.S. finance company CIT Group with failed mortgage lender IndyMac Federal Bank , the New York Post said, citing people... Source: RSS feed - channel BNewsBusiness | 29 Sep 2009 | 3:55 am Oil falls towards $66.50 on slack demand LONDON (Reuters) - Oil dipped toward $66.50 a barrel on Tuesday as a weak demand outlook was expected to be reinforced by weekly inventory data from the United States. Source: Reuters: Business News | 29 Sep 2009 | 3:53 am Retailer’s Lament: Halloween Sales Turn Ugly Pinched between poor back-to-school sales and a holiday sales season that is anticipated to be the worse in years is Halloween which generally brings retailers about $5 billion. This year will not be as good as last which may be telling when analysts look toward industry sales in November and December. The Nations Retail Federation says, “consumers are [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall St. | 29 Sep 2009 | 3:49 am BNP Paribas raising $6.3 bln to repay state aid French bank BNP Paribas will sell 4.3 billion euros ($6.3 billion) of shares as part of a plan to repay the government’s investment in the group. Source: MarketWatch.com - Top Stories | 29 Sep 2009 | 3:45 am Dairy Crest closes final salary pension scheme The outlook for final salary pensions in the UK worsened this morning after Dairy Crest confirmed it was closing its scheme to existing members. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Sep 2009 | 3:43 am UK economy shrinks by less than expected 0.6% Britain's economy shrank less than expected in the second quarter, further raising hopes the country will emerge from recession by the end of the year. Source: Latest Business News from Times Online | 29 Sep 2009 | 3:40 am Buffett-backed man surges 102 places to top China rich list Wang Chuanfu, founder of battery and carmaker BYD, tops China's rich-list after Warren Buffett invests in his company. Source: BBC News | Business | World Edition | 29 Sep 2009 | 3:39 am Should you hire a career coach? After being laid off this summer, Amy Bauer began to contemplate a career switch (from investor relations to corporate social responsibility). But it had been more than a decade since the 37-year-old from the Baltimore area had even crafted a résumé. For assistance, she turned to a career coach. Source: Business and financial news - CNNMoney.com | 29 Sep 2009 | 3:36 am UK growth falls less than thought The rate of contraction of the UK economy in the three months from April to June has been reduced again. Source: BBC News | Business | World Edition | 29 Sep 2009 | 3:36 am Starbucks (SBUX): Instant Coffee=Instant Profits Starbucks (SBUX) has been talking about its foray into the instant coffee business for some time. The product “VIA Ready-Brew” will actually launch in the US and Canada today. According to the company “Starbucks VIA is made with a proprietary, U.S. patent-pending microgrind technology to preserve the coffee’s taste, quality and freshness.” Starbucks CEO Howard Schultz [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall St. | 29 Sep 2009 | 3:32 am Independent owner reaches deal to save titles Independent News & Media has reached agreement in principle with its bondholders for a wide-ranging refinancing which would mean a reprieve for the two national Independent titles in the UK and a block on rival plans by Denis O'Brien, the Irish tycoon who has a 26 per cent stake. Source: Latest Business News from Times Online | 29 Sep 2009 | 3:24 am Tech, automobile stocks lead rebound in Asia Technology and automobile stocks pace a broad rebound in Asian markets Tuesday, encouraged by strong overnight gains on Wall Street and expectations of improving global demand. Source: MarketWatch.com - Top Stories | 29 Sep 2009 | 3:23 am IOC to shut Panipat units from end-Oct- Co source NEW DELHI, Sept 29 (Reuters) - Indian Oil Corp (IOC) has deferred a planned shutdown of half of its 240,000 barrels-per-day Panipat refinery in north India by a month to end-October, a company source said... Source: RSS feed - channel BNewsBusiness | 29 Sep 2009 | 3:21 am Don't be a market opportunist Question: I believe that last year's upheaval has created some terrific opportunities if you're willing to be an opportunistic investor. You can already see that lots of money is being made in the market. So I'm considering investments that I would hold not for the next 10 years, but ones where the upside far outweighs the downside for the next 12 to 18 months. Do you think this is a prudent approach? --David, Brooklyn, New York Source: Business and financial news - CNNMoney.com | 29 Sep 2009 | 3:21 am BNP Paribas hikes capital, to pay back state early PARIS (Reuters) - BNP Paribas , France's biggest bank by market capitalization, on Tuesday joined the rush to pay back governments for their financial support during the credit crisis. Source: Reuters: Business News | 29 Sep 2009 | 3:15 am Ukraine's president calls Odessa sale illegal KIEV, Sept 29 (Reuters) - Ukrainian President Viktor Yushchenko called on Tuesday the privatisation of the Odessa Port chemical plant "hasty and illegal" after issuing a decree earlier this month banning... Source: RSS feed - channel BNewsBusiness | 29 Sep 2009 | 3:14 am US studio Summit eyes deals, to hire M.Stanley-paper Sept 29 (Reuters) - Summit Entertainment, the studio behind teen vampire movie "Twilight," is close to hiring Morgan Stanley to help it identify potential acquisitions that could include Metro-Goldwyn-Mayer... Source: RSS feed - channel BNewsBusiness | 29 Sep 2009 | 3:10 am British economy shrank less than expected in second quarter Brtain's economy contracted by less than estimated underlining hopes that the UK may pull out of recession imminently. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Sep 2009 | 3:09 am Tough economic test ahead for Germany's Merkel Angela Merkel proved that a deep recession doesn’t have to spell doom for European politicians, but the upcoming depletion of the nation’s economic stimulus measures gives the German chancellor has little time to bask in the glow of Sunday’s victory, economists say. Source: MarketWatch.com - Top Stories | 29 Sep 2009 | 3:06 am China Reaches Out Again For Crude Supply Domination China has made aggressive investments in oil production facilities and fields in Venezuela, Brazil, and several places in the Middle East. Almost all its multi-billion dollar deals are aimed at locking up supply to accomodate its ravenous need for energy which fuels is rapidly expanding economy. Many of its recent transaction guarantee crude at market prices. The most substantial [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall St. | 29 Sep 2009 | 3:05 am Real Madrid extends Bwin tie-up Spanish football giants Real Madrid sign up with betting group Bwin as their shirt sponsors for another three years. Source: BBC News | Business | World Edition | 29 Sep 2009 | 3:04 am Freeview viewers face set retune An upgrade on 30 September means 18 million homes must retune their Freeview boxes or lose access to Channel Five. Source: BBC News | Business | World Edition | 29 Sep 2009 | 3:02 am Book an Escape From Your Cubicle with AirTran Airways' New Sale Fares - Get Out of The Office and Into The Sun With Fares as Low as $39* - ORLANDO, Fla., Sept. 29 /PRNewswire-FirstCall/ -- AirTran Airways, a subsidiary of AirTran Holdings,... Source: RSS feed - channel BNewsBusiness | 29 Sep 2009 | 3:00 am UBS to sell Paine Webber but not yet: report ZURICH (Reuters) - UBS AG's U.S. wealth management unit Paine Webber is not a core part of the bank's operations but will not be sold at present, UBS Chief Executive Oswald Gruebel was quoted saying in the FT. Source: Reuters: Business News | 29 Sep 2009 | 2:57 am UBS to sell Paine Webber but not yet: report ZURICH (Reuters) - UBS AG's U.S. wealth management unit Paine Webber is not a core part of the bank's operations but will not be sold at present, UBS Chief Executive Oswald Gruebel was... Source: RSS feed - channel BNewsBusiness | 29 Sep 2009 | 2:48 am Stock futures point to softer opening (Reuters) - Stock futures were down on Tuesday morning, indicating a weaker start for Wall Street. The futures for Dow, the S&P 500 and the Nasdaq were down 0.1 to 0.3 percent by 4:20 a.m. EDT. Source: Reuters: Business News | 29 Sep 2009 | 2:47 am Stock futures point to softer opening (Reuters) Reuters - Stock futures were down on Tuesday morning, indicating a weaker start for Wall Street. The futures for Dow, the S&P 500 and the Nasdaq were down 0.1 to 0.3 percent by 4:20 a.m. EDT. Source: Yahoo! News: Stock Markets News | 29 Sep 2009 | 2:47 am Stock futures point to softer opening (Reuters) Reuters - Stock futures were down on Tuesday morning, indicating a weaker start for Wall Street. The futures for Dow, the S&P 500 and the Nasdaq were down 0.1 to 0.3 percent by 4:20 a.m. EDT. Source: Yahoo! News: Business | 29 Sep 2009 | 2:47 am Bank calls in economists over lending drought The Bank of England has called the City's leading economists to a meeting today in an attempt to explain its policy of quantitative easing (QE) and its position on charging for banks' cash deposited in its vaults. Source: Latest Business News from Times Online | 29 Sep 2009 | 2:45 am London Markets: Property developers pressured in lower FTSE 100 Commercial-property developers decline in the top London index on Tuesday, with the move contributing to the first day of losses in three sessions for the FTSE 100. Source: MarketWatch.com - Top Stories | 29 Sep 2009 | 2:43 am Direct Stimulus Spending Hits $100 Billion Milestone by Christopher Flavelle, ProPublica Federal agencies have now spent more than $100 billion on contracts, grants, loans, and entitlements, according to Recovery.gov, the site mandated by Congress to track stimulus spending. Combined with the $62.5 billion in tax relief  that’s already out the door, total outlays are slightly more than 20 percent of the stimulus package [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall St. | 29 Sep 2009 | 2:42 am iPhones set to become cheaper as Vodafone signs deal to sell the smartphone UK's biggest mobile phone company wins rights to secure the rights to sell Apple's hugely popular iPhone. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Sep 2009 | 2:42 am Tui Travel raises money to help repay 900m loan Tui Travel on Tuesday announced measures to help it refinance a 900m shareholder loan as it warned its winter booking volumes remain lower than last year.In a trading update, Europe's largest travel operator... Source: RSS feed - channel BNPaperBusiness | 29 Sep 2009 | 2:41 am UBS to sell Paine Webber but not yet: report (Reuters) Reuters - UBS AG's U.S. wealth management unit Paine Webber is not a core part of the bank's operations but will not be sold at present, UBS Chief Executive Oswald Gruebel was quoted saying in the FT. Source: Yahoo! News: Business | 29 Sep 2009 | 2:38 am SPAC Live Deals Report and Stake Sales (TTY, NAQ, CLA, TMI, IDI, IAQGU, TOH) SPACupdate.com produces reports on blank check companies, stake purchases and live deal situations.   Three blank check companies: 2020 ChinaCap Acquiro (AMEX: TTY), NRDC Acquisition (AMEX: NAQ) and Capitol Acquisition Co. (AMEX:CLA), are all trading at or above their trust values prior to their deal votes. This signals growing investor confidence in the targets the SPACs have [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall St. | 29 Sep 2009 | 2:37 am Banks help FTSE 100 hold steady London equities held steady on Tuesday, with financial stocks keeping the FTSE 100 anchored over the 5,150-point mark after another major European bank moved away from state support. The benchmark index... Source: RSS feed - channel BNPaperBusiness | 29 Sep 2009 | 2:36 am U.K. tour operator Tui Travel cuts 787 order Tui Travel on Tuesday says it’s reducing an order for Boeing’s 787 Dreamliner, though the U.K. tour operator stresses that it’s still interested in the airplane that has yet to make its first flight. Source: MarketWatch.com - Top Stories | 29 Sep 2009 | 2:35 am Christmas shoppers hit by iPhone ban on Vodafone Hopes of a fierce Christmas price war for the iPhone were dealt a blow today when Vodafone won the rights to sell the revolutionary gadget — but not during the key festive period. Source: Latest Business News from Times Online | 29 Sep 2009 | 2:30 am Asian stocks rise on yen fall, Wall Street gains (AP) AP - Asian stocks bounced back Tuesday as big corporate takeovers in the U.S. gave investors a new shot of confidence and the yen retreated from a nine-month high against the dollar. European markets were modestly lower. Source: Yahoo! News: Stock Markets News | 29 Sep 2009 | 2:30 am BNP Paribas to raise €4.3bn to repay state BNP Paribas, France’s biggest bank by market value, joined fellow European banks in a rush to pay back government bail out money. Source: Latest Business News from Times Online | 29 Sep 2009 | 2:26 am Japan deflation fears grow as prices fall at record pace Prices in Japan tumbled at a record pace in August amid growing worries about jobs and wages the government said. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Sep 2009 | 2:15 am Wall Street pay set to bounce back With Wall Street continuing to recover, so are the prospects for this year's bonus season. Source: Business and financial news - CNNMoney.com | 29 Sep 2009 | 2:07 am Dairy Crest closes pension scheme The dairy company Dairy Crest has become the latest firm to close its final salary pension scheme to its existing members. Source: BBC News | Business | World Edition | 29 Sep 2009 | 2:07 am Media Digest 9/29/2009 Reuters, WSJ, NYTimes, FT, Bloomberg Reuters:   China may hold the key to a sanctions program against Iran. Reuters:   The head of the AIG (AIG) unit that caused most of the firm’s losses is back in US. Reuters:   The G20 has set up a long struggle over bank capital rules. Reuters:   Xerox (XRX) is buying ACS (ACS) to increase it software business. Reuters:   BNP Paribas raised [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall St. | 29 Sep 2009 | 2:05 am BNP Paribas to repay state early The French bank BNP Paribas plans to repay the emergency cash it received from the government early. Source: BBC News | Business | World Edition | 29 Sep 2009 | 2:01 am Earnings Watch: Updates, advisories and surprises A roundup of the latest corporate earnings reports and what companies are saying about future quarters. Source: MarketWatch.com - Top Stories | 29 Sep 2009 | 2:01 am Credit cards: more feefree balance transfers on offer Credit card providers are waiving balance transfer fees but charging higher interest rates research has showed. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Sep 2009 | 1:58 am Independent News & Media reaches restructuring deal with key bondholders Independent News & Media INM has agreed a dramatic restructuring of its balance sheet with key bondholders. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Sep 2009 | 1:56 am Two UBS directors to leave; bank eyes aid escape UBS says Sergio Marchionne and Peter Voser, two of Europe’s most prominent chief executives, will leave the board next year as the Swiss bank sets its sights on buying its way out of Swiss-government protection for its troubled balance sheet. Source: MarketWatch.com - Top Stories | 29 Sep 2009 | 1:51 am Abbott's €4.5bn Solvay deal a good use of offshore cash It's been another merger Monday. Abbott Laboratories has jumped in with its €4.5bn £4.14bn purchase of Solvay's drug arm. Against some ambitious recent deals the US healthcare company's buy of the Belgian chemical group's unit looks boringly sensible. At two times sales the price is right. It's better than leaving the cash sitting in overseas banks too. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Sep 2009 | 1:50 am Europe Markets: Bank gains cushion downside in Europe European shares were in a tight range on Tuesday, with gains for banks working to limit downside, as investors took a breather after pushing shares sharply higher in the previous session. Source: MarketWatch.com - Top Stories | 29 Sep 2009 | 1:50 am Daily Mail advertising sales rout stabilises Daily Mail and General Trust (DMGT), the newspaper publisher, has issued a reassuring trading statement pointing to some improvement in advertising revenues despite the battering the publisher, and in particular its local titles, has received over the past year. Source: Latest Business News from Times Online | 29 Sep 2009 | 1:49 am GIC looks to Asia and emerging markets SINGAPORE - Singapore's giant sovereign wealth fund GIC said on Tuesday it had recovered more than half of last year's losses as markets rallied in recent months, and is optimistic about prospects for... Source: RSS feed - channel BNPaperBusiness | 29 Sep 2009 | 1:48 am BNP Paribas hikes capital, to pay back state early (Reuters) Reuters - BNP Paribas , France's biggest bank by market capitalization, on Tuesday joined the rush to pay back governments for their financial support during the credit crisis. Source: Yahoo! News: Business | 29 Sep 2009 | 1:44 am BNP Paribas in 4.3bn capital-raising BNP Paribas on Tuesday launched a 4.3bn ($6.3bn) cash call, becoming the latest bank to buy itself out of a government bail-out.France's biggest bank said it would use the fresh funds to repay 5.1bn of... Source: RSS feed - channel BNPaperBusiness | 29 Sep 2009 | 1:42 am BNP Paribas in €4.3bn capital-raising French bank BNP Paribas has launched a €4.3bn cash call to buy itself out of a government bail-out Source: Financial Times - US homepage | 29 Sep 2009 | 1:42 am Airbus cuts A380 goal for '09, keeps 2010 PARIS (Reuters) - European planemaker Airbus confirmed on Tuesday it had cut its 2009 delivery target for A380s by one aircraft to 13 planes and said it was maintaining its delivery forecast for 2010. Source: Reuters: Business News | 29 Sep 2009 | 1:38 am Airbus cuts A380 goal for '09, keeps 2010 (Reuters) Reuters - European planemaker Airbus confirmed on Tuesday it had cut its 2009 delivery target for A380s by one aircraft to 13 planes and said it was maintaining its delivery forecast for 2010. Source: Yahoo! News: Business | 29 Sep 2009 | 1:38 am Facebook halts Obama assassination poll Facebook disabled a third-party application that asked whether users thought US President Barack Obama should be assassinated Source: Financial Times - US homepage | 29 Sep 2009 | 1:31 am Facebook halts Obama assassination poll Facebook on Monday disabled a third-party application that asked whether users thought US President Barack Obama should be assassinated.Facebook and the US Secret Service said they were working together... Source: RSS feed - channel BNPaperBusiness | 29 Sep 2009 | 1:31 am Asia Markets And Europe Open 9/29/2009 Market in Asia were mixed The Nikkei was higher by .9% to 10,100. Honda (HMC) rose. The Hang Seng was up by 2.3% to 21,060. The Shanghai Composite dropped .3% to 2,755. At the open in Europe, the FTSE was down .3% to 5,152. The Dax fell .2% to 5,725 and the CAC 40 was down .1%. Data from Reuters [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Source: 24/7 Wall St. | 29 Sep 2009 | 1:26 am Vodafone will sell the iPhone in the UK UK's biggest mobile phone company secures the rights to sell Apple's hugely popular iPhone. Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Sep 2009 | 1:05 am Business Briefing PHARMACEUTICALS Source: L.A. Times - Business | 29 Sep 2009 | 1:00 am 'Terminator' rights may change hands again Producers Derek Anderson and Victor Kubicek, owners of the science-fiction franchise, put it up for sale as their companies work their way through Chapter 11 reorganization. The rights to "Terminator" are up for sale yet again. Source: L.A. Times - Business | 29 Sep 2009 | 1:00 am Weinstein Co. loses a round in its fight over 'Precious' A judge rejects the studio's claim that it bought the film before Lionsgate. Three related suits are still pending. Deal or no deal? When it comes to distribution rights to “Precious: Based on the Novel ‘Push’ by Sapphire,” a federal judge has told Harvey Weinstein that he doesn't have one. Source: L.A. Times - Business | 29 Sep 2009 | 1:00 am New firm should think strategically about sales and marketing Dear Karen: I have just started selling VOIP (voice over Internet protocol) phone technology and aim to make my business grow exponentially. What's the best way? Source: L.A. Times - Business | 29 Sep 2009 | 1:00 am A whopper of an illusion is being shattered by Burger King ads For anyone fascinated by advertising as culture, I recommend an afternoon watching a NASCAR Sprint Cup stock car race on TV. I also prescribe an overstuffed chair and a bowlful of M&Ms mixed with No-Doz. Source: L.A. Times - Business | 29 Sep 2009 | 1:00 am Eco-friendly relationships blossom at green-networking events Groups have sprung up around the country to provide a way for environmentally minded entrepreneurs to meet and drum up business. Environmentally minded business professionals are increasingly finding one another -- and finding jobs -- at green-networking events. Source: L.A. Times - Business | 29 Sep 2009 | 1:00 am Firm creates symbiosis between advertisers, state parks Pasadena-based Government Solutions Group's sponsored programs help fund sites in several states. The money has been used for such projects as planting trees and creating playgrounds. State parks bring to mind walking, biking or just relaxing amid beautiful scenery. But outdoor enthusiasts Shari and Christopher Boyer see something else: an efficient marketing tool for businesses. Source: L.A. Times - Business | 29 Sep 2009 | 1:00 am Sales seen as a mixed bag on eve of holiday season Christmas spending is expected to rise about 1% over last year, but Halloween spending could fall more than 15% on average, industry surveys show. It's no miracle on 34th Street, but shoppers this Christmas are expected to spend with a little more cheer compared with last year's dismal holiday season. Source: L.A. Times - Business | 29 Sep 2009 | 1:00 am Eco-friendly relationships blossom at green-networking events Groups have sprung up around the country to provide a way for environmentally minded entrepreneurs to meet and drum up business. ... Source: RSS feed - channel BNPaperBusiness | 29 Sep 2009 | 1:00 am O.C. insurance salesman admits investor fraud James R. Halstead and an accomplice promised to put investors' money into securities, prosecutors say. Instead, he allegedly spent millions on cars, property and a mistress. A Santa Ana insurance salesman accused of blowing millions of dollars of investors' money on exotic sports cars, a mistress and Las Vegas real estate faces up to 60 years in prison after pleading guilty to federal fraud and money-laundering charges. Source: L.A. Times - Business | 29 Sep 2009 | 1:00 am Riverside County man sentenced to 100 years for operating Ponzi scheme Richard Monroe Harkless, who ran the operation from 2000 to 2003 through a company he called MX Factors, bilked investors of about $35 million, prosecutors say. In what federal prosecutors described as the longest sentence ever imposed for a financial crime in Southern California, a Riverside County man was sentenced Monday to 100 years in prison for operating a Ponzi scheme that bilked investors of about $35 million. Source: L.A. Times - Business | 29 Sep 2009 | 1:00 am Stocks climb on deal-making The Dow jumps 124 points after news of acquisitions by Abbott Laboratories and Xerox. Major equity indexes rose... Source: RSS feed - channel BNPaperBusiness | 29 Sep 2009 | 1:00 am Gasoline prices fall for second week in a row despite refinery fires The average price for a gallon of regular drops to $3.098 in California and $2.499 nationwide. Gasoline prices... Source: RSS feed - channel BNPaperBusiness | 29 Sep 2009 | 1:00 am New firm should think strategically about sales and marketing Dear Karen: I have just started selling VOIP (voice over Internet protocol) phone technology and aim to make my business grow exponentially. What's the best way? Source: RSS feed - channel BNPaperBusiness | 29 Sep 2009 | 1:00 am A whopper of an illusion is being shattered by Burger King ads For anyone fascinated by advertising as culture, I recommend an afternoon watching a NASCAR Sprint Cup stock car race on TV. I also prescribe an overstuffed chair and a bowlful of M&Ms; mixed with... Source: RSS feed - channel BNPaperBusiness | 29 Sep 2009 | 1:00 am Japan recovery under threat from long-term deflation Japan toppled back into the deadly economic trap of long-term deflation today and experts have warned that the trend could blight the world's second largest economy for at least another three years. Source: Latest Business News from Times Online | 29 Sep 2009 | 12:37 am Fletcher Building rise buoys market The New Zealand sharemarket rose today, with strength in Fletcher Building again a feature of trading.The benchmark NZSX-50 index closed up 24.218 points, or 0.773 per cent, at 3155.393. Turnover was worth $91.98 million. There... Source: nzherald.co.nz - Business | 29 Sep 2009 | 12:28 am Dollar eases against Aussie The New Zealand dollar was firm today but lost some ground against a strong Australian dollar.Rising equity markets have again made investors more comfortable with taking on risk, but investors are also wary about how far the... Source: nzherald.co.nz - Business | 28 Sep 2009 | 11:49 pm Dell launches high-end, thin business PC SAN FRANCISCO (Reuters) - Dell Inc on Monday unveiled its latest high-end, ultra-thin personal computer, bringing some fresh design appeal to its enterprise models. Source: Reuters: Business News | 28 Sep 2009 | 11:04 pm Seventy jobs to go at Stockton mine Solid Energy (SE) has confirmed 70 contract workers have lost their jobs at Buller's Stockton mine under the company's new alliance with Australian company Downer EDI.Solid Energy spokesman Bryn Somerville said today those laid... Source: nzherald.co.nz - Business | 28 Sep 2009 | 11:01 pm Pyne Gould shares plunge ahead of capital raising Wealthy Canterbury families and other investors are bailing out of Pyne Gould Corp ahead of its $237 million rights issue, according to brokers.The company's share price plunged 28.57 per cent to be 50c in afternoon trading and... Source: nzherald.co.nz - Business | 28 Sep 2009 | 10:30 pm 3 Small Biotechs Priced for Buyouts (Screens) Takeovers and positive clinical results often drive big moves in biotech stocks. For example, Medarex, a human antibody specialist with 40 drugs in trials, traded at $8.40 a share in mid-July when Bristol-Myers Squibb (BMS) announced it would pay $16 for the company. (The deal closed in early September.) Shares of Human Genome Sciences (HGSI) have rocketed to $19 from $2 this year, mostly on a July announcement of positive trial results for a new treatment for lupus, an autoimmune disease that causes inflammation and tissue damage. Stock screening software isn’t useful for sorting biotechs by the value of their drug development pipelines, either to investors or corporate suitors. This column tends to pass over small, profitless biotechs because their lack of income tends to eliminate them from most screens. Bernstein Research, a unit of giant investment manager AllianceBernstein, recently used brain power rather than computer power to search more than 13,000 biotechs for companies that seem poised for a takeout or a breakout. I’ve listed their top three finds below, partly to make up for my neglect of the group and partly because Monday’s stock news was dominated by takeovers. The Dow Jones Industrial Average jumped 131 points to close at 9796 after Abbott Laboratories (ABT) said it will buy the drug business of Belgian chemical maker Solvay (SVYSY) for $6.6 billion, and Xerox (XRX) announced a purchase of Affiliated Computer Services (ACS) for $6.4 billion. Geoffrey Porges, Bernstein’s head biotech analyst, focused his search on the 140 or so firms that trade on North American or European exchanges and have stock market values between $250 million and $5 billion. He zeroed in on 77 research-based companies with novel compounds that might eventually be sold in the U.S. or other big markets and key drugs in late-stage trials. From these, he selected takeout candidates by judging whether their existing partnerships would preclude or allow for a new, lucrative deal. He decided which are breakout candidates by determining whether key trial results are likely in coming months. The results include 28 takeout candidates, 10 breakout candidates and three stocks with takeout and breakout potential, which are listed below. One caveat: Porges wrote Friday that he has no specific knowledge of takeover discussions, and that the list isn’t meant to give specific recommendations, but to “suggest a set of possible candidates in response to the inevitable question of ‘Who's next?’ for investors to examine more closely and position themselves accordingly.” Abraxis BioScience Market Value: $1.42 billion Los Angeles-based Abraxis BioSciences (ABII) owns Abraxane, a breast cancer drug that studies suggest is better tolerated than Bristol-Myers Squibb’s Taxol. Abraxane received regulatory approval for the treatment of breast cancer in 2005, and is now in late-stage trials comparing it to Taxol for the treatment of a specific lung cancer. The company is trading at barely more than half its value of a year ago. A buyer would secure not only Abraxane, but the “nanoparticle albumin-bound,” or “nab” technology on which it’s based, an asset that could potentially improve the effectiveness of more drugs. Abraxis is forecast to produce $331 million in sales this year, with no profits. Protalix BioTherapeutics Market Value: $620 million Israel’s Protalix BioTherapeutics (PLX) has developed a plant-based enzyme replacement to treat Gaucher’s disease, a condition in which an enzyme deficiency causes fatty material to accumulate in organs. Late-stage results for the treatment are pending, but a suitor might be more interested in the underlying technology. Protalix has developed a method for genetically engineering tobacco and carrot cells to produce recombinant proteins, which can be used to treat disease. A plant source for these proteins could prove cheaper and safer than current animal sources. Protalix has neither earnings nor sales. Optimer Pharmaceuticals Market Value: $474 million Based in San Diego, Optimer Pharmaceutical (OPTR) has developed OPT-80, a treatment for clostridium difficile, an infection often acquired in hospitals that can lead to colitis. Nearly a year ago, Opt-80 proved superior in final-stage trials to Vancocin, which is currently used to treat the same disease and which captures yearly sales of about $250 million in the U.S. The company is currently assembling a U.S. sales force and plans to license the drug in Europe, where a similar trial is in final stages. Optimer is also close to filing for regulatory approval for another drug, which treats infectious diarrhea. 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 | 28 Sep 2009 | 10:00 pm Overhang of Foreclosures Clouds Housing Market OUR PERIPATETIC PRESIDENT apparently is allergic to Washington. Who can blame him? Getting Congress off its butt and moving even crabwise in almost any direction is slightly more difficult than herding a tangle of snakes. No offense meant to the snakes, who confine their expressions of displeasure to hissing or rattling, unlike our chosen representatives who fill the air with noxious blustery babble. Mr. Obama, moreover, prefers to voyage abroad; quite understandable, too. He can usually count on adulation from the cheering multitudes in foreign climes who haven't succumbed to rhetorical fatigue — a condition brought on by being exposed to an overdose of oratorical flourish unleavened by substance — that increasingly seems to be afflicting the citizenry here. As it happened, last week, the president didn't have to travel to the far corners of the earth (unless you are one of those who consider Pittsburgh and particularly New York as far corners of the earth). In a sense, the world came to our fair land (one of the penalties for debasing our currency). There were not one but two gatherings of global leaders (and laggards; it's often hard to tell the difference): The G-20 bunch, who met in Pittsburgh to fix the world's economies, and the United Nations, which came to New York to mess up the traffic, indulge their logorrhea and take time out from emptying their countries' treasuries to have a high old time. From what we can tell, the G-20 meeting was a great success; at the end of their somber deliberations, the world's economies weren't noticeably worse off. As for the get-together of the United Nations, it only reinforced our conviction that body should change its name to something more fitting. Like the Indig Nations. For, as at most of these behemoth bull sessions, elbowing their way into the limelight were the likes of that renowned advocate of democracy, Libya's Moammar Gadhafi, whose rant exceeded the allotted 15 minutes by more than an hour and left his listeners transfixed (or at least in a stupor); Mahmoud Ahmadinejad, Iran's election-rigger par excellence, who graciously cut his rancid remarks to only half an hour, addressing an audience mostly disguised as empty seats, and Venezuela's windbag strongman Hugo Chavez, who had a few words of praise for Mr. Obama (he really knows how to hurt a guy). We must confess, though, that these get-togethers, especially when they're held on our home grounds, somehow always make us feel better after we've seen the participants close up. For whatever we think of our own political luminaries, they tend to look not half bad compared to most of their foreign counterparts. Or maybe it's that, contrary to the old saw, familiarity actually breeds a little less contempt. What helped rattle the market last week was evidence that housing, which, when it crashed and burned, badly torched the rest of the economy as well, still faces a long, tough slog in its struggle to reach solid footing. It must really have pained the folks at the National Association of Realtors, who come hell or high water remain congenital optimists (you think it's easy peddling the illusion that every shack's a castle?) to report that sales of existing homes in August were lower. The decline hurt all the more because the 2.7% drop to a 5.1 million annual rate broke a winning streak stretching back to March (which, perhaps not coincidentally, was when this explosive bear-market rally in equities began). As usual, economists, analysts and assorted camp followers had been confidently predicting a rise in sales. As usual, too, when, instead, sales fell, the economists, analysts et al. lickety-split hurried to point out that one month doesn't necessarily constitute a trend. And it doesn't, although on Wall Street that axiom somehow only applies when the month in question is a bummer. All of which is preface to sharing with you a decidedly negative take on the outlook for housing by Amherst Securities Group, whose stuff we've quoted before and whose analysis is invariably first-rate. The report, dated last Wednesday, festooned with gory detail, focuses on the swollen overhang, the so-called shadow inventory, that has grown inexorably in the wake of the tsunami of default and foreclosure. Amherst estimates this massive overhang at seven million units. That's the equivalent of 135% of a full year's existing-home sales and chillingly greater than the 1.27 million units that made up the overhang in early 2005, when the housing bubble had just begun its dizzying and more than a little lunatic ascent. Put another way, of the 56 million units that the Mortgage Bankers Association says make up the mortgage universe, Amherst gauges 6.94 million units are in what it dubs the "delinquency pipeline" eventually headed for liquidation. And it reckons that another 300,000 mortgages replenish that unwelcome flow every month. Essentially, then, this shadow inventory represents a massive furtive supply of future foreclosure. Amherst fingers negative equity as keeping the delinquency pipeline heavily stocked. Quite a reasonable assumption, we think. A home owner, saddled with a house that's valued at less than it cost him to buy or that he can reasonably expect to sell it for may lack the will and, more importantly, the wherewithal to keep making payments on his mortgage. Homeowners' equity has declined from 58.7% back in '05 to around 43% today. What's more, nearly a third of households have no mortgages, which, of course, means that the equity percentage of the 50-plus million that do have mortgage loans is a good cut lower than 43%. The failure of mortgage modification programs to address negative equity is why Amherst is skeptical that such efforts will be of much help in shrinking that huge shadow inventory. That's a view articulated more than once in this space by Mark Hanson, of Hanson Advisors, who, to his credit, has been quite cautionary about the prevailing bullishness on housing. Three factors are cited by Amherst as the chief culprits in this sorry narrative. The first is the rapidity with which what it describes as the nonperforming bucket (where the mortgages are at least 60 days delinquent) is filling. The second is the strikingly low "cure rate" on delinquent loans. In 2005, homeowners retrieved 66% of their loans delinquent 60 days or longer. That percentage shriveled to a paltry 5% in the second quarter of '09. And, finally, bloating the inventory overhang is the lengthening time between delinquency and liquidation. Of the loans in the delinquent pipeline in August 2009, 9% have not made a payment in over 24 months, compared with 4% in 2008. The reasons cited by Amherst for this stretching out include moratoriums on foreclosures and the slow pace of the judicial process in states where a judge's O.K. is required for foreclosure. We lack the space to offer more than a sketchy précis of the Amherst analysis, which earns high marks for its painstaking explanation of how it reached its less-than- cheerful conclusions. Amherst freely acknowledges that it has emphasized the negative and ignored some positive elements in the housing picture, such as restored housing affordability and the lure of the tax credit for first-time home buyers. But it reiterates its belief that the humongous overhang is the biggest impediment to a real recovery in housing. And it's deeply concerned that the apparent stabilization "is temporary, based on seasonal factors, and prices can deteriorate further." Any permanent improvement, Amherst contends, isn't in the cards until there's "some resolution of the shadow inventory." Housing wasn't the only unexpected piece of bad news that gave investors a sudden itch to cash in some of the big gains racked up in the market's wild bull run. Durable-goods orders took their biggest drop last month since January. Here, too, the cockeyed consensus was a good piece off the mark, anticipating a modest uptick (0.5% to be exact). Of particular note is that outlays for nondefense capital goods excluding aircraft were off for the second straight month, rather strongly suggesting that business is no more eager to spend than the consumer. In the same melancholy vein, now that "cash for clunkers" is no more, the road ahead for auto makers looks a whole lot bumpier. J.D. Powers & Associates, which keeps an educated thumb on the auto biz, glumly estimates September sales will sag to 590,000 units, compared with 1.14 million in August and down 24% from a year-ago. It expects a better showing in the final three months of the year (it's hard to imagine a worse one), but for 2009 as a whole Powers sees sales around 10 million, a three million or so drop from last year's. The financial sector, despite its return to investor favor, also provided an unwitting reminder that banks and their kin are by no means entirely out of the woods. The Shared National Credit Program, which is a review worked up by the whole regulatory gang — the Fed, the FDIC, the Comptroller of the Currency and the Office of Thrift Supervision — reported (and there wasn't a dry eye among them) that losses from syndicated loans are in the process of tripling this year, to $53 billion, as credit quality of such loans suffered a record deterioration. The market, while it didn't exactly shrug off these negative items, as it has been wont to do, kept its composure. Losses for the most part were contained, and although declines consistently outweighed advances as the averages gave ground, on Friday at least, a sizable number of stocks bucked the trend. So far, the retreat seems nothing than a modest pause, while the bulls catch their breath. But we stress the "so far." 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 | 28 Sep 2009 | 10:00 pm Q & A With Southwest Airlines CEO Gary Kelly With business travel plummeting, consumers demanding deep discounts and oil prices fluctuating wildly, the airline industry is facing one of its worst downturns ever. So when Southwest Airlines (LUV) became one of the few carriers to eke out a profit in the second quarter, you'd think it was time for CEO Gary Kelly to celebrate by tapping that beer vending machine sitting in the corner of his second-floor office. Not so fast. "The worst is ahead of us," says Kelly, a 23-year veteran of the Dallas-based airline. In Kelly's book, doing less badly than your rivals isn't enough. The low-key executive, who became CEO in 2004 and succeeded chain-smoking, antics-loving cofounder Herb Kelleher as chairman last year, cautioned investors that despite the black ink in the second quarter, he couldn't predict a repeat performance later in the year. That's not to say the 54-year-old executive isn't trying-he's cut the number of planes flying, started service at bigger airports like New York's LaGuardia and Boston's Logan, and charged passengers for priority boarding and for carrying pets on board. Southwest held up well in past downturns, helped by its low cost structure and knack for savvy long-term planning. But this time around it's had a tougher time: Until last fall it hadn't reported a quarterly loss in 17 years. The firm retains some distinct advantages, like its investment-grade credit rating, modern fleet of Boeing 737s and ability to get planes in and out of the airport faster than rivals. But it also faces new challenges. Other carriers sharply lowered their labor and other expenses during bankruptcy proceedings, slicing into Southwest's long-held cost advantage. To some, the rapidly shifting landscape means Southwest might have to stop trying so hard to be different. They question, for example, its reluctance to follow rivals in charging fees for checking baggage. "Maybe that's not the right way to go," says Helane Becker, analyst at brokerage firm Jesup & Lamont. For Kelly, who took his first flight on Southwest in 1975, when flight attendants wore hot pants, the challenge is to maneuver through the airline downturn without compromising the carrier's financial strength or its offbeat culture. As Southwest has grown from a scrappy underdog to an airline with more domestic passengers than any other, the flight attendants have traded in their hot pants for khakis. But the quirkiness continues: Take-off instructions are sometimes rapped, and passengers are warned to "keep your tush in the cush" upon landing. We sat down with the sixth-generation Texan in his office outfitted with historical memorabilia from his home state to hear about his plan to get through the turbulence. A lot of people have talked about "green shoots" signaling economic recovery. Do you see them? The industry is under tremendous stress. There are absolutely no green shoots. We have to be very prepared for uncertainty and instability, and operate with an abundance of caution. You've cut about 6 percent of flights this year. How much more is needed? The question is: What is it going to take to not just survive the recession but maintain our financial position and take care of employees? We will have to continue to trim our flight schedule but at a pace that's not radical, in hopes we can avoid grounding airplanes, furloughing employees and all the bad things that can happen in difficult environments. We'll have to be sure to maintain sufficient levels of cash. We have $2.4 billion and plenty of access to capital markets, and we are going to boost revenue and reduce costs through an early-retirement program. How do you increase revenue? Many of the opportunities depend on new technology. We've changed our boarding process, introduced a new fare structure and implemented new technology to manage fares better. You've held off on baggage charges, much to the dismay of analysts. Customers hate these fees. Analysts assume you charge the fee and it drops straight to the bottom line. But it's not clear that we'll make more money if we charge than if we don't. But aren't fliers getting accustomed to these fees? The potential from charging baggage fees is at most 5 percent of revenue, and it's not a reach to say we are getting that much more from not charging. Airports are filled with disgruntled passengers. Should there be legislation to ease the frustrations? I don't accept that. In brand and satisfaction rankings, we were up there with high-end restaurants. Travel is not always perfect; it's about how we deal with those less-than-perfect situations, like delays. Surveys show passengers just want to know if their flight is going to go and at what time. So we stress those things. It's a shame to legislate something that can't be legislated, like weather. You've been at Southwest 23 years. What is different about this downturn? I wish steroids were legal, because the speed at which we need to identify issues, study them and make decisions is unlike anything I have experienced before. Anytime you have that many points changing that rapidly, there are bound to be some rough spots. A couple of years ago, we had record earnings, so we were making plans with a lot of comfort. But we've lost our cushion now, so we have to manage our risk much more carefully. What bothers you? Generalizations. People think of our low fares, and that implies "cheap." But we have one of the youngest fleets, best compensation packages and have never had furloughs. And some people think all we do is have parties. That's not even close to reality.
Company	Ticker	Est. 2009 sales	Est. 2009 net loss	Est. 2009 EPS	2009 P/E	Market value
With fewer passengers and volatile oil prices, the airline business faces another deep slump. Southwest's shares are up just 1 percent this year, compared with an 11 percent gain for the S&P 500.
Southwest Airlines	LUV	$10 billion	$47 million	-0.02	NA	$6.5 billion

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.

Fonterra responds to neglect case, cruelty 'will not be tolerated'

Figures point to 'soft' recovery in building activity

Rural broadband to be funded by TSO changes

Independent News gains more breathing space from banks

Starbucks debuts Via instant coffee in U.S., Canada

Kiwi dollar bouyed by Wall St, M&A activity

Economy not yet out of the woods, says Dun & Bradstreet

Stanford moved to federal lockup in Houston

Microsoft's big comeback

Honduras clamps down on dissenters

One fund that's beating the market

Write-Offs: 09.28.09

$$$ Hedge Fund COO Vellanti Dies in Fall From Escalator [Bloomberg]

$$$ Is there anybody that handled the financial crisis well? The IMF says yes, they did. [WSJ]

$$$ Some states believe choice still has a place in insurance. [NYT]

$$$ Former Enron cheerleader headed for 16 months behind bars. [Bloomberg]

$$$ Lehman prepares for the Australian invasion [Reuters]

China seeks big stake in Nigerian oil

Xerox, Abbott deals boost stocks; Dow gains 124 (AP)

AP - A burst of corporate dealmaking is giving investors a shot of confidence about the economy.

Puerto Rico asks Washington for federal aid

How the major stock indexes fared on Monday (AP)

The Clock Has Started For Ralph Cioffi

In the current environment where every institution and individual allegedly involved in some sort of wrongdoing neither admits nor denies that they committed crimes, Ralph Cioffi may signal the end of an era. After finding sworn testimony doubles as Kabuki Theater, US prosecutors believe they may finally have a smoking gun when it comes to what Cioffi classifies as being truthful regarding obtaining a line of credit for a Florida condo project.

"The government asserts that the proffered evidence is direct proof of the charged crimes," prosecutors said Sept. 25 in court papers. "This proof will demonstrate that Cioffi and Tannin used Cioffi's investment in the High Grade Structured Credit Strategies Enhanced Leverage Master Fund Ltd. to lie to Busey Bank to secure a $4.25 million line of credit," they said

Unfortunately, given that Cioffi doesn't go on trial until next month, the head start they just gave him is direct proof the government still has a lot to learn when it comes to putting people behind bars.

U.S. Says It Has 'Proof' of Cioffi's Insider Trading [Bloomberg]

Ohio Attorney General: Bank Of America (BAC) Could Owe “Billions”

Xerox shares tumble after $5.7bn ACS deal

Hertz (HTZ), After Admitting To Severe Financial Risks, Sues Audit Integrity Over Rating

Podcast: Looking At Health Care Coops

Spotted in Sweden: The latest metaphor for cheaper health care in America.(steffe/Flickr Creative Commons)

On today's Planet Money:

Health care cooperatives are insurance companies owned by ordinary patients who buy in. The Senate Finance Committee is working on a $6 billion measure, pushed by Sen. Kent Conrad (D-N.D.), that would set up health care cooperatives across the nation. The idea is to have cooperatives take the place of the public option, in which the government would set up an insurance plan to compete with ones from private companies.

A health coop that saves you money may be something of a unicorn, says reporter Keith Seinfeld of Seattle's KPLU. Seinfeld belongs to a health care cooperative already, one of only two in the country. He says he doesn't see his own Group Health Cooperative as being better than other providers at controlling costs. What's more, the input from its 600,000 members may not amount to much when only 3,000 of them choose to vote.

With an expert opinion from Tim Jost, a law professor at Washington and Lee, who says health coops are expensive to start and run. Their main benefit: They make people happy.

Bonus: After the jump, photo evidence of economic expansion.

Download the podcast; or subscribe. Intro music: The Unicorns' "I Was Born A Unicorn." Find us: Twitter/ Facebook/ Flickr.

Twitter pal Kamaria Porter sends this picture from Chicago's Southside:

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Spain Finds Nowhere Else To Run

The relevant question for tax increases around the world was really a matter of when and not if. Now we know when. Faced with few alternatives, Spain plans to raise €11 billion from a combination of new tax initiatives and repealing existing rebates. In addition to joining the growing bandwagon of European economies increasing their VAT taxes, top income earners in Spain will be kicking in a bit more to help right the ship.

"We are aware of the collective effort we are asking for, but we are sure that the budget is the one this economy requires" to recover from the crisis, Vice President María Teresa Fernández de la Vega said Saturday, after the cabinet's approval of the 2010 budget proposal.

But things on this side of the Atlantic operate a bit differently. We don't tax out of desperation. We only tax when somebody in a position of power has given the signal that the recession is over and highly sought tax increases can be better justified. That move to reappoint the Beard 3 weeks before he gave the thumbs up seems to be working out really well for all involved.

Zapatero Unveils Budget Plan With Tax Increases [NYT]

Merkel promises swift tax cuts

FDIC to propose banks prepay 3 years of fees: source

FDIC considers calling for bank advances

SEC sues Mich. man linked to alleged Ponzi scheme (AP)

What Is Round On The Ends, High In the Middle, And Not Happy With Ken Lewis?

Ken Lewis will likely not be invited to dot the 'i' at Ohio Stadium anytime soon. As the Bank of America lawsuit phenomenon starts to head west, Ohio Attorney General Richard Cordray is getting the Buckeye State involved by suing BAC and MER for billions on behalf of five pension funds. Evidently believing that sworn testimony at the hands of Andrew Cuomo isn't quite the truth telling solution one might hope for, the Ohio AG plans to have heart-to-hearts with Kenny boy and John Thain about the whole losses-bonuses misunderstanding. But this is actually a step in the right direction for KL & Co. Compared to shelling out $1,784 billion trillion, a paltry 10 figure lawsuit is a huge upgrade.

Logan, Burns Discuss Iran's Nuclear Program, Economy: Audio

PowerShares ETF to Focus on Build America Bonds: Audio

U.S. Steel Industry Cut to `Neutral’ at Goldman Sachs: Audio

Oil rises toward $67, eyes equities, Iran (Reuters)

Reuters - Oil rose more than 1 percent toward $67 a barrel on Monday as U.S. equities jumped and news emerged that Iran was test-firing missiles.

No Compromise On Compromising

After a flurry of startling hypotheses erupted at the end of last week regarding derivatives and bank bashing, policymakers in the UK had the weekend to catch their breath and evaluate the relative merits of the arguments. Maybe this was the moment to consider that there might be at least some truth to the idea that there's a downside to the constant vilification of anything even tangentially related to banks and bank compensation plans. Alistair Darling, please show us the middle ground we need to get to.

Chancellor of the Exchequer Alistair Darling, targeting what he calls "greed and recklessness" in Britain's financial system, asked banks to curtail bonus pay and said the rich will pay more in tax.

"It is right that those who earn the most should shoulder the biggest burden," the finance minister told the ruling Labour Party's annual conference today in Brighton, England. "We will introduce legislation to end the reckless culture that puts short-term profits over long term success. It will mean an end to automatic bank bonuses year after year."

And back to the new normal we go.

Darling Targets Bank Bonuses, Says U.K. Rich Will Pay More Tax [Bloomberg]

Presented By:

Insurers targeted in Iran sanctions push

China rich list topped by BYD founder

A Year After The Economic Crisis, A Peaceful Yom Kippur

By Laura Conaway

I don't know what it's like where you are, but in New York City today things are very, very quiet. This is Yom Kippur, the highest of Judaism's high holidays. Aside from the nominally Christian protesters who picked our neighborhood synagogue for an anti-Semitic rally, we're enjoying the peaceful breather.

How different from 2008, when the Jewish holidays collided with the worst financial crisis since the Great Depression. The New York Times a year ago described the anxiety among service-goers whose vibrating cell phones sounded like "bees swarming a far-off rhododendron." Theirs was a religious holiday, but unlike on Christmas or Easter, the banking world kept churning. From the Oct. 1, 2008, NYT:

Some worshipers arrived at Rosh Hashana services carrying The Wall Street Journal and The Financial Times. Others slipped out from time to time to check their voice mail and e-mail messages.

"I would never do this inside synagogue, but I needed to put my mind to rest," said Gary Herman, a hedge fund manager who stepped out of the Tuesday morning service at Temple Emanu-El on Fifth Avenue at 65th Street and switched on his BlackBerry to see how the market was doing.

Mr. Herman said it was trying to sit through a three-hour service on a nerve-wracking day for the markets. "Every time a person asks you, 'How are you?' what they are really eliciting are your thoughts about the market," he said.

Back then, it was hard to see when the economy would ever be normal again. We're aways off, certainly, with unemployment and foreclosures rising. And yet I find it comforting to note the change even a single year can bring.

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A look at economic developments around the globe (AP)

CBS-GlobalPost deal ups int'l coverage

Op-Ed: The Lehman Collapse Didn't Start The Crisis

By David Kestenbaum

A year after the start of the financial crisis, economists are starting to write their histories of what went wrong. And they're not all converging on the same plot points.

The other week, Luigi Zingales and John Cochrane from the University of Chicago challenged the familiar storyline that things really came unglued after the government let Lehman Brothers fail.

Zingales and Cochrane looked at some data (basically one of our favorite indicators, the Ted Spread) and argue the dramatic market freak out happened not after Lehman, but later, when Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson opened their mouths. Zingales and Cochrane write in the Wall Street Journal:

In effect, these speeches amounted to "The financial system is about to collapse. We can't tell you why. We need $700 billion. We can't tell you what we're going to do with it." That's a pretty good way to start a financial crisis.

I made some calls to look into their claim. Mark Gertler at NYU, who has worked with Bernanke, wasn't buying it. He told me:

To me, this line of reasoning is like, 'OK, the fire department gets word the fire is spreading. The fire department rushes to the scene. The fire starts to spread. Then you look at the timing of the events and say "Boy, if the fire dept hadn't rushed to the scene.."

There's also this rebuttal from economist Richard Robb in the Financial Times. He argues it's clear that Lehman's failure changed everything.

"Sometimes things that are obvious turn out to be true," he writes.

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A Sequel Nobody Wants To See

At some point, the war of words and early drafts of legislation are going to give way to politicians making real choices about the degree of new financial regulation in this country. The financial industry is increasingly fighting two uphill battles: defending itself from what happened and, increasingly, defending itself from defending itself. The newest outrage is centered on banks trying to make sure the regulatory pendulum doesn't swing so far the other way that we don't create a nation of banks in a catatonic state. The reports of multi-million dollar lobbying expenditures by the usual suspects have the regulatory crusaders back out on the front line and proving why some degree of legislative restraint is in order.

"They still retain an enormous amount of influence,'' said Travis Plunkett, who lobbies for the Consumer Federation of America and said he has seen firsthand the influence of large banks. "What is surprising to me is that some members of Congress are letting them get away with flimsy arguments. They are using many of the same arguments that they were using before the financial crisis'' - such as saying that new legislation would inhibit competition and consumer choice.

There are, undoubtedly, some activities that need to be curbed. But five years from now there are probably few out there who will want to recount the ways the economic recovery did not take place the way it could have while watching Populism: A Disaster Movie.

Bailed-out banks lobby hard to stave off limits [Boston Globe]

U.S. broker charged with luring seniors in fraud (Reuters)

Gheit Says Oil Prices Don't Reflect Market Fundamentals: Audio

Die, Student Loan, Die! (The Motley Fool)

Listener: Hit By A Car, Helped By Negotiated Care Rates

Matthew Kime, a freelance photographer and Web designer in Brooklyn, bought health insurance coverage through a freelancers collective. Kime writes from WNYC land:

I consider myself someone young and healthy so I didn't see a point in buying the expensive plans that most people are used to. I did a lot math. To come out ahead, I'd have to go to the doctor about once a month. In a given year, I'm unlikely to go to the doctor at all.

The plan itself is very simple. Under $10k, nothing is covered. I consider to be bankruptcy protection rather than healthcare. However, I do get the negotiated rate for services and that's where things get weird.

Eventually I did make use of the plan. About a year ago I was hit by a car while riding my bike. Thankfully I walked away from the accident.

One concerned and very generous bystander called an ambulance which I refused to get into despite everyone's advice. I knew it would be a really expensive ride to the hospital and while I was very shaken, I felt fine. I literally couldn't find anything wrong with myself and if not for a bent wheel, I would have continued my ride home. Strangely, the EMTs can't do anything but haul you back to the hospital if you're conscious. If there was anything to check for at that point they were either unable or restricted from checking. More generally, this is a decision I don't think anyone with "real" insurance would have made.

A few days later I did go and see a doctor as my ankle had become swollen and bruised. The doctor thought it was likely broken and recommended me to a specialist to get xrays to confirm. The xrays proved I was fine and my ugly ankle was nothing to worry about. Services rendered -- Two doctor visits and one xray.

A few months later I got a statement from the insurance company regarding my first doctor's visit. It itemized the expenses, listed the amount the office charges and the negotiated rate. I have no idea what to do with this thing. It doesn't even provide an address to send payment. Then I get a statement from the doctor's office saying I owe the full amount. I don't remember how I figured out how to reconcile the bills but this is how it goes -- you send payment to the doctor for the amount itemized by your insurance company.

Doctor says, You owe $300.

I say, Here is $120, my insurance company says that's how much I owe.

Do we do business in that manner anywhere else in the country? If so, I'm unfamiliar with it.

And that's if things go properly. But they almost never do.

About nine months later I get a statement from the specialist saying that I owe x amount and that I'm 9 months late. I call my insurance company to see if they have my statement. As it turns out, the specialists didn't fill out the paperwork properly and the insurance company had been waiting for them to correct it. In particular, they needed a statement saying this wasn't a pre-existing condition. I don't know what can be less pre-existing than getting hit by a car but something must have gotten distorted in the game of telephone. A couple months later I get the complete paperwork. It's taken the doctor nearly a year to get paid.

And how much money did the negotiated rate save me? About 20 percent. That's not bad, but I saved more than 50 percent for the first doctor's visit and a visit to an allergist brought it closer to 70 percent.

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Clarida Says Fed Rates Steady Until Late 2010 or 2011: Audio

Goldman's O'Neill Sees Vibrant Consumer Market in China: Audio

FTSE shares advance (AFP)

AFP - The leading stock exchange advanced on Monday in the wake of business-friendly election results in Europe's largest economy.

FTSE shares advance (AFP)

AFP - The leading stock exchange advanced on Monday in the wake of business-friendly election results in Europe's largest economy.

SEC Looks to Put Buck Back Together in Money Market Case (U.S. News & World Report)

Grand Rapids hopes art has big rewards

Is the global economy any safer now?

Housing programs may get gov't boost

How reform may help health insurers

Nestle's milk linked to Zimbabwe prez

What we can learn from all the mergers

Mistake #4: Resisting Duality

How many people are inside you? And more importantly, which one has the special skills and personality traits that you need right now to achieve an important goal?

Today’s topic is #4 in the 8 Mistakes Men Don’t Makeseries, and it’s a killer. Resisting duality describes what we do when we are unwilling or unable to take on different personas in different situations to achieve certain objectives or fulfill certain roles.

You Are Multifaceted – Use It!

You are not the same ‘you’ all the time. Different situations require you to feature different aspects of your personality. Women especially can get sucked into the idea that we have to be our deep and authentic selves every minute of every day. We tend to downplay our skills and accomplishments, presenting our content—whether it’s a report or a resume—without the sizzle it takes to really sell it.

Bottom line: facts and numbers do not speak for themselves. You need to use everything you’ve got—or rather what unique and valuable trait or skill you offer—in order to close the deal.

Selling Confidence

Sometimes people just need to believe in you. Even in you’re not in sales (but aren’t we all?) almost everyone can relate to the interview scenario.

Several years ago I followed my husband halfway across the country to follow his great opportunity. But as the glamour of mixing formula and adjusting the kids’ diets based on what I found in their diapers wore off, I began to tap my sparse new network for a job.

An acquaintance at a local CPA firm tipped me off to an opening in the tax department. I’d never done the type of work that was required, but I’d done plenty that was, in my not so humble opinion, more difficult. However, I knew it was going to be a hard sell – these were accountants after all and hard skills matter. I knew I’d have to get in on personality and my ability to connect the most related skills from my previous experience to the requirements of this one.

I laid it on thick. So thick in fact, that by the end of the interview the partner in charge stopped me mid-sentence and said,

“Yeah, I got it – you’re confident.”

At that point I felt anything but. I didn’t own a suit that fit or a blouse that wasn’t stained with spit up. I’d never heard of an oil royalty, and the majority of the firm’s clients lived off their 1970s black gold profits. I had an inside connection and I had to leverage it. If I’d been afraid to play that interview over the top, I’m sure there would’ve been a line of applicants at the door the next day.

I didn’t show up and act like ‘myself’. I put on a show and as a result was offered the position on the spot.

Image Credit: Photos8, Flickr

Tim Geithner Believes People May Have Finally Learned Their Lesson

With the conclusion of the G20 summit, it's time for the participating leaders to take a bow, high-five one another and bask in the glow of all that can be accomplished in a two day summit. We've got the whole bonus thing under control now. We all agree that we're in this battle together. And then there was Tim Geithner's revelation that some of the culprits for the past few years' worth of pleasantness are now are on the straight and narrow.

After "a long period of time living beyond our means, you see people already changing behavior," the Treasury chief said in Pittsburgh. "That's one reason why we can stand here today and express some measured optimism about our capacity to put in place a more sustainable recovery."

Indeed, this is nothing short of miraculous. Faced with an endless supply of federally created programs designed to get people to buy something, anything regardless of their current financial situation, the fact that an unemployment rate of (almost) 10% has scared a few more people into saving is a landmark victory.

G-20 Plans to End 'Financial Balance of Terror' After Summit [Bloomberg]

JNF Asset Management COO Perishes in Fatal Escalator Accident

Image: Wikimedia Commons

James Vellanti, COO of the New York hedge fund JNF Asset Management, fell to his death early this morning in an Atlantic City accident. FINAlternatives has more:

Vellanti…was declared dead after falling from an escalator at The Pier Shops at Caesars. The shops are connected to the casino by a sky-bridge and an escalator.

Prior to his role at JNF Asset Management, Vellanti, who lived in Clinton, New Jersey, served as managing director of trading and operations at Koch Global Capital.

According to NJ.com,

About 75 percent of injuries on escalators each year are fall-related, according to the U.S. Consumer Products Safety Commission. There were about 11,000 escalator-related injuries in 2007, the commission reports.

Police haven’t yet released details of exactly what happened. We extend our deepest sympathies to Mr. Vellanti’s family and friends.

If escalator accidents aren’t that uncommon, and Mr. Vellanti was the second person to suffer a fatal such accident at The Piers Shops, what will the company do to prevent others from falling?

Abbott Labs Buys Solvay Pharmaceuticals Business for $6.6 billion

Abbott Laboratories will buy chemical/pharmaceutical company Solvay’s pharmaceuticals business for $6.6 billion. MSN Money has more:

The companies already co-market Tricor and TriLipix for controlling blood fats called triglycerides. A deal would help give a much-needed boost to Abbott’s prescription drug business. Abbott would get access to Solvay’s drugs for hypertension and Parkinson’s disease.

Abbott has been on an acquisitions tear this year, purchasing Advanced Medical Optics for $1.4 billion in January, and then buying medical-device company Evalve for $410 million and eye-care device maker Visiogen for $400 million, both in September.

Abbott’s acquisition of Solvay also positions it well in emerging markets (World Pharma News):

Solvay has significant presence and infrastructure in key high-growth emerging markets, including Eastern Europe and Asia. Emerging markets are growing faster and increasing in importance due to demographics, rising incomes and expanded treatment of chronic disease.

“Abbott’s international pharmaceutical business has grown significantly over the past several years, driven by specialty products in developed markets,” said Olivier Bohuon, executive vice president, Pharmaceutical Products Group, Abbott. “In emerging markets where chronic disease is being treated more aggressively, the combined Abbott and Solvay portfolio of branded generics expands the global reach of these medicines. Solvay’s business will also give us a platform to enter the attractive global vaccines market.”

Juckes Sees U.S. Employment Growth by End of Year: Audio

New Recovery.gov Site Launches

The government Recovery Accountability and Transparency Board launched a new version of Recovery.gov today. The website tracks government recovery money by state, agency, and even ZIP code. The New York Times reports:

Earl E. Devaney, the chairman of the recovery board, said in a statement that the new and improved Web site “will be very interactive and user-friendly and will allow the public to find detailed information on projects in their states, congressional districts, and even in their own neighborhoods.”

Mr. Devaney defended the Web site to the Pittsburgh Tribune-Review earlier this month. “We put up the most complex database of government spending, ever, in five or six months,” he said. “Normally, that would take a couple of years at least.”

Recovery.gov now appears to be officially competing with Onvia Inc.’s Recovery.com. Seattle-based Onvia collects data on government procurement, which allows it to post real-time information. The federal government, on the other hand, has given states and local governments until October to report stimulus spending, according to this NPR report.

The other nice thing about Recovery.com is that you can comment on projects. Recovery.gov, meanwhile, advertises the efficacy of the recovery program.

I’m sticking with the private site.

Allen Stanford Can Take A Punch

It's clear that King Ponz's use of the subtle, sadistic smile in all situations has cemented his reputation as the old guy people don't mess with because he's just a bit off and has that look that says 'come after me, I dare you.' Allen Stanford on the other hand, has some work to do. Standing 6'4", Sir Allen got into it with an inmate either trying to administer a little payback on behalf of his ex-wife or one of his investors or simply doing a routine evaluation of where AS stands in the prison pecking order. After reports put the Ponzier in the ICU after getting a thorough beat down, his lawyer cleared up the confusion for those in the big house curious to know if they'd broken Stanford.

His lawyer Kent Schaffer added: "Mr Stanford is fine. Contrary to reports, he is not in intensive care at the hospital.

"I understand his injuries are not serious enough to keep him in the hospital."

It look's like $600/hr still buys you a lot even when it's going for $110/hr.

Sir Allen Stanford attacked in jail [Telegraph.co.uk]

Xerox Enters IT Services Space by Buying Affiliated Computer Services

Xerox today announced that it will buy IT services/outsourcing company Affiliated Computer Services for $6.4 billion. Bloomberg has more:

The transaction will help triple sales from services to about $10 billion, Xerox said today in a statement. The total price of the cash-and-stock deal is about 34 percent more than Dallas-based Affiliated Computer’s closing price Sept. 25.

Xerox will pay $18.60 a share in cash and 4.935 Xerox shares for every Affiliated Computer share, amounting to about $63.11, based on closing prices as of Sept. 25. Xerox also will assume about $2 billion in Affiliated Computer’s debt.

After this acquisition, Xerox just might start competing with Dell (which bought Perot Systems last week). It’s a brave new world.

Dialing For Answers In Uganda. Plus: Signs The Great Recession Is Ending

By Laura Conaway

Good morning, and welcome to our reading list on this relatively quiet Yom Kippur.

Department of Cool Ideas: In Uganda, people without access to the Web can get answers to questions by calling a free, nonprofit service. Question Box, funded by the Bill and Melinda Gates Foundation, operates on the theory that knowledge is not just power but a means of economic development. People seeking information about crop pests or health care can dial up on cell phones, which are a fast-growing tool in Africa.

Department of So Ready for This: Some firms are calling laid-off workers back to work, USA Today reports, creating pockets of happiness and hope.

Department of Politics: Treasury Secretary Tim Geithner appears to have weathered the worst slings and arrows of the economic crisis, the New York Times says, and boy, has he got a lot to look forward to.

Department of Indicators: The latest sign that the Great Recession is ending is that holders of Treasury bonds are about to lose money for the first time in a decade. Last year, investors seeking a safe place to park their money drove the price of Treasurys up by 14 percent. Now that the panic has subsided and investors feel secure enough to take more chances, those bonds aren't worth as much.

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Wren Sees Cyclical Recovery Over Next 12 to 24 Months: Audio

UniCredit’s Purps Is `Upbeat' on European Economy: Audio

McKee Sees U.S. Home Prices Falling Until Spring 2010: Audio

Opening Bell: 09.28.09

Banks Pull Back From Acorn Work (Reuters)
Apparently Bank of America doesn't want to be associated with a group that gives prostitutes and their pimp boyfriends loan advice.

The Madoff Scam: Meet The Liquidator (CBS)
Irving Picard on Andy and Mark Madoff: "Whether or not they have a criminal problem, we will pursue them as far as we can pursue them. And if that leads to bankrupting them, then that's what will happen."

Phone Calls Add To Din Over Loans (WSJ)
Countrywide recorded phone conversations "in a controversial mortgage program that included public officials" and then destroyed the tapes. Is that a crime?

Goldman Sachs Launches Recruiting Drive (FT)
Hiring up to 200 in asset management and "moving back on the offensive," according to Marc Spilker.

Zoellick Favors Power For Treasury, Not Fed (WSJ)
"It will be difficult to vest the independent and powerful technocrats at the Federal Reserve with more authority," the World Bank President said. "My reading of recent crisis management is that the Treasury Department needed greater authority to pull together a bevy of different regulators. Moreover, the Treasury is an executive department, and therefore Congress and the public can more directly oversee how it uses any added authority."

Is Jeff Macke Broke? (WCV)
This guys says yes.

Citi may not forgive debt by EMI (NYP)
All you need to know about the story is that it was the basis for this graphic:

I Work for Oracle…