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Auto Review: A tale of two BMWsThe 2009 BMW 335i and the redesigned Z4 grab the spotlight this week. Both have hard tops, but one cleverly folds down for open-air driving. Since it is only early fall, let us start with the drop top.
Source: MarketWatch.com - Top Stories | 3 Oct 2009 | 4:06 am Venezuela predicts 0.5 percent growth in 2010President Hugo Chavez said Friday that Venezuela will base its 2010 budget on expectations of 0.5 percent economic growth and inflation no higher than 22 percent, despite depressed world...Source: RSS feed - channel BNewsBusiness | 3 Oct 2009 | 3:05 am Unemployment rate rises to 9.8% as employers cut more jobs than expectedA net 263,000 jobs were eliminated in September, pushing the jobless rate to a 26-year high. The rate of unemployment plus underemployment -- representing workers whose hours were cut back -- is 17%. ...Source: RSS feed - channel BNPaperBusiness | 3 Oct 2009 | 1:00 am Not your average hotel dealsIn this economy, the hotel industry is coming up with unusual promotions to try to lure guests: Stay a night, get a tattoo or rent a Porsche.Hoping to keep its 119 rooms filled, Hotel Erwin on Venice Beach is offering an unusual promotion for its countercultural clientele: an Ink and Stay package that includes $100 toward a tattoo and a bottle of tequila to numb the pain.
Source: L.A. Times - Business | 3 Oct 2009 | 1:00 am Disney to slash Miramax Films staff to 20, reduce releases to 3 a yearWalt Disney Co., looking to rein in costs at its Hollywood studio as it focuses on mainstream movies, is slashing staff by 70% at its Miramax Films specialty label and is substantially reducing the number of pictures it releases.
Source: L.A. Times - Business | 3 Oct 2009 | 1:00 am After cutting back flights, airlines may soon hike faresPent-up passenger demand and reduced capacity could boost U.S. ticket prices 7%, a report says.With summer over and vacation travel done for the season, the recession-battered airline industry took stock in the last week or so and found scant signs of improvement.
Source: L.A. Times - Business | 3 Oct 2009 | 1:00 am FirstFed plans stock sale in bid to avert government takeoverThe thrift has been battered by losses on its risky mortgages. Its proposed offering comes as bottom-fishing investors are showing interest in troubled lenders.FirstFed Financial Corp., battered by losses on its portfolio of risky mortgages, is pursuing a plan to sell stock to the public in a last-ditch bid to avert a government takeover of the Los Angeles-based savings and loan operator.
Source: L.A. Times - Business | 3 Oct 2009 | 1:00 am Blackstone Group may buy SeaWorld in San DiegoThe private equity firm reportedly is closing in on a deal to acquire 10 theme parks owned and operated by Anheuser-Busch InBev.SeaWorld in San Diego, the fourth-most-popular theme park in California, may soon have a new owner.
Source: L.A. Times - Business | 3 Oct 2009 | 1:00 am Former KPMG partner sues accounting firm for $30 millionDavid Greenberg, who was acquitted of charges of defrauding the government in one of the biggest tax fraud cases in U.S. history, alleges that KPMG owes him for attorney fees and other losses. ...Source: RSS feed - channel BNPaperBusiness | 3 Oct 2009 | 1:00 am Recovery story still plays on Wall St.Millions of Americans will no doubt see the government's grim report on September employment as confirmation that the "economic recovery" is a mirage.Source: RSS feed - channel BNPaperBusiness | 3 Oct 2009 | 1:00 am Former KPMG partner sues accounting firm for $30 millionDavid Greenberg, who was acquitted of charges of defrauding the government in one of the biggest tax fraud cases in U.S. history, alleges that KPMG owes him for attorney fees and other losses.A former KPMG partner who was acquitted of charges of defrauding the government in one of the biggest tax fraud cases in U.S. history has filed a lawsuit against the accounting giant alleging that KPMG owes him $30 million in attorney fees, lost wages and future earnings.
Source: L.A. Times - Business | 3 Oct 2009 | 1:00 am Bank of America CEO Ken Lewis' exit kitty: $68.8 millionHe accumulated that sum over 40 years of work at the bank and predecessor companies.Bank of America Corp. owes Kenneth D. Lewis, who is quitting as its chief executive at year's end, $68.8 million on his way out the door.
Source: L.A. Times - Business | 3 Oct 2009 | 1:00 am Recovery story still plays on Wall St.Millions of Americans will no doubt see the government's grim report on September employment as confirmation that the "economic recovery" is a mirage.
Source: L.A. Times - Business | 3 Oct 2009 | 1:00 am David Letterman affair is no jokeThe talk show host's revelation that he had relationships with female employees sparks impassioned discussion about hypocrisy and sex in the workplace.David Letterman has milked plenty of sex scandals for laughs. But it remains to be seen whether the CBS comic's admission Thursday that he had sexual liaisons with female employees while he was involved with his now-wife, the mother of his 5-year-old son, will fade away with a few late-night punch lines.
Source: L.A. Times - Business | 3 Oct 2009 | 1:00 am After cutting back flights, airlines may soon hike faresPent-up passenger demand and reduced capacity could boost U.S. ticket prices 7%, a report says. With summer over...Source: RSS feed - channel BNPaperBusiness | 3 Oct 2009 | 1:00 am Plug-in Prius is slated to come to U.S. market by 2012It is the first time Toyota has set a date for a battery-powered version of its hybrid. Toyota Motor Corp. has...Source: RSS feed - channel BNPaperBusiness | 3 Oct 2009 | 1:00 am Unemployment rate rises to 9.8% as employers cut more jobs than expectedA net 263,000 jobs were eliminated in September, pushing the jobless rate to a 26-year high. The rate of unemployment plus underemployment -- representing workers whose hours were cut back -- is 17%.The nation's unemployment rate edged closer to double digits in September but only began to reflect the miserable reality confronting America's workforce.
Source: L.A. Times - Business | 3 Oct 2009 | 1:00 am Botox maker Allergan seeks to lift U.S. ban on marketing unapproved usesAllergan Inc., maker of wrinkle treatment Botox, is challenging the government's ban on marketing off-label uses for pharmaceuticals.Source: RSS feed - channel BNPaperBusiness | 3 Oct 2009 | 1:00 am Blackstone Group may buy SeaWorld in San DiegoThe private equity firm reportedly is closing in on a deal to acquire 10 theme parks owned and operated by Anheuser-Busch InBev. ...Source: RSS feed - channel BNPaperBusiness | 3 Oct 2009 | 1:00 am Bank of America CEO Ken Lewis' exit kitty: $68.8 millionHe accumulated that sum over 40 years of work at the bank and predecessor companies. Bank of America Corp. owes...Source: RSS feed - channel BNPaperBusiness | 3 Oct 2009 | 1:00 am 4 Madoff relatives are sued by trustee for nearly $200 millionThe official liquidating the swindler's assets says Bernard Madoff's brother, two sons and a niece knew about the Ponzi scheme or should have known about it. He seeks to recover money for victims. ...Source: RSS feed - channel BNPaperBusiness | 3 Oct 2009 | 1:00 am David Letterman affair is no jokeThe talk show host's revelation that he had relationships with female employees sparks impassioned discussion about hypocrisy and sex in the workplace. ...Source: RSS feed - channel BNPaperBusiness | 3 Oct 2009 | 1:00 am China's Tengzhong to reach Hummer deal in "days": reportHONG KONG (Reuters) - China's Sichuan Tengzhong Heavy Industrial Machinery is poised to complete its purchase of General Motor Corp's Hummer division within days, the South China Morning...Source: RSS feed - channel BNewsBusiness | 2 Oct 2009 | 11:06 pm China's Tengzhong to reach Hummer deal in "days": reportHONG KONG (Reuters) - China's Sichuan Tengzhong Heavy Industrial Machinery is poised to complete its purchase of General Motor Corp's Hummer division within days, the South China Morning Post reported on Saturday.Source: Reuters: Business News | 2 Oct 2009 | 11:06 pm China's Tengzhong to reach Hummer deal in "days": report (Reuters)Reuters - China's Sichuan Tengzhong Heavy Industrial Machinery is poised to complete its purchase of General Motor Corp's Hummer division within days, the South China Morning Post reported on Saturday.Source: Yahoo! News: Business | 2 Oct 2009 | 11:06 pm China's Tengzhong to reach Hummer deal in "days"-paperHONG KONG, Oct 3 (Reuters) - China's Sichuan Tengzhong Heavy Industrial Machinery is poised to complete its purchase of General Motor Corp's Hummer division within days, the South China Morning Post reported...Source: RSS feed - channel BNewsBusiness | 2 Oct 2009 | 11:04 pm LPGA event loses Samsung sponsorshipSamsung has dropped out as a sponsor for the LPGA's World Championship after 14 years as the tournament's title sponsor, the tour announced. One day after State Farm renewed its support...Source: RSS feed - channel BNewsBusiness | 2 Oct 2009 | 10:41 pm Customers 'blamed for card fraud'Victims of card fraud where a Pin number is used are increasingly being blamed by banks for being careless, consumer groups say.Source: BBC News | Business | World Edition | 2 Oct 2009 | 10:05 pm Market Snapshot: U.S. stocks await the earnings cavalryInvestors, who have turned more cautious about the U.S. economy, will turn to next week’s kickoff of earnings season full of hope that market expectations have been taken down enough to help stocks return to their winning ways.
Source: MarketWatch.com - Top Stories | 2 Oct 2009 | 10:01 pm October 3, 2008 (Friday): Bailout Bill Becomes Law; AIG Burns Through LoanBailout BlissAfter rejecting an earlier version of the $700 billion bailout bill on Monday, the House of Representatives changes course today and approves the plan. Having spent most of the week lobbying for it, President Bush immediately signs the bill into law. Monday’s stock market drop after the House’s first rejection convinced lawmakers that more damage awaited if the bill collapsed. (For more on this news, click here, here and here.) AIG AngstThe troubled insurance giant American International Group says it has already used $61 billion of an $85 billion emergency loan from the Fed. The company plans to sell off most of its assets in order to pay the debt, but it has used the loan more quickly than anticipated. In a conference call with analysts, Edward Liddy, the company’s CEO, calls the question of what’s needed for AIG to pay back the Fed and remain sufficiently capitalized “a Rubik’s cube.” (For more on this news, click here, here and here.) Vanishing ActThe Department of Labor reports a ninth straight month of job losses today, with September taking the prize. The economy shed 159,000 jobs in September 2008, the most of any month since March 2003. 2008 has seen 760,000 jobs disappear so far, and the latest figures indicate that the economy and employment outlook will remain harsh well into 2009. (For more on this news, click here and here.) SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
Source: SmartMoney.com | 2 Oct 2009 | 10:00 pm Avcorp amends operating lines of creditCommon Stock Listed Toronto Trading Symbol: AVP VANCOUVER, Oct. 2 /PRNewswire-FirstCall/ - Avcorp Industries Inc. ("Avcorp" or the...Source: RSS feed - channel BNewsBusiness | 2 Oct 2009 | 8:24 pm Bank failure tally tops 98 in 2009Three regional banks were closed by regulators on Friday evening, bringing the 2009 tally to 97.Source: Business and financial news - CNNMoney.com | 2 Oct 2009 | 7:39 pm Happy birthday TARP: $200B is on usTaxpayers stand to lose between $100 billion and $200 billion on TARP -- Treasury's $700 billion financial market bailout.Source: Business and financial news - CNNMoney.com | 2 Oct 2009 | 7:29 pm Stanford U. looking to sell $1 billion in assets: reportNEW YORK (Reuters) - Stanford University is looking to sell as much as $1 billion worth of investments including private equity investments, real estate and timberlands, the Wall Street Journal reported, citing unnamed people familiar with the matter.Source: Reuters: Business News | 2 Oct 2009 | 7:26 pm Comcast, GE value NBCU deal at $30 billion: source (Reuters)
Source: Yahoo! News: Business | 2 Oct 2009 | 7:24 pm Comcast, GE value NBCU deal at $30 billion: sourceNEW YORK (Reuters) - General Electric Co and Comcast Corp, working on a deal to spin off GE's NBC Universal, have valued it at $30 billion, including $9 billion of debt, a source close to the talks told Reuters on Friday.Source: Reuters: Business News | 2 Oct 2009 | 7:24 pm Three more U.S. banks closed, nearly 100 for yearWASHINGTON (Reuters) - Three U.S. banks failed on Friday, bringing the total to 98 this year, as regulators continue to shutter financial institutions that are overwhelmed by bad loans and liquidity problems.Source: Reuters: Business News | 2 Oct 2009 | 7:15 pm iPhone sales could doubleSource: Business and financial news - CNNMoney.com | 2 Oct 2009 | 7:10 pm U.S. magazines plan online newsstand, led by TimeTORONTO (Reuters) - Time Inc is gathering U.S. magazine publishers to start a jointly run digital newsstand next year that would deliver their titles to mobile devices like increasingly...Source: RSS feed - channel BNewsBusiness | 2 Oct 2009 | 7:06 pm Stocks slide for second weekStocks meandered Friday, at the end of a second straight week of losses, as investors worried that a worse-than-expected jobs report was further evidence that the rally has gotten ahead of the recovery.Source: Business and financial news - CNNMoney.com | 2 Oct 2009 | 7:00 pm Improved revenue could boost U.S. earningsNEW YORK (Reuters) - If the stock market bulls are right, U.S. third-quarter corporate earnings could show revenue kicked into gear after some disappointing numbers last quarter, sustaining the rally.Source: Reuters: Business News | 2 Oct 2009 | 6:59 pm Improved revenue could boost U.S. earningsNEW YORK (Reuters) - If the stock market bulls are right, U.S. third-quarter corporate earnings could show revenue kicked into gear after some disappointing numbers last quarter, sustainingSource: RSS feed - channel BNewsBusiness | 2 Oct 2009 | 6:59 pm Improved revenue could boost U.S. earnings (Reuters)Reuters - If the stock market bulls are right, U.S. third-quarter corporate earnings could show revenue kicked into gear after some disappointing numbers last quarter, sustaining the rally.Source: Yahoo! News: Business | 2 Oct 2009 | 6:59 pm 3 more bank failures bring 2009 total to 98Three more banks are closed by regulators, bringing the number of U.S. bank failures this year to 98.
Source: MarketWatch.com - Top Stories | 2 Oct 2009 | 6:56 pm Harvard Business School Professor Bill George to Deliver Opening Address at the World Business ForumMINNEAPOLIS, Oct. 2 /PRNewswire/ -- Leadership guru and best-selling author Bill George will be the opening speaker among a stellar line-up of global business icons and...Source: RSS feed - channel BNewsBusiness | 2 Oct 2009 | 6:54 pm Regulators close banks in Colorado, Mich., Minn.Regulators have shut Warren Bank in Warren, Mich., and two small banks in Colorado and Minnesota, boosting the number of failed U.S. banks this year to 98 as loan defaults rise in the worstSource: RSS feed - channel BNewsBusiness | 2 Oct 2009 | 6:52 pm Can real-estate stocks continue march higher?Real estate investment trusts have doubled since early March despite persistent warnings from the Federal Reserve and economists that commercial real estate could be the next big shoe to drop in the financial crisis after the residential housing bust.
Source: MarketWatch.com - Top Stories | 2 Oct 2009 | 6:27 pm Chicago loses Olympic bid to RioChicago lost its bid to host the 2016 Summer Olympics Friday to Rio de Janeiro, Brazil.Source: Business and financial news - CNNMoney.com | 2 Oct 2009 | 6:18 pm Competitors submit final bids for Brazil jet contractThree competing firms have submitted their final bids for a coverted multi-billion-dollar contract to sell Brazil 36 high performance fighter aircraft, the Brazilian Air Force said. The...Source: RSS feed - channel BNewsBusiness | 2 Oct 2009 | 6:16 pm Stocks to Watch: Stocks in focus for MondayAmong the companies whose shares are expected to see active trading in Monday's session are Mosaic Co., RPM International Inc., and Blackstone Group LP.
Source: MarketWatch.com - Top Stories | 2 Oct 2009 | 6:11 pm Lawmakers call for internet gambling rules to be delayedUS lawmakers have urged regulators to delay by a year financial rules that would enforce the ban on internet gambling, due to be implemented from the start of December. Enforcing the rules in two months’ time would put an unreasonable burden on regulators and the financial services industry at a time of economic crisis, said the lawmakers, in a letter to the Treasury Department and the Federal Reserve. The bill, which has cost European Internet gambling companies billions of Euros, prevents firms from accepting credit cards, cheques and electronic fund transfer payments in connection with any any "unlawful" internet gambling. Congress passed the anti-gambling legislation in 2006, when Republicans still controlled both the House and the Senate. However, the Bill did not define which types of gambling were illegal. The Treasury and Federal Reserve expressed concern a year ago that they were struggling to understand exactly what was unlawful. For example, the bill still allowed online horserace betting permissible under the Interstate Horseracing Act of 1978. The group, led by Barney Frank, the US House Financial Services Committee Chairman, said in a letter that the law enacting the new rules is "flawed" and said the House is likely to move legislation that would officially delay the rules until December 2010. "We also believe this is an unreasonable burden on regulators and the financial services industry at a time of economic crisis," the letter signed by 19 lawmakers said. Source: Latest Business News from Times Online | 2 Oct 2009 | 6:01 pm Tempus: renewables have a fair wind behind themThe Copenhagen summit on climate change is still two months away, but renewable energy stocks have already got the wind behind them. Source: Latest Business News from Times Online | 2 Oct 2009 | 6:01 pm Foreign retailers stop West End shutters fallingThe number of empty shops in London’s West End has fallen during the credit crunch, even while the shutters were coming down elsewhere. Source: Latest Business News from Times Online | 2 Oct 2009 | 6:01 pm Sugar’s team-mate nets £2.6m in Powerleague saleClaude Littner, a close friend of Lord Sugar and a regular on his television series The Apprentice, will collect £2.6 million for his stake in Powerleague after Britain’s biggest operator of five-a-side football centres agreed a £42.5 million takeover. Source: Latest Business News from Times Online | 2 Oct 2009 | 6:01 pm IMF's Strauss-Kahn puts bank tax on the agendaMinisters and bankers gathering in Istanbul this weekend for the IMF/G7 meetings are expected to discuss plans to co-ordinate the removal of blanket government guarantees of banks. Source: Latest Business News from Times Online | 2 Oct 2009 | 6:01 pm Big shot of the week: will Bishop be parachuted into ITV?If he succeeds to the chair of ITV, Sir Michael Bishop will be a popular choice at the company. He is fondly regarded in television circles for saving Channel 4, where he was chairman, from privatisation in the dying days of the Major administration. Source: Latest Business News from Times Online | 2 Oct 2009 | 6:01 pm House prices back at pre-Lehman levels, but agents remain cautiousHouse prices have rebounded to their level of September last year, before the global financial crisis took its catastrophic turn. Source: Latest Business News from Times Online | 2 Oct 2009 | 6:01 pm No comparing with KowloonFor mainland China’s 100 billionaires, there is a new status symbol — a house in the English shires. The usually gossipy country house trade is staying tight-lipped about which Chinese entrepreneur is buying what — although some estate agencies concede that staff are busy learning Mandarin. Source: Latest Business News from Times Online | 2 Oct 2009 | 6:01 pm Tesco wins a concession, but competition test for supermarkets moves a step closerThe competition watchdog has formally recommended a test that would make it harder for dominant supermarket chains to open new stores, in spite of fierce opposition from Tesco. Source: Latest Business News from Times Online | 2 Oct 2009 | 6:01 pm SABMiller and Heineken get a thirst for FemsaThe consolidation of the global beer market looks set to gather pace after Femsa, the Mexican drinks group behind the Sol and Dos Equis beer brands, confirmed that it was in talks with potential suitors, thought to include SABMiller and Heineken, over its beer business. Source: Latest Business News from Times Online | 2 Oct 2009 | 6:01 pm After Hours: UNG, Michigan lender on move after hoursA handful of banks are among the most active movers in the after-hours trading session.
Source: MarketWatch.com - Top Stories | 2 Oct 2009 | 5:25 pm Acampora Likes Asset Allocation Flexibility of ETFs: AudioSource: Bloomberg - All Podcasts | 2 Oct 2009 | 5:20 pm Trustee sues Madoff’s family for $199mBernard Madoff’s two sons, brother and niece were sued for nearly $200m and accused of operating the former broker’s business as a ‘family piggy bank’ by the trustee seeking to recover money for his victimsSource: Financial Times - US homepage | 2 Oct 2009 | 5:20 pm U.S. Treasury set to finalize home "short sales" plan (Reuters)Reuters - The U.S. Treasury will soon finalize a plan to expand its incentives for mortgage companies to include "short sales" as a way to stem a rising tide of foreclosures, according to a Treasury spokeswoman.Source: Yahoo! News: Business | 2 Oct 2009 | 5:13 pm Stocks may hit earnings speed bumps (Reuters)
Source: Yahoo! News: Business | 2 Oct 2009 | 5:07 pm Stocks may hit earnings speed bumpsNEW YORK (Reuters) - Stocks could hit more speed bumps next week if the start of the third-quarter earnings season offers little evidence that the economic recovery is gaining strength.Source: Reuters: Business News | 2 Oct 2009 | 5:07 pm Stocks may hit earnings speed bumps (Reuters)
Source: Yahoo! News: Stock Markets News | 2 Oct 2009 | 5:07 pm Madoff relatives sued for $199 millionThe court-appointed trustee liquidating Bernard Madoff's business filed a $199 million lawsuit against four of his family members on Friday.Source: Business and financial news - CNNMoney.com | 2 Oct 2009 | 5:04 pm More Money : Unemployment hits singles hardSource: Business and financial news - CNNMoney.com | 2 Oct 2009 | 5:01 pm SEC, CFTC Could Ban âAbusive Swapsâ Under Frank Bill (Bloomberg)Bloomberg - Oct. 2 (Bloomberg) -- House Financial Services Committee Chairman Barney Frank would give regulators authority to ban âabusive swapsâ under legislation to revamp oversight of the over-the-counter derivatives marketSource: Yahoo! News: Stock Markets News | 2 Oct 2009 | 4:54 pm Weekend Investor: Stock funds may have already made the easy moneyAs the fourth quarter gets under way, the overarching concern for fund managers is the lack of robust sales to support earnings.
Source: MarketWatch.com - Top Stories | 2 Oct 2009 | 4:45 pm U.S. jobless rate hits 26-year high of 9.8 percentWASHINGTON (Reuters) - U.S. employers unexpectedly cut more jobs in September than in August, underscoring the fragility of the economy's recovery from its worst recession in 70 years as businesses remain cautious about the future.Source: Reuters: Business News | 2 Oct 2009 | 4:43 pm Latin American Markets: Brazilian stocks join in Olympics celebrationBrazilian stock traders join in the festive mood that took hold of the country after it won a bid to host the 2016 Olympics, sending the benchmark equity index up over 1%.
Source: MarketWatch.com - Top Stories | 2 Oct 2009 | 4:39 pm Magazine publishers plan digital storeTime Inc is leading an industry-wide joint venture to create a digital store for magazines as a way for publishers to avoid surrendering their digital future to the likes of Amazon.com or AppleSource: Financial Times - US homepage | 2 Oct 2009 | 4:38 pm Blackstone near deal to buy theme parks: sourcesPHILADELPHIA/NEW YORK (Reuters) - Private equity firm Blackstone Group is in talks to buy Anheuser-Busch InBev NV's theme parks, and a deal could be reached as early as next week, sources familiar with the situation said on Friday.Source: Reuters: Business News | 2 Oct 2009 | 4:30 pm Bernard Madoff relatives sued over claims of 198m spendingThe liquidator of Bernard Madoff's estate is suing the convicted US fraudster's brother sons and niece over claims they spent 198.7m £124.6m of his victims' money.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Oct 2009 | 4:27 pm Mutual Understanding: Emerging markets rally may have passedWhile investors in U.S.-focused mutual funds have enjoyed bumper returns as the market recovers, investors in international funds have seen even larger gains.
Source: MarketWatch.com - Top Stories | 2 Oct 2009 | 4:20 pm Stocks fall following disappointing jobs report (AP)
Source: Yahoo! News: Stock Markets News | 2 Oct 2009 | 4:18 pm High-yield, emerging-market funds lead bond rallyDuring a quarter that marked the one-year anniversary of Wall Street’s washout, investors shrugged off painful historical reminders and stuck with riskier investment categories such as high-yield corporate bond funds.
Source: MarketWatch.com - Top Stories | 2 Oct 2009 | 4:17 pm Write-Offs: 10.02.09$$$ Australia tries to keep its win streak intact. [WSJ] $$$ CIT bondholders pass the hat and $6 billion may appear by next week. [Bloomberg] $$$ Accounting and securities violations at Icelandic banks? Can it be? [Telegraph.go.uk] $$$ Senior citizen was quite active fleecing people of $200 million. [Bloomberg] $$$ Job of the Week: Macquarie needs an Equity Research Associate. You. [DBCC]
 Sponsored Topics: Bloomberg LP - Wall Street Journal - Bloomberg - Security - Australia Source: Dealbreaker | 2 Oct 2009 | 4:11 pm How the major stock indexes fared on Friday (AP)AP - Investors retreated further from stocks Friday as the pile of disappointing economic reports grew larger. A modest slide left stocks lower for a second week, the first consecutive drop since July. The Dow Jones industrial average fell for a fourth day, losing 22 points one day after sliding 203 on reports of weak manufacturing and a jump in claims for jobless benefits.Source: Yahoo! News: Stock Markets News | 2 Oct 2009 | 4:06 pm Three Fleet veterans in BofA search panelBank of America set up a six-person committee, with a distinctly New England flavour, to identify a new chief executive. Three members come from Fleet Financial Group, the Boston bank acquired by BofA in 2004Source: Financial Times - US homepage | 2 Oct 2009 | 3:57 pm BofA's CEO search panel heavy on Fleet veteransNEW YORK (Reuters) - Bank of America Corp's six-member CEO search committee includes three former directors of FleetBoston Financial Corp, a sign the bank's "Boston connection" may take a stronger role in setting future strategy.Source: Reuters: Business News | 2 Oct 2009 | 3:54 pm U.S. jobless rate hits 26-year high of 9.8 percent (Reuters)
Source: Yahoo! News: Business | 2 Oct 2009 | 3:52 pm Moffett on Comcast, NBC; Buckingham on Value Investing: AudioSource: Bloomberg - All Podcasts | 2 Oct 2009 | 3:47 pm Wall Street dips on weak jobs, factory data (Reuters)
Source: Yahoo! News: Stock Markets News | 2 Oct 2009 | 3:45 pm Amazon Agrees To Pay $150,000 for Deleting E-Books (NewsFactor)NewsFactor - Nearly two months after being sued for removing electronic books from Kindle owners' devices without their knowledge, Amazon has agreed to a settlement. The Internet retailer will pony up $150,000 to settle the class-action suit.Source: Yahoo! News: Business | 2 Oct 2009 | 3:04 pm US job losses hit recovery hopesInvestor confidence in the global economy was knocked by evidence that the US continues to haemorrhage jobsSource: Financial Times - US homepage | 2 Oct 2009 | 2:52 pm Twitter CEO's loft a 'steal' at $1.5 millionLate Thursday afternoon Twitter CEO Evan Williams tweeted "Buy my loft...It's a steal!" And with that, the listing went viral.Source: Business and financial news - CNNMoney.com | 2 Oct 2009 | 2:45 pm Obama calls jobless rate 'sobering'Employers cut more jobs from their payrolls in September, as the long-battered U.S. labor market took an unexpected turn for the worse, according to a government report Friday.Source: Business and financial news - CNNMoney.com | 2 Oct 2009 | 2:44 pm We're broke ... time for a new taxPresident Obama has been steadfast in his pledge that he won't raise taxes on those making less than $250,000.Source: Business and financial news - CNNMoney.com | 2 Oct 2009 | 2:40 pm CIT debt swap could cost U.S. more than $1.8 billionNEW YORK (Reuters) - If CIT Group exchanges its debt under an offer aimed at averting a bankruptcy filing, the U.S. government could lose nearly 80 percent of its $2.33 billion investment in the troubled commercial lender.Source: Reuters: Business News | 2 Oct 2009 | 2:30 pm 52-Week High ClubPepsi Bottling Group (NYSE: PBG) hit a yearly high of $37.37 today after PepsiCo (NYSE: PEP) filed a proxy indicating it would complete its acquisition of Pepsi Bottling Group regardless of market conditions. Garrett W. McIntyre Posted in Food Tagged: PBG, PEP[[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Oct 2009 | 2:29 pm Andy And Mark Madoff Sued On Grounds That They Are Complete Morons
The complaint does not accuse the family members of participating in the Ponzi scheme -- indeed, lawyers for all four have repeatedly insisted that their clients had no inkling about the fraud until Mr. Madoff confessed to his sons in December, prompting them to turn him in to the federal authorities.
Sponsored Topics: Fraud - Bernard Madoff - Ponzi scheme - Investment - Law Source: Dealbreaker | 2 Oct 2009 | 2:27 pm London's Evening Standard to become free paperLondon's Evening Standard has announced plans to scrap its 50p cover price and become a free newspaper sacrificing £12m in revenue for a wider circulation.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Oct 2009 | 2:14 pm Crisis bookends life of G7The Group of Seven, a body born in crisis, is set, 37 years on, to die in crisis. It will enjoy a last hurrah next year before its meetings and bland statements are consigned to historySource: Financial Times - US homepage | 2 Oct 2009 | 2:08 pm Almost Time To Check The Government's Arithmetic
Sponsored Topics: Joe Biden - United States Department of Labor - Labor Department - United States - Honor system Source: Dealbreaker | 2 Oct 2009 | 2:07 pm BarCap Comp Drama Even Worse We ThoughtSeriously, Bob Diamond, what kind of bucket shop are you running over there? You cannot get people's hopes up like this. I'm telling you, these junior rainmakers have options. They will walk if you don't make this right. The conference call on which HR told us 1st 2nd and 3rd year s/t analysts that we were getting shafted? Laughable fiasco. They held the same call last week with bankers to tell them about the raise. So everyone in s/t was expecting the same on our call this week. HR also wouldn't explain a thing. Major foul-up.
Sponsored Topics: Conference call - Hessischer Rundfunk - Conferences - Social Sciences - Archaeology Source: Dealbreaker | 2 Oct 2009 | 1:48 pm Presented By:Source: Dealbreaker | 2 Oct 2009 | 1:48 pm World Bank could run out of money 'within 12 months'President Robert Zoellick launches major campaign secure funding from rich nations as financial crisis sees bank's coffers running dry.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Oct 2009 | 1:36 pm Hargreave Hale broker won't go underground on tube faresCity broker George Finlay certainly has a lot of say. The director and major shareholder of brokerage Hargreave Hale popped up on the BBC London News recently in a "man on the street" interview about commuters facing rises in tube fares.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Oct 2009 | 1:24 pm SFO's determination to shoot down BAE is not costeffective justiceThe Serious Fraud Office SFO is right to pursue BAE Systems for past offences but not at any cost. Dragging itself the Government and BAE through the courts for years to try to prove its case is too risky.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Oct 2009 | 1:11 pm IMF is right to make us save for rainy daysHaving abolished booms Gordon Brown is already halfway to achieving his longheld aim of no return to boom and bust. Admittedly the latter half of the project is looking beyond him but 10 out of 10 for the work so far.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Oct 2009 | 1:08 pm Spallanzani Likes ETFs for Diversification: AudioSource: Bloomberg - All Podcasts | 2 Oct 2009 | 1:00 pm A look at economic developments around the globe (AP)AP - A look at economic developments and activity in major stock markets around the world Friday:Source: Yahoo! News: Stock Markets News | 2 Oct 2009 | 12:59 pm GE in talks over NBC spinoffGeneral Electric has confirmed it is in talks about spinning off its NBC Universal film and television arm.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Oct 2009 | 12:56 pm France warns US on deal with IranFrance is anxious about the Obama administration’s pursuit of a deal on Iran’s nuclear programme, warning that the US must not allow Tehran to expand its uranium enrichment without facing fresh sanctions.Source: Financial Times - US homepage | 2 Oct 2009 | 12:44 pm FTSE slips below 5000 on gloomy US jobs dataFears that the global economic recovery may not be as rapid as first thought triggered a share selloff in London as investors grew concerned about the state of the US unemployment market after worsethanexpected numbers.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Oct 2009 | 12:42 pm EDF starts €4bn auction for UK electricity armBritain's biggest electricity network has officially been put up for sale in an auction that is already attracting a list of foreign buyers.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Oct 2009 | 12:38 pm EU may force BA to drop routes to secure Oneworld allianceBritish Airways could be forced to drop certain routes and relinquish takeoff and landing slots at Heathrow to get its proposed transatlantic tieup with American Airlines and Spain's Iberia airborne.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 2 Oct 2009 | 12:30 pm IMF Wants To Play Global Savior
So now we're going to have the IMF there to cushion the world from another near economic meltdown. It's a simple as that. Problem solved. What could possibly go wrong?
Sponsored Topics: Dominique Strauss-Kahn - International Monetary Fund - Economic - International - Bretton Woods Institutions Source: Dealbreaker | 2 Oct 2009 | 12:30 pm Allen Stanford Suffers Another Blow, George Soros Not So MuchThis one didn't come at the hands of a fellow inmate but everyone on the inside would be wise to stay out of Sir Stan's way to today, as odds are he is in a mood. One word-- and I mean one!-- and you're gonna get punched in the mouth. We knew this was coming but no one could've prepared us for what it would feel like to see that Stanford, officially, was not named one of the Forbes 400. The incarcerated Ponzier told ABC in April that what's been so upsetting to him through this entire ordeal of being accused of fraud is not the going to prison part (it's actually not that bad), not the dragging of his name through the mud, and not the loss of his investors' trust. What really chafes-- and what brought him to tears at the time and probably still now-- is that the actions taken by the SEC "deprived" him of being publicly recognized as one of the richest guys in the world. So what you can do right now, Mary Schapiro, is go to hell. Go to hell and die. And yet! We are pleased to a whole bunch of our favorite money managers made the cut! Despite many of them taking it up the tailpipe last year, they were able to pull through, which brings us immesurable joy. Hopefully their investors can "big picture" it and see things the same way, particularly those in Kensington and Wellington. It's not all about you. Just be happy for him. Lastly, we're told PTJ has decided that this achievement will be the thing that finally gets him to make his fantasy of fucking on a bed of fried chicken* a reality. There's no other way to properly celebrate. Sign up now.
*Or should it be a handy in the bathroom of the Norwalk KFC (his prefered location)? I couldn't decide.
Sponsored Topics: Mary Schapiro - US Securities and Exchange Commission - Allen Stanford - Business - Prison Source: Dealbreaker | 2 Oct 2009 | 12:29 pm Bankers warn on regulation’s threat to growthA deluge of financial regulations threatens to harm economic growth, one of the world’s top bankers said, in what appeared to be the start of a concerted fightback by the industry against feared regulatory overkillSource: Financial Times - US homepage | 2 Oct 2009 | 12:23 pm This Week’s Links10 secret items on fast food restaurants’ menus. Dr. Salary is PayScale’s engaging blog about, well, pay and salaries. The Homeowner Toolbox is handy if you’re interested in modifying your loan–without paying anyone to do it for you. Credit Slips on why credit card issuers engage in rate jacking. Slate covers the business of being a dentist.
Source: Business Pundit | 2 Oct 2009 | 12:16 pm Podcast: Capitalism Just Keeps Churning
Guido Westerwelle, left, leader of Germany's Free Democratic Party, celebrates victory with his boyfriend, Michael Mronz, after last month's elections.(Joern Pollex/Getty Images) On today's Planet Money: During the Great Depression, people began ditching capitalism for ideologies like communism or socialism. That hasn't happened during the Great Recession, despite people saying that capitalism's flaws are on full display. Socialist parties have been losing ground across Europe. In Germany, for example, the Socialist Democratic Party just made its poorest showing in elections since World War II. Eurasia Group's David Gordon says the political right is doing well in Europe these days because it has co-opted issues that traditionally belonged to the left. Where the left remains popular, as it does in Latin America, successful politicians have moved to the right. Meanwhile, he argues, the left lacks a compelling narrative about what caused the economic crisis. Bonus: The job market is not your fault. Download the podcast; or subscribe. Intro music: Muse's "Uprising." Find us: Twitter/ Facebook/ Flickr. Maureen Flaherty writes that she has joined the crowd of people laid off for longer than 27 weeks. She says she's glad to see the big picture about the economy: The job hunt is just going nowhere, because I am determined on staying in my field, but I am less discouraged knowing what is driving the employment stagnation. I actually got laid off from the green building industry with 5 years of experience. This is one of the allegedly booming sectors, but nobody actually has any money to hire new people, even with my level of experience and knowledge. I go to lots of industry-specific networking events, though usually I find that more than half of the attendees are either under- or unemployed. Lately, talk at these events focuses on where the money has gone. Inevitably (and not always me), someone brings up credit markets and commercial paper and why the * no company seems to have re-acquired the line of credit that they need to make their business go again. We used to talk about forest management, timber certification schemes and locally manufactured eco-paints Now we talk about lending. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Oct 2009 | 12:08 pm Oil drops by 2% on US jobs dataOil prices have fallen more than 2% to about $69 a barrel after US data raised doubts about the speed of global recovery.Source: BBC News | Business | World Edition | 2 Oct 2009 | 11:53 am Chicago Avoids Fiscal Crisis
Sponsored Topics: Chicago - International Olympic Committee - 2016 Summer Olympics - United States - 2016 Olympics Source: Dealbreaker | 2 Oct 2009 | 11:50 am How the Mighty Have Fallen: Big Business PR Hall of Shame
We all know the names, we see them every day in our newspapers, magazines, TV commercials and even on billboards. We buy their products at the grocery store, mall, music shop, garage, and even pay them tribute in tithings. There is at least one product in our homes either marketed or in some way related to one of these ubiquitous names, and yet it happens so transparently we hardly notice. In America especially, fast food has been a part of normal every-day life, so much so that each and every establishment melts into the background so uniformly that we only notice the absence of them. It seems this is simply how a capitalistic society works, it’s ingrained in our culture and we know nothing else. These circumstances make it all the more potent when one of these iconic figures of our ironically institution-friendly lives suddenly plummets from respect and trust into calamity. From the horrors of environmental disaster to the paranoia of poisoned food, all the way to the darkest reaches of child molestation, it’s the very foundations of our society in which we’ve placed so much complacent trust that can hurt us the most. These pillars of the business world show just how far the Mighty can fall.
The Collapse of EnronEnron was an American energy company based in Houston, TX as one of the world’s leading electricity, natural gas, pulp and paper, and communications giants. Named “America’s Most Innovative Company” by Fortune for six consecutive years, with 22,000 employed, Enron claimed nearly $101 billion in revenue in 2000 alone. About 15,000 employees held 62% of their savings in Enron stock, purchased at $83.13, not foreseeing the plummet to a miserable $0.10 in October 2001. Their downfall began during a recorded conference call on April 17, 2001, when Wall Street analyst Richard Grubman questioned Enron’s unorthodox accounting applications. Enron, as it turned out, was the only company that could not produce a balance sheet along with its earnings statements. Not only were their top dogs immensely compensated using stock options, racking up a plethora of financial crimes including bank fraud, securities fraud, wire fraud, money laundering, conspiracy and insider trading, but cost stock holders at least $11 billion after filing bankruptcy in 2001. Kenneth Lay and Jeffery Skillings, former CEOs, went on trial in January 2006; Skilling sentenced to 24 years, and Lay dying before he could be sentenced. Not only was the company itself destroyed in the process, but every one of its peers and business contacts came under harsh scrutiny from numerous government agencies, and public trust in the entire industry was irreparably damaged. The Exxon ValdezJoseph Jeffery Hazelwood was piloting the Exxon Valdez March 24, 1989 when it struck the Bligh Reef in the Prince William Sound, just off the Alaskan Coast. What followed would forever be known as one of the most devastating maritime environmental disasters in the history of humanity. 10.8 million gallons of Prudhoe Bay crude oil poured into the sea, eventually covering 11,000 square miles of ocean, destroying all at once the seabird, salmon, sea otter, and seal habitats in a Disney movie style of Armageddon. Although it didn’t rank as top on the list of world’s largest oil spills in volume released, the Prince William Sound’s remote location made response efforts difficult as it was only accessible by helicopter and boat, severely hampering efforts of damage-control. The spill caused the complete collapse of local marine life, which in turn crippled the local economy. The town of Cordova, AK, was effectively brought to its knees, as their assets were based on the health of the fisheries. The salmon population eventually returned in 1996, though the Pacific Herring population has never recovered, and several locals suffered a similar fate – the former mayor of Cordova took his own life in the wake of the spill. AIGThe American International Group, Inc. is an American insurance corporation which first suffered from crisis back in September 2008 when its credit ratings were downgraded to “Below AA” levels. Without attempting to dive into the economics that lurk the background in the chain of events that caused this, in the end their stocks fell 95%. In order to remain solvent, they needed some way to meet augmented collateral obligations due to the hiccup, so the US Federal Reserve Bank stepped in on September 16, 2008 to inject $85 billion. The move drew fire from millions of tax-payers and even though it averted a crisis that would have completely de-stabilized our economy(further than some say it is now). Of course, Uncle Sam had to get something out of it: a nice chunk of stock for 79.9% of AIG’s equity, leading to cries that the move heralds flat-out Nationalization in America, the equivalent to hoisting the Hammer and Sickle over Wall Street. Now the general public won’t touch the company with a 12-foot pole, investing in its stock feels not only like a waste of time, but leaves a bad taste the mouths of potential investors. Jack in the Box, Taco Bell, Peanuts and HellAs consumers, we put our trust in the people and companies that handle our food; we have to, because we’re not about to make it for ourselves all the time. Despite this, we got our wake-up call back in 1993, when four children died and 600 others became ill in Seattle and the Pacific Northwest, as well as areas in California, Idaho and Nevada after eating undercooked meat infected with E. coli from fast food chain Jack in the Box. At the time, it had been the deadliest E. coli outbreak to date. The consumer trust in the chain was completely broken, with mass closings both temporary and some even permanent. Millions of dollars in sales were lost as a result of this debacle, and not surprisingly, paid out in wrongful death lawsuits. Early December 2006 brought E. coli to the forefront of the news when a total of 71 food poisoning cases in five states were subsequently linked to Taco Bell. The origin of the E. coli was never pinpointed, and was debated to be sourced from either batches of their lettuce or green onions. An announcement was not immediately made, to the dismay of many critics, only due to concerns over “public reaction.” I guess an intestine-ravaging bacterium wasn’t that important to them, but the uncertainty caused a public scare that affected more than just Taco Bell. Many a grocery store’s produce section was left to rot as the populace shied away from potentially deadly sandwich and salad items. When a salmonella outbreak centered at the Peanut Corporation of America racked up a death toll of 9, with 637 cases of illness across 44 states and Canada back in January 2009, it caused a total recall of all peanut products. They provided U.S food makers with peanut butter and paste that were further distributed to long-term care facilities, universities, food service industries, and private label food companies in the United States, Canada, Haiti, Korea, and Trinidad. When the FDA investigated the PCA plants, they discovered a leaky roof, mold, roaches, rust that could flake into food, dead rodents and bird feathers. A virtual cesspool of disease. They were the subject of a federal criminal investigation for knowingly shipping these contaminated batches of product. As of February 13, 2009 the company has filed for bankruptcy, stating that the complete recall left them with no choice but to close shop. As for the rest of us, some people are still sketchy on whether to trust their PB and J or to just stick with Nutter Butter for now. McDonalds: Physical Burns and Mental ScarsWant some chicken head with that? First reported on November 30, 2000, a woman found a chicken’s head in her order of chicken wings at Mcdonald’s. Rumors circulated initially that it was fabricated, despite video evidence of the head, and whether or not it ended up holding true or not, a publicly broadcast video of someone finding a chicken head in their order is never good publicity for the people that served it. You can thank Stella Liebeck of Albuquerque, NM, for the three dozen warnings on hot coffee cups. Back in February 1992 she went with her son to order a few things from the drive-thru, including a nice cup of joe. She placed the cup between her legs and attempted to remove the plastic lid, and in doing so spilled the entire scalding contents onto her absorbent sweatpants. She suffered 3rd degree burns on her inner thighs, buttocks, genital and groin areas. She sought to settle her claim for $20,000, but McDonald’s arrogantly refused. Bear in mind; a burn hazard exists with any food substance that is served at 140 F or above, but McDonald’s held its coffee at a whopping 190 F… to “maintain optimum taste.” This wasn’t new information to McDonald’s though; there were more than 700 claims by burn victims of similar degree as Liebeck between 1982 and 1992. I guess that extra 50 degrees was worth Liebeck’s $160,000 in compensatory damages, and $480,000 in punitive damages. Now She’s lovin’ it. Martha Stewart: Crime BossMartha Stewart was named the third most powerful woman in America by Ladies Home Journal in 2001. Martha Stewart Living Omnimedia was her brainchild, a spanning corporate entity encompassing publishing, merchandising, and broadcasting under her house-marmy watchful eye. She was a stockholder in ImClone, a company that was developing a cancer drug that was rejected by the FDA. Stewart gained this intelligence before the public, and committed an illegal act of insider trading by selling her 4,000 shares due to the knowledge of the impending blow that ImClone was about to take at the markets immediately following the press release. In 2004 she was convicted of lying to investigators about the sale of stocks and served 5 months in prison. Her pure, Suzy-Homemaker image was seemingly damaged beyond all recognition, but she’s been working in ernest, managing a fairly strong comeback-campaign in 2005, with her company returning to profitability in 2006. People may still see her as viable, but she’s not the same icon she was before the fall. Now she and her company are compared to the likes of Paris Hilton, not Grandma’s Cookies. It’s Not Just You, Nobody’s Good Enough for Abercrombie & FitchIn 2002, a slew of new A&F shirts hit the shelves featuring caricatured faces with slanted eyes and rice-paddy hats and had people demanding public apology within days. One shirt carried the slogan, “Wong Brothers Laundry Service – Two Wongs Can Make it White.” Apparently they, “thought Asians would love the T-shirt.” At least, that’s what Hampton Carney, with Paul Wilmot Communications (the PR firm to where A&F referred queries) thought about it. The company was jolted into rethinking its approach when marketing to (and attempting to represent) racial and ethnic groups. Soon after, in 2003 and 2004, A&F paid a total of 42.2 million dollars to employees for reasons ranging from forcing them to buy Abercrombie clothes to settlements for discriminatory employment practices. On that note, in what is by far the single most disgusting display of discriminatory employment practices seen in recent memory, in June of 2009 Riam Dean stepped forward with her story. The young, attractive Briton enlightened the world on her banishment to the storeroom at the A&F store in London where she worked. People get rotated back to the storeroom at some point, surely, but she was administratively placed there for not fitting the “Look Policy.” Dean has a prosthetic forearm. She is currently suing the company. Ryder: Preferred by TerroristsIt’s a crass remark to make, surely, as the company Ryder itself has absolutely nothing to do with Terrorists, but when Timothy McVeigh and Terry Nichols rented a Ryder truck on April 19th, 1995 none of that would matter to the public. The truck was used to bomb the Alfred P. Murrah Federal Building in downtown Oklahoma City, OK. The attack left 168 persons dead, hundreds more injured, and millions of dollars in property damage. The attack was a massive blow to the national ethos and a bruised Ryder image was nothing compared to the losses the company took when nobody would rent from them. Sony: Just Plain Clueless“It’s probably too cheap,” spewed Sony Computer Entertainment chief Ken Kutaragi said in a May 2006 interview, referring to the PS3’s $600 price tag. “As with the PS and PS2, we believe people who like games will, without question, purchase it,” Kutaragi said. It’s with this kind of arrogance that Sony slowly deteriorates the benevolence of its customer base. Apparently, Sony expected gamers to blindly flock to their newest product like good little consumerist zombies, ready to hungrily devour whatever the company deigned to give them. Nobody likes being taken for granted. SCEA President Jack Tretton even went as far to famously offer a $1,200 bounty on any systems found “on shelves for more than five minutes.” In reality, the consoles were gathering dust. In December 2006, Sony decided jump on the experimental (and dangerous) viral-marketing faux-blog bandwagon to promote their PSP handheld gaming system. Alliwantforchristmasisapsp.com (now defunct) was a website sponsored by them, created by Zipatron, containing ridiculous spoofed content and videos. The attempt was rife with corporate half-measures and fans quickly caught on to the site due to its often incorrect use of internet slang and over-eager meme use. It was quickly taken down after a backlash of outrage. When God of War II was released in Europe, Sony decided to have a grand fête in celebration. They decided to have a Grecian inspired party, complete with togas, wenches, and… a mostly-decapitated goat carcass centerpiece. Pin the tail on the donkey anyone? No, that’s not outrageous or grievous enough for Sony. Reach into this goat’s warm carcass to remove offal, and let’s see who can eat the most! While you’re at it, allow the topless grape and wine wenches to cater to your every need. Sony was so pleased with this event that they even published the pictures in the 80,000 print run of the official Playstation magazine, a move quickly regretted as it was immediately recalled after the public fury and outright disgust at the multinational’s behavior. Tylenol: Finish What that “Killer Headache” StartedOn October 5, 1982 Johnson & Johnson issued a massive nationwide emergency recall on all of its Tylenol products following 7 deaths related to the medicine. As it turned out, the bottles had been tampered with and poisoned. An estimated 31 million bottles were in circulation at the time, with a retail value of over $100 million. The market share of Tylenol plummeted from 35% to 8%. While it was quite the PR nightmare, J&J was commended by the media for swift action in the incident and it rebounded in less than a year because of this (at a substantial marketing cost). In November of that year, J&J reintroduced capsules, but in a new, triple sealed package, which has become the industry standard today. The “Tylenol Killer” has never been caught, and the $100,000 reward has yet to be claimed. The Firestone Death TollsAugust 9, 2000 saw the recall of ATX, ATXII and Winderness tires used in Sport Utility Vehicles from manufacturers such as Ford, GM, Toyota, Nissan, and Subaru. A total of about 6.3 million tired were actually replaced, out of 6.5 million. Apparently, “no specific problem was found with the design or production method” of the tires, but 119 claimed lives in relation to tire defects would probably disagree with that notion. This incident was just another stain of many on the Firestone name. About twenty years earlier, in 1978, Firestone recalled 10 million of its steel-belted radial 500 tires, which were found to be defective and the cause of 34 deaths. Yet another recall followed in the later 1980s, and crippled the company so badly that it nearly went bankrupt, which led to its purchase by Bridgestone in 1988. That didn’t seem to fix the problem, either. If You Can’t Trust FEMA… You’re Just Plain Screwed.Our own government is basically one large corporation, with departments and department heads. Public Relations in this case applies to not only the citizenry, but also the watchful eyes of the global community. The United States suffered a massively damaging blow to its public face when Hurricane Katrina made landfall on August 29, 2005 and forever changed the Gulf Coast. In the days immediately following, heated debate consumed the nation in regards to the local, state, and federal government’s role in the response of the disaster. Rightly so, because help hadn’t come for three days. Deaths of several citizens by thirst, exhaustion, and violence after the storm itself had passed began to transition from shocking to a somber reality, because of the lack of organization. Even after FEMA arrived, locals had said that they were nowhere in sight, that “it [wasn’t] a FEMA operation with no command and control around.” FEMA can send substantial amounts of aid to tsunami victims in Indonesia with breakneck speed, but can’t rescue its own city of New Orleans? The agency not only showed up late, but soon became utterly useless by turning away diesel fuel, ice, relief supplies, water evacuation assistance and even cutting off the Jefferson Parish emergency communications lines. The latter prompted the local Sheriff to restore it and post armed guards to protect it from FEMA. Their efforts were poorly executed, to say the least, and left a bitter taste in all our mouths. No citizen of the country felt as though they could rely on the Federal Security Blanket called FEMA from that moment forward, and if that weren’t bad enough, the entire world watched as Americans were abandoned by their own government. The Oldest Running Global Business, Rome Gets a Black EyeIt may be pointed out that the Catholic Church is not a corporation, but it has their own country and GDP, so I deem it worthy of this shit-list. The matter of sexual abuse by Catholic priests rose to international attention in 1985 when Gilbert Gauthe plead guilty to 11 counts of molestation of young boys. Attention was again brought to the issue in the late 1990s when books on the topic began popping up, much to the chagrin of Mother Church. But in 2002, the Boston Globe covered a series of criminal prosecutions of five Roman Catholic priests. According to a study spanning 52 years titled The John Jay Report (.PDF), some 11,000 claims had been made against 4,392 priests in the United States alone. The problem was deemed “widespread and affected more than 95% of the dioceses and approximately 60% of religious communities.” Because of the Church’s largely silent stance on the issue, often preferring to ignore the cases and shun those involved, the general population began to regard one of the most ancient and venerable institutions in the world with open or even violent disdain. In 2002, the U.S. Church embraced a “zero tolerance” policy for sexual abuse. More recently, in 2008, the Church trained 5.8 million children to recognize and report abuse, and now runs criminal checks on its volunteers, employees, educators, clerics and candidates for ordination. The Church declared that the scandal was a “very serious problem” but also predicted that it was “probably caused by no more than 1% (or 5,000) of the over 500,000 Roman Catholic priests worldwide.” Because that makes it so much better. Michael Jackson: He Built an Empire to Fall From GraceContinuing with the boy-touching theme, Michael Jackson simply cannot be avoided here (RIP Thriller Man). It may have only been a month since his passing, but it’s still a very relevant topic for any Hall of Shame’s PR shit-list. On November 19, 2003, an arrest warrant was broadcast for the King of Pop, in Santa Barbara, California for several counts of child molestation. His then-accuser was a 13 year old cancer patient whose last wish had been to meet the celebrity. He claimed that Jackson gave him alcohol, let him sleep in his bed with him, schemed to hold him against his will and molested him. The child’s mother had accused JC Penney guards and her husband of molesting her son, and had been trying to collect money from other celebrities. Whether this is true or not, and whether Jackson was truly innocent (despite being acquitted of all charges on June 14, 2005) or not, the Moonwalker was left with a heavy mark of suspicion and was routinely the blunt jokes ever since. The incident wasn’t the only one, either, as Jackson would have to deal with the same routine of implication and damage-control for the remainder of his crumbling career and life. Upon his death, there were mixed cries of both lament and glee. People hold grudges whether they can prove them or not, and some of those grudges transcend mortality. The truth of the matter will never really be known.
Source: Business Pundit | 2 Oct 2009 | 11:36 am Caption Contest Friday
Sponsored Topics: Contest - Arts - Programming - ACM - Writers Resources Source: Dealbreaker | 2 Oct 2009 | 11:03 am Spotting those zombie stocksWhen a company like Washington Mutual or Lehman Brothers dies, its stock doesn't automatically die with it. Tess Vigeland reports on how to spot half-dead stocks still lurking around trading floors.Source: Marketplace Money | 2 Oct 2009 | 11:03 am Finding the perfect money match onlineThe recession may be dragging on, but it isn't stopping singles from looking for love. In fact, online dating is on the rise. Sally Herships investigates whether sites like eHarmony can really help form the perfect union, even when it comes to money.Source: Marketplace Money | 2 Oct 2009 | 11:03 am A visit to the foreclosure circusWith help from the federal government, the Neighborhood Assistance Corporation of America is traveling the country to help people who desperately need to modify their mortgages. Jeff Tyler reports.Source: Marketplace Money | 2 Oct 2009 | 11:02 am Getting PersonalPersonal finance columnist Liz Pulliam Weston and Tess Vigeland answer a listener's question about making a down payment on a home.Source: Marketplace Money | 2 Oct 2009 | 11:02 am A tale of debt and redemptionRussell and Kandy Hildebrandt found themselves in a predicament a lot of Americans are in -- buried in credit card debt. But they dug out of their financial hole. They tell Tess Vigeland how they did it.Source: Marketplace Money | 2 Oct 2009 | 11:02 am Progress report on consumer protectionHarvard Professor Elizabeth Warren talks about "plain vanilla" products and how the Obama administration is progressing toward its promise to create a Consumer Financial Protection Agency.Source: Marketplace Money | 2 Oct 2009 | 11:02 am When people just stop looking for workWe've all heard the unemployment reports: Millions of people are slaving away on job applications. Or are there? The job market is so tough, some people have just given up. Mitchell Hartman reports.Source: Marketplace Money | 2 Oct 2009 | 10:47 am What's in Macau's cards for the future?The Chinese territory of Macau is the gambling epicenter of Asia. But the businessman who runs it all has been hospitalized for weeks, and many wonder what Macau will look like once he's gone. Scott Tong reports.Source: Marketplace | 2 Oct 2009 | 10:44 am Nigeria bails out four more banksNigeria's central bank bails out four more banks by 200bn naira ($1.37bn) and also sacked three of their chief executives.Source: BBC News | Business | World Edition | 2 Oct 2009 | 10:44 am Survey: Workers feel jobs are stagnantJim Davis from the talent management firm DDI talks with Tess Vigeland about results from a survey conducted by his company that measured the satisfaction workers felt with their jobs.Source: Marketplace | 2 Oct 2009 | 10:44 am Hi, Google Wave, it's me. Are you there?Search giant Google has unveiled its latest personal communication and collaboration tool, Google Wave. But commentator John Moe says not everyone gets a ride.Source: Marketplace | 2 Oct 2009 | 10:44 am Weekly Wrap: Health care, regulationThe Atlantic's Megan McArdle and Reuters blogger Felix Salmon talk with Tess Vigeland about whether the public option for health care is dead and if financial regulation will still get done.Source: Marketplace | 2 Oct 2009 | 10:44 am Publishers disconnect on e-book bizPublisher Harper Collins has delayed the release of an electronic version of Sarah Palin's new memoir. Bob Moon reports on why publishers are taking different approaches to the e-reader challenge.Source: Marketplace | 2 Oct 2009 | 10:44 am Did the Fed play fair in Lehman case?A court-appointed examiner is looking into whether the Federal Reserve improperly elbowed its way in front of other creditors owed money in the Lehman Brothers bankruptcy. Steve Henn reports.Source: Marketplace | 2 Oct 2009 | 10:44 am Big hole to fill in the labor marketThe latest jobs report tells us that employers cut 263,000 jobs in September and the unemployment rate increased to the highest it's been in 26 years. Mitchell Hartman reports it may be awhile before it's all over.Source: Marketplace | 2 Oct 2009 | 10:44 am Wages, Hours Stagnate As Stiglitz Warns Of Deflation
Up, and not by much. (Source: Bureau of Labor Statistics) By Laura Conaway With unemployment on the rise in September, average hourly wages grew by a single penny, to $18.67. The length of the average workweek fell back by 0.1 hours to its historic low of 33 hours, first reached in June. Bloomberg News today hauls out the "D" word -- deflation, which Nobel laureate economist Joseph Stiglitz says is "definitely a threat right now." Technically, deflation is when prices are falling but you don't care because wages are falling faster. It's a nightmare spiral. Today's hourly wage growth of a penny comes in a year that saw zero growth from March to April and a penny growth from May to June. We may be stuck with this kind of stagnation for a while. From Bloomberg: With unemployment elevated, companies may not need to raise pay to attract workers, even when the economy picks up. The Commerce Department today rounded out the gloomy with its report on manufacturers' shipments, inventories and orders. In August, new orders fell by 0.8 percent after rising for four straight months. Only when companies have left over work can they be expected to hire more workers. After the jump, a chart of that shrinking average workweek. 
Back to a record low. (Source: Bureau of Labor Statistics) » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Oct 2009 | 10:42 am FTSE sinks below 5,000 points (AFP)
Source: Yahoo! News: Stock Markets News | 2 Oct 2009 | 10:38 am Stimulus Program Batting 1.000 So Far
While you can debate the degree of difficulty in meeting some of these standards, whether it was the stimulus or just divine intervention, based on Biden's comments this morning,there may be a reason to be genuinely hopeful about the standards the current administration is setting.
Sponsored Topics: Joe Biden - Stimulus - Hybrid electric vehicle - Electric vehicle - National park Source: Dealbreaker | 2 Oct 2009 | 10:32 am Yours for $25,000. But is this pen a fitting tribute to Gandhi?Montblanc has launched a limited edition $25,000 (£16,000) pen to mark the 140th anniversary of Gandhi's birth, sparking anger among his followers.Source: BBC News | Business | World Edition | 2 Oct 2009 | 10:30 am Evening Standard to go freeThe London Evening Standard is to become a free newspaper, increasing circulation from about 250,000 to 600,000 per day.Source: BBC News | Business | World Edition | 2 Oct 2009 | 10:15 am Rio wins the 2016 OlympicsRio will have the luxury of hosting the 2016 Olympic Games two years after staging football’s World Cup, after the International Olympic Committee delivered an astonishing snub to President Obama by eliminating Chicago in the first round of votingSource: Financial Times - US homepage | 2 Oct 2009 | 10:09 am Dunkelberg Sees U.S. Small Businesses Cutting More Jobs: AudioSource: Bloomberg - All Podcasts | 2 Oct 2009 | 10:07 am Tune-up for TVNZNational insists privatisation is completely off the agenda as it presses ahead with the Television New Zealand Amendment Bill removing the last ghosts of the public charter.It is the latest in a long list of Governments to try...Source: nzherald.co.nz - Business | 2 Oct 2009 | 10:00 am Fund eyes investing in rural projectsThe New Zealand Superannuation Fund is considering investing in rural land, state-owned enterprises and large infrastructure projects but will not guarantee increasing its stake in New Zealand.The fund, which was set up in 2003...Source: nzherald.co.nz - Business | 2 Oct 2009 | 10:00 am Kathmandu will build on roots: StrongKathmandu's new chairman says it's important for the company to build on its heritage as a Kiwi brand.It was announced yesterday that James Strong has taken over the chairmanship of the Australasian outdoor equipment and clothing...Source: nzherald.co.nz - Business | 2 Oct 2009 | 10:00 am Japan's unemployment falls from record highTOKYO: Japan's unemployment rate fell to 5.5 per cent in August after reaching a record high a month earlier, the Government said yesterday.The jobless rate in the world's No2 economy hit 5.7 per cent in July, the highest level...Source: nzherald.co.nz - Business | 2 Oct 2009 | 10:00 am Brian Gaynor : Rights issues a fairer bet for investorsCapital-raisings have been one of the big stories this year as a large number of companies have gone to the market to shore up their balance sheets.These equity-raisings, which have generated more than $50 million in fees for...Source: nzherald.co.nz - Business | 2 Oct 2009 | 10:00 am Conoco Issues Cautious Update, While Exxon CEO Calls for More Taxes (COP, CVX, XOM)Oil major ConocoPhillips Corp. (NYSE:COP) released its third quarter 2009 interim update this morning, and while the news was not altogether positive, the company’s share price is up nearly 2.5% in early trading on heavy volume. Chevron Corporation (NYSE:CVX) and Exxon Mobil Corp. (NYSE:XOM) are not following suit, with both down less than 1%. Conoco’s weakness [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Oct 2009 | 10:00 am US recovery runs into speed bumpsWASHINGTON: The United States economy is having growing pains.Discouraging reports on unemployment and manufacturing yesterday reinforced worries that job losses and meagre factory output will make for a weak recovery as the nation...Source: nzherald.co.nz - Business | 2 Oct 2009 | 10:00 am Diana Clement : When investing becomes gamblingI'm taking a punt on this investment. How often have you heard this? And is it gambling or investment to "take a punt"? The answer may be that it depends on the individual, his or her investing knowledge, risk profile, time scale...Source: nzherald.co.nz - Business | 2 Oct 2009 | 10:00 am Mary Holm : Choosing the right time to buyMy husband and I have saved a $120,000 deposit for a property. My husband is going to be returning to study for the next three years and so we will be a one-income family, on around $110,000. Are we better off to buy a house...Source: nzherald.co.nz - Business | 2 Oct 2009 | 10:00 am Bernanke pushes for Fed to retain oversightWASHINGTON - Federal Reserve chairman Ben Bernanke has told a sceptical Congress that the central bank is "well suited" to oversee colossal financial companies whose failure could endanger the entire US economy.His written testimony...Source: nzherald.co.nz - Business | 2 Oct 2009 | 10:00 am Macquarie hunting slice of US investment marketMacquarie Group is stepping up a quest to grab a bigger slice of the US investment-banking market from Wall St firms such as Goldman Sachs, Morgan Stanley and JPMorgan Chase.Australia's biggest investment bank, which remained...Source: nzherald.co.nz - Business | 2 Oct 2009 | 10:00 am Ritholtz Likes Continental Airlines, Allied Irish Bank: AudioSource: Bloomberg - All Podcasts | 2 Oct 2009 | 9:47 am Lipsky Says Credit Supply Will Be Constrained Into 2010: AudioSource: Bloomberg - All Podcasts | 2 Oct 2009 | 9:46 am Key's McCain Likes Freeport-McMoRan on Global Recovery: AudioSource: Bloomberg - All Podcasts | 2 Oct 2009 | 9:45 am Keeble Sees U.S. 10-Year Note at 3.75% by End of Year: AudioSource: Bloomberg - All Podcasts | 2 Oct 2009 | 9:43 am Maissonneuve Sees U.S. Corporate Earnings Improving: AudioSource: Bloomberg - All Podcasts | 2 Oct 2009 | 9:39 am Mistake #6: Diminishing
When you fade into your surroundings, how can you expect to be taken seriously? Diminishing is #6 on the list of 8 Mistakes Men Don’t Make and it goes beyond simply making a weak introduction or otherwise blending in to your physical space. Read on to find out if you’re diminishing in one of the following ways. Sending Weak SignalsAverting your eyes and failing to offer a handshake (or giving a wimpy one), and using the wrong tone of voice are all physical cues that will sabotage your credibility. Make an effort to look directly at people when interacting. What may be shyness on your part can translate to dishonesty or hostility. The handshake is extremely important. Think about all that non-verbal information communicated when you actually touch someone. Lead with a firm and friendly handshake every time. Not sure if it’s appropriate? To withhold a handshake can be considered extremely rude – and weak. Watch your tone. Women sometimes inadvertently raise the pitch of their voice at the end of a sentence making it sound like they’re asking a question. This communicates that you’re unsure. Poof! Bye-bye credibility. Saying SorryTry this: for a day or a week count the number of times you say you’re sorry – for anything. As you’re tracking, think about why you’re apologizing. Is it really necessary or has it become your default setting? If you assume everything is your fault, others will start to agree. Staying at the Party Too LongI had a friend in high school who was hyper-aware of precisely when we should arrive and leave any social gathering. She had this idea that you had to be late enough that people anticipated your arrival, and leave early enough that they wished you’d stayed. It was all too complicated for me to master at the time, but she had a point. When the business of a meeting is over, get out. Some people linger, chatting or just milling about, not wanting to be rude or maybe just honestly wanting to catch up on a more personal basis with the people involved. The problem is that when you do this you’re perceived as having nothing better to do, no other important business to conduct. This decreases your value. So throw your shoulders back and make eye contact. Do like momma taught you and watch your tone. And remember that once the business is done, so are you. Image Credit: pacomexico, Flickr
Source: Business Pundit | 2 Oct 2009 | 9:08 am Silvia Says U.S. Job Recovery Another Year Away: AudioSource: Bloomberg - All Podcasts | 2 Oct 2009 | 8:47 am First Solar Makes a Sale (ENB, FSLR, YGE, TSL, STP)Canadian oil and gas pipeline company Enbridge Inc. (NYSE:ENB) today announced that it would purchase a 20 megawatt solar generation plant from First Solar, Inc. (NASDAQ:FSLR). No purchase price was given for the plant, which is located near Sarnia, Ontario, but Enbridge’s CEO said that the company would invest about $100 million on solar energy [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Oct 2009 | 8:45 am Chart: Average Job Search Hits All-Time High as Chronic Unemployment Sets In
The average job search has never taken this long. (Source: Bureau of Labor Statistics) By Laura Conaway As the jobless rate has continued its stubborn climb, reaching 9.8 percent today, chronic unemployment has been a major driver. The pace of layoffs has slowed from the fall and winter months, but companies aren't yet adding new workers. If you get laid off, you risk finding yourself in a tough spot. After falling a bit in August, the average job search resumed its upward trajectory in September with a vengeance, the Bureau of Labor Statistics reports. As of September, job searchers could expect to spend 26.2 weeks on the hunt -- the longest average on record since the BLS started keep records back in 1948. The last time the jobless rate was this high, the average search took 20.8 weeks. Today, people are facing average searches that are six weeks longer. The BLS says the number of people sidelined for 27 weeks or more has risen to 5,438,000 from 4,988,000 in August. After the jump, a chart on job searches. 
The biggest growth is in the category of people out of work longer than 27 weeks. (Source: Bureau of Labor Statistics) » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 2 Oct 2009 | 8:44 am Putin issues Renault with funding ultimatumRussian prime minister Vladimir Putin gives Renault ultimatum to either help fund Avtovaz or see its 25 per cent stake in Russia’s biggest carmaker reducedSource: Financial Times - US homepage | 2 Oct 2009 | 8:35 am Hard timesUnemployed Americans despair as benefits run outSource: BBC News | Business | World Edition | 2 Oct 2009 | 8:23 am How The Stock Market Sees The Unemployment ReportBy Laura Conaway A month ago, on news that the unemployment rate had risen by 0.3 percent in August, the stock market rose right along with it. Today, on news that the rate grew by 0.1 percent to 9.8 percent in September, the market fell. What's up with that? It appears that traders saw the August numbers as reason to believe the Federal Reserve would keep interest rates at historic lows in an effort to get the market moving. Investors wanted in on the stimulus economy. Also, the total number of jobs lost in August, 216,000, was least amount in a year (and it was revised downward in today's report to 201,000). The report suggested to the market that companies had hit bottom and had matched the size of the work forces with the amount of work available. Productivity was on the rise and forecasts called for a turnaround in global trade. Today's report features a much grimmer number of total jobs lost, 263,000 against the expectation of 180,000. Traders don't much like surprises, especially negative ones. The figure on jobs lost comes after a set of uncertain reports, from a slowly growing manufacturing sector to last week's jump in news claims for unemployment benefits. Overall the market seems to be saying that if the recovery has started, it remains fitful. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Oct 2009 | 8:08 am Unemployment Continues Stubborn Climb To 9.8 PercentUnemployment RatePercent of U.S. workers age 16 and older By Laura Conaway Unemployment rose to 9.8 percent in September, the Bureau of Labor Statistics reports. That's up a tick from the August rate of 9.7 percent. It's also the figure projected by economists in a Thomson Reuters survey. (Planet Money listeners predicted a rise to 9.9 percent). The ranks of the unemployed now include 15.1 million people in the U.S., up 7.6 million since the start of the recession in December 2007. The broadest measure of unemployment -- U6, which includes discouraged workers and those working part-time because all they can get -- hit 17 percent. That's up 0.2 percent from 16.8 percent in August, a bigger climb than in the headline number. After the jump, a look at the broadest measure of unemployment. Often called the underemployment rate, U6 combines the count of people who've been laid off and are looking for work with those who have given up or resorted to part-time jobs. 
The government's broadest measure of unemployment, U6, jumped by more than the headline rate. (Source: Bureau of Labor Statistics) » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Oct 2009 | 7:40 am Today’s Best Market Rumors (10/2/2009) (AAPL)(GE)(BAC)(GOOG)(TWX)Updates throughout the day. Update: Jeff Bewkes, CEO of Time-Warner (TWX) who says “Time, Inc. is not for sale.” (Atlantic First Draft of American History Conference) Update: John Paulson and Angelo Gordon may be buying debt in troubled phone company FairPoint (FRP) (NYPost) Update: BioCryst Pharm (BCRX) is spiking higher on takeover rumors (Briefing.com) Comcast (CMCSA) is not going to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Oct 2009 | 7:19 am On Wall Street: Age old wisdomBoth Irving Kahn, the oldest active money manager on Wall Street at 103, and 106 year-old Roy Neuberger, saw the recent shakeout in global markets as just another opportunity to buy good companies cheaply, writes Spencer JakabSource: Financial Times - US homepage | 2 Oct 2009 | 7:15 am Fall in Japan's unemployment rateJapan's jobless rate unexpectedly fell to 5.5% in August from July's record high of 5.7%, official figures show.Source: BBC News | Business | World Edition | 2 Oct 2009 | 7:13 am More US jobs lost than expectedThe US economy lost 263,000 jobs in September, which was more than had been expected, official figures show.Source: BBC News | Business | World Edition | 2 Oct 2009 | 7:09 am Independent school pupil increaseThe numbers of pupils in the most prestigious private schools are increasing, despite the recession, suggests a survey.Source: BBC News | Business | World Edition | 2 Oct 2009 | 7:00 am Bermuda is 'unfairly targeted'Dr Ewart Brown, the Premier of Bermuda, has said it is being unfairly targeted by rich countries cracking down on so-called tax havens.Source: BBC News | Business | World Edition | 2 Oct 2009 | 6:58 am US Unemployment Soars And IMF Sees Global ProblemThe consensus expectations for September jobs were that another 167,000 people would lose their work. Goldman Sachs (GS) yesterday issued a much more pessimistic forecast of 250,000 jobs lost taking US official unemployment to 10%. The numbers were even worse than the most grim projections. The U.S. labor market weakened in September as 263,000 payroll jobs were lost [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Oct 2009 | 6:48 am This Week’s Weird Jobs
One of the best aspects of having money is that you can outsource. Being rich can make housecleaning, gardening, and washing your own car things of the past. You can even outsource painful mental tasks. Like motivating yourself: 1. Los Angeles: Personal Motivator I will start each day at 5:00 and be ready to exercise and onsite by 5:30 or 6:00 a.m. (depending on the activity – i.e. pool hours are 6:00 a.m. on) so I need early risers for this. You will meet on either Saturdays or Sundays to discuss my training schedule and coordinate efforts. I am intrinsically unmotivated, and unmotivated to become motivated, but can afford to outsource this neural function, so please take it over. 2. Louisiana: Odd job, build half a fence I need someone to build the second half of my fence. It is partially fenced with 6 ft chain link. 2 sides of the yard need fencing, about 20 ft or less each side. I murdered our first fencer before he could finish. I’ll try not to do that with you, too Must be able to Control ANY situation Don’t “temperamental” and “able to control any situation” contradict each other? These guys are looking for one heckuva bouncer. 4. Los Angeles: $75,000+. GO-GREEN AD-PLANTERS For Hotel Rooms! The “Concierge Planter” is actually a Plexiglas “Picture Frame” Planter On a Spinning Base that contains Ads from local merchants….And it sits right on the Desk, next to the phone in EVERY Hotel Guest Room! The “Concierge Planter,” is the ABSOLUTE FOCAL POINT of the Hotel Room…Everyone Looks at It…It COMMANDS ATTENTION….. and Guests Become Fascinated with it since it’s Totally Interactive! Everyone Agrees….The “Concierge Planter” is The Most Powerful & Effective Method to Reach The Lucrative Traveler & Tourist Market…Nothing Compares to It! Ask Yourself This Question: If you owned a a business located just a short distance from a hotel…wouldn’t it make sense to advertise your business in EVERY Guest Room of that Hotel? $75,000+ First Year is the Average. A Rich Commission Schedule…Exclusive Sales Territories…Immediate Management Opportunities. A True Career Opportunity with a Responsible Decade Old Company! 5. Arizona: Rock Chip Repair Technician Needed Door 2 Door Hiring 7 door to door rock chip repair sales technicians. We will include any training and processing. You must be able to speak English well and go door to door in residential places. Insurance companies pay to have the windshield repaired. -Training takes about 1-2 days. It’s not that hard to learn. -You must have a background check done in order to work. Compensation: $15-$19 Per hour. Please do not chisel chips into anyone’s windshield before you ring their doorbell. Happy Friday!
Source: Business Pundit | 2 Oct 2009 | 6:42 am The Downside of Leadership
Source: Business Pundit | 2 Oct 2009 | 5:21 am World stocks tumble, dollar steady (Reuters)
Source: Yahoo! News: Stock Markets News | 2 Oct 2009 | 4:49 am World markets slide ahead of key US jobs report (AP)
Source: Yahoo! News: Stock Markets News | 2 Oct 2009 | 4:16 am World markets slide ahead of key US jobs report (AP)
Source: Yahoo! News: Business | 2 Oct 2009 | 4:16 am IBM (IBM) Goes After Google (GOOG) Apps BusinessGoogle (GOOG) is trying to diversity beyond the search business. One of its most important attempts is to offer low cost applications for PCs. Its Google Apps includes e-mail, calendar, word processing, and presentation functions. The price for the Apps product is $50. Its target is the business user based of Microsoft (MSFT) Windows. While Google [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Oct 2009 | 4:14 am China GDP Could Pass US In Two DecadesThe IMF expects China’s GDP growth to be nearly 9% next year and the growth in the US to be less than 2%. In 2008, US GDP was $14.2 trillion. China was in the No.3 spot in the world with a GDP of $4.4 trillion. Japan is now a weak second with a total economy [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Oct 2009 | 3:51 am Bloomberg On Its Way To Becoming Most Powerful Media Firm In USBloomberg is, according to several reports, the most likely buyer of the largest business magazine in America. BusinessWeek is being sold by McGraw-Hill (MHP) Bloomberg has the balance sheet and editorial staff to support the publication’s $40 million in losses and probably bring them down sharply. Bloomberg today announced that it will set up a joint [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Oct 2009 | 3:15 am A $125 Million Pay Day For Ken LewisWhen Ken Lewis finally leaves Bank of America (BAC) he will get a $125 million goodbye from the financial firm, unless the federal government’s pay czar decides to challenge the package. Most of the Lewis compensation was set long before the big bank got into trouble and had to take $45 billion in TARP funds, so [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Oct 2009 | 2:58 am
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