Factory gate prices rise in September

Prices at the factory gate rose for the first time in five months in September, with almost all sectors taking part in the unexpected rise, according to official figures today.


Source: Latest Business News from Times Online | 9 Oct 2009 | 4:34 am

Lower Infosys profits hit shares

Indian outsourcing giant Infosys reports a fall in profits, sending its shares lower, despite it saying trade was now improving.
Source: BBC News | Business | World Edition | 9 Oct 2009 | 4:29 am

China leads world stock advance as dollar rallies (AP)

AP - Chinese stocks rallied Friday as traders returned to their desks following a weeklong holiday, when the rest of the world's major markets shot higher amid mounting optimism about the global economic recovery. European markets were mostly unchanged.

Source: Yahoo! News: Stock Markets News | 9 Oct 2009 | 4:21 am

Obama wins Nobel Peace Prize

President Barack Obama won the Nobel Peace Prize for 2009, making him the 108th recipient of the prestigious award.
Source: Business and financial news - CNNMoney.com | 9 Oct 2009 | 4:18 am

John Lewis see 6.3% jump in sales

Hopes that consumer spending is recovering after a summer lull were given a fresh boost today after John Lewis, the department store, recorded an unexpectedly strong start to October, with retail sales rising by 6.3 per cent year-on-year to £54.77 million in the week to October 3.


Source: Latest Business News from Times Online | 9 Oct 2009 | 4:15 am

Shanghai jumps 4.8%, Nikkei reclaims 10K in Asia

Most major Asian markets ended higher Friday with Shanghai surging as trading resumed after a string of holidays.

Source: MarketWatch.com - Top Stories | 9 Oct 2009 | 4:10 am

Prominent Investor: Oil Moving Over $200

One of the greatest hedge fund managers in history, Jim Rogers, insists that oil will move above $200 at some point during the bull market. He also sees the coming bubble in Treasuries bursting soon. Rogers commented that “the U.S. government bond market will be the next bubble to burst due to unsustainable borrowing,” during [...]

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Source: 24/7 Wall St. | 9 Oct 2009 | 4:06 am

Indications: U.S. stock futures weaker on Bernanke hike pledge

U.S. stock futures point to a weaker start Friday as Federal Reserve Chairman Ben Bernanke says that the unprecedented loose monetary policy will have to come to an end.

Source: MarketWatch.com - Top Stories | 9 Oct 2009 | 4:05 am

Cambridge college acquires Millennium Dome lease

Cambridge’s Trinity College has acquired Meridian Delta Dome, the company that holds the 999 year lease on London’s Millennium Dome, for 24 million pounds.

Source: MarketWatch.com - Top Stories | 9 Oct 2009 | 4:05 am

Capitol Report: Banks cutting back on loans to businesses

U.S. banks are reducing their lending at the fastest rate on record, tightening the credit squeeze and threatening to leave many otherwise viable businesses unable to expand their businesses, meet their payroll or refinance their debt.

Source: MarketWatch.com - Top Stories | 9 Oct 2009 | 4:00 am

Citibank Survey Reveals Small Businesses Not Joining Social Media Conversation

Facebook, Twitter and LinkedIn Not Seen as Helpful to Build Small Businesses Small Businesses Rely on Search Engines Over Social Media NEW YORK, Oct. 9 /PRNewswire/ --...
Source: RSS feed - channel BNewsBusiness | 9 Oct 2009 | 4:00 am

Earnings Outlook: Google seen posting profit, revenue gains

Google Inc. is expected to see third-quarter earnings grow as the company is expected to benefit from a preference for online search advertising during the downturn, and from a concerted effort to cut costs.

Source: MarketWatch.com - Top Stories | 9 Oct 2009 | 4:00 am

The Fed's $2.2 trillion fire hose

The Federal Reserve threw a lot of money at the crisis to get the gears of the economy turning again, but it may soon be time to collect on the bill.
Source: Business and financial news - CNNMoney.com | 9 Oct 2009 | 3:53 am

Websites 'need to pay for news'

Rupert Murdoch says it is time for internet search engines to start to pay for any news reports they currently take for free.
Source: BBC News | Business | World Edition | 9 Oct 2009 | 3:53 am

Comcast Should Buy Viacom, Time Warner, Or Scripps

One of the leading media investing firms in the US, Gabelli & Co. wants cable outfit Comcast (NASDAQ:CMCSA) to stop its pursuit of GE’s (NYSE:GE) NBCU and turn its focus on better run media companies with stronger assets. That would include, in Gabelli’s opinion Viacom (NYSE:VIA), Time Warner (NYSE:TWX),  Scripps Interactive (NYSE:SNI) Gabelli & Co. analyst [...]

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Source: 24/7 Wall St. | 9 Oct 2009 | 3:47 am

Stocks set for rocky open

U.S. stocks were poised for a rocky open Friday as investors paused after pushing Wall Street near its highest levels all year.
Source: Business and financial news - CNNMoney.com | 9 Oct 2009 | 3:45 am

President Obama wins Nobel Peace Prize

U.S. President Barack Obama won the 2009 Nobel Peace Prize on Friday for his “extraordinary efforts” to strengthen global diplomacy, the Norwegian Nobel Committee announced Friday, in a stunning choice that comes less than nine months into Obama’s presidency.

Source: MarketWatch.com - Top Stories | 9 Oct 2009 | 3:45 am

Shock rise in factory gate prices

The prices of goods leaving UK factories rose for the first time in five months, official figures show, surprising analysts.
Source: BBC News | Business | World Edition | 9 Oct 2009 | 3:43 am

Statement of Nobel commitee on Obama choice

The following is a statement from the Norwegian Nobel Committee on the decision to award Barack Obama the Nobel Peace Prize.

Source: MarketWatch.com - Top Stories | 9 Oct 2009 | 3:42 am

Energy bills 'could hit £2000 by 2016'

Ofgem said that in a "worst case scenario" costs could rise by 60pc.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Oct 2009 | 3:40 am

Stock futures point to mixed open for Wall St. shares (Reuters)

Reuters - Stock index futures point to a mixed start on Friday for U.S. shares, following gains on Thursday.

Source: Yahoo! News: Stock Markets News | 9 Oct 2009 | 3:33 am

Stock futures point to mixed open for Wall St. shares (Reuters)

Reuters - Stock index futures point to a mixed start on Friday for U.S. shares, following gains on Thursday.

Source: Yahoo! News: Business | 9 Oct 2009 | 3:33 am

Stock futures point to mixed open for Wall St. shares

(Reuters) - Stock index futures point to a mixed start on Friday for U.S. shares, following gains on Thursday.
Source: Reuters: Business News | 9 Oct 2009 | 3:33 am

London Markets: Miners, Lloyds Banking Grou p weigh in London

Miners and Lloyds Banking Group underperformed a steady London share market on Friday.

Source: MarketWatch.com - Top Stories | 9 Oct 2009 | 3:33 am

UPDATE 1-News Corp's Murdoch calls on China to open market

* Calls for further opening of China media market (Adds comment from TV Asahi in 7th paragraph)
Source: RSS feed - channel BNewsBusiness | 9 Oct 2009 | 3:29 am

Investors back UK Coal share sale

The UK's biggest coal producer is "delighted" after seeing strong backing for a £100m share issue aimed at reducing its debt levels.
Source: BBC News | Business | World Edition | 9 Oct 2009 | 3:27 am

GM China Sales Rise 55% To A Record

GM’s sales may be taking a thrashing in its home market, but Chines sales for the No.1 US car company are getting good enough to trump the company’s trouble in America, or at least offset. GM said that its sales in China rose to 181,148. Sales for the first nine months of 2009 where up and [...]

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Source: 24/7 Wall St. | 9 Oct 2009 | 3:26 am

Europe Markets: Miners pace slight pullback in Europe

European shares looked set to end a broadly positive week on a muted note after miners shaved off some gains as gold futures backed away from recent highs.

Source: MarketWatch.com - Top Stories | 9 Oct 2009 | 3:24 am

U.S. court backs Ericsson over 2007 profit warning

STOCKHOLM, Oct 9 (Reuters) - Ericsson said on Friday a U.S. court had thrown out an appeal in a case brought by investors who claimed the telecom equipment maker had misled them prior to issuing a profit...
Source: RSS feed - channel BNewsBusiness | 9 Oct 2009 | 3:17 am

Oil prices drop with demand 'in doldrums'

Oil prices fell on Friday as the International Energy Agency warned that oil demand was "in the doldrums" and forecast that prices would next year fail to rise much higher compared with...
Source: RSS feed - channel BNewsBusiness | 9 Oct 2009 | 3:16 am

Murdoch Wants Google (NASDAQ:GOOG) To Pay

Rupert Murdoch wants Google (NASDAQ:GOOG) to pay for the use of content from his News Corp (NYSE:NWS) and all of his major competition. He told an audience at  the World Media Summit in China that “The aggregators and plagiarists will soon have to pay a price for the co-opting of our content.” If he is [...]

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Source: 24/7 Wall St. | 9 Oct 2009 | 3:16 am

List of Nobel Peace Prize winners

The following is a list of Nobel Peace Prize winners following the selection of President Obama as the 2009 winner. Hyperlinks point to the Nobel site.

Source: MarketWatch.com - Top Stories | 9 Oct 2009 | 3:14 am

Oil stocks help keep London shares steady

Oil stocks helped keep London equities markets steady on Friday, as the mining sector took a toll amid profit taking after its recent strong run. The International Energy Agency lifted its global oil...
Source: RSS feed - channel BNPaperBusiness | 9 Oct 2009 | 3:12 am

Trinity College buys O2 concert arena

Trinity College Cambridge has paid £24m for London's O2 the music venue which was to have hosted singer Michael Jackson's sellout comeback concerts.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Oct 2009 | 3:12 am

Legal risk to property investors

Investors who do not complete property deals in the downturn can be forced to buy after a court order, lawyers warn.
Source: BBC News | Business | World Edition | 9 Oct 2009 | 3:10 am

Obama wins Nobel Peace Prize

US President Barack Obama wins the Nobel Peace Prize for his calls to reduce the world’s stockpile of nuclear weapons and work for world peace
Source: Financial Times - US homepage | 9 Oct 2009 | 3:08 am

How much risk can you stand?

Wise investing isn't simply about your brain power; you also need a sense of how strong your stomach is -- of how much market turbulence you can take before you sell in a panic.
Source: Business and financial news - CNNMoney.com | 9 Oct 2009 | 3:03 am

Hummer Goes To China

It is now all but set. China machinery firm Tengzhong will pay GM $150 million for Hummer, one of the most well-known SUV brands in the world. A product by the same name has been used by the US military for several years. The Hummer came to symbolize the ability to conquer the American outdoors, [...]

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Source: 24/7 Wall St. | 9 Oct 2009 | 3:01 am

BorsodChem private equity owners get lender support

BUDAPEST, Oct 9 (Reuters) - Hungarian chemicals firm BorsodChem [BDCD.UL] said its lenders want private equity owners Permira [PERM.UL] and Vienna Capital Partners to keep a majority stake in the company,...
Source: RSS feed - channel BNewsBusiness | 9 Oct 2009 | 2:59 am

'Huge uncertainty' over health reform cost

There's nothing like getting a good grade. That's how the Congressional Budget Office's preliminary analysis of the Senate Finance health reform bill is being portrayed.
Source: Business and financial news - CNNMoney.com | 9 Oct 2009 | 2:59 am

Blast kills at least 40 in Peshawar

At least 40 people are killed and up to 100 injured in a car bomb attack in Peshawar, Pakistan’s northern-most city, a day after a suicide attack killed 17 in Kabul
Source: Financial Times - US homepage | 9 Oct 2009 | 2:58 am

Chad pipeline threatens villages

Activists in Chad fear a new Chinese-backed oil project will displace hundreds of people and will destroy at least 10 villages.
Source: BBC News | Business | World Edition | 9 Oct 2009 | 2:58 am

Fear of steep energy bill rises

Domestic energy bills in the UK could rise by 60% by 2016 in a worst-case scenario, the energy regulator says.
Source: BBC News | Business | World Edition | 9 Oct 2009 | 2:56 am

Property investor prepares AIM float

A property company backed by the chairman of New Look and the founder of the Seriously Strong Cheddar brand plans to list on the London Stock Exchange's junior market and raise £100 million from institutional investors.


Source: Latest Business News from Times Online | 9 Oct 2009 | 2:54 am

Eight Percent Unemployment Through 2011

The latest Dow Jones survey of economists, which polled 48 experts, showed that, showed on average they believe that unemployment will peak at 10.2% this February and then remain above 6% until sometime in 2013. The publication of these surveys only contains averages and that is certain to mean that a large number of qualified [...]

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Source: 24/7 Wall St. | 9 Oct 2009 | 2:50 am

Bosses make Hay on pay

Employment conditions are tough but not for top executives at recruitment agency Hays who enjoyed a 20pc pay rise.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Oct 2009 | 2:45 am

Global oil demand seen rising amid recovery

Faster economic growth next year, particularly in the developing world, will drive oil demand higher than previously expected, the International Energy Agency said Friday. The...
Source: RSS feed - channel BNewsBusiness | 9 Oct 2009 | 2:44 am

Dollar bounces off 14-month low

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 9 Oct 2009 | 2:42 am

Wynn's debut defies recent gloom

Wynn Macau, controlled by US gaming tycoon Steve Wynn, rose as much as 13 per cent in its trading debut on Friday, defying the recent trend of disappointing first-day performances by new stocks in Hong...
Source: RSS feed - channel BNPaperBusiness | 9 Oct 2009 | 2:42 am

Asia markets mostly gain, China surges after break

Most Asian markets rose Friday with Chinese shares surging nearly 5 percent after a weeklong holiday and Seoul advancing amid news the central bank left interest rates at a record low....
Source: RSS feed - channel BNewsBusiness | 9 Oct 2009 | 2:41 am

PetroChina's Jinxi to raise Oct runs after repairs

BEIJING, Oct 9 (Reuters) - PetroChina will raise crude processing in October at its Jinxi refinery by more than 60 percent from September after an extended period of maintenance, industry sources said...
Source: RSS feed - channel BNewsBusiness | 9 Oct 2009 | 2:41 am

City diary: Tories and tramps are ready for change

The Tory party conference must have been a success.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Oct 2009 | 2:40 am

Delaying The Housing Bottom By Saving Mortgages

The Office of the Comptroller of the Currency issues a quarterly report that shows the rate at which people with mortgage loan modifications default on those loans. The rate changes from period to period, but roughly 45% of homeowners with modified loans are more than 60 or more days past due within eight months of [...]

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Source: 24/7 Wall St. | 9 Oct 2009 | 2:32 am

S.Korea aims to sell 7 pct of Woori Finance within year

SEOUL, Oct 9 (Reuters) - The South Korean government, which owns 73 percent of Woori Finance Holdings , is planning to sell a 7 percent stake in the holding company within the year, a senior official of...
Source: RSS feed - channel BNewsBusiness | 9 Oct 2009 | 2:27 am

BofA chief's exit pay faces challenge

Source: Business and financial news - CNNMoney.com | 9 Oct 2009 | 2:20 am

UPDATE 1-Dogan sees precedent in collateral ruling

ISTANBUL, Oct 9 (Reuters) - A Turkish court has ruled in favour of Turkey's largest media company, Dogan Yayin , in its challenge to a demand for 915 million lira
Source: RSS feed - channel BNewsBusiness | 9 Oct 2009 | 2:16 am

Infosys raises forecast as outsourcing rises

Infosys Technologies, India's second biggest software services exporter, on Friday raised its earnings forecast for this year after growing demand for outsourcing and stabilised pricing helped the company...
Source: RSS feed - channel BNPaperBusiness | 9 Oct 2009 | 2:02 am

JJB Sports poised for 100m offering

JJB Sports, which narrowly avoided administration in April, is planning a share placing and open offer that will raise close to 100m, more than the total market value of the sporting goods retailer. The...
Source: RSS feed - channel BNPaperBusiness | 9 Oct 2009 | 2:00 am

Media Digest (10/9/2009) Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   Chinese investors are holding a large amount of gold. Reuters:   Bernanke sees tighter policies as the economy improves. Reuters:   The Congressional Oversight Panel says that the US plan to help homeowners with mortgages is not enough. Reuters:   The FDIC questioned a review of Citigroup (NYSE:C) management. Reuters:   News Corp (NYSE:NWS) CEO Murdoch called on China to open it [...]

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Source: 24/7 Wall St. | 9 Oct 2009 | 1:54 am

Energy bills could rise by up to 60% without huge investment, regulator warns

Household energy bills could soar by as much as 60 per cent unless £200 billion of investment can be found to restore Britain's crumbling power plants and secure future supplies, Ofgem, the energy regulator, warned today.


Source: Latest Business News from Times Online | 9 Oct 2009 | 1:51 am

Bernanke sees tighter policies as economy heals (Reuters)

Reuters - The U.S. Federal Reserve must continue to prop up the economy for an extended period but can't do so indefinitely for fear of triggering an inflationary surge, Federal Reserve Chairman Ben Bernanke warned on Thursday.

Source: Yahoo! News: Business | 9 Oct 2009 | 1:45 am

Bernanke sees tighter policies as economy heals

WASHINGTON (Reuters) - The U.S. Federal Reserve must continue to prop up the economy for an extended period but can't do so indefinitely for fear of triggering an inflationary surge, Federal Reserve Chairman Ben Bernanke warned on Thursday.
Source: Reuters: Business News | 9 Oct 2009 | 1:45 am

Verizon Teams With NFL to Fight Domestic Violence

October is domestic violence awareness month and Verizon Wireless has teamed up with NFL to bring coverage to the issue, as well as provide resources to women and children in danger. At various pro-football games this fall, no-longer-used wireless phones will be collected to benefit survivors of domestic violence.

Does Football Really Result in Battered Women?

Popular myth holds that Super Bowl Sunday is the biggest day of the year for violence against women. This snopes article shows how these type of urban legends can be perpetuated. While certainly motivated by PR and marketing concerns at least in part, it’s impressive that the NFL has chosen to partner with Verizon’s initiative against domestic violence.

Through Verizon Wireless’ HopeLine® program, the phones will be refurbished and recycled or sold. Proceeds will be used to purchase wireless phones for use by domestic violence survivors in emergency or life-threatening situations.

This is the sixth consecutive year that Verizon Wireless has partnered with the NFL to fight domestic violence in our communities.

“These donations of wireless phones have made a tremendous difference for victims of domestic violence,” said Mario Turco, President of Verizon Wireless’ Philadelphia Tri-State Region. “The Philadelphia Eagles and the fans have been committed to this cause every year, and we are proud of this partnership.”

Other community outreach programs, include:

• Eagles participation in Verizon Wireless’ annual “Packs for Pride” project, an initiative coordinated by local Verizon Wireless employees in the company’s Philadelphia Region that provides backpacks filled with clothing, toys and other items to children living in domestic violence shelters and safe houses
• Eagles home-game ticket donations to families throughout the region living in domestic violence shelters and safe houses

Since 2001, HopeLine has collected more than 5.6 million phones and more than one million phones have been recycled. Verizon Wireless has also awarded nearly $6.3 million in cash grants to domestic violence prevention and awareness programs across the country.

For store locations and additional information, visit www.verizonwireless.com/hopeline. For more information on the 2009 Philadelphia Eagles, visit the Eagles official Web site at www.PhiladelphiaEagles.com.

Image Credit: texas_mustang

Source: Business Pundit | 9 Oct 2009 | 1:43 am

JJB Sports to launch £100m rights issue

JJB Sports, the embattled sportswear retailer, is today putting the finishing touches to a £100 million rights issue aimed at rescuscitating its finances and catapaulting it into upmarket goods.


Source: Latest Business News from Times Online | 9 Oct 2009 | 1:28 am

U.S. anti-foreclosure programs not enough: watchdog (Reuters)

Reuters - Government programs to fight the U.S. home foreclosure crisis look increasingly inadequate and should be reworked, expanded and supplemented with new ideas, a congressional watchdog said in a report on Friday.
Source: Yahoo! News: Business | 9 Oct 2009 | 1:27 am

U.S. anti-foreclosure programs not enough: watchdog

WASHINGTON (Reuters) - Government programs to fight the U.S. home foreclosure crisis look increasingly inadequate and should be reworked, expanded and supplemented with new ideas, a congressional watchdog said in a report on Friday.
Source: Reuters: Business News | 9 Oct 2009 | 1:27 am

Focus on women's work needs urged

A think tank calls for more family-friendly policies, saying many women do not want to work full-time.
Source: BBC News | Business | World Edition | 9 Oct 2009 | 1:23 am

Households face rising bills to safeguard Britain's energy security

UK households face an increase in their energy bills of as much as 60pc over the next decade the regulator Ofgem said.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Oct 2009 | 1:22 am

Asia Markets And Europe Open (10/9/2009)

Markets in Asia were mixed. The Nikkei rose .8% to 9,892. The Hang Seng was down .2% to 21,448. The Shanghai Composite rose 4.8% to 2,912. PetroChina rose (PTR) and HSBC (HBC) fell. At the open in Europe, the FTSE was down .2% to 5,148. Tha Dax fell .1% to 4,709 and the CAC 40 fell .1% Data from Reuters [...]

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Source: 24/7 Wall St. | 9 Oct 2009 | 1:19 am

Video: Going global

Tom Walker of Martin Currie's on globally diversified share selection.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Oct 2009 | 1:15 am

Aussie stocks close suffer small dip

MELBOURNE - The Australian sharemarket closed slightly lower on Friday as investors took profits amid nervousness abuot the strength of companies reporting financial results in the United States.At 1615 AEDT on Friday, the benchmark...
Source: nzherald.co.nz - Business | 9 Oct 2009 | 1:11 am

UK 'becomes top financial centre'

The UK overtakes the US to be ranked as the World's leading financial centre, despite doubts about its stability.
Source: BBC News | Business | World Edition | 9 Oct 2009 | 1:09 am

Legislation targets those who bet on death

Some investors pay seniors for the right to take out life policies on them. Proposed bill in California has some industry support. ...
Source: RSS feed - channel BNPaperBusiness | 9 Oct 2009 | 1:00 am

Stocks climb after retail sales, Alcoa earnings

The Dow jumps 61 points to 9,786.87 as investors embrace upbeat data on jobs and corporate profits. The stock...
Source: RSS feed - channel BNPaperBusiness | 9 Oct 2009 | 1:00 am

Ralphs store to sell salsa prepared by Homegirl Cafe

The grocer aims to help gang-intervention agency Homeboy Industries, which runs the Homegirl Cafe & Catering job training program, learn how to commercialize its food products.

Homegirl salsa is about to find a home at the deli counter of Ralphs Grocery Co.

Source: L.A. Times - Business | 9 Oct 2009 | 1:00 am

Sony puts near-freeze on new scripts, movie development

The studio will still pay for priority projects and for new ones it deems highly desirable. But until April, it will largely hold off on buying and developing source material.

As Hollywood continues to look for ways to cut costs amid an array of economic pressures, Sony Pictures has become the latest studio to severely curtail the amount of money it spends to acquire and develop new movie projects.

Source: L.A. Times - Business | 9 Oct 2009 | 1:00 am

British regulators put roadblock in path of Ticketmaster-Live Nation merger

An agency says that the proposed combination could 'severely inhibit' a German ticketing company and that the two U.S. firms may have to divest assets in Britain. ...
Source: RSS feed - channel BNPaperBusiness | 9 Oct 2009 | 1:00 am

Mortgage modification program hits initial target

Federal officials say the Making Home Affordable program reached its goal of 500,000 more than three weeks ahead of schedule.

The often-criticized government program to help homeowners avoid home foreclosures has reached its initial goal for modifying mortgages -- after the Obama administration started prodding banks in July to move more quickly in easing loan terms.

Source: L.A. Times - Business | 9 Oct 2009 | 1:00 am

Mortgage modification program hits initial target

Federal officials say the Making Home Affordable program reached its goal of 500,000 more than three weeks ahead of schedule. ...
Source: RSS feed - channel BNPaperBusiness | 9 Oct 2009 | 1:00 am

Some state retirees rake in pensions and paychecks

Thousands who have returned to public service in California, including eight legislators, receive their retirement benefits and a salary. The practice has raised concerns.

As California's public retirement funds reel from losses of nearly $100 billion in recent years and lack enough cash to cover their long-term costs, thousands of state employees are collecting government pension checks along with their paychecks.

Source: L.A. Times - Business | 9 Oct 2009 | 1:00 am

Some state retirees rake in pensions and paychecks

Thousands who have returned to public service in California, including eight legislators, receive their retirement benefits and a salary. The practice has raised concerns. ...
Source: RSS feed - channel BNPaperBusiness | 9 Oct 2009 | 1:00 am

Retailers see ray of hope as sales in September rise 0.6%

Many of the strongest performers are sellers of mid- or low-priced goods. Some economists say that if stocks hold up and the housing and job markets don't worsen, holiday sales could surprise.

Retailers last month posted their first uptick in sales in more than a year, providing a hopeful sign for the industry and the broader economy as the crucial holiday shopping season draws near.

Source: L.A. Times - Business | 9 Oct 2009 | 1:00 am

Legislation targets those who bet on death

Some investors pay seniors for the right to take out life policies on them. Proposed bill in California has some industry support.

New efforts are underway in Sacramento to regulate how investors buy and sell existing life insurance policies, a practice that critics contend allows speculators to make money by wagering on when a person will die.

Source: L.A. Times - Business | 9 Oct 2009 | 1:00 am

Mazdaspeed3: The fast and the curious

Look, the world needs some good news. Wars, the economy, swine flu. My God, Andrew Lloyd Webber is making a sequel to "Phantom of the Opera."
Source: RSS feed - channel BNPaperBusiness | 9 Oct 2009 | 1:00 am

California municipal bond sale falls short of fundraising goal

After $4.5 billion in general obligation bonds fails to attract enough orders to raise the full amount, the state cut the total size of the deal by 8% to $4.14 billion, Treasurer Bill Lockyer says.

California suffered a painful snub by investors Thursday as the state's attempt to sell $4.5 billion in general obligation bonds failed to attract enough demand to raise the full amount.

Source: L.A. Times - Business | 9 Oct 2009 | 1:00 am

L.A.'s garment industry goes from riches to rags

Weak consumer spending and a lack of financing are the latest blows to the once-thriving industry, which is also coping with new environmental regulations and consumer safety rules.

The reality television show "Project Runway" this season is putting the spotlight on Los Angeles, where designers toil in a loft downtown, competing to win $100,000 to start their own clothing line.

Source: L.A. Times - Business | 9 Oct 2009 | 1:00 am

Mazdaspeed3: The fast and the curious

Look, the world needs some good news. Wars, the economy, swine flu. My God, Andrew Lloyd Webber is making a sequel to "Phantom of the Opera."

Source: L.A. Times - Business | 9 Oct 2009 | 1:00 am

U.S. Chamber of Commerce shrugs off defections

The president says he's 'not particularly worried' about Apple and three utility companies quitting over climate change.

The head of the U.S. Chamber of Commerce on Thursday brushed off decisions by a string of high-profile companies to break with the nation's leading business organization over what they considered its backward-looking position on global warming.

Source: L.A. Times - Business | 9 Oct 2009 | 1:00 am

Latvian PM rules out devaluation

Latvia's prime minister tells the BBC the worst of the nation's recession is over and there will not be a currency devaluation.
Source: BBC News | Business | World Edition | 9 Oct 2009 | 12:53 am

FDIC questions Citi management review: report

(Reuters) - The U.S. Federal Deposit Insurance Corp is questioning the positive conclusions given to Citigroup Inc's management team in a government-mandated review in the aftermath of the financial crisis, the Wall Street Journal said, citing people familiar with the situation.
Source: Reuters: Business News | 9 Oct 2009 | 12:48 am

TSMC third-quarter sales meet forecast

TAIPEI (Reuters) - TSMC , the world's biggest contract chip maker, said third-quarter sales rose by a fifth from the previous three months, matching its own forecast, thanks to growing chip demand.
Source: Reuters: Business News | 9 Oct 2009 | 12:42 am

BT's ultrafast broadband target doubled to 2.5m homes

BT is to more than double the number of homes able to use its ultrafast broadband network the head of BT unit Openreach told the Financial Times.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Oct 2009 | 12:40 am

NZ market closes slightly lower

The New Zealand sharemarket eased a touch today while most markets in Asia pushed on."I think both New Zealand and Australia are suffering from a continued rally in their currencies," said Grant Williamson, director of Hamilton,...
Source: nzherald.co.nz - Business | 9 Oct 2009 | 12:17 am

Summers stresses US support for dollar

The chief economic adviser to President Barack Obama reiterates the administration’s support for a strong dollar as concerns mount about the currency’s sharp decline
Source: Financial Times - US homepage | 9 Oct 2009 | 12:10 am

Bernanke's hawkish comments helps strengthen the dollar

Ben Bernanke the US Federal Reserve chairman help support the dollar after he indicated that monetary policy might have to be tightened as a recovery takes hold.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Oct 2009 | 12:07 am

Dollar loses steam against greenback

The New Zealand dollar lost some steam today when the United States dollar rose on comments by Federal Reserve chairman Ben Bernanke.M r Bernanke reiterated that accommodative policies were likely to be warranted for an extended...
Source: nzherald.co.nz - Business | 8 Oct 2009 | 11:40 pm

Fed eyes facility to drain reserves: report (Reuters)

Reuters - The U.S. Federal Reserve is contemplating accessing money market funds through clearing banks or the creation of a facility to drain cash added to the financial system, Bloomberg said, citing people familiar with the plans.
Source: Yahoo! News: Business | 8 Oct 2009 | 11:35 pm

Fed eyes facility to drain reserves: report

(Reuters) - The U.S. Federal Reserve is contemplating accessing money market funds through clearing banks or the creation of a facility to drain cash added to the financial system, Bloomberg said, citing people familiar with the plans.
Source: Reuters: Business News | 8 Oct 2009 | 11:35 pm

Major animal welfare issues on Crafar farms, says MAF

"Significant animal welfare issues" have been found among the 20,000 cows on the 22 farms owned by the Crafar family, the Ministry of Agriculture and Forestry (MAF) says.On some farms, MAF had given "explicit directions" for fixing...
Source: nzherald.co.nz - Business | 8 Oct 2009 | 11:27 pm

FDIC questions Citi management review: report (Reuters)

Reuters - The U.S. Federal Deposit Insurance Corp is questioning the positive conclusions given to Citigroup Inc's management team in a government-mandated review in the aftermath of the financial crisis, the Wall Street Journal said, citing people familiar with the situation.

Source: Yahoo! News: Business | 8 Oct 2009 | 10:33 pm

Tengzhong may finalize Hummer deal Friday: source

SHANGHAI (Reuters) - China's Tengzhong may finalize a deal to buy General Motors Co's Hummer business for about $150 million on Friday, a source familiar with the deal said, China's biggest brand grab since Lenovo bought IBM's PC unit in 2005.
Source: Reuters: Business News | 8 Oct 2009 | 10:32 pm

A Real Health-Care Fix Would Save You $7,100 (By the Numbers)

How much money could health-care reform save the average American family? A new Senate plan would deliver $71 a year, maybe. But the total savings that should be wrung out of America’s health-care system is probably closer to 100 times that amount.

The health-care plan backed by Senate Democrats would trim the deficit by $81 billion over 10 years while extending coverage to about half of the roughly 50 million people who now lack it. Senate Republicans aren’t applauding; Sen. Chuck Grassley of Iowa, a key member of the Finance Committee, said the plan merely shifts spending to consumers in the form of higher fees and taxes.

Whatever the plan’s merits, its disputed savings is a pittance next to the total amount America wastes on health care each year, and thus, the total amount it could save. The $81 billion works out to $71 per household, per year. Remember that figure for a moment.

In the 1970s, Dr. John Wennberg noticed something odd about the tonsils of Vermonters. Kids in one zip code were far more likely to have them removed than those in another nearby. In a 1973 article for Science magazine, he detailed the frequency of nine operations in 13 Vermont areas. The data showed plainly that location mattered far more than it should. Doctors in some regions were yanking more tonsils than they had to. Wennberg took his research to Dartmouth, where he founded a center for evaluating health-care delivery, known for its influential Dartmouth Atlas of Health Care reports.

Together with two colleagues, Dr. Elliott Fisher, who today leads the Atlas project, wrote a widely read study published in the Annals of Internal Medicine in 2003. It took Wennberg’s tonsil approach to a new level, looking at end-of-life care for people with broken hips, colorectal cancer and heart attacks, broken down by regions across America. In the regions with the highest spending, patients received 60% more health care, including minor procedures, tests, doctor visits and specialist use—and for all of it, they were slightly more likely to die. Fisher wrote that if all regions could safely reduce spending to match the low-use regions, Medicare would save 30%.

Medicare will spend $484 billion this year, and 30% of that is about $145 billion. That works out to $1,276 a year for the average household, money that could be used to reduce taxes or help close the federal budget deficit. But that’s just Medicare. In 2007, the U.S. spent a total of $2.2 trillion on health care, including government and private payers and out-of-pocket costs. What if the 30% waste estimate holds for the whole thing? That’s $660 billion a year in potential savings, or $5,811 per household.

The Atlas finding caused a kerfuffle. Some doctors, hospital administrators and lawmakers called the methodology flawed, saying it failed to acknowledge that some regions should spend more on health care. For example, the poor are more likely to get sick, so cities with many poor residents are expected to have higher costs. Fisher and his colleagues address the issues in a study published this year in The New England Journal of Medicine. Using an expanded data set adjusted for differences in income and health, they find that more than 70% of regional differences can’t be explained away by differences in income or health. The critics, they wrote in a recent essay summarizing the study results, are in “denial,” with each claiming that patients in their area need more care than average, in what seems a “reverse Lake Wobegon” effect, a reference to the fictional Minnesota town created by author and radio personality Garrison Keillor, in which “all the children are above-average.”

On the subject of “average,” consider a simpler way to judge health care bloat. What if America were a little more average among its peers in terms of health-care spending? The nation currently spends more per person than any of them, after all, but it does no better on standard measures of health. The U.S. spends over 16% of its gross domestic product on health care. Among the 30 members of the Organization for Economic Cooperation and Development, the average is 9%. Suppose the U.S. could get down to the level of France, the second-biggest spender, at 11% of GDP. That’s a savings of 5% of GDP, which for America works out to about $715 billion a year. That’s $6,296 per household.

But I’m just throwing numbers around. A better group to do the math is the non-partisan National Academy of Sciences. Its Institute of Medicine ran the numbers in September. It found $210 billion waiting to be saved from unnecessary services, like branded drugs used where generics would do. It also found $85 billion in overspending on doctors and hospitals that are overpriced relative to benchmarks. And there was $195 billion in unnecessary insurance administration costs. And a lot more. The total: $810 billion a year in health-care spending that doesn’t make us healthier. That’s 10 times the savings Congress is arguing over, only delivered ever year instead being spread over a decade.

Per household, it’s $7,132 a year.

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 | 8 Oct 2009 | 10:00 pm

Broker Talk: Watch Out for October (Broker Talk)

The market may pull back in October, but these brokerages say to keep investing for the long haul; the economic recovery will continue.

Who’s Talking: Jeffrey Saut, Chief Investment Strategist and Managing Director of Equity Research at Raymond James

The Gist: Don’t be scared off by a significant correction in the market this month. Stocks will still be higher by year-end.

Even though September is historically the worst month in the stock market, October actually looks like it could be more worrisome, says Saut. After a lot of fretting over what would happen to the market last month, September actually turned out to be one of the “best months on record,” leading many to believe that market performance in October might be better than expected, too. But Saut says he is increasingly confident that the market could see a correction of more than 7% for the first time since the March “lows.”

The question, according to Saut, is what shape the correction will take, whether it be a fast and furious decline or a “dribble-down in a slow-motion melt.” And while it may be wise to take on more risk and wind down oversized cash positions, investors may still see a pullback in the short term, warranting “more caution” in their investing. Even Richard Russell, the renown economic forecaster and publisher of the Dow Theory Letters, has said the “counter-trend rally from the March lows is in the process of topping out,” and that the fact that the Dow has declined six out of the last seven sessions is one of several well-defined “sell” signals.

Saut says investors shouldn’t necessarily turn bearish without a definitive “sell signal,” though the odds of a significant correction “are rising.” Stocks will still be higher at year-end than they are currently, says Saut, and “we would be buyers on said correction.”

If Mark Twain is any judge, says Saut, October is one of the “peculiarly dangerous months to speculate in stocks.” But other dangerous months include: “November, December, January, February, March, April, May, June, July, August and September.”

Who’s Talking: Bill Ralls, Senior Vice President, Investment Services, Fidelity Investments

The Gist: Recent economic indicators are mixed, but there are signs that economic growth is accelerating.

The economy is still fragile and there are obstacles that could derail the recovery, but there are many signs pointing to a stronger-than-expected recovery in months to come, says Ralls.

For one thing, job losses were at there lowest level in nine months at the end of September, an indication that the pace of layoffs is winding down. Granted, unemployment could continue to rise even as the economy improves, he says, which could depress consumer spending and the pace of economic recovery. After all, the Conference Board’s Consumer Confidence Index fell to 53.1 in September, down from 54.5 in August, as many consumers are still wary about improvement in the job market. And the number of consumers claiming that jobs are “hard to get” increased to 47% in September from 44.3% in August.

Business activity also surprisingly fell in September, according to the Institute for Supply Management-Chicago, and the Chicago Purchasing Managers Index, an indicator of Midwestern business activity, fell in August to contraction levels.

However, the Index of Leading Economic Indicators (LEI), which forecasts where the economy is headed over the next six to nine months, increased for the fifth straight month in August. And the 3-month rate of improvement in the LEI has been over 8% for the past four months through August, which is a sign of accelerating growth, says Ralls. He points out that similar patterns in the LEI developed after previous downturns, which suggests that we could see a “reasonably strong exit from the recession.”

Many economists are forecasting a tepid recovery, says Ralls, but investors should remember that according to historical data, the deeper the economic decline, “the stronger the ensuing recovery.” If this recovery is similar to prior ones, then the economy could have “upside surprises” over the next year. Even slow steps forward should be viewed as “an encouraging sign” for investors, says Ralls.

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 | 8 Oct 2009 | 10:00 pm

5 Smart DVDs to Watch Now (Consumer Action)

If you’re not already suffering from DVD overload, you probably should be. This month alone, close to 1,000 DVDs and films are coming out, according to MovieWeb.com, a site that tracks releases. How does the home-viewer sift through them all? To help make sense of the onslaught, we pulled together a selection of movies and television shows to rent or buy, all of which are available this month. They offer an escape from daily pressures but still say something about our modern lives, from a journalist’s wanderings around America to a 19th-century look at greed and society.

On the Road with Charles Kuralt

Set 1; various directors

We are ever curious about how people make a living. From the long-running 1950s and 1960s game show What’s My Line to the humorous stories of This American Life on radio and cable TV, Americans are interested in what makes each other tick. On the Road with Charles Kuralt was a benign precursor to NPR’s decidedly more ironic This American Life. The late Mr. Kuralt captured the byways of American working and playing life in all 50 states over the years, profiling everyone from sharecroppers to horse traders, mailmen to bicycle repairmen. The series began as a segment on the CBS Evening News with Walter Cronkite and became a cultural icon in its own right. What makes it highly watchable even today, in this newly released set of 18 episodes, is Kuralt’s genuine interest in people for themselves, not merely as artifacts of homegrown eccentricity.

Little Dorrit

By Charles Dickens, adapted by Andrew Davies; various directors

Bilking investors is nothing new. In fact, some 75 years before Charles Ponzi unleashed his scheme, another Charles – Dickens – wrote in Little Dorrit about how people could easily be duped into bogus investments. This adaptation of Dickens’ sweeping novel about social-climbing, family secrets, government bureaucracy and financial greed won several Emmy awards last month, and it makes for compelling viewing a year after the start of our current financial crisis. It’s about the tangled lives of a young seamstress, Little Dorrit, who was born into a debtor’s prison; the woman she works for, Mrs. Clennam; her son Arthur Clennam who tries to uncover the truth behind Little Dorrit’s and his own family history, and the interconnectedness of society high and low, rich and poor, honest and thieving.

The Earrings of Madame de…

Directed by Max Ophüls

Sex scandals come and go, from late-night talk-show hosts to the latest indiscretions of sanctimonious senators. In this riveting drama, adapted from a novel by Louise Levêque de Vilmorin, a woman (Danielle Darrieux) married to a general (Charles Boyer), has an affair with an Italian baron (Vittorio de Sica). She sells the unwanted earrings her husband has presented to her, but later comes to cherish them when, by chance, she is given them again by her lover the baron, who has bought them for her. The movie is not only a look at the sentimental attachment we place on possessions, but also the nature of possessiveness in our personal relations.

Midsomer Murders, set 13.

Various directors

There are few better ways to unwind after making a killing at the office than by watching English people murder each other. This long-running British mystery series, inspired by the novels of Caroline Graham, is, like many a mystery from across the pond, set in a small English village. The feature-length mysteries in this new set have not aired in the U.S., and appear here on DVD for the first time. The mysteries are well-plotted, and the movies feature excellent British character actors, evocative settings and, luckily for the squeamish, not too much violence.

Made In U.S.A.

Directed by Jean-Luc Godard

This 1966 movie about crime and American-style consumerism has just been made available in the U.S., thanks to the folks at the Criterion Collection. It was unavailable for a long time because it was based partly on The Jugger, a novel by Richard Stark (a pseudonym for the late crime author Donald E. Westlake, who died last December) and rights to the novel were never properly secured. All that’s been worked out now, so Americans can see this pop-color mash-up of Howard Hawks’s The Big Sleep and French New Wave cinema. The story follows Paula Nelson (Anna Karina), who investigates the death of her lover in Atlantic City, uncovering misdirection, corruption and a slew of colorful gangsters.

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 | 8 Oct 2009 | 10:00 pm

October 9, 2008 (Thursday): Meltdown in Iceland; Dow Drops 679 Points

Iceland Melts Down

Bankruptcy appears to loom for Iceland after the government takes over Kaupthing Bank, the third and final of the country’s three banks to come under government control. Iceland also suspends trading on its equities markets today. Meanwhile, trading in the krona, the nation’s currency, stops after an aborted stab at fixing the exchange rate to the euro. Financial analysts speculate that only an intervention from the IMF can prevent Iceland’s financial collapse.

(For more on this news, click here and here.)

Fast Cash

The White House today reveals a possible plan to buy equity stakes in troubled U.S. banks through cash injections, but says such investments would not turn into government takeovers of the banks. The worsening stock market swoon this week hastened the Treasury’s search for solutions to ease the credit crunch and free up capital so that banks can begin lending again. Other countries, including Iceland and England, have announced similar plans.

(For more on this news, click here, here and here.)

The Hits Keep Coming

The DJIA takes a 679 point drop today, the third-worst in its history, as nervous investors unload stocks in hordes. That decline puts the Dow below 9,000 for the first time in five years. Exxon Mobil and Chevron each fall 12%, while General Motors loses 31% and Ford gives up 21%. 1,754 stocks fall today, while just 87 climb. The Dow has lost 20.8 percent in the past six trading days, but today is a dramatic turn for the worse, with the bulk of the sell-offs occurring in waves after 3 p.m. One analyst tells the New York Times, “There is a downward spiral of fear.” (For more on this news, click here, 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 | 8 Oct 2009 | 10:00 pm

4 Stimulus Add-Ons on the Table (Consumer Action)

Get ready for Stimulus Part 2.

Against a backdrop of deteriorating jobs, administration officials and policy makers are weighing further action intended to prop up the labor market and expand some federal safety nets.

Despite some signs that the economy is beginning to recover, most economists agree that the labor market will worsen before it improves. In September, the unemployment rate rose to 9.8%, according to a Labor Department report -- one that President Obama called “a sobering reminder that progress comes in fits and starts.” Moody’s Economy.com, which provides economic analysis, expects more near-term fits forecasting the unemployment rate will reach 10.1% by mid-2010.

The jobs outlook is part of a broader economic picture giving policy makers more ammunition to act again. And although the administration has balked at calling any new measures part of a new stimulus package, these moves will require fresh legislation and more money.

“Whatever combination of things they’re doing won’t be near the $787 billion price tag of the February stimulus,” says Nigel Gault, chief U.S. economist at IHS Global Insight. “But there will be a number of piecemeal measures.” (A White House spokesman says the president and his economic team are only in “preliminary discussions” regarding proposals to boost the economy and create jobs.)

Here’s what’s on the table.

Unemployment benefits

Current program: Workers get 79 weeks of unemployment benefits; expires Dec. 31, 2009.

The House approved legislation in September to provide 13 additional weeks of unemployment benefits to states with jobless rates of 8.5% or higher (currently 28 states). Meanwhile, Democrats in the Senate are pushing a similar measure that would give workers in all states these additional weeks of benefits.

With long-term unemployment on the rise, it’s very likely that unemployment insurance benefits will be extended again, says Jim Horney, director of federal fiscal policy at the Center on Budget and Policy Priorities (CBPP), a left-leaning research group. “You have people in a number of hard-hit states who are going to run out of benefits. When they hit that limit, that’ll be it despite the fact that their state has very high unemployment and the chance of finding a job is slim,” he says.

Health insurance for laid-off workers

Current program: A 65% subsidy of Cobra health insurance premiums for workers laid off between Sept. 1, 2008 and Dec. 31, 2009; the subsidy lasts for up to nine months.

The stimulus that went into effect earlier this year included a provision in which the government pays 65% of the Cobra premium for up to nine months for workers who are involuntarily let go. In the past, laid-off workers who wanted to continue their employer-sponsored coverage had to pay the entire premium plus a 2% administrative fee. Given the uptick in Cobra usage since the subsidy began in February – enrollments have doubled as of August, according to a study by human resources firm Hewitt Associates – an extension will likely pass.

Under the subsidy, the cost of maintaining the average policy would be $377 per month for a family and $140 for an individual, according to a report by the Kaiser Family Foundation, a health policy nonprofit. Once the subsidy expires, that cost would rise to $1,078 per month for family coverage and $400 a month for individuals.

First-time home buyer tax credit

Current program: Tax credit of up to $8,000 for first-time home buyers; expires Nov. 30, 2009.

Extending this financial incentive for home buyers is not as much of a sure thing as the unemployment safety-net programs. First-time buyers – or those who haven’t owned a home in the past three years – are eligible for a tax credit of up to $8,000.

“There’s a strong chance that most of the people who would be induced by this credit would have done so already,” says Gault. You’d give most of the future benefit to people who would have bought a home with or without the credit, he says – a move that would not necessarily stimulate the housing market.

Employer tax credit

(No program exists now.)

Obama’s original stimulus package had included a tax credit for employers that hire new workers, but the credit didn’t make the final cut. Such a credit would give employers a tax break if they increase their payrolls – a policy designed to get companies over their reluctance to start hiring again.

Critics of this plan say it could be difficult to implement. They also argue that the policy would end up giving money to firms that would hire new workers anyway.

The fact that a tax credit is up for debate again is a sign that Washington remains concerned about job creation over the next year. Is such a credit a critical feature of a jobs creation package? “It’s not at the top of my list,” says Josh Bivens, an economist at the Economic Policy Institute, a think tank. But “I could see it going either way,” he says.

Not on the table: More fiscal relief for states

Expires Dec. 31, 2010

The stimulus package that passed in February provided states with $140 billion to help close gaping budget holes; of that, $87 billion went toward a temporary increase in the share of Medicaid that the government would pay. That assistance is effective through Dec. 31, 2010. As of now, no legislation to send more aid has been introduced in Congress.

“It’s surprising that this was not the No. 1 priority,” says Bivens. (States' combined budget gaps for the next two fiscal years are estimated to reach at least $350 billion, according to the CBPP.) The funding from the original stimulus likely staved off more significant cuts, but many states have already implemented those cuts while balancing their budgets for fiscal year 2010. Leading up to July, state legislatures will be developing their budgets for the following year.

With deficits expected, governors “have to know if they’ll get a continuation of federal assistance,” says the CBPP’s Horney. Without more aid from the government, many states that are still struggling may be forced to reduce their staffs, and the layoffs could filter down to the private labor force.

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 | 8 Oct 2009 | 10:00 pm

The Crowded World of Green Furniture

The struggling furniture industry is getting some much-needed cushion from some unlikely sources. Who’d have thought that things like “reclaimed” wood, bike rims and bourbon barrels might help the struggling sector pull through the recent retail sales funk? But according to estimates by Mike Italiano of eco-advocacy group Market Transformation to Sustainability, green furniture sales have grown 20 percent a year since 2007, to about $250 million. That’s still only a fraction of the $76 billion home-furnishings industry, but it’s one of the few signs of life there these days. Flip through any shelter magazine and it won’t take long to find trendy designer pieces likely to be Al Gore–approved—from corrugated-cardboard light fixtures (recycled!) to couches covered in surplus pup tents (reclaimed!). But mainstream chains like Ikea and Pottery Barn are venturing into eco-land too, using soy-foam cushions, water-based wood stains and certified “sustainable” wood legally harvested from responsibly managed forests.

It’s easy to credit the boost to the growing national appetite for all things green. But industry insiders also say this sector is up because the recession curbed conspicuous consumption. Luxurious appointments like velvet and calfskin have gone the way of Hummers and house-flipping. These days, trend watchers say, chic armchairs might be upholstered with vintage burlap grain sacks (French, of course), for a cozier, less ostentatious look. In this economy, says Los Angeles interior designer Oliver Furth, people want to be less obvious about throwing cash around, but “if it’s green, it’s not so bad to be spending.”

Take Susan and Marc Hamaker. The New York City–based couple recently bought a brand-new bed—at a price three times their original budget. While they liked the simplicity of the new bed’s design compared with their old sleigh bed’s, what sealed the deal was the fact that the wood came from a barn. But not just any barn; this was from a demolished Brazilian one—which made it eco-friendly “reclaimed” wood. “Most people think a barn is a barn, and no one thinks, ‘Oh, this would be a great bed,’” says Susan.

The idea of using reclaimed or recycled materials isn’t new, but the practice has gone more high-concept of late. An old bourbon barrel, for example, isn’t just a funky side table; one Brooklyn, N.Y., design firm has perched its staves atop recycled truck springs to create a $2,800 chair. Plus, the range of reclaimed materials is expanding far beyond wood. Among the current designs intended to lighten our landfills: a bar stool incorporating old chrome bike rims ($425), a floor mat of stitched-together leather belts ($688) and a coffee table made with skateboard-manufacturing remnants ($3,000).

But you don’t need avant-garde decor to go green, since more eco-minded designers now cater to Main Street tastes. You’d never know, for instance, that Loll Designs’ Adirondack chairs were made of melted-down milk jugs.
Or that lurking inside Lee Industries’ classic furnishings are recycled plastic bottles and recycled-metal springs. Big retailers like Pottery Barn and Crate & Barrel are following suit, focusing less on buzzworthy design than on greening up their materials, manufacturing and shipping.

Still, how do consumers know what’s earth-friendly and what’s just greenwashing? Experts say to look for makers that belong to the Sustainable Furnishings Council, an industry coalition that requires its highest-ranking members to have earned Sustainable Materials Rating Technology (SMaRT) certification. It’s a tree-hugger merit badge that says, among other things, that a company uses wood only from suppliers approved by the Forest Stewardship Council. Member firms also earn credits for sourcing materials locally and running energy-efficient factories.

Problem is, many eco-touting companies lack such credentials. (Ikea, for one, cites the difficulty of getting its international suppliers to comply with all the regulations.) And even card-carrying council members may not be consistently green in their practices. Jill Fehrenbacher, founder of eco-design blog Inhabitat.com, suggests asking whether they use water-based finishes and adhesives. Or whether they ship materials long distances; much wood these days comes from China and Siberia. Environment Furniture sources barn wood from Brazil and buys carbon credits to offset the shipping emissions. But critics question whether the credits, typically invested into other sustainability projects, do enough to counteract the pollution. Davide Berruto, CEO of Environment, says the company addresses “all aspects of our carbon equation”—not just shipping, but manufacturing and reducing waste. Ultimately, Fehrenbacher says, it’s vital to question whether something is really green—or just looks that way.

Not least because this stuff often carries a premium. Makers like Copeland Furniture, whose work is sold in 17 states, say using certified wood costs them about 10 percent more than other American wood, a cost that gets passed to consumers. But in general, mass-produced green furnishings still aren’t as pricey as limited-edition designer ones. Pottery Barn has eco-friendly couches starting at $999. Those sofas covered with used army pup tents? They run $3,995—patches and all.

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 | 8 Oct 2009 | 10:00 pm

Seeking Safe Returns in a Perilous World

MOHAMED EL-ERIAN, THE CHIEF EXECUTIVE OF PIMCO and its co-chief investment officer, has predicted that the U.S. economy will be moving into a sluggish "new normal" stage when the recession ends. That stage will be marked by annual gross domestic product growth of no more than 3%, stubbornly high unemployment and more government intervention than was the norm before the financial-sector eruption and meltdown.

Pimco, known formally as Pacific Investment Management Co., has created a mutual fund designed to capitalize on this dour view of the future. Called Pimco Global Multi-Asset, it was launched in October 2008. The fund (PGMAX) maps risk factors rather than asset classes, while perpetually hedging against significant market declines.

As of Sept. 30, the fund was up 17.56% this year (compared with 16.46% for its benchmark, which is a 60/40 blend of the MSCI World Index and Barclays Capital U.S. Aggregate Index). We recently peered through Pimco's looking glass with Mark Taborsky, the company's executive vice president for asset allocation, to get a better understanding of the fund's aims and strategy.

Barron's: Isn't mapping risk factors just a different way to arrive at the same end as hedging through diversification?

Taborsky: Yes and no. We think it's easier to conceptualize macro outcomes in terms of risk factors than to come up with expectations of returns across asset classes. The traditional approach to asset allocation relies on looking back in history to what asset classes returned. There is a huge reliance on mean reversion. There is a huge reliance on historic volatilities and correlations. We think people can use their views of the world. Are they worried about inflation? Inflation is a risk factor. Do they think interest rates are going up? That's a risk factor. Are they worried about the dollar? That's a risk factor. If they can think more precisely about those things, then trying to think at the 30,000-foot-level about asset classes, we think they will get much better results with their portfolio.

Do you still believe markets revert to the mean?

When markets are comfortable with their surroundings over longer periods, they do. But our argument is that we are in a new normal. That's why relying on history is dangerous. There are new means of growth. There are new means in other fundamentals like unemployment rates and inflation. All of these also relate to new means in required returns across asset classes. So there may have been an old mean of capitalization rates in real estate of 6%. That was true when you could get as much financing as you wanted. Now, you can't, and it is unlikely you will be able to in the future. So the new mean for unlevered real estate could go from 6% to 8%, just because the capital willing to go into real estate requires higher rates of return. And that's true across many different types of investments, including equities, private equity, natural resources and even hedge funds. Everyone wants a higher expected return because they can't use the same leverage as in the past.

How does this affect U.S. stocks and bonds?

There are a lot of risks in the economy. It feels like we may be looking at an elongated W [economic recovery]. The ability to get more fiscal stimulus is somewhat hindered because the public is tired of deficit spending to boost the economy. That presents headwinds for those who rely on risky cash flows. Hence, we think equities probably have gotten a bit ahead of themselves.

The way we look at risk factors is you can get equity exposure, of course, in equities, and also regionally in emerging markets or the EAFE [the MSCI Europe Australasia Far East] index. You can get equity exposure in credit. You can get equity exposure in real estate and hedge funds. We try to find the cheapest and safest place to get equity exposure. Right now, our view is that the safer place is credit because it is higher on the capital structure. You are getting a nice yield. Your equity exposure in credit is correlated with your equity exposure in equities. If there is a bumpy road ahead, you would rather be in an asset that has carry, but isn't going to go down as much when equities correct.

What new buzzwords should investors know?

In a big systemic shock, which is what we had in 2008, it's "fat tail risk." We all know that eight asset classes can compress to two: risky and riskless. Investors need to know how to be positioned and how to hedge systemic crisis, so they can stay in the game.

And Pimco does this by deconstructing asset classes into risk factors?

Right. One analogy we make is that asset classes are made of many building blocks, many different colored Legos. When we invest, we try to isolate how many yellows are in this block, how many blues, how many reds. Each color represents a factor. Sometimes, when we invest, volatility is a factor we are investing in. Sometimes it's duration. Sometimes it's the equity factor. Sometimes it's currency.

Are asset classes irrelevant?

We would say that when you are allocating to risk, and you are trying to manage your volatility and your downside and your upside, they are irrelevant. But for people who have to pick managers, who have to invest in real assets, asset classes are important. So we like to take our risks and place our bets in risk factors and find the right carriers of those factors.

When we decide that we want a certain amount of equity risk, we'll buy the Standard & Poor's 500 Index or EAFE or emerging markets or we'll get some in credit. When we want duration exposure, or if we want exposure to equity in the real-estate area, we'll invest in funds or buildings or real-estate investment trusts. You can never really escape asset classes, but you can map their risks differently.

Your Global Multi-Asset Fund hedges some of its risks, right?

We spend about 50 basis points [half of one percentage point] annually hedging our portfolio. We think that's fine in the context of long-run returns of 8% to 10% in good times and bad times. We have a good sense of what happens in big systemic shocks. We know that risky assets, like equities, do poorly. We know that credit spreads widen. We know that yield curves steepen because monetary authorities cut rates at the short end. We know that long-duration riskless do well.

Our argument is that we know what is going to happen; we just don't know when. So if we can own a portfolio of assets that do well when risky assets don't, and if we can own them in an option-like format, this will always protect us. We use this in combination with asset allocation, because when volatility is very high, this nice basket of assets that does well when risky assets don't can be very expensive. So we use a combination of asset allocation in our tail-risk portfolio to manage risk.

How do you overcome the performance drag of a perpetual hedge?

Part of it is deciding how hedged you want to be, and how precisely hedged you want to be. We've decided that markets have a certain amount of volatility that you must accept if you are going to invest in risky assets. What we want to avoid are catastrophic losses. So, we have drawn a line in the sand that says we never want to lose more than 15% in any one year. To make this affordable, you need to be a little bit more out of the money and you need to be much more tactical with your portfolio.

When risk is high in the market, when volatilities are high, we will tend to own less risk in our portfolio. And that's the other thing: People tend not to adjust the risk in their portfolio in line with what's happening with macro events, and that's what can make hedging very expensive. If we see risk increasing, we will hedge our portfolio out-of-the-money, and we will also de-risk our portfolio. When risks are low, and volatility is low in the market, it's easy to build up a portfolio to use as a hedge because it is relatively cheap to do so. We tend to take more risk, as long as that risk is in line with our cyclical and secular views of the world.

A critic could say that Pimco has introduced a pop-culture idea at a time of enormous economic disruption. Your ideas are compelling, but lack the standing of modern portfolio theory, which holds that asset diversification maximizes return and minimizes risk, provided that markets adhere to historical performance and to volatility patterns. What are they missing?

The majority of people who use the modern-portfolio-theory approach -- and it has been with us for more than 50 years -- recognize that it has many shortcomings. Anyone who has done it more than a year recognizes how far off their estimates of expected returns are by asset class and how far off their expectations of volatilities and correlations are. It is a very elegant approach, but it doesn't really work that well.

The other thing is that everyone using it uses the exact same information. Everyone looks at the same volatilities and correlations, and everyone is comparing notes on what expected returns they have.

So you end up with lots of people -- and you see this in the endowment/foundation world -- with very, very similar allocations. That tells you that using one approach can be dangerous because people will move in and out of asset classes and investments at the same time.

In reality, if you have a view on inflation and you have a view on growth, and you have a view on credit spreads, and what is going to happen with the curve, you can come up with a much better forecast of returns, and that's what we are trying to do. We are thinking in terms of the drivers of returns, rather than trying to forecast what an asset class is going to do.

This approach is not new for us. We've actually used the risk-factor approach for 30 years. It has been used in the Pimco Total Return Fund [PTTAX] and everything else we do for more than three decades.

Turbulence certainly seems to define our times.

We have a view at Pimco that you can't be so long-term that you don't pay attention to current events. We think asset allocation, certainly over the next five to 10 years, begs for a tactical component that is very hard for many investors to deal with because they aren't structured to think about macro things like equity exposure while adjusting for micro elements like relative valuations on a daily basis.

Is thinking of risk, rather than return, the new market imperative?

People have to consider: "Am I getting paid for the risks I'm taking?" If you are going to give me 25% returns, am I taking on too much risk for that? Is the probability that I may end up with a goose egg at the end of three years too high for me to handle? People have talked about risk-adjusted returns for a long time, but I don't think they paid attention because you can't eat a lower-risk portfolio, but you can eat the higher returns.

The 2008 meltdown taught people the importance of risk management and the importance of liquidity management. That's why there is so much money in Treasuries and money-markets. People are not yet comfortable with more risky assets.

True, but as we speak the S&P 500 is 20% above its 200-day-moving average, which hasn't happened since 1983.

People have short memories. People get exhausted after two years of financial- market distress, and they are scared about missing the market.

Does that scare you?

We think we can deliver good returns for our investors over a long period, and the fact that we may miss one thing on the upside doesn't matter much. We do want to also beat the 60/40 mix of global equities and bonds, but we are going to do that over a business cycle of three-to-five years. If our view is that the market is ahead of itself, and we see lots of bumps on the road ahead, we aren't going to put our clients heavily into stocks.

We can earn very good returns by taking equity risk outside the equity market. But when equities return to a level that we think is appropriate, we'll be in them again. Just because we manage lots of bonds doesn't mean that we don't know or understand stocks, because we managed them for years at the endowments.

We certainly have views on relative value among equities, whether they are in emerging markets or developed markets. We're also in commodities. We're also in real estate. And we think that a diversified basket of investments gives people very good exposure to cyclical stories, as well as to secular stories.

Are you really a Multi-Asset Fund? Risk-Factor Fund sounds more accurate.

We call it a multi-asset fund, but that's only because it is going to take awhile for the vernacular to accept a multi-risk factor fund. But that's really what it is, it is a multi-risk-factor fund that hedges the downside and has a bunch of concurrent goals that requires us, from time to time, to step away from too much excitement in the market and, at other times, to say that we can accept this risk. We always want to be hedged.

The late William McChesney Martin said it was the job of the Federal Reserve to take away the punch bowl from investors. I assume you don't serve any punch at Pimco.

We aren't eternal pessimists on the markets, and we aren't eternal pessimists on equities. We want to make sure we are getting paid for risk. We want to make sure that our investors have some semblance of future return before we commit their money. The big systemic crisis that began in the summer of 2007 and took on ferocious speed in September 2008 changed the world.

We are going to have a lot of bumps along this road. What does government involvement in the banking sector mean? What does government ownership of car companies mean? How do governments and central banks exit their stimulus programs in a way that doesn't create inflation and more problems? Yes, the world was saved, but now what?

Thank you, Mark.

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 | 8 Oct 2009 | 10:00 pm

Kiwibank raises mortgage rates

Kiwibank has increased many of its fixed home mortgage rates.The state-owned bank has increased its two-, four- and five-year mortgage rates by 30 basis points to 6.69 per cent, 8.25 per cent and 8.60 per cent respectively.It...
Source: nzherald.co.nz - Business | 8 Oct 2009 | 9:30 pm

Retail card transactions climb, led by food and fuel

New Zealanders increased credit and debit card retail spending for a third straight month, adding to evidence that consumers are feeling more upbeat about the economy and easing open their wallets.Electronic card transactions...
Source: nzherald.co.nz - Business | 8 Oct 2009 | 9:00 pm

Bank of America shopping Lehman claim: report

NEW YORK (Reuters) - Bank of America Corp is selling a claim with a face value of about $800 million that it holds against bankrupt Lehman Brothers Holdings Inc , Bloomberg reported citing people familiar with the matter.
Source: Reuters: Business News | 8 Oct 2009 | 8:38 pm

Turning Japanese with perfect timing

At the age of 38, Tim Williams already has a CV that would make Sir Richard Branson proud.The serial entrepreneur is an obvious example of how business success is not only about executing a clever idea well, but can sometimes...
Source: nzherald.co.nz - Business | 8 Oct 2009 | 8:00 pm

Shanghai Rockets Higher At The Open

The Shanghai stock exchange rocketed up 2..5 % after being closed most of the week. Energy stocks lead by PetroChina (NYSE:PTR) made among the largest moves as crude traded up toward $72. Douglas A. McIntyre Posted in Charts Tagged: PTR

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Source: 24/7 Wall St. | 8 Oct 2009 | 7:50 pm

Spain demands rework of Magna’s Opel plan

UK and European politicians lash out against the carmaker’s restructuring plan, culminating in Madrid boycotting a planned ministerial meeting to discuss the plan and delay the deal
Source: Financial Times - US homepage | 8 Oct 2009 | 7:34 pm

BBC could have wasted licence-fee cash by overpaying for FA Cup matches

Licence-fee payers’ money was at risk of being wasted when the BBC paid more than £1 million for the rights to broadcast FA Cup matches on Radio 5 Live, the Corporation’s regulator said yesterday.


Source: Latest Business News from Times Online | 8 Oct 2009 | 6:09 pm

Mandelson set to withhold £400m from Magna

Lord Mandelson is withholding about £400 million worth of loan guarantees from the buyers of Vauxhall because he believes the UK is being shortchanged over jobs.


Source: Latest Business News from Times Online | 8 Oct 2009 | 6:07 pm

Write-Offs: 10.08.09

$$$ Life Lessons From Donald Trump [Daily Intel]

$$$ Gagosian Art Store Debuts, Displays Damien Hirst-Signed Memorabilia, Richard Prince Nurse Hat Chair [WSJ]

$$$ Movie Derivatives [BI]

$$$ Leaner Times at Harvard: No Cookies [NYT]

Sponsored Topics: Harvard University - Wall Street Journal - New York Times - Richard Prince - United States
Source: Dealbreaker | 8 Oct 2009 | 6:01 pm

British investors are looking to Marrakesh's suburbs for bargains

Anyone who visited Marrakesh ten years ago might not recognise it today. Beyond the winding streets and colourful spices of the medina, a modern city has grown up, surrounded by the famously red terrain and, beyond, the Atlas mountains.


Source: Latest Business News from Times Online | 8 Oct 2009 | 6:01 pm

House price rises are extending beyond London but fears remain

The housing market revival is spreading to the regions. Nationwide, the lender, last week revealed that — thanks to five consecutive months of house price rises — the value of the average home in the UK has recovered to levels last seen before the collapse of Lehman Brothers a year ago. Halifax house price data, out this week, added to the mood, reporting another monthly increase of 1.6 per cent in September, taking the average price to £163,533.


Source: Latest Business News from Times Online | 8 Oct 2009 | 6:01 pm

For richer, for poorer: David Cameron promises to back business and fight poverty

David Cameron presented himself as a champion of the poor yesterday as he vowed to fight Britain’s social ills more effectively than Labour.
Source: Latest Business News from Times Online | 8 Oct 2009 | 6:01 pm

New email shows fund "blow-up risk" fear at Bear

NEW YORK (Reuters) - One of two former Bear Stearns managers indicted for fraud over the collapse of hedge funds in 2007 feared a "blow up risk" to investors as early as November 2006, according to an email released on Thursday.
Source: Reuters: Business News | 8 Oct 2009 | 6:00 pm

NZ saved from major financial damage - Reserve Bank

New Zealand escaped major damage in the worst global financial crisis in decades, but imbalances and vulnerabilities were highlighted, the Reserve Bank's 2008/09 annual repo
Source: nzherald.co.nz - Business | 8 Oct 2009 | 6:00 pm

Renewed push on US health ‘public option’

Leading Democrats made a renewed drive for a ‘public option’ as a Senate panel scheduled a key vote on its pivotal $829bn reform plan next Tuesday
Source: Financial Times - US homepage | 8 Oct 2009 | 5:58 pm

Qualcomm chief in call over heavy data users

Qualcomm, the world’s biggest maker of chips for mobile phones, has entered the net neutrality debate in the US with its chief executive calling for heavy data users to be discriminated against as wireless networks reach capacity
Source: Financial Times - US homepage | 8 Oct 2009 | 5:49 pm

J.D. Power: iPhone is No. 1, again

Source: Business and financial news - CNNMoney.com | 8 Oct 2009 | 5:33 pm

Pay czar urged to stop BofA CEO pension

WASHINGTON/ NEW YORK (Reuters) - A top U.S. labor group on Thursday asked the Obama administration's "pay czar" to stop any retirement payments to Bank of America Chief Executive Ken Lewis.
Source: Reuters: Business News | 8 Oct 2009 | 5:29 pm

California cuts size of bond deal

California cut a bond sale to $4.14bn from $4.5bn and boosted the yields in a sign that investors are growing wary of the debt of cash-strapped US states, cities and other public borrowers.
Source: Financial Times - US homepage | 8 Oct 2009 | 5:19 pm

400,000 jobless out of luck - Congress at odds

As thousands of jobless Americans lose their weekly unemployment checks every day, Congress is still debating who should qualify for a benefits extension.
Source: Business and financial news - CNNMoney.com | 8 Oct 2009 | 5:03 pm

Fed begins testing ‘reverse repo’ trades

The Federal Reserve has begun conducting small-scale tests of trades called ‘reverse repos’ on Wall Street that would enable it to drain cash from the financial system once it decides to roll back its current extraordinarily loose monetary policy
Source: Financial Times - US homepage | 8 Oct 2009 | 5:01 pm

Aust buyer tipped for Line 7

Fabrics, textiles and homewares company Charles Parsons is expected to announce that it has bought the Line 7 brand.The high-profile Kiwi sports and casual wear label went into receivership in July owing $5 million to unsecured...
Source: nzherald.co.nz - Business | 8 Oct 2009 | 5:00 pm

Joyce Calls Ticketmaster-Live Nation Scrutiny Normal: Audio

Source: Bloomberg - All Podcasts | 8 Oct 2009 | 4:55 pm

Breaking: Jim Simons To Retire From Rentec At Year-End

Jim Simons announced to employees today that he will retire from his role as CEO of Renaissance Technologies, a person familiar with firm has confirmed to Dealbreaker. Current co-presidents Peter Brown and Robert Mercer will be named co-CEO's as of January 1, 2010 (Simons will remain non-executive chairman). Simons will remain the largest shareholder at the fund and will keep "sizable investments in RIEF and RIFF."

Sponsored Topics: Renaissance Technologies - Chief executive officer - Peter Brown - Chairman - Shareholder
Source: Dealbreaker | 8 Oct 2009 | 4:50 pm

Shares edge up in early trade

The New Zealand sharemarket edged up in early trading as leading stocks Telecom and Fletcher Building notched up small rises.By 10.15am the benchmark NZX-50 index was up 1.35 points to 3170.29, on top of a 27.7-point lift yesterday...
Source: nzherald.co.nz - Business | 8 Oct 2009 | 4:41 pm

Yruma Says Retail Driven by Malls, Pricing, Fashion: Audio

Source: Bloomberg - All Podcasts | 8 Oct 2009 | 4:40 pm

Siegenthaler Likes Bank of Hawaii, First Horizon: Audio

Source: Bloomberg - All Podcasts | 8 Oct 2009 | 4:25 pm

SEC seeks common goal for accounts

The chairman of the Securities and Exchange Commission says the US remains committed to one global accounting standard for public companies
Source: Financial Times - US homepage | 8 Oct 2009 | 4:23 pm

8 great companies to retire from

At a time when some firms have cut back on benefits, these employers offer notably generous plans. Fortune picks some of the best.
Source: Business and financial news - CNNMoney.com | 8 Oct 2009 | 4:22 pm

Chris Dodd, You're On!

Chris Dodd may be onto something. At some point, the gravy train has got to end. While his comments regarding too-big-to-fail were likely said with a financial product factory in mind, given who was saved over the past year and who wasn't, it's not just banks that should take notice.

I really would like to have the emphasis be that if you mess up, you're done. We're not going to provide that kind of perpetual guarantee that allows you to continue in existence. That 'too-big-to-fail' notion has to end," he said.

Yes, Senator. You're on the right track here. This sounds great, almost like the reemergence of that "anti-Jesus" economic system. But we need a test case to make sure you're serious. Let's see if we can find one.

Sponsored Topics: Christopher Dodd - Financial services - Chris Dodd - Politics - Society and Culture
Source: Dealbreaker | 8 Oct 2009 | 4:18 pm

Sowanick, Boockvar on Inflation; Ritholtz on Markets: Audio

Source: Bloomberg - All Podcasts | 8 Oct 2009 | 4:13 pm

Stocks climb after retail sales, Alcoa earnings (AP)

AP - The stock market resumed its rally after getting encouraging readings on two of the best gauges of the economy's health: consumer spending and corporate profits.

Source: Yahoo! News: Stock Markets News | 8 Oct 2009 | 4:11 pm

Jim Rogers predicts that commodities boom could last 20 years

The bullish investor sees demand for raw materials outstripping supply for the next two decades.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 8 Oct 2009 | 4:07 pm

How the major stock indexes fared on Thursday (AP)

AP - The stock market resumed its rally after getting encouraging readings on two of the best gauges of the economy's health: consumer spending and corporate profits. Traders pounced on news that retailers last month had their first sales gains in more than a year. That followed late Wednesday's good news from Alcoa Inc. The company surprised investors with its first profit in nine months.
Source: Yahoo! News: Stock Markets News | 8 Oct 2009 | 3:58 pm

JJB to raise £100m from its investors

JJB Sports the struggling sports chain has confirmed that it finalising plans for a share issue of £100m to tap investors for extra funds.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 8 Oct 2009 | 3:52 pm

Stores say sales may finally be turning around (AP)

AP - Americans are finally spending a little more, but they're playing hard to get.

Source: Yahoo! News: Business | 8 Oct 2009 | 3:42 pm

Swartzberg Sees More Upside to Pepsi Than Coca-Cola: Audio

Source: Bloomberg - All Podcasts | 8 Oct 2009 | 3:06 pm

MARK YOUR CALENDARS

Saturday, November 21, 2009. Don't ask questions, just do as I say and clear your schedule.

Sponsored Topics: MARK - Advice - Religion and Spirituality - Christianity - Reference Tools
Source: Dealbreaker | 8 Oct 2009 | 2:59 pm

Presented By:

Source: Dealbreaker | 8 Oct 2009 | 2:59 pm

Doctor: Health Insurance Companies Determine Our Fees

James T. writes:

I listened to podcast #101 about health care economics. I am a physician, OB/GYN in Upstate NY, and I feel you are missing the key facts in your health care coverage. In today's podcast you ask: "why do doctors and hospitals bill for high dollar amounts when they know practically no one pays this amount?" Your guest from Aetna says he doesn't know.

The answer is -- our contracts state we will receive the agreed upon amount or up to 75 percent of our fees, whatever is less. Therefore, in order for doctors to receive the maximum amount for our services under contract, we have to bill for a much higher amount. It is entirely driven by the health insurance contract. I would like to reduce my fees for uninsured, underinsured patients, but I risk the insurance companies challenging our fee schedule and reducing our payments.

I agree it is crazy, but we are relatively powerless to change it. The contracts are not negotiated. They are offered as a take it or leave it offer, unless you are the only specialist in your community and you can force a negotiation.

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Source: NPR Blogs: Planet Money | 8 Oct 2009 | 2:53 pm

Rupkey Sees Fed With `Itchy Trigger Finger’ in Mid-2010: Audio

Source: Bloomberg - All Podcasts | 8 Oct 2009 | 2:51 pm

Method Man Issues Warning To Would-Be Tax Evaders: Uncle Sam Pimp Slapped Me

Don't simply take the government's word about coming after tax evaders. Take it from somebody who knows first hand. The IRS is out to collect, Wu-Tang Clan member or not.

[SOHH.com]

Sponsored Topics: Internal Revenue Service - Government - Method Man - Tax - Wu-Tang Clan
Source: Dealbreaker | 8 Oct 2009 | 2:40 pm

Meltdown 101: What is a short sale of a home? (AP)

AP - For a homeowner who needs to sell but has a mortgage balance higher than the property value, one option is something called a "short sale."
Source: Yahoo! News: Business | 8 Oct 2009 | 2:18 pm

Chandler Sees Dollar Under Pressure on Low U.S. Rates: Audio

Source: Bloomberg - All Podcasts | 8 Oct 2009 | 1:53 pm

Aschenbrener, Lohmann, Wu on Second Life Lawsuit: Audio

Source: Bloomberg - All Podcasts | 8 Oct 2009 | 1:41 pm

US retailers in first gain since 2008 crisis

US retailers reported better-than-expected sales figures in September, although the majority of stores reported continuing sales declines
Source: Financial Times - US homepage | 8 Oct 2009 | 1:36 pm

FBI Head Will Not Be Banking Online Anytime Soon

It's not just the Beard who can fall victim to a scheme designed to take his identity out for a test drive and then crash the car. Fraud almost victimized the longest arm of the law, the head of the FBI, Robert Mueller. You'd figure it would take a pretty elaborate plan to fool the head honcho of the federal crimefighting unit. These guys can smell something rotten from a mile away. You don't just stand there and ask them to fork over their social security number and PIN number and expect any chance of success. Or do you?

Sponsored Topics: Robert Mueller - Federal Bureau of Investigation - Fraud - Law - Social Security number
Source: Dealbreaker | 8 Oct 2009 | 1:31 pm

Los Angeles' art has imitated its life

John Buntin, who writes about the 20th-century relationship between organized crime and the Los Angeles Police Department in "L.A. Noir," takes Kai Ryssdal on a tour of the city's downtown and points out things that haven't changed much.
Source: Marketplace | 8 Oct 2009 | 1:10 pm

Home sellers dropping bottom lines

Prices are coming down on home sales, according to a report from the real estate company Trulia. Does this mean reality is finally sinking in for homeowners? Alisa Roth reports.
Source: Marketplace | 8 Oct 2009 | 1:05 pm

Commonwealth Fund Rates Vermont First For Health Care Performance

By Caitlin Kenney

The Commonwealth Fund has rated Vermont, Hawaii and Iowa the top three states in terms of health care system performance. Louisiana, Oklahoma and Mississippi were rated the worst. The ratings are part of the group's second State Scorecord which measures performance based on access, quality, costs and health outcomes.

The group says the scorecard shows improvements made in care since 2007, but regional variation remains a serious problem.

Distinct regional patterns and sharp differences in performance across states--with some persistent gaps even in the best-performing states--attest to the reality that our health care system fails to provide reliable access to the affordable, effective, patient-centered, coordinated care that everyone should expect, given the large and growing share of the nation's economic resources that are invested in the health care sector.

The report also makes note of the increasing rate of hospital readmissions. It estimates that at least $5 billion a year could be saved in preventing hospitalization and readmission for elderly and chronically ill patients.

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Source: NPR Blogs: Planet Money | 8 Oct 2009 | 12:49 pm

L.A. luring filmmakers back home

For years, foreign countries and other U.S. cities and states have offered tax breaks and other incentives to lure filmmakers away from Los Angeles. Now, the L.A. City Council wants to put forth some incentives of its own. Stacey Vanek-Smith reports.
Source: Marketplace | 8 Oct 2009 | 12:44 pm

What We Can Learn From The British: Don't Deal Drugs From Your Desk

So this Bloomberg story on suicidal coke addicts across the pond? Kind of a downer. And while it didn't really illuminate much re: the similarities between trading and having a drug problem that we didn't already know, or do anything but depress us, we have found ourselves a teachable moment.

At least one cocaine user at a financial firm was brazen enough to deal the drug from his desk. David Frith, a 28-year- old banker who worked at Barclays Plc's office in Basingstoke, England, was convicted in 2007 of selling drugs from his desk and received a jail sentence of seven and a half years.

Sponsored Topics: England - Basingstoke - Cocaine - Sentence - Health
Source: Dealbreaker | 8 Oct 2009 | 12:40 pm

Investors tapped as rating agencies

Insurance regulators are looking to some of the nation's most sophisticated bond investors to act as rating agencies. Some experts think they'd probably do a better job. Jill Barshay reports.
Source: Marketplace | 8 Oct 2009 | 12:33 pm

Who should Tim Geithner be talking to?

Treasury Secretary Tim Geithner has logged in a lot of phone time with executives from big Wall Street banks. Who else could he be calling? Kai Ryssdal gets some insight from Anil Kashyup at the University of Chicago.
Source: Marketplace | 8 Oct 2009 | 12:27 pm

Urban farming takes root in Detroit

A collaborative movement between a Michigan farmer and a Detroit environmentalist is taking gardening to another level in the Motor City. Phillip Martin reports.
Source: Marketplace | 8 Oct 2009 | 12:25 pm

Med students weigh in on health reform

The final health care reform bill will have a big impact on the doctors of tomorrow. What does the next generation of medical practitioners think about the proposed new rules? Joel Rose reports in the next installment of our series, "The Cure."
Source: Marketplace | 8 Oct 2009 | 12:18 pm

Time For An Intervention

As impressive as the dollar's recent ability to master the limbo is, Asian central banks have seen enough. In the race to see which side of the Pacific can tanks its currency enough to spur exports to anybody willing to buy them, the US was making alarming progress for the likes of South Korea, Taiwan, the Philippines and Thailand, each a proud new owner of at least several hundred million greenbacks. Not that basement level interest rates in the US weren't enough of a problem for Asian export economies before, but now they're fighting the uphill battle of the rate hikes and job growth recently seen in Australia potentially spreading like a plague throughout the region. So, in the end, Timmy G was correct. There is a real commitment to a strong dollar. It's just coming 10,000 miles from DC.

Sponsored Topics: Australia - Thailand - South Korea - Central bank - Philippines
Source: Dealbreaker | 8 Oct 2009 | 12:13 pm

Is There Something Wrong With The Fact That Tim Geithner Talks To Blankfein, Dimon and Pandit All The Time And Rarely Checks In With Mack or Lewis?

The AP, which obtained the Treasury Secretary's phone records under the FOIA says no, "there is nothing inherently wrong" with it but one does get sense the newswire thinks it's dirty. Which seems kind of silly, since there's a perfectly logical explanation for why T. Geith had "at least 80 contacts" with the former group of CEOs in his first seven months on the job and only three apiece with the other two. Lloyd is TG's future boss who he's gotta keep happy. Jamie Dimon is a hot piece of ass whose name is good to drop in meetings with the President ("Oh yeah I was just talkin to Jamie earlier, we talk all the time"), and Pandito is TG's problem child who he's trying to keep out of reform school ("You fuck anything up lately? Okay good, talk later. I rue the day I believed her mother when she said she was on the pill."). As for Lewis, let's get real for two-- how often do you want to talk to the guy who mostly just breathes deeply into the phone and needs to be reminded constantly who he's speaking with? With regard to Mack-- I think we all know what the deal is there (nobody tells this Treasury Secretary to go fuck himself! Or everyone does! It's one or the other). This, however, we cannot explain:

Sponsored Topics: Freedom of Information Act - United States Secretary of the Treasury - Associated Press - Chief executive officer - Jamie Dimon
Source: Dealbreaker | 8 Oct 2009 | 11:57 am

Baird's Loeb Sees Takeover Opportunities for Hotels: Audio

Source: Bloomberg - All Podcasts | 8 Oct 2009 | 11:32 am

Chart: Cities Getting Richer

By Laura Conaway

God bless the city of Detroit (and with it, Philadelphia). Discovering Urbanism mines the Census Bureau's American Community Survey for a look at how income in several cities compares to income in those cities' suburbs.

As you can see from the chart by suburban scholar Bill Lucy, wealth has been shifting into cities -- except in Philadelphia and Detroit. The picture for Michigan is painful overall, of course -- it's one of five states that saw personal income fall in 2008.

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Source: NPR Blogs: Planet Money | 8 Oct 2009 | 11:29 am

Syngenta Raised to `Overweight’ at JPMorgan: Audio

Source: Bloomberg - All Podcasts | 8 Oct 2009 | 11:08 am

A look at economic developments around the globe (AP)

AP - A look at economic developments and activity in major stock markets around the world Thursday:
Source: Yahoo! News: Stock Markets News | 8 Oct 2009 | 10:59 am

FTSE 100 advances on positive US data (AFP)

AFP - The leading stock exchange continued to make progress on Thursday, led by gains to mining shares and positive corporate news from the US.

Source: Yahoo! News: Stock Markets News | 8 Oct 2009 | 10:25 am

20 Lucrative Careers You Can Get with a Liberal Arts Degree

Think your English Lit major will doom you to a four-digit income? Not so fast. According to the Department of Labor’s most recent mean wage statistics , a liberal arts degree can earn you a decent wage.

Our list covers currently available jobs that offer high earning potential to people without a technical or scientific degree. Some jobs require licenses or a little additional education, but most can be accomplished with a liberal arts education.

Note: These are job categories as defined by the government in 2008. Therefore, some newer jobs or job categories aren’t included here. Entrepreneurship/owning your own business is also excluded.

20. Postal Service Clerk
Mean annual wage: $50,150

Job description: A Postal Service Clerk performs a variety of duties within a post office. These include processing mail, selling stamps and packing materials, processing money orders, sorting mail, repeatedly explaining the same concepts to confused customers, and various other duties.

How you land the position: The government prefers to hire people with a Bachelor’s degree. Customer service skills also help. If you’re interested in a full-time position, you need to pass a civil service exam.

Examples of companies to work for: The Unites States Postal Service

19. Construction and Building Inspector
Mean annual wage: $52,160

Job description: Inspectors enforce building safety codes. Tasks include examining new structures to determine the structural integrity of the building and ensuring buildings are safe before developers open them for use. Inspectors may also approve building plans or blueprints before construction begins. Inspections cover electrical and/or plumbing elements as well.

How you land the position: Some positions have no degree requirements. Positions in engineering or architecture, however, may require a Bachelor’s degree. Experience in the construction field helps your prospects. Some positions require specific certificates or licenses.

Examples of companies to work for: Local or state government agencies, National Building Inspections, Home Inspections USA, National Inspection Services

18. Compensation, Benefits, and Job Analysis Specialist
Mean annual wage: $57,060

Job description: Assess aspects of compensation, benefits and job duties of employees for the primary employer. In this position, you may examine specific areas such as pension or employee classification levels.

How you land the position: Some sort of Bachelor’s degree is preferred, though specific education requirements may vary by position. Certifications and required job experience differ from one job to another.

Examples of companies to work for: Local and state government offices, consulting services, insurance carriers

17. Claims Adjuster, Examiner, and Investigator
Mean annual wage: $57,550

Image: KYFB.com

Job description: Inspect the damage on a vehicle or other property. Request the assistance of doctors, mechanics or other specialists in order to create an accurate insurance claim report. You can either work for an insurance company or work independently.

How you land the position: A liberal arts degree is a good start. Have a strong background in the latest technology, or be proficient at picking up new computer applications. Contact your state’s Department of Insurance to find out if certifications are necessary.

Examples of companies to work for: Allstate, State Farm, Nationwide, AAA, Progressive, and other insurers.

16. Instructional Coordinator
Mean annual wage: $59,780

Job description: An instructional coordinator, also known as a curriculum specialist, supports and improves the quality of education in a college, university, or other school. Responsibilities include reviewing and selecting textbooks; developing curricula; evaluating, placing and upgrading technological instruments in the classroom; training teachers, and assessing the overall quality and success of classes.

How you land the position: The minimum educational requirement is a Bachelor’s degree. Some employers prefer an advanced degree; others want a background in education. Required licensing and other requirements may vary from state to state.

Examples of companies to work for: Public and private elementary, secondary and post-secondary institutions, educational consulting firms, child day care services, scientific research and development services.

15. Social and Community Service Manager
Mean annual wage: 60,570

Job description: Run a social service or community outreach program. Tasks include overseeing the organization’s budget, directing employees (eg. counselors or social workers), networking with other organizations, community outreach, liaising with the government and media, and directing fundraising efforts.

How you land the position: Many employers prefer degrees in public administration or social sciences like psychology. If your degree is unrelated, try working your way up by volunteering or taking an entry-level position in your organization of choice.

Examples of companies to work for: Look for work with nonprofit institutions and the government.

14. First-Line Supervisor/Manager of Construction Trades and Extraction Workers
Mean annual wage: $61,280

Job description: Overseeing and coordinating the duties of construction or extraction workers. Tasks may involve scheduling, inspection of progress, equipment and/or job sites, ordering supplies, locating and marking job sites, and recording and analyzing data.

How you land the position: Depending upon the area of specialization, positions require a variety of educational backgrounds up to a Bachelor’s Degree. Experience in industries like masonry, carpentry, electrical or building construction may help.

Examples of companies to work for: Building construction companies, roofing, drywall, electrical, glaziers, concrete companies, and anyone else involved in construction.

13. Insurance Underwriter
Mean annual wage: $62,600

Image: Santa Clara U

Job description: Review applications for insurance coverage submitted by non-clients wanting coverage. Find any possible risk associated in covering a potential client, then approve, deny or modify the policy to accommodate the client’s personal needs. If you become an underwriters, you may work for life or health insurance companies, or you might work with automobile, home owners or commercial insurance policies.

How you land the position: Most companies prefer a Bachelor’s degree. An emphasis in business administration or other business related course work, such as economics, accounting or insurance principals, helps. Many underwriters start out in entry-level positions and move their way up by gaining experience and industry knowledge. Continued education is highly recommended for advancement within the field.

Examples of companies to work for: Aetna, Cigna, State Farm, Farmers, New York Life, MetLife, and other insurance companies.

12. Broadcast News Analyst
Mean annual wage: $70,730

Job description: Broadcast news analysts, or new anchors, host television and radio news programs. Anchors read current news stories, host panel discussions, and perform interviews. Length and frequency of reports may vary depending upon seniority and the size of the news agency. An anchor at a large station will have a very specialized function, while an anchor at a small station may perform various duties relating to multiple topics such as sports, weather, traffic, and breaking news.

How you land the position: There are no formal educational requirements, but networks prefer a Bachelor’s degree. Any education or professional experience in English, public speaking, broadcasting, or communications helps. Candidates should have clear diction, strong voice projection and, for television, a professional appearance.

Examples of companies to work for: ESPN, CNN, Fox News, NPR, local radio stations, local television news network.

11. Gaming Manager
Mean annual wage: $73,480

Job description: Responsible for oversight of the gaming floor at casinos and other gaming institutions. Supervise dealers and other employees in the gaming area. You also perform customer service duties while out on the floor.

How you land the position: An Associate’s degree is recommended, as is prior casino experience. If you have a BA, flaunt it. Also be able to pass a background check.

Examples of companies to work for: Harrah’s, Isle of Capri, other casinos, riverboats, cruise ships, etc.

10. Sales Representative, Wholesale and Manufacturing, Technical and Scientific Products
Mean annual wage: $79,260

Job description: A sales representative’s job function, regardless of industry, is to present their merchandise or services to clients through demos and presentations, answer questions and concerns and provide initial customer service. As a sales rep, you may present a single product or a whole line of products. You might also provide services directly to consumers, to wholesalers, retailers, contractors, or government agencies.

How you land the position: Education levels for the field vary. A Bachelor’s degree is preferable, especially for anyone interested in working in technical or scientific industries. Excellent communication skills, a professional appearance, and a winning attitude are also keys for any sales job.

Examples of companies to work for: You may find employment in a retail environment, manufacturing, construction or IT, to name a few possible industries.

9. First-Line Supervisor/Manager of Non-Retail Sales Workers
Mean annual wage: $79,870

Job description: This job title is Labor Department-speak for Middle Manager, Field Not Specified. Your main job is to oversee employees who work in a non-retail environment. Additionally, you may perform accounting, budgeting or personnel matters.

How you land the position: A liberal arts degree is ideal, since specific career fields vary widely. Depending upon the industry, employees may have an emphasis in business, social sciences, computers, etc. Start in an entry-level position, then work your way up to middle management—or job-hop until you have the skills to land a middle management position at a new company. You can do this by acquiring relevant certificates, getting into a small but growing company, or laying out for an MBA.

Examples of companies to work for: This position exists in a broad range of fields. You may find employment in local government offices such as law enforcement, schools, nonprofits, or corporations. Job titles vary—just look for a “manager” suffix.

8. Agent and Business Manager of Artists, Performers, and Athlete
Mean annual wage: $81,550

Job description: An agent serves as a professional representative for another person. Agents introduce their clients to other important contacts within their industry and help negotiate deals and contracts. You should have a background and/or expertise in their desired field.

How you land the position: Education levels may vary greatly. A liberal arts Bachelor’s degree, complemented by strong communication and networking skills, is a good start. Agents also need the ability to look and act professional.

Examples of companies to work for: The Actors Group, Encore Talent Agency, Baron Entertainment, Cannonball Fine Art, Anna Goodson Management Inc., Flynn Sports Management, Progressive Sports Management

7. Stockbroker: Securities, Commodities, and Financial Services Sales Agent
Mean annual wage: $92,050

Job description: A stockbroker buys and sells securities for brokerage firms. As a stockbroker, you may work with the public buying, selling or trading stocks, bonds, and other securities. Full service broker also advise their clients on investment matters, for an additional fee or commission.

How you land the position: Most stock brokers have a minimum of a Bachelor’s Degree, though education levels vary. Common majors include economics, finance, accounting, and business administration. But nobody’s going to kick you out for having a humanities degree. Additionally, to become a stockbroker, you have to pass the Series 7 and Series 63 licensing exams.

Examples of companies to work for: Charles Schwab, Merrill Lynch, Edward Jones

6. Education Administrator, Postsecondary
Mean annual wage: $92,920

Image: New America Foundation

Job description: Postsecondary education administrators perform administrative tasks at schools beyond the high school level. Administrators work in all departments. Organize course schedules, hire faculty and other staff, manage budgets, serve as academic advisors, and perform other administrative tasks.

How you land the position: Most colleges and universities prefer a Bachelor’s degree, though more advanced positions require a graduate degree.

Examples of companies to work for: Public and private universities, community colleges, vocational training schools, and technical institutes.

5. Pharmaceutical Sales Rep
Estimated wage potential: $100,000+

Job description: A typical pharmaceutical sales representative, also known as a drug rep, represents a particular drug or drug group for a major pharmaceutical company. Drug reps present product information and samples to physicians. For example, a drug rep specializing in cardiac medicine would sell cholesterol- or blood pressure drugs to cardiologists.

How you land the position: Have at least a Bachelor’s degree. Companies may prefer science degrees, but you can still get in with a liberal arts education. Previous sales experience is a plus. To make it as a rep, you need excellent communication skills. You should thrive in a competitive environment. You also need to look and act professional, and be willing to learn and speak clearly about the product you are selling.

Examples of companies to work for: Pfizer, Merck & Co., Bayer, GlaxoSmithKline, Johnson & Johnson, Novartis

4. Public Relations Manager
Mean annual wage: $101,220

Job description: Oversees employees within the public relations (PR) and marketing departments. PR managers help a company manage its public appearance, brand, and reputation, as well as generate exposure for its products or services. Specific duties may include generating and distributing marketing materials, creating press releases, and liaising with journalists.

How you land the position: Besides your Bachelor’s degree, try to take specific coursework in public relations, communications, speaking, journalism, or English. To work your way up to management, start in an entry-level position and build experience. Keep a portfolio of your press releases, media mentions, and other positive accomplishments.

Examples of companies to work for: Positions exist within communications, construction, information technology, education, sporting goods, and many other industries. Companies with more exposure usually need more PR help.

3. General and Operations Manager
Mean annual wage: $107,970

Image: Mitchell Haaseth/NBC

Job description: A general or operations manager organizes and oversees company operations in either the public or private sector. Duties may include creating and/or implementing policy, human resources, purchasing, and administrative tasks.

How you land the position: Gain industry experience to complement your Bachelor’s degree. Many companies prefer a managerial or supervisory history

Examples of companies to work for: Companies that employ this position may include jobs in construction, IT, sports, hospitality, freight, and a number of other industries.

2. Sales Manager
Mean annual wage: $110,390

Job description: A sales manager leads a sales team, helps train and develop her employees, and makes or contributes to hiring decisions. The success of the sales team is based, in large part, on the successful communication, direction and leadership of the sales manager.

How you land the position: Most companies prefer a Bachelor’s degree. Industry experience and education in your field of specialization help. A good track record in sales is crucial.

Examples of companies to work for: Everybody needs to sell. Look for positions in healthcare, education, finance, insurance, retail, and any other industry you feel drawn towards.

1. Marketing Manager
Mean annual wage: $118,160

Image: Fly4Change

Job description: A marketing manager focuses on increasing sales and recognition for their organization through marketing activities. Sales, public relations and advertising may fall under a marketing manager’s umbrella. As a marketing manager, you need to monitor competitor activities, demand for your products, new client markets, and your budget. You need to have the ability to create a strategic plan based on those parameters.

How you land the position: A liberal arts degree works for this field, although any kind of coursework in marketing, PR, or business helps, as does industry expertise. Depending on the company, you may also want an MBA. Previous marketing experience is essential.

Examples of companies to work for: This is a versatile position available within many industries ranging from IT, insurance, architecture, sporting goods, publications, etc.

Source: Business Pundit | 8 Oct 2009 | 10:24 am

Twitter in Talks with Google, Microsoft for Data-Mining Deals

Twitter is in talks with Google and Microsoft about licensing its tweets for real-time inclusion in search engines. Such deals could be worth millions. All Things Digital (via Silicon Alley Insider) has the scoop:

...according to sources familiar with the situation–Twitter is in advanced talks with Microsoft and Google separately about striking data-mining deals, in which the companies would license a full feed from the microblogging service that could then be integrated into the results of their competing search engines.

Sources said a number of scenarios are being discussed to compensate Twitter for its huge and potentially valuable trove of real-time and content-sharing information, generated from the data stream of billions of tweets from its 54 million monthly users.

…doing these kinds of data deals with big search players does make a lot of sense, since it would be hard for Twitter to turbocharge its own search engine without running into the big cash-laden guns at both Google and Microsoft, which recently launched its new Bing search service.

Twitter is…seeking to create a large open platform, which many could plug into, from search engines to marketers to publishers to developers.

Smart move for Twitter. Licensing tweets for real-time inclusion is a potentially easy and steady way to monetize. It’s also less potentially irritating than some of Twitter’s other ideas (derived from changes in its Terms of Service), which include selling tweets to marketers. That won’t stop Twitter from doing both–especially if it that means it can remain an independent company.

Source: Business Pundit | 8 Oct 2009 | 10:15 am

4 Ways to Adjust Your Portfolio for a Weak Dollar

With Asian central banks buying up the US dollar in an attempt to arrest its slide, the greenback situation is starting to look sketchier than ever. If you are sitting on a dollar-based savings account, or your portfolio isn’t hedged against dollar weakness, you may be feeling the pinch. Dolans has a good article on how to profit from a weak dollar. Here are four of their tips:

1. Consider investing in U.S. companies that have substantial operations overseas that may be able to take advantage of currency differences. Their products or services may be cheaper due to a weaker dollar. That should mean increased sales and higher profits.

2. Look at international stock (large-cap and emerging markets) and bond mutual funds for a portion of your portfolio. Check with Morningstar to see how well those international funds have performed. Limit your selections to funds that have done well for at least the past 5-7 years.

On this subject, MarketWatch says:

Most investment advisers recommend committing a minimum of 15% of a total portfolio outside of the U.S., including 12% to developed areas and 3% to emerging markets.

3. Although gold is approaching all-time highs (the all-time high was hit on March 18, 2008 when it almost touched $1034/oz.), consider investing a small percentage (5%-10%) of your portfolio in mutual funds or ETFs that invest in gold and precious metals. Gold is priced in dollars, so people tend to buy it when the dollar is weak because they get more bang for their buck. Increased demand drives the price higher.

4. Learning more about international CDs and hard currency money market funds that bet against the U.S. dollar. For illustrative purposes only, a couple of places to start are www.money-rates.com/intsavings.htm and the Merk Hard Currency Fund at www.merkfund.com.

This advice is general, and needs to be weighted against your own common sense. However, it’s worth thinking about if you feel like your portfolio hasn’t yet been adapted for the dollar’s slide.

Source: Business Pundit | 8 Oct 2009 | 10:02 am

Mortgage rates remain below 5 percent (AP)

AP - Average rates for 30-year home loans stayed below 5 percent for the second-straight week, kick-starting refinancing activity, Freddie Mac said Thursday.
Source: Yahoo! News: Business | 8 Oct 2009 | 9:59 am

SEC says dark pools "may need more light" (Reuters)

Reuters - The increasing use of dark pools, or venues where stock trades are hidden from public view, is a growing concern for regulators, the Chairman of the U.S. Securities and Exchange Commission said on Thursday.
Source: Yahoo! News: Stock Markets News | 8 Oct 2009 | 8:52 am

SEC appeals dismissal of case against Mavs basketball team owner (AFP)

AFP - The US Securities and Exchange Commission (SEC) has appealed the dismissal of an insider trading lawsuit filed against billionaire Mark Cuban, owner of the Dallas Mavericks NBA team.

Source: Yahoo! News: Business | 8 Oct 2009 | 8:42 am

SEC appeals dismissal of case against Mavs basketball team owner (AFP)

AFP - The US Securities and Exchange Commission (SEC) has appealed the dismissal of an insider trading lawsuit filed against billionaire Mark Cuban, owner of the Dallas Mavericks NBA team.

Source: Yahoo! News: Stock Markets News | 8 Oct 2009 | 8:42 am

AP: Tim Geithner Takes Big Bankers' Calls

By Laura Conaway

The calendar kept by Treasury Secretary Tim Geithner shows he talked to the biggest names in banking at least 80 in his first seven months in office, a review by the Associated Press reveals.

First he called Lloyd Blankfein, the chairman and CEO at Goldman. Then he called Jamie Dimon, the boss at JPMorgan. [President] Obama called next, and as soon as they hung up, Geithner was back on the phone with Dimon.

While all this was going on, Geithner got a call from Rep. Xavier Becerra, a California Democrat who serves on committees that help set tax and budget policies.

Becerra left a message.

A Treasury spokesperson says it's appropriate for the secretary to stay in touch with the banks, especially in the middle of a banking crisis.

Simon Johnson has a slightly different take, questioning how Geithner could have gotten "an accurate picture of conditions in the entire crisis-ridden financial sector primarily from talking to a few top bankers?" Johnson writes:

Geithner's phone calls were primarily to and from people he knew well already -- who had cultivated a relationship with him over the years, shared nonprofit board memberships, and participated in the same social activities. These are close professional colleagues and in some cases, presumably, friends.

The Obama administration had to rescue large parts of the financial sector, given the situation they inherited. But it absolutely did not have to run the rescue in this exact fashion -- bending over backwards to be nice to leading bankers and allowing their banks to become even larger. Saving top executives' jobs under such circumstances is not best practice, it's not what the US advises to other countries, it's not what the US tells the IMF to implement when it helps clean up failed banking systems, and it's not what the FDIC implements for failed banks under its auspices.

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Source: NPR Blogs: Planet Money | 8 Oct 2009 | 8:23 am

New Job-Loss Claims Fall. Chronic Unemployment Grows.

By Laura Conaway

Good morning, and welcome to the Thursday numbers parade.

New claims for unemployment benefits have fallen to the lowest level since January, the Department of Labor reports. In the week ending Oct. 3, some 521,000 people said they'd lost their work, down 33,000 from the week before.

The four-week moving average fell by 9,000 to 539,750. As of Sept. 26, the number of people on regular unemployment insurance fell 72,000 to 6,040,000. The rolls rose again for Emergency Unemployment Compensation, which kicks in when regular benefits run out in states with high joblessness. As of Sept. 19, to 3,321,210 -- an increase of 45,997.

The central story line continues: Fewer people are losing their jobs, and the ones who do are struggling to find new ones.

In other news, the health care bill backed by Sen. Max Baucus (D-MT) would lower the federal deficit by $81 billion over the next decade, the Congressional Budget Office predicts.

The federal deficit hit a record $1.4 trillion in fiscal year 2009, with much of the spending going to rescue the economy.

The failure of the New Frontier Bank in Greeley, Colo., has the federal government paying to feed and milk cows. Seriously.

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Source: NPR Blogs: Planet Money | 8 Oct 2009 | 7:35 am

Someone Needs to Fact-Check This Statement

Source: Business Pundit | 8 Oct 2009 | 5:35 am

European markets rally on Alcoa before rate calls (AFP)

AFP - Europe's main stock markets rallied on Thursday, led by gains to mining shares, after an unexpectedly bright start to the latest US earnings season from US aluminium giant Alcoa.

Source: Yahoo! News: Stock Markets News | 8 Oct 2009 | 4:51 am