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Pressure eases on London’s landlords as their empty office space begins to fill upLondon’s landlords are starting to feel some relief from the burden of empty buildings as surveyors report that the amount of empty office space has declined for the first time in two years. Source: Latest Business News from Times Online | 12 Oct 2009 | 3:30 pm Kraft's bid adviser Wasserstein hospitalisedBruce Wasserstein, the 61-year-old chairman and chief executive officer of Lazard who is leading the team advising Kraft on its £10.2 billion bid for Cadbury, has been hospitalised for an irregular heartbeat. Source: Latest Business News from Times Online | 12 Oct 2009 | 4:57 am Jobless rise for OECD countriesThe Organisation for Economic Co-operation and Development says unemployment in its member countries has edged higher.Source: BBC News | Business | World Edition | 12 Oct 2009 | 4:38 am UK unveils £16bn sale of assetsGordon Brown announces plans to sell off £16bn worth of government assets in an attempt to shore up UK public finances.Source: BBC News | Business | World Edition | 12 Oct 2009 | 4:36 am Tengzhong seeks approval for Hummer buy; hurdles seen (Reuters)
Source: Yahoo! News: Business | 12 Oct 2009 | 4:28 am Britain has 'twospeed' mortgage marketA twospeed mortgage market has developed as lending for house purchase improves but remortgaging remains subdued new figures show.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Oct 2009 | 4:26 am Central European Distribution Corporation Updates Guidance for Full Year 2009 and Provides Guidance for Full Year 2010BALA CYNWYD, Pa., Oct. 12 /PRNewswire-FirstCall/ -- Central European Distribution Corporation (Nasdaq: CEDC) today announced that it is revising full year 2009 net sales guidanceSource: RSS feed - channel BNewsBusiness | 12 Oct 2009 | 4:25 am Summers defends stimulus effortsRead full story for latest details.Source: Business and financial news - CNNMoney.com | 12 Oct 2009 | 4:24 am Obama aide defends stimulus package (Reuters)Reuters - U.S. President Barack Obama's top economic adviser said on Monday the United States is on the path toward economic recovery, conditions in financial markets are steadier and there have been initial signs of stabilization in the housing market.Source: Yahoo! News: Business | 12 Oct 2009 | 4:13 am Oil tops $72 on economic optimismLONDON (Reuters) - Oil rose above $72 a barrel on Monday, extending last week's rally, on optimism about the pace of global economic recovery and indications of stronger oil demand.Source: Reuters: Business News | 12 Oct 2009 | 4:13 am Scots economy continues recoveryScotland's economy shows more signs of recovery, according to the latest survey of business managers.Source: BBC News | Business | World Edition | 12 Oct 2009 | 4:13 am Gordon Brown unveils £16 billion asset salesGordon Brown has unveiled a £16 billion programme of British asset sales as part of a deficit reduction plan to bring down the massive state debt built up during the recession.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Oct 2009 | 4:08 am Microsoft (MSFT) Failure Destroys T-Mobile Customer Data“Regrettably, based on Microsoft/Danger’s latest recovery assessment of their systems, we must now inform you that personal information stored on your device – such as contacts, calendar entries, to-do lists or photos – that is no longer on your Sidekick almost certainly has been lost as a result of a server failure at Microsoft/Danger.”–T-Mobile customer [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Oct 2009 | 4:08 am Philips profit helps European stocks advanceEuropean stock markets rose Monday despite earlier losses in Asia as investor sentiment was buoyed by a better than expected third-quarter profit from Royal Philips Electronics NV at the...Source: RSS feed - channel BNewsBusiness | 12 Oct 2009 | 4:07 am Philips profit helps European stocks advance (AP)
Source: Yahoo! News: Stock Markets News | 12 Oct 2009 | 4:07 am Obama aide defends economic stimulus packageWASHINGTON (Reuters) - U.S. President Barack Obama's top economic adviser said on Monday the United States is on the path toward economic recovery, conditions in financial markets are steadier and there have been initial signs of stabilization in the housing market.Source: Reuters: Business News | 12 Oct 2009 | 4:06 am YouGov forecasts tough trading as profits slideYouGov, the polling and research firm, may specialise in forecasting the outcome of elections, but its economic predictions leave something to be desired. Source: Latest Business News from Times Online | 12 Oct 2009 | 4:05 am Food sales boost to Co-op profitsThe Co-operative Group has posted a 17% rise in first-half profit, boosted by its food business.Source: BBC News | Business | World Edition | 12 Oct 2009 | 4:02 am Copper rises as metals come under scrutinyCopper moved higher on Monday, as base metals traders, analysts and mining executives gathered for the start of London Metal Exchange week. Copper traded 0.9 per cent higher at $6,285 a tonne on Monday...Source: RSS feed - channel BNPaperBusiness | 12 Oct 2009 | 4:02 am Warrior Girl Corp. and American Resource Petroleum Corp. Sign License AgreementMIAMI., Oct. 12 /PRNewswire-FirstCall/ -- Warrior Girl Corp. (Pink Sheets: WRGL) announced today that it has obtained a license from American Resource Petroleum Corp....Source: RSS feed - channel BNewsBusiness | 12 Oct 2009 | 4:00 am Indications: U.S. stock futures point to stronger openU.S. stock futures were trading higher on Monday, as the market attempts to build on last week’s strong gains while a busy week of earnings gets underway, kicked off by a surprise profit from Dutch-based conglomerate Philips Electronics.
Source: MarketWatch.com - Top Stories | 12 Oct 2009 | 3:59 am Number of mortgages up 29% in AugustThe number of loans taken out to buy houses dipped 5 per cent in August from the previous month, but is up 29 per cent from the same month a year ago. Source: Latest Business News from Times Online | 12 Oct 2009 | 3:57 am Mortgage lending dips in AugustThe number of new mortgages granted fell back slightly in August to 53,000 from 56,000 in July, mortgage lenders say.Source: BBC News | Business | World Edition | 12 Oct 2009 | 3:54 am Gold and shares are booming so is it time to sell?The Coppock Indicator which has signalled past rallies points to the bull run continuing. Selling could be as big a gamble as holding out for bigger gains.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Oct 2009 | 3:52 am Minority Partner Could Kill Comcast (CMCSA) Deal For NBCU (GE)GE (NYSE:GE) investors are thrilled that the conglomerate may be able to rid itself of its underperforming media unit, NBC Universal. It appears that GE is close to a deal with cable giant Comcast (NADSAQ:CMCSA) to create a joint venture to hold the entertainment company’s assets, a JV in which Comcast would be the majority [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Oct 2009 | 3:49 am Philips beats forecasts but still cautiousAMSTERDAM (Reuters) - Philips Electronics reported better than expected third-quarter results on Monday, boosting its share price as the benefits of its cost-cutting program took effect, but the company said it had still not seen a recovery in most of its markets.Source: Reuters: Business News | 12 Oct 2009 | 3:48 am Tengzhong seeks approval for Hummer buy; hurdles seenSHANGHAI/HONG KONG (Reuters) - Tengzhong, the Chinese buyer of General Motor's Hummer brand, aims to close the deal by early 2010, with regulatory approval looming as the first of what will likely be multiple hurdles on the road ahead.Source: Reuters: Business News | 12 Oct 2009 | 3:45 am UPDATE 3-Tengzhong seeks approval for Hummer buy; hurdles seen* Exploring China production base aimed at domestic marketSource: RSS feed - channel BNewsBusiness | 12 Oct 2009 | 3:40 am Kuwait bourse buys Nasdaq trading system (AFP)
Source: Yahoo! News: Stock Markets News | 12 Oct 2009 | 3:39 am Goldman Sachs (NYSE:GS) $22 Billion PayrollIts fiscal year coming to an end, Goldman Sachs (NYSE:GS) is about to post record annual profits less than a year after the peak of the credit crisis. It is as if almost nothing had happened. The bank’s trading desks and fixed income operations were barely affected by the global upheaval, and now the firm’s [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Oct 2009 | 3:35 am Takeover of Hong Kong's Times reportedly nearsSouth Korea’s Lotte Shopping and China’s Wumart Stores are vying for control of mainland supermarket retailer Times.
Source: MarketWatch.com - Top Stories | 12 Oct 2009 | 3:35 am Hong Kong, Sydney stocks decline, Mumbai advancesMost major Asian stock markets end lower Monday, with Hong Kong and Australian shares declining in thin trade as jittery investors locked in profits ahead of a string of key U.S. corporate results.
Source: MarketWatch.com - Top Stories | 12 Oct 2009 | 3:33 am FTSE hits new high on optimismThe FTSE 100 breached the 5,200 mark in early trading, reaching a fresh high for the year, as it responded to Wall Street's strong performance on Friday. Source: Latest Business News from Times Online | 12 Oct 2009 | 3:32 am U.K.'s Brown to call for $4.8 bln. in asset salesBritish Prime Minister Gordon Brown is expected Monday to slap “for sale” signs on 3 billion pounds ($4.8 billion) worth of government assets in an effort to plug a growing hole in the government’s budget.
Source: MarketWatch.com - Top Stories | 12 Oct 2009 | 3:31 am Yanzhou Coal resubmits application for Felix buyHONG KONG, Oct 12 (Reuters) - China's Yanzhou Coal Mining Co Ltd said on Monday that it has resubmitted its application for the purchase of Felix Resources Ltd to the regulatory authority of Australia...Source: RSS feed - channel BNewsBusiness | 12 Oct 2009 | 3:23 am Soros Will Invest $1 Billion To Proft Off Green MovementThe government is putting part of its $787 billion stimulus package into alternative energy and improving the infrastructure of the energy grid. Private foundations have started to put money into green energy initiatives in underdeveloped nations. Leave it to billionaire George Soros to try to look good supporting alternative energy while planning to make money at the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Oct 2009 | 3:22 am Elbit Imaging Ltd. Announces Sale of Plaza Centers SharesTEL AVIV, Israel, October 12 /PRNewswire-FirstCall/ -- Elbit Imaging Ltd. (NASDAQ: EMITF) ("Elbit") announces today that on October 9 ,2009 it sold a total of...Source: RSS feed - channel BNewsBusiness | 12 Oct 2009 | 3:22 am Iran sees possible Total deal worth $7.5-8 blnTEHRAN, Oct 12 (Reuters) - A senior Iranian energy official said on Monday the value of a possible new liquefied natural gas deal with France's Total would amount to $7.5 billion to $8 billion, state...Source: RSS feed - channel BNewsBusiness | 12 Oct 2009 | 3:20 am Your Company May Not Be Recession Proof Yet Your Attitude IsLAS VEGAS, Oct. 12 /PRNewswire/ -- Across the country, financial experts are debating when the global economic recession will end. One thing most experts agree on is the...Source: RSS feed - channel BNewsBusiness | 12 Oct 2009 | 3:20 am UPDATE 1-Deals of the day -- mergers and acquisitionsOct 12 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0900 GMT on Monday.Source: RSS feed - channel BNewsBusiness | 12 Oct 2009 | 3:18 am UPDATE 1-Deals of the day -- mergers and acquisitionsOct 12 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0900 GMT on Monday.Source: RSS feed - channel BNewsBusiness | 12 Oct 2009 | 3:18 am Stocks face earnings testThe stalled-out stock-market rally got a reboot last week, pushing the Dow and S&P 500 to fresh one-year highs. But that resilience will be tested in the week ahead with the release of the first big batch of third-quarter financial results.Source: Business and financial news - CNNMoney.com | 12 Oct 2009 | 3:16 am Wall Street futures point to higher open (Reuters)
Source: Yahoo! News: Business | 12 Oct 2009 | 3:15 am Wall Street futures point to higher open (Reuters)
Source: Yahoo! News: Stock Markets News | 12 Oct 2009 | 3:15 am Wall Street futures point to higher open(Reuters) - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 rise 0.4-0.6 percent, pointing to a higher start on Wall Street on Monday.Source: Reuters: Business News | 12 Oct 2009 | 3:15 am Double blow to ITV chairman huntTwo potential candidates to replace Michael Grade as ITV's chairman rule themselves out of the running.Source: BBC News | Business | World Edition | 12 Oct 2009 | 3:13 am Barclays to sell 4bn assetsBarclays is planning to spin off a 4bn portfolio of complex credit assets as the bank presses ahead with a process to clean up its balance sheet and ease shareholder concerns over its investments. The...Source: RSS feed - channel BNPaperBusiness | 12 Oct 2009 | 3:10 am Philips cautious on economic recoveryPhilips, the Dutch electronics, health and lighting group, said on Monday that it remained cautious about the economy as it unexpectedly reported a small profit, thanks to cost-cutting efforts that compensated...Source: RSS feed - channel BNPaperBusiness | 12 Oct 2009 | 3:06 am Lazard CEO Wasserstein hospitalizedInvestment bank Lazard said late Sunday that Bruce Wasserstein, its chairman and CEO, had been hospitalized with an irregular heartbeat.
Source: MarketWatch.com - Top Stories | 12 Oct 2009 | 3:05 am Singapore sees recovery continueSingapore's economy surged for a second consecutive quarter, figures show, continuing the recovery from its worst recession.Source: BBC News | Business | World Edition | 12 Oct 2009 | 3:03 am London Markets: Oil majors, Vodafone Group help U.K. shares gainLondon’s top index advances for the third session in a row, with gains from telecom Vodafone and oil and gas companies helping the move.
Source: MarketWatch.com - Top Stories | 12 Oct 2009 | 3:01 am The State And City Financial Time Bomb Ticks LouderThe financial crisis has too many pieces to follow even if it is being resolved and brought to an end as many experts expect. The end is still far off, at least as long as unemployment stays high and consumer credit continues to shrink. Recently, the focus of the public and politicians has been on [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Oct 2009 | 2:59 am Philips surprises with rising profitDutch conglomerate Philips surprises the markets by announcing its third-quarter profit rose, helped by cost cutting and better-than-forecast revenue.
Source: MarketWatch.com - Top Stories | 12 Oct 2009 | 2:56 am JJB's £100m fund-raising on trackJJB Sports says it is continuing to finalise arrangements to raise £100m after dismissing rumours about its executive chairman.Source: BBC News | Business | World Edition | 12 Oct 2009 | 2:48 am Orange Juice Gets More Expensive That OilCommodities prices are supposed to give some sign of inflation although the value of the dollar, spot demand for certain metal and agricultural products, or the kind of feeding frenzy driving up gold can push prices higher without the normal dynamics of demand Supply and demand for some commodities that are almost universally used in the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Oct 2009 | 2:48 am Philips triples third-quarter profitsPhilips, the Dutch electronics group, today reported a tripling of third-quarter profits on the back of robust underlying trading and heavy cost-cutting. Source: Latest Business News from Times Online | 12 Oct 2009 | 2:47 am Resource stocks power Footsie to year highThe FTSE 100 hit fresh intraday year-highs on Monday, helped by continued gains for resource stocks as hopes for a global rebound supported commodity markets. The benchmark index gained 51 points to 5,212...Source: RSS feed - channel BNPaperBusiness | 12 Oct 2009 | 2:38 am Swat blast targets Pakistan armyA suspected suicide bomber killed up to 24 people in an attack on the Pakistani military as the Taliban claimed responsibility for a weekend attack on the army’s headquartersSource: Financial Times - US homepage | 12 Oct 2009 | 2:37 am Citi may be slapped with $600,000 fineSource: Business and financial news - CNNMoney.com | 12 Oct 2009 | 2:34 am Co-op's food sales beat supermarket rivalsThe Co-operative Group, Britain's largest mutually-owned retailer and the country's fifth-largest food retailer, today reported a 17 per cent rise in first-half profits to £229 million, buoyed by its acquisition of Somerfield and strong comparable sales growth at its convenience food stores. Source: Latest Business News from Times Online | 12 Oct 2009 | 2:28 am UK 'needs step change' on climateThe government needs new policies if it is to meet climate targets, say the official advisers.Source: BBC News | Business | World Edition | 12 Oct 2009 | 2:28 am Break bad habits, make more moneyHave you ever tried to lose weight or quit smoking? Or been chided to listen better or to be more patient?Source: Business and financial news - CNNMoney.com | 12 Oct 2009 | 2:27 am Blackstone plans portfolio IPOs: sourceDUBAI (Reuters) - Private equity firm Blackstone Group is planning to list up to eight of its portfolio companies, according to a source who received a letter the firm sent to investors on Friday.Source: Reuters: Business News | 12 Oct 2009 | 2:21 am Blackstone plans portfolio IPOs: source (Reuters)Reuters - Private equity firm Blackstone Group is planning to list up to eight of its portfolio companies, according to a source who received a letter the firm sent to investors on Friday.Source: Yahoo! News: Business | 12 Oct 2009 | 2:21 am Gas prices fall below $2.50 - surveyPrices at the pump fell more than four cents over the past two weeks, continuing a downward slide despite a rise in crude oil prices, according to a survey published Sunday.Source: Business and financial news - CNNMoney.com | 12 Oct 2009 | 2:20 am British taxman threatens tough approach to corporate tax exilesBritain's senior taxman has warned top executives at companies planning to quit the country for tax reasons that they will face investigation to ensure the move is genuine.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Oct 2009 | 2:16 am Bishop drops out of race for ITV chairITV's management succession plans took a further blow on Monday after Sir Michael Bishop, considered the main candidate to be the new chairman at Britain's biggest commercial broadcaster, withdrew from...Source: RSS feed - channel BNPaperBusiness | 12 Oct 2009 | 2:08 am Media Digest 10/12/2009Reuters: E-mails and the credit crisis will be key to the trial of Bear Stearns workers. Reuters: The approval process for Tengzhong to buy Hummer has started in China. Reuters: Philips Electronics (NYSE:PHG) beat expectations. Reuters: Liz Claiborne’s (NYSE:LIZ) decision to sell its brands at J C Penny (NYSE:JCP) should help both companies. Reuters: Citigroup (NYSE:C)) is expected to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Oct 2009 | 2:03 am China buys the world: Oil wells to PCsChinese businesses, their coffers overflowing with state money, have been doing progressively bigger and bolder deals.Source: Business and financial news - CNNMoney.com | 12 Oct 2009 | 2:01 am Lord Jones to advise Harvey NashLord Jones of Birmingham, the former CBI director-general, has been named as senior advisor to Harvey Nash, the recruitment and IT group, his latest role since he quit as a minister. Source: Latest Business News from Times Online | 12 Oct 2009 | 1:55 am Europe Markets: Surprise profit from Philips helps Europe gainEuropean shares rise on Monday, as a surprise profit from Dutch conglomerate Philips helps boost sentiment at the start of the week.
Source: MarketWatch.com - Top Stories | 12 Oct 2009 | 1:55 am All I want for Christmas: A jobPlanning on boosting your income this holiday season by grabbing a temporary job in retail? Take a number. Retail employers, who usually boost their workforce ahead of the year-end shopping frenzy, have suffered dismal sales this year and are gearing up for a rough holiday season. With staffing levels already down, there will likely be a noticeable decline in openings for seasonal workers.Source: Business and financial news - CNNMoney.com | 12 Oct 2009 | 1:51 am Russia and China eye $5.5bn dealsRussian firms are hoping to sign deals worth $5.5bn with China during Prime Minister Vladimir Putin's visit to Beijing.Source: BBC News | Business | World Edition | 12 Oct 2009 | 1:47 am Stanford U. looks to sell $1 billion in assetsRead full story for latest details.Source: Business and financial news - CNNMoney.com | 12 Oct 2009 | 1:45 am Asia Markets And Europe Open 10/12/2009Markets in Asia were slightly down with Japan closed for a holiday. The Hang Seng was off .5% to 21,404. Sinopec (NYSE:SNP) was up slightly. The Shanghai Composite fell .6% to 2,894. At the open in Europe, the FTSE rose .4% to 5,180. The Dax was up .6% to 5,744. The CAC 40 moved higher by .3% to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Oct 2009 | 1:22 am Bishop rejects ITV over 'dysfunctional' boardSir Michael Bishop turned down the chance to become ITV's chairman after concluding that the commercial broadcaster was crippled by a dysfunctional board and strained and contradictory relationships with its investors. Source: Latest Business News from Times Online | 12 Oct 2009 | 1:19 am Lotte Shopping in talks to buy Chinese chainLotte Shopping, South Korea's second-largest retailer, is in talks to buy a controlling stake in Times, a Chinese supermarket operator, to expand its presence in the world's fastest-growing big economy...Source: RSS feed - channel BNPaperBusiness | 12 Oct 2009 | 1:16 am ITV's leadership search hits new barriers as interim head namedUK's biggest commercial broadcaster names interim head as favourite for chairman's role pulls out.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Oct 2009 | 1:02 am 'Couples Retreat' a popular destination; 'Paranormal Activity' sets box-office recordUniversal's romantic comedy is No. 1 with $35.3 million, while Paramount's ultra-low-budget horror flick sets a record.Both old-fashioned movie marketing and modern digital buzz helped drive a surprisingly strong weekend at the box office.
Source: L.A. Times - Business | 12 Oct 2009 | 1:00 am The week ahead, at a glanceAt a glance TODAY Bond markets closed in observance of Columbus Day.
Source: L.A. Times - Business | 12 Oct 2009 | 1:00 am Vivendi's plans may determine whether NBC Universal ends up in Comcast's handsThe French media conglomerate, which holds a 20% stake in the General Electric-owned movie studio and TV company, may decide to unload its share and use the money to fund other ventures.It may own a mere 20% of NBC Universal, but Vivendi is calling the shots when it comes to whether the fabled movie studio and television company will end up in the hands of cable company Comcast Corp. or some other buyer.
Source: L.A. Times - Business | 12 Oct 2009 | 1:00 am Wall Street will be looking at earnings reports for signs of economic improvementIf this week's quarterly announcements -- particularly from the nation's top banks -- are good, the Dow could well pass 10,000. But if not, analysts don't expect stocks to plunge.With earnings reports arriving in earnest this week, investors are likely to get a boost in optimism or an unpleasant surprise.
Source: L.A. Times - Business | 12 Oct 2009 | 1:00 am Wall Street will be looking at earnings reports for signs of economic improvementIf this week's quarterly announcements -- particularly from the nation's top banks -- are good, the Dow could well pass 10,000. But if not, analysts don't expect stocks to plunge. ...Source: RSS feed - channel BNPaperBusiness | 12 Oct 2009 | 1:00 am Are the rich paying their fair share?Low-income residents get an income tax exemption. But they pay, proportionally, a greater share of their earnings on sales and other taxes.When it comes to the state budget and state taxes, everybody knows the following facts:
Source: L.A. Times - Business | 12 Oct 2009 | 1:00 am Vivendi's plans may determine whether NBC Universal ends up in Comcast's handsThe French media conglomerate, which holds a 20% stake in the General Electric-owned movie studio and TV company, may decide to unload its share and use the money to fund other ventures. ...Source: RSS feed - channel BNPaperBusiness | 12 Oct 2009 | 1:00 am Getting a handle on what drives women to buyTwo books aim to give retailers and makers of goods insight into the decision process of this consumer powerhouse.Any recovery is likely to be consumer-led, so retailers in particular are becoming the focus for signs of new trends in what the customer wants.
Source: L.A. Times - Business | 12 Oct 2009 | 1:00 am Obesity concerns spur calls to limit new convenience stores in South L.A.The proposed rules, an outgrowth of last year's city restrictions on new fast-food restaurants, are prompted by links found by researchers between snack foods and obesity in poor communities. ...Source: RSS feed - channel BNPaperBusiness | 12 Oct 2009 | 1:00 am Obesity concerns spur calls to limit new convenience stores in South L.A.The proposed rules, an outgrowth of last year's city restrictions on new fast-food restaurants, are prompted by links found by researchers between snack foods and obesity in poor communities.Links found by researchers between snack foods and obesity in poor communities are prompting new calls for more regulation of convenience stores in South Los Angeles.
Source: L.A. Times - Business | 12 Oct 2009 | 1:00 am New chapter for Book Soup worries customersVroman's agreement to buy the West Hollywood bookseller stirs fears of change and fewer independent stores.As customers listened to the strains of Bob Dylan and browsed the black shelves of Book Soup in West Hollywood, bookstore fans wondered about the future of this hip independent bookstore.
Source: L.A. Times - Business | 12 Oct 2009 | 1:00 am Are the rich paying their fair share?Low-income residents get an income tax exemption. But they pay, proportionally, a greater share of their earnings on sales and other taxes. ...Source: RSS feed - channel BNPaperBusiness | 12 Oct 2009 | 1:00 am Crown shares climb following mystery share buyAustralian casino group Crown rallies after a large parcel of shares are purchased at a premium, sparking talk that a major could be increasing his stake ahead of a potential privatization.
Source: MarketWatch.com - Top Stories | 12 Oct 2009 | 12:44 am NZ market starts week slowlyThe new week on the New Zealand sharemarket got off to a quiet but positive start in the wake of modest gains on Wall Street on Friday.The benchmark NZSX-50 index closed up 15.63 points, or 0.494 per cent, to 3178.884, having...Source: nzherald.co.nz - Business | 12 Oct 2009 | 12:24 am Mortgage rates to stay low until 2014Interest rates will stay at rock bottom in the years to come as the Government tackles the wounded economy a report says.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Oct 2009 | 12:16 am NZ dollar dips as US dollar recoversThe New Zealand dollar continued to weaken today, including against the Australian currency.By 5pm the NZ dollar was down to US72.65c from US73.42c at 8am and US73.94c at 5pm on Friday.Comments by United States Federal Reserve...Source: nzherald.co.nz - Business | 12 Oct 2009 | 12:10 am London's Evening Standard became a free newspaper todayThe radical move by the paper will be watched by the rest of the media industry.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Oct 2009 | 12:08 am Council ultimatum 'unhelpful', says NZ BusNZ Bus says hard hitting comments by Auckland Regional Council chairman Mike Lee are unhelpful and may even have worsened the current dispute with its drivers.Mr Lee's ultimatum to the bus company at the centre of the industrial...Source: nzherald.co.nz - Business | 11 Oct 2009 | 11:30 pm Perot Systems to acquire Chinese consulting groupPerot Systems, which was itself bought last month by Dell, acquires Chinese management and consulting group BearingPoint.
Source: MarketWatch.com - Top Stories | 11 Oct 2009 | 10:56 pm Dollar Outlook: Kiwi may struggle to push higher this weekThe New Zealand dollar may struggle to push higher from a 14-month high this week as speculation grows for more aggressive rate hikes in Australia and after Federal Reserve chairman Ben Bernanke said US monetary conditions would be...Source: nzherald.co.nz - Business | 11 Oct 2009 | 10:30 pm U.S. firms gave options to execs during merger talks: report (Reuters)Reuters - Several U.S. companies have awarded stock options to top executives while engaged in merger negotiations, the Wall Street Journal said, citing an academic research paper and its own review of company filings.Source: Yahoo! News: Business | 11 Oct 2009 | 10:26 pm U.S. firms gave options to execs during merger talks: report(Reuters) - Several U.S. companies have awarded stock options to top executives while engaged in merger negotiations, the Wall Street Journal said, citing an academic research paper and its own review of company filings.Source: Reuters: Business News | 11 Oct 2009 | 10:26 pm Blackstone in listing spreeThe world’s largest buy-out firm is planning to float up to eight companies it owns and sell at least five others, marking a reversal of its pessimistic view of the global economy and financial marketsSource: Financial Times - US homepage | 11 Oct 2009 | 10:09 pm Fix bus row or lose contract, council saysThe Auckland Regional Council has delivered an ultimatum to the bus company at the centre of the industrial dispute - either fix it up or lose your contract.Council chairman Mike Lee said Auckland has had enough."Auckland...Source: nzherald.co.nz - Business | 11 Oct 2009 | 10:00 pm Recovery Goes Global, Unevenly (Pundit Watch)Domestic economic data offered a glimmer of optimism for pundits charting the U.S. recovery, and developments overseas were also encouraging. These turnaround stories – the one at home and the one abroad – remain connected, but their plotlines are getting more complicated. In the U.S., investors want to see if third-quarter earnings yield genuine revenue growth or profits based on weak comparisons and down-to-the-bone cost cuts. The global recovery complicated matters last Tuesday when the Reserve Bank of Australia raised interest rates to 3.25%, up from a 50-year low of 3%. The rate hike signaled that the recovery is moving faster elsewhere and impacting U.S. markets as it does. "Given the news of the surprise interest rate hike by Australia's central bank and the strength of the morning futures, the rally only managed to last about 100 minutes into the trading session," Concept Capital technical analyst John Kolovos wrote Wednesday. That's because U.S. investors now fear a similar move by the Federal Reserve in a potentially fragile phase of our own recovery. Merrill Lynch global strategist Michael Hartnett wrote Tuesday that there's a more important lesson to be gleaned from Australia by looking at the nation’s rising house prices, booming stocks and the government’s role in the nation’s recovery. "Australia '09 equals a textbook study of asset price reflation successfully boosting economic activity," he said. "Policy has driven asset price recovery in 2009." It short, stimulus worked there. As Australia's economy picks up, it supports the August increase in the Organization for Economic Cooperation and Development’s (OECD) composite leading indicators, which, ISI Group chief economist Ed Hyman said Friday, signals an "unprecedented synchronized global upturn." But, but, the bears sputter, the United States has a 9.8% unemployment rate, and that's not pushing recovery. As Hyman said in a Thursday dissection of jobs data, "employment outside the U.S. has already increased [in Australia,] the equivalent of roughly one million [jobs] increases the odds that U.S. employment increases," he wrote. "First, foreign employment creates demand for U.S. employment. Second, the same forces lifting employment abroad are also at work here. Employment is the key to sustainability of the recession." And that's why this earnings season – and a hands-off approach to interest rates by the Fed -- remain critical. "So it all boils down to earnings. Can they recover even if employment remains weak?," asks economist Ed Yardeni of Yardeni Research in an Oct. 5 note. He says yes. "U.S. companies are scrambling to decouple from the U.S. economy, and are finding more revenues and earnings overseas, especially among emerging economies. Furthermore, even a subpar recovery in domestic revenues could morph into significant earnings growth given all the cost cutting that has been going on during the recession." But earnings alone won't support a recovery. LPL Financial chief strategist Jeffrey Kleintop said Oct. 5 that investors are looking for more than profit wrung from cost cuts and reduced inventories. "We expect stocks may rally as third quarter results are reported, and will be tracking the pace of revenue growth from the second quarter, he wrote. "Last quarter, [gross domestic product] was negative with little revenue growth to go around and the earnings results were boosted in large part by cost cutting. But in the third quarter GDP is likely to have been positive, and we expect to see better top-line growth helping to drive results." When that happens, it should juice individual stocks, said John Schonberg, manager of the RiverSource Mid Cap growth fund (INVPX). "Because corporate America remains exceptionally lean, companies that beat top-line estimates even slightly will achieve favorable bottom-line results," he said Tuesday. Investors expect a lot from this earnings season, but those results have to be substantial, Citigroup chief U.S. equity strategist Tobias Levkovich wrote Oct. 5. "There is a clear sense of optimism around the coming quarterly earnings release period, with many investors expecting better-than-consensus forecast results," he said. "As opposed to late June/early July when expectations were muted and an upside surprise could boost share prices, the hurdle rate appears much higher now and companies may need to dramatically exceed analysts’ estimates to generate further market gains. The 'beats' also may need to include some top line improvement and not just cost cutting since investors want EPS recovery sustainability." Smart and anxious investors look ahead for threats to recovery, and in addition to concerns about revenue growth and GDP pickup, they are scrutinizing every utterance of the Federal Reserve Board regarding a possible interest rate hike, even though such a move is likely months away. Fed watchers are tea-leaf readers, but ISI Goup analysts Andy Laperriere and Tom Gallagher saw something important in Chairman Ben Bernanke's Thursday speech, when he used the phrase "accommodative policies," to address the rate issue. That replaced "exceptionally low levels of the federal funds rate," an earlier wording that had been interpreted to mean a long period of low rates. Although a small tweak in language is a far cry from the Reserve Bank of Australia's about-face, "wording changes like this more often than not convey some change in thinking,” Laperriere and Gallagher wrote. "This would represent a more ambiguous commitment on the starting point for rate hikes, giving the Fed more flexibility. It doesn’t necessarily mean an earlier start to hiking rates." It does mean that the complex global economic puzzle is being worked out slowly, one word -- and one nation -- at a time. 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 | 11 Oct 2009 | 10:00 pm October 12, 2008 (Sunday): Europe Moves to Rescue Banks; U.S. Urges Japan Investment in Morgan StanleyBanking on the EuroIn Paris today, the leaders of the 15 nations that use the euro as their currency agree on an ambitious plan to rejuvenate the crumbling financial system by injecting capital into failing banks. The plan would preserve individual investors’ deposits and loosen a reliance on “mark-to-market” accounting. The plan does not indicate a specific amount the countries would spend, unlike the bailout plans unveiled in the U.S. and U.K. (For more on this news, click here, here and here.) Yearning for YenAccording to the New York Times, Treasury officials are encouraging a Japanese bank, Mitsubishi UFJ Financial Group, to proceed with a planned $9 billion investment in Morgan Stanley. Mitsubishi announced the investment in September, but grew hesitant over worries that U.S. bailout money given to Morgan Stanley could dilute the Japanese investment. The Times reports that Treasury officials pledged to “protect” the Mitsubishi investment, which would represent about 21% of Morgan Stanley. (For more on this news, click here and here.) More Bark and Bite“Beverly Hills Chihuahua,” a movie about a pampered Chihuahua who must find her way home—guess where?—from Mexico, barks away the box office competition for the second time this weekend. As of Sunday night, the movie generates $17.5 million—$12 million down from last weekend, when it opened. But the number is still high enough to best thrillers Quarantine and Body of Lies, both opening this weekend. (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 | 11 Oct 2009 | 10:00 pm Meet the People Who Run Your 401(k)Dan Klein runs the 401(k) plan at a small New Jersey hazardous-materials company, so when it comes to investing advice, he’s the go-to guy for his coworkers. Ask for help and he’ll explain the difference between stocks and bonds, value and growth. He may even suggest a portfolio. It’s fun, Klein says: “I probably should have been a financial planner.” Maybe so, but there’s just one problem: He’s not one. Klein does have a midcareer MBA, but he went to school for chemical engineering and spent much of his working life cleaning up toxic spills. Nine years ago he traded up to the brickyard view from the vice president’s office; one of his first initiatives was to start a 401(k) plan for the company’s 26 employees, and he aggressively encouraged everyone to sign up. “I only wish someone had done it for me,” Klein says. Now he’s in charge of not only the firm’s financial operations but also his colleagues’ retirement security—a far cry from his days in a hazmat suit. With the economy and the markets showing tentative signs of a rebound, millions of Americans are focusing on their 401(k) plans with fingers crossed, hoping to make up the estimated $3.7 trillion employees’ retirement accounts lost during the crash. But at all except the biggest firms, the men and women watching over those funds need no special qualifications, no investing expertise or experience. In practice, the job often falls to the company president, a human-resources manager or a committee of employees—in other words, people who are experts at something else. At one $54 million construction company in Idaho, the company’s founder runs the plan. His main qualification? Four decades in construction. Ultimately, these people have authority over which funds will be offered, what fees employees will pay and how much education and advice workers will get—the kind of features that dictate how each worker’s investments will fare. “Your performance depends on the decisions they make,” says Mike Alfred, CEO of BrightScope, a California company that rates 401(k) plans. Of course, few managers are truly flying solo; nearly all hire brokers or consultants to suggest funds and make sure the plan complies with the law. Some administrators devote long hours to the plans and take courses to bone up. But critics say retirement planning has become too complex to be left to amateurs, and even hired help needs oversight. Brokers, for example, are not legally required to pick funds with low fees, so 401(k) plan managers who sign off on pricey funds could cost their workers tens of thousands of dollars over the long haul. Officially, 401(k) administrators are also responsible for employee education about retiring, a task that often gets lost in the shuffle. “They’re trying to do the right thing,” says Teresa Ghilarducci, director of the Schwartz Center for Economic Policy Analysis at New York City’s New School. “But they’re not as competent as investment advisers.” This arrangement has come under periodic attack, and it’s facing another wave of criticism now, as baby boomers struggle to recoup lost savings and Washington buzzes about reforms. But with some 465,000 managers out there running 401(k) plans—under virtually no regulatory supervision—no solution will be easy. And given that large companies usually hire in-house experts to run their plans, the ad hoc nature of smaller companies’ plans can get overlooked in policy debates. So for the moment, workers at companies with fewer than 1,000 employees, which account for more than 90 percent of the nation’s labor force, must count on the resourcefulness of whoever happens to be running their plan. To get a rare, ground-level look at the folks in charge of so many people’s nest eggs, SmartMoney tracked down a few of these managers, including the owner of an RV dealership already dealing with layoffs and a group of physicians with their own theories about investing. Doing Their Duty?Whether 401(k) participants at a big company do any better—or worse—than employees at a small or medium-size firm is hard to say; no one tracks the plans that way. (Overall, the plans collectively have matched the performance of the market itself during the crash and since.) But at firms of all sizes, the 401(k) plan has taken on increasing importance; 401(k) assets generate retirement income for about half of Americans over 65, while just 34 percent get pension payments. That makes running the plans a fairly big responsibility, and it has some legal teeth behind it. Unlike brokers, for example, 401(k) managers are considered “fiduciaries” in the eyes of the law—they must act in the best interest of their coworkers, or they can be sued. What those best interests are is pretty clear, says Joshua Itzoe, a financial planner in Maryland and author of Fixing the 401(k): “Their job is to help you accumulate as much money as possible.” But some employers just don’t have much time to spend on that mission. Drive 20 minutes south of Seattle on Interstate 5 and, if you’re lucky, you’ll catch co-owner Rick Wakazuru in a rare quiet moment at Poulsbo RV, one of the biggest motor-home dealerships in the country. The lot is packed with luxury land yachts, the kind that come standard with flat-screen TVs and cost as much as an earthbound house in most cities. This economy hasn’t been kind to the RV business: Poulsbo RV has closed three of its seven stores and laid off more than 100 employees, and Wakazuru spends hours every day on the phone with banks and creditors. Officially, he’s in charge of the company’s 401(k) plan, responsible for acting in his employees’ best interests when it comes to choosing investments. But honestly, he has too many other worries. “The 401(k)? That’s the least of my problems,” says Wakazuru, who contributes to his own account but says he won’t need it for retirement. Wakazuru says he only agreed to set up the plan on two conditions: It wouldn’t cost the company a dime, and he wouldn’t have to deal with it. So, like many small-business owners without the people power to get things going, he turned to a benefits-plan broker—in this case, Solomon Reeves, who has chosen and monitored the $1.8 million plan’s investments for the past eight years. The plan’s fees? Wakazuru doesn’t know. The company that provides the funds in the plan? He isn’t sure. Wakazuru also isn’t sure what advice his employees are getting from Reeves, who makes the majority of his money selling health insurance plans. Not surprisingly, the funds in Poulsbo’s plans haven’t exactly soared—according to the most recent data available, the plan has done slightly worse than the S&P 500. Nearly a quarter of the offerings have been such poor performers over the past three years that they are now on the “watch list,” an orange alert status bestowed by Reeves before he boots a laggard from the plan’s menu. Because the company wants to keep costs low, the firm doesn’t match employee contributions, and administrative costs are passed along to employees in the form of fees on their accounts. As it is, those fees aren’t rock-bottom; at about 1.6 percent per year, they’re roughly 30 percent higher than the average plan of the same size. If Wakazuru were to negotiate for a better deal, and if the business could absorb a few thousand dollars in fees each year, the company might be able to cut the costs to participants by 60 percent—which would be a boon to their returns, says Itzoe, who reviewed the plan for SmartMoney. “But it would require major changes from the employer and the service providers.” As it is, many employees at Poulsbo don’t participate at all. Salesmen can make more than $80,000 per year, but without an employer match and little incentive beyond Reeves’s urging, only about half of the workforce saves with the plan, and the average account balance is only around $20,000. “Without a match, what’s the point?” asks company comptroller Ondine Bonser, who, in spite of considerable financial savvy, still had reservations about joining the plan. To Wakazuru, all these details about fees and funds and participation just fuel his frustration with 401(k) plans in general. “It’s too complicated,” he says. “You can’t expect the owner or the employees to understand all this stuff.” The Investment DiagnosisWhen David Brown recruits doctors to Northwest Permanente, the Portland, Ore., HMO where he’s the head of human resources, he hits several themes. He lays out the benefits of practicing in community clinics where doctors can earn a healthy six-figure salary working eight-hour days, then bike home in the shadow of Mount Hood. He touts Portland’s big, affordable houses, easy access to sea and ski, and mild weather year-round. And last but not least, he hypes the company’s generous retirement plan. In addition to a pension plan, the firm will contribute as much as 11 percent of each doctor’s salary to the 401(k) plan. As a result, the collective’s 1,100 doctors have accumulated more than $500 million in the plan. Who’s in charge of that golden egg? More doctors. Because the company is owned and run by its doctors, its 401(k) plan, like most other aspects of firm governance, is run by a committee of seven physicians (plus the company’s chief financial officer and its lead benefits administrator). Within that group, investment knowledge and sophistication is all over the map: One hospital-care specialist on the committee advocates shorting Treasurys, while a retired obstetrician-gynecologist favors Canadian real estate; others can barely remember what funds they hold in their 401(k). Nonetheless, they’re supremely confident in their analytical abilities, and when it came time to choose investments for the plan, the doctors sat down with fund fact sheets and debated costs, performance, betas and Sharpe ratios until they came up with a list of funds. “It was nice to think there was enough smartness in the group to help pick,” says Christopher Nelson, the general surgeon who chairs the committee. Smartness isn’t always enough, though. With nine opinionated members meeting just once a month, progress, even on the most important decisions, can be glacial. A few years ago, the committee got fed up with the limits of its plan, which offered just four custom funds and a Web site straight out of 1999. So it undertook an exhaustive search, summoning 10 brokers and fund companies to the corporate headquarters, where the committee argued the merits and shortcomings of each, voted, adjourned and argued some more. The group took nearly a year to winnow the field, only to discover one of their finalists implicated in illegal stock market trading. Suddenly gun-shy, the group took several months more to make a decision. And until then, the participants were left with the same options that had fallen short in the first place. By all accounts, the new plan is better. Participants have about a dozen funds to choose from, and if they don’t like them, they can invest elsewhere through the plan’s so-called brokerage window. In recent years, the plan has beaten the market by a little more than two percentage points. But now the committee is struggling with how much advice to offer. To paraphrase the old joke, seven doctors, 10 opinions: Some of the more sophisticated investors on the committee want to be able to encourage participants to invest more internationally, for example; others fear such counsel opens the group to legal liability. Unsurprisingly, they’re not moving particularly quickly. “We just haven’t been as aggressive about it as we should be,” Nelson said. So for now, mum’s the word, and doctors who want specific investing advice are on their own. Following the LeaderBack between the speed traps in Piscataway, N.J., Dan Klein would never leave his coworkers hanging like that. “If I can help, I want to,” says Klein, whose desire to protect and serve is deep-rooted--he’s also a reserve police officer in the town where he lives. No one can say he’s not trying. He has instituted a generous 4 percent match for employees and says he’d like to raise it next year. And he has kept tabs on the brokers: He fired the company’s first middleman when he discovered there were steep penalties for anyone who left the plan within two years—a detail that escaped him when he first signed up. “I try to read everything,” he says. “But some of the documents are, like, 500 pages.” In search of a better deal for his employees, he found a broker who promised the company would pay no fees for three years if the company worked exclusively with one particular fund company. Nothing, of course, is truly free, and the reason Klein was able to score such a deal illustrates the perils of good intentions. The reason it was free was that the fund company was paying the broker’s fees. That’s not uncommon or unethical. But it gives brokers an incentive to look for attractive fee deals, rather than hunting down the cheapest and best-performing funds. “Is it a good deal for the sponsor and the broker, or is it a good deal for the participant?” asks BrightScope’s Alfred. And in fact, within a year or two, Klein says his broker told him it was switching all its clients to another firm. “As long as you don’t charge us any fees,” Klein said, and okayed the change. But it’s not for everyone, of course. Stephanie Burke, the office’s operations manager, says she has leaned on Klein for advice for years, with no regrets. Just before last year’s crash, her husband, an investment hobbyist himself, suggested she move some money to cash. But Burke stayed in stocks and took a heavy hit when the market tanked in the fall. “Whoops,” Burke says now. “Good thing I’m not planning to retire any time soon.” For his part, Klein says the crash has made him realize just how much responsibility he wields—for better or for worse. “I don’t want anyone to say, ‘You screwed me over,’” he says. SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
Source: SmartMoney.com | 11 Oct 2009 | 10:00 pm Will Your Insurer Be Able to Pay Your Annuity? (Consumer Action)With their guaranteed payouts and protection against market dips, annuities promise investors a bit of peace of mind. For those reeling from wounded retirement portfolios, that’s no small thing. An annuity -- a contract sold by an insurance company -- provides payments to the holder at specified intervals, usually after retirement. As a product, annuities have their allure, but they are also complex and often misunderstood. Consumers should take their time to understand exactly what they’re buying and how to fit annuities into their larger retirement picture (if they do at all). But your due diligence shouldn’t stop there. Would-be investors need to take a look behind the annuity – at the insurance company that issues it. Purchasing an annuity essentially means you’re putting faith in the insurance company’s ability to pay out your investment for the rest of your life. Here are a few questions you should ask before buying an annuity. How do you assess an insurance company’s financial strength? The main barometer for financial soundness is the company’s rating. The main ratings agencies are A.M. Best, Standard & Poor’s, Fitch and Moody’s. (A.M. Best focuses almost solely on the insurance industry.) “That gives you hard, objective, factual information to work with,” says Noel Abkemeier, a principal at the actuarial firm Milliman, and a fellow with the Society of Actuaries. Ratings are largely based on the strength of the company’s capital. Generally, a consumer should be comfortable with something that’s A-rated or better in terms of financial strength, he says. The life and health insurance industry has a “negative” outlook from A.M. Best. Is this cause for concern? In September 2008 A.M. Best revised its rating outlook on the life/health insurance industry to negative (from stable), where it remains today. Although there is concern from an industry standpoint, it’s still important to analyze the individual company for financial strength and its ability to pay out its claims – which is where the ratings come in. Also, bear in mind that just because “the headlines look gruesome for a company and the stock is plummeting, it doesn’t necessarily mean that the insurance affiliates are in trouble,” says Bryan Place, a fee-only certified financial planner and owner of Place Financial Advisors in Manlius, N.Y. The assets of the insurance arm stand independent from the publicly traded company. Should you worry if the company is weak? The state insurance regulators monitor companies’ capital strength. Their main focus is ensuring company solvency and consumer protection, Abkemeier says. If the insurance company has a solvency problem or becomes undercapitalized, states’ life and health insurance guaranty associations will step in. These regulators would initiate a rehabilitation process and try to find a financially strong purchaser to pick up the weak company’s liabilities, says Abkemeier. If that happens, the customer is now a customer of the strong company and they’re in good shape. Your annuity contract and its provisions still apply, he says. What if the insurance company fails? To the extent there is some shortfall – if the company became insolvent and there were fewer assets to cover the reserves and liabilities – then the guaranty association comes into the picture, Abkemeier says. In a worst-case scenario, a state insurance department could be forced to liquidate an ailing insurer. If that happens, the level of protection you receive depends on how much you've invested and the type of annuity you own. The individual benefits guaranteed by the associations vary by state. You can check with your state's fund to see which policies are covered and up to what limits through the National Organization of Life & Health Insurance Guaranty Associations' web site or the National Association of Insurance Commissioners here. For example, in New Jersey, death benefits are guaranteed up to $500,000, and cash values are protected up to $100,000. (A death benefit feature allows you to designate a beneficiary to receive either whatever is left in the annuity account or a guaranteed minimum amount when you die.) What if you’ve already bought an annuity and your insurance company gets downgraded? A downgrade by itself is not reason to panic (after all, the entire industry currently has a negative outlook). If there is a concern that the company may not survive, first look into the state guaranty fund to find how much coverage exists, Place says. “You want to be careful before selling an annuity in a panic because many of them have surrender charges,” he says. What if you do want to take your money out? Many policies allow policyholders to withdraw up to 10% of the account value per year without a penalty, or “surrender charge.” Beyond that, a charge will generally be levied if the policy is still within the surrender charge period, often around seven years, says Scott Witt, an actuary and fee-only insurance advisor at Witt Actuarial Services in New Berlin, Wis. (A surrender charge is not relevant in the case of an immediate annuity, which turns a lump sum premium into lifetime income. Once the principal is paid, there’s no getting it back.) Surrender charges are typically highest in the first year you hold the annuity, and phase out after a set number of years. For instance, charges may start at 8%, and drop by 1% each year, so you withdraw cash in the ninth year with no penalty. “So if you decide early on you don’t want to stick with the policy, it is going to cost you,” Abkemeier says. SMARTMONEY ® Layout and look and feel of SmartMoney.com are trademarks of SmartMoney, a joint venture between Dow Jones & Company, Inc. and Hearst SM Partnership. © 1995 - 2009 SmartMoney. All Rights Reserved.
Source: SmartMoney.com | 11 Oct 2009 | 10:00 pm Singapore economy surges, GDP up 15pc in latest quarterSINGAPORE - Singapore's economy has surged for a second straight quarter in the July-to-September period as manufacturing leads the city-state out of recession.Gross domestic product grew an annualised, seasonally adjusted 14.9...Source: nzherald.co.nz - Business | 11 Oct 2009 | 9:30 pm Air NZ CEO slams IT company in leaked emailAir New Zealand chief executive Rob Fyfe described IBM's service during a crippling computer fault yesterday as "unacceptable" and "amateur", and Air NZ may look for another IT supplier, according to an internal email.An IT outage...Source: nzherald.co.nz - Business | 11 Oct 2009 | 9:30 pm Auckland accom stats down 8pc, South Island upGuest nights in accommodation in the North Island fell 3 per cent in August, with Auckland numbers down 8 per cent compared with last year, says Statistics NZ.Across the nation, things were little changed during the month, with...Source: nzherald.co.nz - Business | 11 Oct 2009 | 9:00 pm Lazard says CEO Wasserstein hospitalizedNEW YORK (Reuters) - Investment bank Lazard Ltd said on Sunday that Chairman and Chief Executive Bruce Wasserstein, a legendary dealmaker, had been hospitalized for an irregular heartbeat.Source: Reuters: Business News | 11 Oct 2009 | 8:31 pm Michael Hill first quarter sales slipMichael Hill International reported a 0.4 per cent fall in total same store sales to $77.2 million in the first quarter, as its Canadian operations struggled.Australian same store sales were up 0.2 per cent to $54.5m in NZ dollar...Source: nzherald.co.nz - Business | 11 Oct 2009 | 8:30 pm Small U.S. firms face credit squeeze as crisis dragsSAN DIEGO (Reuters) - Small companies create more than half of America's jobs, but the entrepreneurs who drive this part of the economy continue to complain that access to credit two years into the recession remains scarce.Source: Reuters: Business News | 11 Oct 2009 | 8:13 pm Lazard chairman Wasserstein in hospitalThe investment bank said that Bruce Wasserstein, chairman and chief executive, had been hospitalised for an irregular heartbeatSource: Financial Times - US homepage | 11 Oct 2009 | 7:50 pm Oil supply on Denver agendaDENVER - Proponents of the "peak oil" theory are in Colorado this week to discuss the impacts of what they say is the quickly fading supply of the world's oil.Subscribers of the peak oil theory say the world is at or near its...Source: nzherald.co.nz - Business | 11 Oct 2009 | 7:30 pm Citi faces FINRA fine over derivatives deals: sourceNEW YORK (Reuters) - Citigroup Inc is expected to be fined $600,000 by the Financial Industry Regulatory Authority over derivatives transactions that helped foreign clients avoid taxes on dividends, a source familiar with the matter said on Sunday.Source: Reuters: Business News | 11 Oct 2009 | 7:15 pm Soros to invest big in 'green' projectsSource: Business and financial news - CNNMoney.com | 11 Oct 2009 | 6:03 pm Expenses: Questions & AnswersWhat happens today? Source: Latest Business News from Times Online | 11 Oct 2009 | 6:01 pm Barclays planning to offload £4bn of assetsBarclays is thought to be considering a plan to spin off an extra £4bn portfolio of lowquality credit assets in a further step to clean up its balance sheet.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 11 Oct 2009 | 5:53 pm China in push for resources in GuineaTalks could be concluded by the end of the year, according to Mohamed Thiam, the country’s minister of mines, on billions of dollars of financing for infrastructure and minerals projectsSource: Financial Times - US homepage | 11 Oct 2009 | 4:06 pm Citi fined amid tax crackdownCitigroup is set to be fined over derivatives deals that were partly designed to help foreign clients avoid taxes on dividends, in a move that could herald a wider crackdown against banks that used similar strategiesSource: Financial Times - US homepage | 11 Oct 2009 | 4:05 pm Obama to end restrictions on gays in militaryGay rights activists marched in central Washington, demanding a host of law changes, including a timetable for the repeal of “don’t ask, don’t tell” legislation that affects the militarySource: Financial Times - US homepage | 11 Oct 2009 | 3:25 pm US pay tsar gets tough over AIG packagesThe Obama administration’s pay tsar has indicated he will take a tough stance on executive pay at AIG, the state-controlled insurance group that sparked outrage over its bonus payments earlier this yearSource: Financial Times - US homepage | 11 Oct 2009 | 3:09 pm BofA urged to seek external chief executivePressure from institutional investors is starting to build on Bank of America’s board to name an outsider to replace Ken Lewis, who retires as chief executive at the end of the yearSource: Financial Times - US homepage | 11 Oct 2009 | 3:06 pm FSA investigates alleged market abuse at CattlesThe Financial Services Authority has launched an investigation into whether there was share price manipulation at troubled Cattles the subprime lender in a move that could see some of its former directors facing jail for up to seven years.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 11 Oct 2009 | 3:03 pm Bidder for National Express pleads for more timeCosmenCVC expected to ask for more time to do due diligence at National Express after a quarrel over its tactics in gathering data for its £765m bid.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 11 Oct 2009 | 2:46 pm Buenos Aires eager to satisfy investor appetiteInvestor appetite for riskier assets offers up an opportunity for the economy ministerSource: Financial Times - US homepage | 11 Oct 2009 | 2:25 pm Recovery for base metal prices faltersThe rally in base metal prices this year has stalled in recent weeks as concerns mount over whether consumption in the developed world will pick up enough to offset any short-term weakening in Chinese demandSource: Financial Times - US homepage | 11 Oct 2009 | 12:09 pm Investors' focus shifts to 3Q earnings reports (AP)AP - With earnings reports arriving in earnest this week, investors are likely to get a boost in optimism or an unpleasant surprise.Source: Yahoo! News: Stock Markets News | 11 Oct 2009 | 11:13 am For stocks, it's all about earnings in the week ahead (Reuters)
Source: Yahoo! News: Stock Markets News | 11 Oct 2009 | 9:09 am Apple's gap is closing quicklySource: Business and financial news - CNNMoney.com | 11 Oct 2009 | 7:53 am Airlines Make Aggressive Move To Go GreenThe car industry is going green by rapidly developing hybrids and electric cars. Residential and commercial building are adding solar panels. The last place that most people would expect a systematic effort to improve carbon emissions and adopt carbon-neutral programs is the airline industry. The engines for most commercial aircraft are so large that re-engineering [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Oct 2009 | 5:50 am DJIA Component Earnings on Deck (AA, INTC, JNJ, JPM, IBM, BAC, GE, C)Thisis going to be a very key earnings week. The only DJIA component to report its Q3 period report so far has been Alcoa Inc. (NYSE: AA). But we have earnings this week coming from six DJIA components: Intel Corporation (NASDAQ: INTC), Johnson & Johnson (NYSE: JNJ), JPMorgan Chase & Co. (NYSE: JPM), International Business Machines [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Oct 2009 | 5:35 am
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