Reliance probed for alleged misreporting of revenue

The books of Reliance Communications, the Indian mobile phone group, have come under scrutiny amid claims that the group misreported annual revenues by as much as 23 billion rupees (£315 million) last year, possibly to avoid paying licence fees to the Government.


Source: Latest Business News from Times Online | 13 Oct 2009 | 5:32 am

Lloyds falls amid cash call fears

Shares in Lloyds Banking Group lost a further 3.7 per cent, or 3.51p, to 88.17p today amid growing fears over the cost of an expected £11 billion rights issue.


Source: Latest Business News from Times Online | 13 Oct 2009 | 4:27 am

Russia and China sign trade deals

China and Russia sign trade deals worth $3.5bn during the second day of a visit to Beijing by Russian PM Vladimir Putin.
Source: BBC News | Business | World Edition | 13 Oct 2009 | 4:27 am

Windows 7 could boost Apple sales

Source: Business and financial news - CNNMoney.com | 13 Oct 2009 | 4:21 am

Economic Report: British CPI slows to five-year low

British consumer prices rose at their slowest annual pace in five years in September, government data showed Tuesday, helping to send a weakened British pound to a new round of lows versus major rivals.

Source: MarketWatch.com - Top Stories | 13 Oct 2009 | 4:21 am

Russia, China sign agreement on gas supply

BEIJING, Oct 13 (Reuters) - Russian gas export monopoly Gazprom on Tuesday signed a preliminary agreement on gas supplies to China with China National Petroleum Corp (CNPC).
Source: RSS feed - channel BNewsBusiness | 13 Oct 2009 | 4:18 am

Postal strike expected next week

The union representing Royal Mail workers says postal strikes across the UK could begin from Thursday 22 October.
Source: BBC News | Business | World Edition | 13 Oct 2009 | 4:17 am

British inflation gauge at 5-year low

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 13 Oct 2009 | 4:16 am

Guinea confirms huge China deal

Guinea says it has sealed a massive mining deal with a Chinese firm, as protests against the ruling junta continue.
Source: BBC News | Business | World Edition | 13 Oct 2009 | 4:14 am

Pound hit by falling UK inflation

Consumer price inflation in the UK falls to an annual rate of 1.1% - pushing sterling to a six-month low against the euro.
Source: BBC News | Business | World Edition | 13 Oct 2009 | 4:05 am

T-Mobile suspends Sidekick

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 13 Oct 2009 | 4:02 am

Crude Pushes Back Toward $75

If a very minor recovery in the global economy pushes oil back toward $75, what will a robust expansion do? Crude moved to $73.79 on the New York Mercantile Exchange. The reason for the rise appears to be a belief that a pick-up in business spending and consumer activity will increase the demand for crude. There [...]

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Source: 24/7 Wall St. | 13 Oct 2009 | 4:02 am

SK Energy to sell car batteries to local firm -paper

SEOUL, Oct 13 (Reuters) - South Korea's SK Energy will supply rechargeable auto batteries to CT&T, a local maker of small electric vehicles, the Korea Economic Daily reported citing industry sources...
Source: RSS feed - channel BNewsBusiness | 13 Oct 2009 | 4:00 am

For Polycom, Cisco-Tandberg deal is mixed blessing

Polycom Inc. has seen its stock soar this year on strong expectations for the company’s video-conferencing business, but Cisco Systems’ plan to buy a top rival may threaten its long-term outlook.

Source: MarketWatch.com - Top Stories | 13 Oct 2009 | 4:00 am

Competitive Auto Insurance Market Benefits Consumers

BOSTON, Oct. 13 /PRNewswire/ -- It is common to hear from most any professional, expert or consumer guide that the key to cheaper insurance rates is through comparison shopping....
Source: RSS feed - channel BNewsBusiness | 13 Oct 2009 | 4:00 am

Battle for control shakes China's Caijing magazine

BEIJING, Oct 13 (Reuters) - The future of one of China's best-selling investigative magazines is at stake in an increasingly public battle for control that pits its envelope-pushing editor against her...
Source: RSS feed - channel BNewsBusiness | 13 Oct 2009 | 3:58 am

Casino stocks fall as Macau weighs industry limits

Macau casino companies listed in Hong Kong mostly fall after a report the Macau government is reviewing the gambling industry and may restrict the number of gaming tables and propose other measures to curb growth in the sector.

Source: MarketWatch.com - Top Stories | 13 Oct 2009 | 3:57 am

Join us in defence of a strong City

Britain remains in Europe but also apart. Our island status is a simple expression of that relationship which is more complex when considered politically and even more so financially.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Oct 2009 | 3:56 am

Inflation falls to lowest level in five years

Inflation fell sharply in September to its lowest level in five years, leaving sterling under fresh pressure against major currencies.Inflation as measured by the consumer price index dropped to an annual...
Source: RSS feed - channel BNPaperBusiness | 13 Oct 2009 | 3:56 am

Indications: U.S. stock futures edge back

U.S. stock futures edge back from annual peaks Tuesday as earnings season ramps up with Johnson & Johnson results on tap.

Source: MarketWatch.com - Top Stories | 13 Oct 2009 | 3:54 am

Chicago Cubs baseball club declares bankruptcy

The Chicago Cubs baseball club files for Chapter 11 bankruptcy protection as part of plans to sell it.
Source: BBC News | Business | World Edition | 13 Oct 2009 | 3:52 am

UPDATE 1-AMT's DMD treatment gains orphan status in Europe

* Orphan status for Duchenne muscular dystrophy treatment
Source: RSS feed - channel BNewsBusiness | 13 Oct 2009 | 3:51 am

Chinese utilities, automakers lead gains in Asia

Shares in Shanghai and Hong Kong led a broad advance in Asia Tuesday, as automobile stocks rose on strong September sales data and power utilities rallied on an improving economic outlook.

Source: MarketWatch.com - Top Stories | 13 Oct 2009 | 3:50 am

GM CEO says possible to sign Opel deal this week (Reuters)

Reuters - General Motors Co may finalize a deal this week to sell a majority stake in its European carmaking arm Opel to a Canadian-Russian consortium, its chief executive said on Tuesday, as the firm sheds unwanted brands.

Source: Yahoo! News: Business | 13 Oct 2009 | 3:50 am

GM CEO says possible to sign Opel deal this week

SHANGHAI (Reuters) - General Motors Co may finalize a deal this week to sell a majority stake in its European carmaking arm Opel to a Canadian-Russian consortium, its chief executive said on Tuesday, as the firm sheds unwanted brands.
Source: Reuters: Business News | 13 Oct 2009 | 3:50 am

Bear Stearns ex-managers on trial

The trial of two former managers at investment bank Bear Stearns on fraud charges is about to open in New York.
Source: BBC News | Business | World Edition | 13 Oct 2009 | 3:47 am

UPDATE 2-Tangguh to ship 50 LNG cargoes in 2010-BPMIGAS

* Second train to start by year-end (adds comments and details)
Source: RSS feed - channel BNewsBusiness | 13 Oct 2009 | 3:44 am

CIT (NYSE:CIT) Closer to Bankrutcy

Investors who have dumped CIT (NYSE:CIT) stock since September 29 are looking smart. The shares have dropped from $1.67 on the 29th to $1.04. It appears that debtholders of paper from the lender to medium-sized businesses may let it go into bankruptcy. CIT management will try to make this a pre-packaged bankruptcy so that the firm [...]

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Source: 24/7 Wall St. | 13 Oct 2009 | 3:42 am

UK inflation plunges to five-year low of 1.1%

The rate of inflation fell by more than expected in September, declining from 1.6 per cent in August to a five-year low of 1.1 per cent on the back of falling energy prices.


Source: Latest Business News from Times Online | 13 Oct 2009 | 3:36 am

T-Mobile And Microsoft (NASDAQ:MSFT) Offer $100 Gift Card For Lost Data

Microsoft (NASDAQ:MSFT) and T-Mobile (NYSE:DT), who have managed to lose the personal data of thousands and thousands of customers who have the carrier’s SideKick product because of failures of Microsoft server software, are offering the people who lost their information a $100 gift card. That seems to be little better than adding insult to injury. The [...]

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Source: 24/7 Wall St. | 13 Oct 2009 | 3:25 am

Gold hits record high close to $1,064

The price of gold forged a record high close to 1,064 dollars an ounce here on Tuesday as the dollar sank against the euro. In morning trade on the London Bullion Market, gold struck...
Source: RSS feed - channel BNewsBusiness | 13 Oct 2009 | 3:23 am

BoA to hand over Merrill Lynch deal documents

Bank of America has agreed to waive legal rights and hand over documents about its controversial purchase of Merrill Lynch to the office of the New York Attorney General.


Source: Latest Business News from Times Online | 13 Oct 2009 | 3:20 am

BlueBackUp Responds to the Financial Crisis by Offering SMEs the Opportunity to Back Up Their Data Very Affordably, While Also Benefiting From Top-Quality Service

BRUSSELS, October 13 /PRNewswire/ -- BlueBackUp, a subsidiary of Oodrive Technologies, has introduced a new off-site backup service that is ideal for SMEs in these tough...
Source: RSS feed - channel BNewsBusiness | 13 Oct 2009 | 3:20 am

AIG sells off its Taiwan business

Insurer AIG is selling its Taiwanese life insurance business, Nan Shan, to an investor group for $2.15bn (£1.4bn).
Source: BBC News | Business | World Edition | 13 Oct 2009 | 3:19 am

Africa's new financial apartheid

There's an irony afoot on the African continent. After years of state control of their economies, African governments are opening up to foreign business as never before.
Source: Business and financial news - CNNMoney.com | 13 Oct 2009 | 3:14 am

Deals of the day -- mergers and acquisitions

Oct 13 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0900 GMT on Tuesday.
Source: RSS feed - channel BNewsBusiness | 13 Oct 2009 | 3:12 am

Indian vehicle sales rise 17 percent in September

India's auto sales rose 17.1 percent in September from a year earlier to 212,975 vehicles, as holiday buying, easier credit and rising consumer confidence fueled growth in India's auto...
Source: RSS feed - channel BNewsBusiness | 13 Oct 2009 | 3:09 am

World stock markets mixed ahead of US earnings (AP)

AP - Most Asian stock markets advanced Tuesday, with Tokyo and Hong Kong indexes gaining almost 1 percent, as investors looked to earnings reports from major U.S. companies for insight about the economy. European markets fell.

Source: Yahoo! News: Stock Markets News | 13 Oct 2009 | 3:08 am

AIG to sell Taiwan unit for $2.2 billion, more deals seen

TAIPEI/HONG KONG (Reuters) - American International Group has struck a deal to sell its Taiwan life insurance unit for $2.15 billion, marking its largest disposal of a unit since a government bailout saved it from collapse last year.
Source: Reuters: Business News | 13 Oct 2009 | 3:08 am

Stocks set for flat start

U.S. stock futures edged lower Tuesday as investors expressed caution ahead of a slew of earnings reports.
Source: Business and financial news - CNNMoney.com | 13 Oct 2009 | 3:06 am

Mad for it

Ingenious cigarette adverts, in sound and pictures
Source: BBC News | Business | World Edition | 13 Oct 2009 | 3:04 am

Lack of sellers ups house prices

A drought in the number of people selling their homes is underpinning the rise in house prices, surveyors say.
Source: BBC News | Business | World Edition | 13 Oct 2009 | 3:04 am

“Train Wreck Zelnick” May Be Last Of Bidders For BusinessWeek

Thomson Reuters CEO Tom Glocer may want to reconsider being part of an effort to buy BusinessWeek. A report fromPaidContent says “the multimedia business media giant is working as a strategic partner in the ZelnickMedia bid for BusinessWeek.” Rumors are that Bloomberg is also a bidder. Whatever the track record of Zelnick Media may be with private [...]

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Source: 24/7 Wall St. | 13 Oct 2009 | 3:01 am

UK inflation falls to lowest in five years

The rate of UK inflation fell more than expected last month dropping to the lowest level in five years as the downturn kept a lid on price pressures.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Oct 2009 | 3:00 am

Whitbread helps FTSE 100 stay strong

London equities held steady around year-highs on Tuesday, with leisure stocks given a lift after interim results from Whitbread beat forecasts. Inflation data remained lower than expected in September,...
Source: RSS feed - channel BNPaperBusiness | 13 Oct 2009 | 2:59 am

Bellway swings to loss but maintains dividend

U.K. home builder Bellway swung to a fiscal-year net loss of 27.4 million pounds ($43.3 million) after home sales fell by a third, though the group said on Tuesday that markets have improved in recent months and it is starting to rebuild its land bank.

Source: MarketWatch.com - Top Stories | 13 Oct 2009 | 2:59 am

AIG to sell Taiwan unit for $2.2 billion, more deals seen (Reuters)

Reuters - American International Group has struck a deal to sell its Taiwan life insurance unit for $2.15 billion, marking its largest disposal of a unit since a government bailout saved it from collapse last year.

Source: Yahoo! News: Business | 13 Oct 2009 | 2:54 am

Major Blogs Can Lose 90% Of Their Value If Founders Go: Huffington, TechCrunch, Gawker, Drudge

The author was a member of the board of directors of TheStreet.com from 2000 to 2005. One of the major concerns of the board was what would happen if Jim Cramer left the company or became ill. TheStreet.com would have lost at least 50% of its value and probably much, much more. Cramer’s fame was critical [...]

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Source: 24/7 Wall St. | 13 Oct 2009 | 2:48 am

Stock futures dip; eyes on J&J, Intel earns (Reuters)

Reuters - U.S. stock index futures pointed to a slightly lower opening on Wall Street on Tuesday, with futures for the S&P 500 down 0.13 percent, Dow Jones futures down 0.11 percent and Nasdaq 100 futures down 0.06 percent at 4.30 a.m. EDT.

Source: Yahoo! News: Business | 13 Oct 2009 | 2:48 am

Stock futures dip; eyes on J&J, Intel earns

(Reuters) - U.S. stock index futures pointed to a slightly lower opening on Wall Street on Tuesday, with futures for the S&P 500 down 0.13 percent, Dow Jones futures down 0.11 percent and Nasdaq 100 futures down 0.06 percent at 4.30 a.m. EDT.
Source: Reuters: Business News | 13 Oct 2009 | 2:48 am

Stock futures dip; eyes on J&J, Intel earns (Reuters)

Reuters - U.S. stock index futures pointed to a slightly lower opening on Wall Street on Tuesday, with futures for the S&P 500 down 0.13 percent, Dow Jones futures down 0.11 percent and Nasdaq 100 futures down 0.06 percent at 4.30 a.m. EDT.

Source: Yahoo! News: Stock Markets News | 13 Oct 2009 | 2:48 am

Closure plan for Brown Ale plant

Production of Newcastle Brown Ale could cease on Tyneside after its owners announce plans to close its brewery in Gateshead next year.
Source: BBC News | Business | World Edition | 13 Oct 2009 | 2:44 am

Families without web access 'spend extra £560 a year'

Millions of families are missing out on savings running into billions of pounds because they do not use the internet the Government's digital inclusion champion says.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Oct 2009 | 2:42 am

ITV launches convertible bond to raise £120m

Embattled broadcaster also scrapped the sale of SDN and plans to use the assets to reduce a £538m pension fund deficit.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Oct 2009 | 2:41 am

What to do with $1,000 now

Low interest rates and the recent stock market surge make this a challenging time to find the best places for your extra cash.
Source: Business and financial news - CNNMoney.com | 13 Oct 2009 | 2:41 am

London Markets: London shares retreat from annual high

London shares on Tuesday retreated from an annual high hit in the previous session, as miners pulled back amid lower copper futures and banks also weighed.

Source: MarketWatch.com - Top Stories | 13 Oct 2009 | 2:34 am

World stocks slip ahead of earnings (Reuters)

Reuters - World stocks fell from this week's one-year high on Tuesday as investors grew cautious ahead of major third-quarter U.S. corporate earnings, while risk-hungry investors drove the Australian dollar to a 14-month peak.

Source: Yahoo! News: Stock Markets News | 13 Oct 2009 | 2:27 am

Earnings Outlook: Probably can't get worse for Nokia earnings

The last time Nokia reported earnings, shares of the world’s largest cell-phone maker skidded 14%, its seventh-worst one-day showing since being listed in the U.S.

Source: MarketWatch.com - Top Stories | 13 Oct 2009 | 2:26 am

ITV launches £120m bond deal and scraps SDN sale

ITV, the struggling broadcaster, today launched a £120 million bond issue and revealed plans to cut its pension deficit by scrapping the £200 million sale of SDN, its digital terrestrial channel operator.


Source: Latest Business News from Times Online | 13 Oct 2009 | 2:21 am

Whitbread's profits rise thanks to Costa Coffee

Whitbread the country's biggest hotel and restaurant operator reported a betterthanexpected firsthalf pretax profit on Tuesday after sales at its Costa Coffee chain rose by over 20pc.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Oct 2009 | 2:13 am

Best Jobs in America: 10 highest paying

Anesthesiologists take home a median $292,000 salary annually. What other great jobs offer big paychecks?
Source: Business and financial news - CNNMoney.com | 13 Oct 2009 | 2:12 am

Retired early ... and getting scared

Question: I had the good fortune to be able to retire early at age 52, but last year's market meltdown has made me rethink the decision. I may still be okay, but I don't have the same level of certainty I once had. My question is this: How will Social Security be calculated for me and how does the fact that I haven't worked the last few years fit into the calculation? --Jack Ford, West Newbury, Mass.
Source: Business and financial news - CNNMoney.com | 13 Oct 2009 | 2:11 am

Media Digest 10/13/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters: The healthcare plan is about to take a step forward in Congress. Reuters:   The debt swap at CIT (NYSE:CIT) is in trouble and could cause bankruptcy. Reuters:   Summers says Obama policies saved economy. Reuters:   Bank of America (NYSE:BAC) has begun to hand over legal documents to authorities. Reuters:   T-Mobile (NYSE:DT) users are facing a data loss because of [...]

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Source: 24/7 Wall St. | 13 Oct 2009 | 1:58 am

London stocks trade flat at open (AFP)

AFP - Shares in London stood little changed at the start of trading on Tuesday after rallying to a 12- month high in the last session.

Source: Yahoo! News: Stock Markets News | 13 Oct 2009 | 1:57 am

Asian wealth slides, rich tiptoe back into markets

SINGAPORE (Reuters) - The number of high net-worth individuals in Asia Pacific slumped 14 percent in 2008 and they lost over a fifth of their wealth, leading to only cautious moves from cash back into stocks this year, Merrill Lynch and Capgemini said on Tuesday.
Source: Reuters: Business News | 13 Oct 2009 | 1:55 am

AIG raises $2 billion from Taiwan sale

Source: Business and financial news - CNNMoney.com | 13 Oct 2009 | 1:55 am

Bellway sees rise in reservations for homes pays dividend

Bellway the British housebuilder reported a rise in reservations and said it planned to pay a dividend despite reporting a pretax loss for year to the end of July.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Oct 2009 | 1:53 am

Europe Markets: European shares edge lower as banks, miners weigh

European shares edge lower on Tuesday, as investors fail to build on gains made in the previous session with corporate news thin on the ground.

Source: MarketWatch.com - Top Stories | 13 Oct 2009 | 1:53 am

Macau gambling review may aid casinos, stocks recover

HONG KONG (Reuters) - Macau's move to review gaming rules in the world's fastest-growing gambling market could brighten the outlook for casino stocks as potential curbs would help profits by limiting oversupply, analysts said on Tuesday.
Source: Reuters: Business News | 13 Oct 2009 | 1:45 am

JJB presses ahead with £100m rights issue

JJB Sports today set the date for shareholders to vote on its £100 million placing and open offer after the fund raising was abruptly pulled last Friday.


Source: Latest Business News from Times Online | 13 Oct 2009 | 1:44 am

Banking, resources push Aussie stocks higher

MELBOURNE - Strengthening banking and resources stocks helped push the Australian share market up nearly one per cent.The benchmark S&P/ASX200 index closed up 45.9 points, or 0.97 per cent, at 4785.7 points, while the broader...
Source: nzherald.co.nz - Business | 13 Oct 2009 | 1:33 am

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.

Source: MarketWatch.com - Top Stories | 13 Oct 2009 | 1:31 am

BofA to turn over documents on Merrill buy: report

NEW YORK (Reuters) - Bank of America Corp has agreed to hand over to investigators documents describing the legal advice it received related to its purchase of Merrill Lynch, the Wall Street Journal reported on Monday, citing people familiar with the situation.
Source: Reuters: Business News | 13 Oct 2009 | 1:28 am

Asia Markets And Europe Open 10/13/2009

Most markets in Asia rose. The Nikkei was up .6% to 10,055. Honda (NYSE:HMC) gained. The Hang Seng was up 1.5% to 21,603. HSBC (NYSE:HBC) was up. The Shanghai Composite was higher by 1.4% to 2,936. At the open in Europe, the FTSE wsa down .1% to 5,206. The Dax dropped .4% to 5,762. The CAC 40 was off [...]

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Source: 24/7 Wall St. | 13 Oct 2009 | 1:27 am

Deadline looms for Americans to disclose accounts in foreign tax havens

Under an amnesty program, the IRS is allowing taxpayers to avoid prosecution for failing to report those accounts. Tax attorneys have been besieged by wealthy clients who are lining up to apply. ...
Source: RSS feed - channel BNPaperBusiness | 13 Oct 2009 | 1:00 am

Figuring out the true cost of complying with California regulations

A study puts the tab for the state's economy at $492 billion a year. But critics say the study doesn't take into account the benefits the regulations may have. ...
Source: RSS feed - channel BNPaperBusiness | 13 Oct 2009 | 1:00 am

Recording studios are being left out of the mix

Inexpensive software is shifting music-recording to the home. Industry experts estimate that up to half of the commercial studios in the L.A. area have closed or been sold to artists for private use.

Tom McCauley didn't plan on making house calls when he started in the music business.

Source: L.A. Times - Business | 13 Oct 2009 | 1:00 am

Trial to begin for two former Bear Stearns hedge fund managers

Federal prosecutors allege that Ralph Cioffi and Matthew Tannin misled investors about the deepening woes in the portfolios as they scrambled in mid-2007 to keep the funds from collapsing. ...
Source: RSS feed - channel BNPaperBusiness | 13 Oct 2009 | 1:00 am

Schwarzenegger signs seven mortgage laws

The approved bills provide a variety of home loan protections for consumers, including a ban on so-called negative-amortization loans. ...
Source: RSS feed - channel BNPaperBusiness | 13 Oct 2009 | 1:00 am

Trial to begin for two former Bear Stearns hedge fund managers

Federal prosecutors allege that Ralph Cioffi and Matthew Tannin misled investors about the deepening woes in the portfolios as they scrambled in mid-2007 to keep the funds from collapsing.

Attempts to place blame for the great financial crisis that sent the economy into a nose dive last year have made household names of top executives such as Angelo R. Mozilo, Richard Fuld and Maurice "Hank" Greenberg.

Source: L.A. Times - Business | 13 Oct 2009 | 1:00 am

Rio de Janeiro woos Woody Allen movie project

The Brazilian city, host of the 2016 Olympics, is courting film productions to gain jobs and polish its image as a tourist destination.

Vicky Cristina . . . Rio de Janeiro?

Source: L.A. Times - Business | 13 Oct 2009 | 1:00 am

Cautious trading leaves stocks mixed

Investors waiting for earnings reports send the Dow and S & P 500 up and Nasdaq down.

Key stock indexes finished mixed Monday as investors waiting for earnings reports to flow in traded cautiously.

Source: L.A. Times - Business | 13 Oct 2009 | 1:00 am

KB Home is under SEC investigation

The home builder disclosed that the probe is focused on 'possible accounting and disclosure issues.' KB Home,...
Source: RSS feed - channel BNPaperBusiness | 13 Oct 2009 | 1:00 am

Two Americans share Nobel prize for economics

Work by Elinor Ostrom and Oliver Williamson focused on how people and organizations make decisions and cooperate outside traditional markets.

Two Americans on Monday won the Nobel Memorial Prize in Economic Sciences for their seminal work on how people and organizations make decisions and cooperate outside traditional markets -- a growing area of research that scholars said was relevant to such pressing issues as climate change and the behavior of financial institutions.

Source: L.A. Times - Business | 13 Oct 2009 | 1:00 am

Recording studios are being left out of the mix

Inexpensive software is shifting music-recording to the home. Industry experts estimate that up to half of the commercial studios in the L.A. area have closed or been sold to artists for private use. ...
Source: RSS feed - channel BNPaperBusiness | 13 Oct 2009 | 1:00 am

Schwarzenegger signs 2 renewable energy bills, vetoes others

California will require utilities to pay consumers for generating more solar and wind power than they use and will boost the payoff for certain solar facilities. The laws take effect Jan 1.

Gov. Arnold Schwarzenegger has approved two major initiatives that will require utilities to pay consumers for generating extra power and will boost the payoff for certain solar facilities.

Source: L.A. Times - Business | 13 Oct 2009 | 1:00 am

Deadline looms for Americans to disclose accounts in foreign tax havens

Under an amnesty program, the IRS is allowing taxpayers to avoid prosecution for failing to report those accounts. Tax attorneys have been besieged by wealthy clients who are lining up to apply.

Wealthy U.S. taxpayers, concerned about an Internal Revenue Service crackdown on the use of secret overseas bank accounts as tax havens, are rushing to meet a Thursday deadline to disclose those accounts or face possible criminal prosecution.

Source: L.A. Times - Business | 13 Oct 2009 | 1:00 am

Cautious trading leaves stocks mixed

Investors waiting for earnings reports send the Dow and S & P 500 up and Nasdaq down. Key stock indexes finished...
Source: RSS feed - channel BNPaperBusiness | 13 Oct 2009 | 1:00 am

Figuring out the true cost of complying with California regulations

A study puts the tab for the state's economy at $492 billion a year. But critics say the study doesn't take into account the benefits the regulations may have.

Make no mistake, small-business owner Jane Skeeter isn't happy about the heavy burden she says government regulations put on her architectural-glass manufacturing plant in Chatsworth.

Source: L.A. Times - Business | 13 Oct 2009 | 1:00 am

Schwarzenegger signs 2 renewable energy bills, vetoes others

California will require utilities to pay consumers for generating more solar and wind power than they use and will boost the payoff for certain solar facilities. The laws take effect Jan 1. ...
Source: RSS feed - channel BNPaperBusiness | 13 Oct 2009 | 1:00 am

FSA to curb selfcertification mortgages

The Financial Services Authority plans to curb selfcertification mortgages which because they don't require proof of income were abused during the property boom The Times reports.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 13 Oct 2009 | 12:26 am

NZ market eases in quiet trade

The New Zealand sharemarket gave up a little ground on a day in which the NZ dollar got a boost from better than expected retail sales.The benchmark NZSX-50 index closed down 9.42 points, or 0.296 per cent, at 3169.464. Turnover...
Source: nzherald.co.nz - Business | 13 Oct 2009 | 12:12 am

RBS Coutts sees staff exodus in Singapore

SINGAPORE/LONDON (Reuters) - More than a quarter of the staff at the Singapore office of private bank RBS Coutts have quit in a mass resignation and some, sources said, could be joining Swiss rival BSI.
Source: Reuters: Business News | 13 Oct 2009 | 12:08 am

Pensions: women save half as much as men

Less than half of women are saving enough towards their retirement.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Oct 2009 | 11:59 pm

Wealth workout: make the most of higher Isa limits

The highest riskfree taxfree return on offer has increased from 3.5pc to 4.6pc.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Oct 2009 | 11:58 pm

Tootsies restaurant chain put into administration

Tootsies the struggling restaurant chain has been put into administation after owner Clapham House withdrew financial support.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 12 Oct 2009 | 11:57 pm

NZ dollar up on retail sales data

The New Zealand dollar rose today on better than expected retail sales data.Retail sales lifted 1.1 per cent, seasonally adjusted, in August, with strongest growth in clothing and softgoods, and in fuel sales. The median forecast...
Source: nzherald.co.nz - Business | 12 Oct 2009 | 11:53 pm

Kurt Simon to co-lead JPMorgan tech team: report

(Reuters) - JPMorgan Chase & Co is promoting Kurt Simon to co-lead its technology, media and telecommunications team, the Wall Street Journal reported on its website on Tuesday.
Source: Reuters: Business News | 12 Oct 2009 | 11:43 pm

Capmark Financial bankruptcy due soon: source

NEW YORK (Reuters) - Capmark Financial Group Inc., the commercial real estate company created through a 2006 leveraged buyout of certain GMAC assets, is preparing to file for bankruptcy possibly by the end of next week, according to a source with direct knowledge of the situation.
Source: Reuters: Business News | 12 Oct 2009 | 10:52 pm

Spiralling cost of healthcare 'a worry'

Southern Cross Medical Society has highlighted the rising cost of health services in an annual report which reveals claims increasing faster than premiums.The largest healthcare insurer in this country earned $544.2 million in...
Source: nzherald.co.nz - Business | 12 Oct 2009 | 10:30 pm

First woman wins Nobel economics prize

WASHINGTON - One scholar studies how best to manage resources like forests, fisheries and oilfields. Another looks at why some companies grow so large. Together they're winners of this year's Nobel Prize in economics for groundbreaking...
Source: nzherald.co.nz - Business | 12 Oct 2009 | 10:00 pm

3 Stocks Insiders Are Buying

Whatever top executives may be saying about cautious optimism, recent trading records show most are cautious, period. In September, the dollar amount of sales by “insiders” — senior officers, board members and major shareholders — was 15 times the amount of purchases. That’s the second-most pessimistic ratio of the past 12 months, according to Trim Tabs, a research group. Just 31% of companies had more insider buyers than sellers over the past four weeks, according to Form 4 Oracle, which compiles insider data for subscribers. In the first three months of 2009, the average was close to 50%.

Those numbers bode poorly for the stock market in general because insiders tend to time sales and purchases well, studies show. But bosses are still bullish at the three companies listed below. They turned up on a recent search for companies with more insider buying than selling, measured in dollar amounts, over the past six weeks.

Chico’s

Less than a year ago, shares of Chico’s (CHS) could be bought for under $2. Now they’re $12 and change. The women’s clothier sells chiefly to baby boomers. Like most investors, they’ve suffered sharp declines in wealth over the past year. Unlike most, however, baby boomers are at or nearing retirement, so they’ve been especially quick to cut spending. In its fiscal year ended Jan. 31, 2009, sales for Chico’s shrank 8% and profits disappeared. Management cut expenses and tightened inventories while continuing to invest in pockets of growth for the company, like direct-to-customer sales and its Soma collection of sleepwear and skimpies. This fiscal year, the company has returned to profitability and sales are expected to increase 3.5%. Shares now sell for 1.4 times sales, more than twice the price of the average clothing seller. Pamela Quintiliano, an analyst with the U.S. arm of Auriga, a Madrid investment bank, initiated coverage of the stock on Oct. 7 with a “hold” recommendation. “The company is firing on all cylinders,” but much of the good news is already reflected in the stock price, she wrote in a note to clients. Two board members recently staked $127,000 on shares.

SandRidge Energy

Based in Oklahoma City, SandRidge Energy (SD) drills for fossil fuels in the gas-rich West Texas Overthrust, the Cotton Valley Trend in East Texas and along the Gulf Coast in Louisiana. It owes plenty — nearly $2.2 billion, vs. a stock market value of $2.4 billion — and revenues have plunged this year on a decline in oil and gas prices. Shares in June 2008 topped $65 apiece. Today they sell for $14. But operating expenses are down, and oil and gas prices are rising. Three months ago, analysts expected the company to earn 50 cents a share this year. Now they foresee 80 cents a share. A pair of directors spent just over a half-million dollars on stock in late September, paying $12 a share.

Cabela’s

September F.B.I. background checks for guns were up 12% year-over-year, suggesting a continuation of strong sales. Second-amendment enthusiasts are believed to be stocking up on firepower over fears that a political shift to the left in Washington foretells the passing of antigun legislation. Analysts say fierce buying of personal protection guns has given way to rifles and such in time for hunting season. That’s a promising sign for Cabela’s (CAB), the world’s largest seller of hunting, camping and fishing gear. Its sales are expected to grow modestly this year, while those of many retailers are shrinking. The company owes little and trades at less than 12 times earnings. A board member spent more than a million dollars on stock shortly before Labor Day.

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 | 12 Oct 2009 | 10:00 pm

U.S. Steel: A Question of Demand

AS INVESTORS SEEK companies likely to benefit from a global economic recovery, many are betting on United States Steel . Shares of America's largest steel producer have soared more than 160% in recent months, to about 44, from a mid-March low of 16.

Dallas-based Hodges Capital Management was part of the stampede, picking up stock for as little as 17. But no more. "We did well with the stock but couldn't see any good news [ahead], so we sold our position, 150,000 shares, in the third quarter," says Eric Marshall, the firm's director of research.

Hodges soon could have lots of company if an industrial rebound fails to materialize and steel prices stay low. Industry watchers also fear that China, which accounts for roughly half the world's output, might start flooding the market again with excess product.

"The next six months might see greater consumption of sheet steel by the auto industry, but that will be short-lived," says Timna Tanners, an analyst at UBS. "The tubular side of U.S. Steel's business is seeing a lot of oversupply, which won't be rectified in the near term. And sheet-steel prices [could fall] amid capacity restarts and excess global supply, signaled by China's recent shift to being a net exporter."

Tanners has a Sell rating on the stock (X) and a price target of 25 -- lower than most of Wall Street's bears. She argues U.S. Steel is rich at about 1.4 times book value. "Many investors think the company has a lot of leverage to recover," she says. "But the recovery will be much more tepid" than the share price suggests.

Like most of its peers at home and abroad, Pittsburgh-based U.S. Steel was slammed by the recession. The price of hot-rolled coil, the industry's workhorse product, has fallen about 50% in the past 14 months, to $585 per ton, according to steel consultant CRU Group.

The company's mills are operating at 58% of capacity, and analysts expect U.S. Steel to lose $10.52 a share this year before swinging modestly into the black in 2010. Revenue is seen falling more than 50%, to $11 billion.

Fans of the stock, such as Morgan Stanley analyst Mark Liinamaa, say U.S. Steel's key markets, including automotive and manufactured goods, will recover ahead of the construction market, on which some rivals depend. Liinamaa, who thinks the stock could rally into the low 50s, also cites Washington's recent imposition of anti-dumping duties on Chinese steel, which could drive Chinese imports out of the U.S. market. But others fear China could use Europe as a way to force more supply into the U.S.

David Lipschitz, a Calyon Securities analyst who visited with U.S. Steel management last month, says the company is watching China's exports to Europe closely. U.S. Steel didn't respond to Barron's requests for interviews.

U.S. Steel posted a loss of $3.28 a share in its latest reported quarter, ended June. That's a big change from the $5.68 a share in profit reported a year earlier, but better than analysts' expectations of a $3.45 deficit. Lipschitz expects a third-quarter loss of $3.10 a share, and recently lowered his full-year estimates to a loss of $11.20 this year and $2.65 next. The latter is well below consensus views.

"The key question is, where is real demand heading into next year," he says. "Right now, everything is replacement, not new demand. In the U.S., demand remains relatively weak, especially among appliance and machinery makers, and inventories among steel users are low."

Lipschitz's 12-month price target is 32.

MANY INDUSTRY ANALYSTS think Nucor (NUE), AK Steel (AKS), ArcelorMittal (MT) and other steel companies are better buys than U.S. Steel these days. Deutsche Bank's David Martin favors mini-mill operator Nucor because its production costs are lower. Nucor's stock is flat this year, at around 45, and sells for six times pretax earnings (as measured by Ebitda, or earnings before interest, taxes, depreciation and amortization), compared with an industry multiple of seven. "Recent results have been disappointing, but some of the negative trends in pricing and high inventory costs are set to reverse," he says.

Tanners, of UBS, favors Steel Dynamics (STLD), another mini-mill specialist, which she says is in a better position than U.S. Steel to restart production quickly and respond to spot demand. "It doesn't have the same high cost structure as U.S. Steel," she says.

A sustained global economic recovery would benefit all steel producers, but that seems a long way off. As for the recovery at hand, it's a lot more fragile than U.S. Steel's stock price implies.

The Bottom Line
U.S. Steel's stock has retreated about 15%, to 44, from its mid-September peak. It could keep falling into the low 30s as industrial end markets struggle to recover.

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 | 12 Oct 2009 | 10:00 pm

Which Financial-Planning Web Site Is Best for You?

We used to be so carefree with our money; now we watch every dime. In the past two years, 2 million Americans have started playing accountant with a new breed of Web site that offers a complete view of your finances. These free sites track expenses by category so you can see how much you spend. They also set budgets, create account alerts and monitor your cash flow. But in all, there are more than 20 such sites, they look alike, and their goofy names (Geezeo, Mint, Yodlee) don’t explain what sets them apart. We set up accounts to test a bunch of the most comprehensive sites and picked three winners.

Wesabe.com

If you want advice and support, Wesabe.com offers plenty. The site encourages users to pool their wisdom, and it works. When we posted questions about building credit and buying a car, Wesabe members gave eight helpful, accurate responses within 24 hours. One downside: Most sites automatically categorize your transactions to help you track your spending. Wesabe does this only after you manually categorize months of them. Marketing VP Gabriel Griego says this yields more accurate results.

QuickenOnline.com

The site offers habitual check bouncers a simple tool for keeping themselves in line. Based on an automated analysis of previous transactions, it forecasts cash flow over the next two pay periods. It might calculate, for example, that you have $3,800 in upcoming bills and $4,500 in your account until your next paycheck. A chart displays upcoming transactions, and an alert system warns if you’re living beyond your means. Of course, this tool works best if you have a regular income and recurring bills.

Mint.com

Mint was acquired last month by Intuit (INTU), the parent company that owns Quicken. For now, the service remains one for folks who value insight over advice. It offers the most detailed, informative and — trust us — fascinating view of your finances. The investment tools compare how individual accounts or an entire portfolio performs against major indexes. But the cool factor is in the site’s analytic tools. You can see how to reduce interest payments on loans or look at your spending habits versus those of others’. We learned, for instance, that in the first six months of the year, we spent $1,610 on dining out (less than the average New Yorker), including $766 on 101 visits to the employee cafeteria. Who knew?

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 | 12 Oct 2009 | 10:00 pm

The Ultimate Guide to Flu-Shot Shopping (Consumer Action)

Table: Flu Shot Prices

One thing about flu worries: They’re catching.

Already there is concern about the need for two shots this year — seasonal flu and H1N1, also known as swine flu. But with children in a handful of states already getting their nasal spray vaccines for H1N1, consumers are sorting through a bewildering maze of flu choices. Do I need both shots? What kind of immunization is best, shot or nasal spray? With retailers advertising they’ll do it for cheap, where do I go to get inoculated?

Weeks before the flu season’s official start of Oct. 4, the Centers for Disease Control and Prevention reported an elevated number of cases. From Sept. 20-26, the CDC reported 2,126 new cases of influenza nationwide -- all but 1% of them H1N1. News reports, letters home from school, and public safety campaigns, have both raised consumer awareness and triggered concerns about safety. Earlier this month, New York health-care workers protested mandatory H1N1 vaccinations, saying they shouldn’t be forced to receive a potentially dangerous vaccine to keep their jobs.

Another potential for concern: availability. Of the 2.4 million doses of H1N1 nasal spray vaccine shipped last week, health-care providers have already snapped up 2.2 million. The Connecticut attorney general is also seeking answers from manufacturer Novartis (NVS) regarding potential shortages of seasonal flu vaccine.

In fact, the confusion that consumers face this flu season underscores just how out of whack the U.S. health-care system can be, even as the nation debates reform. Doctors, for example, say flu vaccines do not contribute substantially to their income — and that they provide the doses as a public service. A 2008 University of Michigan survey found that nationwide, 11% of physicians said they were considering eliminating all immunization offerings for privately insured children because of the losses.

Dr. Anatoly Belilovsky, a pediatrician based in Staten Island, N.Y., says he pays Sanofi Aventis (SNY) about $140 for a 10-dose vial of Fluzone. He charges each patient being vaccinated the cost of a single dose ($14) and a $17 administration fee to cover office costs and his time (Belilovsky administers the shots himself), for a total of $31. Insurance reimburses him $20 to $30, including any copay. “You generally break even with private insurance,” he says.

Likewise, flu vaccines represent small profits for the large pharmaceutical companies that make them. GlaxoSmithKline's (GSK) Fluarix and FluLaval vaccines, for example, brought in roughly $135 million during 2008, or 0.91% of the company’s $14.7 billion U.S. pharmaceutical sales, according to the firm’s annual report. In comparison, its hepatitis vaccine took in $438 million, or 3% of U.S. sales.

However, both doctors and manufacturers could stand to profit. Down the road, manufacturers could cash in by expanding their sales to developing nations, says Hedwig Kresse, a senior analyst of infectious diseases for market researcher Datamonitor. China’s ongoing health-care reform, which aims to offer coverage to more than 90% of the population by 2011, is expected to be very lucrative for vaccine manufacturers, according to a July 2009 report from IMS Health. And in its 2008 annual report, Glaxo identified emerging market vaccine sales as one of its highest growth areas.

For doctors, there could be a benefit with patients who pay cash. According to the CDC, a 10-pack of FluMist Sprayers averages $19.70 per dose to physicians and retailers. Vaccines administered via injection average $9.72 to $13.25 apiece. Although doctors have to absorb the loss of providing the vaccine free to Medicare clients, they can also charge a premium to their uninsured patients.

The bottom line: Before you make any decision about your vaccines, be informed. Here are answers to some key questions about getting a flu shot. Be sure to click through to the end to see our chart on the prices and promotions big-name retailers are offering on seasonal flu immunizations.

How important is it that I get the seasonal flu vaccination?
Do your math. In an average year, 5% to 20% of consumers come down with seasonal influenza. If you get the vaccine, you reduce your risk of falling ill by 70% to 95%, says Dr. Litjen Tan, the director of medicine and public health for the American Medical Association. Most doctors recommend getting the shot if you’re in the high-risk group. For seasonal flu, that includes anyone 24 or younger, pregnant women and people with weakened immune systems, as well as those who have direct contact with an at-risk group.

Which at-risk groups might need the swine flu vaccine?
For H1N1, doctors advise the shot for people age 18 or younger, age 65 or older, pregnant women, people with weakened immune systems, and anyone who has direct contact with at-riskers.

Where should I get my seasonal flu shot?
The traditional route, of course, is through your physician. The upside here is privacy. The downside: You might end up paying a premium for the privilege. Doctors in private practice often bump up prices to cover the costs of providing free immunizations to Medicare participants, says Dr. Margaret Lewin, the chief medical director for insurer Cinergy Health and a clinical assistant professor at Cornell University’s Weill Medical College. The participants pay nothing out of pocket for immunizations (not even a copay), and doctors are reimbursed $13.22. That covers little more than the cost for the vaccine, says Lewin.

Of course, if you are insured, it’s unlikely you’ll pay anything beyond your physician’s usual copay, an average of $20. Aetna’s (AET) Cost of Care tool pegs the cost of immunization for someone in New York age 4 or older at an average $13 within their network and $39 out of their network; for ages 3 and younger, the costs are $11 and $48, respectively. In Portland, Ore., the costs are an average $16 and $20 for ages 4 and older; $9 and $27 for ages 3 and younger.

What about retailers that are offering the vaccine?
This year, retailers like Wal-Mart (WMT) and Walgreen (WAG) are splashing flu treatments all over their sale circulars. Why? They’re hoping you’ll stay to shop — and transfer in lucrative prescriptions, says Kit Yarrow, whose book “Gen Buy” assesses the motivations behind consumers’ purchases. Walgreen’s, for example, is charging $25 for a seasonal flu shot, a price-tag that has brought in 2.5 million customers since Sept. 1, says spokesman Jim Cohn. That is more than double the 1.2 million injections the retailer administered for last year’s entire eight-month flu season.

In case you’re worried about quality, you shouldn’t be. The injections are exactly the same as the ones that you would get from your doctor, and they are given by trained pharmacists or licensed practical nurses.

Can I just walk in and get a flu shot?
Not exactly. Some stores offer the vaccines as a daily service; others have set flu clinic days or require an appointment. Be sure to check availability and make sure all your family members are eligible. Wal-Mart and many other retailers will only accept patients age 9 and older, largely because the CDC recommends children younger than that see their primary care physician.

Where can I get a free seasonal flu shot?
Check with your human resources department. Seventy-one percent of employers offer free immunizations, according to benefits consulting firm Hewitt Associates. From a cost standpoint, employers would rather subsidize the cost of the shots than see a spike in health-care costs, says Bob Nelson, the president of Nelson Motivations, a benefits consulting firm. Currently unemployed? CVS is providing 100,000 vouchers for free vaccinations for the unemployed. (Pick up a voucher at a local One-Stop Career Center.)

Another option: Try your local hospital or health department. Both routinely offer programs, with high-risk groups getting first opportunity. To find a flu clinic near you, use the American Lung Association’s tool here and monitor your local news.

Does it matter if I get the mist or the vaccine?
The verdict is still out here. One recent study suggests that this season, the seasonal flu shot is more effective than FluMist, an inhalable nasal spray made by MedImmune. However, other studies suggest that vaccinations delivered via a nasal spray or via injection are equally effective, the AMA’s Tan says. Still others indicate FluMist may be more effective in young children. (The main caveat for FluMist, which contains live virus, is that it cannot be administered to pregnant women or other people with weakened immune systems, he says.) One argument for the shot: It’s cheaper. According to the CDC, a 10-pack of FluMist Sprayers averages $19.70 per dose to physicians and retailers. Vaccines administered via injection average $9.72 to $13.25 apiece. At Target (TGT), that translates into $24 for a shot and $36 for the nasal spray.

What if I don’t get the vaccine until October or November? Am I putting myself at risk?
The longer you wait, the more risk you take of contracting the flu, so keep that in mind while you’re shopping around. (The peak month for influenza activity has been February in 12 of the 26 flu seasons prior to last year’s, according to data compiled by the CDC. The runner-up for that period was January, in five years.) Even after you are vaccinated, it takes about two weeks for your body to develop enough antibodies to ward off the flu. After that, however, you are safe “until the end of the flu season [in May],” Tan says.

If I wait too long, will they run out of flu shot?
It depends what you mean by “run out.” Although most vaccine providers, particularly retailers, should have abundant supply, there could be gaps in availability. Makers are shipping the seasonal flu doses in waves, so it depends where you call. If you want your vaccine immediately, you could have to wait a few weeks. Sanofi Pasteur, the vaccines division of Sanofi Aventis, for example, recently announced it could take until November for doctors and retailers to receive the rest of their orders. That is because the company took a break to manufacture the H1N1 vaccine.

When will the H1N1 vaccine be ready? Will there be enough to go around?
The first doses of the H1N1 vaccine rolled out to health-care providers nationwide last week. But the CDC is cautioning that it may take until November for enough of the vaccine to be in the market for widespread immunization. Cities and states say early doses will go to at-risk groups. New York City, for example, says its first shipment will be split between health-care workers and doctors treating children. The government promises that anyone who wants an H1N1 vaccine will receive one.

If the government is paying for H1N1, does that mean it will be free everywhere?
The vaccine will be free, though you may be hit with an insurance copay to receive it at the doctor’s office. (Many insurers are dropping the fee.) States are also planning clinics at hospitals, schools, retailers and other locations.

If I think I had H1N1 last year, but never had it confirmed with a test, how will getting the vaccine affect me?
There shouldn’t be any adverse effects, according to the CDC.

Here’s a sampling of the prices and promotions big-name retailers are offering on seasonal flu immunizations:

Flu Shot Prices