Bargain-hunters like what they see and pose new challenge to retailers

Six out of ten shoppers have traded down to cheaper goods since the recession tightened its grip, according to a report by PricewaterhouseCoopers, creating an ongoing spending pattern shift that poses a new challenge to retailers.


Source: Latest Business News from Times Online | 30 Oct 2009 | 3:28 pm

Stock futures point to modestly lower opening (AP)

AP - Stocks are headed for a modest decline, erasing some of the big gains they racked up a day earlier after the government said the economy grew faster-than-expected in the third quarter.

Source: Yahoo! News: Stock Markets News | 30 Oct 2009 | 4:36 am

Stock futures signal dip after strong rally (Reuters)

Reuters - U.S. stock index futures pointed to a slightly lower open on Wall Street on Friday following the previous session's sharp rally, with futures for the S&P 500 down 0.35 percent, Dow Jones futures down 0.17 percent and Nasdaq 100 futures down 0.09 percent at 6:10 a.m. EDT.

Source: Yahoo! News: Stock Markets News | 30 Oct 2009 | 4:30 am

Stocks extend gains; caution returns (Reuters)

Reuters - World stocks crept higher on Friday, extending gains following the United States' jump out of recession, while the dollar drifted ahead of more U.S. data that will add fuel to the recovery debate.

Source: Yahoo! News: Business | 30 Oct 2009 | 4:20 am

Stocks extend gains; caution returns

LONDON (Reuters) - World stocks crept higher on Friday, extending gains following the United States' jump out of recession, while the dollar drifted ahead of more U.S. data that will add fuel to the recovery debate.
Source: Reuters: Business News | 30 Oct 2009 | 4:20 am

Sony (SNE) Says Michael Jackson Movie Makes $20 Million In A Day

The film of Michael Jackson’s rehearsals for his British concert tour was a big risk for Sony (NYSE:SNE) which apparently put up $60 million for the rights to the footage. The gamble paid off. The film “This is It” made $20 million in its first day. The movie was released worldwide and it will only be shown [...]

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Source: 24/7 Wall St. | 30 Oct 2009 | 4:19 am

Sony, Samsung signal tech industry upturn

TOKYO/SEOUL (Reuters) - Samsung Electronics and Sony gave a robust outlook on improving demand and cost cuts, fuelling hopes that a recovery in the global tech sector will outlive the pre-Christmas shopping season.
Source: Reuters: Business News | 30 Oct 2009 | 4:18 am

Clunkers: White House blows a gasket

The Obama administration on Thursday lashed out at a prominent critic of its Cash for Clunkers program, arguing that the popular trade-in initiative helped give the auto industry and the economy a much needed boost in the past few months.
Source: Business and financial news - CNNMoney.com | 30 Oct 2009 | 4:17 am

Will Smith plus 8: Where are they now?

Fortune takes a look back at our '40 under 40' of a decade ago to find out who's still flying high, and who's fallen from grace.
Source: Business and financial news - CNNMoney.com | 30 Oct 2009 | 4:09 am

Small Books Stores, Hurt By Amazon, Try To Strike Back

Amazon (NASDAQ:AMZN), Target (NYSE:TGT), and Wal-Mart (NYSE:WMT) are apparently sharply limiting the number of books customers can buy under their programs to sell popular titles at discount prices. Book publishers have already claimed that the three companies are trying to monopolized book distribution. The Wall Street Journal surmises that the reasons for the restriction on the number [...]

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Source: 24/7 Wall St. | 30 Oct 2009 | 4:08 am

NYSE Euronext net profit down 28 pct in Q3 quarter

Trans-Atlantic stock market operator NYSE Euronext said Friday its net income plunged 28 percent in the third quarter as it cut prices in a bid to counter falling trading volume. NYSE...
Source: RSS feed - channel BNewsBusiness | 30 Oct 2009 | 4:04 am

NYSE Euronext net profit down 28 pct in Q3 quarter (AP)

AP - Trans-Atlantic stock market operator NYSE Euronext said Friday its net income plunged 28 percent in the third quarter as it cut prices in a bid to counter falling trading volume.
Source: Yahoo! News: Stock Markets News | 30 Oct 2009 | 4:04 am

Ask AP: Geo-engineering, Bernard Madoff's assets

These aren't the tactics of a Hollywood supervillain _ they're controversial "geo-engineering" ideas that some say would help combat global warming. Is there any chance they would help?
Source: RSS feed - channel BNewsBusiness | 30 Oct 2009 | 4:00 am

Galleon Warnings May Have Come A Decade Ago

The SEC missed a number of signals in the Bernie Madoff case. Some concerns were raised by his clients and Barron’s years before he was caught. It seems that a similar pattern holds true with Raj Rajaratnam and his firm Galleon. Several press reports say that information was being passed between Intel (NASDAQ:INTC) and Galleon as early [...]

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Source: 24/7 Wall St. | 30 Oct 2009 | 3:49 am

UPDATE 3-Takeda holds forecast, drugs outlook still tough

* Tough sales in markets, falling sales in flagship drugs
Source: RSS feed - channel BNewsBusiness | 30 Oct 2009 | 3:47 am

Strong start for China's 'Nasdaq'

Shares in all 28 companies on China's new Nasdaq-style have a positive start as it opens on Friday.
Source: BBC News | Business | World Edition | 30 Oct 2009 | 3:45 am

Reluctant landlords begin to disappear as house prices rise

The number of homeowners becoming reluctant landlords has dropped according to the Association of Residential Lettings Agents ARLA.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 Oct 2009 | 3:41 am

Indian Oil: 1.4-1.5 bln rupees products burnt in fire

NEW DELHI, Oct 30 (Reuters) - An official at state-run refiner and oil marketing firm Indian Oil said initial estimates indicate products valued at 1.4-1.5 billion rupees were burnt in a fire that broke...
Source: RSS feed - channel BNewsBusiness | 30 Oct 2009 | 3:35 am

NYSE Q3 beats consensus, sells Liffe U.S. stake (Reuters)

Reuters - NYSE Euronext said on Friday it is selling a "significant equity interest" in its derivatives exchange NYSE Liffe U.S., as it posted a 28-percent drop in third-quarter earnings.
Source: Yahoo! News: Business | 30 Oct 2009 | 3:32 am

NYSE Q3 beats consensus, sells Liffe U.S. stake

LONDON (Reuters) - NYSE Euronext said on Friday it is selling a "significant equity interest" in its derivatives exchange NYSE Liffe U.S., as it posted a 28-percent drop in third-quarter earnings.
Source: Reuters: Business News | 30 Oct 2009 | 3:32 am

NYSE Q3 beats consensus, sells Liffe U.S. stake (Reuters)

Reuters - NYSE Euronext said on Friday it is selling a "significant equity interest" in its derivatives exchange NYSE Liffe U.S., as it posted a 28-percent drop in third-quarter earnings.
Source: Yahoo! News: Stock Markets News | 30 Oct 2009 | 3:32 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 | 30 Oct 2009 | 3:31 am

Chuck Jaffe: No stupid questions, only stupid investments

When it comes to stupid investments, there are no stupid questions. For proof, here are some recent queries from my mailbag:

Source: MarketWatch.com - Top Stories | 30 Oct 2009 | 3:28 am

Swiss approve H1N1 vaccines from Glaxo, Novartis

ZURICH, Oct 30 (Reuters) - Switzerland has approved two vaccines from GlaxoSmithKline and Novartis against H1N1 swine flu, regulators said on Friday, paving the way for a national immunisation campaign...
Source: RSS feed - channel BNewsBusiness | 30 Oct 2009 | 3:26 am

Stocks set to step back

U.S. stocks were poised to pull back at Friday's open as investors caught their breath after the previous session's rally and awaited the latest measures on the health of the consumer.
Source: Business and financial news - CNNMoney.com | 30 Oct 2009 | 3:23 am

UPDATE 1-Nostra Terra says oil at Boxberger Well viable

LONDON, Oct 30 (Reuters) -Oil and gas company Nostra Terra said the oil in the Boxberger Well in Kansas, U.S. is commercially viable, sending its shares up 30 percent in early trade, making it one of...
Source: RSS feed - channel BNewsBusiness | 30 Oct 2009 | 3:22 am

The New York Times’ Coming Jihad Against The Huffington Post

The old media is running out of time. The online editions of The Washington Post (NYSE:WPO), New York Times (NYSE:NYT), and Time, Inc (NYSE:TWX) properties do well, but not well enough to off-set losses at their print properties. The print publishers have begun to mumble more often that Google News, The Huffington Post, and The Daily [...]

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Source: 24/7 Wall St. | 30 Oct 2009 | 3:22 am

UPDATE 2-WPP eyes profit gains after Q3 ad spend uptick

LONDON, Oct 30 (Reuters) - The world's largest advertising group, WPP , expects job cuts and weak comparatives to help boost profits into 2010, after the U.S. market continued to improve and the pace of...
Source: RSS feed - channel BNewsBusiness | 30 Oct 2009 | 3:21 am

China's small-company stock market starts trading (AP)

AP - A new Chinese stock exchange meant to nurture small and high-tech enterprises, modeled on the U.S.-based Nasdaq market, started trading Friday and all 28 listed companies soared in price.

Source: Yahoo! News: Stock Markets News | 30 Oct 2009 | 3:16 am

Shell 'defers downstream IT investment' - report

LONDON, Oct 30 (Reuters) - Royal Dutch Shell Plc is to delay investments in information technology systems at its downstream oil refining and fuel marketing unit to cut costs, a Shell protestors' website...
Source: RSS feed - channel BNewsBusiness | 30 Oct 2009 | 3:15 am

Yell shares jump as debt deal comes in reach

Yell shares jumped as much as 15pc after the Yellow Pages publisher said it was awaiting acceptances from the final two lenders for its £3.8bn debt refinancing plan to go ahead.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 Oct 2009 | 3:12 am

Sanofi-Aventis ups guidance on swine-flu vaccine

French drugmaker Sanofi-Aventis said Friday its third-quarter net income rose 6%, buoyed by a strong performance in emerging markets and a surge in global sales of the Lantus insulin drug.

Source: MarketWatch.com - Top Stories | 30 Oct 2009 | 3:12 am

AXA Announces the Subscription Price for its 2009 Employee Share Offering (Shareplan 2009)

PARIS, Oct. 30 /PRNewswire-FirstCall/ -- The subscription price for AXA's 2009 employee share offering (Shareplan 2009) has been determined by the Management Board on October...
Source: RSS feed - channel BNewsBusiness | 30 Oct 2009 | 3:11 am

Asian markets mostly up on results, U.S. GDP boost

Most Asian markets ended higher Friday as strong U.S. economic data helped restore some investor confidence, with Bank of China and Samsung Electronics among the gainers after encouraging third-quarter results.

Source: MarketWatch.com - Top Stories | 30 Oct 2009 | 3:10 am

UPDATE 1-Deals of the day -- mergers and acquisitions

Oct 30 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0900 GMT on Friday.
Source: RSS feed - channel BNewsBusiness | 30 Oct 2009 | 3:08 am

Indications: U.S. stocks look set to take a breather Friday

U.S. stock futures point to a slightly weaker start Friday following the rally in the prior session on surprisingly strong U.S. economic growth in the third quarter.

Source: MarketWatch.com - Top Stories | 30 Oct 2009 | 3:08 am

GDP Forecast: Weak Q4 Followed By Tremendous 2010

The Commerce Department announced GDP growth of 3.5% for the third quarter, putting an exclamation point to the end of the recession. The power behind the improvement was, as usual, the consumer who has played Lazarus these last two months. He is a consumer who spends even with rising unemployment. But, he is also a [...]

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Source: 24/7 Wall St. | 30 Oct 2009 | 3:07 am

German retail sales post second straight drop (AFP)

AFP - German retail sales fell for the second consecutive month in September, a sign that household demand remains weak amid persistent fears that unemployment will climb in the coming months.

Source: Yahoo! News: Business | 30 Oct 2009 | 3:06 am

Bank of Japan begins gradual end of credit steps

The Bank of Japan announces it will end one of its special liquidity-boosting measures while extending another one.

Source: MarketWatch.com - Top Stories | 30 Oct 2009 | 3:04 am

Asian markets snap losing streak on US growth (AP)

AP - Asian stock markets snapped three days of losses Friday after the U.S. economy broke out of a yearlong slump, spurring hopes of improved demand for the region's exports. European shares were mixed.

Source: Yahoo! News: Stock Markets News | 30 Oct 2009 | 3:00 am

Economic Report: U.K. home prices see annual rise in October

British house prices post their first annual rise in 19 months, but see smaller-than-expected monthly increase.

Source: MarketWatch.com - Top Stories | 30 Oct 2009 | 2:57 am

FTSE stays flat but Asian markets soar

The FTSE 100 opened marginally ahead this morning despite a surge in trading on Asia markets after the US confirmed that it had emerged from recession in the third quarter.
Source: Latest Business News from Times Online | 30 Oct 2009 | 2:56 am

London Markets: Rio Tinto, Lloyds help British shares advance

British shares rise, with Lloyds gaining sharply after a broker upgrade and Rio Tinto up after revising capital expenditure levels for next year.

Source: MarketWatch.com - Top Stories | 30 Oct 2009 | 2:48 am

Sony, Panasonic outlooks suggest sector recovery (Reuters)

Reuters - Sony Corp (6758.T) and Panasonic Corp (6752.T) signaled the worst may be over for the world's two largest consumer electronics makers as they raised their full year outlooks, helped by cost cuts.

Source: Yahoo! News: Business | 30 Oct 2009 | 2:47 am

Ad group WPP sees 'improvement'

Advertising giant WPP announces a drop in quarterly revenues but says things are 'less worse' than the previous three months.
Source: BBC News | Business | World Edition | 30 Oct 2009 | 2:47 am

Erste to raise 1.65bn in cash call

VIENNA, October 30 - Erste Group Bank said the worst of the crisis may now be over for banks in emerging Europe, after it beat third-quarter earnings forecasts and launched a 1.65bn ($2.4bn) cash call...
Source: RSS feed - channel BNPaperBusiness | 30 Oct 2009 | 2:40 am

Stocks sizzle as China debuts start-ups market (Reuters)

Reuters - The ChiNext stock market , China's long-awaited Nasdaq-style second board, debuted on Friday with a speculative surge that more than doubled the price of all 28 stocks during intraday trade -- a good sign for companies lining up to list on China's stock markets.

Source: Yahoo! News: Stock Markets News | 30 Oct 2009 | 2:38 am

Stocks sizzle as China debuts start-ups market

SHANGHAI (Reuters) - The ChiNext stock market, China's long-awaited Nasdaq-style second board, debuted on Friday with a speculative surge that more than doubled the price of all 28 stocks during intraday trade -- a good sign for companies lining up to list on China's stock markets.
Source: Reuters: Business News | 30 Oct 2009 | 2:38 am

Banks and miners keep London shares positive

London equities continued to make progress on Friday, but the momentum on world equities markets after strong growth data from the US started to fade. The FTSE 100 ticked six points higher to 5,143.26,...
Source: RSS feed - channel BNPaperBusiness | 30 Oct 2009 | 2:36 am

Money and marriage - the 2nd time around

When Kimerby and Tony Simmons were married last month at a vineyard in the foothills outside Atlanta, they participated in the African-American tradition of jumping over a broom - an act symbolizing their entrance into a new phase of life together.
Source: Business and financial news - CNNMoney.com | 30 Oct 2009 | 2:35 am

Holy water

Ghana spa hopes to spark health tourism boom
Source: BBC News | Business | World Edition | 30 Oct 2009 | 2:32 am

Samsung upbeat on 2010 after record Q3 profit

SEOUL (Reuters) - Samsung Electronics , the world's top maker of memory chips and LCD screens, gave a robust outlook, signaling bigger players are set to further widen the gap over smaller firms in a tech sector recovery.
Source: Reuters: Business News | 30 Oct 2009 | 2:31 am

Sony pares losses and boosts outlook

Sony says its loss for the year will be smaller than previously forecast, suggesting that chief executive Sir Howard Stringer’s restructuring is making progress
Source: Financial Times - US homepage | 30 Oct 2009 | 2:26 am

Sony pares losses and boosts outlook

Sony revealed a smaller-than-expected net loss for its fiscal second quarter on Friday and said its full-year outlook had improved thanks to aggressive cost-cutting and a turnround at its Japanese financial...
Source: RSS feed - channel BNPaperBusiness | 30 Oct 2009 | 2:26 am

Lloyds rises further as bank nears capital deal

Shares in Lloyds Banking Group continued to rise Friday after reports that the bank could announce a 20 billion pound ($33.1 billion) capital plan within days and that it has reached an agreement in principle with European authorities.

Source: MarketWatch.com - Top Stories | 30 Oct 2009 | 2:25 am

WPP cautious as fall in revenue slows

The global advertising market was "less worse" in the third quarter of this year with a slowdown in the rate of revenue decline and a small recovery in consumer confidence, according to WPP, the world's biggest ad agency.
Source: Latest Business News from Times Online | 30 Oct 2009 | 2:22 am

Europe Markets: Miners, technology, auto firms boost Europe shares

European shares build on sharp gains in the previous sessions.

Source: MarketWatch.com - Top Stories | 30 Oct 2009 | 2:21 am

Jam session: Gear to be a rock god

So you wanna be a rock-and-roll star? This gear will get you jamming in style.
Source: Business and financial news - CNNMoney.com | 30 Oct 2009 | 2:20 am

Lower PS3 prices weigh on Sony

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 30 Oct 2009 | 2:14 am

Dogs and e-mail

Postmen around the world talk about their work
Source: BBC News | Business | World Edition | 30 Oct 2009 | 2:03 am

Sony posts smaller loss helped by Michael Jackson and Playstation 3 price cut

Sony posts smallerthanexpected third quarter loss buoyed by strong PlayStation 3 sales and demand for Michael Jackson hits.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 Oct 2009 | 2:02 am

Alcatel-Lucent's 11m loss beats forecasts

PARIS, October 30 - Telecommunications gear maker Alcatel-Lucent on Friday posted its 12th straight quarterly net loss, hit hard by telecoms operators' sharp cutbacks in network investments.The French-American...
Source: RSS feed - channel BNPaperBusiness | 30 Oct 2009 | 2:00 am

Media Digest (10/31/2009) Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   The US economy is stable but risks remain according to Geithner. Reuters:   JPMorgan (NYSE:JPM) raised concerns about Galleon in 2001. Reuters:   As many as five million Americans have been infected with H1N1. Reuters:   Sony (NYSE:SNE) posted a fourth straight quarterly loss. Reuters:   CIT (NYSE:CIT) is seen filing for bankrupcy soon. Reuters:   A House committee has approved a consumer advocacy [...]

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Source: 24/7 Wall St. | 30 Oct 2009 | 1:57 am

Best digital camera bargains

Capture holiday memories with these snazzy shooters - and still have money left for the turkey.
Source: Business and financial news - CNNMoney.com | 30 Oct 2009 | 1:56 am

House prices record first rise in 19 months

British house prices are now higher than they were a year ago, in the first annual house price rise for 19 months.
Source: Latest Business News from Times Online | 30 Oct 2009 | 1:50 am

UK house prices rise for sixth straight month

House prices enjoy first yearonyear rise since March 2008 as record low interest rates deliver some confidence to the market.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 Oct 2009 | 1:45 am

Threshers owner First Quench goes into administration thousands of jobs at risk

First Quench Retailing owner of offlicence outlets Threshers and Wine Rack has gone into administration putting thousands of jobs at risk.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 Oct 2009 | 1:26 am

Asia Markets (10/30/2009)

Markets in Asia were higher. The Nikkei rose 1.5% to 10,034.  Sony (NYSE:SNE) cut the forecast of its full-year loss The Hang Seng was up 2.2% to 21,731. CNOOC (NYSE:CEO) traded higher. The Shanghai Composite rose 1.2% to 2,996. Posted in International Markets Tagged: CEO, SNE

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Source: 24/7 Wall St. | 30 Oct 2009 | 1:25 am

Slow mobile sales hit Sony profit

Sony reports a loss for a fourth consecutive quarter, hit by slow mobile handset sales, but narrows its full year loss forecast.
Source: BBC News | Business | World Edition | 30 Oct 2009 | 1:23 am

House prices higher than year ago

UK house prices were higher year-on-year in October - the first annual rise for 19 months, the Nationwide says.
Source: BBC News | Business | World Edition | 30 Oct 2009 | 1:00 am

Under Coleman brand, maybe hot tub maker can de-stress

Pomona-based LMS has bought the right to make spas under the name of the popular outdoor supply company. It plans to add 90 jobs at its plant by year's end.

The hot tub business is in the tank.

Source: L.A. Times - Business | 30 Oct 2009 | 1:00 am

CDR Financial Products and three executives are indicted in bid-rigging case

The Beverly Hills firm is accused of defrauding government agencies by rigging bids to invest the proceeds of municipal bond offerings.

A politically connected Beverly Hills financial firm and three current or former executives were indicted Thursday on charges that they defrauded government agencies across the country by rigging bids to invest the proceeds of municipal bond offerings.

Source: L.A. Times - Business | 30 Oct 2009 | 1:00 am

Earnings Roundup

Exxon Mobil profit drops 68% as fuel demand falls

Source: L.A. Times - Business | 30 Oct 2009 | 1:00 am

Group wants employers to help workers with housing costs

Want to live closer to work but can't afford to? Have your boss pay.
Source: RSS feed - channel BNPaperBusiness | 30 Oct 2009 | 1:00 am

Lexus HS250h: Keep the lights off in the garage

Find me a person who thinks this luxury hybrid is beautiful and I'll find you someone who has a plaid La-Z-Boy in the family room. ...
Source: RSS feed - channel BNPaperBusiness | 30 Oct 2009 | 1:00 am

Lexus HS250h: Keep the lights off in the garage

Find me a person who thinks this luxury hybrid is beautiful and I'll find you someone who has a plaid La-Z-Boy in the family room.

If I had a hammer, I'd hammer in the morning, I'd hammer in the evening and all over the Lexus HS250h until I beat it into something that vaguely resembled a luxury car.

Source: L.A. Times - Business | 30 Oct 2009 | 1:00 am

Summit plans to re-release 'Twilight' in theaters

The first in the teen vampire film series will be shown the night before the sequel, 'New Moon,' opens Nov. 20. ...
Source: RSS feed - channel BNPaperBusiness | 30 Oct 2009 | 1:00 am

Sony won't release 'This Is It' DVD before holidays

Theater owners had balked at the studio's request to narrow the normal release window for the Michael Jackson film.

Sony Pictures desperately wanted to release the DVD of the Michael Jackson concert movie "This Is It" for the holiday shopping season but backed down after movie theater owners complained that it would be too soon after the film's theatrical premiere.

Source: L.A. Times - Business | 30 Oct 2009 | 1:00 am

Geithner makes a pitch for regulation of financial industry

Treasury secretary tells a House panel that administration plan would allow firms to fail without risking 'catastrophic damage to the economy.' Republicans say it gives the government too much power.

Recently unveiled legislation that seeks to avert the risk created by complex financial firms that are too big to fail might itself be too broad and complicated to survive without significant changes.

Source: L.A. Times - Business | 30 Oct 2009 | 1:00 am

U.S. economy returns to growth, but recovery has a long way to go

The GDP rose at a 3.5% annual rate in the third quarter, unofficially ending the recession. Some economists, however, predict weaker expansion and higher unemployment in the near future.

The U.S. economy expanded at an annual rate of 3.5% in the third quarter, unofficially marking the end of the worst recession since World War II.

Source: L.A. Times - Business | 30 Oct 2009 | 1:00 am

CDR Financial Products, 3 executives charged in bid-rigging case

A federal indictment alleges that the Beverly Hills firm and its employees awarded the deals to favored firms in exchange for kickbacks. ...
Source: RSS feed - channel BNPaperBusiness | 30 Oct 2009 | 1:00 am

Summit plans to re-release 'Twilight' in theaters

The first in the teen vampire film series will be shown the night before the sequel, 'New Moon,' opens Nov. 20.

Seeking to capitalize on the teen vampire movie craze it launched last year, Summit Entertainment will re-release its original "Twilight" movie Nov. 19, hours before the midnight debut of its highly anticipated sequel, "The Twilight Saga: New Moon."

Source: L.A. Times - Business | 30 Oct 2009 | 1:00 am

Investors rush back into stocks as economy grows

Stocks logged their best day in three months Thursday as investors rushed into the market on word that the economy grew faster than expected during the summer.
Source: RSS feed - channel BNPaperBusiness | 30 Oct 2009 | 1:00 am

Group wants employers to help workers with housing costs

Want to live closer to work but can't afford to? Have your boss pay.

Source: L.A. Times - Business | 30 Oct 2009 | 1:00 am

Under Coleman brand, maybe hot tub maker can de-stress

Pomona-based LMS has bought the right to make spas under the name of the popular outdoor supply company. It plans to add 90 jobs at its plant by year's end. ...
Source: RSS feed - channel BNPaperBusiness | 30 Oct 2009 | 1:00 am

Sitrick, Brincko are sold to Resources Connection

Irvine consulting firm Resources Connection is buying the high-profile Century City PR firm and the Riverside consulting shop that advises companies in bankruptcy.

An Irvine-based consulting firm is buying two Southland consulting shops, including high-profile Century City public relations firm Sitrick & Co., which has represented a raft of bankrupt corporations and image-challenged executives.

Source: L.A. Times - Business | 30 Oct 2009 | 1:00 am

JP Morgan raised concerns about Galleon in 2001: report (Reuters)

Reuters - JP Morgan Chase & Co raised concerns about Galleon hedge fund founder Raj Rajaratnam and his associates as far back as 2001, the Financial Times reported, citing an internal company document seen by the newspaper.
Source: Yahoo! News: Business | 30 Oct 2009 | 12:32 am

JP Morgan raised concerns about Galleon in 2001: report

NEW YORK (Reuters) - JP Morgan Chase & Co raised concerns about Galleon hedge fund founder Raj Rajaratnam and his associates as far back as 2001, the Financial Times reported, citing an internal company document seen by the newspaper.
Source: Reuters: Business News | 30 Oct 2009 | 12:32 am

U.S. economy stabilized but risks remain: Geithner (Reuters)

Reuters - The U.S. economy's return to growth during the third quarter shows stability has been regained but recovery is fragile and needs nurturing, Treasury Secretary Timothy Geithner said on Thursday.

Source: Yahoo! News: Business | 30 Oct 2009 | 12:31 am

U.S. economy stabilized but risks remain: Geithner

CHICAGO (Reuters) - The U.S. economy's return to growth during the third quarter shows stability has been regained but recovery is fragile and needs nurturing, Treasury Secretary Timothy Geithner said on Thursday.
Source: Reuters: Business News | 30 Oct 2009 | 12:31 am

FSA puts structured products in the spotlight

The FSA found significant advice failings on Lehmanbacked products.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 Oct 2009 | 12:27 am

Trade opens on China's Nasdaq-style board (AFP)

AFP - Trading opened Friday on China's long-awaited Nasdaq-style board, ChiNext, with all 28 listed small and medium-sized firms rocketing in early trade on fevered interest from investors.

Source: Yahoo! News: Stock Markets News | 30 Oct 2009 | 12:16 am

Supermarkets will do a better job than our banks

Supermarkets are planning to increase their banking services - and they will probably do a better job than traditional banks
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 30 Oct 2009 | 12:16 am

Market rally follows world trend

The New Zealand sharemarket went with the trend today as markets around the world rallied strongly after the US market logged its best one-day percentage gain in three months on Thursday.The catalyst was data showing the US economy...
Source: nzherald.co.nz - Business | 29 Oct 2009 | 11:57 pm

(AP)

AP - Sec. of State Clinton says Honduran presidential crisis resolved; election to go forward.
Source: Yahoo! News: Stock Markets News | 29 Oct 2009 | 11:51 pm

NZ dollar consolidates in US73c range

The New Zealand dollar rebounded from lows after the US equity market rallied.Still, it traded in a relatively narrow range between US72.85c and US73.30c and was near the higher end of that range at US73.24c at 5pm."Investors...
Source: nzherald.co.nz - Business | 29 Oct 2009 | 11:36 pm

Doors shut at last UK piano maker

The doors are closing at the UK's last remaining piano maker, Kemble and Co, after nearly 100 years of production.
Source: BBC News | Business | World Edition | 29 Oct 2009 | 11:02 pm

Broker Talk: When the Feds Leave the Building (Broker Talk)

What will happen to interest rates when the government stops intervening?

Source: SmartMoney.com | 29 Oct 2009 | 10:00 pm

'Luxury' Homes, Built Cheap

More builders are luring homebuyers with low-cost versions of amenities. Will owners regret the shortcuts?

Source: SmartMoney.com | 29 Oct 2009 | 10:00 pm

Here Comes MiFi, Portable Wi-Fi

MiFi, which can create a hot spot almost anywhere, looks like a hit for Novatel.

Source: SmartMoney.com | 29 Oct 2009 | 10:00 pm

Financial Bubbles: Why Do Fools Fall in Love? (Money and Your Mind)

When it comes to valuing some assets, your brain doesn't always compute.

Source: SmartMoney.com | 29 Oct 2009 | 10:00 pm

6 Smart Books: Relating to Money (Consumer Action)

Traumatized by the economic crisis? Some books to deal with the aftermath.

Source: SmartMoney.com | 29 Oct 2009 | 10:00 pm

Splurging on a Budget; You Can Do It (Consumer Action)

Some alternatives to going cold turkey to save cash.

Source: SmartMoney.com | 29 Oct 2009 | 10:00 pm

Why U.S. Doesn't Need More Home-Buyer Perks (By the Numbers)

Hough: Five reasons to look beyond the clamor for an extended tax credit.

Source: SmartMoney.com | 29 Oct 2009 | 10:00 pm

"Mom Remembered" - Wal-Mart introduces latest range: coffins

Wal-Mart, the world's largest retailer, now plans to keep customers even after they die - by selling them coffins.
Source: BBC News | Business | World Edition | 29 Oct 2009 | 9:29 pm

Sales jump at Briscoes Group, profits heading up also

Briscoes Group, owner of homeware, Rebel Sports goods, Urban Loft and Living & Giving chains, reported an 8.3 per cent jump in third-quarter sales and forecast second-half profit would be "well ahead" of the same period last year.Sales...
Source: nzherald.co.nz - Business | 29 Oct 2009 | 8:30 pm

Recession over: US economy growing again

The US economy is growing again, bringing to an end the sharpest contraction since the Great Depression of the 1930s and sparking a rally on the stock market when the figures were confirmed yesterday.Gross domestic product (GDP)...
Source: nzherald.co.nz - Business | 29 Oct 2009 | 8:00 pm

Investors rush back into stocks as economy grows (AP)

AP - Stocks logged their best day in three months as investors rushed into the market on word the economy grew faster than expected during the summer.

Source: Yahoo! News: Business | 29 Oct 2009 | 7:47 pm

Venezuela step closer to Mercosur

Brazil's Senate foreign relations committee approves Venezuela's request to join the South American trade bloc Mercosur.
Source: BBC News | Business | World Edition | 29 Oct 2009 | 6:41 pm

High tee

Playing for big stakes in top Asian golf tournaments
Source: BBC News | Business | World Edition | 29 Oct 2009 | 6:34 pm

House consents rise as commercial slumps

New building consent figures point to signs of recovery in house building but show the non-residential sector sinking further into a slump.Statistics New Zealand (SNZ) figures published today show consents were issued for 1275...
Source: nzherald.co.nz - Business | 29 Oct 2009 | 6:30 pm

10 Fatcats Who Profiteered from the Credit Crunch

Bankruptcy, foreclosure, repossession – just a few of the words that come to mind when we hear the phrase ‘credit crunch’. But for a select few the global financial crisis has generated cash, acquisitions, bonuses and, er… $1000 garbage bins!? Take a look at Business Pundit’s round up of the biggest winners (and one loser).

10. John Thain

So called ‘most hated man on Wall Street’, Thain directed the sale of Merrill Lynch to Bank of America at a 70% premium and was destined to become president of global banking, securities, and wealth management before he was forced out. Having already received tens of millions of dollars in compensation, Thain had the cheek to suggest he receive a further $10m bonus for ‘saving’ Merrill Lynch. And only weeks later it emerged he had spent $1.2m in corporate funds on renovating two conference rooms – including $131,000 on rugs, a $68,000 antique credenza, $87,000 worth of chairs, a $35,000 commode and $1,400 on a garbage bin. Thain subsequently apologized for his lapse in judgment, and reimbursed the company in full. How gracious.

Business Pundit Genius Rating: $$$$

Business Pundit Villain Rating: $$$$

9. David Einhorn

Einhorn rose to prominence as head of Greenlight Capital, a hedge fund trading in corporate debt offerings, before being accused of market manipulation in 2002. Realising the dire state of Lehman’s balance sheet he started shorting their stock in 2007 when shares were around $40, prompting a temporary ban on naked short-selling. Analysts estimate he made upwards of a 90% return on investment – and, not content with his massive payday, he even found time to force out Lehman’s CFO, Erin Callan, by going public with an embarrassing phone conversation between his analysts and her. In all fairness, she would have lost her job anyway.

Business Pundit Genius Rating: $$$$

Business Pundit Villain Rating: $$$$

8. Sir Fred ‘The Shred’ Goodwin

The former Royal Bank of Scotland chief came in for severe criticism in the UK for presiding over the loss of nearly $40 billion and leaving RBS 70% owned by the government – the biggest loss in British corporate history. Goodwin pre-empted rumors he would be fired by tendering his resignation, allowing himself to draw a pension of over $1m a year – nearly twice what he would have been awarded if he had been dismissed. Following prolonged media outcry and a campaign that included the vandalizing of his house, Goodwin’s pension was reduced to just over $550,000 and he was allowed to withdraw a lump sum tax-free of several million. For many, in the UK at least, he typifies the way fat cat bankers have profited from their own mess.

Business Pundit Genius Rating: $$$$

Business Pundit Villain Rating: $$$$

7. Bill Ackman

The head of Pershing Capital cashed in on the global downturn by acquiring positions in Wendy’s International, McDonald’s and Ceridian, and pressuring these companies to improve profits by selling their real estate assets or corporate divisions. The resulting asset liquidation forced the share prices of these companies up, whereby Pershing sold their positions off for a profit. Nice work if you can get it.

Business Pundit Genius Rating: $$$$

Business Pundit Villain Rating: $$$$

6. Warren Buffett

Billionaire investor Buffett, who warned of the impending recession, struck gold again after buying up shares in Goldman Sachs at the height of the credit crunch. With Goldman now booming again (and announcing record bonus payouts this year) the man they call the ‘Sage of Omaha’ is set to make a tasty $2 billion, with the further right to buy more shares over the coming years. And as if that wasn’t enough, Buffett sold a $220m stake in credit ratings agency Moody’s at double the price he paid in 2000, making him one of the global recession’s great winners. Overall considered one of the good guys, despite his stupendous wealth.

Business Pundit Genius Rating: $$$$

Business Pundit Villain Rating: $$$$

5. Emilio Botin

Dogged by scandal throughout his career, the head of Spanish banking giant, Santander, has built a reputation as a wily dealmaker during the credit crunch due to a string of daring takeovers. Alliance & Leicester, Bradford & Bingley and others have all fallen prey to Botin, allowing him to make Santander into Europe’s second largest banking force. And all this profit has remained intact throughout the recession, as Santander escaped relatively unscathed due to their lack of investment assets. If he can go easy on the fraud, Emilio and Santander will be even bigger in the future.

Business Pundit Genius Rating: $$$$

Business Pundit Villain Rating: $$$$ (just check out that pose if you don’t believe us)

4. Andrew Lahde

Outspoken Lahde’s California based hedge fund, Lahde Capital, made millions betting against sub-prime mortgage assets, earning infamy for achieving eye-watering return rates of nearly 1000%. In 2008 he quit finance thanking ‘stupid’ traders and ‘idiots’ for making him rich and publishing a bizarre letter urging the government to recognize the benefits of growing medical dope and telling bankers everywhere to bin their blackberries and go on holiday. His crazy letter has become an internet sensation, attracting support from hemp-legalization organizations and fuelling trade in Lahde fan-merchandise. Whatever next…

Business Pundit Genius Rating: $$$$

Business Pundit Villain Rating: $$$$

3. Jamie Dimon

As current CEO of JPMorgan Chase, Dimon presides over what has become America’s largest savings business as a direct result of the credit crunch – acquiring Bear Stearns and Washington Mutual during the downturn. Dimon himself is on course for a bumper bonus this Christmas, again, along with the rest of the JPMorgan employees, after the bank announced it had set aside $7.3 billion for staff payments in the third quarter this year. Looks set to make much, much more in the future.

Business Pundit Genius Rating: $$$$

Business Pundit Villain Rating: $$$$

2. George Soros

The billionaire financier, philanthropist and democrat backer infamously ‘broke the Bank of England’ in 1992 by short selling the pound, netting over $1 billion on ‘Black Wednesday’. This time round he has turned his hand to a less controversial money-spinner, penning the business best-seller The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means. Soros was one of the few who warned of the impending crisis, telling a Singaporean audience in 2006 that the markets were at their peak, and that global economies should brace themselves for recession and a possible ‘hard landing’.

Business Pundit Genius Rating: $$$$

Business Pundit Villain Rating: $$$$ (for ‘Black Wednesday’)

1. John Paulson

Described as the ‘world’s biggest winner’ from the credit crunch, Paulson earned himself a cool $3.5 billion by short-selling the US mortgage market – or betting that the housing bubble was about to burst. By September 2008 he had bet against four of the five biggest British banks, eventually posting a profit of over $450m – and this budding profiteer stands to make even more, having acquired millions of dollars worth of shares in Goldman Sachs and Regions Financial during the downturn. In an attempt to deflect accusations of ‘profiting from the misery of others’ Paulson donated $15m to a charity aiding those fighting foreclosure – a hollow gesture if ever there was one.

Business Pundit Genius Rating: $$$$

Business Pundit Villain Rating: $$$$

And one who didn’t profit from the crunch:

Bernie Madoff

The former chairman of the NASDAQ exchange admitted earlier this year to being the operator of a giant Ponzi scheme – a fraud subsequently called the ‘largest investment fraud in Wall Street history’. Although doubts were raised about his scheme as early as 1999, had it not been for the credit crunch, Madoff may well have gone detected much longer. The recession dried up his sources of liquidity and when investors sought to pull out some $7 billion from the fund, he was forced into giving himself away. As one commentator warned at the time: ‘don’t be surprised if other scams get flushed out in the coming weeks and months as the crisis deepens’.

Business Pundit Genius Rating: $$$$

Business Pundit Villain Rating: $$$$

Sources: 1, 2, 3

Images courtesy of: wikimedia, takomabibelot, Tracy O, World Economic Forum, Refracted Moments, Ethan Bloch

Source: Business Pundit | 29 Oct 2009 | 6:19 pm

US hedge fund Och-Ziff bags the biggest stake in Debenhams

Och-Ziff, the publicity-shy American hedge fund that backed Malcolm Glazer’s bid for Manchester United, emerged yesterday as the largest shareholder in Debenhams with an 11 per cent stake in the department store chain.


Source: Latest Business News from Times Online | 29 Oct 2009 | 6:01 pm

Listeners desert 'saviour of Radio 1' Chris Moyles

Chris Moyles has lost nearly 700,000 listeners to his Radio 1 breakfast show over the past three months, according to official figures.
Source: Latest Business News from Times Online | 29 Oct 2009 | 6:01 pm

Threshers owner falls into administration

The company that owns Threshers, the 112-year-old off-licence chain, collapsed into administration last night, putting 6,500 jobs at risk.


Source: Latest Business News from Times Online | 29 Oct 2009 | 6:01 pm

Procter & Gamble and Colgate scrub up well

Two of the world’s biggest consumer goods companies reported better than expected results yesterday, fuelling hopes for a global economic recovery.
Source: Latest Business News from Times Online | 29 Oct 2009 | 6:01 pm

Out of recession, but US is not out of the woods yet

America’s third-quarter GDP data was every bit as good as Britain’s, published last Friday, was awful.
Source: Latest Business News from Times Online | 29 Oct 2009 | 6:01 pm

Engine room of world economy returns to growth as American GDP rise tops forecasts

America’s economy, the engine room of the world economy, returned to growth in the third quarter after its most serious slump since the 1930s, official figures showed yesterday, leaving the UK as the world’s only major economy still mired in recession.


Source: Latest Business News from Times Online | 29 Oct 2009 | 6:01 pm

Economy returns to growth after deep slump

WASHINGTON (Reuters) - The U.S. economy grew in the third quarter for the first time in more than a year as government stimulus helped lift consumer spending and home building, fueling an unexpectedly strong advance.
Source: Reuters: Business News | 29 Oct 2009 | 5:45 pm

Write-Offs: 10.29.09

$$$ Hedge Funder Buyers World's Largest Yacht [WSJ]

$$$ Ilya the Manatee Is Currently on a Plane to Florida [NYM]

$$$ Judge, Possibly Fearing a TP'd House, Denies Bail for Madoff CFO [GC]

$$$ Is Bernanke Just A Big Hypocrite? [The Deal]

Sponsored Topics: Florida - Wall Street Journal - Business - Financial services - United States
Source: Dealbreaker | 29 Oct 2009 | 5:40 pm

CIT seen filing for bankruptcy in coming days

NEW YORK (Reuters) - CIT Group is likely to file for bankruptcy in the coming days, analysts and experts said.
Source: Reuters: Business News | 29 Oct 2009 | 5:36 pm

Early gains for NZX

The New Zealand sharemarket gained strongly in early trading after overnight data indicated the United States may be starting to emerge from the worst recession in 70 years.Investors piled into US stocks which logged their best...
Source: nzherald.co.nz - Business | 29 Oct 2009 | 5:33 pm

Galleon fears raised in 2001

Concerns about the business practices of Galleon hedge fund founder Raj Rajaratnam and his associates were raised inside JPMorgan Chase as far back as 2001, according to an internal company document seen by the Financial Times.
Source: Financial Times - US homepage | 29 Oct 2009 | 5:01 pm

Spallanzani on Emerging Markets, Weiss on Oil: Audio

Source: Bloomberg - All Podcasts | 29 Oct 2009 | 4:49 pm

France Telecom to set aside 1bn euros to boost staff morale and halt wave of suicides

France Telecom is to set aside €1bn £897m to improve staff morale in an attempt to end a wave of suicides.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Oct 2009 | 4:39 pm

US Treasury Secretary Tim Geithner attacks Federal Deposit Insurance Corporation's Sheila Bair's 'bailout fund' proposal

Tim Geithner the US Treasury Secretary has clashed with one of his leading regulators over the need for a multibilliondollar insurance fund to bail out major banks and other large financial institutions.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Oct 2009 | 4:37 pm

White House Will Not Be Told By The AP How Many Jobs The Stimulus Has Created

Given the promises made on the campaign trail, there are few issues the administration is more on the line for than jobs. So when the Associated Press claims the administration is, in some cases, vastly overestimating the number of jobs created (or saved) by the stimulus, the White House takes notice. They have contingency plans for minor crises like this one in which it clearly states for a given problem, X, the corrective action is Y. Ed DeSeve, a senior adviser to the president for Recovery Act implementation, probably knows this drill pretty well and shed some light on the situation by defining what the administration sees as X.

Sponsored Topics: White House - American Recovery and Reinvestment Act of 2009 - United States - Associated Press - Government
Source: Dealbreaker | 29 Oct 2009 | 4:30 pm

Heineken buys Robert Tchenguiz pubs from receivers

Heineken has bought 421 pubs owned by property entrepreneur Robert Tchenguiz from receivers staving off further losses from a beer supply and management contracts.
Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 29 Oct 2009 | 4:23 pm

Bond Funds Take In Record $47.5 Bil (Investor's Business Daily)

Investor's Business Daily - Investors' appetite for risk continued to fade in September, as they stuffed a record $47.45 billion into bond funds and pulled $10.53 billion from stock funds.
Source: Yahoo! News: Stock Markets News | 29 Oct 2009 | 4:11 pm

10 most expensive colleges

At Sarah Lawrence, you'll have to shell out more than $55,000 a year for tuition, room and board and fees. Which other schools are superpricey?
Source: Business and financial news - CNNMoney.com | 29 Oct 2009 | 4:04 pm

Job Of The Week

Hedge Fund Healthcare Analyst, New York, NY:

Top global multi-billion dollar healthcare investment firm seeks hedge fund analyst. 1+ years investment banking/equity research experience preferred.

Sponsored Topics: Hedge fund - Business - Investing - Funds - Investment
Source: Dealbreaker | 29 Oct 2009 | 4:00 pm

Revenue up at Sky City

Casino operator SkyCity Entertainment Group reported a 4.7 per cent rise in first quarter underlying revenue, boosted by a 7 per cent rise in Australia.Chief executive Nigel Morrison said the marginal rise at Auckland, for the...
Source: nzherald.co.nz - Business | 29 Oct 2009 | 4:00 pm

Jimmy Cayne Knows A Top Notch CEO When He Sees One

Soooooo. Here's what Jimmy Cayne had to say about about a bunch of some notable CEOs, as noted by noted by Charlie Gasparino's new book, When Mooks Fail:

Cayne usually had nothing but disdain for most of his fellow CEOs on Wall Street. He had once referred to former NYSE chairman Dick Grasso as a "pig" for his attept to cash out his $140 million retirement package even after Cayne, then a NYSE board member, approved the move. Morgan Stanley CEO John Mack was a "bullshit artist"' Hank Paulson, when he was the CEO of Goldman, was simply a "snake." Cayne had even less tolerance for Sandy Weill, and even as he considered selling Bear to JPMorgan Chase chief Jamie Dimon, he told friends that he wasn't crazy about Dimon because he was a "screamer."

So Jamie Dimon is a "screamer." Okay. Here's what JC had to say about Stan O'Neal, the greatest CEO on Wall Street, present company not included, of course.

Sponsored Topics: Wall Street - JPMorgan Chase - Jamie Dimon - Morgan Stanley - Charlie Gasparino
Source: Dealbreaker | 29 Oct 2009 | 3:55 pm

What banks don't want anyone to know

The banks have taken some lumps since the economy went bad. But some believe their biggest headaches are yet to come.
Source: Business and financial news - CNNMoney.com | 29 Oct 2009 | 3:54 pm

Smarting shareholders blast PGW

PGG Wrightson shareholders have blasted the company's board for losing nearly $50 million on the failed Silver Ferns Farm deal and called for its directors to resign.The board of New Zealand's largest rural supplier fronted up...
Source: nzherald.co.nz - Business | 29 Oct 2009 | 3:30 pm

Wall Street jumps as GDP growth spurs optimism

NEW YORK (Reuters) - U.S. stocks logged their best one-day percentage gain in three months on Thursday as investors saw data showing the U.S. economy returned to growth in the third quarter as brightening the outlook for profits.
Source: Reuters: Business News | 29 Oct 2009 | 3:29 pm

Barney Frank's Modest Proposal

Now that more than a year has passed since Lehman was proven to be not too big to fail, lawmakers have had ample opportunity to inspect the wreckage and devise a detailed, reasonable strategy to prevent the same type of carnage from happening again. It's tough enough for analysts to dig through the complex web of businesses at large financial institutions to place earnings estimates on them. A surgical dismantling requires a carefully orchestrated series of steps on-par with launching the Space Shuttle. Barney Frank has some ideas about which commands should be coming from Mission Control and shared them today with Timmy G.

Sponsored Topics: Space Shuttle - Mission Control Center - Barney Frank - Space - Technology
Source: Dealbreaker | 29 Oct 2009 | 3:02 pm

Presented By:

Source: Dealbreaker | 29 Oct 2009 | 3:02 pm

Bankers fear transatlantic pay split

US financial groups with operations in London are increasingly concerned that British regulators’ tough stance on pay could create a two-tier system in which UK bankers’ bonuses are smaller and spread over a longer period than those of American colleagues
Source: Financial Times - US homepage | 29 Oct 2009 | 3:01 pm

NZX revenues up 29pc

Stock exchange operator NZX lifted operating revenue 29 per cent to $31.1 million in the nine months to September.Operating expenditure for the nine months lifted 58 per cent on the same period in 2008 to $16.5m, while ebitdaf...
Source: nzherald.co.nz - Business | 29 Oct 2009 | 3:00 pm

Sky shrugs off threat from newcomer TiVo

Sky Television is forecasting that MySky HDi decoder and personal video recorder revenue will make the company stronger and more profitable in the years ahead.And as the first real competition arrives for MySky next week in the...
Source: nzherald.co.nz - Business | 29 Oct 2009 | 3:00 pm

A formulaic approach to GDP

That may seem like a head-scratcher, but this formula for Gross Domestic Product is actually pretty simple. Bob Moon explains.
Source: Marketplace | 29 Oct 2009 | 2:46 pm

TPG’s IPO exit is echo of buy-out glory days

TPG is set to complete one of private equity’s most successful Asian deals on Monday when Australian department store Myer debuts in Sydney with a market value of A$2.4bn
Source: Financial Times - US homepage | 29 Oct 2009 | 2:46 pm

An economist roundtable on the GDP

Kai Ryssdal talks to economists David Wyss, Ken Goldstein, Tim Quinlan and Margaret Simms to get a deeper understanding of today's report on the Gross Domestic Product.
Source: Marketplace | 29 Oct 2009 | 2:42 pm

Citadel: If You Want Your Money, Come Get It, And BTW, The Holocaust That Was 2008? "Never Again"

Sponsored Topics: Holocaust - History - Twentieth Century - Holocaust denial - Race-Ethnic-Religious Relations
Source: Dealbreaker | 29 Oct 2009 | 2:16 pm

Les Vegas Sands Wins on Cost Cuts (LVS, WYNN)

Wynn Resorts Ltd. (NASDAQ: WYNN) may have set a high bar for Las Vegas Sands Corp. (NYSE: LVS) and its earnings report today, but cost cuts helped the company to beat its estimates. Las Vegas Sands  reported GAAP net income of $62.4 million, but the non-GAAP operating income was $0.03 EPS and revenue was $1.14 [...]

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Source: 24/7 Wall St. | 29 Oct 2009 | 2:13 pm

Iran seeks big changes to nuclear deal

Tehran has told the International Atomic Energy Agency that it wants only a partial transfer of Iran’s low enriched uranium rather than the large and immediate transfer demanded by western powers
Source: Financial Times - US homepage | 29 Oct 2009 | 2:12 pm

House unveils health care overhaul

The House unveiled its version of the health care overhaul. The plan would ban insurance companies from denying coverage based on pre-existing conditions, expand coverage and include a public option. Steve Henn reports.
Source: Marketplace | 29 Oct 2009 | 2:01 pm

Conaway Blasts Off From Planet Money

By Laura Conaway

This is my last post on Planet Money. Next week, I'm heading out for other galaxies.

Before I go, I want to take a moment to appreciate what has been a great year. Together, you and I and the Planet Money team built an amazing and wonderful thing. iTunes named us a top podcast for 2008. Then the blog, podcast and community won a 2009 Online Journalism Award, one of the biggies. Now it's time for me to go build other amazing and wonderful things.

Please join me in welcoming Dan Costello back to the blog for November and December. Some of you may remember him from his guest stints with us last fall. A veteran of the LA Times and a son of Massachusetts, Dan is a prince and a pro, and Planet Money is lucky to have him.

As for me, I thank you for spending the Great Recession on Planet Money. I thank NPR for making this project possible. And I thank my family for welcoming me back to the breakfast and supper table as though I'd always been there.

When I get where I'm going -- and I am going somewhere -- I'll tweet about it through @oleta. Because, hey, we can still hang out together, right?

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 29 Oct 2009 | 1:43 pm

US economy starts to grow

The US economy grew at an annualised rate of 3.5% in the third quarter as an aggressive array of stimulus measures brought an end to the longest contraction since the Great Depression
Source: Financial Times - US homepage | 29 Oct 2009 | 1:42 pm

Proof The Recovery Is For Real

Two critical questions about the economic recovery can now be put to rest: (1) is the consumer back and (2) are government policies having an impact. The answer to both questions can be found in 290 feet of opulence otherwise known as the world's largest sailing yacht, the Maltese Falcon. After months of rumor and speculation, we now have confirmation that, after parting with $120 million, one lucky individual can now sail the seven seas in style. So who has a cool $100 mil to throw down on a yacht like this in the current economic climate?

Sponsored Topics: Sail - Yacht - Maltese Falcon - Recreation - Boats
Source: Dealbreaker | 29 Oct 2009 | 1:31 pm

Droid vs. iPhone: Apps

Source: Business and financial news - CNNMoney.com | 29 Oct 2009 | 1:28 pm

Shire Raised to `Buy’ at UBS: Audio

Source: Bloomberg - All Podcasts | 29 Oct 2009 | 1:18 pm

Schaeffer’s Detrick Recommends IShares China ETF: Audio

Source: Bloomberg - All Podcasts | 29 Oct 2009 | 1:16 pm

K1 founder arrested as inquiry expands to US

Trans-Atlantic investigation into hedge fund group escalates as founder is arrested in Germany and US authorities reveal money-laundering probe
Source: Financial Times - US homepage | 29 Oct 2009 | 1:14 pm

Rhind Says Silver ETFs Making Gains Against Gold: Audio

Source: Bloomberg - All Podcasts | 29 Oct 2009 | 1:07 pm

Sorkin Discusses His Book `Too Big to Fail': Audio

Source: Bloomberg - All Podcasts | 29 Oct 2009 | 12:57 pm

Geithner grilled over regulatory plan

Treasury Secretary Timothy Geithner was on the hot seat on Capitol Hill today over a plan to give regulators new powers to take over large financial institutions that run into trouble. John Dimsdale reports.
Source: Marketplace | 29 Oct 2009 | 12:49 pm

UBS's Hatheway Sees `Abnormal' Economic Recovery: Audio

Source: Bloomberg - All Podcasts | 29 Oct 2009 | 12:46 pm

There's old in the new anti-bailout plan

The Fed, FDIC and Treasury insist taxpayers will no longer be rescuing failing financial firms. But will a new proposal to give the government more power to take over and dismantle firms really end bailouts? Commentator Skeel says not likely.
Source: Marketplace | 29 Oct 2009 | 12:42 pm

Waser Says Weaker Dollar Doesn't Matter for Switzerland: Audio

Source: Bloomberg - All Podcasts | 29 Oct 2009 | 12:41 pm

Short View: GDP grows, but pain remains

US GDP numbers were a good enough reason to halt the return of risk aversion, but the key to whether risk appetite can return depends on US employment data, writes John Authers
Source: Financial Times - US homepage | 29 Oct 2009 | 12:19 pm

GDP Grew 3.5% During Q3. What Does That Really Mean?

The Commerce Department today said the economy grew at 3.5% during the third quarter of this year. This is the first time that gross domestic product (GDP) has been positive since Q2 2008. It is also the fastest rate of growth since Q3 2007. According to Forbes:

Growth was driven by consumption, exports, federal government spending, home building and inventories. Consumption contributed 2.4% of the growth, with a particular boost in autos. Thanks to the Cash for Clunkers program, motor vehicle output added 1.66 percentage points to GDP. But even without this particular stimulus program, consumption improved and the economy grew nearly 2%, a swift turnaround from the first quarter of 2009 when the economy was shrinking at a 6.4% rate.

The U.S. economy grew in the third quarter for the first time in a year as consumer spending and investment in new home-building rebounded, data showed on Thursday, unofficially ending the worst recession in 70 years.

If you’re like me, and you suspect there’s some hot air behind these numbers, you’re not alone (Reuters):

Strip out Cash for Clunkers and 3Q GDP growth came in at 1.6 percent. Also strip out slowing inventory cuts and GDP would have been just 0.6 percent. Then you have a report that the WH has overestimated the number of jobs created by the stimulus.

Barry Ritholz assesses the conclusion that the GDP numbers mean an end to the Great Recession:

We begin looking at the NBER definition (of recession):

“A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. A recession begins just after the economy reaches a peak of activity and ends as the economy reaches its trough. Between trough and peak, the economy is in an expansion. Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades.” (emphasis added)

That definition raises an interesting question. If we look at the 5 factors NBER considers — GDP, real income, employment, industrial production, and wholesale-retail sales — its somewhat ambiguous to say unequivocally that the recession is over. We are still losing an inordinate number of jobs (250k+ / mo), industrial production has improved, but is soft, retail sales have been mostly flat, and real income has been negative for a decade.

Perhaps the bimodal definition the NBER uses is outdated: Read literally, their definition suggests that there are only two options, either the economy is expanding or contracting. It might be worthwhile to consider a third possibility: None of the above. The economy might have reached a state of stasis — a balance where it neither expands nor contracts.

Commenter IvoZ adds:

…if GDP is created by debt, then there are 2 possibilities:

1) Debt is used for increasing productivity or in a positive NPV project.

2) Debt is used for consumption. In this case we have negative capital formation. So we have positive GDP, but value is being destroyed (like eating away your capital). And people are cheering it, because – you see – GDP is positive!

Using GDP to measure economic performance is misleading in itself, even if GDP is properly calculated. Then add all the distortions of how GDP is calculated! Using GDP is like using an earnings or revenue number, while ignoring the balance sheet effects to achieve them.

The Wall Street Journal sums it up:

The economy is about to post growth numbers reminiscent of the good old days, otherwise known as the “old normal.” But a “new normal” of slower growth might be inevitable.

“New normal” might also include putting an end to recovery claims that don’t pan out.

Source: Business Pundit | 29 Oct 2009 | 11:59 am

Rates on 30-year loans rise to 5.03 percent (AP)

AP - Rates for 30-year home loans climbed to 5.03 percent this week, the third consecutive weekly increase.
Source: Yahoo! News: Business | 29 Oct 2009 | 11:36 am

Stock Market Absorbs $500+ Million in Secondaries Today (AAWW, DTG, HUB-B, OCFC, SWSI, VECO)

The market has just absorbed over $500 million worth of stock in secondary offerings today alone.  We have offerings that came from Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW), Dollar Thrifty Automotive Group, Inc. (NYSE: DTG), Hubbell Incorporated (NYSE: HUB-B), OceanFirst Financial Corp. (NASDAQ: OCFC), Superior Well Services, Inc. (NASDAQ: SWSI), and Veeco Instruments Inc. [...]

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Source: 24/7 Wall St. | 29 Oct 2009 | 11:35 am

House Democrats Propose $894 Billion Health Care Overhaul

By Caitlin Kenney

House Democrats have unveiled their bill for overhauling health care. The total cost over 10 years comes in at $894 billion, just under the $900 billion limit President Obama asked for. The bill is not expected to add to the federal budget deficit for at least 20 years, thanks to new taxes on high income earners and a series of cuts to Medicare payments. The Washington Post reports:

A previous version of the House bill carried an estimated cost of $1.04 trillion over 10 years, but House negotiators were able to lower the price tag -- in part by expanding Medicaid coverage to a broader slice of the population, the equivalent of all individuals who earn about $16,200 per year. The original House legislation had sought an increase to 133 percent of the federal poverty level, or about $14,400 per year, the same level proposed in the Senate bill.

The adjustment reflects findings by congressional budget analysts that covering the poor through Medicaid -- which pays providers far less than Medicare -- is much more cost-effective than offering subsidies for private insurance policies, something the bill would provide to middle-class individuals who lack access to affordable coverage through their employers.

The main revenue sources in the House bill include a surcharge on wealthy taxpayers and changes to Medicaid and Medicare worth about $500 billion in cost savings over 10 years, according to the nonpartisan Congressional Budget Office

Under the bill, individual taxpayers making more than $500,000 and couples making more than $1 million would have to pay a 5.4 percent surtax. House leaders hope to vote on the bill by the end of next week.

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Source: NPR Blogs: Planet Money | 29 Oct 2009 | 11:28 am

Clinton says al-Qaeda sheltered in Pakistan

The visiting US secretary of state says she found it ’hard to believe‘members of the Islamabad government did not know the hiding places of al-Qaeda leaders
Source: Financial Times - US homepage | 29 Oct 2009 | 11:18 am

Today In Handcuffs: Helmut Kiener Come On Down!

German police have arrested the founder of K1 Group, Helmut Kiener, in connection with an investigation into allegations of fraud at his hedge fund, a local prosecutor said.

European and U.S. authorities are investigating allegations that K1 embezzled millions of dollars from several global banks, including J.P. Morgan Chase & Co., Barclays PLC, BNP Paribas SA and Societe Generale SA.

Sponsored Topics: Hedge fund - JPMorgan Chase - United States - BNP Pariba - Business
Source: Dealbreaker | 29 Oct 2009 | 11:15 am

Hottest Women In Business Television List Gets Lift

Yesterday we asked you guys to tweak the list compiled by BroBible, of the hottest business bitches. And they took many of your suggestions to heart! Namely the lack of Bloomberg representation. Before we get into that, however, some notice should be paid to a little something called the Amanda Drury Phenomenon. It was pointed out recently that it seemed as though Margaret Brennan was perhaps taking a page from her former colleague's playabook, namely in the wardrobe department, based on the evidence found here. We agreed, though it seemed as if MB was doing so slowly, just dipping her toe in at first. Apparently, however, this assumption was dead wrong. MargBren is not just following in the Druries footsteps but endeavoring to beat them at their own game.

Is AD going to let this happen? We're assuming no, as she invented the damn thing (not aggressive displays of cleave in general, but certainly the cable business edition) but obviously stay tuned. Additions to The List after the jump.

Sponsored Topics: Business - Bloomberg L.P. - Margaret Brennan - Anno Domini - Bloomberg
Source: Dealbreaker | 29 Oct 2009 | 11:10 am

Corel: Strangest Go-Private, M&A, & IPO Story of the Decade (CREL, MSFT, ADBE)

It has become commonplace to see initial public offerings from earlier private equity holdings that were once public and taken private.  Yet it is very odd to see a company get acquired in a go-private deal to ultimately be followed by a re-IPO and then ultimately see a go-private transaction come its way yet again.  [...]

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Source: 24/7 Wall St. | 29 Oct 2009 | 10:53 am

Google Music (a.k.a. Onebox) Streams Songs in Search Results

Image: Blogoscoped

Google is rolling out Onebox (or Google Music), its new music search engine, today. When you google songs, albums, an artist name, or lyrics, Google will generate links to full songs at the top of its search results. You can experiment with Google Music here. MTV has more details:

Not so much a new site as it is a new set of integrated options added to normal search results, Google Music connects people searching for artists, songs or lyrics with free streams of tracks care of MySpace’s iLike and Lala and with links to purchase songs and albums from one of Google Music’s partners.

“Music is a big part of our lives. In fact, two of our top 10 queries of all time are music related,” explains the introductory video on Google Music’s home page. “We think it’s time to bring the power of our search to the music industry, so that you can not only find but also discover music.”

So far, Google has agreements with EMI, Sony, Universal and Warnor Bros. for music and Lala, iLike (owned by MySpace), Pandora, Rhapsody and Imeem for streaming and sales. Each search for a relevant artist or song yields a handful of links to free streams. (You’re limited to one full freebie per song; after that, you’re limited to 30-second snippets).

A cursory test drive yielded pretty excellent results: A search for Beyoncé lead to a streaming version of “Single Ladies (Put a Ring on It)” in seconds, and even digging up Mystikal’s turn-of-the-century hit “Shake Ya Ass” was no trouble at all. Though the demo video shows the music search working directly from the Google homepage, as of press time, it worked only from the Google Music page.

Google’s new music search capabilities give iTunes competitors a new leg up on Apple. Interestingly, it also excludes Amazon from its search results. The LA Times has more on the business behind Google Music:

The move was applauded by the music industry, which has been struggling against piracy that has siphoned off billions of dollars of potential revenue from musicians and recording studios. The industry is hoping the search feature will direct users to legitimate digital music outlets and in turn help them compete with free but often unauthorized sources of music.

…Google, which last month accounted for about 70% of Web searches in the U.S., said it wasn’t interested in competing with digital music retailers such as iTunes and Amazon.com Inc.

“We’re not in the music business per se,” said R.J. Pittman, Google’s director of product management. “We don’t license the music nor sell the music directly on Google. We are merely a music search feature.”

But in steering millions of Internet users to its partner sites, Google is indirectly boosting the sites’ abilities to compete with iTunes, which was responsible for 69% of U.S. digital music sales in the first six months of this year, and 35% of all music sales, including physical albums, according to market research firm NPD Group Inc. Amazon, the second-largest player, accounted for 9% of digital music sales and 10% of overall music sales.

Source: Business Pundit | 29 Oct 2009 | 10:29 am

Ryding Sees No Exit Strategy for U.S. Budget Deficits: Audio

Source: Bloomberg - All Podcasts | 29 Oct 2009 | 9:55 am

Ferguson, Rogoff Discuss Global Economic Perspectives: Audio

Source: Bloomberg - All Podcasts | 29 Oct 2009 | 9:50 am

China and US move to defuse trade row

Beijing will lift a ban on American pork imports and relax restrictions on wind power components and government procurement rules, even as China confirmed it was investigating potential dumping of US-made cars
Source: Financial Times - US homepage | 29 Oct 2009 | 9:39 am

First Time Home Buyer Tax Credit Extended to April 2010, Previous Homeowners

A new Senate proposal will offer a first time home buyer tax credit extension to homes under contract by April 30, 2010. The former deadline was November 30, 2009. The home buyer tax credit will also be offered to people who have lived in the same home for five years, according to the proposal, which at time of writing hasn’t passed yet, but has bipartisan support. Bloomberg has more:

An agreement reached yesterday by the Democrats would let homeowners who buy a new home qualify for a $6,500 credit if they have lived in their prior residence for five years, according to Regan Lachapelle, an aide to Senate Majority Leader Harry Reid.

“The compromise we have now would expand the credit beyond first-time homebuyers,” Lachapelle said. Lawmakers expect to consider the measure as part of a bill to extend unemployment benefits, she said. That measure has been held up by a disagreement with Republicans over other proposed amendments.

Lawmakers have said they want to keep home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression. The plan would extend the homebuyers credit, due to expire Nov. 30, to home purchases under contract by April 30, 2010, with borrowers allowed another 60 days to close the sale, according to a person familiar with the details of the agreement.

The credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law, Lachapelle said.

Source: Business Pundit | 29 Oct 2009 | 9:33 am

Holy Cats! The U.S. Economy Grew.

By Laura Conaway

Good morning, and have we got news for you on this last Thursday of October.

The American economy grew last quarter. It really did. The Commerce Department reports that gross domestic product -- the sum of all goods and services -- expanded from July to September at an annual rate of 3.5 percent. The new GDP figure comes after four straight quarters of shrinking.

Analysts anticipating some effect from government stimulus spending, including Cash for Clunkers, had predicted growth at a rate of 3.2 percent, Bloomberg reports. Personal consumption, meaning people buying stuff, climbed 3.4 percent. The automobile sector accounted for 1.66 percent of the 3.5 percent rate.

After the jump: Very tiny inflation, plus the latest jobs numbers.

The Commerce Department stresses that today's GDP figure is subject to revision, perhaps even to multiple revisions. The final mark for the second quarter of 2009 showed the economy still shrinking, but slowly, at a rate of 0.7 percent.

The report shows continued signs of very tiny inflation. Excluding the volatile areas of food and energy, prices grew by 0.5 percent. One risk of stimulating the economy through government spending and low interest rates is that you'll create inflation. So far, that doesn't seem to be happening.

Economists have begun to argue that the recession is over. Recessions are typically defined as two consecutive quarters of contraction. Regardless of whether the National Bureau of Economic Research eventually says we've now left the Great Recession behind, we have been through one heck of a wringer. From June 2008 to June 2009, the economy shrank at a rate of 3.8 percent. We haven't seen numbers like that for 70 years.

Meanwhile, new claims for jobless benefits were nearly unchanged last week, with a drop of 1,000 to 530,000, the Department of Labor reports. The four-week moving average fell by 6,000 to 526,250. Interestingly, neither figure needed revising from the previous report.

The recession won't feel like it's over for Main Street until layoffs return to normal levels -- about 300,000 to 350,000 week -- and unemployed people start getting jobs again. A statement from White House economic adviser Christina Romer shows the administration taking credit for the GDP news this morning and acknowledging that yes, for voters, it's all about jobs.

Romer, who chairs the Council of Economic Advisers, said:

"Data released today by the Commerce Department show that real GDP grew at an annual rate of 3.5 percent in the third quarter of the year. This is in stark contrast to the decline of 6.4 percent annual rate just two quarters ago. Indeed, the two-quarter swing in the rate of growth of 9.9 percentage points was the largest since 1980. Analysis by both the Council of Economic Advisers and a wide range of private and public-sector forecasters indicates that the American Recovery and Reinvestment Act of 2009 contributed between 3 and 4 percentage points to real GDP growth in the third quarter. This suggests that in the absence of the Recovery Act, real GDP would have risen little, if at all, this past quarter.

After four consecutive quarters of decline, positive GDP growth is an encouraging sign that the U.S. economy is moving in the right direction. However, this welcome milestone is just another step, and we still have a long road to travel until the economy is fully recovered. The turnaround in crucial labor market indicators, such as employment and the unemployment rate, typically occurs after the turnaround in GDP. And it will take sustained, robust GDP growth to bring the unemployment rate down substantially. Such a decline in unemployment is, of course, what we are all working to achieve."

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Source: NPR Blogs: Planet Money | 29 Oct 2009 | 8:05 am

Photo Crasher

Source: Business Pundit | 29 Oct 2009 | 6:02 am

UK mortgage approvals up 6 pct in September (AP)

AP - Mortgage approvals in the U.K. rose 6 percent in September as the country's battered housing market improved, but cautious consumers paid off debt faster than they borrowed, the Bank of England said Thursday.
Source: Yahoo! News: Business | 29 Oct 2009 | 4:18 am