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Burglary Business Damaged By The EconomyBurglaries are falling sharply, very sharply since 1973. The number of victims per thousand households has dropped from just over 100 thirty-five years ago to under 40 last year, according to the Bureau of Justice. It appears the the cause is, at least in part, the recession. So far, 2009 has shown an even larger improvement than [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Nov 2009 | 3:40 am Trade deficit balloons on car and oil importsBritain’s goods trade deficit with the rest of the world widened more than expected in September to the biggest gap since January, hit by Britain's "cash for bangers" scrappage scheme which has driven a surge in car imports. Source: Latest Business News from Times Online | 10 Nov 2009 | 3:33 am HSBC, Barclays signal bad debts may have peaked (Reuters)Reuters - Britain's top two banks, HSBC and Barclays, signaled bad debts may be past their peak, with HSBC declaring on Tuesday the first drop in U.S. consumer finance impairments for three years.Source: Yahoo! News: Business | 10 Nov 2009 | 3:29 am Global markets set sights on year highsA fresh peak on Wall Street takes a variety of assets towards their best levels for 2009 as continued dollar weakness stimulates risk appetiteSource: Financial Times - US homepage | 10 Nov 2009 | 3:28 am House prices 'to keep on rising'UK house prices are likely to keep on rising for the time being, says the Royal Institution of Chartered Surveyors.Source: BBC News | Business | World Edition | 10 Nov 2009 | 3:28 am Asian markets extend rally, but end off highsFinancials rise after a strong show on Wall Street, though the gains were capped in some markets as commodity stocks came off their highs.
Source: MarketWatch.com - Top Stories | 10 Nov 2009 | 3:24 am Stocks poised for a dipU.S. stocks were poised for a lower start Tuesday, as the momentum that fueled the previous session's rally started to fade.Source: Business and financial news - CNNMoney.com | 10 Nov 2009 | 3:17 am Economic Report: U.K. retailers see strongest Oct. in 7 yearsThe British Retail Consortium says same-store sales posted the strongest October rise in seven years.
Source: MarketWatch.com - Top Stories | 10 Nov 2009 | 3:12 am EU objects to Oracle-Sun dealSource: Business and financial news - CNNMoney.com | 10 Nov 2009 | 3:11 am The Federal Government In the Car Loan BusinessThe federal government is highly active in getting banks to reset loans for people who want to stay in their homes by improving the terms of their monthly payments. The Homeowner Affordability and Stability Plan has had mixed success, but it has helped keep tens of thousands of people in their homes. It might be [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Nov 2009 | 3:11 am Barclays restarts dividendsLONDON (Reuters) - Barclays Plc said strong investment banking helped limit a fall in profit in the third quarter and it expects bad debts to peak earlier than it had previously expected.Source: Reuters: Business News | 10 Nov 2009 | 3:09 am HSBC underlying profits up sharply, U.S. bad debts dipLONDON (Reuters) - Europe's biggest bank HSBC Holdings Plc said its underlying third-quarter profits were significantly ahead of a year ago and losses on U.S. consumer loans had shown their first fall in three years.Source: Reuters: Business News | 10 Nov 2009 | 3:07 am Electronic Arts (ERTS): M&A And Lay-Offs Meet At A CrossroadElectronic Arts (NASDAQ:ERTS) did something today that is almost never seen in the corporate world. It made a big acquisition and fired 1,500 of its workers, 17% of the total staff, on the same day. EA bought online social media game company Playfish which makes the popular “Pet Society” for $275 million in cash plus bonuses [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Nov 2009 | 3:02 am Investment banking drives BarclaysA strong performance at Barclays Capital, its investment banking arm, helps the UK bank more than double underlying profit in the first nine monthsSource: Financial Times - US homepage | 10 Nov 2009 | 3:00 am Stock futures point to lower open on Wall Street (Reuters)
Source: Yahoo! News: Business | 10 Nov 2009 | 2:57 am Stock futures point to lower open on Wall Street(Reuters) - Stock index futures pointed to a lower open for U.S. shares on Tuesday, after they rose to a 13-month high in the previous session, on the G20's indications that economic stimulus would continue.Source: Reuters: Business News | 10 Nov 2009 | 2:57 am Stock futures point to lower open on Wall Street (Reuters)
Source: Yahoo! News: Stock Markets News | 10 Nov 2009 | 2:57 am UK trade gap widens in SeptemberThe UK trade deficit widened more than expected in September, led by a surge in car imports, official figures show.Source: BBC News | Business | World Edition | 10 Nov 2009 | 2:56 am Aha! Oprah Winfrey and US insurer settle case over phraseOprah Winfrey and a US insurance firm reach an amicable settlement over the rights to the phrase "aha moment".Source: BBC News | Business | World Edition | 10 Nov 2009 | 2:56 am A Split With Google (GOOG) Would Hurt News Corp (NWS) And WSJ BadlyRupert Murdoch, head of News Corp (NYSE:NWS) has made it clear that he is done with the BBC and Google (NASDAQ:GOOG) stealing his content and using it to make themselves money. He may sue both companies under the “fair use” laws to keep them from using material from his huge media empire. Murdoch should be careful [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Nov 2009 | 2:54 am London Markets: Traders split on U.K. banks after updatesHSBC climbs after reporting declining U.S. impairments and Royal Bank of Scotland rises on an upgrade; Barclays lags after an impressive run this year.
Source: MarketWatch.com - Top Stories | 10 Nov 2009 | 2:46 am Lazard may get more than one leader: report (Reuters)Reuters - Investment bank Lazard's board may pick more than one person to lead the company following the death of Chief Executive Bruce Wasserstein, the New York Post said.Source: Yahoo! News: Business | 10 Nov 2009 | 2:42 am Lazard may get more than one leader: report(Reuters) - Investment bank Lazard's board may pick more than one person to lead the company following the death of Chief Executive Bruce Wasserstein, the New York Post said.Source: Reuters: Business News | 10 Nov 2009 | 2:42 am Tech gadget gifts for $299 or lessConsumers looking to buy electronics for holiday gifts won't have to break the bank this season.Source: Business and financial news - CNNMoney.com | 10 Nov 2009 | 2:38 am Vodafone doubles costsaving drive to £2bnThe world's largest mobile phone company steps up cost cuts in the face of the recession.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Nov 2009 | 2:33 am Spurs make record pre-tax profitTottenham Hotspur report record profits of £33.4m after the football club made big gains from selling its players.Source: BBC News | Business | World Edition | 10 Nov 2009 | 2:32 am Vodafone steps up cost-cutting plansVodafone is accelerating its 1bn ($1.66bn) cost-cutting plan, the group said on Wednesday and unveiled a similar package up to 2012, as it continues to battle cost inflation, the downturn and competitive...Source: RSS feed - channel BNPaperBusiness | 10 Nov 2009 | 2:26 am Autos: Everything is not OKThe auto industry has been battered by a never-ending storm of bad news for more than a year, but the last few weeks have been a happy change.Source: Business and financial news - CNNMoney.com | 10 Nov 2009 | 2:25 am InterContinental Hotels profit drops 26%InterContinental Hotels Group, the owner of the Holiday Inn hotels chain, on Tuesday reported a 26% fall in third-quarter profit, citing a “challenging” trading environment with room rates still under “considerable pressure.”
Source: MarketWatch.com - Top Stories | 10 Nov 2009 | 2:25 am Oil drops to $79 as hurricane weakensLONDON (Reuters) - Oil prices fell on Tuesday to $79 a barrel as a late-season hurricane subsided in the Gulf of Mexico and traders awaited key U.S. inventory data.Source: Reuters: Business News | 10 Nov 2009 | 2:21 am The silence of the bearsIt's hard out there for a bear. The government practically gift-wrapped a perfect scenario for a market bloodbath Friday, but for some reason traders didn't bite.Source: Business and financial news - CNNMoney.com | 10 Nov 2009 | 2:20 am HSBC bad-debt charges declining in the U.S.Banking giant HSBC Holdings said Tuesday that that its third-quarter underlying pretax profit was “significantly ahead” of a year earlier, in part due to the first drop in U.S. impairment charges in more than three years.
Source: MarketWatch.com - Top Stories | 10 Nov 2009 | 2:20 am Global stocks rise as risk favoredLONDON (Reuters) - World stocks ticked higher on Tuesday as positive reports from UK banks kept the momentum with investors who chased risky assets in anticipation countries would keep monetary policy accommodative.Source: Reuters: Business News | 10 Nov 2009 | 2:19 am Barclays profits fall by a fifthBarclays sees its nine-month profits decline 19% after being hit by £6.2bn of charges to cover bad debts.Source: BBC News | Business | World Edition | 10 Nov 2009 | 2:18 am Europe Markets: HSBC Holdings gains in mildly higher EuropeInvestors mull earnings news from banking giant HSBC and telecom Vodafone.
Source: MarketWatch.com - Top Stories | 10 Nov 2009 | 2:17 am Investment banking drives BarclaysBarclays will resume payments to shareholders with a 1p per share dividend after its buoyant investment banking arm helped its underlying profit more than double in the first nine months of 2009.The group...Source: RSS feed - channel BNPaperBusiness | 10 Nov 2009 | 2:15 am UPDATE 1-Antisoma says finishing 2009 in strong position* Says has sufficient funds for projects until mid-2011Source: RSS feed - channel BNewsBusiness | 10 Nov 2009 | 2:13 am Hollister branding 'fictitious'The date on clothing labels made by one of Britain's fastest growing retail names has no historical foundation, a BBC investigation finds.Source: BBC News | Business | World Edition | 10 Nov 2009 | 2:12 am Vodafone doubles cost cuts to £2bn and eyes jobsVodafone, the world's biggest telecoms operator by market value, today hinted at fresh job cuts after doubling its cost-cutting programme to £2 billion amid a sharp fall in revenues from its key UK market. Source: Latest Business News from Times Online | 10 Nov 2009 | 2:08 am Barclays makes £1.56bn profit but warns bad loans have not peakedBarclays recorded a profit of £1.56bn in the third quarter but warned that bad loans have not yet peaked as the UK economy struggles to emerge from recession.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Nov 2009 | 2:07 am Yell plans 660m share issue to overhaul debtYell Group is to raise 660m ($1.09bn) in a share issue that will allow the company to restructure its loan terms and reduce its 3.8bn debt pile, as the group reported a slide in profits of more than two-thirds...Source: RSS feed - channel BNPaperBusiness | 10 Nov 2009 | 2:05 am Asia stocks track US higher; Europe narrowly mixed (AP)
Source: Yahoo! News: Stock Markets News | 10 Nov 2009 | 2:04 am Vodafone profit leaps as it lifts savings viewVodafone's first-half profit more than doubles as the British pound weakens and it takes less of a bruising in Turkey.
Source: MarketWatch.com - Top Stories | 10 Nov 2009 | 2:03 am Google's gift: Free WiFi in 47 airportsGoogle is planning to foot the bill for WiFi at 47 of the nation's airports for the rest of the year, beginning Tuesday.Source: Business and financial news - CNNMoney.com | 10 Nov 2009 | 2:02 am Media Digest 11/10/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: Markets hit their 2009 highs. Reuters: Dodd is set to unveil his financial reform bill which calls for merging many bank regulators. Reuters: Kraft’s (NYSE:KFT) bid for Cadbury turned hostile. Reuters: A survey of economists predicted strong GDP growth in 2010. Reuters: The Fed says that 9 out of 10 of the largest banks that needed to raise [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Nov 2009 | 1:57 am UPDATE 1-Alibaba.com Q3 net profit beats forecast* Q3 net profit of 236 million yuan beats forecasts * Paying membership base grew 45.3 percentSource: RSS feed - channel BNewsBusiness | 10 Nov 2009 | 1:54 am HSBC says emerging markets are driving global recoveryHSBC says emerging markets are driving a recovery in the global economy helping the bank to deliver stronger profits so far this year than last.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 10 Nov 2009 | 1:54 am HSBC 'significantly ahead' as US bad debts slowHSBC said today that its third quarter operating profit was "significantly ahead" of the same period last year, helped by the first fall in bad loan write-offs from its American consumer finance arm since the start of 2006. Source: Latest Business News from Times Online | 10 Nov 2009 | 1:44 am UPDATE 2-Sonova H1 profit up 22 pct, raises outlookZURICH, Nov 10 (Reuters) - Swiss hearing aid maker Sonova reported a 22 percent rise in first-half net profit, helped by recent product launches, and increased its full-year outlook.Source: RSS feed - channel BNewsBusiness | 10 Nov 2009 | 1:44 am Barclays profit declines as bank resumes dividendsThe bank says bad debt charges fell compared to earlier in the year.
Source: MarketWatch.com - Top Stories | 10 Nov 2009 | 1:44 am GSK to donate 50 mln doses of H1N1 vaccine to WHO* Drugmaker sees first shipments to WHO by end of NovemberSource: RSS feed - channel BNewsBusiness | 10 Nov 2009 | 1:43 am Global markets set sights on year highsThe FT's rolling global market overview 08:30 GMT. Global markets across a swathe of assets were poised to challenge fresh levels for 2009, after a robust rally on Wall Street took the Dow to a new peak...Source: RSS feed - channel BNPaperBusiness | 10 Nov 2009 | 1:39 am UPDATE 1-Afren to raise $200 mln via placing; sees no dividend* Says making significant progress across core businessSource: RSS feed - channel BNewsBusiness | 10 Nov 2009 | 1:34 am Currencies: Dollar slips vs. yen but gains on euro, poundDollar falls against the yen but sterling comes under pressure following comments from Fitch.
Source: MarketWatch.com - Top Stories | 10 Nov 2009 | 1:32 am Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.
Source: MarketWatch.com - Top Stories | 10 Nov 2009 | 1:31 am Hikari Heights Varus -6-month parentPARENT-ONLY EARNINGS ESTIMATES (in billions of yen unless specified)Source: RSS feed - channel BNewsBusiness | 10 Nov 2009 | 1:30 am Hikari Heights Varus -2009/10 parentPARENT-ONLY EARNINGS ESTIMATES (in billions of yen unless specified)Source: RSS feed - channel BNewsBusiness | 10 Nov 2009 | 1:30 am UPDATE 1-Tandberg shareholders snub Cisco offerOSLO, Nov 10 (Reuters) - Cisco Systems Inc said on Tuesday shareholders holding just 9.37 percent of shares in Tandberg have accepted its $3 billion tender offer for the Norwegian videoconferencing company...Source: RSS feed - channel BNewsBusiness | 10 Nov 2009 | 1:29 am UPDATE 1-Tandberg shareholders snub Cisco offerOSLO, Nov 10 (Reuters) - Cisco Systems Inc said on Tuesday shareholders holding just 9.37 percent of shares in Tandberg have accepted its $3 billion tender offer for the Norwegian videoconferencing company...Source: RSS feed - channel BNewsBusiness | 10 Nov 2009 | 1:29 am Vodafone to extend cost-cuttingVodafone announces plans to cut costs by a further £1bn, as it reports a slight rise in half-year profits.Source: BBC News | Business | World Edition | 10 Nov 2009 | 1:27 am BRIEF-GSK to donate 50 mln doses H1N1 flu vaccineLONDON, Nov 10 (Reuters) - GlaxoSmithKline PLC : * Agreement with WHO to donate 50 million doses of GSK's adjuvanted pandemic H1N1 influenza vaccine for distribution to developing countries.Source: RSS feed - channel BNewsBusiness | 10 Nov 2009 | 1:25 am Asia Market And Europe Open 11/10/2009Markets in Asia were slightly higher The Nikkei rose .6% to 9,871. Mitsubishi UFJ NYSE:MTU) rose. The Hang Seng was up .3% to 22,269. The Shanghai Composite rose .1% to 3,178. At the open in Europe, the FTSE rose .2% to 5,246. Vodafone (NYSE:VOD) and HSBC (NYSE:HBC) both reported earnings. The Dax was up .1% to 5,626. The CAC [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Nov 2009 | 1:24 am The Twenty-Five Most Valuable Blogs In AmericaIt has been nearly a year since 24/7 Wall St. did its most recent edition of the Twenty Five Most Valuable Blogs. Valuations have moved up significantly since then. Advertising CPMs have improved markedly since the beginning of this year. A number of the largest blogs on our list have gained visitors and have larger [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Nov 2009 | 1:15 am Fewer banks tightened lending standards last quarter, Federal Reserve saysFewer U.S. banks tightened lending standards for companies and consumers in the third quarter as the economy grew for the first time in more than a year, a Federal Reserve survey showed.
Source: L.A. Times - Business | 10 Nov 2009 | 1:00 am Electronic Arts to slash 1,500 jobs and buy PlayfishThe video game publisher, hammered by a steep drop in the sale of traditional packaged games, plans to acquire the online game developer in a deal valued at up to $400 million.Hammered by a steep drop in the sale of traditional packaged video games, Electronic Arts Inc. on Monday said it would cut 1,500 jobs, more than 16% of its workforce, even as the game publisher announced plans to acquire online game developer Playfish Inc. in a deal valued at up to $400 million.
Source: L.A. Times - Business | 10 Nov 2009 | 1:00 am Retail gasoline-price rally hits the brakes, analysts sayAverage cost at the pump in California falls 0.6 of a cent over the last week to $2.981 a gallon. The U.S. average falls 2.8 cents to $2.666. ...Source: RSS feed - channel BNPaperBusiness | 10 Nov 2009 | 1:00 am A jury is unlikely to give former KB Home CEO Bruce Karatz a fair shake, a poll findsKaratz's attorneys paid for a survey that found a deep bias against corporate bosses among potential jurors. He is charged with improperly backdating stock options.Can a former chief executive -- especially one who made $232 million running a home-building company in the three years before the industry melted down -- get a fair shake from jurors on charges of defrauding investors?
Source: L.A. Times - Business | 10 Nov 2009 | 1:00 am Airlines, hotels face bleak holidaysMany travelers plan to take car trips, stay with friends and family and spend less -- bad news for the struggling industries.Despite airfares and hotel rates that are among the lowest in over a decade, more recession-battered travelers will forgo the airports, hit the freeways and stay with family and friends to save money during the upcoming holiday season.
Source: L.A. Times - Business | 10 Nov 2009 | 1:00 am Poizner rejects proposal for workers' comp insurance rate hikeA California industry rating group is urging the state's insurance chief to boost rates paid by employers 22.8% for policies written or renewed after Jan. 1.For the second time in a year, the California insurance commissioner has rejected an industry rating group's proposal that he recommend that insurers significantly raise rates paid by employers for workers' compensation insurance.
Source: L.A. Times - Business | 10 Nov 2009 | 1:00 am Google to buy AdMob in bid to reach mobile usersAdMob is a developer of technology that plops ads into cellphone applications.Google Inc. took another major step in its quest to ensure that wherever consumers go -- whether to their laptops to search sports scores or videos or to their phones to find a restaurant -- advertisers will be there too.
Source: L.A. Times - Business | 10 Nov 2009 | 1:00 am Sonova Holding reaches deal to buy Advanced BionicsSwitzerland-based Sonova will pay $489 million for the Valencia, Calif., firm that makes surgical cochlear implants. ...Source: RSS feed - channel BNPaperBusiness | 10 Nov 2009 | 1:00 am Electronic Arts to slash 1,500 jobs and buy PlayfishThe video game publisher, hammered by a steep drop in the sale of traditional packaged games, plans to acquire the online game developer in a deal valued at up to $400 million. ...Source: RSS feed - channel BNPaperBusiness | 10 Nov 2009 | 1:00 am Chia Obama's hairy question: Is it racist scorn or sincere tribute?The scene: A vast crowd at a political rally raises a tumult of adulation. Triumphal music rises. Graphics of President Obama's image slide across the scene as we hear the now-familiar voice say, "Change has come to America. . . . Our moment is now. . . . Yes we can!" The crowd chants. Slow pullback on the image of the White House. Announcer: "To commemorate the inauguration of our 44th president with a well-known American icon, introducing. . . ." Jingle: Chi-chi-chi Chia! Announcer: "Chia Obama!"
Source: L.A. Times - Business | 10 Nov 2009 | 1:00 am East West Bancorp stock soars after United Commercial Bank dealShares rocket 55%. By taking over its failed rival, East West becomes by far the largest bank focused on the Chinese American market. ...Source: RSS feed - channel BNPaperBusiness | 10 Nov 2009 | 1:00 am Dow surges 203 points to highest close in more than a yearBig-company stocks take the lead in the rally as investors apparently figure it's safer to stick with the most familiar and most liquid issues. The dollar continues sliding.For Wall Street's bulls, bigger is now a better idea.
Source: L.A. Times - Business | 10 Nov 2009 | 1:00 am Fewer banks tightened lending standards last quarter, Federal Reserve saysFewer U.S. banks tightened lending standards for companies and consumers in the third quarter as the economy grew for the first time in more than a year, a Federal Reserve survey showed.Source: RSS feed - channel BNPaperBusiness | 10 Nov 2009 | 1:00 am Google to buy AdMob in bid to reach mobile usersAdMob is a developer of technology that plops ads into cellphone applications. Google Inc. took another major...Source: RSS feed - channel BNPaperBusiness | 10 Nov 2009 | 1:00 am Sonova Holding reaches deal to buy Advanced BionicsSwitzerland-based Sonova will pay $489 million for the Valencia, Calif., firm that makes surgical cochlear implants.Swiss hearing aid company Sonova Holding is buying Valencia-based Advanced Bionics Corp., which makes surgical cochlear implants, for $489 million.
Source: L.A. Times - Business | 10 Nov 2009 | 1:00 am VG Racing's growth is thrown off-trackThe toy-truck hobby shop is leaking cash and may need to lose some of its parts.Bashing pint-size radio-controlled monster trucks around bumpy dirt tracks has always been a blast for Dan Dunst, who opened a hobby shop specializing in the pricey toys near downtown Los Angeles last year.
Source: L.A. Times - Business | 10 Nov 2009 | 1:00 am Games maker EA to cut 1,500 jobsUS video game maker Electronic Arts says it is cutting 1,500 jobs as quarterly losses widen to $391m.Source: BBC News | Business | World Edition | 10 Nov 2009 | 12:42 am Barclays restores dividend as profits triple to £1.5bnBarclays today reported that profits for the three months to September had more than tripled £1.56 billion after a strong performance from its investment banking business and announced that it had restored its dividend for the first time since the global financial crisis broke. Source: Latest Business News from Times Online | 10 Nov 2009 | 12:24 am Hanover Finance not keeping to repayment planHanover Finance is no longer likely to fully repay investors under a debt restructuring plan due to a deterioration in the commercial property development market.Directors today estimated the return to secured depositors is likely...Source: nzherald.co.nz - Business | 10 Nov 2009 | 12:08 am Yahoo aims to boost marginsSINGAPORE (Reuters) - Yahoo Inc wants to triple its operating margin to 15-20 percent over the next three years by increasing revenue and keeping costs under control, CEO Carol Bartz said on Tuesday.Source: Reuters: Business News | 10 Nov 2009 | 12:02 am One in five jobs sees pay drop - surveyOne in five jobs has seen a drop in pay this year, according to figures released today .The Employers and Manufacturers Association's (EMA) annual wage and salary survey found nine per cent of jobs received no increase in pay...Source: nzherald.co.nz - Business | 9 Nov 2009 | 11:57 pm 'Banks on steroids' worry FranceFrench Finance Minister Christine Lagarde warns the bailed-out banks created by the financial crisis could abuse their power.Source: BBC News | Business | World Edition | 9 Nov 2009 | 11:52 pm Banks make hay everyone else must payQuantitative easing has not made borrowing any easier or cheaper for most firms says Tracy Corrigan.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Nov 2009 | 11:29 pm NZ stocks fail to catch global waveThe New Zealand sharemarket failed to catch a wave of optimism that lifted other markets today, though volume was boosted by a sale of Auckland Airport shares by Infratil.The benchmark NZSX-50 index closed up 2.342 points, or...Source: nzherald.co.nz - Business | 9 Nov 2009 | 11:22 pm Dollar pushes back over US74c markThe New Zealand dollar continued to push higher after Fonterra lifted its forecast payout to dairy farmers by 19 per cent and after US stocks rallied on Monday.The NZ dollar rose to US74.62c around lunchtime, its highest level...Source: nzherald.co.nz - Business | 9 Nov 2009 | 10:47 pm Stronger U.S. GDP seen in 2010: survey (Reuters)
Source: Yahoo! News: Business | 9 Nov 2009 | 10:24 pm Stronger U.S. GDP seen in 2010: surveyWASHINGTON (Reuters) - Top forecasters are growing more confident the U.S. economy has embarked on a sustainable recovery, a survey released on Tuesday showed.Source: Reuters: Business News | 9 Nov 2009 | 10:24 pm Oracle rejects EU antitrust claimsOracle mounted a strident attack on Europe’s competition authorities as it confirmed that it had received an official objection from Brussels to its proposed $7.4bn acquisition of Sun Microsystems.Source: Financial Times - US homepage | 9 Nov 2009 | 6:52 pm Google buys mobile ad firm for $750 millionSAN FRANCISCO (Reuters) - Google Inc said on Monday that it was acquiring of AdMob, one of the largest mobile advertising networks, for $750 million, widening its bet that cell phone advertising could become the Internet's next-big money maker.Source: Reuters: Business News | 9 Nov 2009 | 6:07 pm Google buys mobile ad firm for $750 million (Reuters)Reuters - Google Inc said on Monday that it was acquiring of AdMob, one of the largest mobile advertising networks, for $750 million, widening its bet that cell phone advertising could become the Internet's next-big money maker.Source: Yahoo! News: Business | 9 Nov 2009 | 6:07 pm Pushchair amputation risk recallAbout a million pushchairs made by Maclaren USA are recalled in the US amid reports of children's fingertips being cut off.Source: BBC News | Business | World Edition | 9 Nov 2009 | 5:54 pm Maclaren recalls 1m baby strollers in USMaclaren, the British baby stroller brand, is recalling every folding “umbrella” stroller it has sold in the US over the last 10 years, after 12 children suffered amputations from getting finger tips caught in the hingesSource: Financial Times - US homepage | 9 Nov 2009 | 5:30 pm Shoppers using cards moreSpending using electronic cards edged ahead in October as more money was spent on vehicle fuel.Total electronic card transactions edged up a seasonally adjusted 0.2 per cent last month from September, Statistics New Zealand (SNZ)...Source: nzherald.co.nz - Business | 9 Nov 2009 | 5:30 pm Europe could block Oracle's deal for SunOracle's planned 7.4bn £4.4bn acquisition of Sun Microsystems is in danger of being thrown off course after the European Commission objected to the deal.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Nov 2009 | 5:11 pm Barack Obama pledges to tackle Beijing on yuanBarack Obama the US President will confront Chinese officials on the divisive subject of the yuan next week in a bold move which could anger America's largest creditor.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Nov 2009 | 5:09 pm Accenture loses ruling in battle with British GasAccenture, the management consultancy locked in a £220 million High Court battle with British Gas, has lost an initial ruling for its role in a faulty IT system that the utility company claimed had reduced its customer billing service to a shambles. Source: Latest Business News from Times Online | 9 Nov 2009 | 5:01 pm Frustrated Tony Douglas to leave Laing O’RourkeTony Douglas, who was being groomed by Laing O’Rourke to become its chief executive, is to leave the company, it will be announced today. Source: Latest Business News from Times Online | 9 Nov 2009 | 5:01 pm October shopping spree raises hopes that retailers will lead Britain out of recessionThe value of goods sold on the high street surged at an annual rate of 3.8 per cent last month, fuelling hopes that spending in the run-up to Christmas could help to drag the economy out of recession. Source: Latest Business News from Times Online | 9 Nov 2009 | 5:01 pm Macau's gambling industry faces nightmare of water rationingMacau, Asia’s foremost den of neon-soaked excess and sleazy glamour, has expanded to the brink of catastrophe and may be forced to ration drinking water as reservoirs run dry. Source: Latest Business News from Times Online | 9 Nov 2009 | 5:01 pm Sterling at a three-month high against the dollarSterling hit a three-month high against the dollar yesterday as the greenback dipped amid expectations that US interest rates will remain at historic lows for the forseeable future. Source: Latest Business News from Times Online | 9 Nov 2009 | 5:01 pm 3 takes Orange to task for 'misleading' claims over network sizeWhen it comes to 3G networks, it appears that size does matter: 3 is taking Orange to the Advertising Standards Authority (ASA) for claiming that it has the biggest high-speed mobile network, accusing it of misleading and confusing consumers. Source: Latest Business News from Times Online | 9 Nov 2009 | 5:01 pm SEC funding shift in Senate's draft financial fix (AP)AP - Measures that would significantly boost funding for the Securities and Exchange Commission as well as give shareholders a say on executive pay are included in draft financial overhaul legislation in the Senate, a person familiar with the matter said Monday.Source: Yahoo! News: Stock Markets News | 9 Nov 2009 | 4:48 pm Trial of ex-Bear Stearns execs goes to jury (Reuters)
Source: Yahoo! News: Business | 9 Nov 2009 | 4:47 pm Kraft turns hostile in $16 billion bid for CadburyLONDON/CHICAGO (Reuters) - Kraft Foods Inc chief Irene Rosenfeld refused to sweeten her $16.2 billion offer for candy maker Cadbury Plc and took the bid directly to shareholders on Monday, setting the stage for a takeover battle that could last up to three months.Source: Reuters: Business News | 9 Nov 2009 | 4:43 pm The EU Blocks Oracle (ORCL) Deal For Sun (JAVA)Larry Ellison, the CEO of Oracle (NASDAQ:ORCL) is going to have to make some more threats if he wants the EU to approve his company’s deal to buy Sun Microsystems (NASDAQ:JAVA) for $9.50 a share. The Europeans have voiced some concerns that the combined company will have too much market share in the MySQL server software [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Nov 2009 | 4:40 pm Infratil takes a loss on Auckland AirportInfrastructure investor Infratil sold its stake in Auckland Airport for tens of millions of dollars less than it paid for the shares.Infratil spokesman Tim Brown pointed out it was the second time the company had tried to sell...Source: nzherald.co.nz - Business | 9 Nov 2009 | 4:30 pm Write-Offs: 11.09.09$$$ More Madoff Memorabilia Up For Sale [Cityfile] $$$ Experts in erotic spreadsheets wanted [craigslist] $$$ Charlie Gasparino: "My brother is a doctor who works in the intensive care unit of an inner city hospital; he could have a cushy lucrative practice here in New York, but he likes helping people, and yet he has never once told me he's doing God's work even after he explained one afternoon how he had just saved a homeless man's life by massaging his heart." [HuffPo] $$$ French Bank Heist Suspect Becomes Internet Star [Breitbart] 
 Source: Dealbreaker | 9 Nov 2009 | 4:25 pm Dow jumps 204 to high for year as dollar slumps (AP)
Source: Yahoo! News: Stock Markets News | 9 Nov 2009 | 4:21 pm Bush officials lead Iraq business pushSenior Bush administration figures including Zalmay Khalilzad, former US ambassador to Baghdad, and Jay Garner, the retired general who led reconstruction efforts immediately after the war, are leading a new business push into IraqSource: Financial Times - US homepage | 9 Nov 2009 | 4:10 pm NZ shares up earlyThe New Zealand sharemarket lifted early following strong gains for equities in Europe and the United States overnight.Around 10.15am the benchmark NZX-50 index was up 10.77 points to 3175.84, having risen only a modest 4.9 points...Source: nzherald.co.nz - Business | 9 Nov 2009 | 4:10 pm Stress Test Success, Cult Of Bernanke Says
It took $77 billion--slightly more than the $74.6 billion the Church predicted--worth of auditing sessions, but nine of the 10 biggest banks waylaid in the subway by Church volunteers for complimentary stress tests, and can now begin working towards Operating Thetan status. The nine are now ready to handle anything (beneath a 10.3% unemployment rate next year*) with a properly analytic mind.
Source: Dealbreaker | 9 Nov 2009 | 4:04 pm Banks face increase in funding costsBanks around the world face increases in funding costs that could cut profits and hit their customers as they look to refinance $7,000bn-plus in short-term debt expiring in the next three years with longer-dated bonds, according to research by Moody’sSource: Financial Times - US homepage | 9 Nov 2009 | 4:03 pm Rupert Murdoch could sue BBC and block GoogleThe News Corp chairman has hinted that the group could sue the BBC over breach of copyright for allegedly stealing material from his newspapers.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Nov 2009 | 4:03 pm Guardian and Observer publisher to unveil fate of titlesThe Guardian and The Observer will announce job losses and other costsaving measures this week as parent Guardian Media Group battles to stem mounting losses at the papers.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Nov 2009 | 4:00 pm Fannie Mae tax credit decision could cost $5.2 bln (AP)
Source: Yahoo! News: Business | 9 Nov 2009 | 3:52 pm Wall Street at 12-month highThe Dow Jones industrial average stormed to its highest level in more than a year today as a falling dollar boosted prices for commodities including gold and oil. Stocks also jumped as investors grew more confident that governments...Source: nzherald.co.nz - Business | 9 Nov 2009 | 3:50 pm NC pension funds go up in 3rd quarter with stocks (AP)AP - Rebounding stock markets helped boost returns for North Carolina's public employee pension funds during the third quarter.Source: Yahoo! News: Stock Markets News | 9 Nov 2009 | 3:41 pm No profits, no loans: How to surviveFinding alternative revenue streams is a necessity for business owners trying to weather the recession.Source: Business and financial news - CNNMoney.com | 9 Nov 2009 | 3:24 pm Dow hits 2009 high, Wall Street surges on recovery measures (AFP)
Source: Yahoo! News: Stock Markets News | 9 Nov 2009 | 3:20 pm Banker's bonuses: 40% bigger this yearBonuses at financial firms worldwide will increase by an average of 40% this year, according to an annual report released Monday.Source: Business and financial news - CNNMoney.com | 9 Nov 2009 | 3:19 pm RadioShack, Revlon, Dish Network are big movers (AP)AP - The following stocks were among those that moved substantially or traded heavily Monday on the New York Stock Exchange:Source: Yahoo! News: Stock Markets News | 9 Nov 2009 | 3:12 pm Does Congress Hate God?By the transitive property, yes: The prospect of Goldman Sachs benefiting from Fannie Mae's tax credits was politically unpalatable, said Paul Miller, a bank analyst with FBR Capital Markets in Arlington, Virginia
Source: Dealbreaker | 9 Nov 2009 | 3:07 pm Food self-sufficiency ‘is a nonsense’The drive towards self-sufficiency in response to last year’s food crisis will fail, a top executive at Cargill has warned, adding that the idea that countries ‘can be self-sufficient in every single food is a nonsense’Source: Financial Times - US homepage | 9 Nov 2009 | 3:07 pm Podcast: We've Been Here Before
January 13, 1995. The money exchange line at the Mexico City airport during the peso crisis. (Jorge Uzon/AFP/Getty Images) On today's Planet Money: When people talk about the current economic crisis they bring up the Great Depression and Japan's lost decade, but the world's history of 'financial folly' spans much larger, through eight centuries and 66 different countries. In their new book, This Time Is Different, economist Ken Rogoff of Harvard, and Carmen Reinhart of University of Maryland, tell the stories of financial crises from medieval currency debasements to the recent subprime mess. Reinhart says our current troubles are nothing new, but what's worse, she predicts we're doomed to repeat the mistakes of our predecessors. After the jump, an excerpt from the book. Download the podcast; or subscribe. Music: Liliana Rose's "Walk Across The Ocean." Find us: Twitter/ Facebook/ Flickr. From This Time Is Different: Eight Centuries of Financial Folly: The essence of the this-time-is-different syndrome is simple. It is rooted in the firmly held belief that financial crises are things that happen to other people in other countries at other times; crises do not happen to us, here and now. We are doing things better, we are smarter, we have learned from past mistakes. The old rules of valuation no longer apply. The current boom, unlike the many booms that preceded catastrophic collapses in the past (even in our country), is built on sound fundamentals, structural reforms, technological innovation, and good policy. Or so the story goes. In the preamble we have already provided a theoretical rationale for the this-time-is-different syndrome based on the fragility of highly leveraged economies, in particular their vulnerability to crises of confidence. Certainly historical examples of the this-timeis-different syndrome are plentiful. It is not our intention to provide a catalog of these, but examples are sprinkled throughout the book. A short list of the manifestations of the syndrome over the past century is as follows: 1. The buildup to the emerging market defaults of the 1930s Why was this time The thinking at the time: There will never again different? be another world war; greater political stability and strong global growth will be sustained indefinitely; and debt burdens in developing countries are low. The major combatant countries in World War I had built up enormous debts. Regions such as Latin America and Asia, which had escaped the worst ravages of the war, appeared to have very modest and manageable public finances. The 1920s were a period of relentless global optimism, not dissimilar to the five-year boom that preceded the worldwide financial crisis that began in the United States in mid-2007. Just as global peace was an important component of the 2000s dynamic, so was the widely held view that the experience of World War I would not soon be repeated. In 1929, a global stock market crash marked the onset of the Great Depression. Economic contraction slashed government resources as global deflation pushed up interest rates in real terms. What followed was the largest wave of defaults in history. Bonus: Download all of Chapter 1. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 9 Nov 2009 | 3:03 pm Murdoch lashes out at BBC, GoogleNews Corp chief executive Rupert Murdoch has threatened to sue the BBC for allegedly stealing content from his company's newspapers and said News Corp is considering pulling its stories from Google news searches.In an interview...Source: nzherald.co.nz - Business | 9 Nov 2009 | 3:00 pm How the major stock indexes fared on Monday (AP)AP - The Dow Jones industrial average stormed to its highest level in more than a year Monday as a falling dollar boosted prices for commodities including gold and oil. Stocks also jumped as investors grew more confident that governments around the world will keep interest rates low to help the global economy. Energy and materials stocks led the market.Source: Yahoo! News: Business | 9 Nov 2009 | 2:56 pm How the major stock indexes fared on Monday (AP)AP - The Dow Jones industrial average stormed to its highest level in more than a year Monday as a falling dollar boosted prices for commodities including gold and oil. Stocks also jumped as investors grew more confident that governments around the world will keep interest rates low to help the global economy. Energy and materials stocks led the market.Source: Yahoo! News: Stock Markets News | 9 Nov 2009 | 2:56 pm Freeman on Blackstone, Fortress; Schmitz on Risk: AudioSource: Bloomberg - All Podcasts | 9 Nov 2009 | 2:49 pm Sprint's risky bet on WiMaxRead full story for latest details.Source: Business and financial news - CNNMoney.com | 9 Nov 2009 | 2:46 pm Soss Expects Average U.S. Work Week to Rise: AudioSource: Bloomberg - All Podcasts | 9 Nov 2009 | 2:45 pm Sprint to slash up to 2,500 jobsSprint Nextel Corp. said Monday that it plans to cut between 2,000 and 2,500 jobs as part of a restructuring plan aimed at reducing labor costs by at least $350 million, on an annual basis.Source: Business and financial news - CNNMoney.com | 9 Nov 2009 | 2:40 pm TSX rises for 5th straight session (Reuters)Reuters - Toronto's main stock index rose to a two-week high on Monday as a reassuring pledge from the Group of 20 to pursue economic stimulus measures until recovery is in place helped boost investor sentiment.Source: Yahoo! News: Stock Markets News | 9 Nov 2009 | 2:11 pm Kraft goes hostile with £9.8bn bid for CadburyCadbury has rejected a hostile bid from rival Kraft describing it as "derisory". The board took less than an hour to rebuff the formal £9.8bn offer.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Nov 2009 | 2:01 pm NZ dollar back over US74cThe New Zealand dollar continued to push higher overnight following yesterday morning's surge when Fonterra lifted its forecast payout to dairy farmers by 19 per cent.The kiwi reached its highest level against the greenback in...Source: nzherald.co.nz - Business | 9 Nov 2009 | 2:00 pm 52-Week High Club (ANF, DISH, RSH, REV)Abercrombie & Fitch Co. (NYSE: ANF) surged over 7% to a yearly high of $37.80 after the company was upgraded from “neutral” to “buy” by anlysts at Goldman Sachs. DISH Network Corp. (NASDAQ: DISH) was up over 8% at its peak at a yearly high of $20.80 after the company announced that it would pay [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Nov 2009 | 1:59 pm Utilities given the nuclear goahead as coal faltersEnergy companies hail Government plan for 10 new power stations but raise concerns over clean coal "disarray".Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 9 Nov 2009 | 1:50 pm Recovery Even Slower Than Thought Earlier TodayThe most oft-heard description of the current economic recovery is "slow." (Nonexistent is a distant second.) And hot on the heels of another disappointing jobs report, which put unemployment about 10% for the first time in 26 years, here's some more evidence that the economy may eventually recover fully at some point in the next decade. The Fed went around and talked to a bunch of banks, and found that only some of them are still tightening credit standards. Which I guess means that the credit crisis is only getting slightly worse more than two years on. To its credit, the Fed didn't exactly try to sugarcoat the news that only 15% of lenders--be they commercial, industrial or credit-card--were making it tougher to get their money. The central bank said the "tight credit" market is keeping the economy down, and is likely to do so for an "extended period."
Source: Dealbreaker | 9 Nov 2009 | 1:36 pm A Wall Street Sequel Director Walks Into A Boiler Room...
Oliver Stone, on the other hand, has been receiving a decidedly different reception [than the Gordon Gekko character] while researching the film around town. "When Oliver has walked into a major hedge fund or boiler room, they break out in applause," Pressman said. "He's a hero to them. Wall Street is going to love the new film even more." "Wall Street 2: Money Never Sleeps" Dish From Producer Ed Pressman [Speakeasy]
Source: Dealbreaker | 9 Nov 2009 | 1:29 pm Russian ADRs Take Off (MTL)(LUKOY)Tickerspy’s Russian Stock and ADR Index is up close to 5% as the market goes into its close. Among the biggest movers was LUKOIL (OTC: LUKOY), an oil and gas company that was up over 6.5% today. Mechel OAO (NYSE: MTL), a mining company, was also up over 6.5%. Russian oil and mining stocks were up [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Nov 2009 | 1:25 pm Employers weigh in on health care billSmall business advocates are complaining that the House's health care bill would impose new insurance obligations on employers while doing little to contain costs. Joel Rose explores these and other employer concerns.Source: Marketplace | 9 Nov 2009 | 12:54 pm Rising Cost of Oil And The Global RecessionBy Daniel Costello What caused the current global recession? Untenable debt levels around the world and risky and under-regulated financial systems are surely to blame. But the rising price of oil in the months and years leading up the crisis has gotten little consideration so far. That's surprising since two major recessions in recent decades, in 1973 and 1979, have been widely attributed (at least partially) to preceding shocks in oil prices. Now, a surprise finding by the Internal Energy Agency, which is expected to be published tomorrow, reportedly attributes more of the recent crisis on rising oil prices than previously understood. According to the Financial Times, which got a draft summary of the report, the IEA concludes higher oil prices made oil-importing countries more vulnerable to the financial crisis. According to the story: The IEA concludes "the run-up in oil prices from 2003 to mid-2008 played "an important, albeit secondary" role in the global economic downturn that took hold last year. The agency points out that it had warned in 2006 that the effect of high oil prices from the preceding four years had not yet worked their way through the world economy, and that further increases in prices would "pose a significant threat to the world economy, by causing a worsening of current account imbalances and by triggering abrupt exchange rate realignments, a rise in interest rates and a slump in house and other asset prices". With crude futures topping $80 Monday, the fact that an authority like the IEA is attributing more of the recent recession on oil prices is all the more intriguing. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 9 Nov 2009 | 12:54 pm It's a waste to worry about the dollarAbout the only thing that didn't do well in the markets today was the dollar, and the general perception is that's a bad thing. But commentator Paul Kedrosky says it might be time to readjust expectations.Source: Marketplace | 9 Nov 2009 | 12:49 pm Cadbury rounds on hostile Kraft bidCadbury defiantly rejected the formal bid from Kraft, describing the US food group’s offer as “derisory” after it did not alter the terms of its approach two months agoSource: Financial Times - US homepage | 9 Nov 2009 | 12:43 pm Market weathers more bubble fearsWhat matters in the market sometimes aren't the highs and the lows, but how much the market moves in the course of a day or a week. Kai Ryssdal explores the markets with Chris Low, chief economist at FTN Financial.Source: Marketplace | 9 Nov 2009 | 12:40 pm Charlie Gasparino Does It Sans Sleeves
Source: Dealbreaker | 9 Nov 2009 | 12:37 pm Why Comcast is really eyeing NBCComcast is rumored to be in negotiations with General Electric for a controlling stake of NBC Universal. Comcast would be especially interested in NBC's cable properties. Ashley Milne-Tyte reports.Source: Marketplace | 9 Nov 2009 | 12:36 pm How Dodd's reform would change FedSenator Christopher Dodd's banking reform proposal would consolidate all federal bank regulators into one agency and strip the Fed of its bank supervisor roll. Both ideas are gaining steam with the Democrats. Steve Henn reports.Source: Marketplace | 9 Nov 2009 | 12:31 pm Ex-SEC lawyer pleads guilty in NY Marc Dreier case (AP)AP - A former lawyer with the enforcement division of the Securities and Exchange Commission pleaded guilty Monday to conspiring with a prominent Manhattan lawyer to dupe hedge funds out of tens of millions of dollars.Source: Yahoo! News: Stock Markets News | 9 Nov 2009 | 12:04 pm Credit Agricole Raised to `Buy’ at Deutsche Bank: AudioSource: Bloomberg - All Podcasts | 9 Nov 2009 | 11:49 am Investors Diversify Away From Stocks, Commodities Rise: AudioSource: Bloomberg - All Podcasts | 9 Nov 2009 | 11:46 am Maratheftis Sees Oil Prices Stabilizing Above $80: AudioSource: Bloomberg - All Podcasts | 9 Nov 2009 | 11:44 am Sweeney Sees U.S. Moving Into Second Phase of Recovery: AudioSource: Bloomberg - All Podcasts | 9 Nov 2009 | 11:42 am Art sales recovering in slow economyThe Fall contemporary art auctions will be going on this week at Sotheby's and Christie's in New York. Kai Ryssdal talks to art dealer Richard Polsky, who looks into how art auctions are doing in the market now and what's selling.Source: Marketplace | 9 Nov 2009 | 11:39 am Letter: The Japanese 'Love Getting MRIs'Michiko writes: As a practicing neurologist in private practice, I have many thoughts related to the current health care debate, and I decided to write to you about the most recent podcast, on "the price of MRI". I am Japanese and graduated medical school, and trained in Japan at Kyoto University. I then moved to New York City in the late 90's, and trained as a neurologist at New York Hospital/Cornell Presbyterian Medical Center and the National Institute of Health (NIH). I now have a private practice in Honolulu, Hawaii. As a neurologist, I order many MRIs every day. I am frequently enticed by the multiple free standing MRI centers, to order scans at their facility. They offer free pastries for the staff, holiday gifts, and free lunch/dinners. They also have state of the art machine (3T vs 1.5T), ability to do new protocols, movie goggles while patients are getting there scan, spa quality changing room, bathrooms and sometimes water and cookies for the patient while they wait. However, I still order most of my MRIs through the medical center where I practice, or few other facilities, based on what you did not talk about, and that is quality of the "reading" (i.e. radiologist's input). This is not quality of the "scan" that you mentioned in your piece. I do look at the scan myself, so the quality of the scan itself is important, but my working relationship with the radiologist is of paramount importance. If there is question about the study, I will call them up, and discuss the case. Some of the free standing MRI facilities do not have a reading radiologist on site -- they are outsourced to radiologist, often on the mainland. It is often shift working radiologist who is reading large number of scans from multiple facilities, who have no investment in my patients, and are often not available to discuss the readings. This is an important non-economic reason why I use my medical center's MRI facility. We have community of physicians involved in the care of neurological patients. This team include neurologist of many different subspecialties, neurosurgeons, neuroradiologists, radiation oncologists, neuropsychologists, and physical therapists. The formal and informal discussions we have about our patients is not available at free standing facilities, where there is an emphasis on volume and efficiency of imaging, vs actual patient care. On your show, you asked why the price of MRI is lower in Japan. I believe this to be mutifactorial. First, radiologist salaries are much lower than in the US. (Physicians generally have lower salaries in Japan, but higher social status, and lower malpractice concerns.) Second, Japan has a more comprehensive government sponsored health care system, which allows government to set price in a more autocratic way. A good example of this was that the reimbursement of MRI was lowered by the government in 2002 by more than 30 percent, because of cost concerns related to over utilization. Japanese, even more than Americans, love getting MRIs. An interesting unintended consequence of lower reimbursement for MRIs has lead MRI centers to begin direct marketing to consumers to presumably make up for decreased reimbursement rates. MRI centers now offer studies that do not even require a physician order, if patients pay cash. This is part of a movement in Japan, where people go outside of the conventional insurance based health care system, and pay cash for technically advanced preventative screening. These diagnostic centers offer blood work, EKG, stress test, X-ray, MRI, endoscopy and colonoscopy. There is no good evidence that this type of comprehensive diagnostic screening improves individual or public health, but many Japanese people are willing to pay for this type of service. I was looking at a few Japanese websites today, and I found a number of sites encouraging you to have brain MRI screening as frequently as twice a year, for $400-$800. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 9 Nov 2009 | 11:21 am Hybrid Companies and the Future of the Economy: An Interview with Criterion’s Andrew Greenblatt
In the past, it was easy. Corporations made money. Nonprofits helped the world. If a corporation wanted to help the world, it would donate to a nonprofit, or set up its own foundation. That model is changing. Social ventures, a new kind of for- and nonprofit hybrid, are easing their way into the business world. From Good Capital, a socially responsible investment firm, to Google.org, which dedicates resources to helping urgent world problems, social ventures are proliferating throughout the country.
According to Andrew Greenblatt, NYU professor and Director of Products and Innovation at Criterion Ventures, the current generation of graduating college students will ensure that this trend becomes a fundamental part of our economy. To help today’s entrepreneurs navigate the confusing world of establishing a social enterprise, Greenblatt helps run Criterion’s Structure Labs, the country’s only one-day workshop on launching a social venture. Business Pundit caught up with Greenblatt to discuss setting up hybrid ventures, where the movement is going, and how it will change the economy. BP: Can you tell me more about the history behind Structure Labs? How did you guys come up with the idea? AG: Criterion Ventures is a consultancy that launches social ventures, specifically with an eye towards things that have broader social impact. We also launch our own ideas. We identify some kind of need in society, find a sustainable way to address that need, and then launch a venture around it. We’re social entrepreneurs for hire. Through this work, we’ve found out more about the problems faced by social entrepreneurs. Legal structures are an issue that came up over and over again. You’re either a for-profit, and your goal is to maximize profit. Or you’re a nonprofit charity, and your goal is to maximize making a better world. Now we have all these blended, multiple bottom-line ventures coming together. Legal structures haven’t kept up. If you just want to maximize profit, there’s one structure. If you want to go out and have people give you money and use that money to do good in the world, there’s a different structure. When you want to start blending your purposes, it becomes harder. So we created this 5-hour workshop that helps people understand what their options are, and what the advantages and disadvantages of all the options are. It’s fun and engaging. People can take their own projects to the workshop and work with their own real-life We got a grant from the Packard foundation, and that helped us create this, and now we are going around the country and offering the workshop, and that is really cool. AG: A single bottom line is profit. A second bottom line takes into account other stakeholders in the company. That could be the workers, so people could say that Costco cares about its workers, gives them health benefits, etc. It could be their community, it could be their suppliers. For example, Ben and Jerry’s would hit cream crises (an oversupply of cream made prices collapse). When one of those cycles hit, and the price of cream went below the cost of maintaining the farms, then Ben & Jerry’s continued to pay the previous year’s to support the family famers. The third bottom line is the environment. For example, is our carbon footprint growing or shrinking? Are we putting more toxic waste into the world, or less? That kind of stuff. One beautiful thing about free-market capitalism is that there’s a really simple universal measure of success, and that’s profitability. When you start to add these other things–What does it mean to take good care of your workers? What does it mean to take good care of the environment and the community?–everything becomes squishier.
BP: If I want to launch a social venture, what are three of the most important things I should know, from a legal structure perspective, before I start? AG: It depends on the social structure. If you want to start a foundation, because your Aunt Tilly died and left you $20 million to give away to save the pelicans, those 3 things you’re worried about are very different than if you’re trying to sell bedmats in Africa. So the casual phrase of “social ventures” makes it hard for me to answer that question. I can give you a broader answer, however, There are probably the three pieces of advice I would give to anyone. Most people think, so this is my mission, that’s my job, and it’s my lawyer’s job to think about the structure. There are two problems with that strategy. The first is that unfortunately, some lawyers are better than others. The second is that people limit their own vision before they ever meet with their lawyer, because of their false assumptions. And they go meet with their lawyer with their now-limited vision, and the lawyer says “yeah, I can do that.” Now, if they had a broader vision, then the lawyer would still say “yeah, I can do that.” But they’ve already clipped their own wings (when they limit their vision). The second thing is that the legal structures have ramifications through different phases of your organization’s life. What your legal structure is will matter when you raise money, so lots of people start there, deciding on a legal structure based on whether they want donations or venture capital. Some people go a little further. They think of their revenue streams, they think “how am I going to sustain this?” That might influence whether they’re going to be a for- or nonprofit. That’s usually as far as people tend to think. The next thing that’s going to matter is how are you going to grow? You can franchise your operation, you can license out your intellectual property, or you can just grow. What your legal structure is will impact what options are available to you. Then, there are issues about how you interact with your profit. Being a nonprofit sends a certain message to your customers and your vendors. Being a for-profit sends a different message and allows you to interact with them in different ways. The last thing that people don’t think about–that we have as the second thing you need to think about in our workshop–is your exit strategy. Someday you will exit this venture. If it means that God comes and takes you to heaven, I assure you, someday you will leave this venture. Thinking through how you want that exit to be is crucial to how you set up your venture. If you think look, if this is wildly successful, and can sell someday, and I want to capture some of that money and retire, ok…well if you start a nonprofit, you can’t sell it. So if you’re thinking 20 years from now, you’re retiring and selling this baby off, and you’re starting a nonprofit, we have some talking to do. Things like that.
It’s hard to choose a moment when this began. We didn’t have a Stonewall (Ed.: or any other major event to mark when this began). But it’s not more than 50 years ago that people started talking about being social entrepreneurs. It’s new. When I was in law school, nobody knew about this. The fact that a few of us were graduating and wanted to go out and make a difference in the world was viewed as weird. This was 1990-3. I went back to school to speak at Harvard about a year ago. Someone came from the business school to watch me speak, and we went out for drinks afterwards. He said that the largest student club at the Harvard business school today is the private equity club. The second largest club is the social venture club. The world has changed rapidly, and it’s picking up speed. Students today are way ahead of where we were as students. That’s going to impact this world bigger, faster, stronger for a long while to come. If you’re a recruiter for the mainstream economy, and you go to the business school today, you’ll be confronted with the fact that one of the biggest groups is the social entrepreneurs group. If you’re Rape and Pillage Inc., you’re going to have trouble recruiting talent. I’ll give you one other example. There is a new corporate form out there. It’s called L3C, the low-profit limited liability company. It’s kind of an LLC, but also a new corporate form. It was created in Vermont less than two years ago. It’s now available in 5-6 states. Just that there is a new corporate form says something, and the fact that it’s being picked up by other states so quickly is saying there’s a real hunger for this. I think that this is a very young movement, and it is rapidly gaining speed. Economic forces will continue to push that. I think it will snowball faster and faster.
BP: How do you see this movement of social ventures changing the economy? AG: In response to this? That’s a really complicated question. I’ll give it a shot. I think more and more of the entrepreneurial energy will move in this direction. Most entrepreneurs start in their twenties. They usually really hit their stride in their forties, but they start in their twenties. And entrepreneurs in their 20s are doing this. So, 20 years from now, this is what entrepreneurship is going to be. Currently, venture money is moving in this direction. Later on, expansion money is going to have to follow. As so many ventures mature, buyout money will move in this direction, too. That’s already happening with certain consumer brands. Odwalla was bought. Danone yogurt bought Stonyfield Farms because that’s the part of the yogurt market that’s growing. You can still by Dannon yogurt, but it’s the part of the company that’s shrinking. You’re already seeing it begin to happen. It will happen more and more. The dominant view now is a shareholder ROI economy. Things that can make money for investors get done. If you look at the trillions of dollars of investments that happen in America every year, the majority are driven by ROI for the investor. They fuel the bottom line. That’s going to shift slowly to the multiple bottom lines. Ultimately, it will be more profitable to do that. Companies that don’t give a crap about anyone else will become less profitable. People won’t want to work there, won’t want to shop there. It will hurt your bottom line to be that company. Today that’s not true, but you could make the argument that we’re starting to see it. For example, you can look at Costco versus Wal-Mart, and their stock price over the last 10 years or so. The recession may have changed this, but over last 10 years or so, Costco’s perfomrance has continuously been better than Wal-Mart in terms of P/E ratios. That’s partially because people view Wal-Mart’s relentless strategy of single bottom line as a detriment to them. Costco, which treats their workers better, cares about other stakeholders, etc., is viewed as the smarter long-term play. If you look at who’s graduating from the top business schools today, that’s the talent pool that’s going to answer that question. But I don’t really know what’s going to happen. We’re still trying to figure all that out.
BP: Anything else you’d like to share? AG: Some people think that some of these ideas are good business, and they would have survived anyway, and that by painting it with some sort of social gloss is just decoration. For example, Wal-Mart is way ahead of every other large retailer on the environmental front. They’re pushing their vendors, for example, to reduce packaging. Pushing is the wrong word. They’re saying if you want to be on our shelves, you have to get rid of that excess packaging. It’s that simple. If you want to be in their stores—20% of the market or whatever—you’ve got to reduce packaging. Some people are looking at that and thinking well, great, they’re protecting the environment. From Wal-Mart’s perspective, not doing it means more packaging in their trucks and less shelf space. Yes, it’s good for the environment, but it’s good for the bottom line. They’re doing all kinds of cutting-edge energy management. They use very high-efficient lighting, and it’s off when it should be off, and all kinds of stuff. Again, why waste money? Some people will say to the extent that any of this matters in business, only the stuff that goes to the first bottom line anyway gets picked up. So Costco will say we give good health benefits, train our workers better, and pay higher wages because it’s cheaper than having high turnover, and because our customers, when they ask where something is in the store, expect the right answer. Having someone who just started yesterday isn’t going to help that. Some of that stuff that gets shed, is just stuff that costs money. It will help that first bottom line. That’s what some people will say who are watching all of this happen. Because clearly things are happening. You’re watching all this and can’t pretend that this is nothing. They’ll think that’s what’s happening. I think they’re half right. The things that help the first bottom line are the things that will be picked up fastest and go quickest into the market. But I think that the mindset of the public is changing generationally. That will have deeper impacts over time that we’re just starting to see. For example, if you want to hire the best and the brightest out of the best schools, you have to offer them more than just a high salary. There will be a generational shift that will go deeper than just “it makes sense to turn the lights out when nobody’s in the store.” * Andrew Greenblatt is the Director of Products and Innovation at Criterion Ventures. He is an entrepreneur, lawyer, professor, and social venture expert. Find out more about Andrew and Criterion here. Images: Steffen’s blog, Harvard Social Enterprise Club, Yarek Waszul
Source: Business Pundit | 9 Nov 2009 | 11:12 am 20 years after Wall's fall, Leipzig risesHow is the reunification of East and West Germany going 20 years after the fall of the Berlin Wall? Amy Scott visits Leipzig, one of the East's most successful cities, to explore the long-term effects of democracy and capitalism.Source: Marketplace | 9 Nov 2009 | 11:02 am Chandler Says China Has No Reason to Act on Renminbi: AudioSource: Bloomberg - All Podcasts | 9 Nov 2009 | 11:02 am Page Sees Fed Rates on Hold Until at Least Mid-2010: AudioSource: Bloomberg - All Podcasts | 9 Nov 2009 | 11:01 am Gijsels Says Buying Gold Is a `Very Dangerous Trade': AudioSource: Bloomberg - All Podcasts | 9 Nov 2009 | 11:00 am Goldman Sachs: You Think God Would Let 'Egomaniacs' Work Here?
The talk that inside 85 Broad, the MoTU plot to bring modern society to its knees. "Aha! You catch us plotting in real time," says Lloyd Blankfein, breaking away from a cabal of senior executives discussing his trip to Washington the previous day. Blankfein, 55, Goldman's chairman and chief executive, is wearing a grey suit with a jaunty Hermès tie with little red bicycles on it. In his hand, he's carrying one of those cups of coffee that look bigger than the human stomach. Maybe it's the caffeine, maybe it's the tie -- a birthday present from his daughter -- but he's in a remarkably jolly mood for a man everyone seems to hate. "It's like a safari here," he jokes. "You've come in to look at the animals." And that stuff about killing adorable animals, endangered or otherwise, sucking out their essence and using it as a source of power. Goldman is the biggest user of voicemail in the world. The "mind bullets" consist of anything from the latest profit and loss figures, to reports of what the chief executives of key clients have told Blankfein and his top team over lunch, to instructions to "switch off on holiday, for goodness sake." No calls to meet in the basement to club baby seals to death first thing in the morning to get in the mood for a hard day's banking? "God, no," one staffer says wryly. "We don't club baby seals. We club babies." And the most hilarious "urban legend" of them all.
Source: Dealbreaker | 9 Nov 2009 | 10:52 am Presented By:Source: Dealbreaker | 9 Nov 2009 | 10:52 am China seeks Africa joint venturesChina’s state-backed Africa investment fund is seeking to break new ground by pushing Chinese companies to build infrastructure through joint ventures with African governments, according to a senior executiveSource: Financial Times - US homepage | 9 Nov 2009 | 10:51 am Talk Is Cheap: FSA Chief Bemoans Banking CultureThe banks that stayed afloat with billions in government bailout money are laughing, well, all the way to the bank. And Britain's top financial services regulator says that's got to change. "There remains, I believe, an absence of the acceptance of collective responsibility for what has happened," Hector Sants of the Financial Services Authority opines today. "I personally remain unconvinced that all senior management have taken on board the need to change and operate in a genuinely different manner." Well, why would they? Governments on both sides of the Atlantic have handed out the billions with nary a string attached. And they've continued to do so even as banks continue to behave badly.
Source: Dealbreaker | 9 Nov 2009 | 10:12 am Corker, Warner Discuss Banks, FDIC, Legislation: VideoSource: Bloomberg - All Podcasts | 9 Nov 2009 | 10:07 am More Flags, No Fun
The company filed for bankruptcy over the summer, proceeding to trot out its creepy old man mascot in an effort to drum up business. That reorganization plan would have given almost all of its stock to senior lenders, who would in turn forgive its debt. But Avenue's Marc Lasry wasn't having any of it, since it would leave his firm and other unsecured creditors with practically nothing.
Source: Dealbreaker | 9 Nov 2009 | 9:43 am Murdoch Vs. GoogleBy Daniel Costello Rupert Murdoch, the media titan atop The Wall Street Journal and Britain's The Times and The Sun newspapers, revealed over the weekend that he might remove his newspapers' content from Google and its online search competitors in a bid to promote the practice of paying for content online. Murdoch, who has been vocal that he believes the free use of newspaper content is threatening the viability of the media business, said his stable of newspapers could be taken off Google's search index and others when his plan to implement paywalls on news sites begins as early as next summer. "I think we will [remove our websites from Google's search index] but that's when we start charging," Murdoch said. He added: "The people who simply just pick up everything and run with it -- steal our stories, we say they steal our stories - they just take them. That's Google, that's Microsoft, that's Ask.com, a whole lot of people ... they shouldn't have had it free all the time, and I think we've been asleep." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 9 Nov 2009 | 8:57 am Nokia Recalls Up To 14 Million Phone Chargers
Nokia is recalling up to 14 million phone chargers because they may transmit an electric shock to users. PC World has details: Nokia says it will replace for free millions of faulty cellphone chargers that pose a shock hazard to its users. Nokia says the plastic casing surrounding the chargers in question could separate, exposing the unit’s internal components, creatinging a shock hazard. The fault was discovered during a routine quality inspection, and Nokia says it knows of no incidents where a user has been injured by this flaw. The recall affects users in the United States, Canada, and other countries around the world. Three separate chargers are affected by today’s announcement. Those being recalled are Nokia’s chargers with model numbers AC-3E and AC-3U manufactured between June 15, 2009 and August 9, 2009, as well as Model number AC-4U manufactured between April 13, 2009 and October 25, 2009. To return your charger unit, go to Nokia’s dedicated charger exchange Website, and enter your charger’s model and identification numbers. The Website will then lead you through the steps required to exchange your charger. If you’re unsure if your charger unit is affected, you can also check your model using the exchange site.
Source: Business Pundit | 9 Nov 2009 | 8:54 am Kraft Launches Hostile Takeover Bid for Cadbury
Kraft Foods Inc. formally launched a hostile takeover bid for British candymaker Cadbury today. The Wall Street Journal has more: Cadbury Sept. 7 rejected Kraft’s initial cash-and-share offer, worth 745 pence per share at the time and at around 722 pence at current values. Cadbury said it could offer its shareholders more value by pursuing its standalone strategy of organic growth and expansion abroad. It accused Kraft of being a “low growth conglomerate” that contrasted with its own strategy of being a pure play confectionary company. Kraft wants to acquire Cadbury to gain better scale to compete with global confectionary competitors like Mars Inc. and Nestle SA. A deal would help Kraft boost sales by better tapping the rapidly expanding populations in developing countries. It says a takeover would offer Cadbury better global reach and would also preserve jobs at Cadbury’s U.K. operations. Kraft’s cash and shares offer values Cadbury at £9.8 billion ($16.3 billion). That is below the £10.2 billion initial approach from Kraft because Kraft’s share price has fallen in the interim. The initial approach was criticized by some Cadbury shareholders for being too low and was rejected by the company. Cadbury has now rejected the formal offer, saying it fundamentally undervalues the company. Kraft backed its decision not to sweeten the offer by saying it hasn’t seen any signs of a competing offer for the British company and it therefore offers the best value to Cadbury’s shareholders. British takeover rules give Kraft 28 days to publish a shareholder prospectus on the offer. After publishing the prospectus, Kraft has up to two months to acquire enough shares to close the deal, according to the article. If and when Kraft does buy Cadbury, it will become the second-largest confectionary in the world, trailing behind Mars Inc, the article says.
Source: Business Pundit | 9 Nov 2009 | 8:47 am Maclaren Strollers Recalled After Hinges Cut Off Fingertips
British stroller manufacturer Maclaren has announced a recall of 1 million umbrella strollers. The hinges on the sides of the strollers can trap children’s fingers when parents are opening or closing the umbrella. The New York Daily News reports: All Maclaren strollers sold since 1999 are included in the recall, according to a source briefed on the recall. The step comes after 12 kids allegedly had their fingertips amputated by Maclaren strollers. Maclaren – maker of the pricey British strollers ubiquitous at playgrounds and on sidewalks across the city – is planning to send owners protective covers for the dangerous hinges. “Parents should stop using these strollers right away,” the source said. Maclaren’s statement on the recall: “Consistent with our unwavering commitment to child safety we are providing U.S. consumers notice of a voluntary recall of all Maclaren umbrella strollers sold in the U.S. In cooperation with the U.S. Consumer Product Safety Commission, we are providing free of charge to all affected consumers and retailers a kit to cover the stroller’s hinge mechanism, which poses a fingertip amputation and laceration hazard to the child when the consumer is unfolding/opening the stroller. The affected models include Volo, Triumph, Quest Sport, Quest Mod, Techno XT, Techno XLR, Twin Triumph, Twin Techno and Easy Traveller. Maclaren USA’s Umbrella Strollers meet all U.S. ASTM & JPMA compliance standards. These certifications guarantee our umbrella strollers meet the maximum safety standards available. The voluntary recall is to alert the operator when opening or closing the stroller of the possible risk of injury. Safety is our first priority and through this voluntary effort we urge consumers to contact us immediately to obtain the kit which consists of hinge covers designed specifically to fit all Maclaren strollers.” Twelve children with amputated fingertips? Sounds like it’s high time to fix that stroller.
Source: Business Pundit | 9 Nov 2009 | 8:30 am Morning Report: Kraft Goes Hostile, Dollar Continues SlideBy Daniel Costello The latest move in Kraft Food's push for world domination came this morning, with the food giant launching a $16.3 billion hostile takeover bid for British candy company Cadbury after an initial bid earlier this summer passed without a deal. Cadbury, which rejected Kraft's $16.7 billion offer in early September, spurned the deal again Monday within minutes. "Cadbury is an exceptional standalone business," said Roger Carr, chairman of Cadbury, in a statement. "Kraft's offer does not come remotely close to reflecting the true value of our company, and involves the unattractive prospect of the absorption of Cadbury into a low growth conglomerate business model." Kraft must now take its deal, which values each share of Cadbury at $11.95, a 26% premium over Cadbury's share price on the day of Kraft's initial offer in September, directly to shareholders. Kraft has 28 days to draft a proposal to Cadbury's shareholders and 60 days to round up a majority of shareholders to vote the deal through. (Here are the company's official statements on the bid: Kraft, Cadbury) The dollar continued its recent fall, weakening against most major rivals today, after a weekend meeting of Group of 20 policymakers offered no support for the greenback. Investors also took note of a report issued by the International Monetary Fund at the gathering in Scotland that said the dollar has moved closer to "medium-term equilibrium" but "still remains on the strong side." The dollar index , a measure of the greenback against a basket of rival currencies, fell 0.8% to 75.2, in trading Monday. The Euro traded above $1.50, its highest level in over a year. And McDonalds Corp. reported moderately strong sales Monday, announcing global sales rose 3.3 % in October, topping many analysts' estimates. Sales at existing U.S. restaurants disappointed, falling 0.1 %, as competition from Burger King's $1 double-cheeseburger offer and other competitors' discount offers continue to eat into McDonald's domestic business. European sales rose 6.4% while sales in Asia, the Middle East and Africa rose 4.7 %. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 9 Nov 2009 | 7:51 am Murdoch hints he will sue BBC and GoogleThe 78-year old media magnate indicates that his News Corp group will sue the broadcaster over breach of copyright, saying it was ‘stealing’ material from his newspapersSource: Financial Times - US homepage | 9 Nov 2009 | 5:38 am Mouse Logo FAIL
Source: Business Pundit | 9 Nov 2009 | 4:54 am
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