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Australia's RBA gives few clues to rate hike paceAustralia’s central bank does little to dash expectations that it could raise interest rates in the near future, as the minutes from its most recent policy-board meeting indicate it remains wary of risks associated with lax monetary policy.
Source: MarketWatch.com - Top Stories | 17 Nov 2009 | 3:39 am Did NY Fed Cost Taxpayers Billions?There are two sides to every story, and sometimes three, four or five. An audit by the Special Inspector General for the Troubled Asset Relief Program claims that the Federal Reserve Bank of New York allowed banks to get 100% of the value of complicated financial instruments that they had insured with AIG (NYSE:AIG). The [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 17 Nov 2009 | 3:36 am The Pay Czar Blinks, A LittleThe pay czar, Kenneth Feinberg, is tough man. He has forced firms that have taken TARP money to sharply drop the base salaries of their senior managers. Executives will have to take more of their compensation in stock and these grants will be based on performance. Feinberg has been so adamant about keeping compensation down that he apparently [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 17 Nov 2009 | 3:32 am UBS boss sets out turnaround planThe head of Swiss bank UBS says he wants the firm to make an annual profit of $15bn within five years.Source: BBC News | Business | World Edition | 17 Nov 2009 | 3:27 am Vauxhall unions seek assurances over jobs from General Motors bossUnion leaders are seeking assurances from General Motors about the 5500 jobs at the carmaker's Vauxhall factories.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Nov 2009 | 3:27 am NY Fed 'paid AIG banks too much'Federal regulators involved in the rescue of insurer AIG may have overpaid other banks when cutting a deal, a report says.Source: BBC News | Business | World Edition | 17 Nov 2009 | 3:26 am UBS targets return to profit, says will take timeZURICH (Reuters) - UBS boss Oswald Gruebel is targeting an annual pretax profit of 15 billion Swiss francs ($14.9 billion) as he aims to put the subprime crisis and a U.S. tax row behind the loss-making bank and win back clients.Source: Reuters: Business News | 17 Nov 2009 | 3:23 am UBS targets return to profit, says will take time (Reuters)
Source: Yahoo! News: Business | 17 Nov 2009 | 3:23 am UK inflation rate starts to riseThe UK's CPI inflation rate rose to 1.5% in October, up from 1.1% in September, largely due to fuel cost changes, figures show.Source: BBC News | Business | World Edition | 17 Nov 2009 | 3:15 am Should McDonald’s And Wal-Mart Shelter The Mentally Ill And The Homeless?It could be the economy or the fact that spending time in McDonald’s (NYSE:MCD), Target (NYSE:TGT), Starbucks (NASDAQ:SBUX), and Wal-Mart (NYSE:WMT) is more pleasant than it used to be. All of these retailers certainly have clean and well-heated stores. There appears to be a rise in the number of homeless people and individuals who are mentally [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 17 Nov 2009 | 3:10 am Apple tablet: The ultimate gadget?Apple's lips are sealed about its widely rumored tablet computer, but technology experts are giddy about the device, already exclaiming it will be the gadget to end all gadgets.Source: Business and financial news - CNNMoney.com | 17 Nov 2009 | 3:07 am Burberry profit falls 24%, but dividend liftedBurberry reports a 24% fall in first-half profit, with the results buffered by cost cuts and strong demand for its leather goods, but the U.K. luxury-goods group lifted its dividend 4% and expressed optimism for the future.
Source: MarketWatch.com - Top Stories | 17 Nov 2009 | 3:05 am War-torn nations 'most corrupt'War-torn nations, such as Afghanistan and Iraq, remain the world's most corrupt, Transparency International says.Source: BBC News | Business | World Edition | 17 Nov 2009 | 3:02 am Black Friday: Best day to buy a carWhen people think of Black Friday shopping, they usually think of things like flat screen TVs, toys and sweaters. Now you can add cars, trucks and SUVs.Source: Business and financial news - CNNMoney.com | 17 Nov 2009 | 2:58 am Equity markets cool after hitting new highsGlobal Markets Overview: The global risky-asset rally was suffering a hangover on Tuesday following the exuberance of the previous sessionSource: Financial Times - US homepage | 17 Nov 2009 | 2:58 am Unemployed, But Still A HomeownerThere were two speeches by senior members of the US government about unemployment yesterday. The one that received the most attention was Federal Reserve chief Ben Bernanke’s talk at the Economic Club of New York. Investors and economists had anticipated the event for weeks. They shouldn’t have bothered. Bernanke said that the economy would have a [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 17 Nov 2009 | 2:57 am A tax hike that misses the markGetting health reform passed and getting health reform right are two very different things.Source: Business and financial news - CNNMoney.com | 17 Nov 2009 | 2:56 am UBS plans a strategic ‘revolution’The Swiss financial group tells investors its new strategic plan is a ‘revolution’ and reaffirms his commitment to an integrated banking modelSource: Financial Times - US homepage | 17 Nov 2009 | 2:54 am London Markets: U.K. shares weaken as commodity stocks weighCorporate results and weakness for commodity stocks weighs on Tuesday, pushing the top British share index off a 14-month peak hit in the previous session.
Source: MarketWatch.com - Top Stories | 17 Nov 2009 | 2:49 am UK inflation rises for the first time in eight monthsInflation rose for the first time in eight months in October as fuel and transport costs rose across the economy.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Nov 2009 | 2:48 am Cable & Wireless to raise £200mTelecoms firm Cable & Wireless aims to raise £200m through a bond issue to help finance its split into two separate companies.Source: BBC News | Business | World Edition | 17 Nov 2009 | 2:47 am Stimulus surprise: 15 million may owe taxesNothing with taxes is ever simple, even when you're getting a tax break.Source: Business and financial news - CNNMoney.com | 17 Nov 2009 | 2:45 am GMAC CEO resigns, Carpenter steps inNEW YORK (Reuters) - GMAC Chief Executive Al de Molina has resigned, and will be replaced by Michael Carpenter, the troubled lender said on Monday.Source: Reuters: Business News | 17 Nov 2009 | 2:40 am GMAC CEO resigns, Carpenter steps in (Reuters)
Source: Yahoo! News: Business | 17 Nov 2009 | 2:40 am Stock index futures signal dip after rally (Reuters)
Source: Yahoo! News: Business | 17 Nov 2009 | 2:38 am Stock index futures signal dip after rally(Reuters) - U.S. stock index futures pointed to a slightly lower opening on Wall Street on Tuesday, with futures for the S&P 500 down 0.27 percent, Dow Jones futures down 0.18 percent and Nasdaq 100 futures down 0.25 percent.Source: Reuters: Business News | 17 Nov 2009 | 2:38 am Stock index futures signal dip after rally (Reuters)
Source: Yahoo! News: Stock Markets News | 17 Nov 2009 | 2:38 am Inflation rebounds to 1.5% on rising oil pricesBritain’s headline rate of inflation jumped sharply in October, it was confirmed this morning, due to the weakness of sterling and high oil prices. Source: Latest Business News from Times Online | 17 Nov 2009 | 2:37 am Asian stocks end mostly lower, Nikkei down 0.6%Most Asian share markets ended slightly lower Tuesday despite a strong performance on Wall Street and broad gains for resource stocks as fatigue set in after recent gains.
Source: MarketWatch.com - Top Stories | 17 Nov 2009 | 2:37 am EasyJet profit drops 14% on fuel costsEasyJet, Europe’s second-largest no-frills carrier, reports annual profit fell 14%, as rising fuel costs offset growing revenue.
Source: MarketWatch.com - Top Stories | 17 Nov 2009 | 2:35 am China, U.S. eye pact to help troubled banks: sourcesHONG KONG (Reuters) - Chinese and U.S. regulators are negotiating a pact aimed at encouraging Chinese financial institutions to buy into small and medium-sized banks in the United States, bankers briefed on the plan said on Tuesday.Source: Reuters: Business News | 17 Nov 2009 | 2:34 am China, U.S. eye pact to help troubled banks: sources (Reuters)Reuters - Chinese and U.S. regulators are negotiating a pact aimed at encouraging Chinese financial institutions to buy into small and medium-sized banks in the United States, bankers briefed on the plan said on Tuesday.Source: Yahoo! News: Business | 17 Nov 2009 | 2:34 am S&P 500 above 1,100Stocks rallied to 13-month highs Monday as investors focused on the weak U.S. dollar and Federal Reserve chairman Ben Bernanke said interest rates will remain low as the economy slowly recovers.Source: Business and financial news - CNNMoney.com | 17 Nov 2009 | 2:34 am UBS sets $14.9 billion profit targetUBS Chief Executive Oswald Gruebel on Tuesday laid out more details of his plans to turn around the ailing bank as the Swiss giant targeted annual pretax profit of 15 billion Swiss francs ($14.9 billion) in the medium term.
Source: MarketWatch.com - Top Stories | 17 Nov 2009 | 2:30 am Stamp duty 'will affect regions'The end of the stamp duty holiday will have a "detrimental effect" on the housing market in areas yet to see a recovery, surveyors say.Source: BBC News | Business | World Edition | 17 Nov 2009 | 2:24 am UPDATE 1-Thai PTT Aromatics to invest $330 mln over 5 yearsBANGKOK, Nov 17 (Reuters) - Thailand's PTT Aromatics and Refining (PTTAR) said on Tuesday it planned to invest $330 million over the next five years, mostly to upgrade oil product facilities to meet Euro...Source: RSS feed - channel BNewsBusiness | 17 Nov 2009 | 2:23 am British Land eyes properties worth £2.5bnBritish Land has said it is eyeing properties worth £2.5bn after posting its first quarterly increase in asset values for two years.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Nov 2009 | 2:23 am Microsoft co-founder Allen has cancerMicrosoft co-founder Paul Allen has been diagnosed with non-Hodgkin's lymphoma, more than 25 years after he was treated for Hodgkin's disease, a spokesman at his company Vulcan Inc. told CNN on Monday.Source: Business and financial news - CNNMoney.com | 17 Nov 2009 | 2:17 am This Doesn’t Look Like A Pleasant Work Environment
Source: Business Pundit | 17 Nov 2009 | 2:16 am Asian markets mostly lower as commodities retreat (AP)
Source: Yahoo! News: Stock Markets News | 17 Nov 2009 | 2:15 am Post Office may cut Saturday serviceThe U.S. Postal Service reported a $3.8 billion loss in the 2009 fiscal year, and plans to propose to Congress in 2010 that it drop Saturday delivery.Source: Business and financial news - CNNMoney.com | 17 Nov 2009 | 2:01 am Sino-US talks fail to bridge differencesThe US and China pledge to intensify co-operation on the economy, climate change and non-proliferation of nuclear weapons, but little concrete progress is made on the issues that divide themSource: Financial Times - US homepage | 17 Nov 2009 | 2:01 am How the Fed let AIG banks off easyFederal regulators, in rushing to rescue AIG last year, failed to use their clout to negotiate concessions from business partners of the troubled insurer, a bailout overseer said on Monday.Source: Business and financial news - CNNMoney.com | 17 Nov 2009 | 2:00 am easyJet expects tough winter as profits diveThe lowcost airline expects a "tough winter" as it reported a sharp fall in fullyear profits as fuel costs rose.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Nov 2009 | 1:59 am Media Digest 11/17/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: The head of GMAC quit. Reuters: Microsoft (NASDAQ:MSFT) co-founder Paul Allen has cancer. Reuters: The Fed will keep rates low. Reuters: Lehman sued Barclays (NYSE:BCS) over a “wind fall” profit on assets. Reuters: A government watchdog says the Fed did a poor job getting bank concessions for AIG (NYSE:AIG). Reuters: Banks warned Congress on giving the government power to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 17 Nov 2009 | 1:55 am £50m revamp for 'worst stations'Ten railway stations in England, including Manchester Victoria and Clapham Junction, are to get £50m to carry out urgent improvements.Source: BBC News | Business | World Edition | 17 Nov 2009 | 1:54 am UPDATE 1-DONG Energy profit hit by lower prices* Gas production nearly doubles in Jan-Sept, oil output downSource: RSS feed - channel BNewsBusiness | 17 Nov 2009 | 1:52 am UCB plans to cut around 2 percent of workforceBRUSSELS, Nov 17 (Reuters) - Belgian pharmaceutical group UCB said on Tuesday it planned to cut around 2 percent of its workforce with a streamlining of activities in Britain and Belgium. UCB, a central...Source: RSS feed - channel BNewsBusiness | 17 Nov 2009 | 1:52 am Cable & Wireless unveils demerger timetableCable & Wireless, the telecoms group, has finally given a firm timetable for its long-awaited demerger into UK and international businesses which the company said will be completed by the end of March. Source: Latest Business News from Times Online | 17 Nov 2009 | 1:48 am Cable & Wireless unveils demerger timetableCable & Wireless, the telecoms group, has finally given a firm timetable for its long-awaited demerger into UK and international businesses which the company said will be completed by the end of March. Source: Latest Business News from Times Online | 17 Nov 2009 | 1:48 am UPDATE 2-Informa says on track in 2009, positive for 2010* Reaffirms 2009 operating margin likely to exceed last yearSource: RSS feed - channel BNewsBusiness | 17 Nov 2009 | 1:46 am Europe Markets: Europe pulls back for first time in five sessionsRecent gains for European shares grind to a halt on Tuesday, with commodity-sector shares falling back and offsetting gains for selected financial firms.
Source: MarketWatch.com - Top Stories | 17 Nov 2009 | 1:46 am Burberry profits down by a fifthLuxury clothing brand Burberry reports a fall in profits for the sixth months to the end of September.Source: BBC News | Business | World Edition | 17 Nov 2009 | 1:42 am IMF head eyes global currency change, presses on yuanBEIJING (Reuters) - The imperative of greater global currency stability means the world can no longer rely, as it has done since the end of the gold standard, on a currency issued by a single country, the head of the IMF said on Tuesday.Source: Reuters: Business News | 17 Nov 2009 | 1:36 am UPDATE 2-DeCODE Genetics files for Chapter 11, to sell assets* Lists assets of $69.9 million, debt of $313.9 millionSource: RSS feed - channel BNewsBusiness | 17 Nov 2009 | 1:32 am UPDATE 2-DeCODE Genetics files for Chapter 11, to sell assets* Lists assets of $69.9 million, debt of $313.9 millionSource: RSS feed - channel BNewsBusiness | 17 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 | 17 Nov 2009 | 1:31 am Asia Markets And Europe Open 11/17/2009Markets in Asia were mixed. The Nikkei fell .6% to 9,730. Sony (NYSE:SNE) dropped. The Hang Seng was down .1% to 22,914. The Shanghai Composite rose .2% to 3,283. At the open in Europe, the FTSE fell .5% to 5,357. The Dax dropped .3% to 5,789. The CAC 40 fell .4% to 3,648. Data from Reuters and MarketWatch. Douglas A. McIntyre Posted [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 17 Nov 2009 | 1:30 am UPDATE 1-Heritage hopes to sign Genel merger by year endLONDON, Nov 17 (Reuters) - Heritage Oil said talks with Turkey's Genel Energy are ongoing and that it hopes to reach a formal agreement on the proposed $6 billion merger before the end of the year. ...Source: RSS feed - channel BNewsBusiness | 17 Nov 2009 | 1:25 am UPDATE 1-Heritage hopes to sign Genel merger by year endLONDON, Nov 17 (Reuters) - Heritage Oil said talks with Turkey's Genel Energy are ongoing and that it hopes to reach a formal agreement on the proposed $6 billion merger before the end of the year.Source: RSS feed - channel BNewsBusiness | 17 Nov 2009 | 1:25 am MOL sees depressed downstream outlook -CFOBUDAPEST, Nov 17 (Reuters) - Hungarian oil and gas company MOL sees no palpable improvement in downstream performance in the remainder of 2009 and even next year could only bring a slight improvement,...Source: RSS feed - channel BNewsBusiness | 17 Nov 2009 | 1:25 am easyJet warns of 'tough winter' as profit falls 65%easyJet, the budget airline, today revealed that full-year profits plunged by 65 per cent and warned of a "tough winter" as rising unemployment hits demand for travel. Source: Latest Business News from Times Online | 17 Nov 2009 | 1:21 am Hopu plans up to $1 bln for China Mingsheng IPOHONG KONG, Nov 17 (Reuters) - Private equity fund Hopu plans to invest up to $1 billion in the Hong Kong initial public offering of China Minsheng Bank , a mid-sized lender aiming to raise $4.07 billion...Source: RSS feed - channel BNewsBusiness | 17 Nov 2009 | 1:20 am Clipped wingsDebt-laden airline Aer Lingus mulls further job cutsSource: BBC News | Business | World Edition | 17 Nov 2009 | 1:16 am Easyjet sees profits drop by 50%Annual profits at budget airline Easyjet halve to £54.7m after the rising price of oil pushed up fuel costs.Source: BBC News | Business | World Edition | 17 Nov 2009 | 1:11 am Tide may be changing at Port of L.A.Exports in October rise, and glimmers of hope are seen up and down the West Coast.Exports were up at the Port of Los Angeles in October for the first time this year, as Chinese consumers led a drive to buy U.S. products and factories stocked up on raw materials.
Source: L.A. Times - Business | 17 Nov 2009 | 1:00 am Green Wave Energy is trying to turn wind power market on its axisThe company and investors are banking on the unconventional design of its microturbines that can generate energy by capturing breezes from any direction.The potential for profit is blowing in the wind, and Green Wave Energy Corp. plans to catch it.
Source: L.A. Times - Business | 17 Nov 2009 | 1:00 am CalPERS board votes to tighten disclosure rules for intermediariesThe new policy by the California Public Employees' Retirement System would make outside fund managers list all campaign contributions or gifts made to board members by so-called placement agents.The beleaguered board of the California Public Employees' Retirement System tightened rules requiring outside investment managers to disclose information about the sales intermediaries who help them do business with the $200-billion pension fund.
Source: L.A. Times - Business | 17 Nov 2009 | 1:00 am Bank of America seeks to foreclose on Maguire property in IrvineThe 16-story tower is among the first of what may be a wave of defaults, write-downs and workouts as the office market bottoms.Maguire Properties Inc., one of the region's largest commercial landlords, has been hit with a legal complaint by Bank of America Corp. seeking to foreclose on one of Maguire's prime Irvine office buildings.
Source: L.A. Times - Business | 17 Nov 2009 | 1:00 am Gap's Christmas cheer makes a boycott backfireThe American Family Assn. attacked Gap for not using the word 'Christmas' in its advertising -- but in fact it does, and in a big way too.The Mississippi-based American Family Assn. last week issued a fatwa against Gap Inc. -- the retailing giant whose brands include Gap, Old Navy and Banana Republic -- calling for a "two-month boycott over the company's failure to use the word 'Christmas' in its advertising to Christmas shoppers."
Source: L.A. Times - Business | 17 Nov 2009 | 1:00 am U.S. warplane fell from the sky and into obscurityA B-29 Superfortress that crashed near a village in southern China in November 1950 was mostly forgotten until President Obama visited the nation. Efforts to recover the crew's remains prove futile.Lin Zhengping was 13 the evening he saw the hills above his home glow. He was too frightened to go up and investigate.
Source: L.A. Times - Business | 17 Nov 2009 | 1:00 am GM plans to pay back its government loans earlyThe automaker, announcing a smaller-than-expected third-quarter loss, says it could pay $1.2 billion to the U.S. and Canada next month and be rid of the debts by June. Analysts question the idea.Borrowing a page from the playbooks of Bank of America and Goldman Sachs, General Motors Co. is moving to repay its federal loans early.
Source: L.A. Times - Business | 17 Nov 2009 | 1:00 am Fed targets fine print on gift cardsIt proposes rules that would limit fees and prohibit early expiration dates.The Federal Reserve proposed rules Monday that would protect gift card users from fees and other unexpected restrictions.
Source: L.A. Times - Business | 17 Nov 2009 | 1:00 am Gas prices fall though oil futures climb'California gasoline has more dropping to do to get in line with where it should be,' an analyst says.Pump prices edged lower nationally and in California over the last week, the Energy Department said Monday, and analysts were predicting the trend would hold in the near term despite a strong day for oil futures.
Source: L.A. Times - Business | 17 Nov 2009 | 1:00 am Millions may have to repay part of Making Work Pay tax creditSome people may have had too little withheld this year as a result of the tax credit, a cornerstone of the Obama administration's $787-billion economic stimulus package.Reporting from Washington Tiffany Hsu and Los Angeles -- More than 15.4 million Americans soon could learn that what the tax man giveth, the tax man can take away.
Source: L.A. Times - Business | 17 Nov 2009 | 1:00 am Regal 'pleased to divorce company from the past'Regal Petroleum today expressed disappointment after being fined a record £600,000 for breaching AIM rules under previous management but said it was pleased "to divorce the company from this historic episode". Source: Latest Business News from Times Online | 17 Nov 2009 | 12:57 am Irwin Kellner: Irrational exuberance takes an encoreBubbles are back, and it was only a matter of time, as the humongous volume of liquidity that central banks have injected into world financial markets had to show up somewhere.
Source: MarketWatch.com - Top Stories | 17 Nov 2009 | 12:53 am Asia Markets: Japan capital-raising fears may by overblownJapanese stocks are suffering from concerns of upcoming share offerings that would dilute the value of existing shares, but analysts differ on exactly how much of a worry this should be.
Source: MarketWatch.com - Top Stories | 17 Nov 2009 | 12:52 am Aussie market closes half a per cent downMELBOURNE - The Australian stock market closed lower after profit-taking investors pulled the market back from a positive start.At the 1615 AEDT close, the benchmark S&P/ASX200 index had fallen 25.8 points, or 0.54 per cent, to...Source: nzherald.co.nz - Business | 17 Nov 2009 | 12:46 am Microsoft cofounder Paul Allen treated for cancerPaul Allen the billionaire cofounder of Microsoft is being treated for cancer.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 17 Nov 2009 | 12:35 am easyJet warns of 'tough winter' as profit falls 65%easyJet, the budget airline, today revealed that full-year profits plunged by 65 per cent and warned of a "tough winter" as rising unemployment hits demand for travel. Source: Latest Business News from Times Online | 17 Nov 2009 | 12:27 am Lehman sues Barclays over windfall profits(Reuters) - Lehman Brothers Holdings Inc has filed a lawsuit against Barclays Capital Inc alleging the British bank took control of excess assets in collusion with Lehman executives when it bought its U.S. brokerage business a year ago, court documents show.Source: Reuters: Business News | 17 Nov 2009 | 12:19 am Microsoft co-founder Allen diagnosed with cancer (Reuters)
Source: Yahoo! News: Business | 16 Nov 2009 | 11:53 pm Microsoft co-founder Allen diagnosed with cancerSAN FRANCISCO (Reuters) - Microsoft Corp co-founder Paul Allen has been diagnosed with non-Hodgkin's lymphoma and has begun treatment, a spokesman for his investment company said on Monday.Source: Reuters: Business News | 16 Nov 2009 | 11:53 pm Gold at 5000 an ounce? Don't disgard itGold remains in focus and its price can still explode higher writes Martin Hutchinson.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 16 Nov 2009 | 11:46 pm Bernanke's rare intervention fails to calm fears over weak dollarFed chairman Ben Bernanke's attempt to shore up support for the dollar failed as the currency fell to fresh 15month lows.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 16 Nov 2009 | 11:31 pm Standard Chartered chief Peter Sands says customers will bear cost of regulationPeter Sands the chief executive of Standard Chartered says customers will ultimately shoulder the cost of heavier regulation on banks.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 16 Nov 2009 | 11:24 pm NZ market gives up early gainsThe New Zealand sharemarket gave up early gains to close lower on fairly light turnover.The benchmark NZSX-50 index closed down 42.452 points, or 1.338 per cent, at 3131.515, having opened up around 15 points.Turnover was...Source: nzherald.co.nz - Business | 16 Nov 2009 | 11:19 pm Mortgage delinquencies hit another record in 3Q (AP)
Source: Yahoo! News: Business | 16 Nov 2009 | 10:52 pm Dollar retreats from three week highThe New Zealand dollar retreated from three-week highs today as equity markets eased back and doubt emerged about the timing of the next Australian rate rise.By 5pm the NZ dollar was at US74.69c, having risen to US75.20c in morning...Source: nzherald.co.nz - Business | 16 Nov 2009 | 10:32 pm Microsoft co-founder Paul Allen diagnosed with non-Hodgkin's lymphomaThe Microsoft co-founder and billionaire investor Paul Allen has been diagnosed with non-Hodgkin's lymphoma and is undergoing chemotherapy. Source: Latest Business News from Times Online | 16 Nov 2009 | 9:47 pm NY Fed failed to negotiate AIG concessionsWASHINGTON (Reuters) - The Federal Reserve Bank of New York used a weak negotiating strategy that failed to wring concessions from AIG trading partners last year, allowing them to reap nearly $30 billion in payments from U.S. taxpayers, a government audit report said on Monday.Source: Reuters: Business News | 16 Nov 2009 | 8:44 pm SEC accuses 4 people in alleged Ponzi scheme (AP)AP - Federal regulators have accused four people and two companies of fraud in an alleged $30 million Ponzi scheme that lured 300 investors nationwide in purported eco-friendly investments.Source: Yahoo! News: Stock Markets News | 16 Nov 2009 | 8:16 pm Banks sense danger, warn Congress on breakup powerWASHINGTON (Reuters) - Some of the world's largest financial firms on Monday urged a top U.S. lawmaker not to pursue big bank break-up legislation, an idea attracting interest in Congress and causing alarm on Wall Street.Source: Reuters: Business News | 16 Nov 2009 | 8:01 pm Microsoft co-founder treated for cancerFamily reveals Paul Allen, co-founder of Microsoft, is being treated for a form of cancer known as non-Hodgkin’s lymphomaSource: Financial Times - US homepage | 16 Nov 2009 | 7:56 pm Soros' holdings increase, takes stake in Ford (Reuters)Reuters - Billionaire investor George Soros' hedge fund reported holdings of $6.2 billion during the third quarter, an increase of $2 billion, after taking a stake in automaker Ford and boosting his holdings in communications services stocks.Source: Yahoo! News: Stock Markets News | 16 Nov 2009 | 7:50 pm Soros' holdings increase, takes stake in FordBOSTON (Reuters) - Billionaire investor George Soros' hedge fund reported holdings of $6.2 billion during the third quarter, an increase of $2 billion, after taking a stake in automaker Ford and boosting his holdings in communications services stocks.Source: Reuters: Business News | 16 Nov 2009 | 7:50 pm Jason Media expects profit dropJasons Travel Media expects its interim operating earnings to be down, even though operating revenue is up.The NZAX-listed publisher said consolidated operating revenue for the six months to September 30 is expected to be 3 per...Source: nzherald.co.nz - Business | 16 Nov 2009 | 7:00 pm Small biz loans: $10 billion vanishesEight months after President Obama began prodding the nation's banks to increase their small business lending, the loan numbers continue to move in the opposite direction.Source: Business and financial news - CNNMoney.com | 16 Nov 2009 | 6:18 pm Buffett's Berkshire ups Wal-Mart stakeInvestor guru Warren Buffett almost doubled his stake in Wal-Mart, adding 18 million shares in the discount retailer in the third quarter of 2009.Source: Business and financial news - CNNMoney.com | 16 Nov 2009 | 6:05 pm Lehman seeks $10bn clawback in Barclays suitAttorneys representing the estate of Lehman Brothers filed a lawsuit against Barclays Capital, seeking to claw back as much as $10bn that it claims was transferred to the UK bank last year in the frenzied days following Lehman’s bankruptcySource: Financial Times - US homepage | 16 Nov 2009 | 5:48 pm Q&A: Google's online libraryQ: What? Google’s scanned in every book in the world? Google started a “secret” books project in 2002. It started scanning the pages of millions of books. The aim was, one day, to launch an online service enabling people to access pages and works. Google Books has done ten million so far Source: Latest Business News from Times Online | 16 Nov 2009 | 5:21 pm CIT has $1.07 billion loss before bankruptcy (Reuters)
Source: Yahoo! News: Business | 16 Nov 2009 | 5:20 pm UK recession is over, says MPC man Andrew SentanceA member of the Bank of England’s rate-setting committee said last night that the economy had emerged from recession in the quarter between July and September, contradicting initial figures published by the Office for National Statistics (ONS). Source: Latest Business News from Times Online | 16 Nov 2009 | 5:01 pm Passenger Focus accuses train companies of masking 15% fare risesRail passengers face fare rises of up to 15 per cent from January, with train companies accused of masking the full extent of the price increases. Source: Latest Business News from Times Online | 16 Nov 2009 | 5:01 pm Stocks jump as retail sales rebound in October (AP)
Source: Yahoo! News: Stock Markets News | 16 Nov 2009 | 4:25 pm Berkshire buys Nestle, Exxon; ups Wal-Mart stake (Reuters)Reuters - Billionaire Warren Buffett's Berkshire Hathaway Inc (BRKa.N)(BRKb.N) on Monday revealed new investments in Nestle AG and Exxon Mobil Corp and that it has nearly doubled its investment in Wal-Mart Stores Inc .Source: Yahoo! News: Business | 16 Nov 2009 | 4:21 pm How the major stock indexes fared on Monday (AP)AP - Investors kept the stock market's upward momentum going Monday, sending shares sharply higher after retail sales rebounded more than expected in October and the dollar extended its slide. Major stock indexes rose more than 1 percent to new 13-month highs, including the Dow Jones industrial average, which jumped 136 points. The Standard & Poor's 500 index closed above the 1,100 mark for the first time in more than a year.Source: Yahoo! News: Stock Markets News | 16 Nov 2009 | 4:15 pm Firm start for sharemarketThe New Zealand sharemarket made firm gains in early trading, with key stock Fletcher Building adding 1 per cent in the first few minutes after the market opened.The sound start to trading in this country followed rising equities...Source: nzherald.co.nz - Business | 16 Nov 2009 | 4:10 pm Infratil reports sizeable half year lossInfrastructure investor Infratil reported a half year loss of $31.4 million, affected by asset impairment and revaluation of financial instruments.The company today said its operating surplus for the six months to the end of September...Source: nzherald.co.nz - Business | 16 Nov 2009 | 4:00 pm US military supplier accused of prices fraudThe US government charged the main food supplier to troops in Iraq – the recipient of more than $8.5bn (€5.7bn, £5.1bn) in contracts – with systematically overcharging for burgers, chicken and crustaceans, among other productsSource: Financial Times - US homepage | 16 Nov 2009 | 3:43 pm Acampora on Market `Melt Up,’ Bove on Bank of America: AudioSource: Bloomberg - All Podcasts | 16 Nov 2009 | 3:38 pm Write-Offs: 11.16.09$$$ Ken Feinberg is sending you a coded message: "If I saw some mass exodus, which I do not anticipate, that would require me to rethink some of the basic assumptions that have entered into my determinations," Feinberg told Reuters Insider as part of the Reuters Global Finance Summit in New York. [Reuters] $$$ Want to donate to the Human Fund? Let JPMorgan know. [JPM] $$$ BofA's Moynihan Says Merrill Deal Aided U.S., Holders [Bloomberg] $$$ Double Talk on the Dollar [The Atlantic] 
 Source: Dealbreaker | 16 Nov 2009 | 3:36 pm GSK deal draws smokers’ vaccine closerThe NicVAX vaccine moved closer to the market after a deal between GlaxoSmithKline and the US biotech company Nabi Pharmaceuticals, which developed the productSource: Financial Times - US homepage | 16 Nov 2009 | 3:32 pm Broughton, Shroeder on Berkshire's Burlington Purchase: AudioSource: Bloomberg - All Podcasts | 16 Nov 2009 | 3:32 pm Hanover Finance records $100m lossHanover Finance, which is currently operating under moratorium, has recorded a $102 million loss for the year ended June 30, 2009.The company's accounts show it made an operating loss of $283.2 million for the year, but after...Source: nzherald.co.nz - Business | 16 Nov 2009 | 3:30 pm CA-CANADA Summary (Reuters)Reuters - Toronto's main stock index shot to its highest close in more than three weeks on Monday as a rally in oil prices helped power Suncor Energy and other oil and gas shares to comfortable gains. Shares of Suncor, the biggest contributor to the index's gain, rose 3 percent to C$38.04, followed by oil company Canadian Natural Resources, which closed up 3.3 percent at C$72.49.Source: Yahoo! News: Stock Markets News | 16 Nov 2009 | 3:15 pm Ken Lewis Jr. Canned As GMAC Financial CEO
Alvaro de Molina resigned at the request of GMAC Financial's board of directors due to "mounting concerns in recent weeks about his leadership and his vision for the company," The Wall Street Journal reports. It also notes that de Molina totally did not see it coming. The mutiny came at noon today. Despite running the company for more than a year and a half, de Molina wasn't exactly best friends with anyone on the board: It got an extreme makeover in May after GMAC Financial got a second round of federal money. Two of the company's directors are Treasury appointees; he apparently had even lost the support of the guy who got him the job, Cerberus Capital Management chief Stephen Feinberg, whose private equity firm continues to own 22% of GMAC Financial. Feinberg was apparently none too pleased when de Molina moved to make the lender a bank-holding company, which resulted in a serious diminution of Cerberus' control over GMAC Financial.
Source: Dealbreaker | 16 Nov 2009 | 3:15 pm Big take-up for Goodman issueGoodman Property Trust's latest bond issue has ended fully subscribed.Goodman has received broker firm commitments of $150 million in the corporate bond issue.Goodman was seeking to raise $100 million with rights to accept...Source: nzherald.co.nz - Business | 16 Nov 2009 | 3:15 pm Hilton opens deluxe Taupo hotelTourism centre Taupo gets a boost in the arm today with the opening of a luxury hotel.The $55m Hilton Lake Taupo offers 113 deluxe guest rooms, suites and apartments. One wing of the hotel is the bulding previously known as...Source: nzherald.co.nz - Business | 16 Nov 2009 | 3:15 pm Buffett & Berkshire Hathaway Holdings P-Z Q3-2009 (BRK-A, BRK-B, PG, RSG, SNY, STI, TMK, TRV, USB, USG, UNH, UNP, UPS, WMT, WPO, WFC, WLP, WSC, WBC)This is the list of Berkshire Hathaway Inc. (NYSE: BRK-A)(BRK-B) public US equity holdings as of September 30, 2009. As noted in the “A to F” and “G to O” lists, there have been changes since the cut off date and those have been noted where applicable. Here are Warren Buffett’s holdings and accompanying notes [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Nov 2009 | 3:11 pm Vans still guzzle more cash than carsLower fuel prices have helped reduce the gap between the cost of running a small car and a van RAC figures show.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 16 Nov 2009 | 3:08 pm Tax boss Dave Hartnett sets sights on middle classesAround 100000 bank customers risk being targeted as the taxman prepares for the biggest crackdown on untaxed holdings in offshore accounts.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 16 Nov 2009 | 3:01 pm Madoff's big boats on the blockFORT LAUDERDALE, Florida - A vintage 55-foot yacht named "Bull" and two smaller boats that once belonged to imprisoned financier Bernard Madoff are headed for the auction block, along with an even bigger yacht once owned by Madoff's...Source: nzherald.co.nz - Business | 16 Nov 2009 | 3:00 pm Meredith Whitney: "The Market Makes No Sense To Me"
Related? Citi: We Literally Have No Idea What Mike Mayo Is Talking About
Source: Dealbreaker | 16 Nov 2009 | 2:54 pm Buffett & Berkshire Hathaway Q3-2009 Holdings (BRK-A, BRK-B, GCI, GE, GSK, HD, IR, IRM, JNJ, KFT, LOW, MCO, NLC, NKE, NSC, NRG)Berkshire Hathaway Inc. (NYSE: BRK-A)(BRK-B) has its Q3-2009 public equity holdings as of September 30, 2009. In our group “A to F” we noted some interim changes in the lot. Here are Warren Buffett’s holdings and accompanying notes for the group ‘G to O.’ Gannett Co. (NYSE: GCI) 3.447 million shares, same as before. General Electric [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Nov 2009 | 2:48 pm Dry Bulk Shipping Stocks RallyTickerspy’s Dry Bulk Shipping Stock Index (*DBULK) rose 5.1% today, beating the S&P 500 by 1.3.%. Dry shipping stocks were given a boost by upgrades today. Deutsche Bank upgraded Genco (NYSE: GNK), Euroseas Ltd (NASDAQ: ESEA), and Eagle Bulk Shipping (NASDAQ: EGLE) today. All three made major moves today. Over half of the dry shipping stocks [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Nov 2009 | 2:39 pm Buffett & Berkshire Hathaway Q3-2009 Holdings A to F (BRK-A, AXP, BAC, BDX, BNI, KMX, KO, CMCSA, CDCO, COP, COST, XOM, ETN)Berkshire Hathaway Inc. (NYSE: BRK-A)(BRK-B) has shown its Q3-2009 holdings as of September 30, 2009. We had already seen how his securities holdings were up on the books in the holdings with earnings. There are also some portfolio changes that have taken place since the September 30 cut-off date. These have been broken down [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Nov 2009 | 2:33 pm It's Alive: Commercial Mortgage-Backed Securities Market Stirs A LittleIt took a year and billions in government bailout bucks, but the monster known as the mortgage-backed securities market is twitching. Developers Diversified Realty Corp. sold its 2009-DDR1 (Frankenbond) today, $400 million worth of the very paper that helped sink the economy. The five-year bonds are backed by 28 malls in 19 states. Will the world again be ravaged by MBS monsters stalking financial centers around the world? Not if they need federal financing. Frankenbond is the first CMBS deal eligible for TALF money, and the program expires tomorrow.
Source: Dealbreaker | 16 Nov 2009 | 2:25 pm Podcast: Looking For Criminals
Former Bear Stearns hedge fund manager Matthew Tannin leaves a Brooklyn court house after posting bail in June of 2008. (Spencer Platt/Getty Images) On today's Planet Money: Last week two Bear Stearns hedge fund managers were acquitted on charges of fraud, stemming from the collapse of two funds they managed in 2007. The government alleged the men knowingly misled investors about the health of the funds by lying about how much money they had personally invested in them and how many redemptions they had. The defense argued that comments made by the men in personal emails were just strategy talk. WNYC reporter Lisa Chow covered the case, she joins us to talk about the verdict and what it may mean for future trials. Download the podcast; or subscribe. Music: White Rabbits' "They Done Wrong/We Done Wrong." Find us: Twitter/ Facebook/ Flickr. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Nov 2009 | 2:20 pm UN links climate with hungerBan Ki-Moon tells delegates at the World Food Summit in Rome the world cannot achieve food security without tackling global warmingSource: Financial Times - US homepage | 16 Nov 2009 | 2:18 pm CO2 Emissions Keep Rising, Despite Global EconomyBy Daniel Costello One indicator that didn't fall in 2009: global carbon dioxide levels. According to the Global Carbon Project, a group that provides policymakers with annual global carbon dioxide level estimates, each person on the planet produced 1.3 tons of carbon last year--an all-time high despite a global recession that slowed the growth of fossil fuel emissions for the first time this decade. Emissions grew 2 percent last year, to total 8.7 billion tons of carbon dioxide. Atmospheric carbon dioxide levels now average 385 parts per million, a 38 percent increase from preindustrial levels. While emissions grew at an average rate of 1 percent a year in the 1990s, the rate jumped to 3.6 percent a year this decade, as the developing world grew and produced more manufactured goods for developed nations.
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Nov 2009 | 2:02 pm Oil prices rally on weak dollar, demand expectations (AFP)
Source: Yahoo! News: Stock Markets News | 16 Nov 2009 | 1:59 pm SEC staff targets Beazer Homes CEO over bonus pay (AP)
Source: Yahoo! News: Business | 16 Nov 2009 | 1:51 pm SEC staff targets Beazer Homes CEO over bonus pay (AP)
Source: Yahoo! News: Stock Markets News | 16 Nov 2009 | 1:51 pm SEC files charges over "green" Ponzi scheme (Reuters)Reuters - The U.S. Securities and Exchange Commission charged four individuals and two companies with running a $30 million Ponzi scheme that targeted elderly investors and people nearing retirement who were seeking environmentally friendly investments.Source: Yahoo! News: Stock Markets News | 16 Nov 2009 | 1:49 pm Bernanke's Upbeat On The Economy, Sort OfBy Daniel Costello Fed Chairman Ben Bernanke spoke in New York this afternoon and had an upbeat take on the economy -- with just a few small caveats. Bernanke said high unemployment, a bad commercial real estate market and tight credit will limit economic growth through 2010, as will a still weak job market. He added sharp gains in business productivity aren't likely to be sustainable. Although he says future setbacks are "possible," Bernanke dismissed worries about another recession and partly played down concerns about the falling dollar, although he added the greenback's decline could put pressure on the central bank to raise interest rates if the trend worsens. One factor most likely to help the economy in the coming months, he says: rebounding economies in Asia and Europe. Here's the full speech. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 16 Nov 2009 | 1:15 pm Maria Bartiromo Asks Snoop Dog Why He Chose To Get Into Business Rather Than Crime, Origins Of The Nickname 'Snoop Dogg'
Source: Dealbreaker | 16 Nov 2009 | 1:11 pm Presented By:Source: Dealbreaker | 16 Nov 2009 | 1:11 pm Jamie Dimon Wins Again
Jamie Dimon is in talks to finish what he started five years ago, aiming to buy the rest of Cazenove Group. JPMorgan bought half of the bankers to the Queen five years ago as one of Dimon's first moves. As part of that 2004 deal, JPMorgan got the chance to take over the bank in toto, well, five years later. JPMorgan has offered £1 billion for the half of Cazenove it doesn't own. An announcement could come next week.
Source: Dealbreaker | 16 Nov 2009 | 1:10 pm Commvault Raised to `Buy’ at Goldman Sachs: AudioSource: Bloomberg - All Podcasts | 16 Nov 2009 | 12:51 pm Bloomberg's Goldman on Obama's Trip to Asia: VideoSource: Bloomberg - All Podcasts | 16 Nov 2009 | 12:45 pm Victoria's Secret Fashion Show: Dennis Kneale's Favorite Holiday Just Around The Corner
*Methinks it may be this line, which probably gave out some items on the house for the free advertising.
Source: Dealbreaker | 16 Nov 2009 | 12:25 pm Renminbi sparks strong viewsSpeculation is mounting about whether and when the Chinese currency will be allowed to strengthenSource: Financial Times - US homepage | 16 Nov 2009 | 12:10 pm Do Not Mess With Paul Touradji, Part Two Of A SeriesPaul Touradji knows his way around a courtroom. He also knows how to write a strongly-worded countersuit. So if you're planning to tussle with him, you'd better have your ducks in a row. Nick Maounis failed to heed this advice in September, but he's (wisely) had a change of heart, with a little help from Touradji. The Amaranth Advisors founder had his corpse of a hedge fund sue Touradji Capital Management for breach of contract and insider-trading, pointing the finger squarely at its namesake. Well, Paul Touradji has set Nick straight, and the latter offers up a sufficiently meek "explanation" for why he backed down in a joint statement. ...since filing the summons and notice, and consistent with their role as fiduciaries, the Amaranth parties have continued their investigation of the claims and of the transaction. Since then, Amaranth has received and evaluated additional information regarding the transaction, including trading records and other information voluntarily provided by Touradji Capital, that is consistent with Touradji Capital's position that it did not violate the agreement with Amaranth and did not misuse Amaranth's proprietary information. Well, we have it on good authority that the "information" voluntarily provided by Touradji included a draft countersuit. Selections follow.
Source: Dealbreaker | 16 Nov 2009 | 11:57 am Chinese activist lives in airport for weeksChinese rights activist Feng Zhenghu has been living in the terminal of Japan’s Narita airport after a fallout with Chinese authorities and Japanese airline All Nippon AirwaysSource: Financial Times - US homepage | 16 Nov 2009 | 11:35 am Orzag Says Health-Care Reform Has Come a Long Way: VideoSource: Bloomberg - All Podcasts | 16 Nov 2009 | 10:50 am Sneaky banks need to be set straightMany banks have been adding fees and hiding what they charge for their services. Commentator Amelia Tyagi says a new government agency could help force banks to be honest with their customers.Source: Marketplace | 16 Nov 2009 | 10:49 am Rice prices expected to riseDroughts and floods have ruined rice producers in Asia, which may have a negative impact on food security. Stacey Vanek-Smith reports.Source: Marketplace | 16 Nov 2009 | 10:49 am Drucker's principles still relevant todayIt's likely the company you work for has adopted some of the principles advocated by teacher Peter Drucker. Harvard professor Rosabeth Moss Kanter talks with Kai Ryssdal about the management guru's most important contributions.Source: Marketplace | 16 Nov 2009 | 10:43 am China stands up to currency criticismThe days when U.S. leaders would lecture China on economics and currency are gone. Scott Tong reports China is getting stronger in its ability to shush critics.Source: Marketplace | 16 Nov 2009 | 10:43 am Will health reform push up drug prices?Drug makers are raising prices in advance of the health-care overhaul in Congress. Why? Nancy Marshall Genzer reports.Source: Marketplace | 16 Nov 2009 | 10:43 am GM hopes payback puts it back on trackGM's outlook has improved so much that it plans to start repaying the $6.7 billion it owes U.S. taxpayers in December. John Dimsdale reports.Source: Marketplace | 16 Nov 2009 | 10:43 am Bernanke tackles price stability, jobsFederal Reserve Chairman Ben Bernanke spoke and took questions at an event in New York, and offered a glimpse into our economic future. Jeremy Hobson reports.Source: Marketplace | 16 Nov 2009 | 10:43 am Zimbalist Says Big Payroll Can’t Guarantee Baseball Wins: AudioSource: Bloomberg - All Podcasts | 16 Nov 2009 | 10:42 am Sorkin's Book May Beat Gasparino's In Instances of "F*ck" Per Page But It Falls Short In Self-Love
Source: Dealbreaker | 16 Nov 2009 | 10:39 am Maryann Keller Sees Auto Industry Beginning to Recover: AudioSource: Bloomberg - All Podcasts | 16 Nov 2009 | 10:39 am Collender Says More Fiscal Stimulus Is `Hard to Justify’: AudioSource: Bloomberg - All Podcasts | 16 Nov 2009 | 10:24 am Telsey Sees `Decent’ Holiday Season for U.S. Retailers: AudioSource: Bloomberg - All Podcasts | 16 Nov 2009 | 10:23 am LaVorgna Sees 10-Year Note Yield at 4.75% to 5% in 2010: AudioSource: Bloomberg - All Podcasts | 16 Nov 2009 | 10:19 am More Defense Of DerivativesBy Daniel Costello The list of deep-pocketed opponents to Senate Banking Committee Chairman Christopher Dodd's ambitious financial regulation plan continues to grow. Blue-chip companies including Caterpillar Inc., Duke Energy Corp. and others are raising concerns that Dodd's proposal to strengthen regulation around financial derivatives would unfairly stop them from managing their own business risks. Derivatives are financial contracts that can be used to hedge against changes in stocks, bonds, currencies and other factors. Many manufacturers and other companies, known as "end-users" in the derivatives market, use the unpopular financial instruments to hedge their own business risks. The current House financial regulation bill would exempt such "end-users" from new rules and collateral requirements that would apply to banks and other participants. But Dodd's recent draft bill more closely matches the Obama administration's proposed plan that grants only a limited exception to contracts that qualify for hedging under accounting standards. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Nov 2009 | 10:15 am A Consumer Rebound, At Least For Nowby Daniel Costello U.S. retail sales posted a seasonally-adjusted 1.4 percent increase in October, led by a rebound in auto sales after car sales dipped following the conclusion of this summer's Cash-for-Clunkers program. Excluding the 7.4 percent increase in auto sales, retail sales rose 0.2 percent in October,the Commerce Department said Monday. Sales excluding autos have risen for three months in a row and in five of the past six months. The question now is how long consumers will maintain their spending. Sales in several consumer categories have moderated in recent weeks, suggesting the trend is softening. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Nov 2009 | 8:22 am Morning Report: GM Will Pay Back Loan Early; TARP Likely To Remain Through 2011By Daniel Costello General Motors Co. is expected to fully repay its $6.7 billion in U.S. government loans by 2011, four years earlier than required. The auto manufacturer reported the news Monday after announcing recent sales exceeded expectations and costs came in lower than expected. Under the plan, the automaker said it will begin paying the U.S. Treasury Department $1 billion each quarter, beginning at the end of December. The government has given GM a total of $52 billion, including $45.3 billion in exchange for a 61 percent equity stake in the company. Chief Executive Officer Fritz Henderson cautioned that the earnings numbers don't comply with U.S. accounting standards and cover only the part of the quarter after GM left Chapter 11 bankruptcy protection on July 10. Still, the report was better than many analysts expected. Meanwhile, it looks increasingly likely that TARP, the Troubled Asset Relief Program, with be with us for another year. The Obama administration is leaning towards extending the program into next year in case of another financial emergency, the Financial Times reports. Last week, the administration announced that $472.5 billion of a possible $700 billion has been committed so far. The White House is considering using some of the unused funds to reduce the 2011 deficit, although it is unclear how much of TARP money the Treasury and the White House would agree to use toward deficit reduction. And, although it's too early to know what kind of health reform passes in Congress, if at all, some onlookers are growing worried about a provision in the current legislation that would allow insurers to begin selling coverage plans across state lines -- an element some Republicans and conservative Democrats are insisting remains in the bill. The worry: health plans sold across state lines could take advantage of the lenient rules in some jurisdictions while avoiding tougher enforcement states, diluting often stronger state-based insurance regulations. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 16 Nov 2009 | 7:22 am The 25 Highest Paid Sports Coaches in the WorldHow much can you make a year managing a sports team? A lot–if you’re in the right sport, and in the right country. If you can guide the Brazilian soccer team to yet another World Cup victory, or bring an NBA title to every team you touch, you will be rewarded. Handsomely. Here are the 25 highest-paid sports coaches on the globe. See what it takes to make those millions: 25. John Calipari
After sixteen years of NCAA coaching, this hot University of Massachusetts college basketball coach got his big shot with the NBA. Alas, it was for the New Jersey Nets. When the University of Memphis came calling four years later, Calipari moved there. Compared to Jersey, the blue grass smells just fine, thank you very much. 24. Charlie Weiss
Weiss, a 15-year NFL veteran, went “back to school” to coach Notre Dame’s team. Weiss’ mother reportedly told this good Catholic boy that if he could ever work for Notre Dame, he should do so. For free. Luckily, the school and alumni were nice enough to give him a little bit of money for food, bills and such. 23. Joe Torre
This 9-time MLB All-Star player won the World Series in his first year as the Yankees’ head coach. The stellar manager topped it off with three more World Series wins before coming out to bask in the Los Angeles sunshine. 22. Pete Carroll
Thinking about going back to college? It worked for Pete Carroll. After enjoying 15 years of moderate success as an NFL coach, he went back to USC. He turned USC’s program into a powerhouse again, snagging two BCS bowl National Championships within 4 years. He also gets to live in sunny California. 21. Nick Saban
What are you going to be doing in 2017? Nick Saban knows what he will be doing: Coaching the Alabama Crimson Tide. A long-term deal with a legendary college football program has a way of throwing the spotlight on you. But, jeez, Nick. Watch the tan. It’s inching toward George Hamilton territory. 20. Jim Mora
The Atlanta Falcons were a fun team to coach. That Michael Vick has some future, eh? But Atlanta just doesn’t have enough rain and coffee. What to do? Jim Mora solved that problem by taking an assistant coach job with the Seattle Seahawks, owned by that other Microsoft guy. He waited for Mike Holmgren (previously the highest paid NFL coach) to retire. Bam. 5 million. Not bad. 19. Bill Bellichick
Sure, he has three Super Bowl Rings, four conference titles and six division crowns. But Bill Bellichick is known more for his cut-off hoodies. You could call him a football genius, impresario, sloppy Bill, or cheater. Just know that the Mastermind doesn’t really care what he looks like. Or what you think. That’s Tom Brady’s job. 18. Tom Coughlin
Coughlin kind of looks like your neighbor who screams at you to “get off his lawn!” Known for his old-school style and colorful language, the New York Giants coach secured his dream QB in Eli Manning. He then guided the team to a Super Bowl championship after 12 seasons in the NFL. Well done, sir. And nice black socks! 17. Glenn ‘Doc’ Rivers
With the addition of Kevin Garnett and Ray Allen to the Boston Celtics, Doc Rivers has made some people forget just how bad of coach he was in Orlando (he won under 50% in more than 8 years). During the past two seasons, he had the Celtics and their faithful believing in the playoffs once again. 16. Lovie Smith
He took the Bears to the Super Bowl in 2006, twenty years after Ditka did it with the Fridge. Beset by injuries and QB changes, the soul of Chicago football still reflects Lovie’s smooth style and tireless work ethic. 15. Jeff Fisher
One of the most beloved members of the NFL football family, Jeff Fisher was known as a hard working, loyal player. Those traits solidified his Tennessee Titans coach position for the past 15 years–the longest tenure of any current head coach. It turns out that they pay well for loyalty and stability, too. 14. Larry Brown
Take heed, D’Antoni. New York put so much pressure on the Knicks owners to fire Larry Brown that they paid him $18 million to kindly take his ball and leave. His bags of cash and legend remained firmly intact when he moved down to Charlotte, N.C to coach the Bobcats. Besides, $6 million goes a lot further down South. 13. Don Nelson
Earlier in his career, Nelson was a five-time NBA champion. He’s the second-winningest coach in the history of the NBA (1,309). He was named NBA Coach of the Year three times. Despite all those accolades, he has the worst job in the NBA. It has been said that the team he coaches, the Golden State Warriors, couldn’t beat a Catholic girls basketball team. Ouch. Maybe that is why Don Nelson lives in Hawaii during the off-season. 12. Mike D’Antoni
Mike D’Antoni turned the Phoenix Suns around. Then, it all fell apart. After that, the storied Chicago Bulls came calling with a bit more money. But who can say no to coaching in the world’s media capital? After struggling for an identity, the New York Knickerbockers landed their elusive coach. Now the Big Apple has a new punching bag. 11. Arsene Wenger
The French manager’s patented approach of crafting young players into superstars keeps Arsenal on top. Wenger turned down a pile of money from Real Madrid in the summer of 2009, endearing him to fans for years to come. Continue to the top 10 Highest Paid Sports Coaches in the World ->
Source: Business Pundit | 16 Nov 2009 | 6:25 am 8 Insane Japanese Robots That Will Take Your Job (And Possibly Your Life)If you’re a chef, musician, cleaner, model, or just anyone, you should be afraid. Very afraid. You’re about to lose your job – and when robots rule the employment roost, don’t be surprised if you end up losing your life too… Note: the following is pure speculation and may be an example of mass hysteria mongering. 8. HRP-4C the Robot Supermodel
7. Mobiro the Robotic Violinist
6. Motoman SDA-10 the Robot Chef
5. RI-MAN Elderly Care Robot
4. Home Assistant Robot
3. AIBO the Robot Dog
2. MechaDroid C3 the Receptionist
1. Asimo the Waiter
Images: gameimp, palgus, steve keys, Tracy O, kosmokomik, wikipedia, takomabibelot
Source: Business Pundit | 16 Nov 2009 | 4:22 am Quick n’ Dirty Liability Disclaimer
Source: Business Pundit | 16 Nov 2009 | 4:04 am Study: Niaspan More Effective in Combatting Artery Thickness than Vytorin, Zetia
A clinical trial has found that Merck’s Vytorin and Zetia cholesterol pills don’t treat clogged arteries as effectively as Abbott Labs’ Niaspan, a form of Niacin (Vitamin B3). Bloomberg reports: In a clinical trial reported yesterday, researchers found a decrease in the thickness of artery walls in patients given Niaspan, while those on Zetia had no change. Artery thickness is believed to be a predictor of risk in heart attack and stroke because it restricts blood flow, the researchers said. The results…could also pump up sales for Abbott’s drug, a form of niacin, or Vitamin B, that increases HDL, and mean less revenue for Merck’s Zetia and Vytorin, which combines Zetia with the statin simvastatin to lower bad cholesterol, or LDL. Zetia…is designed to work in the digestive tract by stopping the absorption of cholesterol from food. Niaspan, by contrast, works by raising levels of high- density lipoprotein, or HDL cholesterol, believed to protect against heart attacks by collecting excess artery-clogging LDL cholesterol in the blood and taking it to the liver where it can be disposed. Using Niaspan, with $786 million in sales last year, to raise HDL has been limited because the drug can cause facial flushing. Merck is testing a form of niacin in combination with an experimental drug laropiprant and will seek U.S. regulatory approval for the medicine as early as 2010. A negative finding like this one could cut Zetia and Vytorin’s revenue by $800 million, or 20%, according to the article. It could also set off a wave of interest in niacin as a cheaper, more effective cholesterol-fighting measure. The Mayo Clinic has more on lowering cholesterol with niacin.
Source: Business Pundit | 16 Nov 2009 | 3:37 am
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