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London Markets: Deal speculation helps limit downside in LondonDeal speculation builds again in London, this time with Reckitt Benckiser in the spotlight, helping limit downside for the top British share index on Thursday.
Source: MarketWatch.com - Top Stories | 19 Nov 2009 | 3:32 am Credit card 'scam' in Spain could affect you - even if you haven't been thereConsumers have been warned to check their credit card statements after a suspected card fraud was uncovered in Spain.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 3:30 am Asia helps feeble West in global recovery: OECD (Reuters)Reuters - Asia is leading the global economy out of the deepest downturn in decades but the recovery will be marred by high unemployment and huge government debt across the industrialized countries, the OECD said on Thursday.Source: Yahoo! News: Business | 19 Nov 2009 | 3:29 am Few homeowners get lasting reliefOnly a tiny percentage of troubled homeowners have received permanent modifications under President Obama's foreclosure prevention plan, raising concerns about the effectiveness of the $75 billion effort.Source: Business and financial news - CNNMoney.com | 19 Nov 2009 | 3:24 am Infineon swings to profit as demand recoversGerman semiconductor maker Infineon Technologies AG retuns to profitability in the fiscal fourth quarter.
Source: MarketWatch.com - Top Stories | 19 Nov 2009 | 3:24 am One Million American Face Lose Of Jobless Benefits In JanuaryThe National Employment Law Project says that the public’s perception of what will happen to insurance benefits for the unemployed early next year is flawed. Most press reports on Congressional action on the matter say that one million people have had their benefits extended well into 2010. That apparently is not so. The NELP released a [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 19 Nov 2009 | 3:22 am Seasonal rise in mortgage lendingUK mortgage lending rose by 5% in October compared with the previous month, according to a lenders' group.Source: BBC News | Business | World Edition | 19 Nov 2009 | 3:21 am 7 tips for buying foreclosuresForeclosures are dominating the housing market. Right now, there are 1.5 million such homes for sale, and more are expected to be available soon. That provides both opportunities and pitfalls for bargain hunters.Source: Business and financial news - CNNMoney.com | 19 Nov 2009 | 3:21 am U.S. recovery seen subdued, jobless rate high: OECDWASHINGTON (Reuters) - The U.S. economic recovery will be weaker than after previous deep recessions, and the high jobless rate will decline only slowly, the OECD said on Thursday.Source: Reuters: Business News | 19 Nov 2009 | 3:21 am Stocks poised to dropU.S. stocks were poised for a drop Thursday, as concerns about the economic recovery resurfaced, rattling investors.Source: Business and financial news - CNNMoney.com | 19 Nov 2009 | 3:16 am Rise in public sector borrowingUK public sector net borrowing reached £11.42bn last month, the highest for the month of October since records began.Source: BBC News | Business | World Edition | 19 Nov 2009 | 3:09 am SABMiller sees 26% drop in profitSABMiller, the world's second largest brewer, sees its half-year profit drop after being affected by unfavourable currency moves.Source: BBC News | Business | World Edition | 19 Nov 2009 | 3:06 am UK borrowing spirals as tax receipts dwindleThe dire state of the public finances will be underlined today with official figures expected to show a further rise in borrowing.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 3:04 am OECD sees Fed, ECB rates on hold into late 2010PARIS (Reuters) - The world's key central banks will not need to start raising policy interest rates until late 2010 due to low inflation and economic slack, and can then proceed gradually, the OECD said in a report published on Thursday.Source: Reuters: Business News | 19 Nov 2009 | 3:03 am UK retail sales growth picks upUK retail sales in October rose at the fastest annual pace since May 2008, government figures show.Source: BBC News | Business | World Edition | 19 Nov 2009 | 3:02 am OECD urges governments to sort out finances as recession recedesIt is time for Governments to spell out their plans to balance their budgets as recession recedes the OECD said.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 3:01 am Europe Markets: Miners, Danone pressured in mildly lower EuropeLower commodity futures drag on miners and shares in yogurt maker Danone fall after it cuts its sales guidance.
Source: MarketWatch.com - Top Stories | 19 Nov 2009 | 3:01 am SABMiller net drops 31% on currencies, revamp costSlightly weaker beer volume offsets price hikes and improves productivity.
Source: MarketWatch.com - Top Stories | 19 Nov 2009 | 3:00 am Asian markets end mixed, Nikkei drops 1.3%Asian stock markets ended mixed Thursday, with Japanese shares skidding as Mitsubishi UFJ Financial Group’s capital-raising plans raised concern about equity dilution while a strong yen hurt exporters.
Source: MarketWatch.com - Top Stories | 19 Nov 2009 | 3:00 am Morrisons begins search for new CEORichard Pennycook, finance director of Wm Morrison, on Thursday put himself in the running to succeed departing chief executive Marc Bolland as the supermarket operator reported slowing sales growth in...Source: RSS feed - channel BNPaperBusiness | 19 Nov 2009 | 2:59 am J.P. Morgan buying Cazenove for $1.7 billionJ.P. Morgan said Thursday that it will buy Cazenove, its U.K. joint venture partner, for around 1 billion pounds ($1.67 billion) in a deal that will net big payouts for many current and former employees.
Source: MarketWatch.com - Top Stories | 19 Nov 2009 | 2:59 am Range-bound dollar cools risk-rallyGlobal Markets Overview: Riskier assets appeared paralysed in the shadow of multi-month peaks on Thursday as the dollar, the perceived driver of recent activity, remained trapped in a tight range.Source: Financial Times - US homepage | 19 Nov 2009 | 2:50 am New to bond investing? Read this first.Question: I'm 26 and want to set up a diversified portfolio for retirement. I'm almost totally invested in stocks, but I know that I should put some money into bonds. I really don't understand how they work, however, and I don't feel comfortable investing in something I don't understand. For example, I think I get the basic idea of a bond, but when I see bond yields fluctuate, I get confused. Aren't they supposed to have a consistent interest rate? --John, Portchester, New YorkSource: Business and financial news - CNNMoney.com | 19 Nov 2009 | 2:48 am Karzai says Afghan army aims to take chargePresident Hamid Karzai said the Afghan National Army should aim to take the lead responsibility for security in unstable parts of the country within the next three yearsSource: Financial Times - US homepage | 19 Nov 2009 | 2:44 am Britain's borrowing hits record £11.4 billionThe threadbare public finances were thrown back into the spotlight today as it was revealed the Government was forced to borrow £11.4 billion in October to meet its bills - the worst figure for the month since records began in 1946. Source: Latest Business News from Times Online | 19 Nov 2009 | 2:44 am Business rebounds at China MobileThe world's biggest mobile operator, China Mobile, says its business has returned to levels seen before the global downturn.Source: BBC News | Business | World Edition | 19 Nov 2009 | 2:43 am Best holiday gifts for the foodieChoose one of these culinary gift ideas for the kitchen lover in your life.Source: Business and financial news - CNNMoney.com | 19 Nov 2009 | 2:38 am JP Morgan Cazenove bankers to share £740m in takeoverCurrent and former staff at JP Morgan Cazenove will share £740 million under a £1 billion deal to buy out the investment banking joint venture by America’s JP Morgan announced this morning. Source: Latest Business News from Times Online | 19 Nov 2009 | 2:36 am For sale: Vampire Twilight mansionSource: Business and financial news - CNNMoney.com | 19 Nov 2009 | 2:33 am Santander launches 'free' bank accountSantander, the bank group which owns Abbey, Bradford & Bingley and Alliance & Leciester, is launching a no-fee current account, with no charges for overdraft use or access to foreign ATMs. Source: Latest Business News from Times Online | 19 Nov 2009 | 2:33 am JPMorgan takes control of UK brokerRead full story for latest details.Source: Business and financial news - CNNMoney.com | 19 Nov 2009 | 2:32 am Cappuccino crime wave as middle managers feel the pinchThe recession has fuelled a cappuccino crime wave among middle managers desperate to maintain their high living standards research has revealed.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 2:27 am Asian stocks mixed amid US weakness; Europe down (AP)
Source: Yahoo! News: Stock Markets News | 19 Nov 2009 | 2:18 am National Grid increases first-half profits by 16%National Grid, the operator of Britain's high-voltage electricity transmission and gas distribution networks, reported a 16 per cent increase in first-half profit and said it continued to expect a strong year.The company, which has borrowings of £22 billion, said it was fully-funded for the 12 months to March 31 2010 and was on track to deliver its investment programme of £3.4 billion. Source: Latest Business News from Times Online | 19 Nov 2009 | 2:17 am Stronger dollar weakens gold, equities slipLONDON (Reuters) - The dollar pushed further away from 15-month lows on Thursday, forcing gold prices lower while global equities slipped from the top of their recent range.Source: Reuters: Business News | 19 Nov 2009 | 2:09 am Stronger dollar weakens gold, equities slip (Reuters)
Source: Yahoo! News: Business | 19 Nov 2009 | 2:09 am Stronger dollar weakens gold, equities slip (Reuters)
Source: Yahoo! News: Stock Markets News | 19 Nov 2009 | 2:09 am Concerns grow over stimulus jobs tallySo just how many jobs has the $787 billion stimulus package created or saved?Source: Business and financial news - CNNMoney.com | 19 Nov 2009 | 2:08 am Seoul ready to ‘talk again’ to US on carsLee Myung-bak, South Korea’s president, says Seoul is willing to ‘talk again’ to Washington on cars, the main sticking point in a stalled trade agreement between the twoSource: Financial Times - US homepage | 19 Nov 2009 | 2:06 am 1 million jobless may lose benefitsOne million people could lose unemployment benefits in January if Congress doesn't extend federal aid, according to a report released Wednesday.Source: Business and financial news - CNNMoney.com | 19 Nov 2009 | 2:06 am 'Record' customers at MorrisonsMorrisons says a record 10.8 million customers visited its stores during the August to October period.Source: BBC News | Business | World Edition | 19 Nov 2009 | 2:05 am Fed officials play down impact of weak dollar (Reuters)Reuters - Federal Reserve officials on Thursday downplayed the consequences of the falling U.S. dollar, underscoring that deflation is still a threat, especially with commercial real estate prices falling.Source: Yahoo! News: Business | 19 Nov 2009 | 2:05 am Fed officials play down impact of weak dollarHONG KONG/SINGAPORE (Reuters) - Federal Reserve officials on Thursday downplayed the consequences of the falling U.S. dollar, underscoring that deflation is still a threat, especially with commercial real estate prices falling.Source: Reuters: Business News | 19 Nov 2009 | 2:05 am Media Digest 11/19/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: Senate Democrats unveiled their healthcare plan. Reuters: Hedge fund manage Griffin has rebounded from losses. Reuters: GM must pay its debt and become profitable before an IPO. Reuters: Kraft (NYSE:KFT) is still considered the front-runner to buy Cadbury. Reuters: GE (NYSE:GE) expects slow growth in its huge technology infrastructure group in 2010. Reuters: A member of the Fed said [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 19 Nov 2009 | 2:04 am Diary of a private investor: just seven shares in the ideal portfolio?James Bartholomew has just seen one of his biggest holdings go bust - but is greater diversification the answer?Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 1:44 am Currencies: Dollar gains on euro in Asian tradingInvestors seek the perceived safety of the low-yielding currency.
Source: MarketWatch.com - Top Stories | 19 Nov 2009 | 1:44 am UPDATE 2-Aegis reconfirms full-year profit guidanceLONDON, Nov 19 (Reuters) - Cost cutting helped Aegis reiterate full-year guidance on Thursday but the British marketing group shed revenue in the first nine months at the same rate as the first half.Source: RSS feed - channel BNewsBusiness | 19 Nov 2009 | 1:41 am Cadbury union bosses meet KraftLeaders of the union Unite are to hold talks with Kraft over the US food giant's rejected bid to take over Birmingham-based confectioner Cadbury.Source: BBC News | Business | World Edition | 19 Nov 2009 | 1:39 am London stocks dip at open (AFP)
Source: Yahoo! News: Stock Markets News | 19 Nov 2009 | 1:38 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 | 19 Nov 2009 | 1:31 am National Grid profits rise despite drop in demandNational Grid, which operates electricity and gas networks in the UK and the US, has reported a 16 per cent rise in underlying pre-tax profit for the six months to the end of September in spite of a steep...Source: RSS feed - channel BNPaperBusiness | 19 Nov 2009 | 1:30 am Asia Markets And Europe Open (11/19/2009)Markets in Asis were mixed. The Nikkei fell 1.3% to 9,549. Mitsubishi UFJ (NYSE:MTU) fell. Honda (NYSE:HMC) and Toyota (NYSE:TM) fell. Sony (NYSE:SNE) was also off. The Hang Seng dropped 1% to 22,643. China Mobile (NYSE:CHL) ticked up. The Shanghai Composite rose .5% to 3,321. At the open in Europe, the FTSE dropped .2%. The Dax was off .2% [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 19 Nov 2009 | 1:28 am SABMiller beats first-half forecastsSABMiller, the world’s second-biggest brewer, has reported a better-than-expected 6 per cent rise in first-half earnings and said it expects second-half trading to be boosted by lower costs and currency movements. Source: Latest Business News from Times Online | 19 Nov 2009 | 1:26 am GAO: Fraud in gov't contracts for disabled vetsCompanies fraudulently collected at least $100 million in federal contracts from a $4 billion government program designated for disabled military veterans who run small businesses,...Source: RSS feed - channel BNewsBusiness | 19 Nov 2009 | 1:16 am UPDATE 1-AstraZeneca asks for U.S. approval of Brilinta* To compete with Plavix, one of world's most used medicines (Adds details)Source: RSS feed - channel BNewsBusiness | 19 Nov 2009 | 1:14 am Ukraine leader asks Kremlin to amend gas agreementKIEV, Nov 19 (Reuters) - Ukrainian President Viktor Yushchenko on Thursday urged Russian President Dmitry Medvedev to change an agreement on supplies of Russian natural gas whose terms he said were too...Source: RSS feed - channel BNewsBusiness | 19 Nov 2009 | 1:14 am FACT CHECK: Stimulus money to phantom districts?Did the Obama administration really pump billions of dollars into phantom congressional districts? Republicans, bloggers and conservative think tanks have been circulating reports...Source: RSS feed - channel BNewsBusiness | 19 Nov 2009 | 1:13 am Halfords profits up by a quarterCar parts and bicycle retailer Halfords reports a 24% rise in half-year profits but remains cautious over 2010 prospects.Source: BBC News | Business | World Edition | 19 Nov 2009 | 1:12 am Bankers poised to help China's richest invest $7.6 trln: groupBEIJING (Reuters) - The number of U.S.-dollar millionaires in China is expected to nearly double in five years, luring private bankers eager to help them invest an expected combined wealth...Source: RSS feed - channel BNewsBusiness | 19 Nov 2009 | 1:12 am Bankers poised to help China's richest invest $7.6 trln: groupBEIJING (Reuters) - The number of U.S.-dollar millionaires in China is expected to nearly double in five years, luring private bankers eager to help them invest an expected combined wealth over $7.6 trillion by 2013, Boston Consulting Group (BCG) said on Thursday.Source: Reuters: Business News | 19 Nov 2009 | 1:12 am Aussie stocks inch higher, driven by resourcesSYDNEY - The Australian share market has inched higher on the back of the resources sector.The benchmark S&P/ASX200 index closed up 10.2 points, or 0.22 per cent, at 4,749.2 points, while the broader All Ordinaries index gained...Source: nzherald.co.nz - Business | 19 Nov 2009 | 1:08 am UPDATE 2-Sony aims for 5 pct profit margin in 3 years* Aims to turn LCD TV, game operations profitable next yearSource: RSS feed - channel BNewsBusiness | 19 Nov 2009 | 1:04 am UPDATE 2-Infineon sees higher 2010 sales after solid Q4* Shares indicated 2.3 pct higher (Adds share indications, details, strategist comment)Source: RSS feed - channel BNewsBusiness | 19 Nov 2009 | 1:01 am Mitsubishi Chemical bids $2.4bn for former divisionMitsubishi Chemical, Japan's biggest chemicals manufacturer, has offered to pay Y217bn ($2.4bn) to acquire the acrylic resin maker Mitsubishi Rayon as part an effort to diversify into higher-margin specialty...Source: RSS feed - channel BNPaperBusiness | 19 Nov 2009 | 1:00 am MOL says 2010 capex budget totals HUF 357 blnBUDAPEST, Nov 19 (Reuters) - Hungarian oil and gas group MOL said on Thursday its 2010 capex budget equalled a total of 357 billion forints ($1.98 billion), subject to the approval of its board at a meeting...Source: RSS feed - channel BNewsBusiness | 19 Nov 2009 | 1:00 am Researchers ask: Are caged chickens miserable?Scientists are trying to use research to take the emotions out of an angry debate over the welfare of caged egg-laying chickens. At issue are small cages that can be shared by up to nineSource: RSS feed - channel BNewsBusiness | 19 Nov 2009 | 1:00 am Number of people seeking mortgages to buy homes drops againLoan applications for housing purchases fell 4.7% last week, the sixth straight weekly decline despite the lowest interest rates since May. Refinancing volume decreases 1.4%.Despite the lowest mortgage rates since May, applications for loans to finance home purchases fell again last week, the Mortgage Bankers Assn. said Wednesday.
Source: L.A. Times - Business | 19 Nov 2009 | 1:00 am Top female execs still rare, UC Davis study showsA survey by the university and a women's advocacy organization finds that women held just 10.6% of executive positions and board seats at the state's biggest companies this year.Women have made little progress in breaking the glass ceiling at California's top publicly traded companies, according to a report scheduled to be released today.
Source: L.A. Times - Business | 19 Nov 2009 | 1:00 am Hershey and Ferrero considering rival offer for CadburyThe British candy maker is already the target of a $16.4-billion hostile bid by Kraft Foods. Hershey Co., hoping...Source: RSS feed - channel BNPaperBusiness | 19 Nov 2009 | 1:00 am House panel OKs granting of bank breakup powerA proposal would let regulators take apart large financial firms that pose an economic risk before their failure becomes imminent. ...Source: RSS feed - channel BNPaperBusiness | 19 Nov 2009 | 1:00 am State's school funding process is failingAnyone who has spent time in or around government, from the deeply embedded bureaucrat to the young policy wonk, knows that there are two important issues in funding a public program.Source: RSS feed - channel BNPaperBusiness | 19 Nov 2009 | 1:00 am California approves new standards on energy-hungry TVsThe California Energy Commission votes 5-0 in favor of the nation's first efficiency regulations for televisions of up to 58 inches sold in the state. The stricter rules take effect Jan. 1, 2011.California is putting big-screen television sets on a diet.
Source: L.A. Times - Business | 19 Nov 2009 | 1:00 am House panel OKs granting of bank breakup powerA proposal would let regulators take apart large financial firms that pose an economic risk before their failure becomes imminent.A House committee voted Wednesday to give the government extraordinary new power to break up large financial firms that pose a potential risk to the economy.
Source: L.A. Times - Business | 19 Nov 2009 | 1:00 am Housing starts dive 10.6% in the U.S., 8.5% in the WestAlthough analysts had forecast an increase in construction of new homes, the pace fell sharply compared with the prior month. The figures show a 30.7% drop compared with October 2008.New-home construction fell sharply last month, underscoring the fragility of the fledgling housing recovery.
Source: L.A. Times - Business | 19 Nov 2009 | 1:00 am Wells Fargo to buy back bonds to settle fraud lawsuit by CaliforniaThe bank agrees to reimburse investors who bought $1.4 billion in auction-rate securities that were frozen in the credit crunch early last year, including $700 million held by California residents.More than two years after he put the bulk of his savings into a supposedly secure investment account at Wells Fargo & Co., Gus White will finally get his money back.
Source: L.A. Times - Business | 19 Nov 2009 | 1:00 am DirecTV picks PepsiCo's Michael White to be CEOThe president of PepsiCo International has no experience in television, but he does bring expertise in marketing and in running overseas operations.Signaling that marketing and international expansion will be critical to its future in an increasingly competitive landscape, DirecTV Group Inc. on Wednesday selected a top executive from PepsiCo with no experience in television to be its chief.
Source: L.A. Times - Business | 19 Nov 2009 | 1:00 am U.S. in standoff with Beijing over Chinese currencyBy reducing the value of the yuan in lock step with the declining dollar, China is making it difficult for American exporters to gain ground in overseas markets.As President Obama's trip to Beijing proved, the days when U.S. leaders could jawbone China into making major changes in economic policy appear to be gone. Not only did the Chinese brush off Obama's appeals this week, they harangued the United States for its own shortcomings.
Source: L.A. Times - Business | 19 Nov 2009 | 1:00 am Top female execs still rare, UC Davis study showsA survey by the university and a women's advocacy organization finds that women held just 10.6% of executive positions and board seats at the state's biggest companies this year. ...Source: RSS feed - channel BNPaperBusiness | 19 Nov 2009 | 1:00 am State's school funding process is failingAnyone who has spent time in or around government, from the deeply embedded bureaucrat to the young policy wonk, knows that there are two important issues in funding a public program.
Source: L.A. Times - Business | 19 Nov 2009 | 1:00 am EMI is first major label to agree to distribute music videos on HuluEMI Music became the first major music company to agree to distribute its music videos and concert footage on Hulu, the popular online video site.Source: RSS feed - channel BNPaperBusiness | 19 Nov 2009 | 1:00 am Housing starts dive 10.6% in the U.S., 8.5% in the WestAlthough analysts had forecast an increase in construction of new homes, the pace fell sharply compared with the prior month. The figures show a 30.7% drop compared with October 2008. ...Source: RSS feed - channel BNPaperBusiness | 19 Nov 2009 | 1:00 am Wells Fargo to buy back bonds to settle fraud lawsuit by CaliforniaThe bank agrees to reimburse investors who bought $1.4 billion in auction-rate securities that were frozen in the credit crunch early last year, including $700 million held by California residents. ...Source: RSS feed - channel BNPaperBusiness | 19 Nov 2009 | 1:00 am Morrisons' sales growth slows as food inflation falls in third quarterMorrison the supermarket chain which has had its popular chief executive poached by Marks & Spencer said falling food price inflation knocked sales growth in its third quarter but it was still winning customers.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 12:57 am UK borrowing figures expected to highlight fiscal woesThe dire state of the public finances will be underlined today with official figures expected to show a further rise in borrowing.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 12:48 am Gold demand falls 34 percent in Q3: World Gold CouncilLONDON (Reuters) - Gold demand fell 34 percent in the third quarter as high prices weighed on investment flows and led to a slump in jewelry buying in key markets like India and the Middle East, a World Gold Council report showed on Thursday.Source: Reuters: Business News | 19 Nov 2009 | 12:26 am Obama pushes for Korea trade-deal approvalU.S. President Barack Obama uses his lone press conference in South Korea to push for ratification of a long-stalled free trade deal and to set a tone for nuclear-weapons talks next month with the North Korean regime.
Source: MarketWatch.com - Top Stories | 19 Nov 2009 | 12:24 am Blackstone's Pinnacle to buy Birds Eye: report(Reuters) - Blackstone Group's Pinnacle Brands Corp is likely to buy U.S. frozen vegetable company Birds Eye Foods for more than $1.3 billion, the Wall Street Journal said, citing people familiar with the matter.Source: Reuters: Business News | 19 Nov 2009 | 12:22 am Singapore moves out of recessionSingapore's economy expanded for a second straight quarter as the manufacturing and service sectors led the citystate out of recession.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 12:17 am Sony aims to return TVs to profitSony says it aims to make its LCD TV operations profitable in the financial year starting next April as it continues to cut costs.Source: BBC News | Business | World Edition | 19 Nov 2009 | 12:15 am Morrisons' finance director will consider top jobRichard Pennycook, Morrisons finance director said this morning that he would “think about” applying for the top job at the supermarket chain, after yesterday’s shock announcement that Marc Bolland, is leaving to take Sir Stuart Rose’s place as chief executive of Marks & Spencer (M&S). Source: Latest Business News from Times Online | 19 Nov 2009 | 12:15 am Dollar drops below US74c markThe New Zealand dollar fell today on a range of factors, and against a backdrop of debate amongst policymakers about how to get the currency down.By 5pm the NZ dollar was buying US73.77c, down from US74.40c at 8am and US74.34c...Source: nzherald.co.nz - Business | 19 Nov 2009 | 12:03 am Number of Indian billionaires doubles in a yearA surging stock market has doubled the number of billionaires in India in the past year. Source: Latest Business News from Times Online | 18 Nov 2009 | 11:45 pm Britain's FTSE 100 boardrooms stlll male dominatedThe number of company directorships held by women has remained the same over the past year leaving boardrooms male dominated according to a new report.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 Nov 2009 | 11:40 pm Jordan Wimmer: when it comes to blonde jokes I've heard a few dumb onesMark Lowe the multimillionaire boss taken to tribunal by a female colleague is alleged to have made some very unfunny jokes writes Bryony Gordon.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 18 Nov 2009 | 11:36 pm Peter Brimelow: Rebounding Dines thinks stocks have further to goVeteran James Dines is having a great year, and he thinks there’s more to come, writes Peter Brimelow.
Source: MarketWatch.com - Top Stories | 18 Nov 2009 | 11:34 pm NZ market rises as other markets falterThe New Zealand sharemarket rose when other markets faltered and Fisher & Paykel Healthcare's interim result was well received.As expected, DNZ Property Fund revealed plans to sell $140 million of shares and list on the NZX, while...Source: nzherald.co.nz - Business | 18 Nov 2009 | 11:26 pm Malaysia's Maxis in S.E.Asia's biggest IPO (AFP)
Source: Yahoo! News: Stock Markets News | 18 Nov 2009 | 11:14 pm Malaysia's Maxis debuts at 9.2 percent above IPO (AP)AP - Shares of Malaysia's top mobile phone company Maxis Berhad jumped 9.2 percent on their return to the bourse Thursday following the biggest share sale ever in Southeast Asia.Source: Yahoo! News: Stock Markets News | 18 Nov 2009 | 10:47 pm Ferrero, Hershey mull Cadbury bid, Kraft seen No.1LONDON/CHICAGO (Reuters) - Italy's Ferrero and U.S.-based Hershey Co are considering a bid for chocolatier Cadbury Plc , but Kraft Foods Inc is still seen as the front-runner with its $16.8 billion hostile offer.Source: Reuters: Business News | 18 Nov 2009 | 9:22 pm Boston Finance pushed into receivershipFinance company Boston Finance, one of the many currently in a moratorium, has been finally put into receivership.Grant Graham and Brendon Gibson of KordaMentha have been appointed receivers, formally ending its moratorium arrangement...Source: nzherald.co.nz - Business | 18 Nov 2009 | 9:00 pm Hedge fund "king" Griffin rebounding from losses: reportNEW YORK (Reuters) - Hedge fund manager Kenneth Griffin's Citadel Investment Group lost $8 billion in clients' money last year, but is turning things around as markets recover and has made $5 billion in profits so far this year, the Wall Street Journal said on Wednesday.Source: Reuters: Business News | 18 Nov 2009 | 8:47 pm Hedge fund "king" Griffin rebounding from losses: report (Reuters)Reuters - Hedge fund manager Kenneth Griffin's Citadel Investment Group lost $8 billion in clients' money last year, but is turning things around as markets recover and has made $5 billion in profits so far this year, the Wall Street Journal said on Wednesday.Source: Yahoo! News: Business | 18 Nov 2009 | 8:47 pm DNZ Property Fund joins IPO rushDNZ Property Fund, which has a portfolio worth some $770 million, has joined the IPO rush and is looking to raise as much as $140 million in a bid to pay down bank debt, end its management contract and join the NZX-50 index.The...Source: nzherald.co.nz - Business | 18 Nov 2009 | 8:30 pm S&P quits Australian retail investmentStandard & Poor’s is to quit Australia’s retail market following a regulatory decision to make credit rating agencies more accountable for the advice they provideSource: Financial Times - US homepage | 18 Nov 2009 | 8:06 pm Finance company directors to blame for collapses, committee toldDirectors of failed finance companies should be held accountable for their actions, a parliamentary inquiry into finance company collapses was told today.During the past three years about 30 finance companies have gone into receivership...Source: nzherald.co.nz - Business | 18 Nov 2009 | 8:00 pm Geithner: 'The credit crunch is not over'One day after Goldman Sachs' CEO apologized for his bank's role in the financial meltdown, Treasury Secretary Tim Geithner called on the nation's financiers to step up and do more to fix the damage they helped cause.Source: Business and financial news - CNNMoney.com | 18 Nov 2009 | 7:53 pm Salaries still rising during downturnSalaries are still rising, especially in Wellington, in a survey by Mercer but the next year could be a different story.Salaries in New Zealand have so far had a soft landing, but the lag effect of the global financial crisis...Source: nzherald.co.nz - Business | 18 Nov 2009 | 7:30 pm F&P Healthcare expects more growthFisher & Paykel Healthcare reported a 31 per cent rise in half year net profit to $37 million.The record profit was a result of strong revenue growth in the obstructive sleep apnea (OSA) product group, continuing strong demand...Source: nzherald.co.nz - Business | 18 Nov 2009 | 7:00 pm CBO says Reid’s health bill would cut deficitThe Obama administration’s push for a health reform received a boost when the non-partisan Congressional Budget Office said the latest legislative proposals would reduce the federal deficitSource: Financial Times - US homepage | 18 Nov 2009 | 6:41 pm Corn ethanol maker Poet says it could compete with gasoline in two yearsThe nation's largest producer of corn-based ethanol said it has slashed the cost of producing cellulosic ethanol from corncobs and that it would be able to compete with gasoline in two years.
Source: L.A. Times - Business | 18 Nov 2009 | 5:34 pm Simon eyes General Growth’s $30bn mall portfolioSimon Property has hired advisers to explore a possible bid for rival General Growth Properties, which is operating under Chapter 11 bankruptcy protectionSource: Financial Times - US homepage | 18 Nov 2009 | 5:30 pm Financial reforms grind forward in CongressWASHINGTON (Reuters) - The U.S. Congress edged closer on Wednesday to creating new government powers to break up giant financial firms, which Europe is already doing, while a U.S. derivatives market crackdown got more complicated.Source: Reuters: Business News | 18 Nov 2009 | 5:14 pm Financial reforms grind forward in Congress (Reuters)
Source: Yahoo! News: Business | 18 Nov 2009 | 5:14 pm JP Morgan 'to take over Cazenove'US investment bank JP Morgan is poised to take over historic UK stockbroker Cazenove, press reports say.Source: BBC News | Business | World Edition | 18 Nov 2009 | 5:12 pm Labour peers savage Brown’s free care planA key plank of Gordon Brown’s re-election strategy was condemned by members of his own party yesterday as irresponsible, unaffordable and based on a myth. Source: Latest Business News from Times Online | 18 Nov 2009 | 5:01 pm Bank of England divided on how far to go with quantitative easingPolicymakers were at their most divided over Britain’s super-loose monetary policy when they split three ways this month on whether to push ahead with creating more money. Source: Latest Business News from Times Online | 18 Nov 2009 | 5:01 pm It’s dirty but it’s cheap — power plants sit on growing mountains of discount coalBritain’s coal mountain has soared to its highest level in nearly 15 years as power station operators stock up on cheap supplies of the fuel. Source: Latest Business News from Times Online | 18 Nov 2009 | 5:01 pm Default threat raises stakes for tribal casinosA looming default by the Native American tribe that owns the Foxwoods Resort Casino in Connecticut is stirring a debate over whether holders of billions of dollars of tribal debt can pursue their claims as creditors under US lawsSource: Financial Times - US homepage | 18 Nov 2009 | 4:30 pm JPMorgan unveils £1bn Cazenove dealJPMorgan is to pay about 535p a share for the UK broker in a deal that will see David Mayhew, a well-connected corporate adviser, remain chairman of the Cazenove brandSource: Financial Times - US homepage | 18 Nov 2009 | 4:20 pm Mainfreight first half profits plunge 36pcMainfreight has reported a 36.5 per cent fall in half year profit to $10.9 million, even as conditions in all markets where the company operates were "much improved" in the second quarter.For the six months to the end of September,...Source: nzherald.co.nz - Business | 18 Nov 2009 | 4:15 pm Fears of China property bubbleAsset price rises leading to rampant wasteful investment in the sector, undermining nation’s long-term growth says Soho China headSource: Financial Times - US homepage | 18 Nov 2009 | 4:09 pm Major Rumor: CBO Says Senate Healthcare To Cost $849 BillionAt this point it is simply a rumor, but The Wall Street Journal reports that : “Senate Democrats’ health-care legislation has been estimated to cost $849 billion and to reduce the federal budget deficit by $127 billion over 10 years.” The figures are supposed to be from The Congressional Budget Office, but are not posted on its website. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 18 Nov 2009 | 4:07 pm Stocks slip on technology, housing numbers (AP)
Source: Yahoo! News: Stock Markets News | 18 Nov 2009 | 3:58 pm How the major stock indexes fared on Wednesday (AP)AP - Disappointing forecasts from technology companies and an unexpected drop in home construction added to worries about the economy and sent stocks modestly lower.Source: Yahoo! News: Stock Markets News | 18 Nov 2009 | 3:52 pm Shares open flat earlyThe New Zealand sharemarket was flat in early trading. Mainfreight lost 5c to 560 early after reporting a 29 per cent fall in net profit before aSource: nzherald.co.nz - Business | 18 Nov 2009 | 3:49 pm Wal-Mart chief of Latin America leaves company (AP)AP - The leader of Wal-Mart Stores Inc.'s Latin American division, Vicente Trius, is leaving the company after having served less than five months in the position.Source: Yahoo! News: Business | 18 Nov 2009 | 3:45 pm Sony e-Reader To Ship Late Adding To Company WoesThe management at Sony (NYSE:SNE) looks more and more like “The Gang That Couldn’t Shot Straight.” Its TV screen business is losing money. Most months, sales of the PS3 fall behind those of the Microsoft (NYSE:MSFT) Xbox 360 and Nintendo Wii. Sony appears to have a promising new product in its Daily Edition Reader, the company’s [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 18 Nov 2009 | 3:42 pm Write-Offs: 11.18.09$$$ Heineken Chief Executive Officer Jean-Francois van Boxmeer told investors this month the decade he spent in Africa was "certainly worth three times Harvard Business School." [Bloomberg] $$$ The SEC's latest badge of honor [GC] $$$ Economy 2010: How Dick Bove Sees It [The Deal] $$$ Should you kiss your boss's ass? (Some people would probably say yes.) $$$ Singed in stock sale, investors chastise Chase [Chicago Business] 
 Source: Dealbreaker | 18 Nov 2009 | 3:30 pm Paulson Making Gold Rush Self-Fulfilling Prophecy (GLD, KGC, AU)A broker noted something about this yesterday as a gold bug, and frankly it seemed far-fetched considering the size of the move we have already seen in recent weeks and months. But the talk was about John Paulson, the great bank and financial short seller who cleaned up betting against housing and financials, opening a [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 18 Nov 2009 | 3:23 pm Technical Stock Analysis, American Tower, AB InBev: AudioSource: Bloomberg - All Podcasts | 18 Nov 2009 | 3:20 pm Podcast: China Gives Us A Pep Talk
A furniture factory worker in the southern Chinese city of Dalingshan watches a World War II movie on a Jumbotron in the town square. He says more than half the workers at his factory lost their jobs because of the plunge in U.S. consumer spending. (Frank Langfitt/NPR) On today's Planet Money: NPR business correspondent Frank Langfitt headed to China a few weeks ago expecting to find a triumphant people. The Chinese economy has recovered much more quickly than many parts of the world and Langfitt says he thought people would be gloating. But that just wasn't the case -- instead Langfitt found himself being comforted by the Chinese about the strength of the United States. Many people he spoke to said their country still has a long way to go before overtaking the U.S. economy. Part of the reason, factory workers in the southern part of the country have seen layoffs that Langfitt says, just can't be compared to Detroit. Returning to factories he had visited years ago, Langfitt found doors locked and furniture strewn about outside. The reason -- Americans have stopped buying. After the jump, more of Frank Langfitt's stories from China. Download the podcast; or subscribe. Music: Ben Fold's "You Don't Know Me (featuring Regina Spektor)." Find us: Twitter/ Facebook/ Flickr. Hear more from Frank's trip to China: Taiwan Sees Risks, Rewards In China's Embrace While U.S. Economy Struggles, China's Rises China's Economic Leverage Over U.S. Growing » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 18 Nov 2009 | 3:20 pm Smick Says $17 Trillion Spent to Support Global Economy: AudioSource: Bloomberg - All Podcasts | 18 Nov 2009 | 3:03 pm Coventry, BJ's Wholesale, Vivus are big movers (AP)AP - The following stocks were among those that moved substantially or traded heavily Wednesday on the New York Stock Exchange:Source: Yahoo! News: Business | 18 Nov 2009 | 3:03 pm Coventry, BJ's Wholesale, Vivus are big movers (AP)AP - The following stocks were among those that moved substantially or traded heavily Wednesday on the New York Stock Exchange:Source: Yahoo! News: Stock Markets News | 18 Nov 2009 | 3:03 pm TSX end higher for fourth straight session (Reuters)Reuters - Toronto's main stock index ended slightly higher on Wednesday, but was off its highest levels of the day as investors took a break after early buying sent the resource-heavy index to a 13-month high.Source: Yahoo! News: Stock Markets News | 18 Nov 2009 | 2:51 pm Stocks dip as tech outlook and housing take toll (Reuters)
Source: Yahoo! News: Stock Markets News | 18 Nov 2009 | 2:31 pm Housing starts fall sharply, inflation edges up (Reuters)
Source: Yahoo! News: Business | 18 Nov 2009 | 2:29 pm 52-Week High Club (AMD, ASMI, ALV, CHS, GGWPQ, LFT, DE)Advanced Micro Devices Inc. (NYSE: AMD) rose over 10% to a yearly high of $7.33 after the computer processor maker announced today that it would offer $500 million in senior notes, the cash from which will be used to purchase its 5.75 percent convertible notes due in 2012. ASM International N.V. (NASDAQ:ASMI) rose over 5% to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 18 Nov 2009 | 2:15 pm Behind the Home Building 'Shocker' (U.S. News & World Report)U.S. News & World Report - The fitful nature of the housing sector's healing process was apparent Wednesday when a government report on new-home construction came in much weaker than economists had expected. The Commerce Department reported that October housing starts dropped nearly 11 percent from September and almost 31 percent from a year earlier. "The headline number is a shocker," Patrick Newport, U.S. economist at IHS Global Insight, said in a report. Here are four things you need to know about the development:Source: Yahoo! News: Business | 18 Nov 2009 | 2:11 pm Bank Of America A Solid C-Minus, Moody's Says
Now, the very ratings agency that kneecapped UBS earlier today said it is not quite as pessimistic about BofA. Moody's Investors Service said that Bank of America doesn't suck quite as much as some people may have suggested, upgrading the outlook on its financial strength regulation. Sure, it upgraded it from the ominous-sounding D to the not-exactly-confidence-inspiring C-minus, but that's better than D, right?
Source: Dealbreaker | 18 Nov 2009 | 2:03 pm Thursday Earnings Retail Bonanza (DKS, FL, GPS, ROST, SHLD, BKE, PLCE, WTSLA, WSM, ZUMZ)The earnings season is mostly winding down, but we still have a slew of retail earnings in the apparel and home categories. On Thursday alone, we have earnings from Dick’s Sporting Goods Inc. (NYSE: DKS), Foot Locker Inc. (NYSE: FL), Gap Inc. (NYSE: GPS), Ross Stores, Inc. (NASDAQ: ROST), Sears Holdings Corporation (NASDAQ: SHLD), The [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 18 Nov 2009 | 1:38 pm Charlie Gasparino Has A Suggestion For Lloyd Blankfein
I put his mea culpa and this charity thing in the same category...For all these reasons I am recommending two things: Mr. Oracle should use his considerable clout to release taxpayers from their Goldman Sachs subsidy and make the firm a hedge fund or something different than a government protected "bank." Second, I think it's about time for Lloyd Blankfein to step down and resign as CEO of Goldman, and really start doing God's work by sparing the rest of us the stupidity of listening to his excuses. John Mack, you and your cannoli are still good in Chaz's book.
Source: Dealbreaker | 18 Nov 2009 | 1:37 pm Van Eck's Foster Says Small Gold Mines Leading Industry: AudioSource: Bloomberg - All Podcasts | 18 Nov 2009 | 1:31 pm WSJ’s Zuckerman Discusses `The Greatest Trade Ever’: AudioSource: Bloomberg - All Podcasts | 18 Nov 2009 | 1:24 pm U.S. Rep. Cantor Says Obama Agenda Is `Too Extreme’: AudioSource: Bloomberg - All Podcasts | 18 Nov 2009 | 1:23 pm Boockvar Says U.S. Home Prices May Fall After Tax Credit: AudioSource: Bloomberg - All Podcasts | 18 Nov 2009 | 1:20 pm 8 Innocent Office Pranks That Went Horribly WrongSometimes the most innocent jokes have the most tragic consequences… 8. The Fatty and the PhotocopierIn true dimwit fashion, this chump thought the age-old office prank of photocopying your ass would be funny, even though we’ve all seen it a million times. What he forgot to take into consideration was the even older saying: ‘Don’t sit on a thin glass platform with your nuts exposed if you are a sweaty, overwieght fatty.’ Woops. The board meeting the next day must have been uncomfortable – for more reasons than one. 7. Don’t Tell the Certified Insane His Wife’s Cheating On HimMake sure if your going to pull a prank that makes one, rather stacked looking man believe that his wife (who, it turns out, has got form) is cheating on him (again)… you get well out of his way. And preferably, he is locked in a padded room. Who knows what this guy did after he stormed off, but don’t be surprised if the cops found his wife in the canal the next morning… 6. Fall From Grace (Office Style)Classic office stupidity here – this burke tries to scare his coworker, thinking it’ll be ever so funny to descend, spiderman-like, from the ceiling. But instead he ends up falling head first in a heap and looking like a fool. Lesson here: work is for work not for jokes. 5. Hallowe’en ‘Trick or… Idiot’?These two look like funny, funny men. They decide to play a Hallowe’en office prank involving a box, some unsuspecting colleagues and a dodgy mask. Predictably, it’s them who end up with egg on their face. If you’re going to jump out of a box, get the timing right. Oh, and don’t fall over – really lessens the impact. 4. Hi Guys, Would You Like Some ‘Watered Down’ CoffeeSlipping a little something extra in your workmates’ coffee is something we don’t recommend at your place of employment. Although it might be a good way to exact revenge when you’ve been passed over for promotion, it’s also a good way to ensure you never recieve promotion ever again if you are caught… like this guy. 3. Cress is Not FunnyUnfortunately no video exists of this crazy prank, but it sure backfired on its perpetrator: one afternoon at a large bank an employee sitting at his desk consuming an egg and cress sandwich has what he thinks is a prankster’s stroke of genius – gleefully he adds some water and cress seeds to the keyboards on a Friday night prior to a bank holiday Monday and heads off, extremely pleased with himself. The next Tuesday, managers came in to find overgrown cress growing from all the keyboards. Not only did they throw a hissy fit, but they contacted IT support who created a storm and sent a global memo to all staff about eating and drinking at their desks – resulting in the banning of all eating and drinking at employee’s desks. Was it really worth it? We think not.
Image by tilwe 2. ‘Now I don’t feel so bad about f****** his brother’Telling your colleague’s wife that he’s been fired for doing a secretary over the desk seems an unbelievably cruel joke to play, but on reflection is one of those things you can easily see seeming funny before actually being put in action. It does, however, go spectacularly wrong as the would-be pranksters open up a tin of worms – ‘Now I don’t feel so bad about f****** his brother’ is among the painful revelations that come out. That final ‘happy birthday’ must be one of the most hollow ever… 1. Office Prank Victim Gets Revenge – Big StyleWe all know the type – the guy who is the butt of all the office jokes and is forever having all his stuff covered in tinfoil, clingfilm put over the toilet seat for him, and turds left in his filing cabinet (What? You don’t do that at your office?). But next time you are going to prank this suffering loser, think twice – he may just go mental and punch your lights out like this nutter. And what did this guy do to deserve two black eyes, you say? He sent a resignation letter to the boss on the other guy’s behalf…
Source: Business Pundit | 18 Nov 2009 | 1:13 pm Paul Kanjorski Invites God's Wrath
If Kanjorski gets his way, the government would be empowered to split up firms that are "too big to fail" even if they are in no danger of failing, as well as the power to keep firms that aspire to be "too big to fail" in their place, blocking mergers and keeping them from all of those highly-profitable enterprises that present a systemic risk. Kanjorski, who last week announced his crusade against financial services firms with designs on "taking over the world," offered a fun new metaphor to justify his genocidal intentions. "Financial firms that want to play in a casino need to have their own resources to cover their bets and not assume that tax dollars are available in reserve if their bets fail," he said.
Source: Dealbreaker | 18 Nov 2009 | 12:48 pm Canada Invites G7 To Come Freeze Balls Off, Talk About Inflation
Top finance officials from the G7 countries will meet in the remote Arctic town of Iqaluit, Canada's northernmost territorial capital, on Feb 5-6 but may not issue a communique, Finance Minister Jim Flaherty said on Wednesday. Canada to host G7 finance officials in Arctic [Reuters]
Source: Dealbreaker | 18 Nov 2009 | 12:31 pm Letter: Surviving The Business Climate Of KenyaKimberly G. wrote to us after hearing our interview with Columbia economist and former economic adviser to the Bush administration, Glenn Hubbard. She writes: I wanted to comment that the challenges of bringing this "Marshall Plan" approach to Africa (Or at least to Kenya, and I would guess many other African countries as well) are not small. When I was living and working in Kenya, I grew more and more frustrated at the lack of progress in the "war against poverty" there. Despite the positive relationship between the US and Kenya and the millions of dollars poured into Kenya by the US Government via many of the NGOs that my friends and I worked with -- too much money never seemed to reach those who needed it most, as Hubbard and Duggan's book recognizes. Indeed, despite the aid, we often saw no progress at all, or progress in the wrong direction. Having personally struggled to navigate the treacherous waters of the Kenya justice system, I can testify of the complacency and corruption of the government at all levels. It's almost impossible to get anything done without paying bribes! When Kenya erupted in political turmoil at the end of 2007, I wonder if it was due more to the economic disenfranchisement of the poor that was blamed on tribal tension, than actual tribal tension. Lines for food were formed by the poor of all tribes, while the government leaders discussed the prospects of peace in posh safari lodges. Truly, in the face of this gap between the rich and the poor, and the corruption of the government, Glenn Hubbard's ideas seem wonderful. However, the government's cooperation -- and change -- will still be desperately needed for these ideas to function. I'd like to recount one small example of why, if I may. A few weeks before I left Kenya, I visited the owner of my favorite bar & dance club in Kisumu, Ms. Winnie Amada. I really went there to set up my goodbye party, but of course, we ended up talking business. A well connected former journalist, Winnie had decided a few years to start a business in her hometown of Kisumu. I asked her why she was one of the only prominent local business owners in town, and she recounted to me an unfortunate story of how she happened to be one of the only locals well connected enough politically to survive in the business climate of Kisumu. Winnie purchased her restaurant from a German businessman who was leaving Kisumu. She said almost wasn't able to buy it, because a few powerful outside businessmen outbid her once they saw that a local business woman wanted to buy it, but the German owner thought she would make a good restaurant owner and decided to sell it to her anyways. However, these same businessmen viewed her as both potential competitor and as an unworthy business owner because of her ethnic background, and so they tried a number of different means to shut her down. They persuaded her landlord, an incredibly wealthy man who owns perhaps a fourth of the property in Kisumu, to refuse to accept her rent payments and then sue her for nonpayment. Other businesses raised lawsuits against her for unnecessary disturbance of neighbors, although her only neighbors are restaurants and office buildings which are closed in the evening. They temporarily succeeded in shutting down her bar. It was only with the intervention of politicians she knew through her former work as a journalist that she was able to remove the injunctions against her business operations and resume her work. Even then, it was a difficult process, because both the judge who decided her case and the lawyer who was her advocate were bribed thousands of dollars by the businesspeople who wanted her business to be shut down. The case was only decided in her favor through the personal intervention of the Prime Minister. Earlier this year, an article in a local newspaper was written on her success -- although it portrays a slightly different story than she recounted to me! I think Winnie's story neatly (and unfortunately) sums up the challenges facing the development of an African middle class. Without the connections of the elite that own most of the property and politics in the majority of African countries, or without governmental reforms that encourage small business owners and a justice system that defends them, small business will not flourish in Africa the way Glenn Hubbard, the African middle class and so many others (including myself!) would like to see. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 18 Nov 2009 | 12:10 pm Ken Fisher Recommends Hasbro, Repsol Shares: AudioSource: Bloomberg - All Podcasts | 18 Nov 2009 | 12:09 pm Wesbury Says Markets Will Be Better Than Bears Expect: AudioSource: Bloomberg - All Podcasts | 18 Nov 2009 | 12:06 pm Your Former Colleagues May Soon Be Asking You To Spread 'Em
A year and a half ago, Henry Chung was an assistant vice president at Merrill Lynch, monitoring billions of dollars the firm traded on a daily basis. Last week, he found himself, in his capacity as a patrol officer in Jackson Heights, Queens, chasing after a man who had slashed another man's neck with a razor blade. He grabbed the man from behind, pushed him up against a wall and handcuffed him. |
