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Completion of sale to JP Morgan marks end of Cazenove as leading brokerNaguib Kheraj, the chief executive of Cazenove, may leave the business after it has completed its sale to JP Morgan of America. Source: Latest Business News from Times Online | 20 Nov 2009 | 2:30 pm Cazenove ex-partner: ‘We are not a meritocracy’A potent mythology has built up around Cazenove. Any mention in the press of the broker, which has its roots in Huguenot refugees fleeing the 1685 Revocation of the Edict of Nantes, must perforce contain the word “blue-blooded”. It must mention that the firm is the Queen’s chosen stockbroker. Caz, as it is known in the City, has never confirmed this but has, typically, never strenuously tried to have the comment stricken from the record. There is mention that job-seekers have been upbraided for arriving in slip-on shoes, rather than more traditional brogues. Source: Latest Business News from Times Online | 20 Nov 2009 | 2:30 pm Horlick's days as fund manager end in £5m saleNicola Horlick’s career as a traditional City fund manager was in effect over last night after her company sold its main management contract to Martin Gilbert’s Aberdeen Asset Management for just under £5 million. Source: Latest Business News from Times Online | 20 Nov 2009 | 2:30 pm East Africa to agree trade dealLeaders from Kenya, Tanzania, Uganda, Rwanda and Burundi are set to agree a common market trade agreement.Source: BBC News | Business | World Edition | 20 Nov 2009 | 3:37 am Stock futures mixed; Dell in focus (Reuters)
Source: Yahoo! News: Stock Markets News | 20 Nov 2009 | 3:32 am European markets push higher ahead of Trichet (AP)
Source: Yahoo! News: Stock Markets News | 20 Nov 2009 | 3:31 am European Stocks to Watch: December historically good for Europe stocksMonth is the third best for stocks following strong January-to-November performance, according to Goldman Sachs strategists.
Source: MarketWatch.com - Top Stories | 20 Nov 2009 | 3:31 am Volkswagen board moves closer to Porsche mergerGerman carmaker Volkswagen AG said Friday its supervisory board had approved certain agreement contracts for the planned merger with German sportscar builder Porsche, taking the companies...Source: RSS feed - channel BNewsBusiness | 20 Nov 2009 | 3:26 am Thousands of Vicks spray recalledProcter & Gamble is recalling 120,000 bottles of Vicks Sinex nasal spray after small traces of bacteria were found.Source: BBC News | Business | World Edition | 20 Nov 2009 | 3:24 am Vivendi Disputes Value Of GE’s (GE) NBCU BusinessThe much-anticipated deal for Comcast (NASDAQ:CMCSA) to take control of the NBC Universal division of GE (NYSE:GE) may die next week . Vivendi, which owns 20% of NBCU, believes that the entertainment and news company is worth much more than GE does. According to the FT, “General Electric and Vivendi are at least $1bn apart in their valuation of the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Nov 2009 | 3:23 am Marital schism imperils the L.A. DodgersThe news that Los Angeles Dodgers owners Frank and Jamie McCourt are divorcing came with a bitter kick: Team chairman Frank's first move against his soon-to-be-ex was to fire her from her job as the Dodgers' chief executive.Source: Business and financial news - CNNMoney.com | 20 Nov 2009 | 3:20 am Japan says economy back in deflationJapan said for the first time since 2006 that the economy was back in deflation, warning of the risk that price falls may put pressure on a fragile economySource: Financial Times - US homepage | 20 Nov 2009 | 3:18 am Volkswagen board approves Porsche takeover: firmVolkswagen, Europe's biggest carmaker, said on Friday that its supervisory board had cleared the way for its planned takeover of sportscar maker Porsche. The German giant said in a...Source: RSS feed - channel BNewsBusiness | 20 Nov 2009 | 3:17 am Stocks set for flat openU.S. stocks futures drifted Friday, as investors expressed wariness following Dell's disappointing earnings.Source: Business and financial news - CNNMoney.com | 20 Nov 2009 | 3:13 am U.K. fund manager Gartmore plans IPOGartmore's IPO will help the firm slash its debt.
Source: MarketWatch.com - Top Stories | 20 Nov 2009 | 3:13 am Low rates hit Nationwide profitNationwide reports a big slump in profits and delivers a gloomy forecast for the UK economy and the housing market.Source: BBC News | Business | World Edition | 20 Nov 2009 | 3:06 am Van Rompuy takes EU presidencyHerman Van Rompuy and Baroness Ashton were welcomed by world leaders as Europe’s first full-time president and foreign policy chief, even as a chorus of critics questioned their relatively low profilesSource: Financial Times - US homepage | 20 Nov 2009 | 2:59 am Techs drag on Asian markets, Nikkei drops 0.5%Asian markets ended mostly lower Friday as technology shares sagged after their U.S. peers took a beating, while an overnight pullback in commodity prices weighed down resource stocks.
Source: MarketWatch.com - Top Stories | 20 Nov 2009 | 2:56 am Surprise rally in house prices will falterHouse price rise has been largely driven by a lack of properties for sale and faces serious hurdles in 2010 Nationwide warns.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Nov 2009 | 2:55 am Big Goldman Sachs (GS) Shareholders Fight BonusesA number of large Goldman Sachs (NYSE:GS) shareholders would like to see the firm’s profits in their pockets and not in the bank accounts of the Goldman partners. The Wall Street Journal reports that many institutions that hold Goldman shares are upset that the firm’s EPS will actually be down this year even though the investment [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Nov 2009 | 2:55 am Decline in car output rate slowsUK car production fell by 6.7% in October compared with a year earlier - the smallest annual decline of the year, figures show.Source: BBC News | Business | World Edition | 20 Nov 2009 | 2:53 am Mystery surrounds missing Obama interview in ChinaPresident Barack Obama’s one-on-one interview with one of the mainland’s most outspoken newspaper appears to have run afoul of Chinese censors, with some copies of the publication delivered to subscribers Thursday that were missing pages containing the exclusive, according to reports.
Source: MarketWatch.com - Top Stories | 20 Nov 2009 | 2:53 am London Markets: British shares advance as miners, banks riseBroker downgrades weigh on shares of some firms despite the broad move higher by the FTSE 100.
Source: MarketWatch.com - Top Stories | 20 Nov 2009 | 2:53 am Apple tablet delayed?Source: Business and financial news - CNNMoney.com | 20 Nov 2009 | 2:50 am Peek at Google's ChromeSource: Business and financial news - CNNMoney.com | 20 Nov 2009 | 2:50 am Postmortem: Did the bailout work?As the Obama administration considers how to approach the next phase of the $700 billion financial bailout, questions are being raised on Capitol Hill about whether it is helping the economy.Source: Business and financial news - CNNMoney.com | 20 Nov 2009 | 2:46 am Bank of Japan hikes economic view amid deflationCentral bank leaves its policy interest-rate target at 0.1% as widely expected.
Source: MarketWatch.com - Top Stories | 20 Nov 2009 | 2:44 am SF health care a model during national debateThis city did not wait for Washington's health care overhaul. Most uninsured adults here are already reaping the benefits of a government-run health care program _ seeing doctors, filling...Source: RSS feed - channel BNewsBusiness | 20 Nov 2009 | 2:41 am The Federal Reserve Vs. Ron PaulThere is a rumor that has been around Hollywood for decades that some of the greatest silent film comedy scripts were created by screen writers who would bribe wardens at a local insane asylum to allow a patient to sit in on their story meetings. Allegedly, some of the most hilarious moments in the history [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Nov 2009 | 2:35 am Japan slides into deflationJapan has officially plunged back into a state of deflation, condemning its struggling companies to a purgatory of falling prices and setting up a potentially explosive collision between the Finance Ministry and the Central Bank. Source: Latest Business News from Times Online | 20 Nov 2009 | 2:31 am Currencies: Dollar edges down vs. yen in Asian tradingInvestors adjust positions ahead of a Japanese national holiday Monday.
Source: MarketWatch.com - Top Stories | 20 Nov 2009 | 2:29 am Risk fatigue sparks correction speculation09:10 GMT. Turning point or pause-that-refreshes: the last trading day of the week may prove crucial in determining the market's direction into the close of the year.After a multi-month rally from the...Source: RSS feed - channel BNPaperBusiness | 20 Nov 2009 | 2:24 am 5 dirty secrets of Black FridayHere's a Black Friday reality check: Of the hordes of pre-dawn shoppers who line up for hours outside stores on the day after Thanksgiving, most will not bag the best bargains that appear in merchants' circulars.Source: Business and financial news - CNNMoney.com | 20 Nov 2009 | 2:24 am Are you committing career suicide?The difficult job market has forced millions of workers to downgrade into a position they're overqualified for or take a survival job to make ends meet. And while riding out the recession might be a practical strategy for now, what will become of the underemployed when the dust clears and it's time to get back on track?Source: Business and financial news - CNNMoney.com | 20 Nov 2009 | 2:10 am Japan says deflation has returnedThe Japanese government warns that deflation has returned to the economy for the first time since 2006.Source: BBC News | Business | World Edition | 20 Nov 2009 | 2:10 am Oprah to end talk show in 2011Oprah Winfrey will announce on Friday's "The Oprah Winfrey Show" that she will end her talk show, said a spokesman for Winfrey's Harpo Productions.Source: Business and financial news - CNNMoney.com | 20 Nov 2009 | 1:58 am Media Digest 11/20/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: The Senate is near its first vote on healthcare. Reuters: Dell (NASDAQ:DELL) is betting on corporate spending for its recovery. Reuters: Time Warner’s (NYSE:TWX) AOL showed that the worst is not over for media job cuts. Reuters: China cyber-spying against the US will probably grow. Reuters: Oprah will end her talk show in September 2011. WSJ: Large shareholders are [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Nov 2009 | 1:56 am World stocks and dollar both gain (Reuters)
Source: Yahoo! News: Business | 20 Nov 2009 | 1:55 am World stocks and dollar both gainLONDON (Reuters) - Financial markets saw a rare breakdown in correlations on Friday with world stocks eking out modest gains after the previous sessions losses but the dollar strengthening.Source: Reuters: Business News | 20 Nov 2009 | 1:55 am Europe Markets: European shares rise for first time in four daysInvestors buy up shares in companies closely tied to economic growth.
Source: MarketWatch.com - Top Stories | 20 Nov 2009 | 1:52 am John Lewis sales hit high for the yearJohn Lewis, the employee-owned retailer regarded as a barometer of the British high street, has reported a 17.1 per cent rise in weekly department store sales, its strongest performance so far this year, providing further evidence of a brisk start to the Christmas shopping season. Source: Latest Business News from Times Online | 20 Nov 2009 | 1:47 am London stocks recover at open (AFP)
Source: Yahoo! News: Stock Markets News | 20 Nov 2009 | 1:46 am Procter & Gamble recalls Vicks nasal spray over bacteria fearsProcter & Gamble (P&G) has recalled 120,000 bottles of Vicks Sinex nasal spray after finding traces of bacteria in the product. Source: Latest Business News from Times Online | 20 Nov 2009 | 1:42 am Thomas Kostigen's Ethics Monitor: Climate requires a careful choiceAt the heart of former vice president Al Gore’s new book “Our Choice” is an ethical proposition that supersedes the economic and political milieu associated with global warming: “Why is humanity failing to confront this unprecedented mortal threat?”
Source: MarketWatch.com - Top Stories | 20 Nov 2009 | 1:36 am GM Daewoo says mini cars to hit European marketGM Daewoo Auto and Technology Co. said Friday it had started shipping new mini cars to Europe as the South Korean unit of US auto giant General Motors Co. seeks to expand global sales. ...Source: RSS feed - channel BNewsBusiness | 20 Nov 2009 | 1:34 am Asia's airlines stem decline: aviation bodyAsia's airline industry is pulling out of a slump sparked by the global recession with signs passenger numbers are rising, a regional body said Friday, but there were warnings a rebound...Source: RSS feed - channel BNewsBusiness | 20 Nov 2009 | 1:33 am Taiwan to probe AIG units buyerTaiwan will probe if the buyer of the local unit of American International Group has violated a long-term investment commitment by speedily selling on part of the company, an official said...Source: RSS feed - channel BNewsBusiness | 20 Nov 2009 | 1:32 am Seoul to allow naked short selling of bondsSouth Korea plans to allow naked short selling of bonds next year in an effort to attract more foreign participation in the country's underdeveloped and illiquid bond market.The move comes as South Korea...Source: RSS feed - channel BNPaperBusiness | 20 Nov 2009 | 1:31 am Japan warns that deflation can drag on recoveryJapan's government highlighted the danger of deflation for the first time in three years Friday, warning that falling prices and a further worsening of the labor market could drag on the...Source: RSS feed - channel BNewsBusiness | 20 Nov 2009 | 1:27 am China raises nonresidential electricity ratesChina raised electricity rates for businesses and industries Friday, part of a long-term effort to adjust prices to reflect costs and promote energy saving as the country struggles to meet...Source: RSS feed - channel BNewsBusiness | 20 Nov 2009 | 1:26 am Asia Markets And Europe Open (11/20/2009)Markets in Asia fell. The Nikkei was down .5% to 9,498. Sony NYSE:SNE) fell after its investor meeting. Mitsubishi UFJ (NYSE:MTU) gained back some losses. The Hang Seng fell .7% to 22,451. The Shanghai Composite was down .4% to 3,308. At the open in Europe, the FTSE was up .3% to 5,281. The Dax rose .5% to 5,727. The [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Nov 2009 | 1:16 am Ex-smoker wins $300m in damagesTobacco firm Philip Morris is ordered to pay out $300m in damages to a former smoker.Source: BBC News | Business | World Edition | 20 Nov 2009 | 1:08 am House panel backs audits of Federal ReserveThe vote, opposed by the Obama administration, comes as discontent grows on Capitol Hill over the president's economic efforts.A House committee voted overwhelmingly Thursday in favor of a measure opposed by the Obama administration that would subject the Federal Reserve to unprecedented scrutiny.
Source: L.A. Times - Business | 20 Nov 2009 | 1:00 am CalPERS board members endorse new lobbying rulesLegislation would scrap the pay system for agents who try to persuade the state's public pension fund to invest with their clients.Board members at California's huge state pension fund offered support Thursday for a plan to register as lobbyists the controversial middlemen hired by private investment funds to help get lucrative business from public pension plans.
Source: L.A. Times - Business | 20 Nov 2009 | 1:00 am Oprah to end her show in 2011She's expected to deliver a new program to a cable outlet she's starting. Her exit is a blow to two networks.In another blow to the struggling business of network television, Oprah Winfrey is expected to announce on her program today that she will step down from her syndicated afternoon talk show, which over the last two decades has transformed her into one of the richest and most influential forces in popular culture.
Source: L.A. Times - Business | 20 Nov 2009 | 1:00 am After Wells Fargo settlement, a spat over who gets the creditWho deserves credit for forcing Wells Fargo & Co. to buy $1.4 billion in troubled securities from small investors?
Source: L.A. Times - Business | 20 Nov 2009 | 1:00 am Getting a charge out of Nissan's LeafThis thought came to me as I was piloting the Nissan Leaf electric vehicle prototype around Dodger Stadium last Friday: When gasoline-powered cars sleep at night, they dream of being electric.
Source: L.A. Times - Business | 20 Nov 2009 | 1:00 am Recession is in play at California's tribal casinosVisitors are still streaming in, but they've cut back on spending, operators say. Analysts say the casinos aren't likely to see a pickup in revenue until the middle of 2010.This is what a recession looks like at Southern California's tribal casinos: Nearly every seat at the 25-cent slot machines is filled. Gamblers wait three deep around the cheapest blackjack tables. The reels on the penny slot machines spin almost without interruption.
Source: L.A. Times - Business | 20 Nov 2009 | 1:00 am 7 accused of investment fraud in Inland EmpireProsecutors say they sold false real estate investments in a scheme that bilked clients of $17 million.Three Riverside County businessmen and four associates were criminally charged Thursday after prosecutors said they sold false investments and committed grand theft in a scheme that bilked clients of $17 million and left many broke.
Source: L.A. Times - Business | 20 Nov 2009 | 1:00 am Foreclosures will keep rising through 2010, report saysMortgage Bankers Assn. says delinquencies and home repossessions have hit a new high. Blaming job losses for most of the pain, it sees a continued surge in foreclosures through all of next year.Home foreclosures are likely to keep climbing through all of next year despite stabilizing housing prices in some areas, a major lender group said Thursday as it reported that the level of delinquencies and repossessed homes had jumped to a record.
Source: L.A. Times - Business | 20 Nov 2009 | 1:00 am California median home sale price rose in OctoberThe 2.4% month-to-month gain was still down 7.6% from a year earlier. California home prices edged higher last...Source: RSS feed - channel BNPaperBusiness | 20 Nov 2009 | 1:00 am Foreclosures will keep rising through 2010, report saysMortgage Bankers Assn. says delinquencies and home repossessions have hit a new high. Blaming job losses for most of the pain, it sees a continued surge in foreclosures through all of next year. ...Source: RSS feed - channel BNPaperBusiness | 20 Nov 2009 | 1:00 am Ailing Lakeside doctors group rescued by Heritage of NorthridgeAcquisition of the Burbank firm at risk of bankruptcy swells the number of patients served by Heritage to more than 600,000.A major physicians group in the San Fernando Valley, struggling with the rising cost of medical care, has joined another Southern California healthcare network that will now serve more than 600,000 patients.
Source: L.A. Times - Business | 20 Nov 2009 | 1:00 am California median home sale price rose in OctoberThe 2.4% month-to-month gain was still down 7.6% from a year earlier.California home prices edged higher last month as first-time buyers took advantage of a federal tax credit and foreclosure properties made up a smaller slice of the market, fresh data showed Thursday.
Source: L.A. Times - Business | 20 Nov 2009 | 1:00 am Recession is in play at California's tribal casinosVisitors are still streaming in, but they've cut back on spending, operators say. Analysts say the casinos aren't likely to see a pickup in revenue until the middle of 2010. ...Source: RSS feed - channel BNPaperBusiness | 20 Nov 2009 | 1:00 am 7 accused of investment fraud in Inland EmpireProsecutors say they sold false real estate investments in a scheme that bilked clients of $17 million. Three...Source: RSS feed - channel BNPaperBusiness | 20 Nov 2009 | 1:00 am House panel backs audits of Federal ReserveThe vote, opposed by the Obama administration, comes as discontent grows on Capitol Hill over the president's economic efforts. ...Source: RSS feed - channel BNPaperBusiness | 20 Nov 2009 | 1:00 am Ailing Lakeside doctors group rescued by Heritage of NorthridgeAcquisition of the Burbank firm at risk of bankruptcy swells the number of patients served by Heritage to more than 600,000. ...Source: RSS feed - channel BNPaperBusiness | 20 Nov 2009 | 1:00 am Getting a charge out of Nissan's LeafThis thought came to me as I was piloting the Nissan Leaf electric vehicle prototype around Dodger Stadium last Friday: When gasoline-powered cars sleep at night, they dream of being electric.Source: RSS feed - channel BNPaperBusiness | 20 Nov 2009 | 1:00 am CalPERS board members endorse new lobbying rulesLegislation would scrap the pay system for agents who try to persuade the state's public pension fund to invest with their clients. ...Source: RSS feed - channel BNPaperBusiness | 20 Nov 2009 | 1:00 am CityCenter could make -- or break -- Las VegasCityCenter is getting ready to open its first phase in just a few weeks. A big concern is whether it will mark another successful expansion of the Las Vegas Strip or merely dump lots of new capacity onto a city where hotels have been begging for guests in the economic downturn.
Source: MarketWatch.com - Top Stories | 20 Nov 2009 | 12:54 am Fund manager Gartmore to float in DecemberGartmore, one of Britain’s best-known fund managers, has confirmed its intention to float on the London Stock Exchange in mid-December. Source: Latest Business News from Times Online | 20 Nov 2009 | 12:49 am Good weather boosts Fuller profitBrewer Fullers reports a 26% rise in half-year profits as the good early summer weather boosted beer sales.Source: BBC News | Business | World Edition | 20 Nov 2009 | 12:47 am Ferrero could eye Cadbury gum, candy unit: reportMILAN (Reuters) - Italian chocolate maker Ferrero could be interested in Cadbury's gum and candy division, a unit worth about 5 billion euros ($7.4 billion), in a possible joint takeover...Source: RSS feed - channel BNewsBusiness | 20 Nov 2009 | 12:42 am Ferrero could eye Cadbury gum, candy unit: reportMILAN (Reuters) - Italian chocolate maker Ferrero could be interested in Cadbury's gum and candy division, a unit worth about 5 billion euros ($7.4 billion), in a possible joint takeover bid, business daily Il Sole 24 Ore said on Friday.Source: Reuters: Business News | 20 Nov 2009 | 12:42 am Nationwide cautious on housing as profits fallNationwide, Britain’s biggest building society, has warned of further “downward pressure on house prices” as it unveiled a 64 per cent fall in first-half profits. Source: Latest Business News from Times Online | 20 Nov 2009 | 12:38 am TABLE-BIOPHAUSIA 3-month resultsNov 20 (Reuters) - 3 months to Sep 30 2009: BioPhausia AB (Millions of Swedish crowns unless otherwise stated)Source: RSS feed - channel BNewsBusiness | 20 Nov 2009 | 12:35 am China is running the risk of new bubble Bill Gross warnsChina is running the risk of its own bubble by betting on renewed demand from US consumers that is unlikely to appear the manager of the world's biggest bond fund said.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 20 Nov 2009 | 12:02 am Aussie stocks close lower after Wall St fallSYDNEY - Australian stocks ended the week lower after falls across the board following losses on Wall Street and commodity markets.The benchmark S&P/ASX200 index closed down 63.4 points, or 1.33 per cent, at 4,685.8 points, while...Source: nzherald.co.nz - Business | 19 Nov 2009 | 11:50 pm Royal Mint's gold coin production more than quadruplesBritain's Royal Mint more than quadrupled its production of gold coins last quarter as uncertainty about the economic outlook fuels demand.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 11:38 pm Market falls, outperforms other Asian marketsThe New Zealand sharemarket fell but outperformed other markets in Asia and proved again that it can be the source of new capital for listings.The benchmark NZSX-50 index closed down 27.547 points, or 0.877 per cent, at 3113.629....Source: nzherald.co.nz - Business | 19 Nov 2009 | 11:34 pm Big shareholders ask Goldman to cut bonuses: report(Reuters) - Some of Goldman Sachs Group Inc's largest shareholders have asked the company to cut the size of its bonus pool and pass along more of its profits to investors, the Wall Street Journal reported, citing people familiar with the situation.Source: Reuters: Business News | 19 Nov 2009 | 10:44 pm Big shareholders ask Goldman to cut bonuses: report (Reuters)Reuters - Some of Goldman Sachs Group Inc's largest shareholders have asked the company to cut the size of its bonus pool and pass along more of its profits to investors, the Wall Street Journal reported, citing people familiar with the situation.Source: Yahoo! News: Business | 19 Nov 2009 | 10:44 pm Burkle buys Barneys New York debt: report (Reuters)Reuters - Supermarket mogul Ron Burkle and his investment arm, Yucaipa, have purchased a large amount of U.S. luxury retail chain Barneys New York's debt, the Wall Street Journal said, citing people familiar with the matter.Source: Yahoo! News: Business | 19 Nov 2009 | 10:36 pm Burkle buys Barneys New York debt: report(Reuters) - Supermarket mogul Ron Burkle and his investment arm, Yucaipa, have purchased a large amount of U.S. luxury retail chain Barneys New York's debt, the Wall Street Journal said, citing people familiar with the matter.Source: Reuters: Business News | 19 Nov 2009 | 10:36 pm Dollar lower, investors avoid riskThe New Zealand dollar finished off the lows of the session but the theme of the day was a pullback in risk appetite after global economic data failed to live up to expectations.The NZ dollar fell as low as US72.56c, a two-week...Source: nzherald.co.nz - Business | 19 Nov 2009 | 10:34 pm Dell bets on corporate spending for recoverySINGAPORE (Reuters) - Dell, the world's No.3 PC brand, said on Friday that its core business of selling computers to companies was returning, after a sharp drop-off during the global downturn led to disappointing quarterly results.Source: Reuters: Business News | 19 Nov 2009 | 10:34 pm Dell bets on corporate spending for recovery (Reuters)
Source: Yahoo! News: Business | 19 Nov 2009 | 10:34 pm GE, Vivendi $1 billion apart over NBC Universal stake: report (Reuters)Reuters - General Electric and Vivendi are at least $1 billion apart in their valuation of the French group's stake in NBC Universal, the Financial Times said on Thursday.Source: Yahoo! News: Business | 19 Nov 2009 | 8:55 pm GE, Vivendi $1 billion apart over NBC Universal stake: reportNEW YORK (Reuters) - General Electric and Vivendi are at least $1 billion apart in their valuation of the French group's stake in NBC Universal, the Financial Times said on Thursday.Source: Reuters: Business News | 19 Nov 2009 | 8:55 pm China's Agria emerges as biggest Wrightson shareholderAgria will become the biggest shareholder of PGG Wrightson after the unprofitable rural services group raises a total of $249.4 million selling shares and notes to slash its debt levels.Wrightson will raise $180.1 million via...Source: nzherald.co.nz - Business | 19 Nov 2009 | 8:30 pm Mixed day for IPOs as Rio unit disappointsNEW YORK (Reuters) - Investors proved to be selective as four U.S.-listed initial public offerings priced either below or at their expected ranges on Thursday evening.Source: Reuters: Business News | 19 Nov 2009 | 8:09 pm US newspaper ad revenue falls 28pcUS newspapers' advertising woes have persisted through the Northern Hemisphere summer, increasing the likelihood that publishers will finish this year with their lowest ad sales since the 1980s.Newspapers' ad revenue totaled $US6.4...Source: nzherald.co.nz - Business | 19 Nov 2009 | 8:00 pm Philip Morris ordered to pay $300m to smokerA Florida jury ordered cigarette maker Philip Morris USA to pay $300m in damages to a 61-year-old ex-smoker named Cindy Naugle who is wheelchair-bound by emphysema.Source: Financial Times - US homepage | 19 Nov 2009 | 7:33 pm Kupe SOE would boost NZ oil sector, says new reportA partially privatised, government-backed oil and gas exploration business emerges as a practical option for kick-starting a higher level of activity in the New Zealand oil and gas sector, says a report prepared for Energy Minister...Source: nzherald.co.nz - Business | 19 Nov 2009 | 7:30 pm Dell earnings plunge 54pcSAN FRANCISCO - Dell said today that its net income dropped 54 per cent in the latest quarter and amid signs the company isn't fully benefiting from the computer industry's fledgling recovery.Dell's numbers missed Wall Street's...Source: nzherald.co.nz - Business | 19 Nov 2009 | 7:30 pm Bank bill delayed in House, Senate dividedWASHINGTON (Reuters) - Progress toward tighter U.S. financial regulation faltered in the U.S. Congress on Thursday as a House committee postponed a pivotal vote and Republicans on a Senate committee aired stubborn opposition.Source: Reuters: Business News | 19 Nov 2009 | 7:06 pm General Growth, lenders agree on mall debt rework (AP)
Source: Yahoo! News: Business | 19 Nov 2009 | 6:53 pm Short-term US interest rates turn negativeShort-term US interest rates turned negative as banks frantically stockpiled government securities in order to polish their balance sheets for the end of the yearSource: Financial Times - US homepage | 19 Nov 2009 | 6:40 pm Chrysler could lose more than 100 U.S. dealershipsDETROIT (Reuters) - More than 100 Chrysler Group LLC U.S. dealerships face possible closure if they cannot reach new financing deals with GMAC Financial Services or another lender, people involved in the process said on Thursday.Source: Reuters: Business News | 19 Nov 2009 | 6:08 pm Stake valuations hit Comcast deal for NBCGeneral Electric and Vivendi are at least $1bn apart in their valuation of the French group’s stake in NBC Universal, damping hopes of a quick resolution to a stand-off that is holding up Comcast’s planned bid for a majority stake in the US broadcast, cable and film groupSource: Financial Times - US homepage | 19 Nov 2009 | 5:53 pm Pimco’s Gross Says Buy UtilitiesPIMCO’s chief Bill Gross puts out a regular letter in which he shares his investment advice with the public. Invoking the memory of Will Rogers, a Depression-era comic, Gross describes the recent upheaval in the financial markets as a period where investors needed to concern themselves with the return of their money, rather than return on [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 19 Nov 2009 | 5:31 pm Block on Minsheng deal costs US $1.7bnUS authorities blocked Minsheng, the Chinese bank, from acquiring a Californian lender in a deal that could have saved almost $300m of taxpayers’ money and $1.4bn from an industry insurance fund, say people familiar with the matter.Source: Financial Times - US homepage | 19 Nov 2009 | 5:27 pm Book Review: The Dollar Meltdown by Charles Goyette
Charles Goyette has spent much of his life thinking about money. He has contemplated how it works, how governments manipulate it, and how it stores value. Goyette, a radio show host, precious metals pro, and libertarian, shares his views on fate of the US dollar in “The Dollar Meltdown.” In his four-part book, Goyette details where the US economy and dollar are now, how we got here, what might happen next, and how to protect your money. The topics Goyette presents are necessary reading for anyone wanting a well-rounded perspective on the current US economy. Even if you don’t agree with some of Goyette’s strong libertarian viewpoints, his colorful writing and factual anecdotes make “The Dollar Meltdown” an interesting read. As its cover might imply, “The Dollar Meltdown” isn’t a gentle introduction to the collapse of the dollar. Libertarians and Austrian school aficionados would feel most at ease with this book. Refreshingly, the nonpartisan author implicates both Democrats and Republicans as fiscal and monetary ne’er do gooders. Goyette says “the body economic is shuddering from the relentless compulsions of meddlers.” Thanks to government intervention in money and markets, the US faces runaway inflation. Between Sept 2008-March 2009, US monetary base grew 199%. Add the domestic dollar supply to foreign dollar reserves—up to half of US dollar reserves are in foreign hands—and you have a potential oversupply. The country’s debt situation is making holders of dollars, both foreign and domestic, nervous about the value of their greenbacks. Goyette writes that our national debt adds up to $42,000/person for the bailout (March 2009 numbers). On top of that, China owns $767 billion in US Treasury securities. That’s the equivalent of each individual American borrowing $3,300 from people in China. If people start dumping dollars, all that extra supply will make it back to the US. Inflation will result. Several countries are already seeking other kinds of reserves—euros and gold, for example—to replace dollars. Why isn’t the government quaking in its boots? Because, says Goyette, it has always pursued inflation as a policy. Authorities aim for mild inflation as a manageable economic state. The government tries to alter deflationary states into inflation to gain a sense of control of the economy. “Helicopter” Ben Bernanke is doing exactly that right now. Moreover, as the country’s biggest debtor, the government benefits most from inflation. For example, at 4% inflation, a debt of $12 trillion depreciates by $480 billion/year. Economic gyrations actually work well for politicians, because they can capitalize off the consequences of inflation. They can campaign based on economic woes. Inflation can help them get reelected. It also helps the government increase its own power. After the government produces inflation, it will initiate wage and price controls. It will use inflation as a vehicle to move towards central command (total economic control). Goyette, a free-market proponent, says authorities can never be one step ahead of the economy. Inflationary policies aren’t good for the economy. “Saying some inflation is desirable is like saying a few termites are a good thing…,” he remarks. To combat the wealth-destroying effects of runaway inflation, Goyette recommends you put 25% of your portfolio into gold and silver, ideally physically held. He offers expert, detailed advice on how and where to buy it. Goyette’s chapter on buying gold is one of the most cohesive and useful chapters in his book. His expertise in the field shines through. Subsequent chapters aren’t as well-defined, but do offer detailed background information on each recommended investment. The next chapter talks about silver. Chapters on investing in oil, natural resources, commodities, bonds (using a long inverse strategy), and foreign currencies follow. Analysis At times, I found the book dogmatic. For example, throughout the book, Goyette mentions that America is transforming itself into a central command economy. He says command economies produce poverty. Fair enough. But isn’t China, increasingly prosperous as it is, still a command economy? Goyette addresses this by saying that “as China freed its command economy, growth came.” Yes, but that doesn’t mean China is free from command. Nor does it mean that America won’t stop the top-down action until it becomes the USSA. This tendency to polarize marks some of his claims. What’s more, Goyette later recommends buying an ETN (exchange-traded note) issued by the (socialist) government of Sweden. We hate central command, but we support it when it’s in our own interest? If you can get over a couple of belief-system rabbit holes, and the occasional divisive language—Rob Paul fans would claim it as fact, but if your belief system lands on the outskirts, Goyette can shock—“The Dollar Meltdown” is a worthy read. It covers a perspective you need to know about in an entertaining, interesting way. Full disclosure: We were sent a free copy of The Dollar Meltdown.
Source: Business Pundit | 19 Nov 2009 | 5:22 pm 52-Week High Club (DCI, NTAP, TSL)Donaldson Company Inc (NYSE: DCI) rose over 8.5% to a yearly high of $45.19 after the air filter maker reported 3Q earnings of $0.45 per share, beating analyst estimates. NetApp Inc. (NASDAQ: NTAP) rose over 5.5% to a yearly high of $31.25 after the server maker reported profits of $0.37 per share, beating analysts estimates. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 19 Nov 2009 | 5:05 pm Google spyware will help vigilantes save rainforestsEnvironmentalists across the world are to be enlisted as armchair detectives to monitor satellite images of rainforests and report any illegal logging. Source: Latest Business News from Times Online | 19 Nov 2009 | 5:01 pm Hard choicesShould food or education be Malawi's priority?Source: BBC News | Business | World Edition | 19 Nov 2009 | 5:01 pm Government gears up £30m to promote charging pointsElectric cars and unreliable wind power could bring down Britain’s electricity network, National Grid said as the Government launched a £30 million grant scheme to promote the installation of charging points for plug-in cars. Source: Latest Business News from Times Online | 19 Nov 2009 | 5:01 pm Purring pussycatIs the famous MGM lion about to lose its roar?Source: BBC News | Business | World Edition | 19 Nov 2009 | 4:59 pm Wall St drops on recovery concerns, tech routNEW YORK (Reuters) - U.S. stocks slid on Thursday as another batch of economic data pointed to the fragility of the recovery and a brokerage's dim view on the semiconductor sector hit technology shares.Source: Reuters: Business News | 19 Nov 2009 | 4:53 pm Gap profit up 25 pct in 3Q as Old Navy recovers (AP)
Source: Yahoo! News: Business | 19 Nov 2009 | 4:52 pm Stronger dollar, weak economic data pummels stocks (AP)
Source: Yahoo! News: Stock Markets News | 19 Nov 2009 | 4:47 pm SEC told to improve ways it chooses probe targets (AP)AP - The Securities and Exchange Commission must tighten its process for deciding which investment advisers to inspect if it is to avoid colossal breakdowns like the one that allowed Bernard Madoff's multibillion-dollar fraud to go undetected for 16 years, the agency's inspector general says.Source: Yahoo! News: Stock Markets News | 19 Nov 2009 | 4:42 pm Dell sees quarterly profits fallUS computer giant Dell reports another decline in its quarterly profits, sending its shares 7% lower.Source: BBC News | Business | World Edition | 19 Nov 2009 | 4:36 pm Stock takes: Slipping the leashThe New Zealand business world's foremost firebrand, the Shareholders Association's Bruce Sheppard, has pulled out whatever stops he might have had to stoke outrage over the Hanover/Allied Farmers debentures-for-shares swap proposal.In...Source: nzherald.co.nz - Business | 19 Nov 2009 | 4:30 pm Dell misses forecasts, shares sinkShares of Dell Inc. fell sharply following the stock market's close on Thursday, after the PC maker reported drastically lower quarterly profit and sales that badly missed Wall Street's forecasts.Source: Business and financial news - CNNMoney.com | 19 Nov 2009 | 4:16 pm Goldman boost from business aid fundGoldman Sachs’ programme for US small businesses could help it meet some of its duties under a law aimed at aiding low-income communities – a sign of the demands created by its conversion to a bank holding company last yearSource: Financial Times - US homepage | 19 Nov 2009 | 4:14 pm NJ Resorts casino gets OK to give keys to lenders (AP)AP - America's first casino to open outside Nevada got permission Thursday to hand itself over to its lenders because it can't pay the mortgage.Source: Yahoo! News: Business | 19 Nov 2009 | 4:07 pm TSX finishes lower as oils, Manulife weigh (Reuters)Reuters - Toronto's main stock index skidded on Thursday as oil prices dropped and Manulife Financial rattled investors by announcing a surprise, C$2.5 billion stock offering.Source: Yahoo! News: Stock Markets News | 19 Nov 2009 | 4:01 pm Write-Offs: 11.19.09$$$ Pequot Worker Told Therapist That Samberg Demanded Insider Tips [Bloomberg] $$$ Dick Bove's Top BofA CEO Candidates [The Deal] $$$ Felix Salmon: Henry Blodget Should Be Banned From The Industry [BI] $$$ Wells Fargo Needs TARP Money More Than It Admits [Bloomberg] 
 Source: Dealbreaker | 19 Nov 2009 | 4:00 pm Treasury calls for cuts as Labour speaks out on monetary policyEven as the Labour Party was calling for a rethink of monetary policy arrangements, citing the collateral damage from a high exchange rate, the Treasury released a paper yesterday arguing that cuts to Government spending would take...Source: nzherald.co.nz - Business | 19 Nov 2009 | 4:00 pm Big DNZ payday leaves investors reelingPaul Duffy and Alastair Hasell, DNZ directors, will get $43 million for selling the management contract of their business.The initial public offering of DNZ Property Fund, listing on NZX next month, will see the two paid a third...Source: nzherald.co.nz - Business | 19 Nov 2009 | 4:00 pm Best holiday gifts for the outdoorsy typeYour favorite nature lover will appreciate these affordable woodsy offerings.Source: Business and financial news - CNNMoney.com | 19 Nov 2009 | 3:44 pm How the major stock indexes fared on Thursday (AP)AP - Signs of a subdued economic recovery sent investors out of stocks Thursday and in search of safer assets like the dollar. Energy and material stocks logged some of the biggest losses as a jump in the dollar sent commodity prices tumbling. Meanwhile, an analyst's downgrade of the chip industry pulled technology shares sharply lower.Source: Yahoo! News: Stock Markets News | 19 Nov 2009 | 3:25 pm Senior House Republican Asks Geithner To Step DownBy Caitlin Kenney Things got heated on Capitol Hill today as a senior Republican lawmaker called on Treasury Secretary Timothy Geithner to resign. Rep. Kevin Brady (R- Texas) said this during a Joint Economic Committee Hearing: "Conservatives agree that as point person you have failed, liberals are growing in that consensus as well. Poll after poll shows the public has lost confidence in this President's ability to handle the economy. For the sake of our jobs, will you step down from your post?" Geithner was quick to respond, defending himself while criticizing the policies of the previous administration: "I agree with almost nothing in what you said, and I think almost nothing in what you said represents a fair and accurate perception of where this economy is today. I think it is important to start, welcome the advice you are providing after you gave this president an economy falling off a cliff, values of American savings cut almost in half, millions of Americans out of work, again the worst financial crisis we have seen in generations." After the jump, video of the exchange. Another Republican on the panel, Rep. Michael Burgess (R-Texas), joined in the criticism telling Geithner: " I don't think you should be fired. I thought you should have never been hired." Geithner has faced other calls for his resignation this week, but Democrats at the hearing were quick to jump to his defense. Here's what Representative Maurice Hinchey, a New York Democrat had to say: "It just amazes me how there are some people here who are trying to pretend, and I think consciously and intentionally pretending, that the economic circumstances that we're confronting, all of them, mysteriously materialized over the course of the last nine months or so, which is totally, completely false."
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Nov 2009 | 3:18 pm Plastic Surgery TaxBy Daniel Costello Still haven't decided what to get your loved ones for the holidays? How about a nose job or a touch of Botox. Anyone seeking elective plastic surgery may help pay for the nearly $900 billion health care overhaul that was unveiled by Senate Democrats this week. The White House-backed plan would impose a 5 percent tax on elective cosmetic surgery that is estimated to raise an estimated $5.8 billion over 10 years. The tax would to into effect just after the holidays in early January. The measure exempts plastic surgery done to remedy a congenital deformity or an injury resulting from an accident or disease. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Nov 2009 | 2:57 pm US retailers turn to power of the appLeading US retailers are this year expanding their Christmas sales drive by targeting smartphone users through the new generation of mobile devices such as the Apple iPhone, the Palm Pre and BlackBerry’s StormSource: Financial Times - US homepage | 19 Nov 2009 | 2:56 pm Cazenove eyes Europe after £2bn buyout dealNaguib Kheraj has successfully landed the £2bn JP Morgan Cazenove deal. Five years in the making the agreement concludes the US bank's buyout of the Queen's stockbroker and recasts Cazenove's blueblooded bankers as multimillionaires.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 2:40 pm Bhagwati, Blinder on Book `Offshoring of American Jobs': AudioSource: Bloomberg - All Podcasts | 19 Nov 2009 | 2:28 pm Chapin Hill's Boyle Sees Long-Term Volatility in Stocks: AudioSource: Bloomberg - All Podcasts | 19 Nov 2009 | 2:23 pm Hundred-Million-Dollar-Hall Looking For New Billions
Now, Citi chose to sell Hall's business, Phibro, to Occidental for a few nickels rather than simply spin it off as an independent hedge fund. Still, Hall knows where the money is (a lot of it is hidden in the keep of his German castle) and he's asked the Blackstone Group to find it.
Source: Dealbreaker | 19 Nov 2009 | 2:15 pm Mushkin on Banana Wars, Fullman on Options Expiration: AudioSource: Bloomberg - All Podcasts | 19 Nov 2009 | 2:11 pm Morrisons will not rush successionSupermarket chain will not be rushed into finding a new chief executive following the defection of Marc Bolland to Marks & Spencer.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 2:10 pm Dell Very Disappointing… Very (DELL)Dell Inc. (NASDAQ: DELL) reported earnings of $0.17 EPS as a headline, but the clean number is $0.23 EPS on a non-GAAP basis and $12.9 billion in revenues. Thomson Reuters had estimates pegged at $0.28 for non-GAAP EPS and $13.18 billion in revenues. Dell had previously noted that it did not expect the commercial refresh and [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 19 Nov 2009 | 2:07 pm After flirtations Cazenove made a wise choice in its financial partnerBack in 2004 David Mayhew chairman of Cazenove had a choice to make.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 2:03 pm UK credibility and recovery crumbleAlistair Darling is losing the argument over how to deal with Britain's terrifying public debt almost as quickly as the deficit itself is widening. The fact that our public finances deteriorated nearly twice as fast as expected last month means we can't wait any longer for the Government to take action.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 2:01 pm JPMorgan Brings Christmas Back
Source: Dealbreaker | 19 Nov 2009 | 2:00 pm Presented By:Source: Dealbreaker | 19 Nov 2009 | 2:00 pm Metals and US markets weigh on FTSEDragged down by mining stocks in early trading and further undermined in the afternoon by downbeat sentiment on Wall Street Britain's bluechip index again lost ground. It was the FTSE 100's third consecutive day in the red - its longest if not its heaviest losing streak in seven weeks.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 1:58 pm Halfords boosted by staycation summerHalfords the car parts and bicycles retailer posted a 24pc rise in profits after solid summer sales but admitted it is "nervous" about the coming year.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 1:55 pm Lehman claims may total up to 1 trilllionThe number of claims against collapsed Lehman Brothers could top 1 trillion according to the man running the bank's liquidation.Source: Finance and Business. Latest breaking news stocks and shares from the UK and world | 19 Nov 2009 | 1:51 pm Royal Mint cashes in as gold market coins itProduction of gold coins has been dramatically ramped up as demand for the precious metal continues to surgeSource: Financial Times - US homepage | 19 Nov 2009 | 1:38 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 | 19 Nov 2009 | 1:13 pm Is There A Property Bubble In China?
The World Bank says property price increases in China are modest. (China Quarterly Update/World Bank) By Caitlin Kenney Our conversation with NPR business correspondent Frank Langfitt on yesterday's podcast made me wonder about the possibility of a property bubble in China. A quick scan of headlines from some major newspapers shows I'm not the only one. The Financial Times has a piece on the "fears" of Zhang Xin, chief executive of Soho China, one of the country's most successful privately owned property developers. Ms Zhang tells the FT she's worried that the demand isn't real and that it's banks that are driving up the prices. "In Manhattan, they have vacancy rates of 10-15 per cent and they feel like the sky is falling, but in Pudong [the central business district in Shanghai] vacancy rates are as high as 50 per cent and they are still building new skyscrapers." Andrew Peaple at the WSJ says answering the question about a property bubble is "like nailing jelly to a wall." Peaple notes that property prices across 70 large and medium sized cities rose 3.9 percent on-year in October -- he's even got a great graphic to show it. Still, he says the problem is highly localized and "fundamental demand for improved housing should provide long-term support for Chinese house prices." Over at the New York Times, they're focused on what Asian lawmakers are doing to deter speculation in the real estate market. The Times reports that the Hong Kong Mortgage Corp., which issues second mortgages, is no longer making loans to investors and has cut its maximum loan size. Meantime, Beijing's bank regulator is now "requiring commercial banks to look at the bank valuation and the transaction price, then to base the mortgage on whichever price is lower." In their China Quarterly Update, the World bank stated that "serious asset price bubbles are unlikely to be imminent." The report said that while "price rises have not exceeded income growth significantly," "risks of misallocation of credit and bad loans are real and it pays to be proactive." That's a lesson we've certainly learned here in the U.S., and we know China was watching. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 19 Nov 2009 | 1:07 pm Do Wall Street Executives "Defecate In Their Pants" When Andrew Ross Sorkin Calls ThemIn the New York magazine profile earlier this month, Andrew Ross Sorkin said that one of the ways he's able to land big sources is by not being "adversarial or coming to the table with an ax to grind." The piece also claimed that many of ARS's colleagues at the Times think it has to do with the fact that he's too buddy-buddy with his high-profile pals, and goes way too easy on them in print. Not true, says Joe Scarborough. Not only is it a lie that Sorkin's reporting process entails calling up CEO's and asking for their side of the story, scheduling a meeting and suggesting he wait outside while a PR person asks some pre-approved questions, the answers of which are transcribed into a column, but these guys are horrified of ARS. So much so, Scarborough said in a radio show with Sorkin this morning, that just being told Times-boy is on the line causes them to "lose control of their bowels." Scarborough also claims that besides literally scaring the shit out of these guys, Sorkin is "so frightening" that they had to come to his book party and "bow down" to him. We didn't see any head bobbing at the Too Big To Fail soiree but perhaps it went on in a backroom. Anywho, let's do an informal poll: do Jamie Dimon, John Mack, Ken Griffin, Billy Ackman et al soil themselves at the sound of the letters "A-R-S?" And what are we to infer from the fact that Blankfein was a no show to Sorkin's big night?
Source: Dealbreaker | 19 Nov 2009 | 1:02 pm Solarfun Power Raised to `Outperform' at Oppenheimer: AudioSource: Bloomberg - All Podcasts | 19 Nov 2009 | 12:55 pm A look at economic developments around the globe (AP)AP - A look at economic developments and activity in major stock markets around the world Thursday:Source: Yahoo! News: Stock Markets News | 19 Nov 2009 | 12:38 pm A look at economic developments around the globe (AP)AP - A look at economic developments and activity in major stock markets around the world Thursday:Source: Yahoo! News: Business | 19 Nov 2009 | 12:38 pm Microsoft: Victor or Also-Ran?By Daniel Costelo Microsoft Corp. said Thursday it sold twice as many copies of Windows 7 than previous versions of its operating system. Windows 7, the latest version of Microsoft's operating system, has received favorable reviews and is considered to be better than its predecessor, Vista. The downside: the aging tech giant is getting beaten up worse than expected in the all-important mobile software market for smartphones. A year ago, Microsoft looked comfortable in the mobile market, coming off another year of growth and holding a promising 11 percent global market share, almost tied with Apple's 12.9 percent and just behind Research in Motion's (the maker of Blackberrry) 16 percent. Now, Windows Mobile's marketshare stands at 7.9 percent. Competitors are eating the company's lunch: Apple's (OS X) market share rose to 17.1 percent and RIM also grew significantly, now at 20.8 percent. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Nov 2009 | 12:38 pm Chip stocks fall on downgrade, CEOs talk recovery (Reuters)
Source: Yahoo! News: Stock Markets News | 19 Nov 2009 | 12:23 pm Geithner defends record to CongressTim Geithner launches a fierce defence of his record as US Treasury secretary as Republicans said his policies had failed and he should resignSource: Financial Times - US homepage | 19 Nov 2009 | 11:35 am Divine Sanction For Goldman's New MDs (Update)
Apotheosis for God's chosen few is scheduled for New Year's Day. Thereafter, it's all milk, honey and million-dollar bonuses, but they've earned it, so sayeth the Prophet Blankfein. Writeth the prophet in the e-mail announcing the promotions, the newly-minted MDs have richly earned their place in Heaven, for they are among the Blessed who helped preserve God's bank during the late difficulties, and will "be integral to our service to clients, the strength of our reputation and the long-term success of the firm." Yea. Let their names be recorded in the Book of Life. Goldman Sachs Names 272 Managing Directors For Next Year [Dow Jones via CNN Money] Update: Full list (courtesy of FINalternatives) after the jump.
Source: Dealbreaker | 19 Nov 2009 | 11:19 am Mexico eyes next export: Wind energyIn the Mexican state of Baja California, the government and international corporations want to build wind farms that could generate enough electricity to power homes in the United States while boosting the state's economy. Sam Eaton reports.Source: Marketplace | 19 Nov 2009 | 11:13 am Auditor general looks to ban swapsInterest-rate swaps are supposed to provide a hedge against big changes in interest rates. But as they've gone sour, regulators are taking a closer look at these exotic products. Joel Rose reports.Source: Marketplace | 19 Nov 2009 | 10:55 am Bitter fight developing over sugar beetsVirtually the entire sugar beet crop in the United States is genetically engineered to protect it from herbicides. Now, a lawsuit claiming the biotech beets pose a risk to other varieties could threaten sugar production. Mitchell Hartman reports.Source: Marketplace | 19 Nov 2009 | 10:55 am Issues persist in FAA's flight systemA Federal Aviation Administration computer glitch caused flight delays and cancellations. Hans Weber, owner of an aviation consulting firm, talks with Kai Ryssdal about what's going on with plans to update the system.Source: Marketplace | 19 Nov 2009 | 10:55 am Plastic surgeons face tax in health billThe Senate health bill includes a 5% tax on optional cosmetic procedures. But plastic surgeons have their knives out for this idea. Bob Moon reports.Source: Marketplace | 19 Nov 2009 | 10:55 am How health reform may affect a familyA lot of big numbers have been thrown around for the health-care overhaul bills in Congress. But how would the plans actually help the average family of four with no insurance? Nancy Marshall Genzer reports.Source: Marketplace | 19 Nov 2009 | 10:55 am FTSE 100 slips on OECD warnings (AFP)
Source: Yahoo! News: Stock Markets News | 19 Nov 2009 | 10:54 am Black Friday Gimmicks & Desperation, A Win For Consumers (WMT, BBY, COST, TGT, KSS, GPS, M, JWN, MA, AMZN)We are right at a week away from the highly awaited Black Friday for 2009’s holiday and Christmas season. As you likely know, this is THE day that retailers look forward to all year and critically depend upon as an anchor to how each retailer’s full year earnings results turn out. You may already be [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 19 Nov 2009 | 10:54 am In Spite Of Being The Worst Job On Wall Street, BofA CEO Is Actually The Best Job In Finance
Those incorrigible contrarians at Breakingviews have a different take on the Worst Job on Wall Street. There may actually be no better job in finance than the hot-seat of BofA. Interesting. Go on. Regulators are hardly friendly with BofA or Ken Lewis, its outgoing chief. Its board needs an overhaul, a senior management team of big shots is already in place, and there's huge work to be done integrating its many poorly-timed acquisitions. Right. And, now, the upside:
Source: Dealbreaker | 19 Nov 2009 | 10:30 am Make or Break Earnings for Dell (DELL)Dell Inc. (NASDAQ: DELL) is set to report earnings after the closing bell today. Thomson Reuters has estimates pegged at $0.28 EPS and $13.18 billion in revenues. For the coming quarter those estimates are $0.30 EPS and $13.54 billion in revenues. We have heard whisper numbers of $0.29 EPS and even higher, and the highest [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 19 Nov 2009 | 10:30 am Booksellers Taking Money Out Of Times Reporter's Pocket
Source: Dealbreaker | 19 Nov 2009 | 10:20 am Bloomberg’s Burton Discusses Citadel's Ken Griffin: AudioSource: Bloomberg - All Podcasts | 19 Nov 2009 | 10:11 am Clifton Says Health Care Will Cost $100 Billion More: AudioSource: Bloomberg - All Podcasts | 19 Nov 2009 | 10:09 am Benchmark’s Moran Says AOL Only Worth $3.3 Billion: AudioSource: Bloomberg - All Podcasts | 19 Nov 2009 | 10:08 am MF Global’s O'Sullivan Sees Fed Raising Rates Late 2010: AudioSource: Bloomberg - All Podcasts | 19 Nov 2009 | 10:06 am Merrill's Harris Sees More Normal Recovery in 2011, 2012: AudioSource: Bloomberg - All Podcasts | 19 Nov 2009 | 10:04 am CMC's Chesterton Sees ECB Raising Rates Before Fed, BOE: AudioSource: Bloomberg - All Podcasts | 19 Nov 2009 | 10:02 am Tim Geithner Will Not Be Showing Himself Out
At a Joint Economic Committee hearing in Congress, in which House and Senate lawmakers sit on a panel, Rep. Kevin Brady opened up his questioning by telling Mr. Geithner Republicans, Democrats, and the American people had lost confidence in the Treasury Secretary and asked him to resign. And if you want to talk about confidence? When people, The People, think about Tim Geithner? They think confidence shooting out of every orifice.
Source: Dealbreaker | 19 Nov 2009 | 9:30 am Pinnacle Foods Group Buys Birds Eye Foods for $1.3 billion
Pinnacle Foods Group, owned by private equity firm Blackstone Group, will buy frozen-food provider Birds Eye Foods for $1.3 billion. Bloomberg has the scoop: The transaction should close by the first quarter of next year, Pinnacle said today in a statement. The deal will be funded with new debt financing at the company and an equity contribution from New York-based Blackstone, the world’s biggest private-equity company. Birds Eye has sales of more than $930 million, according to Pinnacle. The Rochester, New York-based company is currently owned by Pro-Fac Cooperate Inc., a New York agricultural cooperative; funds affiliated with Vestar Capital Partners, a New York-based buyout firm; and Birds Eye management. Image: Brands of the World
Source: Business Pundit | 19 Nov 2009 | 9:19 am Ratings Agencies To Australia: F-You
Well, that's exactly what those outback yahoos in Australia seem to be implying. So Moody's Investors Service and Standard & Poor's are picking up (most of) their toys and going home, withdrawing their applications to offer corporate debt ratings. The lily-white ratings agencies object to a new rule, coming into force on Jan 1., that would turn over disputes between the all-knowing and their idiot retail investor clients to a financial ombudsman. But that "would effectively be second-guessing S&P's analysts," S&P cries! "This would ultimately create investor confusion and harm financial markets." And S&P has never done anything like that.
Source: Dealbreaker | 19 Nov 2009 | 9:11 am Mortgage Defaults Hitting Record HighsBy Caitlin Kenney More bad news for the housing market, the number of people falling behind on their mortgage payments continues to climb. The Mortgage Bankers Association says 9.64 percent of all home loans outstanding last quarter were at least one payment past due. What's worse? That figure does not include loans that are in the process of foreclosure, 4.47 percent of loans were in foreclosure, up from 4.3 percent last quarter. Prime fixed-rate loans have been hit the hardest. The MBA says 33 percent of foreclosures started in the third quarter were prime fixed-rate and that number is expected to increase next quarter. These type of loans make up nearly 50 percent of loans 90 days or more past due but not yet in foreclosure. Not surprisingly, the MBA's Chief Economist, Jay Brinkmann, credits the climbing delinquencies to job losses: "Job losses continue to increase and drive up delinquencies and foreclosures because mortgages are paid with paychecks, not percentage point increases in GDP. Over the last year, we have seen the ranks of the unemployed increase by about 5.5 million people, increasing the number of seriously delinquent loans by almost 2 million loans and increasing the rate of new foreclosures from 1.07 percent to 1.42 percent." Ironically, the increasing rate of defaults has provided growth in one corner of the job market, the mortgage restructuring business. The Wall Street Journal (subs req'd) reports that four of the largest mortgage services have collectively hired almost 17,000 people this year and plan to keep adding staff. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Nov 2009 | 9:08 am AOL Layoffs Affect 1/3 of Workers
AOL layoffs affecting 1/3 of the company’s workforce, or up to 2,300 people, will hit during the next few months. The layoffs come as a result of restructuring after the Time Warner spin-off. Bloomberg reports: AOL is aiming to reduce its annual operating costs by about $300 million through the restructuring, the New York-based company said today in a regulatory filing. AOL expects to take as much as $200 million in restructuring charges in the first half of 2010 if the plan is approved by the new board after the spinoff, according to the filing. AOL employs about 6,900 people, AOL spokeswoman Tricia Primrose said in an e-mail, indicating job cuts of about 2,300. The company will begin a voluntary layoff program Dec. 4 and is looking for as many as 2,500 volunteers, she said. AOL will begin firing employees if the voluntary departures fall short. Ouch.
Source: Business Pundit | 19 Nov 2009 | 8:59 am AOL To Slash A Third Of Its Jobsby Daniel Costello AOL, the struggling Internet company, announced it's cutting a third of its staff as it prepares to spin off from parent Time Warner next month. AOL, which now employs 6,900 workers, is asking for 2,500 volunteers to accept buyouts and plans to resort to layoffs if it does not get enough people. Last month, the company's chief executive, Tim Armstrong, announced a strategic shift for the company, toward building "a large platform around content and monetizing that content." To support this new strategy, AOL has in the past six months grown its staff of journalists from 500 to 3,000, he said. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Nov 2009 | 8:57 am FAA Computer Glitch Delays Flights Across America
The Federal Aviation Administration (FAA) announced today that a computer glitch would cause delays and cancellations of flights nationwide. The Wall Street Journal has more: The problem involved the FAA computer system that files automated flight plans, forcing air traffic controllers to revert to the much more time-consuming approach of entering flight plans by hand. That produced a “domino effect” delaying flights around the country, the National Air Traffic Controllers Association said in a statement. It said the system for processing flight plans was coming back online, but that there will likely be flight delays throughout the day. Delays began on the East Coast and were rippling out to the west. The problem wasn’t affecting radar coverage or communications with planes in the air, the FAA said. The air traffic controllers union, however, said the FAA systems that provide information on weather and wind speeds at airports also weren’t functioning. USA Today elaborates: CNN reports the FAA computer system affected by the malfunction is centered in Atlanta. “The system — the National Airspace Data Interchange Network, or NADIN — appears to be the same one that failed in August 2008. The FAA said flight plans are being processed through the network’s Salt Lake City, Utah office,” CNN says on its website. CBS News reporter Nancy Cordes has more on the subject via the CBS News website. CBS explains the NADIN “system is located in Atlanta and generates the flight plans for all flights on the East Coast.” She says the glitch is forcing air traffic controllers in the already-congested New York City to space out planes by about 20 miles, instead of the normal eight miles. CBS adds “the practical ramifications of this problem are that the entire air traffic control system on the East Coast is slowed to about 40-50% of what a normal day would look like. Controllers must input flight data for each takeoff and landing manually.” The FAA has a history of similar technical failures. They blamed the previous NADIN failure, in 2008, on a Windows upgrade, but offered no more specifics than that, according to Portfolio. By all indications, this was a) not unprecedented, and b) will probably happen again sometime.
Source: Business Pundit | 19 Nov 2009 | 8:36 am Morning Report: Reid Unveils Health Bill; Obama Nudges KoreaBy Daniel Costello Senate Majority Leader Harry Reid has released a Senate health reform bill that analysts estimate would cost $849 billion over 10 years, and slash the deficit by $127 billion over the next decade. Like a bill that passed the House on Nov. 7, the Senate bill aims to cover most Americans, bar insurers from denying coverage to people who are already ill, set up insurance exchanges where people can shop for coverage and fine those who don't have insurance. It also sets up a government-run insurance plan, expected to enroll about 6 million people. That "public option" remains deeply controversial and is likely to keep most Republicans and conservative Democrats from supporting the bill. According to the Congressional Budget Office, the bill would reduce the number of uninsured Americans by 31 million people, from about 46 million today. The first procedural vote on the bill could come later this week. President Barack Obama held a joint press conference Thursday with South Korean counterpart Lee Myung Bak to push a proposed free trade agreement with South Korea. The agreement has been stalled in Congress and is opposed by the U.S. auto lobby and unions, who argue it doesn't do enough to open up Korean markets. The main sticking point has been autos. South Korea is a major exporter of cars to the U.S., but very few vehicles made in America are sold in South Korea, an imbalance some analysts say is market driven and not a result of trade barriers. The U.S. Chamber of Commerce estimates that failure to enact the accord means the loss of $35 billion in exports and 345,000 jobs. Lastly, the number of people filing initial claims for state unemployment benefits was flat at a seasonally adjusted 505,000 in the week that ended Nov. 14, the Labor Department reported Thursday. Initial claims are at the lowest level since early January, but they have hovered above 500,000 for 53 straight weeks, contributing to a 26-year high in the U.S. unemployment rate. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Nov 2009 | 7:47 am An Honest Job Ad
Source: Business Pundit | 19 Nov 2009 | 4:31 am
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