|
|
|
|
Bank of Japan tries new stimulusThe Bank of Japan announces new measures to boost the economy after holding an emergency meeting.Source: BBC News | Business | World Edition | 1 Dec 2009 | 3:37 am Manufacturing growth slows sharply in NovemberGrowth in British manufacturing activity slowed unexpectedly in November, a sign that the sector's recovery may be about to run out of steam, according to a closely watched report Source: Latest Business News from Times Online | 1 Dec 2009 | 3:32 am Wall St set for higher open; ISM data awaited(Reuters) - U.S. stock index futures pointed to a higher open for equities, with investors waiting for a slew of economic data, including U.S. ISM figures for November and pending home sales numbers.Source: Reuters: Business News | 1 Dec 2009 | 3:29 am Wall St set for higher open; ISM data awaited (Reuters)
Source: Yahoo! News: Stock Markets News | 1 Dec 2009 | 3:29 am Wall St set for higher open; ISM data awaited (Reuters)
Source: Yahoo! News: Business | 1 Dec 2009 | 3:29 am Metals Stocks: Gold futures hit high near $1,200 an ounceGold futures climb to a record near $1,200 an ounce on Tuesday, as the dollar weakens and rebounding appetite for risk draws buyers into the precious-metals market.
Source: MarketWatch.com - Top Stories | 1 Dec 2009 | 3:29 am Surprise dip in UK manufacturingUK manufacturing activity slowed unexpectedly in November as new orders fell sharply, a study indicates.Source: BBC News | Business | World Edition | 1 Dec 2009 | 3:28 am Homes 'used for pension top-ups'Many people are still relying on cashing in on the rising value of their property to fund their retirement, a survey says.Source: BBC News | Business | World Edition | 1 Dec 2009 | 3:22 am UPDATE 1-Smurfit-Stone files reorganization planDec 1 (Reuters) - Bankrupt corrugated packaging maker Smurfit-Stone Container Corp filed a Chapter 11 plan and disclosure statement in a Delaware bankruptcy court early on Tuesday, court papers showed...Source: RSS feed - channel BNewsBusiness | 1 Dec 2009 | 3:16 am Japan exporters up in Asia; BoJ takes easing stepsExporters’ shares in Japan were among the big winners in Asia Tuesday, when the yen fell before Japan's central bank at an unscheduled meeting unveiled further steps to ease monetary policy.
Source: MarketWatch.com - Top Stories | 1 Dec 2009 | 3:16 am Global investors return to risky assetsGlobal Markets Overview: A potential return to quantitative easing at the Bank of Japan contrasts sharply with Australia’s move to raise rates, keeping monetary policy at the forefront of traders’ mindsSource: Financial Times - US homepage | 1 Dec 2009 | 3:15 am The Worst Is Over For Credit Card Companies, Or Maybe Not (BAC)The head of the credit card operations at Bank of America (NYSE:BAC) believes that credit card write-offs will not continue to rise, and that these write offs hit their high point in the last half of this year. “Most people think that charge-offs will be peaking right about now, in the third and fourth quarters,” [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Dec 2009 | 3:10 am Geely taps China banks to back $1.8 billion Volvo deal (Reuters)Reuters - Geely, the Chinese carmaker picked as the preferred bidder for Ford Motor's Volvo unit, is seeking at least $1 billion in loans from Chinese banks to finance its $1.8 billion bid, sources said on Tuesday.Source: Yahoo! News: Business | 1 Dec 2009 | 3:08 am Geely taps China banks to back $1.8 billion Volvo dealHONG KONG (Reuters) - Geely, the Chinese carmaker picked as the preferred bidder for Ford Motor's Volvo unit, is seeking at least $1 billion in loans from Chinese banks to finance its $1.8 billion bid, sources said on Tuesday.Source: Reuters: Business News | 1 Dec 2009 | 3:08 am BOJ offers more liquidity; government backs off (Reuters)Reuters - The Bank of Japan offered banks more short-term funds after an emergency meeting on Tuesday, winning an immediate reprieve from government pressure to help avert recession before upper house polls next year.Source: Yahoo! News: Business | 1 Dec 2009 | 3:06 am BOJ offers more liquidity; government backs offTOKYO (Reuters) - The Bank of Japan offered banks more short-term funds after an emergency meeting on Tuesday, winning an immediate reprieve from government pressure to help avert recession before upper house polls next year.Source: Reuters: Business News | 1 Dec 2009 | 3:06 am UAE tries to reassure investorsThe UAE president praises Dubai's leader, but the region's markets suffer sharp falls for the second day running.Source: BBC News | Business | World Edition | 1 Dec 2009 | 3:05 am The Renaissance Of E-Commerce (M)(JWN)(AMZN)(WMT)(TGT)There are bits of research that say holiday e-commerce sales rose in the double digits over the Thanksgiving weekend and did even better on Monday. E-commerce sales have risen as a total percentage of retail revenue since 1995, the year Amazon.com (NASDAQ:AMZN) was founded. Online sales are about 10% of total retail sales at this point. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Dec 2009 | 3:05 am Invest in learningEducation offers hope 25 years after Bhopal gas leakSource: BBC News | Business | World Edition | 1 Dec 2009 | 3:03 am Kraft still favorite for Cadbury deal: BernsteinLONDON (Reuters) - Kraft Foods Inc is favorite to take over Cadbury Plc despite interest from Hershey Co and Ferrero, and talk of Nestle SA involvement, said analyst Andrew Wood at Sanford Bernstein.Source: Reuters: Business News | 1 Dec 2009 | 2:59 am UPDATE 3-Geely taps China banks to back $1.8 bln Volvo deal* Chinese private equity funds keen to support - sources (Adds Geely's comments, next move for negotiations)Source: RSS feed - channel BNewsBusiness | 1 Dec 2009 | 2:59 am UPDATE 3-Geely taps China banks to back $1.8 bln Volvo deal* Chinese private equity funds keen to support - sources (Adds Geely's comments, next move for negotiations)Source: RSS feed - channel BNewsBusiness | 1 Dec 2009 | 2:59 am UPDATE 2- Electra targets distressed sellers for dealsLONDON, Dec 1 (Reuters) - Britain's Electra Private Equity said it is back targeting distressed sellers for new deals after a year of firefighting to protect investments and limit declines in asset valuations...Source: RSS feed - channel BNewsBusiness | 1 Dec 2009 | 2:57 am Emerging Markets Report: Dubai and Abu Dhabi equities drop for second dayEquities in Dubai and Abu Dhabi fall sharply for a second session on Tuesday, with investors continuing to worry about Dubai World’s debt troubles, even as the conglomerate said it’s holding constructive talks with its creditors.
Source: MarketWatch.com - Top Stories | 1 Dec 2009 | 2:57 am Economic Report: British house prices up 0.5% in Nov.: NationwideBritish house prices rose by 0.5% in November, mortgage lender Nationwide said Tuesday.
Source: MarketWatch.com - Top Stories | 1 Dec 2009 | 2:56 am Stolen iPhones in RussiaSource: Business and financial news - CNNMoney.com | 1 Dec 2009 | 2:53 am Kraft still favourite for Cadbury deal -BernsteinLONDON, Dec 1 (Reuters) - Kraft Foods Inc is favourite to take over Cadbury Plc despite interest from Hershey Co and Ferrero, and talk of Nestle SA involvement, said analyst Andrew Wood at Sanford...Source: RSS feed - channel BNewsBusiness | 1 Dec 2009 | 2:52 am Stocks set for a pop higherStocks were poised to open higher Tuesday as global markets rebounded, gold neared the $1,200-an-ounce mark and amid talk of a GE-Comcast deal for NBC-Universal.Source: Business and financial news - CNNMoney.com | 1 Dec 2009 | 2:49 am Dubai debt plan fails to calm Gulf marketsDUBAI (Reuters) - Gulf markets tumbled again on Tuesday, taking no comfort from Dubai World's plan to restructure about $26 billion of its estimated $59 billion in liabilities, which appeared to calm global fears of contagion.Source: Reuters: Business News | 1 Dec 2009 | 2:46 am Oil rises near $78 as concern eases over DubaiLONDON (Reuters) - Oil climbed toward $78 a barrel on Tuesday, adding to the previous session's advance, as concern eased that Dubai's debt problems would set back the global economic recovery.Source: Reuters: Business News | 1 Dec 2009 | 2:43 am BNP Paribas lifts savings target from Fortis dealFrench bank BNP Paribas said Tuesday that it expects to generate annual savings of 900 million euros ($1.35 billion) through the integrations of Fortis’ banking operations.
Source: MarketWatch.com - Top Stories | 1 Dec 2009 | 2:34 am Gold hits record near $1,200/oz as dollar slipsLONDON (Reuters) - Gold hit record highs at $1,198.70 an ounce in Europe on Tuesday as the dollar weakened against a basket of currencies in the wake of policy comments from the Bank of Japan, adding to strong investment demand for the metal.Source: Reuters: Business News | 1 Dec 2009 | 2:30 am Gold hits record near $1,200/oz as dollar slipsLONDON (Reuters) - Gold hit record highs at $1,198.70 an ounce in Europe on Tuesday as the dollar weakened against a basket of currencies in the wake of policy comments from the Bank of...Source: RSS feed - channel BNewsBusiness | 1 Dec 2009 | 2:30 am London Markets: British shares jump as miners and banks advanceU.K. shares jump on the first day of the month, with miners in the lead as worries about Dubai’s finance woes receded.
Source: MarketWatch.com - Top Stories | 1 Dec 2009 | 2:29 am De Beers plans $1bn rights issueDe Beers, the world's largest diamond producer, announces plans to raise up to $1bn (£607m) from investors.Source: BBC News | Business | World Edition | 1 Dec 2009 | 2:25 am Wetherspoon to create 10,000 jobsPub operator JD Wetherspoon announces it will open 250 pubs over the next five years, creating 10,000 jobs in the process.Source: BBC News | Business | World Edition | 1 Dec 2009 | 2:18 am Mont. historians seek to recognize 100-year farmsAs employment pressures and the lure of faraway opportunities split up agricultural families, many farms and ranches are being consolidated, sliced into subdivisions or converted into...Source: RSS feed - channel BNewsBusiness | 1 Dec 2009 | 2:14 am FTSE 100 jumps after Dubai World debt talks with banksBanks with exposure to Dubai drive index of blue-chip shares up.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 1 Dec 2009 | 2:14 am Tesco 'biggest shop' plan refusedPlans to built Ireland's largest Tesco store just outside Banbridge are rejected for a second time by planners.Source: BBC News | Business | World Edition | 1 Dec 2009 | 2:03 am Dubai debt plan fails to calm Gulf markets (Reuters)Reuters - Gulf markets tumbled again on Tuesday, taking no comfort from Dubai World's plan to restructure about $26 billion of its estimated $59 billion in liabilities, which appeared to calm global fears of contagion.Source: Yahoo! News: Business | 1 Dec 2009 | 2:00 am FTSE 100 rebounds at open (AFP)
Source: Yahoo! News: Stock Markets News | 1 Dec 2009 | 1:59 am Media Digest 12/1/2009 Reuters, WSJ, NY Times, FT, BloombergReuters: A $25 billion debt plan for Dubai World helped calm markets. Reuters: GE (NASDAQ:GE) and Vivendi agreed to value NBCU at a price which gives the French company $5.8 billion for its 20% share. Reuters: The unemployed face higher healthcare premiums. Reuters: White House financial adviser Summers said unemployment will stay high. Reuters: November sales will shed more [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Dec 2009 | 1:59 am Europe Markets: Europe shares jump on first day of DecemberEuropean shares rose on the first day of December, as worries about the potential fallout to the global economy from Dubai’s debt woes abated and deal speculation also lent a hand.
Source: MarketWatch.com - Top Stories | 1 Dec 2009 | 1:53 am London's banks rebound as Dubai fears easeLondon equities started December with gains on Tuesday, on growing hopes that the world's financial markets would take the Dubai World debt default in their stride. The FTSE 100 rose 67 points to 5,257...Source: RSS feed - channel BNPaperBusiness | 1 Dec 2009 | 1:42 am UPDATE 2-Glaxo takes 19 pct of Aspen after completing deal* Aspen shares hit record high, up 2 pct (Adds latest shares, background on Glaxo strategy)Source: RSS feed - channel BNewsBusiness | 1 Dec 2009 | 1:34 am Ofcom may let BT lift charges to cut pension deficitBT could be allowed to include some of the cost of reducing its 9.4bn pension deficit in the wholesale charges that it levies on rivals such as British Sky Broadcasting and Carphone Warehouse, the telecoms...Source: RSS feed - channel BNPaperBusiness | 1 Dec 2009 | 1:32 am Europe and Asia shares rebound on Dubai talksRelieved investors sent British shares soaring today after it emerged that Dubai World, the state-owned conglomerate at the heart of the country's debt crisis, had begun talks with creditors to restructure nearly half of its $59 billion ($£35.8 billion) borrowings. Source: Latest Business News from Times Online | 1 Dec 2009 | 1:29 am Asian markets gain after Wall Street riseAsian stock markets rose Tuesday following modest gains on Wall Street and amid increased confidence the Dubai debt crisis was unlikely to derail the global recovery. Most major...Source: RSS feed - channel BNewsBusiness | 1 Dec 2009 | 1:28 am Asian markets gain after Wall Street rise (AP)
Source: Yahoo! News: Stock Markets News | 1 Dec 2009 | 1:28 am Asia Market And Europe Open (12/1/2009)Markets in Asia were sharply higher The Nikkei rose 2.4% to 9,572. The Hang Seng was up 1.4% to 22,086. HSBC (NYSE:HBC) rose. The Shanghai Composite was up 1.3% to 3,235. At the open in Europe, the FTSE was up 1.3% to 5,257. The Dax was higher by 1.5% to 5,700 and the CAC 40 rose 1.5%. Data from Reuters [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Dec 2009 | 1:22 am UAE markets plunge again on Dubai debt drama (AFP)
Source: Yahoo! News: Stock Markets News | 1 Dec 2009 | 1:21 am Long, bitter debate ahead for health care billDemocrats called it a historic opportunity. Republicans called it a sham. Long-awaited debate over President Barack Obama's health care overhaul kicked off in the Senate with lawmakers...Source: RSS feed - channel BNewsBusiness | 1 Dec 2009 | 1:18 am Chairmen to face annual job voteCompany chairmen could face an annual vote to keep their job, under proposals by the Financial Reporting Council.Source: BBC News | Business | World Edition | 1 Dec 2009 | 1:09 am BT rivals face price rises to plug pension gapOfcom, the telecoms regulator, launched a consultation today into BT’s burgeoning £9.4 billIon pension deficit, which could force the company's customers and rivals to pay higher charges to cover the gaping shortfall. Source: Latest Business News from Times Online | 1 Dec 2009 | 1:05 am JD Wetherspoon plans 250 new pubs in BritainJD Wetherspoon, the pub chain known for its discount food, has announced plans to open 250 new pubs across Britain in a move it says will create 10,000 jobs.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 1 Dec 2009 | 1:02 am Culinary schools rebound from recessionary slumpAspiring professional chefs and ambitious home cooks fill rolls again.Just a few months ago, the cooking school business was deflating like a punctured souffle. But at several culinary academies around Los Angeles, enrollment has taken a turn for the better.
Source: L.A. Times - Business | 1 Dec 2009 | 1:00 am Oil prices climb modestly, shrugging off piracy reportsCrude futures for January delivery rise $1.23 to $77.28 a barrel. Pump prices fall, on average, by 1.9 cents to $2.921 a gallon in California and by a penny to $2.629 nationally. ...Source: RSS feed - channel BNPaperBusiness | 1 Dec 2009 | 1:00 am Vivendi clears path for GE-Comcast dealIt agrees to sell its 20% stake in NBC Universal.Media colossus NBC Universal is a giant step closer to being sold to the nation's largest cable company in a proposed $29-billion deal that could reshape the entertainment industry and lead to changes in how consumers get their movies and TV shows.
Source: L.A. Times - Business | 1 Dec 2009 | 1:00 am 10 favorite gadgets of 2009With holiday shopping well underway, the Times technology staff has compiled a list of 10 favorite gadgets of 2009 that might help those who are weighing stocking stuffers for someone else -- or themselves.
Source: L.A. Times - Business | 1 Dec 2009 | 1:00 am Fitness-industry start-up needs a toehold. Where to begin?Also: Keywords for Google ads, and telephone-system deals for very small businesses. Dear Karen: I am researching business start-ups in...Source: RSS feed - channel BNPaperBusiness | 1 Dec 2009 | 1:00 am REI TV ads portray the outdoors in all its uncomfortable gloryThe outdoor retailer and BBDO have made the daring creative choice to show the backcountry as it is frequently experienced by most of us: cold, wet , often dreary and miserable. Are they nuts?Outdoor-gear retailing giant REI this week rolled out its first-ever TV commercials as part of its seasonal "Find Out" campaign.
Source: L.A. Times - Business | 1 Dec 2009 | 1:00 am Supreme Court rejects Ford's appeal in rollover caseA San Diego woman won $83 million after her Explorer rolled over and its roof partially collapsed. The accident paralyzed her. ...Source: RSS feed - channel BNPaperBusiness | 1 Dec 2009 | 1:00 am Stocks end higher as investors decide Dubai debt crisis is unlikely to spreadU.S. banks have little direct exposure to the Persian Gulf emirate, whose investment arm said last week that it would delay repayment of debt.In their first full day of trading after the disclosure of Dubai's debt trouble, U.S. financial markets appeared to conclude Monday that the crisis wouldn't derail the budding global economic recovery.
Source: L.A. Times - Business | 1 Dec 2009 | 1:00 am Culinary schools rebound from recessionary slumpAspiring professional chefs and ambitious home cooks fill rolls again. Just a few months ago, the cooking school...Source: RSS feed - channel BNPaperBusiness | 1 Dec 2009 | 1:00 am Supreme Court rejects Ford's appeal in rollover caseA San Diego woman won $83 million after her Explorer rolled over and its roof partially collapsed. The accident paralyzed her.The U.S. Supreme Court on Monday let stand a record $83-million judgment in favor of a San Diego County woman who was paralyzed when her Ford Explorer rolled over and its roof partially collapsed.
Source: L.A. Times - Business | 1 Dec 2009 | 1:00 am REI TV ads portray the outdoors in all its uncomfortable gloryThe outdoor retailer and BBDO have made the daring creative choice to show the backcountry as it is frequently experienced by most of us: cold, wet , often dreary and miserable. Are they nuts? ...Source: RSS feed - channel BNPaperBusiness | 1 Dec 2009 | 1:00 am For salmon fishing port, the future is as murky as its watersFort Bragg fishermen have been struggling since commercial salmon fishing off California was banned two years ago. Some cling to the hope the ban will be lifted, but others are seeking new careers.Just yards from the murky waters of Noyo Harbor, the boats sit tilted sideways on scraggly grass, their hulls rusted, their white paint peeling.
Source: L.A. Times - Business | 1 Dec 2009 | 1:00 am Vivendi clears path for GE-Comcast dealIt agrees to sell its 20% stake in NBC Universal. Media colossus NBC Universal is a giant step closer to being...Source: RSS feed - channel BNPaperBusiness | 1 Dec 2009 | 1:00 am Obama administration steps up pressure on mortgage lendersUnder new requirements to help prevent foreclosures, banks and other mortgage lenders could face fines if they lag in converting temporary home loan modifications into permanent changes by year's end.With rising foreclosures still threatening the economy, the Obama administration is trying to pump new life into its much-criticized program to lower payments for homeowners at risk of defaulting on their home loans.
Source: L.A. Times - Business | 1 Dec 2009 | 1:00 am 10 favorite gadgets of 2009With holiday shopping well underway, the Times technology staff has compiled a list of 10 favorite gadgets of 2009 that might help those who are weighing stocking stuffers for someone else -- or themselves...Source: RSS feed - channel BNPaperBusiness | 1 Dec 2009 | 1:00 am Obama administration steps up pressure on mortgage lendersUnder new requirements to help prevent foreclosures, banks and other mortgage lenders could face fines if they lag in converting temporary home loan modifications into permanent changes by year's end...Source: RSS feed - channel BNPaperBusiness | 1 Dec 2009 | 1:00 am CalPERS board member should be fined, watchdog agency saysCharles Valdes should pay $12,500 for receiving campaign donations that exceed California limits, the Fair Political Practices Commission urges.A longtime board member at the California Public Employees' Retirement System, Charles Valdes, should be fined $12,500 for receiving five campaign contributions in excess of state limits, the state's political watchdog agency recommended Monday.
Source: L.A. Times - Business | 1 Dec 2009 | 1:00 am De Beer shareholders back rights issue to cut debtsDe Beers shareholders have agreed in principle to a rights issue the could raise raise up to $1bn (£600m) to reduce debts at the world's largest diamond producer.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 1 Dec 2009 | 12:38 am House prices moderate to 0.5% riseBritish house prices rose 0.5 per cent in November, at the same rate as October, suggesting that a rapid rise over the spring and summer is beginning to moderate. Source: Latest Business News from Times Online | 1 Dec 2009 | 12:37 am UAE stock markets two-day drop tops 10 percent (AFP)
Source: Yahoo! News: Stock Markets News | 1 Dec 2009 | 12:27 am Aussie investors shrug off interest rate newsMELBOURNE - The share market ended the day stronger after Australian investors shrugged off news of a much-expected interest rate hike.The benchmark S&P/ASX200 index closed up 17.7 points, or 0.38 per cent, to 4,719 points, while...Source: nzherald.co.nz - Business | 1 Dec 2009 | 12:23 am House prices rise for seventh month but pace is easing, says NationwideHouse prices rose for the seventh month in November but the pace of the recovery is beginning to ease, the Nationwide said.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 1 Dec 2009 | 12:21 am One in three people plan to use their home to fund retirementThe over 50s still plan to use their home to boost their income despite recent house price falls.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 1 Dec 2009 | 12:18 am Middle East shares tumble despite Dubai World talksStock markets across the Middle East continued to plunge this morning despite an announcement by Dubai World, the troubled state-owned conglomerate, that it is in talks with creditors to restructure about $26 billion ($£15.8 billion) of its debts. Source: Latest Business News from Times Online | 1 Dec 2009 | 12:15 am Dubai World begins talks with banks on $26bn of debtDubai World, the company at the heart of the crisis, begin talks over debts that have rattled global stock markets.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 1 Dec 2009 | 12:14 am Bank of Japan surprises with new easing measuresJapan's central bank takes additional easing steps at a special policy meeting in order to keep the country's fragile economic recovery amid deflationary pressures and a soaring currency.
Source: MarketWatch.com - Top Stories | 1 Dec 2009 | 12:14 am Third rate increase for AustraliaAustralia raises interest rates for a third successive month, as the country's economy continues to recover.Source: BBC News | Business | World Edition | 1 Dec 2009 | 12:13 am Govt scaremongering over ACC levy hikes - LabourLabour ACC spokesman David Parker says the Government is intentionally trying to scare the public with over inflated ACC figures.Levies for workers on the average income would go up by almost $500 if ACC recommendations to the...Source: nzherald.co.nz - Business | 1 Dec 2009 | 12:05 am Gulf markets extend lossesGulf stock exchanges that are open have fallen sharply in early trading amid concerns over the fallout from Dubai’s debt problemsSource: Financial Times - US homepage | 1 Dec 2009 | 12:02 am NZ market posts another day of growthThe New Zealand sharemarket had another good day, fuelled in part by fast food and coffee from Restaurant Brands.The benchmark NZSX-50 index, which gained 31.1 points yesterday, piled on another 21 points, or 0.674 per cent, to...Source: nzherald.co.nz - Business | 30 Nov 2009 | 11:48 pm Arrest imminent in Florida Ponzi case: reportMIAMI (Reuters) - A disbarred Florida lawyer accused by the FBI of running a $1 billion investment scam is expected to be arrested Tuesday on racketeering conspiracy charges, The Miami Herald reported.Source: Reuters: Business News | 30 Nov 2009 | 11:40 pm Where Dubai leads, Britain could soon followThe sovereign debt crisis shows that we cannot always rely on states to ride to the rescue, says Tracy Corrigan.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Nov 2009 | 11:25 pm Asian markets rise as Dubai fears fadeAsian stock markets rose on Tuesday following modest gains on Wall Street and amid increased confidence the Dubai debt crisis was unlikely to derail the global recovery.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Nov 2009 | 11:23 pm Irwin Kellner: As housing falls, so falls the economyThe fate of housing, and the economy, will be determined by whether falling prices can stimulate sales faster than they are causing foreclosures.
Source: MarketWatch.com - Top Stories | 30 Nov 2009 | 11:23 pm Mark Hulbert: Low volume may be source of concernThe many advisers who are worried about the market’s low trading volume remind Mark Hulbert of cowboys patrolling their camps at night: They worry that, when it gets too quiet, trouble must be brewing.
Source: MarketWatch.com - Top Stories | 30 Nov 2009 | 11:10 pm CBOE to demutualise ‘within days’The Chicago Board Options Exchange, the US’s primary options-trading venue and one of the world’s last big member-owned financial exchanges, will demutualise “within days or weeks”Source: Financial Times - US homepage | 30 Nov 2009 | 10:56 pm Dollar gains ground on Aussie rate hikeThe New Zealand dollar gained ground towards the end of the day today as Australia's central bank hiked its official cash rate.The kiwi was today treading water in a US71.20c to US71.70c range ahead of the Reserve Bank of Australia's...Source: nzherald.co.nz - Business | 30 Nov 2009 | 10:48 pm November sales to shed light on holiday season start (Reuters)Reuters - When U.S. retail chains report November sales this week, investors will learn whether they have gone far enough to protect profits against a weak start to the holiday shopping season.Source: Yahoo! News: Business | 30 Nov 2009 | 10:43 pm November sales to shed light on holiday season startSAN FRANCISCO (Reuters) - When U.S. retail chains report November sales this week, investors will learn whether they have gone far enough to protect profits against a weak start to the holiday shopping season.Source: Reuters: Business News | 30 Nov 2009 | 10:43 pm US commercial mortgage default rate hits 3.4%The default rate for commercial mortgages in the US climbed to a fresh 16-year high in the third quarter of this year, as the property market continued to struggle under the weight of tight credit and falling rentsSource: Financial Times - US homepage | 30 Nov 2009 | 10:01 pm Australia interest rates rise for third consecutive monthThe Reserve Bank of Australia (RBA) has raised interest rates for a record third consecutive month. Source: Latest Business News from Times Online | 30 Nov 2009 | 9:26 pm November caps stellar year for NZXNovember capped a stellar year to date for the New Zealand sharemarket, as it raised a record $6.19 billion worth of capital in the last 12 months.November was the strongest month in the 12-month period, boosted by Kathmandu listing...Source: nzherald.co.nz - Business | 30 Nov 2009 | 8:44 pm Auckland house prices spiraling upwardsAuckland is driving the rise in house selling price expectations, while the rest of the country lags behind, a report today says.The upward trend in home sellers' price expectations is being driven by the main centres of Auckland,...Source: nzherald.co.nz - Business | 30 Nov 2009 | 8:30 pm Property tax advice from IRD may be misleading, says accountant bodyA brochure released this week by the Inland Revenue Department on property tax contains potentially misleading advice, the New Zealand Institute of Chartered Accountants (NZICA) has said.The IRD brochure was released to provide...Source: nzherald.co.nz - Business | 30 Nov 2009 | 8:15 pm GE, Vivendi near NBC Universal deal - reportsGeneral Electric is close to clearing a major hurdle in its path to sell control of entertainment giant NBC Universal to Comcast, according to published reports.Source: Business and financial news - CNNMoney.com | 30 Nov 2009 | 8:00 pm Employment law review comingEmployment laws covering contract workers are to be reviewed, Labour Minister Kate Wilkinson said today.The laws, called continuity of employment provisions, affect industries such as cleaning, food and laundry services where...Source: nzherald.co.nz - Business | 30 Nov 2009 | 8:00 pm COBRA subsidies begin expiring for the unemployedThe stimulus act included $25 billion to help the jobless stay on their former employers' health plans for up to nine months, but the money is running out and Congress is unlikely to extend it soon.Millions of unemployed Americans face the prospect of a huge increase in health insurance costs, thanks to the looming expiration of a government subsidy.
Source: L.A. Times - Business | 30 Nov 2009 | 7:44 pm GE, Vivendi agree to value NBCU stake at $5.8 billionNEW YORK (Reuters) - General Electric Co and Vivendi SA have agreed in principle to a deal in which GE would buy the French company's 20 percent stake in NBC Universal for $5.8 billion, a source familiar with the matter said on Monday, paving the way for Comcast Corp's proposed joint venture with GE.Source: Reuters: Business News | 30 Nov 2009 | 7:37 pm Ritchies invests in school bus fleetBus company Ritchies says it will spend $21 million buying 120 new buses from local manufacturer DesignLine over the next four years to replace its nation-wide school bus fleet.The buses will be a mix of 40 and 48-seaters and...Source: nzherald.co.nz - Business | 30 Nov 2009 | 7:30 pm GE, Vivendi agree to value NBCU stake at $5.8 billion (Reuters)Reuters - General Electric Co and Vivendi SA have agreed in principle to a deal in which GE would buy the French company's 20 percent stake in NBC Universal for $5.8 billion, a source familiar with the matter said on Monday, paving the way for Comcast Corp's proposed joint venture with GE.Source: Yahoo! News: Business | 30 Nov 2009 | 7:20 pm How the major stock indexes fared on Monday (AP)AP - The stock market closed out its best month since the summer, posting big November gains even as investors worried about the strength of the holiday shopping season.Source: Yahoo! News: Stock Markets News | 30 Nov 2009 | 7:01 pm BP facing fresh scrutiny after Alaska oil spillBP, the UK oil company, has uncovered a spill on a pipeline in Alaska, which, following major corrosion and resulting spills revealed in 2006 at the field, is likely to raise the ire of regulatorsSource: Financial Times - US homepage | 30 Nov 2009 | 6:49 pm GE and Vivendi agree NBC Universal dealGE has agreed to pay Vivendi $5.8bn for the French group’s 20 per cent stake in NBC Universal, paving the way for the conglomerate’s planned $30bn sale of a majority stake in the US media group to ComcastSource: Financial Times - US homepage | 30 Nov 2009 | 6:20 pm Today’s Best Market Rumor: GE (GE) Has Deal To Clear NBCU TransactionSeveral news media outlets are reporting that GE (NYSE:GE) has a deal to buy the 20% of NBC Universal that Vivendi owns for $5.8 billion. This will clear the way for GE to sell control of its entertainment and news division to cable giant Comcast (NASDAQ:CMCSA) Douglas A. McIntyre Posted in Media, Rumors Tagged: CMCSA, GE [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 30 Nov 2009 | 6:02 pm 'Big kahuna' tax overhaul proposedEconomist and fund manager Gareth Morgan, who is a member of the Tax Working Group, has proposed a radical tax restructure to the group's final public conference that would impose a Comprehensive Capital Tax (CCT) on all land, buildings,...Source: nzherald.co.nz - Business | 30 Nov 2009 | 6:00 pm Expected US health reform savings disappointDemocratic party proposals to reform the US health insurance market would lead to a slight drop in insurance premiums for most Americans, according to an analysis released by the Congressional Budget OfficeSource: Financial Times - US homepage | 30 Nov 2009 | 5:37 pm Wireless electricity will zap us in 2010Wireless electricity. Invisible speakers. A mind-reading headset. See what's coming in 2010.Source: Business and financial news - CNNMoney.com | 30 Nov 2009 | 5:16 pm 16 'Best Resale Value' carsKelley Blue Book predicts that these models will hold their value better than others in their classes.Source: Business and financial news - CNNMoney.com | 30 Nov 2009 | 5:09 pm White House getting tough with mortgage lendersStruggling to stem the swelling foreclosure tide, the Obama administration announced new steps Monday to pressure banks to help homeowners long term.Source: Business and financial news - CNNMoney.com | 30 Nov 2009 | 5:02 pm Major cities at risk from rising sea level threatSea levels will rise by twice as much as previously predicted as a result of global warming, an important international study has concluded. Source: Latest Business News from Times Online | 30 Nov 2009 | 5:01 pm Morgan Crucible’s former chief, Ian Norris, goes to top court in US extradition fightA retired company chief executive launched a last-ditch challenge against his extradition to the United States yesterday before a panel of Britain’s most senior judges. Source: Latest Business News from Times Online | 30 Nov 2009 | 5:01 pm Johnston Press tests waters by charging for online contentBritain’s most prolific newspaper publisher began charging yesterday for some of its online content, in a closely watched move that could be copied across the country. Source: Latest Business News from Times Online | 30 Nov 2009 | 5:01 pm Vauxhall’s Luton plant sheds jobs as it looks for new modelManagement and union leaders at Vauxhall are stepping up their efforts to find a new model or manufacturing partner for the company’s Luton plant, where the Vivaro van is made, after announcing more than 350 job cuts at the operation. Source: Latest Business News from Times Online | 30 Nov 2009 | 5:01 pm Treasury sets guidance to simplify "short sales" (Reuters)Reuters - The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed "short sales" of homes and other loan modification alternatives to stem a rising tide of foreclosures.Source: Yahoo! News: Business | 30 Nov 2009 | 4:58 pm AIG shares tumble 15%Shares of AIG plunged nearly 15% Monday after an analyst hacked the insurance giant' price target 40% in a research note on worries about the company's loss reserves.Source: Business and financial news - CNNMoney.com | 30 Nov 2009 | 4:38 pm Stocks turn higher to extend month's big gains (AP)
Source: Yahoo! News: Stock Markets News | 30 Nov 2009 | 4:17 pm Industrial groups warn over US climate lawIndustrial companies operating in the US are warning that they will face a heavy regulatory burden should US Congress fail to pass climate change legislationSource: Financial Times - US homepage | 30 Nov 2009 | 4:01 pm Write-Offs: 11.30.09$$$ Carlyle sued by Kuwaiti group over fund [FT] $$$ Charlie Gasparino: Goldman is about to be come a "second tier" bank. [TDB] $$$ Treasury's Confidential 'Break The Glass' Plan [Andrew Ross Sorkin] $$$ The Fall of Mean Jean [Crain's] $$$ Canada Somehow Ranks Ahead of Mexico in PwC's Global Economic Crime Survey [GC] $$$ Some Of Wall Street Is Spending Again. Like one animal-in-formaldehyde lover in particular: Sandy Heller, an art adviser who buys for SAC Capital Advisors founder Steve Cohen, says he is taking Wall Street clients to next week's major art fair, Art Basel Miami Beach. "We're not going to Miami so we can buy everything with a credit card," Mr. Heller says, "but as far as a broad mood goes, my clients are feeling more positive." Others, not so much: A senior investment banker at a major Wall Street firm recently planned to impress clients with front-row World Series tickets. The company, a recipient of U.S. government aid, nixed the plans, citing potentially bad publicity. The investment banker wound up schmoozing his clients about 20 rows behind third base at Yankees Stadium. [WSJ] $$$ Sex Diaries: The Rebounding Financial Analyst [NYM] 
 Source: Dealbreaker | 30 Nov 2009 | 3:58 pm SEC watchdog eyes insider trading probe (Reuters)Reuters - The internal watchdog for the U.S. Securities and Exchange Commission is probing whether enforcement staff "committed acts of negligence" in conducting an insider trading investigation.Source: Yahoo! News: Stock Markets News | 30 Nov 2009 | 3:39 pm SEC watchdog eyes insider trading probe (Reuters)Reuters - The internal watchdog for the U.S. Securities and Exchange Commission is probing whether enforcement staff "committed acts of negligence" in conducting an insider trading investigation.Source: Yahoo! News: Business | 30 Nov 2009 | 3:39 pm Where's your flying car?For almost 60 historic seconds in March, the Transition -- half car, half airplane -- soared over New York's Plattsburgh International Airport. The airborne minute was the first successful test flight for the two-seat, road-ready aircraft.Source: Business and financial news - CNNMoney.com | 30 Nov 2009 | 3:31 pm Lloyd Blankfein To Officiate Chelsea Clinton's Wedding?
Source: Dealbreaker | 30 Nov 2009 | 3:28 pm Gov't increases pressure on mortgage industry (AP)
Source: Yahoo! News: Business | 30 Nov 2009 | 3:23 pm Emirates must take their heads out of the sand and learn from this crisisOn the day it emerged that Iran was planning to build 10 new uranium enrichment plants, its neighbour and closest trading partner in the region, Dubai, was plunged into further uncertainty over its financial strength. This is an unpredictable mix.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Nov 2009 | 3:21 pm Market fears for Dubai default fadeHopes that Dubai's five-day crisis is stabilising were given a much-needed lift by traders in the sovereign debt markets, who speculated that the outlook for the emirate is not as bad as originally feared.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Nov 2009 | 3:19 pm Podcast: Fixing Climate Change Is Going To Cost You
How much would pay to save these guys? (Paul J. Richards/AFP/Getty Images) On today's Planet Money: Economists see climate change as a tragedy of the commons problem. We benefit by putting carbon into the atmosphere because it means cheap electricity and cheap gasoline. It saves us money in the short term, but eventually if we continue, we'll all suffer. Nobel prize winner Elinor Ostrom says the answer to fixing rising temperatures has to come from the people not the government. But reducing our carbon emissions is expensive and some economists wonder if we're willing to pay for it. To answer that question, German zoologist, Manfred Milinski come up with a game that tests how much we would be willing to pay now to save the Earth later. Joined by a special group of NPR staff, the Planet Money teams plays his game and gets a surprising result. After the jump, the self proclaimed "King of Eco Rap," says "stop with the excuses and make a contribution." Download the podcast; or subscribe. Music: Kayne West's "Heartless." Find us: Twitter/ Facebook/ Flickr. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 30 Nov 2009 | 3:13 pm Carlyle sued by Kuwaiti group over fundA prominent Kuwaiti conglomerate is suing the Carlyle Group in a local court, alleging that the US private equity firm misrepresented the safety of its affiliate, Carlyle Capital Corp, a public debt fund that collapsed in March 2008Source: Financial Times - US homepage | 30 Nov 2009 | 3:00 pm Tiger's sponsors stand by their manThe sponsors that have made Tiger Woods the richest athlete in the world are sticking with the golfing great, despite rumors swirling around his early-morning car crash on Friday.Source: Business and financial news - CNNMoney.com | 30 Nov 2009 | 2:57 pm AIG, Las Vegas Sands, US Bancorp are big movers (AP)AP - The following stocks were among those that moved substantially or traded heavily Monday on the New York Stock Exchange and the Nasdaq Stock Market:Source: Yahoo! News: Stock Markets News | 30 Nov 2009 | 2:53 pm Afghan pressure mounts on Nato alliesFrance and Germany are under pressure to raise the number of troops they have in Afghanistan after decisions by the Obama administration and several Nato powers and US allies to commit to a major new deploymentSource: Financial Times - US homepage | 30 Nov 2009 | 2:29 pm Dick Bové No Longer Just Giving It Away For Free
His name was Ken. And she knew he'd turn out to be the greatest banker in all the land. And she knew it was wrong, but she was just so scared he'd think she was damaged goods or something, so she told a little lie, about how he was the only man Bové had ever been with, and not the 937th. Their children would most likely be punished down the road because mommy used to go slumming but at least she could give Ken this. And a funny thing happened after that. Bové started to like not being such a two-bit whore. Unfortunately the pimps and the druggies were still under the impression she was up for a good time and would drop by the house during dinner, much to KL's disturbance; and Bové knew what she needed to do. Start demanding a little respect. And she would start by respecting herself: Research by prolific banking analyst Dick Bove won't be as widely available for at least the rest of the year and possibly longer, as his employer aims to preserve its value. Selected reports will be available to the media on a case-by-case basis. But the full research reports will no longer be readily available to reporters and other non-clients, Bove said Monday.
Source: Dealbreaker | 30 Nov 2009 | 2:26 pm 52-Week High Club (CSGS, DS, TGB)CSG Systems International Inc. (NASDAQ: CSGS) rose nearly 19% to a yearly high of $19.41 after the billing service provider announced that it has extended its contract to provide customer and billing service to Dish Network Corp (NASDAQ: DISH). Deere & Company (NYSE: DE) rose nearly 3% to a yearly high of $53.82 after the farm [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 30 Nov 2009 | 2:17 pm Human Genome Sciences Raising Cash (HGSI)Human Genome Sciences, Inc. (NASDAQ: HGSI) is rasing cash. The company announced that it is selling up to 12.5 million shares of common stock. The company earmarked funds for general corporate purposes, which includes acquisition of additional manufacturing capacity and development of new indications for BENLYSTA, potential sales and marketing activities, clinical trial, research [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 30 Nov 2009 | 2:13 pm 10 Places Where Even Your Mom is a Millionaire!Who wants to be a millionaire… for under $200? Come on, even your mom could afford that. Might we suggest a trip to the following places… 10. Zambia
Highest Value Banknote: 50,000 ($10.70) To give you an idea of how weak the Kwacha is, although there are still some 20 Kwacha notes (worth about 0.00021 US cents) in circulation, such is the rarity and worthlessness of this note, most major retailers round up prices to the nearest fifty. It only takes $214 worth of kwacha to declare oneself officially a millionaire in Zambia. 9. Paraguay
Highest Value Banknote: 100,000 ($20.39) Officially 1 Guarani is divided into 100 centimos – but due to inflation, centimos are no longer in use. Coins can instead be found in denominations of 50, 100 and 500 Guarani. New 100,000 guarani bills have been printed with the date of 2005, but as the reached circulation by criminal ways before being launched officially, this series has been declared void and worthless by the central bank. Just over $200 will win the title millionaire in Guinea as of November 2009 – or 10 of those new G100,000 notes. 8. Guinea
Highest Value Banknote: 10,000 ($1.97) Guineau may have an abundance of natural resources, including a quarter of all the world’s known bauxite reserves, but since the turn of the millenium the Guinean Franc has undergone spectacular devaluation – now just $197 will make you a millionaire in Guinea Franc. And if you’re planning on keeping this kind of money in your wallet, make sure it’s a big wallet – even if you used Guinea’s highest value banknotes only, you’d still need 100 to make up this amount. 7. Laos
Highest Value Banknote: 50,000 ($5.76) Laos’ Kip is so worthless they have given up completely on coins, which isn’t surprising considering the largest banknote they have is worth only just over $5. Any person travelling to Laos with $115 or more is technically a millionaire. 6. Indonesia
Highest Value Banknote: 100,000 ($10.46) The name Rupiah derives from the Indian monetary unit rupee which is called a rupiya in several Indian languages. Although a 1 Rupiah coin does exist, due to the fact it is worth only $0.0001, it is not widely circulated. $104 worth of Rupiah is enough to make you a millionaire in Indonesia. 5. Iran
Highest Value Banknote: 50,000 ($4.96) Iran’s Rial took at hit with the 1979 Revolution and has struggled to get back on its feet ever since. Currently talks concerning redenomination are underway, but in the meantime the central bank has been content to issue larger notes (prior to 1989 the largest note was 10,000) – today the 50,000 Rial note tastefully features the controversial Iranian nuclear program. A measly $99 worth of Rial would make you a millionaire in Tehran. 4. Turkmenistan
Highest Value Banknote: 10,000 ($0.69) The greatest value note in Turkmenistan is a worth a ridiculously low 69 cents, and although $69.89 is enough to make you a millionaire – you’ll need 100 of these worthless notes to do this. 3. Sao Tome & Principe
Highest Value Banknote: 100,000 ($6.35) The two islands of Sao Tome and Principe are almost 90 miles apart and make up the second smallest country in Africa by population. The country has recently signed a deal with Portugal pegging the Dobra to the Euro, in the hope this will bring stability, although no sign of this yet as a million Dobra is still only worth $63. 2. Vietnam
$1US =18,000 Dong Highest Value Banknote: 500,000 ($27.78) Vietnam may have the largest single banknote of any country on this list, meaning it’s possible to hold in one note the grand sum of nearly $27, but the delightfully named, Dong, is in fact almost totally worthless. Dong used to be subdivided into 10 hao, but these are now worth so little they have been abandoned. In 2003 the country started reissuing coins, creating a wave of excitement amongst people who hadn’t seen coins for years, followed by a wave of disappointment when it was realised how little these coins would be worth. If travelling to Vietnam be sure to take at least $55 with you, as this is enough to be a millionaire. 1. Somalia
US$1 = 28,250 Shilling Highest Value Banknote: 1000 ($0.03) War-torn Somalia is today probably best known for pirates, but according to the UN despite high levels of civil strife and instability, it has been able to maintain a free-market economy that outperforms many of its African neighbours. Just $35.39 is enough to be a millionaire in Somalia, although you’ll need a thousand of the country’s biggest notes to actually have this amount. (Dis)Honorable Mention: Zimbabwe
All images courtesy of wikimedia
Source: Business Pundit | 30 Nov 2009 | 2:11 pm Pension tension on the riseRetirement plans are on the mend, but the healing process is going to be long and painful.Source: Business and financial news - CNNMoney.com | 30 Nov 2009 | 1:47 pm Premiums To Remain Stable for Most Under Health ReformBy Daniel Costello Most Americans would not see much change in the cost of their insurance premiums as a result of the health care legislation pending in Congress, according to a widely awaited budget analysis. But millions of people who buy insurance on their own, rather than through work, could see higher costs, a fact that could become fodder for health reform critics. The nonpartisan Congressional Budget Office released a study Monday that found the cost of insurance premiums for the nearly 80% of people who receive insurance through work or other group policies would remain stable or slightly fall by 2016, as compared to projections of premium prices under current law. The majority of the rest of insured Americans who buy so-called "individual insurance" would see an increase between 10 percent to 13 percent, partly because the benefits in their new plans would be richer under the current legislation. With government subsidies proposed under the plan, up to half of them could see as much as 59 percent lower costs than is now the case. An estimated 16% of Americans have no health coverage today and many would receive insurance under the proposed reform plans. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 30 Nov 2009 | 1:41 pm FYI, Greenwich Connecticut Still Waiting For An Angel
"I'm sure that some angel will come down to provide the money to put them up," Tesei said. "I'm optimistic that will happen." At first it seemed like the deluded talk of a crazy man but then we were like, hey wait a second, Pedro is right! Greenwich is filled with angels who could easily write a check. Tall ones, short ones, crazy ones, kingly ones! We figured one of them had to have wired the money after hearing the story and called up the Greenwich Chamber of Commerce earlier to find out who it was. You want to know who it was?
Source: Dealbreaker | 30 Nov 2009 | 12:59 pm FSB: The 30 Most Systemically Important Financial Companies in the World
The Financial Times recently learned that the Financial Stability Board, a global regulator focused on the G-20, has created a list of 30 financial institutions considered systemically important in case of a future financial crisis. The companies on the list are likely to spread systemic financial risk around the world. To prevent contagion, regulators plan to supervise those companies in a more coordinated fashion. They will also have the banks set up “living wills” that describe how to wind up the company in case of a crisis. From the Financial Times: Insurers are considered systemically important for a variety of reasons: they might, for example, have a large lending arm, such as Aviva, or a complex financial engineering business, akin to that of Swiss Re. The exercise follows the establishment of the FSB in the summer and is principally designed to address the issue of systemically important cross-border financial institutions through the setting up of supervisory colleges. These colleges will comprise regulators from the main countries in which a bank or insurer operates and will have the job of better co-ordinating the supervision of cross-border financial groups. US Banks: Bank of America Merrill Lynch Canada: Royal Bank of Canada UK Banks: Barclays Swiss Banks: Credit Suisse France: BNP Paribas Spain: BBVA Japanese Banks: Mitsubishi UFJ Italy: Banca Intesa German Banks: Deutsche Bank Netherlands: ING Group Insurance Companies: Aegon The FSB has since denied the existence of the list the Financial Times published. According to Business Insurance: The FSB acknowledged that it has identified “a number of globally active financial institutions” that should be subject to oversight by “supervisory colleges” of regulators. Since the FSB is tasked only with supervising banks within the G-20 (and Spain and the European Community), I wonder whether the list, real or not, is missing somebody. For example, the UAE is not in the G-20, but the Emirates NBD is the largest bank in the Middle East. Iran also has several major regional banks. That said, “living wills” sound like a good idea. If major banks have a contingency plan with the ability to halt contagion, the next global financial crisis might have less fallout than the current one.
Source: Business Pundit | 30 Nov 2009 | 12:57 pm Paolo Pellegrini Is Making Himself Smile Now
Canned by JP for his bad attitude, this Italian Stallion knows that living well is the best revenge. And so far, Pellegrini's PSQR Management is living very well, up almost 65% this year.
Source: Dealbreaker | 30 Nov 2009 | 12:52 pm Reading Up On The Financial CrisisBy Daniel Costello Over Thanksgiving, I finally got to reading the latest edition of Foreign Affairs. I'm a huge fan and enough of a nerd that I'm giving a subscription as a holiday gift to a few family and friends. Anyway.... The magazine has a suggested list of the best recent articles and books on the financial crisis. Among the suggestions: Recent articles: "The Long Climb: A Special Report on the World Economy." By Simon Cox. Economist, October 3, 2009 "The Origins of the Financial Crisis." By Martin Neil Baily, Robert E. Litan, and Matthew S. Johnson. Initiative on Business and Public Policy at Brookings The books: "In Fed We Trust: Ben Bernanke's War on the Great Panic: How the Federal Reserve Became the Fourth Branch of Government," By David Wessel, the terrific Wall Street Journal economics writer. "The Rise and Fall of the U.S. Mortgage and Credit Markets: A Comprehensive Analysis of the Market Meltdown. By James R. Barth and John Wiley Bonus: For Foreign Affairs subscribers, there's a good cover story by Peterson Institute for International Economics director, C. Fred Bergsten, on why Washington must embrace lower deficits, balance the budget and support a falling dollar -- or risk another crisis.
» E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 30 Nov 2009 | 12:28 pm As Chrysler Fails, Nissan Loses It RelevanceThe big news about November car sales is that Chrysler continues to lose market share at a remarkable and unsustainable rate. Edmunds predicts that Chrysler sales will drop 35% from the same month last year, bring its piece of the US market to 7.8% down from 11.4% in November 2008. Chrysler’s new management insists that the car [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 30 Nov 2009 | 12:21 pm November’s Billions & Billions of Stock Buybacks (AMD, BDX, CSCO, DPS, FDO, GOOG, GPS, HPQ, MRK, NOC, RAH)You might think that companies tend to repurchase fewer and fewer shares in their share buyback plans when shares rise and rise. When you compare the moves from the March 9 close, the price moves seem astronomical. Yet many shares are still under or close to where they were a year ago, and this seems [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 30 Nov 2009 | 11:55 am Interview on Wall St. Cheat SheetDamien Hoffman, the Editor-in-Chief at Wall St. Cheat Sheet, interviewed me for his blog. Topics include growing Business Pundit, how I went from being a Silicon Valley salesperson to writing Business Pundit, and the future of journalism. Read it here. (Thanks for the interview, Damien!)
Source: Business Pundit | 30 Nov 2009 | 11:52 am Presented By:Source: Dealbreaker | 30 Nov 2009 | 11:45 am Barclays Global Head of Investment Banking Writes Tear-Stained Letter To Son's School, Demands Teacher's Firing For Trash Talking Barclays, Making Son Cry
1. The school made a bunch of high school boys very upset (not just upset, "humiliated") when it wouldn't let them dress in drag for a pep rally. 2. Something about "a gay female coach" (Skip's original draft: "fucking dyke") who The Skipper wants fired. 3. (The pièce de résistance:) History teacher Leslie Lovett should also be fired because she injects her 'leftist invective' in the curriculum and said mean, hurtful things about investment bankers, particularly those working for Lehman and Barclays, and made Skippy's son cry. Luckily, Skip Jr. wiped his eyes, stood up to Ms. Lovett and said, you are wrong about my dad! He wanted to save Lehman. He wanted to save Lehman so bad!
Skip is deadly serious about these charges (if his demands are not met he's threatening to pull his third child out of the school and send her to another Houston prep school), so we strongly suggest you read the entire thing. We almost didn't post this because it starts off kind of slow and we got distracted by other stuff. Then something, I don't know what-- the ghost of Dick Fuld, with whom the Skipper has some beef-- told us to give it a second look. Thank god we did, or we would've missed gems like:
Source: Dealbreaker | 30 Nov 2009 | 11:45 am A look at economic developments around the globe (AP)AP - A look at economic developments and activity in major stock markets around the world Monday:Source: Yahoo! News: Stock Markets News | 30 Nov 2009 | 11:21 am Lawyer's death raises tax fraud issuesThe recent death of a Moscow lawyer has caused an outcry in Russia and the U.K. The lawyer was working for a British investment firm and claimed to have evidence that Russian officials perpetrated a massive tax fraud. Stephen Beard reports.Source: Marketplace | 30 Nov 2009 | 11:04 am Using capitalism to enact social changeThe documentary 'The New Recruits' follows young capitalists as they try to sell goods and services in developing countries. Seth Kramer, a producer of the film, and Heidi Krauel, one of the capitalists, talk with Kai Ryssdal about the documentary.Source: Marketplace | 30 Nov 2009 | 11:04 am Benefits, costs weigh on proton therapyProton therapy is a type of radiation used to treat cancer. And it gets at one of the thorniest questions about the health-care overhaul: How do you balance innovation and cost control? Joel Rose reports.Source: Marketplace | 30 Nov 2009 | 11:04 am AFL-CIO may help lift Chicago SpireIn 2007 developers broke ground on a skyscraper in Chicago, but the building never got off the ground. Adrienne Hill reports organized labor is looking to use investment money to create its own stimulus project.Source: Marketplace | 30 Nov 2009 | 11:04 am The birth of Cyber MondayDid you spend some company time to shop online on Cyber Monday? Unlike Black Friday, there's no parking hassles or lines at the register. Where did this shopping event come from anyway? Sally Herships reports.Source: Marketplace | 30 Nov 2009 | 11:03 am Gov't to push slow mortgage lendersThe government will try to shame banks into helping out homeowners facing foreclosure by publishing a list of lenders who are slow to lower interest rates. John Dimsdale reports.Source: Marketplace | 30 Nov 2009 | 11:03 am Investors worry over Dubai's debtThe emirate shocked markets when it announced state-run Dubai World would delay payments on some of its debt. Now investors are getting mixed messages about just how far the government will go to smooth things over. Amy Scott reports.Source: Marketplace | 30 Nov 2009 | 11:03 am The League Of Nations Didn't Work Out So Well, Either
Now, we know their concerns had more to do with the unpleasant prospect of Arabs running out ports than with an impending debt crisis in the emirate, but bravo. Your racism has helped insure our shipping industry isn't relying on a bankrupt disaster of a company. Who wound up buying those ports, again? Oh, right. These guys.
Source: Dealbreaker | 30 Nov 2009 | 10:56 am Charter Exits Bankruptcy, Still Highly Leveraged (CHTRQ)Charter Communications Inc. (CHTRQ) has just announced that it has completed its financial restructuring and has emerged from Chapter 11 protection. The problem here is that Charter’s life was a slash and burn for those old stock holders who were effectively wiped out and the new company is less-leveraged yet still very leveraged. That is [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 30 Nov 2009 | 10:53 am Analysts Expect Flat Auto SalesBy Daniel Costello Manufactures are expected to report flat U.S. auto sales for November compared to a year ago, suggesting the worst of the industry's four-year slump may be over. But high unemployment and low consumer confidence remain drags on the industry. U.S. auto sales in November are expected to come in at 10.5 million units on the annualized rate tracked by the industry, according to a median forecast of 36 industry analysts. November 2008 sales were 10.4 million units on the annualized rate and October 2009 sales were 10.5 million units. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 30 Nov 2009 | 10:48 am Middle East Contagion?By Daniel Costello Investors and governments around the world continued to intensely watch Middle Eastern financial centers Monday as stock markets in Dubai and its oil-rich neighbor Abu Dhabi each suffered nearly 10 percent drops. The question now: just how far could the contagion spread? The crisis began last week when Dubai stunned global investors by announcing that the quasi-sovereign Dubai World would not be able to make payments on time for some of its $60 billion in debt. In recent years, the company invested in many high-profile and risky real estate projects, including artificial islands in the shape of a palm tree, and spent heavily to acquire pricey global assets. Most experts believe Dubai is not large enough to set off financial repercussions outside the Middle East. Markets in the U.S. and Europe were stable on Monday after taking dips late last week. But fears remain that investors could flee risky markets altogether in the coming days in search of safer havens for their money regardless of a market's strength. That's essentially what happened last September after the failure of Lehman Brothers heightened worries about most financial institutions and forced global credit markets into a standstill. One key indicator analysts are watching now is the amount of interest that investors demand to lend money to emerging markets and heavily-indebted countries. Already, there are signs investors are punishing the riskiest public and private borrowers, as well as global banks with heavy exposure in the Middle East. The cost of borrowing for debt-laden countries in Eastern Europe and Greece and insuring against default for Irish banks has risen in recent days. The development will make it much harder for countries running mounting deficits to pay for bailouts and stimulus packages to turn over their debts in the coming months and years. The shares of HSBC and Standard Chartered, which have lent heavily to Dubai, have fallen sharply. So far, the largest fallout remains with Middle Eastern companies and governments. The extent to which the United Arab Emirates federation and its wealthiest member-state, Abu Dhabi, which has vast oil reserves, guarantee Dubai's debts could affect how investors view many other local companies previously believed to have the implicit backing of their governments. At a minimum, many observers have essentially called last week the end of Dubai's role as a global financial center. Ratings agency Moody's Investors Service Inc. said Monday the crisis is unlikely to harm the credit quality of the Abu Dhabi government and the federal government of the United Arab Emirates. But if the last year has taught us anything, it's that anything can happen. For now, it's more wait and see. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 30 Nov 2009 | 10:24 am Hear: Planet Money On This American Life
Angela Porcelli inside her office at the Hunts Point market. (Caitlin Kenney/NPR) The Hunts Point Market in the Bronx comes alive in the 'middle of the night.' Adam and Chana stopped by to find out who's haggling for oranges at 3 in the morning. Download the story here. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 30 Nov 2009 | 10:00 am Tell Us Exactly What You Think Of CitigroupFeeling bashful? Here, a recent hire-- Willem Buiter, as Chief Economist-- will start: "Citigroup - a conglomeration of worst-practice from across the financial spectrum." Now you go. Don't worry about offending Uncle Vik-- he already knows you're thinking it.
Source: Dealbreaker | 30 Nov 2009 | 9:59 am WSJ: Selling 95% Of Failed Banks A Total Screw-Up
Well, that's not exactly true: One of the banks did find a failed bank it wanted to buy, but another bank made a better offer. Oh yea, and the FDIC says it's having no problem selling the banks it seizes. You have to look hard for it, way down there in the 12th paragraph, after a quote from Stearns Financial Services CEO Norm Skalicky claiming that many of the seized banks "are of very poor quality" and something about "sluggish interest in doomed banks." But it's there:
Source: Dealbreaker | 30 Nov 2009 | 9:44 am Black Friday 2009: More Shoppers Spent Less Money
The Wall Street Journal reports that while 23 million more shoppers hit stores this Black Friday compared to last year, they spent less money: Roughly 195 million consumers shopped in stores and online over the Black Friday weekend, up from 172 million last year, according to the National Retail Federation. But average spending dropped to $343.31 per person from $372.57 a year ago. Overall sales for the four-day weekend totaled $41.2 billion, up marginally from $41 billion last year, the NRF estimated. The trade group bases its figures on a survey, conducted Thursday through Saturday, of roughly 5,000 consumers and includes a projection for Sunday. “The appetite among consumers this year seems to trend toward the lower-price items, the items they could literally afford with the money they already have in their wallet,” said Ellen Davis, vice president of the Washington-based retail group, which has predicted a 1% decrease in November and December sales this year over last. The holiday season—when many retailers make the bulk of their sales and profits for the year—is being closely watched by economists and others as an indicator of whether consumers are still deeply worried about the economy and unemployment, and are hampered by tight credit. After a disastrous season last year, retailers have ratcheted down sales expectations while slimming their stocks and filling the shelves with cheaper goods. Online shoppers, meanwhile, have increased their purchases both on Black Friday and over the past weekend. Comscore, a e-commerce research firm, reported that online Black Friday sales were up 11% compared to 2008. Thanksgiving Day online shopping was up 10% this year. Cyber Monday results will be reported as early as tomorrow afternoon.
Source: Business Pundit | 30 Nov 2009 | 9:24 am Groupons: Crowdsourcing Coupons
Groupons, or group coupons, are gaining traction as a discounting trend. Groupon.com, one prominent groupon site, lets you find a deal a day in your city (they operate in 35 cities). If you get enough people to sign up for that deal, you can all enjoy the advertised discount. Groupon negotiates deals with participating businesses in advance. Consumers win by getting a cheaper price, and companies win by getting a high volume of customers inside their doors. Today, I found a 50% off discount on an annual membership to my city’s botanical gardens. Recent expired deals offered cheap ski lift tickets, more than 1/2 off restaurant dining, and heavily discounted spa treatments. The deals look pretty good. ABC News has a full report: “Groupon is targeted to local communities, so you’re advertising and reaching out to people in your immediate area. You’re not looking at potential customers, they are bringing you actual customers,” (one business owner) said. Groupon.com operates in 35 cities and claims to have made more than 800,000 deals. Deals are available for everything from spa treatments to sky diving lessons, limo rides, wine clubs, even teeth cleaning. But it is not enough to want the coupon yourself; you have to hope that five of your friends and five of their friends and so on also sign up. Once the minimum amount is met the deal begins. Deal seekers can sign up for free at groupon.com and then receive daily alerts. Most of the deals last only a day, though, so you need to act fast. (One customer) saved $180 on a facial from a groupon deal. Groupon.com charges the business owner a small cut of each sale for its service. The Web site claims more than $35 million has been saved so far, which means both local businesses and buyers win.
Source: Business Pundit | 30 Nov 2009 | 9:07 am Dubai Worries Continue; More People, Less Money On Black FridayBy Daniel Costello Dubai's stock market slumped the most in over a year Monday amid continued concerns about the city-state's credit worthiness after one of its flagship companies asked for a six-month delay in paying creditors on nearly 60 billion U.S. dollars in debt. The company invested in lavish real estate projects, including artificial islands in the shape of a palm tree, and spent heavily to acquire stakes in high-profile global assets. While oil-rich neighbor Abu Dhabi said it would offer support to Dubai firms on a case by case basis, the shockwaves from the crisis were enough to keep investors skittish after a modest bounce on Friday. Dubai's main index of stocks closed 7.3 percent lower at 1940 Monday, while Abu Dhabi plunged 8.3 percent to 2668. More Americans hit the stores during Black Friday and the rest of the holiday-shopping weekend, but they spent less than they did last year, a retail-trade group said Sunday. The National Retail Federation's survey, conducted over the weekend, found that 195 million shoppers visited stores and Web sites, up from 172 million last year. Shoppers spent an average of $343, down from about $373 a year ago. For the weekend, the total spent was $41.2 billion. And India's economy continued its rapid expansion in the latest quarter, beating economists' expectations on higher domestic demand, according to data released Monday. The nation's gross domestic product was 7.9 percent higher than a year earlier. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 30 Nov 2009 | 7:26 am What Religion Should You Follow?
Source: Business Pundit | 30 Nov 2009 | 4:47 am
|
