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Dubai debt questions unanswered, UAE takes new break (AFP)
Source: Yahoo! News: Stock Markets News | 2 Dec 2009 | 3:32 am Bank of Japan 'open to options'A Bank of Japan board member says the bank will not rule out any policy options to adopt an effective monetary policy.Source: BBC News | Business | World Edition | 2 Dec 2009 | 3:32 am Plans for smart meters publishedEnergy suppliers will be responsible for installing smart meters in all households in the UK by 2020, under government plans.Source: BBC News | Business | World Edition | 2 Dec 2009 | 3:29 am Gold soars past $1,200 to new record highGlobal Markets Overview: Gold hit another high and Asian stockmarkets enjoyed solid gains on Wednesday after Wall Street stocks delivered a robust rebound overnight.Source: Financial Times - US homepage | 2 Dec 2009 | 3:26 am Gold soars past $1,200 to new record high09:35 GMT. Gold hit another high and Asian stock markets enjoyed solid gains on Wednesday after Wall Street stocks delivered a robust rebound overnight.European bourses opened fairly flat, however, because...Source: RSS feed - channel BNPaperBusiness | 2 Dec 2009 | 3:26 am Google to limit free news accessGoogle will let newspaper publishers limit the number of articles people can read for free through its search engine.Source: BBC News | Business | World Edition | 2 Dec 2009 | 3:21 am Gold hits record high as investors bet on more gainsLONDON (Reuters) - Gold hit record highs at $1,216.75 an ounce in Europe on Wednesday as investors bet on higher prices, with funds lengthening positions due to expectations for a fresh legSource: RSS feed - channel BNewsBusiness | 2 Dec 2009 | 3:20 am Gold hits record high as investors bet on more gainsLONDON (Reuters) - Gold hit record highs at $1,216.75 an ounce in Europe on Wednesday as investors bet on higher prices, with funds lengthening positions due to expectations for a fresh leg of dollar weakness and more central bank buying.Source: Reuters: Business News | 2 Dec 2009 | 3:20 am GM CEO Henderson departs in shakeup by boardDETROIT (Reuters) - General Motors Co's chief executive Fritz Henderson abruptly resigned on Tuesday, after the company's board decided the automaker needed to push its restructuring faster under new leadership.Source: Reuters: Business News | 2 Dec 2009 | 3:18 am Fritz Henderson resigns from GMFritz Henderson is to step down as chief executive at General Motors, having only been in the post for eight months.Source: BBC News | Business | World Edition | 2 Dec 2009 | 3:17 am Amazon (AMZN) Extends It Lead As Top Holiday Commerce SiteMeasurements from online research site Hitwise show that Amazon (NASDAQ:AMZN) has been the most visited e-commerce site during holiday shopping season since 2006. It is in the process of extending that lead and its dominance of the category. Hitwise reports that visits to the top 500 e-commerce sites actually dropped 9% this “Cyber Monday” compared with the same [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Dec 2009 | 3:11 am FTSE 100 steady as banks limit gainsLondon equities held steady on Wednesday, with strength in the mining sector kept in check by losses in the banking sector on talk of slowing revenue. Analysts at Redburn Partners cut their third-quarter...Source: RSS feed - channel BNPaperBusiness | 2 Dec 2009 | 3:08 am Tempers flare as Senate debates health careA Republican senator asserted Tuesday during a rancorous floor debate that President Barack Obama's health care overhaul will shorten the lives of America's seniors by cutting Medicare. ...Source: RSS feed - channel BNewsBusiness | 2 Dec 2009 | 3:05 am Emerging Markets Report: Stocks in Middle East mostly up after sell-offStocks in the Middle East trade mostly higher on Wednesday after their recent steep sell-off. Markets in Dubai and Abu Dhabi are closed for a national holiday.
Source: MarketWatch.com - Top Stories | 2 Dec 2009 | 3:03 am FTSE rises in early trade (AFP)
Source: Yahoo! News: Stock Markets News | 2 Dec 2009 | 3:00 am Post Office bank plans outlinedPlans for the Post Office to start offering financial products and services are outlined by the government.Source: BBC News | Business | World Edition | 2 Dec 2009 | 2:59 am Yorkshire warns of job losses in Chelsea dealThe boards of Yorkshire Building Society and Chelsea Building Society agreed today to merge in a deal that will see jobs losses and a £200 million writedown on Chelsea's bad debts. Source: Latest Business News from Times Online | 2 Dec 2009 | 2:59 am Cisco (CSCO) Faces Down Tandberg ShareholdersCisco (NASDAQ:CSCO) claims that 84% of the shareholders of its takeover target Tandberg have voted for the sales of the company. Cisco has said that if it does not have 90% of Tandberg shareholder support by Thursday it will either withdraw its offer or waive the 90% condition. The holdouts among Tandberg shareholders are playing a dangerous game. Cisco has [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Dec 2009 | 2:58 am Taxing stock trades to pay for jobsA growing chorus of Democratic lawmakers and liberal economists are pushing hard for a tax on stock trades to pay for job creation.Source: Business and financial news - CNNMoney.com | 2 Dec 2009 | 2:55 am Building societies agree mergerThe Yorkshire and Chelsea building societies confirm plans to merge and create the UK's second largest building society.Source: BBC News | Business | World Edition | 2 Dec 2009 | 2:55 am GM CEO resigns as board demands faster turnaroundThe leader of the new General Motors was done in by an old problem at the nation's largest car maker: Change wasn't happening fast enough. GM's board and CEO Fritz Henderson parted ways...Source: RSS feed - channel BNewsBusiness | 2 Dec 2009 | 2:54 am Financials and resources lead Asia upFinancial and resources stocks led gains in Asia Wednesday as concern about Dubai's debt problems faded and gold prices rallied to a record.
Source: MarketWatch.com - Top Stories | 2 Dec 2009 | 2:50 am No upfront cash for Vivendi from NBC stake sale: reportLONDON (Reuters) - French media group Vivendi will not receive any cash upfront from a $5.8 billion sale of its stake in broadcast group NBC Universal to majority owner General Electric,...Source: RSS feed - channel BNewsBusiness | 2 Dec 2009 | 2:43 am No upfront cash for Vivendi from NBC stake sale: report (Reuters)Reuters - French media group Vivendi will not receive any cash upfront from a $5.8 billion sale of its stake in broadcast group NBC Universal to majority owner General Electric , the Financial Times reported.Source: Yahoo! News: Business | 2 Dec 2009 | 2:43 am No upfront cash for Vivendi from NBC stake sale: reportLONDON (Reuters) - French media group Vivendi will not receive any cash upfront from a $5.8 billion sale of its stake in broadcast group NBC Universal to majority owner General Electric, the Financial Times reported.Source: Reuters: Business News | 2 Dec 2009 | 2:43 am Wells Fargo to close 122 California branches: report(Reuters) - Wells Fargo & Co said on Tuesday that it would fold up 122 California branches due to its takeover of Wachovia Corp last year, the Los Angeles Times reported.Source: Reuters: Business News | 2 Dec 2009 | 2:41 am The domestic drilling backlash"Drill baby drill" is so 2008.Source: Business and financial news - CNNMoney.com | 2 Dec 2009 | 2:41 am Whitacre’s Appointment Will Damage GMThere are a number of reasons that current GM Chairman and former AT&T (NYSE:T) chief Ed Whitacre is an extremely poor choice to run the car company. The most obvious is that he has no experience, but that is only a small beginning of a list. It is easy to say that ousted CEO Fritz Henderson [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Dec 2009 | 2:40 am Global stocks rise as dealers track DubaiWorld stock markets rose on Wednesday as investors tracked developments surrounding Dubai's debt crisis, while mining shares were supported by yet another record high for gold prices. ...Source: RSS feed - channel BNewsBusiness | 2 Dec 2009 | 2:37 am 30,000 troops, $30 billion a yearWar is expensive, and it's about to get more so as the U.S. government escalates its military efforts in Afghanistan.Source: Business and financial news - CNNMoney.com | 2 Dec 2009 | 2:37 am Dubai World lenders to meet firm next week: execABU DHABI (Reuters) - Dubai World's creditors have formed a committee comprising six banks that will meet with the troubled state-controlled conglomerate next week, a bank executive...Source: RSS feed - channel BNewsBusiness | 2 Dec 2009 | 2:36 am Dubai World lenders to meet firm next week: execABU DHABI (Reuters) - Dubai World's creditors have formed a committee comprising six banks that will meet with the troubled state-controlled conglomerate next week, a bank executive familiar with the matter said on Wednesday.Source: Reuters: Business News | 2 Dec 2009 | 2:36 am London Markets: Banks under pressure in mildly lower FTSE 100Financials weakened in London on Wednesday, pressuring the top share index, with HSBC Holdings and Barclays moving lower after one brokerage recommended investors switch out of the sector.
Source: MarketWatch.com - Top Stories | 2 Dec 2009 | 2:36 am GM chief Fritz Henderson resignsIn a surprise move, General Motors chief executive Fritz Henderson resigned Tuesday, giving the battered government-owned automaker its third boss in less than a year.Source: Business and financial news - CNNMoney.com | 2 Dec 2009 | 2:35 am Global stocks rise as dealers track Dubai (AFP)
Source: Yahoo! News: Stock Markets News | 2 Dec 2009 | 2:34 am UK on the mend, says BoE's chief economistSpencer Dale, the chief economist of the Bank of England, said today that Britain was on the road to recovery, as he sought to play down his dissent from the rest of the Monetary Policy Committee (MPC) over the controversial £200 billion programme of quantitative easing (QE). Source: Latest Business News from Times Online | 2 Dec 2009 | 2:32 am Mixed start seen for stocksStocks were headed for a mixed open Wednesday as investors considered the General Motors shakeup, awaited some employment data and watched gold soar above the $1,200 an ounce mark.Source: Business and financial news - CNNMoney.com | 2 Dec 2009 | 2:28 am Stable FTSE shrugs off Dubai panicLondon's leading share index held steady today as investors attempted to step back from the volatility triggered by Dubai's debt crisis over the past week. Source: Latest Business News from Times Online | 2 Dec 2009 | 2:15 am Futures point to Wall Street extending gains (Reuters)
Source: Yahoo! News: Business | 2 Dec 2009 | 2:13 am Futures point to Wall Street extending gains (Reuters)
Source: Yahoo! News: Stock Markets News | 2 Dec 2009 | 2:13 am Futures point to Wall Street extending gains(Reuters) - Stock index futures pointed to U.S. shares mostly extending their gains on Wednesday, with the Dow Jones industrial average having hit a 14-month closing high in the previous...Source: RSS feed - channel BNewsBusiness | 2 Dec 2009 | 2:13 am Futures point to Wall Street extending gains(Reuters) - Stock index futures pointed to U.S. shares mostly extending their gains on Wednesday, with the Dow Jones industrial average having hit a 14-month closing high in the previous session.Source: Reuters: Business News | 2 Dec 2009 | 2:13 am Metals Stocks: Gold climbs to record above $1,217-ounceGold futures climbed to a record above $1,217 an ounce on Wednesday, buoyed by strong demand from investors amid worries about the U.S. dollar's continued weakness.
Source: MarketWatch.com - Top Stories | 2 Dec 2009 | 2:11 am Dubai debt issues unresolved, UAE takes new breakGulf stock markets steadied on Wednesday after heavy losses in the previous two days, with investors hesitant to trade pending further information on Dubai's plans to sort out its debt...Source: RSS feed - channel BNewsBusiness | 2 Dec 2009 | 1:55 am Media Digest 12/2/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: The GM board pushed out CEO Henderson. Reuters: Bernanke will defend the Fed’s record and his before Congress. Reuters: China will let foreigners set up limited partnerships. Reuters: Manufacturing is growing again but the recovery is fragile. Reuters: The Fed’s Plosser said the agency must be ready to raise rates again. Reuters: The COO of McDonald’s (NYSE:MCD) will retire. Reuters: Credit [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Dec 2009 | 1:54 am Europe Markets: Europe tentatively extends rally as Vodafone risesEuropean shares edged higher on Wednesday, tentatively building on sharp gains made in the previous session when worries about Dubai’s debt woes receded.
Source: MarketWatch.com - Top Stories | 2 Dec 2009 | 1:53 am BoE chief economist Dale says economy appears to have turnedBritain appears to be emerging from recession but a number of headwinds could hinder recovery, Bank of England chief economist Spencer Dale said.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Dec 2009 | 1:43 am Strong data push up US stocksEncouraging signs from the housing market and deal activity in the media sector helped push US stocks higher on Tuesday.Homebuilders gained after data showed an unexpected rise in pending home sales. Shares...Source: RSS feed - channel BNPaperBusiness | 2 Dec 2009 | 1:42 am UPDATE 2-ICBC in talks to buy stake in Cathay Fin -sources* Companies hope to sign deal soon after free trade pactSource: RSS feed - channel BNewsBusiness | 2 Dec 2009 | 1:42 am Maersk sees retail as investment area -FTCOPENHAGEN, Dec 2 (Reuters) - Danish shipping and oil conglomerate A.P. Moller-Maersk sees its retail business as part of a focus area for further investment, the Financial Times said on Wednesday.Source: RSS feed - channel BNewsBusiness | 2 Dec 2009 | 1:38 am Aer Lingus to axe more jobs as pay talks failAer Lingus, the Irish airline, warned today that it would have to begin another round of job cuts, deeper than the 15 per cent staff reduction already announced, after it had failed to reach agreement with its pilots and cabin crew over lowering their pay. Source: Latest Business News from Times Online | 2 Dec 2009 | 1:35 am Currencies: Dollar strengthens against yen and euroTOKYO (MarketWatch) - The dollar recovered from the previous session's lows against major rivals in Asian trading Wednesday, gaining against its Japanese counterpart as investors digested the Bank of Japan's newest easing steps.
Source: MarketWatch.com - Top Stories | 2 Dec 2009 | 1:27 am Asia Markets And Europe OpenMarket is Asia were higher. The Nikkie rose .3% to 9,609. The Hang Seng was up .7% to 22,267. Geely Auto hit an all-time high. The Shanghai Composite was up 1.1% to 3,270. At the open, the FTSE was up .1% to 5,318. The Dax rose .3% to 5,792. The CAC 40 rose .2% to 3,784. Data from Reuters and [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Dec 2009 | 1:18 am Daimler to shift C-Class production to USFRANKFURT, Dec 2 - Daimler is moving roughly a fifth of the production of its upcoming C-Class volume model from its Sindelfingen plant in Germany to its US factory in Alabama starting in 2014 to compensate...Source: RSS feed - channel BNPaperBusiness | 2 Dec 2009 | 1:08 am Google to let publishers limit free online newsGoogle on Tuesday said it will let publishers set a limit on the number of articles people can read for free through its search engine.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Dec 2009 | 1:04 am U.S. auto sales reach a steadier paceFord and GM sales are down only slightly in November from a year earlier, while Toyota reports a rise of more than 2%. Ford plans a 58% boost in production for the first quarter of 2010.Auto sales showed signs of stability in November, but the sluggish U.S. economy continued to weigh on car shoppers.
Source: L.A. Times - Business | 2 Dec 2009 | 1:00 am Poizner pushes Iran divestitureInsurance Commissioner Steve Poizner plans to outline how firms must unload their holdings in some multinational firms that do business in Iran. 'This is a loophole that I'm going to close,' he says. ...Source: RSS feed - channel BNPaperBusiness | 2 Dec 2009 | 1:00 am Hotels inundated by job applicantsThousands of people seeking work in the service sector compete for positions at new and renovated hotels. As hotels...Source: RSS feed - channel BNPaperBusiness | 2 Dec 2009 | 1:00 am Poizner pushes Iran divestitureInsurance Commissioner Steve Poizner plans to outline how firms must unload their holdings in some multinational firms that do business in Iran. 'This is a loophole that I'm going to close,' he says.California insurance companies that own stock in some multinational companies that operate in Iran soon may have to sell their holdings or face penalties.
Source: L.A. Times - Business | 2 Dec 2009 | 1:00 am Wells Fargo to shut 122 branches in CaliforniaMost of the closures will be of Wachovia offices that are near existing Wells locations. The bank will still have more than 1,000 branches in the state. ...Source: RSS feed - channel BNPaperBusiness | 2 Dec 2009 | 1:00 am Hotels inundated by job applicantsThousands of people seeking work in the service sector compete for positions at new and renovated hotels.As hotels and restaurants continue to bleed jobs, thousands of people are applying for newly opened positions, overwhelming hiring staff and pointing up how hard the recession has hit service-sector workers.
Source: L.A. Times - Business | 2 Dec 2009 | 1:00 am U.S. auto sales reach a steadier paceFord and GM sales are down only slightly in November from a year earlier, while Toyota reports a rise of more than 2%. Ford plans a 58% boost in production for the first quarter of 2010. ...Source: RSS feed - channel BNPaperBusiness | 2 Dec 2009 | 1:00 am GM's Fritz Henderson steps down as CEOHis departure after just eight months in the job signals change to come at the struggling automaker. Chairman Edward Whitacre Jr. will replace him until a successor is found.The abrupt resignation of General Motors Co. Chief Executive Fritz Henderson, who stepped down after just eight months in the top job, signals a push by the automaker's board to speed the pace of change at the struggling company.
Source: L.A. Times - Business | 2 Dec 2009 | 1:00 am L.A. Auto Show will spotlight a new concept: Cars that sellAutomakers will put emphasis on affordability, not glitz. much of the pre-show buzz has surrounded mass-market economy cars such as the Ford Fiesta and the Chevrolet Cruze.Forget the supercars and green machines. At this year's Los Angeles Auto Show, the emphasis is on affordable small cars and minivans. The auto industry, trying to climb out of its worst sales slump in decades, wants the spotlight on vehicles it can sell -- now.
Source: L.A. Times - Business | 2 Dec 2009 | 1:00 am Wells Fargo to shut 122 branches in CaliforniaMost of the closures will be of Wachovia offices that are near existing Wells locations. The bank will still have more than 1,000 branches in the state.Wells Fargo & Co. said Tuesday that it would close 122 California bank branches as a result of its takeover of Wachovia Corp. last year, mostly Wachovia offices that are smaller and less prominently located than nearby Wells Fargo branches.
Source: L.A. Times - Business | 2 Dec 2009 | 1:00 am A $350 early-termination fee for smart phones? Now that smartsBefore you go shopping for a nifty new smart phone this holiday season, keep this in mind: Verizon Wireless, the largest provider of mobile-phone services, has just doubled its early-termination fee for high-end handsets if you decide you'd rather go with a different carrier.
Source: L.A. Times - Business | 2 Dec 2009 | 1:00 am GM to phase out Saab if there's no deal by year endDirectors give other potential buyers time to put together bids after a Swedish firm withdraws. General Motors...Source: RSS feed - channel BNPaperBusiness | 2 Dec 2009 | 1:00 am Sumner Redstone defeats nephew in courtA Massachusetts judge says Michael Redstone didn't prove his claim that his grandfather meant for him to receive more shares of National Amusements. The ruling saves Sumner Redstone millions. ...Source: RSS feed - channel BNPaperBusiness | 2 Dec 2009 | 1:00 am Sumner Redstone defeats nephew in courtA Massachusetts judge says Michael Redstone didn't prove his claim that his grandfather meant for him to receive more shares of National Amusements. The ruling saves Sumner Redstone millions.Sumner Redstone has prevailed in his latest family legal squabble, this time with nephew Michael Redstone over a disputed trust in a case that could have cost the media mogul hundreds of millions of dollars.
Source: L.A. Times - Business | 2 Dec 2009 | 1:00 am Cyber Monday sales climb 13.7%The average shopper spent $180.03 this year, up 38% from $130.04 a year earlier, a retail tracking firm says.Monday brought a bit of early holiday cheer for online retailers as shoppers spent less time but more money with Web merchants than last year.
Source: L.A. Times - Business | 2 Dec 2009 | 1:00 am Murdoch accuses Google of news 'theft'News Corp.'s chairman calls the use of the media company's content by Google and other Web firms an 'almost wholesale misappropriation of our stories.'Escalating the battle between traditional newspapers and online news providers, media mogul Rupert Murdoch lashed out at Google Inc. and other Web companies Tuesday, accusing them of looting news articles and contributing to the industry's decline.
Source: L.A. Times - Business | 2 Dec 2009 | 1:00 am Gulf stocks take breather from Dubai debt crisis (AFP)
Source: Yahoo! News: Stock Markets News | 2 Dec 2009 | 12:49 am Changing gearOld guard is ousted at the new General MotorsSource: BBC News | Business | World Edition | 2 Dec 2009 | 12:48 am Aussie shares close at five-week highSYDNEY- Australian shares closed at a five-week high, up one per cent on the day, after record gold prices led to a rally by miners of the precious metal.The benchmark S&P/ASX200 index closed up 43.4 points, or 0.92 per cent,...Source: nzherald.co.nz - Business | 2 Dec 2009 | 12:45 am Google to restrict access to paid-for web newsPublishers of paid-for web content will now be able to restrict viewers' free internet access under concessions made by Google, the world's biggest search engine. Source: Latest Business News from Times Online | 2 Dec 2009 | 12:41 am Billlionaire Saudi investor Alwaleed says banks should have known Dubai risksPrince Alwaleed bin Talal, the billionaire Saudi investor, said banks that loaned money to Dubai World can't claim to be victims of the emirate's debt crisis because they should have understood the risks.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Dec 2009 | 12:27 am Market finishes quiet day little changedThe New Zealand sharemarket gave up modest gains early in the day to close little changed and turnover was light.That said, in the context of sharp losses last week on worries about debt levels in Dubai, the market has again shown...Source: nzherald.co.nz - Business | 2 Dec 2009 | 12:07 am Share tips: buy easyJet, Halfords and PermsimmonA selection of stock tips from stock market analysts.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Dec 2009 | 12:06 am November's retail message: More to do in DecemberEarly holiday sales and easy comparisons against last year mean retailers will likely see a gain in November sales. December, however, is another story.
Source: MarketWatch.com - Top Stories | 1 Dec 2009 | 11:58 pm Asian markets buoyed by optimism over US recoveryAsian stock markets advanced on Wednesday after mostly positive US economic figures boosted confidence in the recovery and as gold surged to another new record.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 1 Dec 2009 | 11:38 pm Smart meters planned to cut electricity bills for millions of homesEnergy Secretary Ed Miliband is set to reveal details of plans to install smart meters in millions of homes.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 1 Dec 2009 | 11:37 pm Rents to rise in 2010Rents are expected to start rising next year following a fall in the number of properties available to let, research shows.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 1 Dec 2009 | 11:35 pm Half a million borrowers seek debt advice in three monthsThe number of people contacting Citizens Advice for help with debts soared by a fifth during the past yearSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 1 Dec 2009 | 11:33 pm Christian Lacroix crisis plan backed by courtA French court on Tuesday approved a drastic plan for the struggling fashion house Christian Lacroix to cut nearly all its staff and shut down its main clothes designing activities.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 1 Dec 2009 | 11:10 pm KKR in running for Morgan Stanley CICC stake: WSJBidders to acquire Morgan Stanley’s stake in Chinese bank CICC reportedlty include Kohlberg Kravis Roberts, among other U.S. private-equity groups and a Taiwanese financial company.
Source: MarketWatch.com - Top Stories | 1 Dec 2009 | 11:09 pm Lisa Twaronite's This Week in Japan: Tokyo is easing into yet more easingThis week's surprise easing by the Bank of Japan wasn't exactly a helicopter drop -- it was more like throwing a few handfuls of coins out a car window -- but at least it was something.
Source: MarketWatch.com - Top Stories | 1 Dec 2009 | 11:00 pm Todd Harrison: Forget the market and focus on loved onesThe holiday season has arrived and with it, Todd Harrison's annual self-reflection has begun.
Source: MarketWatch.com - Top Stories | 1 Dec 2009 | 10:56 pm GM CEO Henderson departs in shakeup by board (Reuters)
Source: Yahoo! News: Business | 1 Dec 2009 | 10:50 pm Dollar consolidates recent gainsThe New Zealand dollar traded in a narrow range today after rising in response to a rise in official Australian interest rates yesterday and higher commodity prices.By 5pm, the NZ dollar was buying US72.74c from US72.82c at 8am,...Source: nzherald.co.nz - Business | 1 Dec 2009 | 10:46 pm China lets foreigners set up limited partnerships (Reuters)Reuters - Foreign firms and individuals will be allowed to set up limited partnership firms in China from March 2010, a move that could make it easier for some overseas investors to tap the domestic market.Source: Yahoo! News: Business | 1 Dec 2009 | 10:42 pm China lets foreigners set up limited partnershipsBEIJING (Reuters) - Foreign firms and individuals will be allowed to set up limited partnership firms in China from March 2010, a move that could make it easier for some overseas investors to tap the domestic market.Source: Reuters: Business News | 1 Dec 2009 | 10:42 pm US sends 30,000 troops to ‘end this war’President Barack Obama will send 30,000 additional troops to Afghanistan by next summer, but aims to start to bring them home in just over 18 months.Source: Financial Times - US homepage | 1 Dec 2009 | 10:15 pm Food Giant Sysco Keeps on TruckingFood-services company Sysco looks savory, even as dining out declines.
Source: SmartMoney.com | 1 Dec 2009 | 10:00 pm A Grinch's Gift Guide (Tough Customer)The good news this holiday? You'll probably get some gadgets. The bad news? You'll probably get some gadgets.
Source: SmartMoney.com | 1 Dec 2009 | 10:00 pm Top Funds Turning Away New InvestorsSee a mutual fund that you like? Too bad. Find out why.
Source: SmartMoney.com | 1 Dec 2009 | 10:00 pm Telecom regulation a risk hereNew Zealand scores 5.5 out of 10 in an assessment of regulatory risk for telecommunication companies in 13 markets in Asia and the Pacific by credit rating company Fitch."A high regulatory risk score of six or above denotes that...Source: nzherald.co.nz - Business | 1 Dec 2009 | 7:50 pm McDonald's COO Alvarez to retire, cites healthLOS ANGELES (Reuters) - McDonald's Corp Chief Operating Officer Ralph Alvarez, who was widely believed to be in line for the fast-food chain's top job, will retire on December 31 due to health reasons, the company said on Tuesday.Source: Reuters: Business News | 1 Dec 2009 | 7:42 pm Warehouse staff to strikeRetail staff at The Warehouse have voted to strike over their working conditions, the National Distribution Union (NDU) says.At stopwork meetings today, unionised staff voted in favour of industrial action after the company proposed...Source: nzherald.co.nz - Business | 1 Dec 2009 | 7:02 pm Energizer is going, going, almost gone from CVSCHICAGO (Reuters) - CVS Caremark Corp has found a way to stop the Energizer bunny. It will discontinue sales of the company's alkaline batteries early next year.Source: Reuters: Business News | 1 Dec 2009 | 6:03 pm Interest rates tipped to stay on holdOfficial interest rates are likely to stay on hold next week, says Deutsche Bank economist Darren Gibbs.In a preview published today, Gibbs said it is "...virtually certain that the OCR will be maintained at 2.5 per cent," when...Source: nzherald.co.nz - Business | 1 Dec 2009 | 6:00 pm Afghanistan plan to exceed $30 billionIn his address to the nation, President Obama says the deployment of 30,000 additional troops to Afghanistan will cost $30 billion. But the actual cost will be higher, as Marketplace's John Dimsdale explains to Kai Ryssdal.Source: Marketplace | 1 Dec 2009 | 5:40 pm Henderson ousted from top of GMFritz Henderson resigns as chief executive at General Motors and chairman Ed Whitacre replaces him until a successor is foundSource: Financial Times - US homepage | 1 Dec 2009 | 5:37 pm US stocks higher on economy newsUS traders send shares higher after good news at home outweighed fears about Dubai's stability.Source: BBC News | Business | World Edition | 1 Dec 2009 | 5:37 pm New General Motors boss quitsDETROIT - General Motors' CEO Frederick "Fritz" Henderson will step down after eight turbulent months as head of the largest US automaker, people familiar with the matter say.The company's chairman of the board Ed Whitacre Jr....Source: nzherald.co.nz - Business | 1 Dec 2009 | 5:30 pm Third Wave's Smith on Stocks, Graf on Gold Mining Stocks: AudioSource: Bloomberg - All Podcasts | 1 Dec 2009 | 5:28 pm Nicolas Sarkozy hails EU appointment to 'clamp down on City of London'French President sees appointment of a Frenchman as EU finance chief as a chance to curb the excesses of the City of London, but Alistair Darling tells him: "Hands off".Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 1 Dec 2009 | 5:19 pm High hopes?Industry fails to lift Bhopal's accident-hit economySource: BBC News | Business | World Edition | 1 Dec 2009 | 5:07 pm Flying highJet firm looks to convey World Cup fans in styleSource: BBC News | Business | World Edition | 1 Dec 2009 | 5:04 pm Graduate watch? Your big break in advertising? Source: Latest Business News from Times Online | 1 Dec 2009 | 5:01 pm Former banker James Brent buys Folio HotelsA former head of real estate at Citibank will today announce the acquisition of Folio Hotels as a platform for building a chain of up to 150 regional hotels across Britain. Source: Latest Business News from Times Online | 1 Dec 2009 | 5:01 pm Logica set to close its final-salary pension schemeLogica, the computing group, is the latest British employer to close its final-salary pension scheme, stripping 470 of its longest-serving employees of the opportunity to continue clocking up guaranteed retirement benefits. Source: Latest Business News from Times Online | 1 Dec 2009 | 5:01 pm A federation born amid rivalry of ruling familiesDubai’s fall from grace is more than a financial mishap. It is a tale of princely vanity, of a family divided and of the modern financial world’s cruel revenge on a feudal society. Source: Latest Business News from Times Online | 1 Dec 2009 | 5:01 pm Yorkshire Building Society sees marriage with Chelsea as next step forwardYorkshire Building Society is in advanced talks to buy Chelsea, its weaker rival. Source: Latest Business News from Times Online | 1 Dec 2009 | 5:01 pm Call to clean up KiwiSaver salesKiwiSaver providers have been warned about using standover tactics to stop people from changing schemes after complaints were made to the Government's superannuation watchdog.Government Actuary David Benison, who is in charge...Source: nzherald.co.nz - Business | 1 Dec 2009 | 5:00 pm No cash for Vivendi in deal for NBC stakeThe French media group will not receive any cash upfront from General Electric for its stake in NBC Universal, a move that will boost GE’s cash flowSource: Financial Times - US homepage | 1 Dec 2009 | 4:29 pm Mideast ETFs Saw Dubai Mess Ahead (Investor's Business Daily)Investor's Business Daily - ETFs tracking the Middle East and Gulf States' stock markets plunged this week on news of Dubai World's multibillion-dollar credit problem.Source: Yahoo! News: Stock Markets News | 1 Dec 2009 | 4:25 pm Fed's Plosser says policy must be preemptiveROCHESTER, New York (Reuters) - The U.S. Federal Reserve must be prepared to raise interest rates if needed before the jobless rate has fallen to an "acceptable level", or risk losing its inflation-fighting credibility, a senior Fed official said on Tuesday.Source: Reuters: Business News | 1 Dec 2009 | 4:18 pm Wii Losing Its Cool & Partners’ Money (NTDOY, MSFT, SNE, GME)Nintendo (NTDOY) had a major winner on its hands with the Wii gaming system. Yet no fad lasts forever. It has been known for some time that the Wii gaming system was falling victim to the same trends of slowing video game console sales hurting the Microsoft Corp. (NASDAQ: MSFT) Xbox 360 and Sony (NYSE: SNE) PlayStation [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Dec 2009 | 4:04 pm Write-Offs: 12.01.09$$$ Fritz Henderson steps down. [WSJ] $$$ Wall Street Journal Debunks Wall Street Journal on Recovery Act [White House blog via Heidi Moore] $$$ Morgan Stanley Vice-Chairman Rob Kindler's License Plate [Andrew Ross Sorkin] $$$ Rent out Galleon's office space-- $70/foot [The Spread] 
 Source: Dealbreaker | 1 Dec 2009 | 4:04 pm Milkpowder prices up to 15-month high in Fonterra auctionsMilk powder prices have continued to march higher, climbing for the fifth straight month on Fonterra's online trading auction to a 15-month high as demand for dairy products remained resilient after last year's slump.The average...Source: nzherald.co.nz - Business | 1 Dec 2009 | 4:00 pm UN halts funds to China wind farmsControversy over Chinese wind farms and other CDM projects will intensify calls for the system to be overhauled at Copenhagen climate summitSource: Financial Times - US homepage | 1 Dec 2009 | 4:00 pm Moderate gains on sharemarketThe New Zealand sharemarket gained moderately in early trading, following a surge in stocks around the world.Around 10.20am the benchmark NZX-50 index was up 6.29 points to 3152.89, having gained 31.1 points yesterday.NZ Refining...Source: nzherald.co.nz - Business | 1 Dec 2009 | 4:00 pm Stocks climb as falling dollar boosts commodities (AP)
Source: Yahoo! News: Stock Markets News | 1 Dec 2009 | 3:51 pm How the major stock indexes fared on Tuesday (AP)AP - Stocks jumped Tuesday as easing worries about the fallout from debt struggles in Dubai and a mostly upbeat array of economic reports gave investors who had jumped out of the market last week reason to return. A drop in the dollar drove up commodities prices and lifted the stocks of energy and materials companies that produce them.Source: Yahoo! News: Business | 1 Dec 2009 | 3:42 pm How the major stock indexes fared on Tuesday (AP)AP - Stocks jumped Tuesday as easing worries about the fallout from debt struggles in Dubai and a mostly upbeat array of economic reports gave investors who had jumped out of the market last week reason to return. A drop in the dollar drove up commodities prices and lifted the stocks of energy and materials companies that produce them.Source: Yahoo! News: Stock Markets News | 1 Dec 2009 | 3:42 pm Bernanke faces confirmation grillingBen Bernanke is likely to face tough questioning when he appears before the Senate banking committee on Thursday seeking confirmation for a second term as chairman of the Federal ReserveSource: Financial Times - US homepage | 1 Dec 2009 | 3:42 pm Prince Alwaleed Thinks Banks Should Quit Their Dubai Bitching
Prince Alwaleed bin Talal, the billionaire Saudi investor, said banks that made loans to Dubai World should have understood the risks they were taking and can't claim to be victims of the emirate's debt crisis. "These banks are very mature banks, and they have to differentiate between a corporate loan and a sovereign loan," Alwaleed, 54, said today in an interview on Bloomberg Television. "When things go sour, you can't have some banks in the West going to Dubai and saying 'oops' and crying wolf and saying, 'You should have guaranteed those loans.'" And just because:
Source: Dealbreaker | 1 Dec 2009 | 3:27 pm BestBuy.com to offer 99-cent standard shipping (AP)AP - BestBuy.com, the electronics retailer's Web site, said Tuesday it will offer 99-cent standard shipping on most products, except those that require a scheduled delivery.Source: Yahoo! News: Business | 1 Dec 2009 | 3:20 pm CBOE Free To Sell Itself To The First Girl It Sleeps WithYears after every other securities exchange that matters gave up on the quaint idea of mutual ownership, the Chicago Board Options Exchange will finally be able to join them. After agreeing to pay the last seven Chicago Board of Trade holdouts $4.2 million to settle their ownership claims--the CBOE settled with the CBOT, now part of the CME Group, last year--the options exchange is free to list itself or find a buyer. But can it ever get over the fact that even the American Stock Exchange beat it to the punch? CBOE settlement could clear way for IPO or merger [Crain's Chicago]
Source: Dealbreaker | 1 Dec 2009 | 3:13 pm General Motors' CEO OutBy Daniel Costello After eight turbulent months at the helm of the largest U.S. automaker, chief executive Frederick "Fritz" Henderson is resigning. The company said Tuesday that Chairman Ed Whitacre Jr. will serve as interim CEO. Henderson succeeded Rick Wagoner last spring after the Obama administration ousted the former CEO amid a government-led reorganization. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Dec 2009 | 3:03 pm eBay’s PayPal Becomes Hidden Holiday Spending Winner (EBAY)eBay Inc. (NASDAQ: EBAY) may be the unexpected winner of cyber-shopping for the 2009 holiday shopping season. Today, the company released data showing that its PayPal unit posted strong gains for yesterday on the famed “Cyber-Monday” as well as for Black Friday. While it is not a new phenomenon that eBay does well each [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Dec 2009 | 3:01 pm Fears grow about overheated US debt marketSome of the most controversial financing practices of the credit-bubble years – from cov lite loans to Pik toggle notes and dividend recap exercises – have returned to Wall Street, stoking fears that debt markets are growing overheatedSource: Financial Times - US homepage | 1 Dec 2009 | 3:00 pm Fed's Plosser says policy must be preemptive (Reuters)
Source: Yahoo! News: Business | 1 Dec 2009 | 2:41 pm Auto sales limp towards end of rough yearThe worst year for U.S. auto sales in decades isn't getting much better yet.Source: Business and financial news - CNNMoney.com | 1 Dec 2009 | 2:35 pm Ken Lewis Backs Tiger Woods' Life Choices
Source: Dealbreaker | 1 Dec 2009 | 2:31 pm Presented By:Source: Dealbreaker | 1 Dec 2009 | 2:31 pm Where's the next Dubai?Dubai's not the only onetime highflier that risks drowning in debt.Source: Business and financial news - CNNMoney.com | 1 Dec 2009 | 2:29 pm Henderson Out as CEO of GM (AIG, BAC)General Motors may be looking more like Government Motors every day. Fritz Henderson is stepping down according to a report from CNBC’s Phil Lebeau, citing sources. What is not clear is if Henderson was asked or told to resign in the symbolic falling-on-the-sword maneuver or if Henderson just couldn’t take running the company under the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Dec 2009 | 2:29 pm Pfizer, Staples, OmniVision, Guess are big movers (AP)AP - The following stocks were among those that moved substantially or traded heavily Tuesday on the New York Stock Exchange and the Nasdaq Stock Market:Source: Yahoo! News: Stock Markets News | 1 Dec 2009 | 2:27 pm IndexIQ's Patti Accesses Global Merger Activity: AudioSource: Bloomberg - All Podcasts | 1 Dec 2009 | 2:21 pm Is The M&A Arbitrage ETF For You? (MNA)IndexIQ is no stranger to ETFs with non-traditional investment goals. IndexIQ recently launched an ETF called the IQ ARB Merger Arbitrage Exchange-Traded Fund (NYSE: MNA), which is the first ETF we have seen out there that tracks merger arbitrage. The aim is to track the performance of a basket of mergers which the index invests [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Dec 2009 | 2:21 pm Goldman: Quant Hedge Funds Have To Do Better, Be Less Quant-y
Robert Litterman is head of quantitative resources at Goldman Sachs Asset Management, which in 2007 watched its Cadillac of hedge funds, Global Alpha, turn into a Yugo. And as he sees it, from his alternately lofty and lousy perch, and with his many years of experience in the field, quantitative hedge funds have to do a better job of making money for their clients. And in Litterman's considered opinion, they need to find new ways of making money. New and non-quantitative, apparently. We're putting together data that's not machine-readable.
Source: Dealbreaker | 1 Dec 2009 | 2:15 pm Madoff Victim Belts It Out
Her new one-woman show, John Denver, Bernie Madoff & Me, opened last night at Don't Tell Mama on West 46th Street and runs through December 9. In it, Crane sings a medley of John Denver songs and cabaret standards, interspersed with patter about the Ponz. "Is there anyone out there who doesn't know who Bernie Madoff is?" she asked the crowd last night, before launching into "The Spider and the Fly." Getting Back at Bernie, Through Song [Daily Intel]
Source: Dealbreaker | 1 Dec 2009 | 1:47 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 Tuesday:Source: Yahoo! News: Stock Markets News | 1 Dec 2009 | 1:46 pm Cyber Monday: A lot of clicking and shoppingDid Cyber Monday outshine Black Friday this year?Source: Business and financial news - CNNMoney.com | 1 Dec 2009 | 1:40 pm Longer-dated bonds reflect optimismGovernments, banks and corporates are issuing more longer-dated bonds, in a sign of increased confidence among investors on the prospects for the global economySource: Financial Times - US homepage | 1 Dec 2009 | 1:36 pm Fifth Third Raised to `Buy' at Citigroup: AudioSource: Bloomberg - All Podcasts | 1 Dec 2009 | 1:25 pm New worry for jobless: Health careMillions of long-term unemployed Americans and their families are at risk of losing their health insurance, as their eligibility for a 9-month health-premium subsidy expires.Source: Business and financial news - CNNMoney.com | 1 Dec 2009 | 1:18 pm Murdoch calls for relaxation of US rulesGovernments can best help the news industry save itself by getting out of its way, Rupert Murdoch said, as he used a Washington podium to call for a relaxation of US media ownership rules.Source: Financial Times - US homepage | 1 Dec 2009 | 1:16 pm GE-Comcast Terms Done on NBC Universal (GE, CMCSA)CNBC’s David Faber just reported that the NBC Universal deal terms between General Electric Co. (NYSE: GE) and Comcast Corporation (NASDAQ: CMCSA) are about to be signed. Faber noted that the deal will formally be announced Thursday morning. This will take GE’s stake of NBC Universal down to 49% from 80%. Faber reported that GE will [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Dec 2009 | 1:06 pm Post (Climate) Game Analysis
How Mike Pesca almost (but not quite) wrecked planet earth. By David Kestenbaum Yesterday on the podcast we got six NPR reporters and editors together to play a game designed to look at whether the people of the world can come together to make the sacrifices necessary to combat climate change. As it turned out we did save the planet, but just barely and at the very last possible moment. This article lays out the basic rules. NPR sports reporter Mike Pesca was the most selfish (sorry, strategic) player, managing to contribute very little to the global fund while keeping the most money for himself. Mike was heavily subsidized by our counterterrorism correspondent Dina Temple-Raston who consistently put the planet's welfare before her own. Here's a spreadsheet of how the game played out. You can see everyone's strategy, including Pesca's remarkable run of zero-contributions in four consecutive rounds. Roughly what happened is that people donated money in the first round to try to prevent climate change, then tried to see if they could get by with less in the second round, which seemed to anger other participants, who then also lowered their contributions. But in the later rounds as doom approached people started to kick in more and more money. The largest contributions came in the final round. Here's the original research paper laying out the experiment and a very readable commentary. The game illustrtes how participants (countries or individuals) have an incentive to drag things out until the last minute, which perhaps helps explains the endless international climate treaty talks. The research also shows that when there is perceived uncertainty about the consequences (how bad climate change will be) cooperation gets much more difficult. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Dec 2009 | 12:50 pm Creditors mobilise over Dubai debt planBondholders and creditors react to Dubai World’s $26bn restructuring plans, as emirate’s ruler tries to reassure investors that debt-laden economy is soundSource: Financial Times - US homepage | 1 Dec 2009 | 12:50 pm Helmut's Angels Included Future Liechtenstein Power Broker
The K1 Group founder, last seen trying to bust out of a German jail by claiming to be an attaché of the embassy of Guinea-Bissau in The Netherlands, saw something in this pretty little thing, hiring her to sell his (allegedly) worthless products. Just nine months later, Aurelia Frick is serving as minister of justice, foreign affairs and cultural affairs for the august Principality of Liechtenstein, a country so small that a 34-year-old with no previous ministerial experience can be named minister of justice and foreign affairs, with time left over to handle cultural matters.
Source: Dealbreaker | 1 Dec 2009 | 12:36 pm Davidson Discusses His Book `Abu Dhabi: Oil and Beyond': AudioSource: Bloomberg - All Podcasts | 1 Dec 2009 | 12:25 pm How Harvard Lost All That MoneyBy Daniel Costello The Boston Globe had a terrific story this week looking at just how Harvard came to lose $1.8 billion in its cash accounts (separate from its massive endowment losses) over the past year. The tally could run even higher in the form of interest payments on bonds issued to cover the losses. The story, by staffer Beth Healy, describes warnings from top officials about how risky some of Harvard's investment choices were becoming in recent years. At the top of the list of those who ignored many of those warnings? Harvard's then President Larry Summers, the former Treasury Secretary and current director of President Obama's National Economic Council and the White House economic team. According to the story: "In the Summers years, from 2001 to 2006, nothing was on auto-pilot. He was the unquestioned commander, a dominating personality with the talent to move a balkanized institution like Harvard, but also a man unafflicted, former colleagues say, with self-doubt in matters of finance. Certainly, when it came to handling Harvard's cash account, the former US Treasury secretary had no doubts. Widely considered one of the most brilliant economists of his generation, Summers pushed to invest 100 percent of Harvard's cash with the endowment and had to be argued down to 80 percent, financial executives say. The cash account grew to $5.1 billion during his tenure, more than the entire endowment of all but a dozen or so colleges and universities." » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 1 Dec 2009 | 12:21 pm Carl Weinberg Says Japan Fiscal Policy is Failing: AudioSource: Bloomberg - All Podcasts | 1 Dec 2009 | 12:17 pm Benjamin Dell Sees Oil Above $100 a Barrel in 2010: AudioSource: Bloomberg - All Podcasts | 1 Dec 2009 | 12:07 pm Twitter, Starbucks, Others Support World AIDS Day
Today is World AIDS Day, a day reserved to increase global awareness of HIV, AIDS, and people living with the diseases. A few facts about HIV and AIDS that you might not know (from Twitter): –10% of the world’s populations lives in Africa, yet 67% of all HIV cases occur there. Join the campaign by shopping for certain products today, turning Twitter red, or donating. Several companies are supporting efforts to help people with HIV/AIDS today. Here’s how they’re doing it: Starbucks American Express GAP Dell Google Apple Here are even more companies and products that support World AIDS Day.
Source: Business Pundit | 1 Dec 2009 | 11:58 am Cast A Probably Meaningless Vote For The Time Person Of The YearHere's the (collectively) bizarre list of people you have to choose from. Will it be the Iranian protesters who accomplished nothing? The Somali pirates from the story no one even remembers? The fastest man on earth? The chairman of the Federal Reserve? Don't stress too much about picking the perfect candidate-- Time's editors "reserves the right to disagree." 1. Angela Merkel 2. Barack Obama 3. Ben Bernanke 4. Iran Protesters 5. Olympia Snowe 6. Somali Pirates 7. Stanley McChrystal 8. Steve Jobs 9. Tim Geithner 10. Usain Bolt Who Will Be The Person Of The Year 2009? [TIME]
Source: Dealbreaker | 1 Dec 2009 | 11:40 am Dear Greenlight Groupies
Source: Dealbreaker | 1 Dec 2009 | 11:20 am Will Comcast, NBC Universal Merger Pass Regulator Scrutiny?
General Electric’s $5.8 billion purchase of Vivendi’s minority stake in NBC bodes well for Comcast. The cable giant could buy a 51% stake in NBC as soon as Thursday. The Guardian has more: NBC’s businesses range from a coast-to-coast mainstream US television channel to Hollywood’s Universal Studios and specialist broadcasting offerings such as CNBC, Bravo and the Weather Channel. The company is valued at $29bn and Comcast could tie up a deal to snap up 51% as early as Thursday. Analysts say that a sale makes sense to both GE and Vivendi which have seen NBC’s television ratings flounder. But critics are alarmed that Comcast, which is America’s biggest cable operator, will end up with too much sway over consumers. The media mogul John Malone, who chairs the Discovery Channel-to-QVC empire Liberty Media, recently remarked that Comcast would have “too much power” by controlling both content and delivery allowing it, potentially, to charge high prices to other cable operators who want to carry NBC. The New York Times says that the GE originally bought into media as a hedge, at a time when Japanese manufacturers were an increasing threat. Now, GE is shedding its media unit to focus more strongly on its industrial businesses, while reducing debt incurred by its big finance branch. As far as Comcast, the Times has this to say: …Comcast was the lone serious suitor (for Vivendi’s stake), a testament to the uncertain future of mainstream media, as the Internet has fractured audiences and few viable business models have emerged for the distribution of content online. Comcast…has long harbored big ambitions of becoming a major producer of television and movies. In 2004, Comcast failed in a hostile takeover bid for the Walt Disney Company. In the proposed deal, Comcast will contribute its own cable channels, which include Versus, the Golf Channel and the E Entertainment channel, and a modest amount of cash, about $5 billion, to a joint venture in which it will own 51 percent. G.E. will retain a 49 percent stake, and would likely reduce its ownership over several years. (Some analysts think that) the deal is a bet by Comcast on how it can grow its business. It could use its power in film, with Universal Studios, to expand video-on-demand offerings by altering movie release windows to make movies available on demand the same day they are released on DVD, noted Craig Moffett, an analyst at Sanford C. Bernstein.
Regulators probably will examine whether Comcast might use NBC’s programming to undermine rival pay-TV services such as those of Dish Network Corp. and Verizon Communications Inc. There is no FCC rule against a cable company owning a broadcaster, said Andrew Jay Schwartzman, president of the Washington-based Media Access Project, a nonprofit media law firm. That wouldn’t prevent the agency from weighing whether such an arrangement serves the public interest, Schwartzman said in an interview. The way the government handles the Comcast-NCBU merger has a strong bearing on the future of broadcast and the Internet. If more media and cable companies consolidate, it will be easier for them to regulate TV and online content. News will be behind a pay wall not because pay content won out in the free market, but because media consolidation allowed companies to hyper-regulate what content the public sees. Think about how many consumers already have no choice about which Internet provider to use. I can only see that choicelessness expanding if the merger goes without a hitch.
Source: Business Pundit | 1 Dec 2009 | 11:11 am The Changing U.S. Labor Market
Employment changes in recessions past. (Howard Rosen) By Caitlin Kenney Ahead of this week's White House jobs summit, Howard Rosen of the Peterson Institute sent us his thoughts on the current state of employment in the U.S. He writes: Current slow growth in job creation is result of recent changes in the US labor market -- a change in the nature of unemployment. Over the last 30 years, despite long-term declines in the unemployment rate, the average duration of unemployment has steadily increased. This signals a shift from temporary layoffs to permanent job losses. The average duration of unemployment is currently the highest in over 40 years, and unemployment is no longer primarily due to cyclical factors; structural factors, e.g. technology change, increased domestic and international competition, have become increasingly important. Rosen's also got some advice for the government on how to increase employment: Worker assistance and training programs were beaten down over the last 8 years, and it is difficult to immediately expand them to meet new interest and demand. The administration has significantly increased funding for training, but we need to provide more resources to rebuild capacity, e.g. local career centers, training providers, including community colleges. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Dec 2009 | 10:48 am Groups come together for AIDS supportA lot of charities have had to get together to survive. Kai Ryssdal has the story of two AIDS support groups that have joined forces.Source: Marketplace | 1 Dec 2009 | 10:38 am Philanthropy's big buzzwords of 2009Philanthropy consultant Lucy Bernholz talks with Kai Ryssdal about the top charity-related buzzwords of 2009, a year in which she says necessity was the mother of social innovation.Source: Marketplace | 1 Dec 2009 | 10:38 am Kurzarbeit helps Germany save jobsUnlike the U.S., Germany has managed to stave off massive job losses. Amy Scott reports on one way Europe's largest economy has dodged the bullet.Source: Marketplace | 1 Dec 2009 | 10:38 am Court delves into Florida beach disputeA group of homeowners in Florida have sued state and county officials for a beach renovation project they say has deprived them of their property rights. Steve Henn reports.Source: Marketplace | 1 Dec 2009 | 10:38 am Program pays top dollar for extra powerMassachusetts has launched a program that lets home and business owners who generate their own power sell it back to the electric company for a nice price. Mitchell Hartman reports.Source: Marketplace | 1 Dec 2009 | 10:38 am Clunker crushers may get more timeThe government is considering extending the deadline for auto recyclers to finish wrecking cars traded in under the Cash for Clunkers program. Alisa Roth reports.Source: Marketplace | 1 Dec 2009 | 10:38 am Jobs may suffer when stimulus runs outThe Congressional Budget Office says the stimulus created or saved anywhere from 600,000 to 1.5 million jobs. Nancy Marshall Genzer reports on what will happen when the stimulus money goes away.Source: Marketplace | 1 Dec 2009 | 10:38 am Wolkonowicz Says GM May Be Profitable in 2010: AudioSource: Bloomberg - All Podcasts | 1 Dec 2009 | 10:16 am Linda McMahon Discusses Her U.S. Senate Candidacy: AudioSource: Bloomberg - All Podcasts | 1 Dec 2009 | 10:15 am Mishkin Says Ron Paul Fed-Audit Bill May Cause Inflation: AudioSource: Bloomberg - All Podcasts | 1 Dec 2009 | 10:14 am Davidson Says `Worst Is Yet To Come' in Dubai: AudioSource: Bloomberg - All Podcasts | 1 Dec 2009 | 10:12 am Gartner Inc. Buys AMR Research for $64 million
IT research firm Gartner, Inc. will buy supply chain research company ARM Research for $64 million in cash. Trading Markets has the wire: The acquisition is expected to expand Gartner’s suite of research offerings and also complement its consulting and events business. AMR Research’s sales team is also expected to enhance Gartner’s ability to further penetrate the market opportunity for syndicated research. Gartner CEO Gene Hall said, “AMR Research is an excellent strategic fit for Gartner. The firm is the market leader for research related to supply chain management, which is inextricably linked to IT and has become a central and growing issue for many organizations. We expect the acquisition to give us immediate presence in this market and the ability to generate substantial synergies by selling AMR Research products to Gartner clients and Gartner products to AMR Research clients. The addition of AMR Research’s team of approximately 40 research analysts and 45 sales executives should enable us to offer expanded resources to our clients and increase our opportunities for growth.”
Source: Business Pundit | 1 Dec 2009 | 9:49 am How the Mac roared backSource: Business and financial news - CNNMoney.com | 1 Dec 2009 | 9:13 am A Lesson From AIG: How to Fix the Fed (U.S. News & World Report)U.S. News & World Report - Of all the villains responsible for the Great Economic Wipeout, the Federal Reserve is pretty far down the list. It's certainly behind members of Congress who deregulated the banks in 1999, allowing once staid institutions to gamble recklessly. Then there are notorious CEOs like Martin Sullivan of AIG, Angelo Mozilo of Countrywide Financial, and Richard Fuld of Lehman Brothers whose greed and hubris wrecked their companies. Crooked mortgage brokers, rapacious Wall Street traders, and millions of irresponsible homeowners were key supporting actors in the revolting drama, too.Source: Yahoo! News: Business | 1 Dec 2009 | 8:51 am 10 Places Where Everyone Can Be 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 | 1 Dec 2009 | 8:11 am Morning Report: Dubai Stocks Fall Again; Japan Worries About DeflationBy Daniel Costello On Tuesday, investors again rushed to unload shares of Middle East companies expected to bear the brunt of a possible downturn in the region's economy amid Dubai's growing debt crisis. The sell-off came even as the government-owned investment giant, Dubai World, said it is making strides in renegotiating its troubled real-estate debt. In Dubai, the main stock index ended down 5.6% to 1,831 points. Elsewhere in the region, Qatar's main stock index tumbled 8.4% to 6,592 points on Monday, the first trading day for the market since Nov. 25. Global markets have been gyrating since Dubai World stunned investors last week by announcing plans to hold off paying its short-term debt. Emerging markets and Asia were hard hit last week, but bounced back in recent days as investors appeared to decide for now that Dubai's problems will remain contained. The Dubai financial market will be closed starting Wednesday because of the National Day of the U.A.E. The market will resume Sunday. In Japan, central bankers appeared to blink in their growing riff with politicians by announcing they would pump short-term funds into the banking system in an effort to jolt the moribund economy and counter resurgent deflation. At a emergency meeting on Tuesday, the Bank of Japan's board voted to provide $115 billion in short-term loans to commercial banks to bolster liquidity. It's unclear just how effective the relatively small program will be, making the move potentially more symbolic. Japan's Prime Minister, Yukio Hatoyama, has challenged the Bank of Japan in recent months to ease monetary policy as the country faces renewed deflation fears and its rising currency threatens to wipe out a six-month-old recovery. The yen climbed to a 14-year high against the dollar last week, dealing a blow to Japan's exports as a strong yen makes Japanese goods more expensive abroad. The move bucks a global trend toward tighter monetary policies in recent months as governments continue to scale back emergency monetary easing and support of super-low interest rates as the global economy rebounds. Australia on Tuesday raised interest rates by a quarter of a percentage point for a third straight month. The U.S. Federal Reserve said this week it soon may scale back its trillion-dollar portfolio of mortgage-backed securities and start unwinding its massive effort to prop up financial markets over the past year. And after weeks of corporate brinkmanship, General Electric and French telecommunications company Vivendi have finally agreed to a deal allowing GE to buy Vivendi's 20% stake in NBC Universal. GE needs to buy the minority stake in order to complete its planned sale of its NBC Universal media assets to cable giant Comcast. The Comcast sale is seen as a bellweather deal for valuing A-list broadcasting companies as they suffer continued declines in viewership and advertising.
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Dec 2009 | 7:07 am Home Lenders Face Sanctions Over Failed Modifications (BusinessWeek)BusinessWeek - (Bloomberg) The U.S. Treasury Dept. will begin taking action against lenders that aren't doing enough to ease mortgage payments for troubled homeowners as part of the Obama Administration's $75 billion pledge to curb foreclosures. Lenders> The> The> "We> Seriously>The> The> Eligible> Mortgage> The> A>Robert> One> The> Bank> "As> The>Source: Yahoo! News: Business | 1 Dec 2009 | 6:08 am Treat Your Web Designers Well…Or Else
Source: Business Pundit | 1 Dec 2009 | 4:11 am
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