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Darling to unveil bank bonus taxAlistair Darling may unveil a 50% tax on bank bonuses above about £10,000 in the pre-Budget report, the BBC understands.Source: BBC News | Business | World Edition | 9 Dec 2009 | 3:37 am Bankers nervous ahead of British pre-budget reportInvestors will be watching closely, but it’s bankers who will be sweating ahead of Chancellor of the Exchequer Alistair Darling’s presentation Wednesday of the British government’s annual pre-budget report.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 3:36 am EasyJet CEO Andy Harrison to step down next yearEasyJet, Europe’s second-largest no-frills airline, on Wednesday says Chief Executive Andy Harrison will stand down next year in the wake of a boardroom battle with founder Stelios Haji-Ioannou.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 3:36 am Asian shares sold down on global fearsMost Asian shares end lower Wednesday as renewed risk aversion grips markets after Wall Street's sharp decline, while a downward revision of Japanese economic growth pushes the Nikkei lower.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 3:34 am Standard Chartered reassures investors over DubaiBanking group Standard Chartered says its exposure to Dubai shouldn’t lead to significant losses.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 3:28 am Home Values Get More StableZillow, the real estate home price research company, says that the value of residential real estate ended its sickening drop in 2009. The firm’s chief economist writes, “Total home values in the United States fell $489 billion in the first 11 months of 2009. A large drop, to be sure, but it marks a significant [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Dec 2009 | 3:20 am Japan's economic growth loweredJapan's economy expanded by much less than first estimated in the July to September period, revised official figures show.Source: BBC News | Business | World Edition | 9 Dec 2009 | 3:14 am UPDATE 2-Imagination Tech H1 profit up; sees more licensing* Says confident of stronger licensing performance in H2Source: RSS feed - channel BNewsBusiness | 9 Dec 2009 | 3:13 am Dubai bourse drops for third day (AP)
Source: Yahoo! News: Stock Markets News | 9 Dec 2009 | 3:09 am The Myth Of American Car Quality (F)(TM)(HMC)JD Power’s Sales Satisfaction Index Study for 2009 has been published. The research firm questioned 48,000 people. American cars did well as they have for several years in the Powers Initial Quality Survey, its second annual study, and a number of other polls of what consumers think about US brands compared with brands from Asia [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Dec 2009 | 3:06 am Volkswagen buys 20% of Suzuki in strategic dealVolkswagen AG and Suzuki Motor Corp. announce a strategic alliance on Wednesday that will see them cooperate in emerging markets and in the production of environmentally-friendly compact cars.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 3:06 am Irish braced for tough austerity BudgetIreland was bracing itself today as Cabinet ministers met to sign off on what is feared will be the toughest Budget in living memory.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 9 Dec 2009 | 3:01 am Global stock markets fall amid recovery fears (AP)
Source: Yahoo! News: Stock Markets News | 9 Dec 2009 | 3:00 am VW to pay $2.5bn for 20% Suzuki stakeVolkswagen is to buy a stake in Japan’s Suzuki Motor in a deal that would create the world’s largest carmaking allianceSource: Financial Times - US homepage | 9 Dec 2009 | 2:59 am The US Prepares To Go “All In” To Save The EconomyThere is still a place in the world of economists that the Tooth Fairy visits. It is the home of those who believe unemployment is about to improve, consumers will have access to growing amounts of credit that they will use to buy things they think they can suddenly afford, and where federal taxes will [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Dec 2009 | 2:58 am VW buys $2.5 billion Suzuki stake; eyes world No.1 spotTOKYO (Reuters) - Germany's Volkswagen will buy a one-fifth stake in Suzuki Motor for $2.5 billion, giving it access to the Japanese firm's expertise in small cars and dominance in India as it seeks to become the world's top automaker.Source: Reuters: Business News | 9 Dec 2009 | 2:52 am Medvedev: changing Ukraine gas deals "irresponsible"MOSCOW, Dec 9 (Reuters) - Russian President Dmitry Medvedev on Wednesday said it would be "irresponsible" to change existing gas supply contracts between Russia and Ukraine.Source: RSS feed - channel BNewsBusiness | 9 Dec 2009 | 2:50 am London Markets: London shares decline, pre-budget report on tapLondon shares are mildly lower on Wednesday, with miners and oil firms adding pressure, as investors await details on government-spending plans.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 2:50 am Pre-Budget report 2009: live blogAlistair Darling will today set out his plan for balancing Britain's books and clawing back money from the bankers in his pre-Budget report. Stay here for rolling news and gossip.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 9 Dec 2009 | 2:44 am Germany needs all A400M planes ordered-ministryBERLIN, Dec 9 (Reuters) - Germany's armed forces need all of the 60 Airbus A400M military transporters which it has ordered, a senior defence ministry official said on Wednesday.Source: RSS feed - channel BNewsBusiness | 9 Dec 2009 | 2:43 am George Soros warns against rebuilding same 'Humpty Dumpty' financial systemGeorge Soros, the billionaire hedge fund manager, has warned against rebuilding the same financial system.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 9 Dec 2009 | 2:43 am FACTBOX-Western carmakers flirt with Asian counterpartsDec 9 (Reuters) - Germany's Volkswagen will buy a 19.9 percent stake in Japan's Suzuki Motor for $2.5 billion, the companies said on Wednesday, the latest in a series of tie-ups between global automakers...Source: RSS feed - channel BNewsBusiness | 9 Dec 2009 | 2:41 am Banks rise ahead of PBRLondon equities were little changed on Wednesday, with banking stocks in focus ahead of the Pre-budget report.The FTSE 100 ticked just 1 point higher to 5,224.0 after worries about the knock-on effects...Source: RSS feed - channel BNPaperBusiness | 9 Dec 2009 | 2:40 am Stocks slip; crude and euro recovers (Reuters)
Source: Yahoo! News: Stock Markets News | 9 Dec 2009 | 2:37 am Stocks slip; crude and euro recovers (Reuters)
Source: Yahoo! News: Business | 9 Dec 2009 | 2:37 am Stocks slip; crude and euro recoversLONDON (Reuters) - Global equities slipped on Wednesday with Japan leading the falls on concerns over the pace of recovery, while crude oil prices recovered and the euro picked up from a one-month low on bargain hunting.Source: Reuters: Business News | 9 Dec 2009 | 2:37 am Weak Japanese data weigh on nervous markets09:30 GMT. Weak economic data out of Japan underlined the negative tone in Asian markets on Wednesday following a tumble on Wall Street and a resurgent dollar overnight.European bourses started the day...Source: RSS feed - channel BNPaperBusiness | 9 Dec 2009 | 2:33 am Weak Japanese data weigh on nervous marketsGlobal Markets Overview: European bourses open lower after worse-than-forecast economic growth figures cast a shadow over Asian marketsSource: Financial Times - US homepage | 9 Dec 2009 | 2:33 am Stocks set for slight gainsStocks were set to open slightly higher Wednesday, as investors consider the progress of a health care reform measure in the Senate.Source: Business and financial news - CNNMoney.com | 9 Dec 2009 | 2:30 am Dubai debt confusion dents confidenceDUBAI (Reuters) - Concern over debts at Dubai's utility provider and losses at Nakheel, builder of the emirate's palm-shaped islands, hit markets on Wednesday, drowning out assurances by top officials that Gulf economies were sound.Source: Reuters: Business News | 9 Dec 2009 | 2:29 am UPDATE 1-Swire hires 3 banks for $3 bln spin-off -sources* Goldman, HSBC and Morgan Stanley to be mandated -sourcesSource: RSS feed - channel BNewsBusiness | 9 Dec 2009 | 2:29 am DEALTALK-CIC's lucrative dealmaking ritual: paying low fees* Bankers gripe, but still throw their feet at fund (For more Reuters Dealtalks, click [DEALTALK/])Source: RSS feed - channel BNewsBusiness | 9 Dec 2009 | 2:26 am DEALTALK-CIC's lucrative dealmaking ritual: paying low fees* Bankers gripe, but still throw their feet at fund (For more Reuters Dealtalks, click [DEALTALK/])Source: RSS feed - channel BNewsBusiness | 9 Dec 2009 | 2:26 am Bankers renegotiating pay deals to avoid windfall tax on bonusesBankers are renegotiating their contracts with employers in an attempt to dodge the Chancellor's threatened super-tax on bonuses.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 9 Dec 2009 | 2:24 am EasyJet chief andy Harrision to step downEasyjet chief executive Andy Harrison is to leave the low-cost airline next summer.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 9 Dec 2009 | 2:19 am European Stocks to Watch: A decade of mostly pain for Europe stocksMarketWatch examines the wreckage -- and a few gems -- in European stocks over the last decade. Techs, financials dragged the market lower.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 2:18 am Europe Markets: Greek banks, insurers, Man drag Europe lowerA drop for financials dragged Europe stocks lower on Wednesday, led lower by a further fall in the Greek bank sector as well as a decline for Man Group on a drop in performance in one of its key funds.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 2:12 am Volkswagen to pay $2.5bn for 20% stake in SuzukiVolkswagen is to pay Y222.5bn ($2.5bn) to buy a 19.6 per cent stake in Japan's Suzuki Motor in a deal that would create the world's largest carmaking alliance.The German carmaker on Wednesday confirmed...Source: RSS feed - channel BNPaperBusiness | 9 Dec 2009 | 2:09 am TARP stemmed panic but left trail of woeWas it worth it?Source: Business and financial news - CNNMoney.com | 9 Dec 2009 | 2:07 am Stagecoach ends chase for Nat ExpressStagecoach said on Tuesday it was no longer interested in making a bid for rival National Express as it indicated the decline in passenger numbers at its recession-hit rail business was bottoming out.The...Source: RSS feed - channel BNPaperBusiness | 9 Dec 2009 | 2:07 am Fuel costs hit Stagecoach profitsTransport group Stagecoach says its first-half profit fell 28% to £75.5m because of rising fuel and pension costs.Source: BBC News | Business | World Edition | 9 Dec 2009 | 2:05 am Swiss unemployment at 5-year high: official dataUnemployment in Switzerland soared to a five-year high of 4.2 percent in November, official data showed Wednesday. The number of people registered as jobless reached 163,950, up 5,812...Source: RSS feed - channel BNewsBusiness | 9 Dec 2009 | 2:04 am Slow growth and high unemployment for U.S. in 2010: reportSAN FRANCISCO (Reuters) - Low interest rates will prevail through most of next year as the U.S. economy expands modestly and the unemployment rate remains stuck in double digits, the UCLA Anderson Forecast group said on Wednesday.Source: Reuters: Business News | 9 Dec 2009 | 2:03 am Slow growth and high unemployment for U.S. in 2010: report (Reuters)Reuters - Low interest rates will prevail through most of next year as the U.S. economy expands modestly and the unemployment rate remains stuck in double digits, the UCLA Anderson Forecast group said on Wednesday.Source: Yahoo! News: Business | 9 Dec 2009 | 2:02 am Global stock markets fall amid recovery fearsWorld stock markets extended their losses Wednesday as Japan's much weaker-than-expected economic growth and rising debt loads around the world added to concerns the global recovery was...Source: RSS feed - channel BNewsBusiness | 9 Dec 2009 | 2:00 am Dubai debt confusion dent confidenceDUBAI (Reuters) - Concern over debts at Dubai's utility provider and losses at Nakheel, builder of the emirate's palm-shaped islands, hit markets on Wednesday, drowning out assurances by...Source: RSS feed - channel BNewsBusiness | 9 Dec 2009 | 2:00 am Harrison to step down as EasyJet chiefAndy Harrison, EasyJet chief executive, is to step down and Sir Michael Rake, the senior independent director and deputy chairman, is to become chairman as part of the latest boardroom shake-up at the...Source: RSS feed - channel BNPaperBusiness | 9 Dec 2009 | 1:57 am Media Digest 12/9/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: China remains a top investment place for US firms. Reuters: Suzuki sold a stake to VW. Reuters: The Administration will extend TARP until next October. Reuters: The Congressional Oversight Committee said TARP had done little to promote bank lending. Reuters: Zillow says US home values will become more stable next year. Reuters: General Growth drew a number of possible [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Dec 2009 | 1:53 am Greek banks continue to fallGreek banks continued to fall on Wednesday, as the fallout from Fitch Ratings cut to the country's credit rating continued. One day after the reduction, to triple B-plus with a negative outlook, the...Source: RSS feed - channel BNPaperBusiness | 9 Dec 2009 | 1:52 am FTSE 100 drops at open (AFP)
Source: Yahoo! News: Stock Markets News | 9 Dec 2009 | 1:23 am Asia Markets And Europe Open (12/9/2009)Markets in Asia fell sharply. The Nikkei dropped 1.3% to 10,005. Honda (NYSE:HMC) and Toyota (NYSE:TM) fell. The Hang Seng was off 1.4% to 21,761. HSBC (NYSE:HBC) fell. The Shanghai Composite was lower by 1.7% to 3,240. At the open in Europe, the FTSE was up .2% to 5,234. The Dax dropped .1% to 5,686. The CAC 40 rose [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Dec 2009 | 1:22 am House considers extending $31B in tax breaks (AP)AP - Lawmakers want to extend $31 billion in popular tax breaks, including an income tax deduction for sales and property taxes. The problem: how to pay for it.Source: Yahoo! News: Business | 9 Dec 2009 | 1:11 am China remains top investment spot for U.S. firms: study (Reuters)Reuters - China remains a top investment destination for U.S. companies in 2010 amid the global economic slowdown as they expect to see continuous growth in sales and profit, an American Chamber of Commerce (AmCham) study showed.Source: Yahoo! News: Business | 9 Dec 2009 | 1:06 am China remains top investment spot for U.S. firms: studySHANGHAI (Reuters) - China remains a top investment destination for U.S. companies in 2010 amid the global economic slowdown as they expect to see continuous growth in sales and profit, an American Chamber of Commerce (AmCham) study showed.Source: Reuters: Business News | 9 Dec 2009 | 1:06 am Currencies: Dollar slips against euro, yen in Asian tradingThe dollar slips against the yen and the euro in Asian trading Wednesday, as investors take profits. The greenback rose to a five-week high against the European unit in the previous session.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 1:04 am Standard Chartered set for recordUK bank Standard Chartered says it is on track for a record profit and expects no "material" charges from the Dubai crisis.Source: BBC News | Business | World Edition | 9 Dec 2009 | 1:03 am Global Investor: Five global financial stocks you can bank onHere are five global financial stocks that international fund managers are not uncomfortable holding and that your portfolio could bank on.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 1:01 am Job growth in California is going greenFrom January 2007 to January 2008 green jobs increased 5% while total jobs declined 1%.Green businesses are blooming in California, creating jobs at a faster pace than the broader economy, a new study has found.
Source: L.A. Times - Business | 9 Dec 2009 | 1:00 am Stocks drop as investors shift to safer assetsMost major indexes fall 1%, but the dollar gains strength. Rising debt loads and disappointing signals from 3M and McDonald's trigger doubts about a recovery. ...Source: RSS feed - channel BNPaperBusiness | 9 Dec 2009 | 1:00 am Obama sketches a plan for job creationSpecifics will have to be filled in by Congress, which means any package is unlikely to gain approval until early next year. Republicans say the focus should instead be on cutting the deficit.Reporting from Los Angeles and Washington Nathan Olivarez-Giles -- President Obama's latest proposals to create jobs in a stagnant economy left the hard work up to Congress -- and that means any package is unlikely to get approved until early next year.
Source: L.A. Times - Business | 9 Dec 2009 | 1:00 am California's jobless rate is peaking, experts sayUnemployment will top out this month at 12.7%, but the recovery will take years, UCLA economists say.California's jobless rate is close to peaking, but the recovery will be sluggish, with employers not expected to resume hiring until at least next spring, according to new forecasts by UCLA and other analysts.
Source: L.A. Times - Business | 9 Dec 2009 | 1:00 am Aging computer system holds up unemployment checks to 117,000 CaliforniansSome haven't received unemployment checks for more than a month because the state Employment Development Department's computers aren't programmed to recognize extensions approved by Obama. ...Source: RSS feed - channel BNPaperBusiness | 9 Dec 2009 | 1:00 am CalPERS axing investment managers over real estate lossesThe value of the state pension fund's real estate holdings has fallen 48.7% in a year.The value of real estate investments held by the nation's largest public pension fund has plummeted, and the California Public Employees' Retirement System is moving to terminate some of its investment managers as a result, new documents show.
Source: L.A. Times - Business | 9 Dec 2009 | 1:00 am EasyJet chief quits after turbulent tenureAndy Harrison is quitting as chief executive of easyJet after four turbulent years in the role, during which he was strongly criticised by the founder and biggest shareholder, Sir Stelios Haji-Ioannou, over the budget airline’s strategy. Source: Latest Business News from Times Online | 9 Dec 2009 | 1:00 am Glenn Beck's flawed gold standardThe Fox commentator seems to have run up against his own principles by pitching the metal to viewers while making a profit from one such company. ...Source: RSS feed - channel BNPaperBusiness | 9 Dec 2009 | 1:00 am Diedrich Coffee agrees to be swallowed by Green Mountain RoastersA bidding war with rival Peet's ends with a $290-million, $35-a-share deal. Green Mountain owns the Keurig brewer patent and has been buying the system's licensed roasters.Diedrich Coffee Inc., the Irvine coffee wholesaler, has agreed to be acquired by Green Mountain Coffee Roasters Inc.
Source: L.A. Times - Business | 9 Dec 2009 | 1:00 am Aging computer system holds up unemployment checks to 117,000 CaliforniansSome haven't received unemployment checks for more than a month because the state Employment Development Department's computers aren't programmed to recognize extensions approved by Obama.An estimated 117,000 Californians haven't received their unemployment checks -- some for more than a month -- because of what state officials blame on an archaic computer system.
Source: L.A. Times - Business | 9 Dec 2009 | 1:00 am Time-share firm throws consumers a curveball before the pitchA few days before her 61st birthday on Sunday, Janet Engelbrecht received a postcard from what appeared to be a Costa Mesa travel agency. There was a birthday cake and the words "Happy Birthday!" on one side.
Source: L.A. Times - Business | 9 Dec 2009 | 1:00 am CalPERS axing investment managers over real estate lossesThe value of the state pension fund's real estate holdings has fallen 48.7% in a year. The value of real estate...Source: RSS feed - channel BNPaperBusiness | 9 Dec 2009 | 1:00 am Broadcom co-founder testifies he didn't know backdating stock options was improperHenry Samueli, a defense witness in the fraud trial of a former executive, said that if the firm's lawyers had told him that changing dates on stock awards was illegal, he would remember.Henry Samueli, who co-founded Broadcom Corp. in a friend's garage and helped grow it into a leading microchip designer, took the witness stand Tuesday with an equally challenging task at hand: defending the company's backdating of stock options to a federal jury in Orange County.
Source: L.A. Times - Business | 9 Dec 2009 | 1:00 am California price war hurts Ralphs parent KrogerReporting a third-quarter loss, Kroger says it will take a $1.05-billion write-down on the value of Ralphs because of sagging economic conditions.The owner of Ralphs Grocery Co. is paying the price for helping to launch Southern California's supermarket price wars.
Source: L.A. Times - Business | 9 Dec 2009 | 1:00 am U.S. Treasury suspends $1-billion TCW fund for toxic assetsThe move comes after the firing of Jeffrey Gundlach, the firm's chief investment officer who was to lead the team managing the fund.The bitter split between Los Angeles money manager TCW Group and its chief investment officer, Jeffrey Gundlach, has caused the U.S. Treasury to suspend a $1-billion fund TCW recently raised to buy toxic assets from banks.
Source: L.A. Times - Business | 9 Dec 2009 | 1:00 am VW to buy 20% of SuzukiGermany's Volkswagen is to buy a 20% stake in Japan's Suzuki Motor for 222.5bn yen ($2.5bn), the two firms announce.Source: BBC News | Business | World Edition | 9 Dec 2009 | 12:37 am Gulf markets fall on crisis-hit developer's lossesStock markets in Dubai collapsed for the third successive day this morning as Nakheel, the property developer at the centre of the state’s debt crisis, posted a loss of 13.43 billion Dirhams (£2.25 billion) for the first half of the year. Source: Latest Business News from Times Online | 9 Dec 2009 | 12:25 am Asian stock markets drop on global recovery fearsAsian stock markets dropped on Wednesday as Japan's much weaker-than-expected economic growth and rising debt loads around the world added to concerns the global recovery was faltering.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 9 Dec 2009 | 12:14 am UK confidence index holds steadyUK consumer confidence remains near an 18-month high and there are encouraging signs on the jobs front, surveys suggest.Source: BBC News | Business | World Edition | 9 Dec 2009 | 12:13 am Pre-Budget report: Alistair Darling expected to cut growth forecast and target the richThe Chancellor is expected to target the rich households before next year's general election.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 9 Dec 2009 | 12:10 am Who else but bankers gets a bonus simply for turning up?If bankers want rewards, then perhaps they should start earning them, says Tracy Corrigan.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 8 Dec 2009 | 11:56 pm Market lower, reflects offshore marketsThe New Zealand sharemarket took its lead from weaker offshore markets but was again quiet today.The benchmark NZX50 index closed down 9.664 points, or 0.308 per cent, at 3127.641. Turnover was worth $88.9 million. There were...Source: nzherald.co.nz - Business | 8 Dec 2009 | 11:40 pm Pre-Budget report: After Brown's Fantasy Budget of 2007 it's time for Britain's hairshirtIf you were after proof of how wrong Gordon Brown and the Treasury got the economy, you could hardly do better than digging out Budget 2007.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 8 Dec 2009 | 11:37 pm Pre-Budget report: Government to unveil new body to oversee infrastructure spendThe Government is today expected to unveil a new approach to tackling Britain's creaking infrastructure in the pre-Budget report with the creation of a body to advise on and help deliver new energy, transport and technology projects.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 8 Dec 2009 | 11:25 pm Obama to extend bailout fund (Reuters)Reuters - The Obama administration plans to announce on Wednesday that it intends to extend the life of the $700 billion financial bailout fund until next October, administration officials said on Tuesday.Source: Yahoo! News: Business | 8 Dec 2009 | 11:23 pm Obama to extend bailout fundWASHINGTON (Reuters) - The Obama administration plans to announce on Wednesday that it intends to extend the life of the $700 billion financial bailout fund until next October, administration officials said on Tuesday.Source: Reuters: Business News | 8 Dec 2009 | 11:23 pm U.S. bailout fund left many problems unsolved: watchdogWASHINGTON (Reuters) - The U.S. government's $700 billion bailout program helped stabilize the financial system, but has done little to boost lending or stave off millions of home foreclosures, a government watchdog group said on Wednesday.Source: Reuters: Business News | 8 Dec 2009 | 11:21 pm U.S. bailout fund left many problems unsolved: watchdog (Reuters)Reuters - The U.S. government's $700 billion bailout program helped stabilize the financial system, but has done little to boost lending or stave off millions of home foreclosures, a government watchdog group said on Wednesday.Source: Yahoo! News: Business | 8 Dec 2009 | 11:21 pm Dollar lower ahead of monetary policy statementThe New Zealand dollar consolidated at lower levels today after investors shunned speculative currencies again and as the focus turned to tomorrow's monetary policy statement from the Reserve Bank of New Zealand (RBNZ).The NZ...Source: nzherald.co.nz - Business | 8 Dec 2009 | 10:36 pm Store Credit-Card Deals -- Strings Attached (Deal of the Day)Be sure to read the fine print on retailers' best holiday deals.
Source: SmartMoney.com | 8 Dec 2009 | 10:00 pm 3 Midcap Stocks With Big Potential (Screens)Hough: These companies offer financial stability and peppy growth.
Source: SmartMoney.com | 8 Dec 2009 | 10:00 pm Fund Protection, Mortgage Fixes, Trading Schools (Ask SmartMoney)Stephanie AuWerter answers your personal-finance questions.
Source: SmartMoney.com | 8 Dec 2009 | 10:00 pm Something Special Is Cooking at DowDow Chemical's acquisition of Rohm & Haas looks like a good idea.
Source: SmartMoney.com | 8 Dec 2009 | 10:00 pm 5 Year-End Tax Strategies for Small Businesses (The Tax Guy)Cut your business's 2009 tax bill by making these moves now.
Source: SmartMoney.com | 8 Dec 2009 | 10:00 pm 10 Things Nonprofits Won't Tell You (10 Things)There are fewer donation dollars to go around. Know how to make yours go far.
Source: SmartMoney.com | 8 Dec 2009 | 10:00 pm Japan takes axe to GDP in 'ridiculous' revisionJapan's Government today hit the Tokyo market with a "ridiculous" revision of its previous estimates for third-quarter gross domestic product (GDP), effectively admitting that the country's economic rebound may have been only a mirage. Source: Latest Business News from Times Online | 8 Dec 2009 | 9:26 pm What recovery? Most still see recessionEconomists are in broad agreement that the Great Recession is over. The American public strongly disagrees.Source: Business and financial news - CNNMoney.com | 8 Dec 2009 | 8:10 pm Japan GDP revised heavily downwardJapan’s economy grew 0.3 per cent in the third quarter, sharply less than a preliminary estimate, as the country’s recovery from its worst postwar recession is still weighed down by slow capital spendingSource: Financial Times - US homepage | 8 Dec 2009 | 8:00 pm Brownlee delivers major electricity market shake-upEnergy Minister Gerry Brownlee has adopted almost every major recommendation of the Electricity Technical Advisory Group , in a package of reforms foSource: nzherald.co.nz - Business | 8 Dec 2009 | 7:30 pm Kermadec sells Takapuna propertiesKermadec Property Fund is selling its Berkeley cinema and retail complex in Takapuna for $7 million, which is $400,000 below the current book value.Kermadec said it had entered an unconditional contract to sell the complex today,...Source: nzherald.co.nz - Business | 8 Dec 2009 | 6:45 pm Electronic card use back on the riseTransactions using electronic cards rose 0.7 per cent for retail industries in November from a month earlier, mainly due to a rise in vehicle fuel sales.Publishing the data today, Statistics New Zealand (SNZ) said total electronic...Source: nzherald.co.nz - Business | 8 Dec 2009 | 6:30 pm Irish Republic faces tough budgetIrish Finance Minister Brian Lenihan will attempt to curb public spending by 4bn euros in his second budget this year.Source: BBC News | Business | World Edition | 8 Dec 2009 | 6:03 pm Obama redirects funds to help joblessBarack Obama unveiled plans to take advantage of $200bn in unexpectedly lower spending on bank bail-outs by boosting resources for job creation in what amounted to a second fiscal stimulusSource: Financial Times - US homepage | 8 Dec 2009 | 5:36 pm Cost of corruptionIndonesians feel bite of graft in little and big mattersSource: BBC News | Business | World Edition | 8 Dec 2009 | 5:34 pm Kate Ross: What have recruitment agencies learned from 2009?That life can change in an instant, literally. I remember walking into the office of over 70 staff in October 2008 having just had one of the best quarters the company has ever experienced. I was met by the silence of the phones...Source: nzherald.co.nz - Business | 8 Dec 2009 | 5:30 pm SEC sues head of defunct Brookstreet Securities (AP)AP - Federal regulators have sued a defunct California investment brokerage and its former CEO, accusing them of fraud in selling more than $300 million worth of risky mortgage-backed securities to unsophisticated investors.Source: Yahoo! News: Stock Markets News | 8 Dec 2009 | 5:12 pm SEC sues head of defunct Brookstreet Securities (AP)AP - Federal regulators have sued a defunct California investment brokerage and its former CEO, accusing them of fraud in selling more than $300 million worth of risky mortgage-backed securities to unsophisticated investors.Source: Yahoo! News: Business | 8 Dec 2009 | 5:12 pm ‘Draft text’ triggers Copenhagen furoreThe pressure exerted by the developed world to draw emerging economies into legally binding commitments is ‘unfair’, say campaignersSource: Financial Times - US homepage | 8 Dec 2009 | 5:01 pm Darling warns Whitehall of ‘real cuts’ to halve £180bn budget deficitAlistair Darling will admit today that Britain faces an era of deep spending cuts as he pledges to halve the £180 billion budget deficit while protecting hospital, school and police services. Source: Latest Business News from Times Online | 8 Dec 2009 | 5:01 pm Airbus order brings $2bn in sales for Rolls-Royce$Rolls-Royce, the engine manufacturer, has won a $2 billion ($£1.2 billion) contract, with United Airlines placing its first new aircraft order in 12 years. Source: Latest Business News from Times Online | 8 Dec 2009 | 5:01 pm Northgate may be on the road to recoveryHow’s my driving? Source: Latest Business News from Times Online | 8 Dec 2009 | 5:01 pm Markets tell Darling: it's time to end the spendingAlistair Darling today will contest growing doubts over Britain’s economic recovery as he tries to show the markets that he is serious about halving the £180 billion deficit in four years. Source: Latest Business News from Times Online | 8 Dec 2009 | 5:01 pm RBS-linked traders’ bonus pool of $40m could hasten fresh tax$A handful of senior traders in a Royal Bank of Scotland joint venture are set to share a bonus pool of more than $40 million ($£25 million) this year. Source: Latest Business News from Times Online | 8 Dec 2009 | 5:01 pm Volkswagen ready to buy slice of Suzuki ‘within weeks’Volkswagen is poised to buy a large stake in Suzuki, the Japanese carmaker whose mini-cars dominate several emerging economies and comprise more than half the vehicles on the road in India. Source: Latest Business News from Times Online | 8 Dec 2009 | 5:01 pm Barack Obama puts $200bn to work on new deal for the unemployed$Barack Obama unveiled another huge government spending programme yesterday aimed at reversing America’s high unemployment rate — a recognition that the issue of job losses poses the greatest threat to his presidency. Mr Obama, speaking in Washington, proposed a series of measures intended to stimulate job creation and bring down the country’s 10 per cent unemployment rate, the highest for a quarter of a century. Source: Latest Business News from Times Online | 8 Dec 2009 | 5:01 pm Gorman retains Morgan Stanley loyalistsMorgan Stanley’s James Gorman will make his debut as the bank’s chief executive next month with many of the same top lieutenants who served his predecessor, John MackSource: Financial Times - US homepage | 8 Dec 2009 | 4:52 pm S&P upgrades J. Crew ratings outlook to positive (AP)AP - Standard & Poor's upgraded its rating outlook on J. Crew Group Inc. to positive from stable, based on the clothing retailer's third-quarter results and improved cash position.Source: Yahoo! News: Business | 8 Dec 2009 | 4:50 pm Pepsico Drops Tiger Woods Branded Gatorade
Gatorade, a division of Pepsico, has confirmed that it’s dropping its Tiger Woods-branded drink, known as Gatorade Tiger, Tigerade, and Tiger Focus. The company made the decision before the wreck that set off the Woods scandal. ABC News has more: The brand — a unit of PepsiCo Inc. — says the decision does not have to do with recent events. A spokesman says the decision came several months ago. The drink debuted in March 2008. Beverage Digest estimates it represents less than 5 percent of Gatorade’s volume. Sales volume of Tiger Focus was down 34 percent this year through October. More than a week ago, this wouldn’t have been a blow to the Tiger brand. Now, however, Gatorade’s withdrawal might compel other companies to revise their endorsements. Tiger committed some transgressions, but this decision comes at a bad time.
Source: Business Pundit | 8 Dec 2009 | 4:49 pm BioVittoria share offer delayed, third IPO to stallBioVittoria, the Hamilton-based biotech firm, has pushed out the closing date for its initial public offering after financial advisers asked for more time to sell the investment, making it the third float in a month to hit speed wobbles.The...Source: nzherald.co.nz - Business | 8 Dec 2009 | 4:30 pm Cash for Caulkers: Up to $12,000 a homePresident Obama proposed a new program Tuesday that would reimburse homeowners for energy-efficient appliances and insulation, part of a broader plan to stimulate the economy.Source: Business and financial news - CNNMoney.com | 8 Dec 2009 | 4:24 pm Write-Offs: 12.08.09$$$ Soros: Bank regulation should cover pay [MarketWatch] $$$ Ex-SAC, Pequot managers to launch hedge fund firm [Reuters] $$$ How do you say vicious circle in Greek? [FT Alphaville] $$$ JPMorgan Names Frenkel-- of AIG fame-- Chairman Of International Business [WSJ] $$$ For those of you looking for free booze, Bill Ackman's apartment auction (which comes with a wine tasting) is still on for tonight. [Curbed] 
 Source: Dealbreaker | 8 Dec 2009 | 4:17 pm How the major stock indexes fared on Tuesday (AP)AP - Investors sought safety Tuesday as concerns about spiraling debt loads and disappointing corporate reports tarnished hopes for an economic recovery.Source: Yahoo! News: Stock Markets News | 8 Dec 2009 | 4:15 pm Stock market drops as dollar strengthens (AP)
Source: Yahoo! News: Stock Markets News | 8 Dec 2009 | 4:06 pm Price of oil falls for fifth dayOil prices fall for the fifth day in a row, weighed down by a stronger US dollar and amid concerns over demand.Source: BBC News | Business | World Edition | 8 Dec 2009 | 4:04 pm Mortgage rates up at BNZBNZ has raised its six month mortgage rates in a move that takes them above the bank's lowest variable rate. BNZ raised its Standard and Fly Buys six month mortgage rate by a quarter of a per cent to 5.75 per cent. It also...Source: nzherald.co.nz - Business | 8 Dec 2009 | 4:00 pm Google sues work-at-home scammersGoogle filed a lawsuit against Pacific WebWorks and other unnamed defendants for allegedly using the company's name and colorful logo to promote fraudulent work-at-home money-making schemes.Source: Business and financial news - CNNMoney.com | 8 Dec 2009 | 3:58 pm Another Obama/Banker Lunch Date Scheduled For Monday
Source: Dealbreaker | 8 Dec 2009 | 3:41 pm NZ shares slip earlyThe New Zealand sharemarket started the day lower but reduced the decline in early trading, despite broad falls in United States equities.Around 10.15am the benchmark NZX-50 index was down 2.36 points to 3134.95, having earlier...Source: nzherald.co.nz - Business | 8 Dec 2009 | 3:39 pm Wall St ends down on recovery jittersNEW YORK (Reuters) - Stocks fell on Tuesday after disappointing corporate news from 3M Co and McDonald's, while negative developments in global credit markets caused a shift to safe-haven assets.Source: Reuters: Business News | 8 Dec 2009 | 3:32 pm Wall St ends down on recovery jitters (Reuters)
Source: Yahoo! News: Business | 8 Dec 2009 | 3:32 pm Wall St ends down on recovery jitters (Reuters)
Source: Yahoo! News: Stock Markets News | 8 Dec 2009 | 3:32 pm Leaked Copenhagen paper angers developing nationsCOPENHAGEN - A leaked Danish document at the UN climate conference provoked angry criticism on Tuesday from developing countries who feared it would shift more of the burden to curb greenhouse gases on poorer countries.The issue...Source: nzherald.co.nz - Business | 8 Dec 2009 | 3:30 pm Dubai utility faces $2bn debt demandThe credit downgrades of government-owned companies have triggered an accelerated payment clause on a $2bn debt issued by the emirate’s utilities providerSource: Financial Times - US homepage | 8 Dec 2009 | 3:29 pm Treasury set to cash in JPMorgan stakeThe U.S. government is preparing to cash in on its investment in JPMorgan Chase.Source: Business and financial news - CNNMoney.com | 8 Dec 2009 | 3:27 pm Tarp repayment blow for CitiUS authorities are split over how much capital Citigroup should raise before it repays $20bn bail-out funds – a disagreement that is hampering the bank’s efforts to free itself from the government’s grip.Source: Financial Times - US homepage | 8 Dec 2009 | 3:12 pm GM board moving fast on CEO, CFO hiresDETROIT (Reuters) - The board of General Motors Co will get an update on the search for a new chief executive by next month as a recruiting firm compiles a short list of candidates, a person familiar with the process said.Source: Reuters: Business News | 8 Dec 2009 | 3:03 pm TI.. Good, Not Good Enough (TXN)Texas Instruments Incorporated (NYSE: TXN) raised guidance at its mid-quarter update. The problem is that looks like it has already been baked into the cake after seeing rivals make their guidance updates and with how much higher these chip stocks are trading from their lows. Earnings are forecast to be $0.47 to $0.51 EPS, above the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 8 Dec 2009 | 2:41 pm Space elevators shoot for starsThe annals of entrepreneurship are full of world-changing ideas, pipe dreams and visionary projects plagued by missteps and skepticism. Then there's the space elevator, which is all of the above on steroids.Source: Business and financial news - CNNMoney.com | 8 Dec 2009 | 2:40 pm Colas Says ETFs Are Popular Institutional Instruments: AudioSource: Bloomberg - All Podcasts | 8 Dec 2009 | 2:38 pm Lancz on Consumer Staples, Johnson on Solar Industry: AudioSource: Bloomberg - All Podcasts | 8 Dec 2009 | 2:36 pm Talbots, YRC Worldwide, H&R Block 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 | 8 Dec 2009 | 2:35 pm Watch : Lost in Copenhagen
Climate art in Copenhagen ( Collectif Argos) By David Kestenbaum This time tomorrow I'll be on a plane to Copenhagen to cover the climate talks. I've mostly been focused on the economics and politics of the thing. It occurred to me today I have no idea what it will actually feel like to be there. Then I found this amusing insider video tour of the Bella center where the negotiators are taking place. It's the Guardian's environment editor John Vidal walking around the place narrating as he goes, and at one point being forced to turn the camera off. There's a spaceship-like feel to the place. The Guardian stirred up a fuss today by publishing a leaked draft agreement. But I don't think the contents are much of a surprise. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 8 Dec 2009 | 2:35 pm Hedge fund manager Paulson buying stocks (Reuters)Reuters - Billionaire hedge fund manager John Paulson said on Tuesday he still sees compelling long-term returns in equities even after their sharp run-up this year, while holding no short positions in the credit markets.Source: Yahoo! News: Stock Markets News | 8 Dec 2009 | 2:33 pm Congress demands banks do more on mortgagesExecutives for mortgage companies and government officials faced an angry congressional committee Tuesday concerning some of the problems with the Obama administration's mortgage-aid program aimed at avoiding foreclosures.Source: Business and financial news - CNNMoney.com | 8 Dec 2009 | 2:32 pm Khosla Sees Need to Develop Economic Green Technologies: AudioSource: Bloomberg - All Podcasts | 8 Dec 2009 | 2:19 pm Dodge Challenger tops 'best-loved' cars listThe Dodge Challenger, the Chrysler Group's retro-styled muscle car, is the car best loved by its owners, according to Consumer Reports' survey of 380,000 readers of its magazine and Web site.Source: Business and financial news - CNNMoney.com | 8 Dec 2009 | 2:13 pm CIT to exit bankruptcy protectionUS lender CIT Group's reorganisation plan is approved by a judge, paving the way for it to exit bankruptcy protection within days.Source: BBC News | Business | World Edition | 8 Dec 2009 | 2:06 pm 52-Week High Club (FDX, QDHC, RWC)FedEx Corporation (NYSE: FDX) rose over 3.5% to a yearly high of $90.62 after the nations second largest package shipping company announced that it will report earnings of $1.10 per share for the fiscal second quarter, beating analyst estimates. QuadraMed Corporation (NADAQ: QDHC) rose over 30% to a yearly high of $8.40 after the healthcare information [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 8 Dec 2009 | 2:04 pm Infant deaths spark baby hammock recallThe federal agency in charge of product safety announced the recall of 24,000 Amby Baby hammocks after reports of two infants dying from suffocation in the beds.Source: Business and financial news - CNNMoney.com | 8 Dec 2009 | 1:53 pm U.S. factory and services revenue to grow, dollar a riskNEW YORK (Reuters) - U.S. economic growth will resume in 2010, leading to a rebound in manufacturing and services sector revenues, but the weak dollar poses risks, industry experts said on Tuesday.Source: Reuters: Business News | 8 Dec 2009 | 1:06 pm Hedge Funds Back to $2 Trillion in AssetsThe hedge fund industry is back to having assets worth more than $2 trillion in November, according to Hedgefund.net. The gain of 3.39% came to $2.037 trillion for the hedge fund sector, making this the first time that hedge funds have tallied a $2 trillion handle since November 2008. Of the gains, $26.3 billion was [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 8 Dec 2009 | 1:05 pm Which Hedge Fund Manager Used To Bang, Pay Tiger Woods Mistress Cori Rist's Rent?
* He's married * He has three kids * He's dumb enough to a) not employ a little known response called 'No Comment,' and b) think anyone would buy this: "She is a friend and that is it," the man, who asked not to be identified, said Monday. The hedge fund honcho admitted Monday he wired Rist - the latest in an ever-lengthening line of sexy women linked to Woods - $100,000 because "she wasn't able to support herself." The honcho said he dated the 31-year-old siren for a couple of months last winter and insisted their relationship "was more emotional than anything else."
Source: Dealbreaker | 8 Dec 2009 | 12:43 pm Paul Volcker's Favorite Financial Innovation Of The Last 25 Years Is The ATM"It really helps people, it's useful," the former Federal Reserve Chief said today. So there's that.
Source: Dealbreaker | 8 Dec 2009 | 12:40 pm SEC Charges California Mortgage FirmBy Daniel Costello The Securities and Exchange Commission on Tuesday charged Irvine, Calif.-based Brookstreet Securities Corp. and its President and CEO Stanley C. Brooks with fraud for "systematically selling risky mortgage-backed securities to customers with conservative investment goals." The agency said the "fraud cost many Brookstreet investors their savings, homes, or retirement cushions, and eventually caused the firm to collapse." The SEC alleges that Brookstreet and Brooks developed an internal program through which the firm's registered representatives sold particularly risky and illiquid types of Collateralized Mortgage Obligations (CMOs) to more than 1,000 seniors, retirees, and others for whom they were unsuitable. The SEC further alleges that Brookstreet continued to promote and sell risky CMOs to retail investors even after Brooks received numerous indications and personal warnings that these were "dangerous" investments that could become worthless overnight. One trader even called Brookstreet's program a "scam." Finally, in a last-ditch effort to save Brookstreet from failing during the financial crisis, Brooks allegedly directed the unauthorized sale of CMOs from Brookstreet customers' cash-only accounts, causing substantial investor losses. Brookstreet Securities Corp, based in Irvine, California, had more than 650 independent contractor brokers before it closed in 2007. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 8 Dec 2009 | 12:40 pm Neel Kashkari: The PhotoshootYesterday, the Washington Post treated us to an in-depth look at that $700 billion in rescue money being a number pulled out of Hank Paulson's ass, and Neel Kashkari's attempts to lose the weight he gained in DC while he lives in the woods and builds a shed. Now let's take a peek at the absolutely epic slideshow that accompanied that story.
Source: Dealbreaker | 8 Dec 2009 | 12:32 pm Mexico hedges against falling oil pricesMexico has taken out a $1bn insurance policy against oil prices falling next year, a clear signal that commodities producers remain wary about the threat of a double-dip recessionSource: Financial Times - US homepage | 8 Dec 2009 | 12:17 pm Tiger Brand Death (PEP, ACN, AXP, ERTS, NKE)Tiger Woods has been the dominating news force over the last week. It has been such a distraction that we have even worried that this would take everyone’s eyes and ears off of the key issues happening in Washington D.C. and around the world. And now the business angles are starting to emerge, with an [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 8 Dec 2009 | 12:07 pm Neel Kashkari's 'Washington detox'By Caitlin Kenney Listener Thomas Youngs steered us to this Washington Post article about former bailout boss Neel Kashkari. It caught Youngs' eye because he remembered our interview with Kashkari's old classmate last October. It's a great read about Kashkari's attempt to recover from his time as head of the federal bailout, a position he resigned last May. Here's a taste of Kashkari talking about step one of his "detox," building a shed: "Seven hundred billion was a number out of the air," Kashkari recalls, wheeling toward the hex nuts and the bolts. "It was a political calculus. I said, 'We don't know how much is enough. We need as much as we can get [from Congress]. What about a trillion?' 'No way,' Hank shook his head. I said, 'Okay, what about 700 billion?' We didn't know if it would work. We had to project confidence, hold up the world. We couldn't admit how scared we were, or how uncertain." At the Home Depot checkout counter, Kashkari pays $157 for his lumber. He loads it onto his truck and drives into the Tahoe National Forest, climbing to 6,500 feet. The paved road turns to dirt at his cabin. He rounds a corner and there stands the shed, in an old horse corral. He began designing it in his mind on Christmas Eve when incoming Treasury secretary Tim Geithner asked him to stay for the new administration. Kashkari didn't have anything to store in a shed but he knew, right then, that he needed to build it: "I had to do something with my hands. It's a big amorphous unknown -- what's going to happen to our economy. And the shed is solid, measurable. I can see it, I can touch it. It's going to be around for the next 30 years. It's the opposite of amorphous." Shortly after we tweeted a link to the article, Twitter pal @justgregrit pointed out that Kahskari's got a new gig overseeing new investment initiatives for PIMCO. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 8 Dec 2009 | 11:53 am Auto Customer Satisfaction: Discountinued Pontiac And Saturn Do WellJ. D. Power and Associates released its new 2009 sales satisfaction index. The survey covers responses from 48,000 people and “is measured for five factors: dealership facility; salesperson; paperwork/finance process; delivery process; and vehicle price.” Of the 38 brands included in the study, 29 have improved from 2008. Ford’s (NYSE:F) Mercury division won the “mass market” car category, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 8 Dec 2009 | 11:50 am If You Don’t Have a Niche……you target everybody. Even someone in the business of hating people needs a niche.
Source: Business Pundit | 8 Dec 2009 | 11:42 am No FutureMore bad news from the last recessing economy in the universe: The manufacturing sector simply refuses to grow. It was flat in October, according to government statistics. And while we're raining on the parade, let's also note that manufacturing did even worse the prior month than we expected, with September's industrial output numbers revised down.
Source: Dealbreaker | 8 Dec 2009 | 11:37 am Gatorade: You Will No Longer Be Sipping On Tiger Juice On Our Watch
Source: Dealbreaker | 8 Dec 2009 | 11:34 am Recession Brings a New Kind of House Flipper
Remember the home flipping of yesteryear, where you bought a home, fixed it up, and sold it for major profit a year or two later? The economy has taken care of that particular trend. But house flipping is far from dead. The Wall Street Journal has the story (hat tip to Credit Writedowns): (A) different breed of flipper is proliferating: one who seeks bargains at foreclosure auctions. Unlike the boom-time flippers, the latest generation needs cold cash, lots of local-market knowledge and strong nerves. Investors compete mostly with other full-time professionals who monitor foreclosure auctions at county courthouses across the country. The bidders often haven’t had a chance to inspect the property or determine whether it’s occupied by tenants, who may be hard to evict. Flippers swoop in at public auctions of foreclosed homes, known as trustee or sheriff sales. In many states, the lender sets the minimum bid, and takes possession of the property only if no one bids more. In the past, the minimum generally was about equal to the mortgage balance due. But in today’s market, in which many home values have dropped far below the loan balance, lenders wouldn’t attract investors if they set the minimum at that level. So lenders, or the loan-servicing firms that represent banks and investors, are increasingly likely to set the minimum much lower. Their goal is to tempt others to buy the house and spare banks the headaches and costs that come with taking possession. Buying at these auctions is perilous. There are no public viewings, so bidders often can’t know how much damage may have been done inside a house by occupants facing foreclosure. “We’ve seen everything,” says Doug Hopkins, chief executive of PostedProperties. “We’ve seen people pour concrete down the toilets.” Unless they’ve done their homework, bidders also don’t always know whether they’re buying a home subject to a lien from another lender, which can happen in cases where the borrower took out more than one home loan. But when flippers succeed, they can make hundreds of thousands of dollars in as little as 1 week. High risk, high rewards. If you’re interested in trying foreclosure auctions yourself, Realtytrac has a good how-to.
Source: Business Pundit | 8 Dec 2009 | 11:21 am Lindzen Says EPA Carbon-Dioxide Decision `Dishonest': AudioSource: Bloomberg - All Podcasts | 8 Dec 2009 | 11:14 am Paulsen Says Crisis Plays Valuable Role in Capitalism: AudioSource: Bloomberg - All Podcasts | 8 Dec 2009 | 11:13 am Iran says Saudis seized atom expertTehran has accused Saudi Arabia of handing over Shahram Amiri, a senior Iranian nuclear scientist thought to be in his early 30s, to the USSource: Financial Times - US homepage | 8 Dec 2009 | 10:55 am Egan Says GE Capital Needs to Raise Additional Funds: AudioSource: Bloomberg - All Podcasts | 8 Dec 2009 | 10:49 am Nordvig Says Surge in Yen May Trigger Intervention: AudioSource: Bloomberg - All Podcasts | 8 Dec 2009 | 10:48 am Tchilinguirian Sees Oil Averaging $77 to $78 in Quarter: AudioSource: Bloomberg - All Podcasts | 8 Dec 2009 | 10:47 am Presented By:Source: Dealbreaker | 8 Dec 2009 | 10:47 am Who Wants A Piece Of Arki Busson?
Source: Dealbreaker | 8 Dec 2009 | 10:47 am Ladwa Sees Limited Gains for Gold, Silver, and Platinum: AudioSource: Bloomberg - All Podcasts | 8 Dec 2009 | 10:46 am Stamenkovic Sees Gold Exceeding Highs in Months Ahead: AudioSource: Bloomberg - All Podcasts | 8 Dec 2009 | 10:45 am Child support suffers in bad economyThe recession's been tough on single and divorced moms and dads. Many jobless parents are falling behind on child-support payments. But are some using the bad economy as an excuse? Thomas H. Humphreys investigates.Source: Marketplace | 8 Dec 2009 | 10:37 am Ads seek to rebrand 'Made in China'China is launching an ad campaign to show that Chinese manufacturing benefits everyone. USC Professor Jay Wang talks with Kai Ryssdal about whether the effort will work.Source: Marketplace | 8 Dec 2009 | 10:37 am Business lessons from historyHarvard Business School historian Nancy Koehn talks with Kai Ryssdal about the book she edited, "The Story of American Business: From the Pages of the New York Times," and what might be learned from our current economic climate.Source: Marketplace | 8 Dec 2009 | 10:37 am U.S. settles Indian trust lawsuitThe U.S. government is settling a trust lawsuit with Native Americans for $3.4 billion. John Dimsdale reports.Source: Marketplace | 8 Dec 2009 | 10:37 am U.S. moves green patents to fast laneThe Obama administration says it will fast-track the review of patents for green technologies. Now green inventors will be able to jump ahead in line. Nancy Marshall Genzer reports.Source: Marketplace | 8 Dec 2009 | 10:37 am Why credit remains tight for borrowersBillions of dollars have been poured into the financial system to get credit flowing again. But that hasn't exactly happened. Amy Scott reports.Source: Marketplace | 8 Dec 2009 | 10:37 am Will Obama's incentives help small biz?President Obama is hoping to get small businesses hiring again through tax breaks and help with loans. But is this what small-business owners want or need? Mitchell Hartman reports.Source: Marketplace | 8 Dec 2009 | 10:37 am Molinker Proves It’s Easy to Get Your iPhone Apps Kicked Out of Apple Store
Apple removed more than 1,000 apps by Chinese iPhone app developer Moniker from its store after finding out the company had faked product reviews. PC World has more: The discovery of the phony reviews was made by a frequent reader of iPhoneography, known only as SCW, who recognized a similar erratic and poorly-written tone to many 5-star reviews of Molinker apps. SCW wrote a (long) letter to Phil Schiller, senior vice president of Worldwide Product Marketing, revealing the major fraud. According to the e-mail, SCW “looked at 44 of the reviewers who posted reviews for this Molinker Inc app ‘NightCam Pro’ & EVERY Review except 2 of the 44+ are ALL FAKE 5 [star] reviews.” The phony reviews didn’t stop there. SCW posits that Molinker employees obtained and redeemed promo codes in order to access the US App Store and publish an “endless slew of fake postings.” (Ever an opportunist, SCW also wrote: “I think I deserve a [sic] investigations reward for unearthing this blatant attempt at misleading & stealing from the public.”) Schiller leapt to action and removed the apps. “Yes, this developer’s apps have been removed from the App Store and their ratings no longer appear either,” Schiller wrote to SCW and iPhoneography. Molinker claimed ignorance in a brief statement given to the appfreak blog. “We got [an] email from Apple yesterday [Sunday 6th] which told us our contract [has] changed to pending status. Actually, we do not know what’s wrong so far. We had contacted Apple for such sudden changes, hope we can get quick response and actions from Apple.” Fake reviews, though perhaps not on this scale, are a frequent transgression in the App store. Users should know to click on reviewers’ profiles to check whether their ratings are trustworthy (for example, they always give five stars to products by a certain company, etc.). And Apple, by making an example of Molinker, showed developers that it won’t tolerate excessive levels of dishonesty. Developers will likely sneak in a few five-star reviews, but I imagine nobody will do it on a massive scale until they forget what happened to Molinker.
Source: Business Pundit | 8 Dec 2009 | 10:22 am Beacon Settlement, Advisory Board Signify a New Era of Facebook Privacy
Beacon, a Facebook Ads program that secretly shared user information with third-party websites without consent, became a Facebook PR nightmare when people found out about its privacy violations in late 2007. In the aftermath of the Beacon disaster, affected Facebook users now have to opt out of class action suit against the company. ITPro has the story: Under the terms of the agreement, which were unveiled earlier this year, users won’t be winning any payout. Instead, Facebook has shut down Beacon and will set up a fund worth $9.5 million to sponsor online rights activities – and to pay the lawyers in the case their $41,500 in fees. “This is not a settlement in which class members file claims to receive compensation,” the email noted. “Under the proposed settlement, Facebook will terminate the Beacon program. In addition, Facebook will provide $9.5 million to establish an independent non-profit foundation that will identify and fund projects and initiatives that promote the cause of online privacy, safety, and security.” The settlement’s final approval is 26 February of next year, and anyone who used Beacon has the right to “opt out” of the settlement. To be excluded from the settlement, you must write to the address here by 1 February. In conjunction with its settlement, Facebook is setting up an advisory board that will review safety procedures for kids and teens. The settlement announcement also came shortly after Facebook revamped its privacy controls for users, making it easier to designate who views your information. With more than 350 million users–the population of a small country–it’s about time Facebook gets a cogent privacy policy in place.
Source: Business Pundit | 8 Dec 2009 | 9:53 am GM Says No More Jobs CutsBy Daniel Costello After years of downsizing, General Motors Co. said this morning that it does not plan any job cuts in the immediate future. "We have no plans for that right now," Mark Reuss, the company's new president of North America, said this morning in a call with reporters. "We are going to be focused on generating revenue, and we are not going to save our way into any kind of successful activity doing that." The news is a turnaround from comments made last month by former President and CEO Fritz Henderson who said GM still had too many hourly workers and could slash some of the 6,000 to 7,000 workers currently on layoff. This year, GM has cut about 13,000 hourly workers as part of its court-ordered restructuring Here is some audio from the call with Mark Reuss and Susan Docherty, the new vice president of sales, service and marketing. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 8 Dec 2009 | 9:48 am Congratulations, Trish Regan!
Earlier: The Next Generation Of CNBC
Source: Dealbreaker | 8 Dec 2009 | 9:47 am Morning Report: Bernanke Signals Continued Low Rates; Greece Gets More Bad NewsBy Daniel Costello Fed Chairman Ben Bernanke dampened speculation of an early U.S. interest rate rise, saying the economic recovery still faced "formidable headwinds" and the central bank was sticking to its pledge to hold benchmark rates at exceptionally low levels for an "extended period." The announcement signaled the Federal Open Market Committee will probably maintain its outlook for a long period of low interest rates next week as tight credit and high unemployment continue to weigh on the economy. Nonetheless, stocks opened weaker this morning as investors seek safe-haven assets like U.S. Treasury and the dollar as signs the global economy is still struggling continue. On Tuesday, new reports in Britain and Germany showed that manufacturing remains weak, while Japan's government approved $81 billion of new stimulus to keep its economy out of recession Meanwhile, Fitch Ratings Inc. cut Greece's credit rating to BBB+ from A- Tuesday, highlighting "concerns over the medium-term outlook for public finances" given the weak credibility of fiscal institutions and the policy framework in Greece. The move is the latest blow to the troubled euro zone country, and pushed its bonds, banking shares and the euro itself lower. And it's baaaaaack. According to the Wall Street Journal, house flipping has returned just four years after the bust of the American housing bubble -- but this time it's looking a bit different.
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 8 Dec 2009 | 7:49 am Tired of Eggs? Try Boneless Chicken
Source: Business Pundit | 8 Dec 2009 | 3:26 am
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