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Mortgage lending at 22-month highThe number of mortgages granted to house buyers hit a 22-month high in October, the Council of Mortgage Lenders says.Source: BBC News | Business | World Edition | 10 Dec 2009 | 3:36 am Mortgage lending at two-year highThe number of mortgages advanced to people buying a home reached its highest level since December 2007 during October, figures showed today.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 10 Dec 2009 | 3:28 am Copenhagen climate summit: Carbon trading fraud accounts for 90pc of all market activityCarbon trading fraudsters may have accounted for up to 90pc of all market activity in some European countries, with criminals pocketing an estimated €5bn (£4.5bn) mainly in Britain, France, Spain, Denmark and Holland, according to Europol, the European law enforcement agency.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 10 Dec 2009 | 3:27 am Brown and Sarkozy to talk bankingGordon Brown and Nicolas Sarkozy are due to discuss the controversial choice of a Frenchman to oversee EU banking.Source: BBC News | Business | World Edition | 10 Dec 2009 | 3:25 am Bratz dolls to remain on shelvesBratz dolls will remain on sale next year following the latest court ruling in a long-running copyright dispute.Source: BBC News | Business | World Edition | 10 Dec 2009 | 3:22 am London stocks claw back some lost groundLondon's equity market finally managed to gain some traction on Thursday following three days of losses due to lingering concerns over debt markets.Although investors remained wary ahead of the Bank of...Source: RSS feed - channel BNPaperBusiness | 10 Dec 2009 | 3:14 am Recession Sours Gaming Industry For Indian TribesMany Indian tribes have creates substantial businesses by building casinos on their land. The income from these operations is largely exempt from taxes. The casino business has been hit hard by the recession, especially in Las Vegas. This has caused many of the largest gaming companies to open operation in Macau where the traffic from Asian [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Dec 2009 | 3:12 am Royal Mail profits rise despite unofficial strikesRoyal Mail made an operating profit of £184 million during the six months to September, it said today. Source: Latest Business News from Times Online | 10 Dec 2009 | 3:09 am Pension scheme transfer warningThe Pensions Regulator warns pension scheme members not to be tricked into transferring out of their final-salary schemes.Source: BBC News | Business | World Edition | 10 Dec 2009 | 2:58 am World markets mixed as debt worries linger (AP)
Source: Yahoo! News: Stock Markets News | 10 Dec 2009 | 2:55 am Blockbuster Pursues Its Last ChanceBlockbuster (NYSE:BBI) has failed in the online DVD rental business and movie internet streaming business. The traffic to its thousands of store is dropping rapidly and its cannot close locations fast enough. Long-term leases make the process of shuttering stores complicated Blockbuster has a new rival. RedBox, which has over 20,000 kiosks set up to allow [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Dec 2009 | 2:54 am Royal Mail operating profit up 4%Royal Mail reports a 4% rise in operating profits to £184m in the six months to September, amid pension deficit concerns.Source: BBC News | Business | World Edition | 10 Dec 2009 | 2:50 am London Markets: Banks up in higher London, BoE rate call on tapLondon shares gain modestly on Thursday as banks take back some ground lost earlier in the week, with an interest-rate decision from the Bank of England on tap for later in the session.
Source: MarketWatch.com - Top Stories | 10 Dec 2009 | 2:47 am Inditex net profit slips 1%, but expansion goes onEurope’s largest retailer by revenue, Inditex, on Thursday said nine-month net profit fell 1%, but that figure still beat analyst’s expectations and the company opened 266 new stores in the period.
Source: MarketWatch.com - Top Stories | 10 Dec 2009 | 2:46 am Madoff's victims, one year laterOne year since the arrest of Ponzi mastermind Bernard Madoff, most of his victims are still trying to recoup their losses.Source: Business and financial news - CNNMoney.com | 10 Dec 2009 | 2:40 am Taxing The Rich To Employ The JoblessWashington has looked at the idea of taxing the rich to help pay for the healthcare reform package. The UK is taxing well-to-do bankers taking 50% of their 2009 bonuses above a threshold of $41,000. The rich are an easy target. Many of them have continued to live well during the recession. A large part of [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Dec 2009 | 2:37 am Windows 7 complaints start rolling inMicrosoft launched Windows 7 in late October to much fanfare. But, just like with previous Windows upgrades, complaints about bugs have already started rolling in.Source: Business and financial news - CNNMoney.com | 10 Dec 2009 | 2:37 am Stock markets to focus on jobsStocks were poised for a mixed start Thursday as investors awaited some reports on the labor market.Source: Business and financial news - CNNMoney.com | 10 Dec 2009 | 2:33 am Former HSBC worker 'stole client data'A former employee at HSBC’s private bank in Geneva stole client data between late 2006 and early 2007, the bank said today. Source: Latest Business News from Times Online | 10 Dec 2009 | 2:29 am European bourses eke out tentative gains09:20 GMT. European bourses eked out a tentative advance on Thursday, with sentiment torn between a solid close on Wall Street but another generally weak performance out of Asia.The overriding tenor of...Source: RSS feed - channel BNPaperBusiness | 10 Dec 2009 | 2:29 am European bourses eke out tentative gainsGlobal Markets Overview: European bourses eked out a tentative advance on Thursday, with sentiment torn between a solid close on Wall Street but another generally weak performance out of Asia.Source: Financial Times - US homepage | 10 Dec 2009 | 2:29 am Panasonic completes bid for 50.2 percent of SanyoTOKYO (Reuters) - Japan's Panasonic Corp said on Thursday it acquired 50.2 percent of Sanyo Electric Co Ltd, the world's largest rechargeable battery maker, completing a long-delayed 403.8 billion yen ($4.6 billion) deal.Source: Reuters: Business News | 10 Dec 2009 | 2:26 am Panasonic completes bid for 50.2 percent of Sanyo (Reuters)Reuters - Japan's Panasonic Corp (6752.T) said on Thursday it acquired 50.2 percent of Sanyo Electric Co Ltd (6764.T), the world's largest rechargeable battery maker, completing a long-delayed 403.8 billion yen ($4.6 billion) deal.Source: Yahoo! News: Business | 10 Dec 2009 | 2:26 am UPDATE 1-Nokia to close U.S. flagship stores* Closing 4 stores: Chicago, New York, London, Sao PaoloSource: RSS feed - channel BNewsBusiness | 10 Dec 2009 | 2:24 am World stocks still weak but Europe rebounds (Reuters)
Source: Yahoo! News: Business | 10 Dec 2009 | 2:19 am World stocks still weak but Europe reboundsLONDON (Reuters) - World equities were generally weaker on Thursday, adding to five sessions of losses, although Europe rebounded after recent hits over some of the region's more vulnerable economies.Source: Reuters: Business News | 10 Dec 2009 | 2:19 am Foreclosure plague slowing: Filings fall 8%Foreclosure filings fell by 8% in November, making it the fourth consecutive month of improvement in the housing market.Source: Business and financial news - CNNMoney.com | 10 Dec 2009 | 2:13 am Pre-Budget report: it's too soon to think the markets believe Alistair DarlingThe pre-Budget report appears not to have troubled markets, but Alistair Darling needs to be aware that life is getting harder for countries with deficits.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 10 Dec 2009 | 2:12 am Turning Dead Sea mud into moneyIt's a scorching hot day at the Dead Sea -- 102°F, to be exact.Source: Business and financial news - CNNMoney.com | 10 Dec 2009 | 2:10 am Europe Markets: Banks, Inditex lead first Europe rise of the weekResults from Spanish retailer Inditex and a recovery in the banking sector helped push Europe stocks higher Thursday in the first advance during a turbulent week.
Source: MarketWatch.com - Top Stories | 10 Dec 2009 | 2:00 am Pre-budget report: George Osborne warns Britain's credit rating still at riskBritain is still in danger of losing its triple-A credit rating and the opposition Conservatives would make protecting it a priority if elected next year, the party's economics spokesman George Osborne said.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 10 Dec 2009 | 1:59 am UPDATE 1-GeoPark discovers gas in new Chile well, shares rise* Plans work and investment program of about $50 mln in '10Source: RSS feed - channel BNewsBusiness | 10 Dec 2009 | 1:58 am Fraud-hit Satyam OKs legal payout to British firmFraud-hit Satyam has agreed to pay 70 million dollars to British payment services firm Upaid, settling one of several lawsuits against the Indian outsourcing company. The out-of-court...Source: RSS feed - channel BNewsBusiness | 10 Dec 2009 | 1:57 am Costco profit rises marginally(Reuters) - Costco Wholesale Corp posted a slight increase in first-quarter profit on higher revenue.Source: RSS feed - channel BNewsBusiness | 10 Dec 2009 | 1:56 am Costco profit rises marginally(Reuters) - Costco Wholesale Corp posted a slight increase in first-quarter profit on higher revenue.Source: Reuters: Business News | 10 Dec 2009 | 1:56 am Media Digest 12/10/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: Dubai said the market’s perceptions of its problems is “softening.” Reuters: Citigroup (NYSE:C) could sell $20 billion in shares soon. Reuters: Hershey (NYSE:HSY) is near a decision on Cadbury (NYSE:CBY). Reuters: GM named a new head of Chevrolet. WSJ: A large number of Americans are renting homes instead of owning them. WSJ: More firms in the US and UK [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Dec 2009 | 1:54 am Slumping economy hits Indian casino industryThe economic downturn is slowing the growth of the Indian gaming industry. A report released Thursday by economist Alan Meister shows revenues for the industry in 2008 increased by the...Source: RSS feed - channel BNewsBusiness | 10 Dec 2009 | 1:46 am SNPE in talks to sell Isochem unit to Aurelius-reportPARIS, Dec 10 (Reuters) - French state-owned rocket propellant maker SNPE has entered exclusive negotiations to sell its Isochem civil chemicals unit to German investment fund Aurelius, French newspaper...Source: RSS feed - channel BNewsBusiness | 10 Dec 2009 | 1:38 am UPDATE 1-Bloomberg buys New Energy FinanceDec 10 (Reuters) - News and financial data publisher Bloomberg LP said on Thursday that it has acquired New Energy Finance, which provides news and data on carbon and clean energy markets.Source: RSS feed - channel BNewsBusiness | 10 Dec 2009 | 1:34 am Panasonic to buy 50.2 pct stake in Sanyo for $4.6BPanasonic Corp. said Thursday it will take majority control of Sanyo Electric Co. in a $4.6 billion deal that would forge one of the biggest electronics makers in the world. Panasonic...Source: RSS feed - channel BNewsBusiness | 10 Dec 2009 | 1:33 am Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.
Source: MarketWatch.com - Top Stories | 10 Dec 2009 | 1:31 am Sweden: GM needs to decide on Saab buyer this week-paperSTOCKHOLM, Dec 10 (Reuters) - GM [GM.UL] will need to decide this week whether to sell its loss-making Swedish car unit Saab, daily Svenska Dagbladet quoted the Nordic government's car czar saying on Thursday...Source: RSS feed - channel BNewsBusiness | 10 Dec 2009 | 1:28 am Debating Wall Street regulations not easy for DemsHouse debate over a vast rewrite of Wall Street regulations kicks off in a charged partisan atmosphere, with plenty of pressure from big bank and business lobbies determined to change it.Source: RSS feed - channel BNewsBusiness | 10 Dec 2009 | 1:28 am Asia Markets And Europe Open 12/10/2009Markets in Asia were mixed. The Nikkei fell 1.4% to 9,863. The Hang Seng fell .2% to 21,692. The Shanghai Composite rose .5% to 3,254. At the open in Europe, the FTSE was up .1% to 5,208. The Dax was up .1% to 5,656. The CAC 40 rose .1% to 3,761. Data from Reuters and MarketWatch. Douglas A. McIntyre Posted in International [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Dec 2009 | 1:23 am Hedge funds tip-toe toward an uncertain futureNEW YORK (Reuters) - It wasn't too long ago big-time hedge fund managers like James Pallotta were erecting monuments to themselves. In Pallotta's case, it was a $21 million Georgian-style mansion he built in 2007 in Weston, a leafy Boston suburb uncomfortable with such displays of wealth.Source: Reuters: Business News | 10 Dec 2009 | 1:19 am Sports Direct increases forecastSports Direct, the UK's biggest sports goods retailer, increases its forecast for full-year underlying earnings.Source: BBC News | Business | World Edition | 10 Dec 2009 | 1:16 am Barclays falls foul of Indian regulatorBarclays said today that it was co-operating with the Indian regulator after the British bank was suspended from dealing in the products that allow offshore investors to invest in India's booming stock market. Source: Latest Business News from Times Online | 10 Dec 2009 | 1:13 am Activision fires back at No Doubt in courtThe rock group had sued over its virtual role in the Band Hero video game, but the game maker says No Doubt failed to seek restrictions on the use of its images.In response to rock band No Doubt’s lawsuit against Activision over use of the band members' likenesses in the Band Hero video game, the game developer has filed a response saying it has done no wrong and faults No Doubt for failing to request a restriction on the game function that lets users unlock computerized characters to perform any of the 60-plus songs in the game.
Source: L.A. Times - Business | 10 Dec 2009 | 1:00 am Rise in sea levels threatens California portsBecause of global warming, ocean levels are expected to increase by 16 inches over the next 40 years, causing flooding and endangering facilities throughout the state.Global warming and a resulting rise in sea levels present a direct threat to the world's seaports -- and many of California's harbors are nowhere near ready, state officials say.
Source: L.A. Times - Business | 10 Dec 2009 | 1:00 am Truckers ask California to delay diesel-emission rulesFirms tell the Air Resources Board that with revenue down, they can't afford the new equipment to meet the state's tougher anti-pollution standards.Citing the poor economy, the trucking industry Wednesday asked California air regulators to delay the nation's toughest rules to reduce diesel emissions.
Source: L.A. Times - Business | 10 Dec 2009 | 1:00 am Coupons are being used at a faster clipThe savings vehicles are on track to post their first increase since 1992 as consumers hunt for deals in newspapers and on the Internet.The coupon is back, thanks to the recession.
Source: L.A. Times - Business | 10 Dec 2009 | 1:00 am Obama administration extends TARP deadlineThe $700-billion bailout fund, which was set to expire at year's end, will now end in October. The news comes as a government audit finds the program lost $41.4 billion in the last fiscal year.The Treasury Department formally extended the life of the controversial $700-billion bailout fund to October, saying it planned to sharply scale back use of the money, even as a government audit found the program lost $41.4 billion in the last fiscal year.
Source: L.A. Times - Business | 10 Dec 2009 | 1:00 am Judge dismisses charge against Broadcom co-founderHenry Samueli had pleaded guilty to lying to investigators in a probe of backdating of stock options at the chip maker, but a federal judge said he didn't believe the billionaire had lied.In a dramatic twist, a federal judge on Wednesday cleared Broadcom Corp. co-founder Henry Samueli of a criminal charge of lying to investigators in a probe of improper accounting at the Irvine microchip designer.
Source: L.A. Times - Business | 10 Dec 2009 | 1:00 am Activision fires back at No Doubt in courtThe rock group had sued over its virtual role in the Band Hero video game, but the game maker says No Doubt failed to seek restrictions on the use of its images. ...Source: RSS feed - channel BNPaperBusiness | 10 Dec 2009 | 1:00 am Black Friday was golden for TV and computer salesThe number of items sold was up after Thanksgiving compared with last year, a report says. But customers grabbed bargains and ended up spending less on consumer electronics -- $2.7 billion, down 1.2%.Holiday shopper Thanety Bunseam was reluctant to buy anything big this year, but a few days ago the 57-year-old factory worker could be seen resting on the curb outside a Best Buy store with his quarry: a 52-inch LCD TV and a new Sony PS3 game console.
Source: L.A. Times - Business | 10 Dec 2009 | 1:00 am Truckers ask California to delay diesel-emission rulesFirms tell the Air Resources Board that with revenue down, they can't afford the new equipment to meet the state's tougher anti-pollution standards. ...Source: RSS feed - channel BNPaperBusiness | 10 Dec 2009 | 1:00 am Black Friday was golden for TV and computer salesThe number of items sold was up after Thanksgiving compared with last year, a report says. But customers grabbed bargains and ended up spending less on consumer electronics -- $2.7 billion, down 1.2%...Source: RSS feed - channel BNPaperBusiness | 10 Dec 2009 | 1:00 am Tiger Woods game a slice of real timeThe piece of entertainment illustrates the quick turnaround time of the Internet.Among all the buzzwords describing the "light speed" and "real-time" nature of technology these days, few events are driving home the point better than the Tiger Woods affair, a veritable hole in one for the Internet's quick turnaround time.
Source: L.A. Times - Business | 10 Dec 2009 | 1:00 am Tiger Woods game a slice of real timeThe piece of entertainment illustrates the quick turnaround time of the Internet. Among all the buzzwords describing...Source: RSS feed - channel BNPaperBusiness | 10 Dec 2009 | 1:00 am Why privatizing the University of California won't workUC has been a driver of the state economy and an engine of socioeconomic advancement. Raising fees to private-university levels would undermine its mission of equal opportunity. ...Source: RSS feed - channel BNPaperBusiness | 10 Dec 2009 | 1:00 am Why privatizing the University of California won't workUC has been a driver of the state economy and an engine of socioeconomic advancement. Raising fees to private-university levels would undermine its mission of equal opportunity.University of California President Mark G. Yudof went to Sacramento this week in another valiant effort to convince legislators that they're playing with fire when they shortchange the state's higher-education system.
Source: L.A. Times - Business | 10 Dec 2009 | 1:00 am Judge dismisses charge against Broadcom co-founderHenry Samueli had pleaded guilty to lying to investigators in a probe of backdating of stock options at the chip maker, but a federal judge said he didn't believe the billionaire had lied. ...Source: RSS feed - channel BNPaperBusiness | 10 Dec 2009 | 1:00 am Coupons are being used at a faster clipThe savings vehicles are on track to post their first increase since 1992 as consumers hunt for deals in newspapers and on the Internet. ...Source: RSS feed - channel BNPaperBusiness | 10 Dec 2009 | 1:00 am Rise in sea levels threatens California portsBecause of global warming, ocean levels are expected to increase by 16 inches over the next 40 years, causing flooding and endangering facilities throughout the state. ...Source: RSS feed - channel BNPaperBusiness | 10 Dec 2009 | 1:00 am Sports Direct raises profits forecastThousands of employees of Sports Direct, the UK's largest sporting retailer, are in line for bonus payouts after the company today upgraded its profit forecast for the year to April to “at least” £155 million after robust first-half trading. Source: Latest Business News from Times Online | 10 Dec 2009 | 12:56 am Sports Direct scraps dividend as profits dropSports Direct, the UK's largest sporting retailer, said today that higher sales from its shops had contributed to a 10 per cent rise in revenue but it posted a drop in reported pre-tax profts amid difficult trading conditions and unfavourable exchange rates. Source: Latest Business News from Times Online | 10 Dec 2009 | 12:56 am Cable & Wireless hires new finance bossCable & Wireless (C&W), the telecoms group that is due to be split into two companies in March, has appointed the former finance director of United Utilities (UU) as the new chief financial officer of its Worldwide division. Source: Latest Business News from Times Online | 10 Dec 2009 | 12:44 am Pre-Budget report: Britain's leading businessmen give their verdictSix leading businessmen from across the economy give their verdict.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 10 Dec 2009 | 12:43 am Dubai markets continue downward spiralMarkets in Dubai continued to slide this morning, despite government efforts late last night to inject some good news into the market by scrapping a proposed merger of four state-owned real estate groups. Source: Latest Business News from Times Online | 10 Dec 2009 | 12:33 am Bank of England rate-setters expected to be cautiousBank of England interest rate-setters are expected to end the year in cautious mood at their monetary policy meeting today.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 10 Dec 2009 | 12:27 am Australia's jobless rate declinesAustralia's unemployment rate fell unexpectedly in November, as the country's economic recovery continued.Source: BBC News | Business | World Edition | 10 Dec 2009 | 12:03 am Japanese machinery orders fallJapanese machinery orders fell by more than expected in October, as companies tightened their purse strings.Source: BBC News | Business | World Edition | 9 Dec 2009 | 11:52 pm NZ sharemarket drifts upwardThe New Zealand sharemarket continues to drift ahead of the holiday season but today the direction was upward.The benchmark NZX50 index rose 4.643 points, or 0.148 per cent, to 3132.284. Turnover was worth $76 million. There were...Source: nzherald.co.nz - Business | 9 Dec 2009 | 11:45 pm NZ dollar surges on OCR statementThe New Zealand dollar surged today after the Reserve Bank of New Zealand shifted its position on when interest rates may rise.The NZ dollar was US72.38c at 5pm, up sharply from the US70.93c at 8am before the central bank's announcement...Source: nzherald.co.nz - Business | 9 Dec 2009 | 11:42 pm Citi could sell $20 billion of shares soon: reportNEW YORK (Reuters) - Citigroup Inc plans to pay back TARP by raising money in an equity offering that could be announced as early as Thursday and could be some $20 billion, television network CNBC reported, citing sources.Source: Reuters: Business News | 9 Dec 2009 | 11:21 pm Citi could sell $20 billion of shares soon: report (Reuters)
Source: Yahoo! News: Business | 9 Dec 2009 | 11:21 pm Foreclosure filings fall 8 percent in November (AP)
Source: Yahoo! News: Business | 9 Dec 2009 | 10:42 pm U.S. House to debate financial regulation overhaulWASHINGTON (Reuters) - The U.S. House of Representatives will debate on Thursday the most sweeping changes to financial regulation proposed since the Great Depression, including broad new government powers over large banks and tighter regulation of capital markets.Source: Reuters: Business News | 9 Dec 2009 | 10:36 pm U.S. House to debate financial regulation overhaul (Reuters)Reuters - The U.S. House of Representatives will debate on Thursday the most sweeping changes to financial regulation proposed since the Great Depression, including broad new government powers over large banks and tighter regulation of capital markets.Source: Yahoo! News: Business | 9 Dec 2009 | 10:33 pm Bloomberg buys UK energy data groupBloomberg, the financial data company that had made only one acquisition in 28 years before buying Business Week, has bought New Energy Finance in a bet on the growth of clean energy investmentSource: Financial Times - US homepage | 9 Dec 2009 | 10:03 pm Therese Poletti's Tech Tales: Venture capitalists sounding hopes of IPO reboundA dose of realism seemed to pervade the ballrooms and hallways of the Rosewood Sand Hill Hotel, a new luxury hotel with views of the Santa Cruz Mountains and a stone’s throw away from the heart of the venture capital world.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 10:01 pm Mark Hulbert: What exactly is the Santa Claus RallyLots of advisers refer to something called a Santa Claus Rally, but there is little agreement on what, exactly, it involves, writes Mark Hulbert.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 10:01 pm GE wins $1.4 billion deal for massive wind farmGeneral Electric wins a $1.4 billion contract to build giant wind turbines for Oregon’s Shepherds Flat generating station, expected to tip the scales as the largest in the U.S. .
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 10:01 pm Robert Powell: Translating nest eggs into retirement incomeRetirement plans may have to start telling you just how much monthly income your nest egg will be generating down the road.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 10:01 pm Simon Constable: Gold bullion's bull market remains intactDon't be suckered into thinking the recent plunge in gold prices means a bubble has burst, writes Simon Constable.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 10:01 pm Asia Markets: China autos slip on partial tax incentive rollbackChina’s decision to partially roll back a tax incentive on small car purchases in 2010 -- a move that helped catapult the country into its place as the world’s dominant automobile market this year -- weighs down auto shares.
Source: MarketWatch.com - Top Stories | 9 Dec 2009 | 9:50 pm Lenders take over NJ's 1st casino for nonpayment (AP)AP - Don't pay your mortgage, and eventually the bank will own your home.Source: Yahoo! News: Business | 9 Dec 2009 | 9:22 pm Facebook's default privacy settings too loose, critics sayUsers who follow the social networking site's recommendations would make their personal data available to the entire Web.Uh, about that status update on Facebook last night, you may want to make sure that information isn't available to more than just your friends.
Source: L.A. Times - Business | 9 Dec 2009 | 8:54 pm Mongolia looks to foreign IPOs for mineral wealth: report (Reuters)
Source: Yahoo! News: Stock Markets News | 9 Dec 2009 | 8:01 pm Oracle summons support for EU hearingA number of big corporate technology users are set to appear at a Brussels hearing to support Oracle’s claim that its planned acquisition of Sun Microsystems would not harm competitionSource: Financial Times - US homepage | 9 Dec 2009 | 7:47 pm Citigroup in talks for equity offeringCitigroup is in advanced talks with regulators over plans to raise more than $10bn in an equity offering, in an effort to repay $20bn in bail-out funds as early as this week.Source: Financial Times - US homepage | 9 Dec 2009 | 6:44 pm Toys R Us narrows 3rd-quarter loss on cost cuts (AP)AP - Toys R Us Inc. on Wednesday reported a narrower third-quarter loss as its CEO said the toy retailer saw its best operating performance since 2006.Source: Yahoo! News: Business | 9 Dec 2009 | 6:27 pm Council to get exemption over airport sharesThe Government is passing a law to let the proposed new Auckland Super City Council own existing council shares in Auckland International Airport Ltd, which when combined would normally force a takeover bid.When Auckland City...Source: nzherald.co.nz - Business | 9 Dec 2009 | 6:00 pm Ex-IBM exec denies SEC charges on GalleonNEW YORK (Reuters) - A former senior IBM Corp executive denied being involved in a sprawling hedge fund insider trading case and asked a court on Wednesday to dismiss civil charges by the U.S. Securities and Exchange Commission.Source: Reuters: Business News | 9 Dec 2009 | 5:43 pm Ex-IBM exec denies SEC charges on Galleon (Reuters)Reuters - A former senior IBM Corp executive denied being involved in a sprawling hedge fund insider trading case and asked a court on Wednesday to dismiss civil charges by the U.S. Securities and Exchange Commission.Source: Yahoo! News: Stock Markets News | 9 Dec 2009 | 5:43 pm Pre-Budget Report: oh no, Darling! You've failedWho says that the Government has been saving greedy bankers? The truth is that the greedy bankers are saving the Government, as they always have in the past. Source: Latest Business News from Times Online | 9 Dec 2009 | 5:01 pm Tough day?Try working 9-5 in Kabul - it's hard and scarySource: BBC News | Business | World Edition | 9 Dec 2009 | 5:01 pm That career break could last longer than you thinkIt’s not often I envy others their professional lot, but I did so on two occasions last week. The first was when Lily Allen, the singer, told BBC Radio 1’s Sara Cox that she was planning to take time out from music for “at least one or two years”. The second was the announcement that Simon Heffer, the columnist, would be taking a break from executive duties to return to Corpus Christi, his Cambridge college, in January to do post-doctoral work. Source: Latest Business News from Times Online | 9 Dec 2009 | 5:01 pm Vital fundsSouth Asian small loans aim to make a big differenceSource: BBC News | Business | World Edition | 9 Dec 2009 | 5:01 pm Bankers prepare to open Christmas boxes at Easter to avoid windfall taxThe Chancellor was accused last night of going soft on the City by producing a tax on bonuses that would be easy to avoid and which exempts, among others, former Lehman Brothers staff blamed for the financial crisis. Source: Latest Business News from Times Online | 9 Dec 2009 | 5:01 pm Electricity re-jig model's last chance - ConsumerEnergy Minister Gerry Brownlee's proposed re-jig of the electricity sector could be the last chance the competitive-pricing model has for the industry in New Zealand, Consumer New Zealand chief executive Sue Chetwin says.Brownlee...Source: nzherald.co.nz - Business | 9 Dec 2009 | 5:00 pm Average worker hit with $200 ACC levy hikesThe Government today announced its ACC levy increases - less than recommended by the Accident Compensation Corporation board but still about $200 a year for an average income worker with a car - and admitted further increases were...Source: nzherald.co.nz - Business | 9 Dec 2009 | 5:00 pm Bank lobby group seeks to unify global pay rulesNEW YORK (Reuters) - Banks around the world are reforming compensation practices in line with government recommendations but they would like to see regulators coordinate globally on pay and bonuses, according to a report by an international bank lobby group.Source: Reuters: Business News | 9 Dec 2009 | 4:59 pm Short Sellers Move Back Into Financial Shares, Ignore Tech: Flee Apple (AAPL), Google (GOOG) And Amazon (AMZN)Short sellers sharply increased their gamble that financial stocks would fall based on short selling data from NYSE and Nasdaq on the last day of November. Shorts pushed into Citigroup (NYSE:C), increasing their positions by 11% to 216 million shares making the bank stock the most shorted among all US companies. Bets against Bank of America [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Dec 2009 | 4:52 pm Bankers furious at UK bonus supertaxCity warns that the new 50% tax – on top of the 50% top rate of tax, due to be introduced in April – could damage London as a global financial centreSource: Financial Times - US homepage | 9 Dec 2009 | 4:49 pm Bollard leaves OCR steadyReserve Bank Governor Alan Bollard kept the official cash rate unchanged at a record low 2.5 per cent and removed his insistence that rates will remain on hold until the second-half of next year, saying the economy has climbed out...Source: nzherald.co.nz - Business | 9 Dec 2009 | 4:30 pm Tough words and and hard budgets for eurozoneA top European Central Bank policymaker warns that Greece has a year to bring public finances back under control or risk having its bonds disqualified for use as collateral by banks borrowing ECB liquiditySource: Financial Times - US homepage | 9 Dec 2009 | 4:29 pm Write-Offs: 12.09.09$$$ Are Goldman Sachs employees really carrying guns? [WSJ] $$$ AIG Is Throwing Its Holiday Party In January [BI] $$$ Why Do Rich, Fat Men Get All the Girls? It's Science. [The Atlantic] $$$ Feds Reportedly `Wade In' As New Stream Capital Denies Problems [HF Implode] 
 Source: Dealbreaker | 9 Dec 2009 | 4:27 pm Colas Likes Leveraged ETFs in Volatile Markets: AudioSource: Bloomberg - All Podcasts | 9 Dec 2009 | 4:20 pm Terms of trade fall in September quarterNew Zealand's terms of trade fell 1.3 per cent in the September quarter to the lowest level since the end of 2005.The terms of trade index measures the amount of imports a fixed amount of exports will purchase.Publishing the...Source: nzherald.co.nz - Business | 9 Dec 2009 | 4:12 pm How the major stock indexes fared on Wednesday (AP)AP - Investors set aside some of their concerns about rising debt levels around the world and looked for bargains after a two-day slide in stocks. Stocks turned higher late Wednesday after trading erratically. Investors have been cautious about rising government debt levels in Spain, Greece and other countries.Source: Yahoo! News: Stock Markets News | 9 Dec 2009 | 4:12 pm Stocks climb as investors shrug off debt concerns (AP)
Source: Yahoo! News: Stock Markets News | 9 Dec 2009 | 4:08 pm Manufacturing showing signs of lifeThe manufacturing sector was little changed last month but a measure of its performance is well above the survey's lowest point in November 2008.The BNZ Capital - Business NZ Performance of Manufacturing Index (PMI) for November...Source: nzherald.co.nz - Business | 9 Dec 2009 | 4:00 pm Plus Power receives low price notice from Nasdaq (AP)AP - Plug Power Inc., a developer of energy technology, said Wednesday that Nasdaq has notified the company it has violated a rule that requires its share price not to close at a value of less than $1 for 30 days in a row.Source: Yahoo! News: Stock Markets News | 9 Dec 2009 | 3:59 pm Ambac shares fall below NYSE listing standards (AP)AP - Bond insurer Ambac Financial Group Inc. said Wednesday it was notified by the New York Stock Exchange that it has fallen below listing standards.Source: Yahoo! News: Stock Markets News | 9 Dec 2009 | 3:55 pm Pre-Budget report: middle classes hit hardThe middle classes and the better-off will be hit with £7 billion in new taxes, Alistair Darling disclosed in the pre-Budget report.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 9 Dec 2009 | 3:52 pm Wall St closes up as risk appetite returns (Reuters)
Source: Yahoo! News: Stock Markets News | 9 Dec 2009 | 3:51 pm Wall St closes up as risk appetite returnsNEW YORK (Reuters) - Stocks ended higher on Wednesday as the U.S. dollar fell and investors' appetite for risk returned, lifting shares of financial, technology and natural resource companies.Source: Reuters: Business News | 9 Dec 2009 | 3:51 pm Wall St closes up as risk appetite returns (Reuters)
Source: Yahoo! News: Business | 9 Dec 2009 | 3:51 pm How to fix the debt problemThe push to address the United States' long-term fiscal problems -- and to remove the debate from the partisanship in Congress -- took a step forward Wednesday.Source: Business and financial news - CNNMoney.com | 9 Dec 2009 | 3:46 pm OCR fails to ignite sharemarketThe New Zealand sharemarket slipped in early trading, after the Reserve Bank left the official cash rate (OCR) unchanged at 2.5 per cent but indicated it could start hiking rates earlier than previously suggested.Reserve Bank...Source: nzherald.co.nz - Business | 9 Dec 2009 | 3:45 pm Union welcomes Easter trading bill defeatThe National Distribution Union believes retail workers will be thrilled that Easter Sunday is remaining a public holiday.Parliament has voted down another attempt to open shops at Easter. Rotorua MP Todd McClay's bill was lost...Source: nzherald.co.nz - Business | 9 Dec 2009 | 3:30 pm Jordan on Kratos, Mantech; Mushkin on Krogers, CVS: AudioSource: Bloomberg - All Podcasts | 9 Dec 2009 | 3:18 pm Goldman Board Member: GS Is Taking A 'Hard Look' At Pay Practices
Source: Dealbreaker | 9 Dec 2009 | 3:01 pm Sprint Nextel, Talbots, AK Steel are big movers (AP)AP - The following stocks were among those that moved substantially or traded heavily Wednesday on the New York Stock Exchange and the Nasdaq Stock Market:Source: Yahoo! News: Stock Markets News | 9 Dec 2009 | 2:59 pm Feds target rating agencies' role in meltdown (AP)AP - Enforcement officials from the Securities and Exchange Commission and Justice Department said Wednesday that their staffs are targeting the role of Wall Street rating agencies in the financial meltdown.Source: Yahoo! News: Stock Markets News | 9 Dec 2009 | 2:48 pm Podcast: Planet Money Goes To Copenhagen
A floating cube in Copenhagen shows video from the current Climate Conference. (Peter Dejong/AP) On today's Planet Money: Our own David Kestenbaum is currently on route to Copenhagen where he will be spending several days reporting at the UN Climate Change Conference. David gives us an early windup of what he expects to be looking out for, including details on how much money countries plan on putting up to modernize energy economies across the globe. Plus, one very passionate delegate from the Solomon Islands. Download the podcast; or subscribe. Music: Nelly's "Hot In Herre." Find us: Twitter/ Facebook/ Flickr. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 9 Dec 2009 | 2:37 pm TARP's trail of painWas it worth it?Source: Business and financial news - CNNMoney.com | 9 Dec 2009 | 2:27 pm GE chief attacks executive ‘greed’Jeffrey Immelt, GE chief executive, said his generation of business leaders had succumbed to “meanness and greed” that had harmed the US economy and increased the gap between the rich and the poorSource: Financial Times - US homepage | 9 Dec 2009 | 2:25 pm U.S. extends bailout fund, sees economic challengesWASHINGTON (Reuters) - Treasury Secretary Timothy Geithner on Wednesday extended the government's $700 billion financial bailout fund to October next year, saying the economy still faced "significant challenges."Source: Reuters: Business News | 9 Dec 2009 | 2:11 pm Tim Geithner's Foot To Be Removed From Vikram Pandit's Ass Sometime In The Very Near Future?
Citigroup plans to pay back some of the $45 billion in TARP money it received last year by raising capital through a stock offering of as much as $20 billion, CNBC has learned. CEO Vikram Pandit has changed his travel plans to be able to announce an equity offering, which is similar to that of Bank of America, according to sources close to the situation. Earlier today, Citi chairman Dick Parsons told CNBC the discussions with regulators have been active.
Source: Dealbreaker | 9 Dec 2009 | 2:07 pm 52-Week High Club (MMM, COO)3M Company (NYSE: MMM) rose nearly 4% to a yearly high of $79.93 after the Post-It Notes maker was upgraded to “buy” by Jeffrey Sprague of Citigroup. The Cooper Companies Inc (NYSE: COO) surged over 13% to a yearly high of $38.33 after the maker of optical lenses, surgical instruments and diagnostic products forecast 2010 earnings [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Dec 2009 | 2:04 pm Bank of America: Paid in fullBillions of dollars in bailout money received by Bank of America over the past year is now officially back in government hands.Source: Business and financial news - CNNMoney.com | 9 Dec 2009 | 2:03 pm Pre-Budget report: inheritance tax rethink hits middle classMiddle-class families will have to pay thousands of pounds more in inheritance tax after Alistair Darling reversed plans to increase the level at which the levy must be paid.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 9 Dec 2009 | 1:59 pm Pre-Budget report: markets surprised by Alistair Darling's decision to hold capital gains tax at 18pcCapital gains tax was the dog that did not bark in the pre-Budget report as the Chancellor took the surprise decision to hold the duty at 18pc even as he jacked up taxes on the rich.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 9 Dec 2009 | 1:58 pm Pre-Budget report: high earners to lose £2,400 pension reliefPeople earning more than £130,000 face losing valuable tax perks when saving for a pension under a new crackdown on high-earning Britons announced in the pre-budget report.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 9 Dec 2009 | 1:52 pm Citi Trying to Exit TARP (C, WFC, BAC)If the rumor mill is accurate, it seems that Citigroup Inc. (NYSE: C) may get to beat Wells Fargo & Co. (NYSE: WFC) in the race to exit the TARP in the catch-up game to Bank of America Corporation (NYSE: BAC). It seems every TARP borrower wants out from under such strict government control on [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Dec 2009 | 1:32 pm Goldman Sachs Higher-Ups Got Peasant Gossip By Sharing A Bathroom?I'm trying to figure out if that's the logic here? As Goldman prepares to move into its new headquarters, the Observer's Max Abelson looks back on the history of 85 Broad. This is what former managing director George Doty had to say of the place: Even the toilets were placed just so. "When we set up an enormous trading room, we deliberately built it on one floor and had only one men's room," Mr. Doty told the writer Charles D. Ellis. Besides the excellent egalitarianism, he explained, having just one bathroom made it easier to hear rumors, "to be persistently diligent on small troubles." Someone tried to explain it to me that "the idea is that the important fellas like Doty would normally have their own bathroom, but instead they would hang with the plebeians and listen in." Is that it? They pissed in the same trough so they could find out who was banging whose secretary? Otherwise I got nothing.
Source: Dealbreaker | 9 Dec 2009 | 1:26 pm Meet next year's iPhoneAnalyst describes the innovations he expects from Apple in 2010.Source: Business and financial news - CNNMoney.com | 9 Dec 2009 | 1:12 pm New Quasi-Competition For Gold Trust ETF (GLD, PHYS)It looks like the SPDR Gold Shares (NYSE: GLD) is about to get some new competition, albeit far a far smaller trading vehicle. A F-1 filing at the SEC was made today by Sprott Physical Gold Trust, which is going to be selling units via an initial public offering. Be advised that this is a [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Dec 2009 | 12:50 pm Steve Cohen Magic Night: RECAP
Source: Dealbreaker | 9 Dec 2009 | 12:47 pm US rules out climate aid for ChinaThe American special envoy for climate change says China is wealthy enough to fund its own efforts and firmly rejects the idea that the US and other developed countries owe ‘reparations’ for past emissionsSource: Financial Times - US homepage | 9 Dec 2009 | 12:39 pm Tiger Woods ads vanish from TVTiger Woods is all over the TV, but his ads haven't been.Source: Business and financial news - CNNMoney.com | 9 Dec 2009 | 12:36 pm Google Recaptures Lost Search Share Dominance (GOOG, YHOO, MSFT, IACI)If new data out of Experian Hitwise is accurate, then Google Inc. (NASDAQ: GOOG) is again taking market share in the US search market against competitors Yahoo! Inc. (NASDAQ: YHOO) and Microsoft Corp. (NASDAQ: MSFT). For the four-week period ended November 28, 2009, Hitwise is showing an increase for Google to 71.57% of all searches [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Dec 2009 | 12:24 pm Boockvar Says 1990s Japan Is Example for U.S. Recovery: AudioSource: Bloomberg - All Podcasts | 9 Dec 2009 | 12:02 pm Tiger’s Integrity is Gone. His Commercials are Gone. What’s Left?
With 11 alleged mistresses under his belt (and counting), Tiger Woods is drifting towards the bottom of a PR cesspool. CNN reported today that since November 29, no Tiger Woods commercials have appeared on primetime TV: Since then, no Woods commercials have aired, not even over this past weekend during the Chevron World Challenge, the golf tournament hosted by Woods since 2001. “Brands that planned to use Tiger in any meaningful way in the next few weeks would be looking to perhaps do something else, both out of respect for Tiger and because now isn’t the best time to have him out there peddling their product,” Paul Swangard, managing director of the Warsaw Sports Marketing Center at the University of Oregon, told CNNMoney.com on Nov. 30. Tiger’s sponsors, which include Gillette, Nike (NKE, Fortune 500), Gatorade and Electronic Arts (ERTS), have pledged their support of Woods and opted to retain the golfer as their spokesman, despite allegations of extramarital affairs and Woods’ recent admission of undisclosed “transgressions.” Other partners, including AT&T (T, Fortune 500), Tag Heuer and Accenture, have not issued comments about their sponsorship of Tiger. Part of Tiger’s problem, according to Sporting News, is that his brand is built on integrity: With (his unfailing integrity) platform possibly gone forever, image consultants say Woods and his handlers must now determine what he represents. Can he return as the consummate family man like Beckham, or will he go the route of Kobe Bryant and try to appeal to a younger, edgier demographic. Bryant, who in 2003 admitted infidelity and faced sexual assault charges that were later dismissed, swapped brands like Sprite and McDonald’s for Vitaminwater and Sony video games. Others suggest there’s an opportunity to create a new image and become a more fan-friendly everyman. One aspect of the controversy that will be hard for sponsors to overcome is the exposure they’ve received. Besides being mentioned in thousands of stories, the Nike swoosh glowed white in a grainy image on TMZ.com that was purported to be Woods cuddling with a woman in Las Vegas. A newspaper story in the U.K. ran with the image of an iPhone and supposed racy text messages sent by Woods, who has a deal with AT&T. Tag Heuer and Accenture newspaper ads featuring Woods last week were widely mocked in the blogosphere. One golfer suggested that Woods not follow the Nike slogan “Just Do It” in his personal life. Woods’ agent has put a lot of energy into concealing the golfer’s personal life, according to the Wall Street Journal. In 2007, Woods representatives made a deal with the parent company of the National Enquirer to quash the story of an alleged affair, writes the Journal. Now that the sex kittens have come out of the bag, Tiger’s PR team continues to pursue a tight-lipped policy. What that strategy does to the Woods image remains to be seen. Perhaps Sporting News put it best. In the long run, as long as Tiger continues to excel at golf, he has a shot at refurbishing his image.
Source: Business Pundit | 9 Dec 2009 | 11:48 am Winoker Says GE Capital Passes Bernstein’s Stress Test: AudioSource: Bloomberg - All Podcasts | 9 Dec 2009 | 11:37 am Morgan Stanley Vice-Chair No Longer Too Big To FailMorgan Stanley vice-chairman Rob Kindler had the license plate 2BG2FAIL last year in an homage to the crisis. Now, Andrew Ross Sorkin reports, Bobby has swapped it out for the below because "no one is too big to fail," and because Vikram offered him twenty bucks so the Citi CEO could get in on the joke.
Source: Dealbreaker | 9 Dec 2009 | 11:34 am Clifton Sees Reduction in Size of U.S. Health-Care Bill: AudioSource: Bloomberg - All Podcasts | 9 Dec 2009 | 11:34 am SocGen's Nixon Sees Zero European Real Income Growth: AudioSource: Bloomberg - All Podcasts | 9 Dec 2009 | 11:32 am Yamada Sees U.S. Stock Market `Coasting' Toward Year-End: AudioSource: Bloomberg - All Podcasts | 9 Dec 2009 | 11:30 am Levitt Calls New York One of the Most Corrupt States: AudioSource: Bloomberg - All Podcasts | 9 Dec 2009 | 11:27 am Is Cash for Caulkers a Good Idea?
Cash for Caulkers, a new government incentive program, will offer homeowners a 50% rebate on weatherization projects. CNNMoney has more on the program: The program contains two parts: money for homeowners for efficiency projects, and money for companies in the renewable energy and efficiency space. The plan will likely create a new program where private contractors conduct home energy audits, buy the necessary gear and install it. Big-ticket items like air conditioners, heating systems, washing machines, refrigerators, windows and insulation would likely be covered. Based on earlier bills, consumers might be eligible for a 50% rebate on both the price of the equipment and the installation, up to $12,000. So far, there is no income restriction on who is eligible. That would mean a household could spend as much as $24,000 on upgrades and get half back. Homes that take full advantage of the program could see their energy bills drop as much as 20%. The program is expected to cost in the $10 billion range. Obama’s new spending plan also calls for renewable energy companies to get additional support. That could come in the form of loan guarantees – basically, money the government uses to secure loans for startups. In the original stimulus bill passed earlier this year, $6 billion was earmarked for such loan guarantees. But then lawmakers took away $2 billion to fund Cash for Clunkers – the popular program that paid people to turn in their old cars. The $4 billion from the original bill has funded about $40 billion in loans, said the staffer on the Senate Energy Committee. Meanwhile, firms are hoping for another $4 billion in loan guarantees, since they have another $40 billion worth of projects that need funding. Energy-efficient homes help reduce aggregate national energy use. Ideally, we won’t import as much fuel, contribute to a reduction in carbon, and have more money in our pockets every month. Contractors will experience a temporary surge in business. But I’m dubious. Here are my reasons: 1) When the government drives consumer purchasing incentives, they don’t always work. Did Cash for Clunkers work? Not really, seen this way. Could the government be putting its budget into something more effective and efficient than this, or benefit populations in more dire need? 2) If loans aren’t being offered, how will consumers come up with thousands of dollars in cash to pay their half? Most people don’t have a few thousand to contribute to weatherization, unless they were planning it anyway. I hope that the Cash for Caulkers experiment works. I can see it working well in a government with slightly higher tax rates, like Canada, because you know where the funds are coming from. But Obama keeps adding to our massive debt without coming up with a clear-cut public plan to address it. He plans raise taxes on the wealthy, the very same population who most likely have the cash sitting around to invest in weatherization projects. Is he making Main Street-friendly moves like Cash for Caulkers now, so that he can reassure people that the government helped them out when tax hike time comes?
Source: Business Pundit | 9 Dec 2009 | 10:59 am Dubai World Crisis Hits Union Square
Another victim of the Dubai credit crisis. (Global Voyager/Flickr) By Caitlin Kenney The trendy W Hotel in Manhattan's Union Square was auctioned off yesterday for just $2 million. The purchase price is cheap, but the new owner of the hotel, LEM Mezzaine, will also be responsible for any defaulted loans that are in line ahead of its debt. The hotel was owned by Dubai World's private-equity arm, Istithmar World Capital, which paid $282 million for the property in 2006. This fall the company defaulted on $117 million of its debt. As the WSJ (subs req'd) reports the hotel was "the first major property asset of Dubai World to be foreclosed on since the government-owned fund's problems boiled over in late November." Last month, Dubai World, a company owned by the government of Dubai, announced it was hoping to delay payment on $26 billion in debt. The stock market there has slumped since the announcement. Meantime, the news here in New York has Washington Business Journal reporter Melissa Castro wondering about the fate of another W Hotel, the one in Washington, which is owned by Nakheel Hotels -- another arm of Dubai World. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 9 Dec 2009 | 10:45 am Public money may keep sprawl in checkThe days of farmland being bulldozed to make way for shopping malls or housing complexes are gone for now. And one Michigan county is in no mood to see those days come back. Dustin Dwyer reports.Source: Marketplace | 9 Dec 2009 | 10:39 am Climate policy is like buying insuranceThere is a lot we know and don't know for sure about climate change. Commentator David Frum says those unknowns should influence the decisions being made in Copenhagen and Washington, D.C.Source: Marketplace | 9 Dec 2009 | 10:39 am AOL hopes relaunch hits the right spotNearly a decade after merging with Time Warner, AOL is spinning off and relaunching its stock and Web site. Stacey Vanek-Smith reports on how the company plans to get back on the radar.Source: Marketplace | 9 Dec 2009 | 10:39 am Gore: Climate fix can be economic boonAl Gore talks with Kai Ryssdal about what it will take to get nations and businesses to change to a low-carbon economy, and what they stand to gain from it.Source: Marketplace | 9 Dec 2009 | 10:39 am Tuvalu puts up fight for climate changeThe island nation of Tuvalu wants any deal at the Copenhagen climate conference to be binding. But that's not a position more populous developing nations support. Stephen Beard reports.Source: Marketplace | 9 Dec 2009 | 10:39 am New health plan expands MedicareSenate Democrats are tentatively agreeing to scrap the public option for health-care reform. Instead, the uninsured could get insurance under a federal employee health program and middle-aged people could buy into Medicare. Nancy Marshall Genzer reports.Source: Marketplace | 9 Dec 2009 | 10:38 am Does TARP really need an extension?The Obama administration will extend TARP until October 2010. Treasury Secretary Tim Geithner says the money is needed in case financial conditions worsen. Does he know something we don't? Amy Scott reports.Source: Marketplace | 9 Dec 2009 | 10:38 am TARP Extended Until Late 2010By Daniel Costello Treasury Secretary Timothy F. Geithner today used his authority to extend the $700-billion Troubled Asset Relief Program, or TARP, until Oct. 3, 2010. In a letter to House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, Geithner said the administration was winding down its use of the controversial bailout fund but wanted the continued flexibility provided by the funds. Under the law created last year at the height of the financial crisis, the program was set to end on Dec. 31 unless the administration requested a near-automatic extension. Geithner told the congressional leaders that "the recovery of the financial system remains incomplete. And near-term shocks to that system could undermine the economic recovery we have seen to date." » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 9 Dec 2009 | 10:13 am (Sex) Business As Usual at Climate TalksBy David Kestenbaum Danish officials are worried people may be buying and selling more than carbon credits at the UN climate talks in Copenhagen. According to the Copenhagen Post, the city council distributed postcards to hotels urging visitors for the climate talks to "Be sustainable: DON'T BUY SEX." Some sex workers are striking back. The Copenhagen Post reports: "A group of prostitutes has decided to offer free sex to delegates taking part in UN Climate Change Conference (COP15) in protest against the city's attempt to dissuade conference participants from visiting brothels." I'll be at the climate talks this week, covering the carbon credits side of things. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 9 Dec 2009 | 9:54 am UK Banks Face 50% Bonus Tax
Alistair Darling, the UK Chancellor of the Exchequer, announced today that banks either had to use their profits to rebuild capital, or face a 50% tax on bonuses of more than GBP25,000. The Wall Street Journal reports: Alistair Darling, delivering his pre-Budget report speech this afternoon, said: “This should be a time for banks to be rebuilding their capital bases. They have a choice: use profits to build up the capital base, or if they insist on using them to pay bonuses, I will ensure that we can claw that back through a one-off tax levy of 50% on individual bonuses over GBP25,000.” He added that the government will ensure that anti-avoidance measures are in place to check the levy is collected. He estimated that the tax will raise up to GBP500 million. (Exane BNP Paribas analysts) said in a research note this morning: “Given the leaked criteria, namely a one-off windfall tax on ‘excessive bonus pools,’ the highly profitable Barclays (BCS) would appear most at risk, with Standard Chartered (STAN.LN) and HSBC (HBC) also potentially exposed. It is somewhat ironic, in our view, that the U.K. Government, in adopting such measures, would be focusing its attack on those banks which adopted more prudent and cautious lending policies in the U.K. retail and commercial property markets.” Banks such as Royal Bank of Scotland Group PLC (RBS), which now counts the government as its majority shareholder, could be less exposed in relative terms, they added in the note entitled ‘Assault on more prudent and profitable banks’, because of “lower bonus expectations”. The analysts also said that the bonus tax could dissuade overseas investors from doing business in the UK. The BBC’s Robert Peston writes that hundreds of banks will be affected: The chancellor is in effect saying that much of banks’ profits in 2009 have been a windfall, or a gift from the state generated by the exceptional financial and economic measures taken by the Bank of England and the Treasury to resuscitate the economy and financial system. The Treasury clearly believes it has constructed the tax in a way which creates little incentive for individual bankers to move abroad or move firms – since the tax would be paid by the bank not the banker. And since the tax will last no longer than a year, it should not be sufficient to persuade the banks themselves to re-locate to Paris, Frankfurt or Geneva – which are still at a disadvantage to London in respect of skills and tech infrastructure. Also, if banks decided not to pay bonuses for the one year the tax is in effect, or claim those bonuses as salary, the Treasury won’t get nearly the money it anticipates. Incidentally, there’s also an election next year, so this move could be more political than anything else. Image: Beer Log
Source: Business Pundit | 9 Dec 2009 | 9:53 am Pressure on Istithmar’s overseas assetsThe private equity arm of Dubai World, the debt-laden conglomerate, is under increasing pressure from creditors as it loses control of key assets and breaches loan covenantsSource: Financial Times - US homepage | 9 Dec 2009 | 9:50 am U.S. extends bailout fund, sees economic challenges (Reuters)
Source: Yahoo! News: Business | 9 Dec 2009 | 9:41 am Health Shares Rise on Public Option DealBy Daniel Costello Shares of U.S. health insurers rose on Wednesday after Congressional leaders agreed to move away from creating a government-run insurance plan long viewed as damaging to the insurance industry. Gains were likely muted by new measures in the deal that would expand Medicare eligibility to younger adults and new requirments for insurers to spend a certain amount of premiums on medical costs. One provision would require the insurance companies to spend 90 percent of premium revenue on medical services and costs. Such measures, known as medical loss ratios, are closely watched by Wall Street to gauge company profitability. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 9 Dec 2009 | 9:28 am Clive Cap. Tells New Investors To Shove ItJohn Paulson and Stanley Fink are dying to take your money and pour it into gold. Clive Capital is somewhat less enthusiastic. The London-based hedge fund is certainly bullish on the shiny stuff, predicting that its value will continue to rise and even increasing its bet on it. But it doesn't want your money, not anymore. Those looking to invest in commodities won't have the world's largest commodity hedge fund to kick around anymore. At least, not until its "focus and scrutiny of market liquidity and portfolio diversity" make it change its mind.
Source: Dealbreaker | 9 Dec 2009 | 8:57 am Dick Fuld: Lehman Didn't Want (Or Even *Need*) A Government Bailout
Fuld is trying to raise funds from private equity and other investors that would provide aid to small businesses seen as "growth companies." The aid would be provided by using his Rolodex of market contacts to help firms raise capital or by providing financing, people familiar with the matter said. The effort is being done through Fuld's Matrix Advisors, a small firm he set up earlier this year...one source said Fuld still maintains that Lehman didn't want or need a lifeline from Uncle Sam to stay afloat, and that had he struck a deal for a capital infusion with a group of South Korean investors, the firm would be around today.
Source: Dealbreaker | 9 Dec 2009 | 8:17 am Presented By:Source: Dealbreaker | 9 Dec 2009 | 8:00 am Morning Report: British Bankers Get A Bonus Haircut; AOL On Its Own Once MoreBy Daniel Costello Britain announced plans Wednesday to impose a one-time tax of 50% on bankers' bonuses in a move that is sure to inflame the controversy surrounding resurgent banking bonuses on both sides of the Atlantic. The British chancellor, Alistair Darling, presented the idea in front of a rowdy Parliament, saying the ban would only apply to those receiving bonuses of more than $40,000 U.S. dollars. The Treasury estimates that the measure -- which comes into immediate effect and runs until April 5 next year -- will affect 20,000 bankers. It's estimated that 5,000 bankers earn more than one million pounds sterling, or $1.6 million. In a surprise, the government said the new levy will be paid by banks rather than individual bankers. After a decade under the Time-Warner umbrella, AOL Inc. will once again stand on its own when the company spins out from its big media parent this week. The new independent shares of AOL will begin trading Thursday. Onlookers are waiting to see if investors, who receive their allotment of stock on Wednesday, will stick with the company or dump their shares on fears about AOL's chances as an independent firm. And, securities markets in Dubai fell sharply for a third session on Wednesday, as investors continued to sell shares on worries over the uncertainty around Dubai World's debt woes. A big issue: it's unclear if Nakheel PJSC, the Dubai-owned developer whose parent is seeking to delay debt payments, will meet the Dec. 14 deadline to pay a $4 billion Islamic bond. Reports have said the company may offer investors of the Islamic bond, known as a sukuk, an 80 percent redemption, but rumors are rampant the pay out could be much lower. Other big decliners were Emaar, a government-related entity in property development, and the Dubai-based builder Arabtec, both down 9.9%. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 9 Dec 2009 | 8:00 am JPMorgan Gets A New London Landlord, Citigroup Gets A Few PoundsMore real-estate action in Canary Wharf: JPMorgan Chase's new building here in the Docklands was just sold for something more than a song. The sonorously-named Songbird Estates ditched the 315,000-square-foot building on Churchill place for £208 million, £38 million more than the company valued the building in September. Five Churchill Place is primarily occupied JPMorgan Markets.
Source: Dealbreaker | 9 Dec 2009 | 8:00 am Wardell Sees Oil Falling to $60 Range in Second Quarter: AudioSource: Bloomberg - All Podcasts | 9 Dec 2009 | 7:33 am Nelson Sees Record U.S. Soybean, Corn Crop for 2009: AudioSource: Bloomberg - All Podcasts | 9 Dec 2009 | 7:19 am 15 Creepiest Subversive Ads in HistoryCool ads push the boundaries of what is acceptable, helping us to think in new and exciting ways. But some just cross the line into downright creepiness… 15. Toyota Prius – Killer
Image via alexisgentry This spectacularly creepy advert from Toyota depicts a man dumping a body into a lake, with the line ‘Well at least he drives a Prius’. Suggesting that driving a Toyota can forgive all your sins is just downright too far – let’s just hope this didn’t give anyone any ideas… 14. NSPCC – Anti-Child Abuse
This billboard is the visual equivalent of the following conversation: ‘Where’s Archie mommy?’ ‘He’s dead. I killed him with a hatchet.’ Apart from the fact the scarily realistic blood is grotesque, surely this billboard would be even more creepy for kids on a day out in the back of the car? Mommy and Daddy have a surprise for you when we get home… and it’s not nice.
13. JBS Underwear – Women Behaving Badly
12. Use Condoms
11. IGN Surrogates – Sexy Robots
These posters have been all over NYC and use sexually provocative poses with the jarring addition of sections of exposed mechanical insides. Although everyone loves a saucy fembot, the juxtaposition between evil mechanical robot and sensual feminine flesh makes for uncomfortable viewing. 10. Tampax – Red
Image via adsoftheworld Adverts for women’s hygiene products always have massive potential to creep people out. The sheer volume of red on display here becomes nauseating as we gradually understand what this advert is getting at – anything that so forcefully and boldly draws attention to what really goes on down there really is just creepy (at least, for men). 9. Virgin Trains – Animal Sex Party
8. Dolce & Gabbana – Rose Tinted GlassesAlthough this raunchy commercial sets pulses racing, when the glasses are taken off and the hot girl spanking herself is revealed to be a rotund cleaning woman, we can’t help but feel a little freaked out. What’s more, it draws attention to the subversive nature of all advertising: presenting things through rose tinted glasses, in their best light – as such it provides a creepy reminder of the way advertising manipulates our lives on a daily basis. 6. Comfeze – Canadian Men In Diapers
5. Pakistani Airlines 1979 – Twin Towers
Image in public domain, via randomdribble This isn’t strictly speaking an example of ’subversive advertising’, but we felt merited a place in the list. The ad is real and meant to show the glory and cosmopolitan nature of PIA – Pakistani Airlines – but the shadow of a plane looming large on the twin towers comes off as extremely creepy in retrospect, especially given the irony that it is an ad for a Muslim country’s airlines. 4. Hansaplast Condoms – My Mom Said I Could
3.Deutsch Magazine – Dogs on Heat
Image via shockvertsiements Not much explanation needed here. This ad does not hold back on the bestiality and really does cross the line into downright scariness. We sincerely hope there aren’t people out there doing this – and in any case what impression does Deutsch magazine hope to give with this ad? 2.French Anti-Aids Campaign
Image via shockvertsiements These graphic and disturbing ads are part of a real life AIDS campaign conducted in France. They consist of images of a man having sex with a giant, black scorpion, and a woman receiving oral sex from an enormous, hairy tarantula, and once again, although they get the point across, we’re not sure if psychologically we’re any better off for it. 1. Plane Stupid – Polar Bears Falling From the Sky
Source: Business Pundit | 9 Dec 2009 | 6:06 am Office Christmas Party FAILKeep your dignity and your job this Christmas. Learn from this mistake.
Source: Business Pundit | 9 Dec 2009 | 6:03 am Beer Lovers’ Christmas Tree
Source: Business Pundit | 9 Dec 2009 | 4:14 am VW secures Asian presence with Suzuki dealVolkswagen 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
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