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MPC minutes: economists' reactionThe Bank of England's Monetary Policy Committee voted 9-0 to maintain its £200bn quantitative easing programme and hold interest rates at 0.5pc, minutes to their Decemeber meeting showed. Here are economists' comments on the minutes.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Dec 2009 | 3:32 am Jailhouse docs choose inmates over insuranceMore doctors are dropping their private practices, choosing to go to work behind bars treating murderers, rapists and other hardened criminals.Source: Business and financial news - CNNMoney.com | 23 Dec 2009 | 3:31 am Families halve their credit card spendingMortgage lending rose at its fastest rate since February in November, but credit card spending and demand for personal loans dwindled, as households reassessed their finances. Source: Latest Business News from Times Online | 23 Dec 2009 | 3:30 am Meet the hardest working SantasSource: Business and financial news - CNNMoney.com | 23 Dec 2009 | 3:29 am Nestle stops Zimbabwe operations after pressureHARARE (Reuters) - Swiss food company Nestle has suspended operations in Zimbabwe, complaining of harassment after it pulled out of a deal to buy milk from a farm taken over by President Robert Mugabe's family.Source: Reuters: Business News | 23 Dec 2009 | 3:29 am Exxon's drilling juggernautExxon Mobil may be getting more than it bargained for with its recent plan to purchase natural gas giant XTO Energy.Source: Business and financial news - CNNMoney.com | 23 Dec 2009 | 3:28 am Drop In Mass Lay-Offs Masks Trouble At Small BusinessesThe Labor Department says that “mass layoffs”, job cuts of 50 more more people simultaneously, hit a 16 month low in November. Incidents of big downsizing fell to 330 from 1,797 in October. There have been a total of 27,669 mass lay off incidents since the beginning of the year. That number may not be accurate at all. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Dec 2009 | 3:28 am Bank voted 9-0 for unchanged rateThe nine Bank of England policy committee members all voted to hold interest rates in December, minutes show.Source: BBC News | Business | World Edition | 23 Dec 2009 | 3:24 am Bank of England was united in policy decisionMembers of the Bank of England’s Monetary Policy Committee were unanimous in their decision earlier this month to stick to the 200 billion pound ($318.7 billion) target for bond purchases.
Source: MarketWatch.com - Top Stories | 23 Dec 2009 | 3:24 am Brick by brick: How Lego's fortunes transformedLego is thriving in spite of the global economy's problems. But things weren't always so good for the Danish toy giant.
Source: MarketWatch.com - Top Stories | 23 Dec 2009 | 3:23 am More pre-holiday cheer on Wall StreetStocks were poised to open higher Wednesday, continuing a positive week leading up to the Christmas holiday, as investors look ahead to reports on income and home sales.Source: Business and financial news - CNNMoney.com | 23 Dec 2009 | 3:17 am Lockheed secures Morocco contractUS defence group Lockheed Martin wins a contract worth $841.9m to supply Morocco with 24 F-16 fighter aircraft.Source: BBC News | Business | World Edition | 23 Dec 2009 | 3:14 am Hollywood Races Toward It First $10 Billion YearThe movie theater business was supposed to be ruined by TV. Then the VCR was supposed to draw audiences from movie houses, then DVDs, VOD, cable, and internet video. None of that has happened, at least not based on box office numbers. Hollywood.com predicts that total movie ticket sales will hit $10 billion later this week. The website, which [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Dec 2009 | 3:10 am Consumers look to pay off debtsHigh Street banks provide more evidence of consumers concentrating on savings and paying off debts in the downturn.Source: BBC News | Business | World Edition | 23 Dec 2009 | 3:10 am Winter rally keeps 2009 peaks in viewGlobal Markets Overview: Rising equity markets remain on course to recapture their best levels of the year, but momentum is threatened by pitiful volume as the pre-Christmas wind-down continuesSource: Financial Times - US homepage | 23 Dec 2009 | 3:06 am Bank is unanimous on holding rates at 0.5%The Bank of England voted unanimously to keep interest rates at an historic low of 0.5 per cent this month and to maintain its plan of buying £200 billion of gilts and corporate bonds by next February. Source: Latest Business News from Times Online | 23 Dec 2009 | 3:03 am Ford close to sealing Volvo sale to ChineseFord Motor is thought to be edging closer to completing a deal to sell Volvo to Zhejiang Geely of China for about $1.8 billion.$ Source: Latest Business News from Times Online | 23 Dec 2009 | 3:02 am Ford agrees to sell Volvo Cars to Geely: reportSTOCKHOLM (Reuters) - U.S. car maker Ford has agreed to sell Volvo cars to China's Zhejiang Geely and will present the deal at 5 a.m. EST, Swedish television reported on Wednesday.Source: Reuters: Business News | 23 Dec 2009 | 2:58 am Apple (AAPL) iPhone Does Well In Bogus Nielsen SurveyNielsen says that the Apple (NASDAQ:AAPL) iPhone is the No.1 mobile phone in the US, with a market share of 4%. The number is flawed because the iPhone number includes all models of the handset. The RIM (NASDAQ:RIMM) Blackberry ranks second in the survey with a 3.7% share, but this figure only includes its 800 series [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Dec 2009 | 2:55 am London Markets: Banks, oil producers lead U.K. market higherU.K. stocks rise Wednesday in the last full trading session before the Christmas holiday, with banks and oil producers in the lead.
Source: MarketWatch.com - Top Stories | 23 Dec 2009 | 2:54 am Oil prices rise before US inventory dataOil prices climbed on Wednesday as traders awaited the latest official reading on energy inventories in the United States, the world's biggest consumer. New York's main futures contract,Source: RSS feed - channel BNewsBusiness | 23 Dec 2009 | 2:43 am FTSE's rally continuesThe FTSE 100 remained around its best levels of the year on Wednesday, with continuing demand for resource and financial stocks as trade wound down for Christmas. The benchmark index gained 42 points...Source: RSS feed - channel BNPaperBusiness | 23 Dec 2009 | 2:36 am BoE voted 9-0 to keep interest rates and money printing steady in DecemberAll MPC members voted to keep interest rates at 0.5pc and leave quantitative easing at £200bn in December.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Dec 2009 | 2:36 am Microsoft Word sales ban upheldA US appeals court upholds a $290m (£182m) verdict against Microsoft in a patent dispute with Canadian company i4i.Source: BBC News | Business | World Edition | 23 Dec 2009 | 2:36 am Venezuela orders power rationingVenezuela imposes power cuts on industry and businesses to save its limited energy resources and avoid blackouts.Source: BBC News | Business | World Edition | 23 Dec 2009 | 2:27 am Stock index futures signal extended rally (Reuters)
Source: Yahoo! News: Stock Markets News | 23 Dec 2009 | 2:26 am Stock index futures signal extended rally(Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500 up 0.3 percent, Dow Jones futures up 0.25 percent and Nasdaq 100...Source: RSS feed - channel BNewsBusiness | 23 Dec 2009 | 2:26 am Stock index futures signal extended rally (Reuters)
Source: Yahoo! News: Business | 23 Dec 2009 | 2:26 am Stock index futures signal extended rally(Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500 up 0.3 percent, Dow Jones futures up 0.25 percent and Nasdaq 100 futures up 0.35 percent.Source: Reuters: Business News | 23 Dec 2009 | 2:26 am Futures Movers: Oil futures gain as API data show supply fallingOil futures trade higher as an industry report showsU.S. petroleum inventories declined last week, buoying hopes that demand will recover.
Source: MarketWatch.com - Top Stories | 23 Dec 2009 | 2:21 am Stocks, dollar rise after strong U.S. data (Reuters)
Source: Yahoo! News: Stock Markets News | 23 Dec 2009 | 2:19 am WRAPUP 2-Carlyle's China Pacific IPO up; CNR raises $2 bln* Carlyle's stake sees huge potential investment returnSource: RSS feed - channel BNewsBusiness | 23 Dec 2009 | 2:09 am UK recession the worst for company failures as nearly 27,000 go bust, says ConservativesMore British businesses have gone bust in the current recession than in any other downturn, the Tories said.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Dec 2009 | 2:08 am Media Digest 12/23/2009 Reuters, WSJ, NYTimes, FT, BloombergReuters: US business investment is rising. Reuters: Another outage shut down RIM’s (NYSE:RIMM) Blackberry network. Reuters: Geithner said tight lending could hurt US economy. Reuters: Microsoft (NASDAQ:MSFT) lost an appeal over IP in its Word software. Reuters: Hollywood may have its first $10 billion box office year. WSJ: Companies are concerned about the rise in costs attached to the healthcare [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Dec 2009 | 1:57 am Major hurdles cleared in Geely bid for Volvo: source (Reuters)Reuters - Ford Motor and Zhejiang Geely have addressed most of the big issues in the pending sale of Ford's Volvo car unit to the Chinese automaker, a source with knowledge of the talks said on Wednesday, paving the way for the biggest acquisition of a foreign automaker by a Chinese company.Source: Yahoo! News: Business | 23 Dec 2009 | 1:56 am Major hurdles cleared in Geely bid for Volvo: sourceHONG KONG (Reuters) - Ford Motor and Zhejiang Geely have addressed most of the big issues in the pending sale of Ford's Volvo car unit to the Chinese automaker, a source with knowledge of...Source: RSS feed - channel BNewsBusiness | 23 Dec 2009 | 1:56 am Mining and energy stocks fuel FTSE rallyA surge in mining and energy stocks saw London's leading share index continue its end of year rally today. Source: Latest Business News from Times Online | 23 Dec 2009 | 1:49 am Europe Markets: European shares at fourteen-month highsEuropean shares rise to 14-month highs on Wednesday morning, as banks and miners, which have made much of the running this year, gaining again.
Source: MarketWatch.com - Top Stories | 23 Dec 2009 | 1:46 am Major hurdles cleared in Geely bid for Volvo - sourceHONG KONG, Dec 23 (Reuters) - Ford Motor and Zhejiang Geely have addressed most of the big issues in the pending sale of Ford's Volvo car unit to the Chinese automaker, a source with knowledge of the...Source: RSS feed - channel BNewsBusiness | 23 Dec 2009 | 1:43 am UPDATE 3-Novartis invests $120 mln to secure new heart drug* Secures rights to heart failure drug in late-stage trialsSource: RSS feed - channel BNewsBusiness | 23 Dec 2009 | 1:43 am UPDATE 3-Novartis invests $120 mln to secure new heart drug* Secures rights to heart failure drug in late-stage trialsSource: RSS feed - channel BNewsBusiness | 23 Dec 2009 | 1:43 am Warren Buffett's Berkshire Hathaway cuts Moody's stake againWarren Buffett's Berkshire Hathaway has cut its stake in Moody's, the credit rating agency, for a sixth time since July.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Dec 2009 | 1:42 am World markets rise on stronger US housing sales (AP)
Source: Yahoo! News: Business | 23 Dec 2009 | 1:42 am World markets rise on stronger US housing sales (AP)
Source: Yahoo! News: Stock Markets News | 23 Dec 2009 | 1:42 am World markets rise on stronger US housing salesAsian and European stock markets were higher Wednesday after a jump in U.S. housing sales suggested the world's biggest economy is picking up speed. Shanghai, Seoul and Sydney all rose...Source: RSS feed - channel BNewsBusiness | 23 Dec 2009 | 1:42 am American Air jet crashes on landing in JamaicaForty-four people taken to hospital but no reported deaths so far.
Source: MarketWatch.com - Top Stories | 23 Dec 2009 | 1:27 am Asia Markets And Europe Open (12/23/2009)Markets in Asia were higher. The Nikkei did not trade due to the holiday. The Hang Seng rose 1.1% to 21323. China Life (NYSE:LFC) rose sharply. The Shanghai Composite was up .8% to 3,074. At the open, the was up .5% to 5,354 and Rio Tinto (NYSE:RTP) rose. the Dax was up .5% to 5,976. 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. | 23 Dec 2009 | 1:24 am World Bank lends Vietnam $500mThe World Bank approves a $500m loan to Vietnam from its low interest arm, its largest to the south east Asian country.Source: BBC News | Business | World Edition | 23 Dec 2009 | 1:13 am Winter rally keeps 2009 peaks in view08:10 GMT. The last full day's trading for many bourses before Christmas saw global stocks continue their winter rally and challenge 2009 peaks.The FTSE World index was up 0.3 per cent at 341.5, helped...Source: RSS feed - channel BNPaperBusiness | 23 Dec 2009 | 1:12 am Louisiana rice may rival Thai jasmine grain in USThe strain, called Jazzman, is being sold in Louisiana under several labels, the biggest being Jazzmen Rice LLC. A partner in Jazzmen, Andrew Wong, says the company expects to boost...Source: RSS feed - channel BNewsBusiness | 23 Dec 2009 | 1:09 am Ex-HSBC executive jailed in Hong Kong over bribeA former senior executive in HSBC's commercial banking department was jailed for 20 months in Hong Kong on Wednesday for taking a 60,000 US dollar bribe from a client. The city's...Source: RSS feed - channel BNewsBusiness | 23 Dec 2009 | 1:08 am Bruce Willis to get stake in Sobieski vodka maker BelvedereBruce Willis, the face of Belvedere's Sobieski vodka, will be paid with a stake in the French drinks company for a four-year extension to his contract that will see the actor getting involved in marketing.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Dec 2009 | 1:07 am Outside the Box: Market could gain 20 percent in 2010: EisenstadtSam Eisenstadt, credited with the research that formed the famed Value Line stock ranking system, says a careful analysis of stock market history gives decent odds that 2010 could very well be a very good year for equities.
Source: MarketWatch.com - Top Stories | 23 Dec 2009 | 1:05 am Rio Tinto agrees $2bn Alcan packaging sale$Rio Tinto today accepted a $2 billion ($£1.2 billion) offer for the bulk of its Alcan Packaging division from Amcor, the Australian packaging company, four months after the initial offer. Source: Latest Business News from Times Online | 23 Dec 2009 | 1:02 am No holiday joy for beauty salonsHairstylists and manicurists are starved for business as customers forgo traditional pampering and do it themselves. ...Source: RSS feed - channel BNPaperBusiness | 23 Dec 2009 | 1:00 am No holiday joy for beauty salonsHairstylists and manicurists are starved for business as customers forgo traditional pampering and do it themselves.During the holidays, Katie McCranie usually treats herself to a trip to the nail salon and an appointment with her hairstylist.
Source: L.A. Times - Business | 23 Dec 2009 | 1:00 am Obama urges community bankers to step up lendingIn a meeting at the White House, the president absolves small banks of blame for the financial crisis but says they have a key role to play in the economic recovery.President Obama met with community bankers at the White House on Tuesday and absolved them of blame for the financial crisis. But they didn't get off scot-free, as the president suggested they weren't lending enough.
Source: L.A. Times - Business | 23 Dec 2009 | 1:00 am Court says Microsoft violated patent, can't sell Word program after Jan. 11The software giant says it is preparing a new version of the product, with the computer code in question removed, that will be ready for sale after the injunction takes effect.A federal appeals court ordered Microsoft Corp. to stop selling its Word program in January and pay a Canadian software company $290 million for violating a patent, upholding the judgment of a lower court.
Source: L.A. Times - Business | 23 Dec 2009 | 1:00 am Bereavement fares may offer little comfortThe options can be confusing, and passengers may be better off searching for discounted airline tickets on their own, analysts say.Death may be one of life's only certainties. But that doesn't make it any easier for consumers dazed with worry or grief to plan last-minute air travel for family funerals and end-of-life care.
Source: L.A. Times - Business | 23 Dec 2009 | 1:00 am Rising Treasury yields bad news for home buyersWith investors less eager to buy government bonds, concerns grow that costlier mortgages could kill recent momentum in home sales. ...Source: RSS feed - channel BNPaperBusiness | 23 Dec 2009 | 1:00 am Rising Treasury yields bad news for home buyersWith investors less eager to buy government bonds, concerns grow that costlier mortgages could kill recent momentum in home sales.Investors continue to have little appetite for Treasury bonds, and that's a problem for home buyers and people hoping to refinance their mortgages.
Source: L.A. Times - Business | 23 Dec 2009 | 1:00 am Tales of woe ring true in L.A. jewelry districtSome merchants are selling gold as scrap just to surviveI knew things would be bad even before I set out this week to see how jewelry stores were faring this holiday season.
Source: L.A. Times - Business | 23 Dec 2009 | 1:00 am Court says Microsoft violated patent, can't sell Word program after Jan. 11The software giant says it is preparing a new version of the product, with the computer code in question removed, that will be ready for sale after the injunction takes effect. ...Source: RSS feed - channel BNPaperBusiness | 23 Dec 2009 | 1:00 am Starz names Chris Albrecht president and chief executiveThe former HBO chief says his main task will be to 'build a distinct brand' for the cable network.Chris Albrecht, the Hollywood executive who transformed HBO into a cable TV powerhouse before a high-profile arrest forced his departure, has been named president and chief executive of Liberty Media Corp.'s pay cable and movie unit Starz.
Source: L.A. Times - Business | 23 Dec 2009 | 1:00 am Comcast executive joins Berkshire Hathaway boardSteve Burke, who will oversee NBC Universal after the media firm merges into the cable company, is described by Warren Buffett as 'business-savvy and owner-oriented.' ...Source: RSS feed - channel BNPaperBusiness | 23 Dec 2009 | 1:00 am Boeing's 787 Dreamliner is no lightweightDays before the plane's maiden flight last week, Boeing published a document for airlines that suggests to industry experts that the 787 continues to exceed its original target weight by a few tons.Despite Boeing's strenuous efforts to reduce the 787 Dreamliner's weight, the plane weighed more than expected when it first rolled out two years ago.
Source: L.A. Times - Business | 23 Dec 2009 | 1:00 am Toyota found to keep tight lid on potential safety problemsA Times investigation shows the world's largest automaker has delayed recalls and attempted to blame human error in cases where owners claimed vehicle defects.During a routine test on its Sienna minivan in April 2003, Toyota Motor Corp. engineers discovered that a plastic panel could come loose and cause the gas pedal to stick, potentially making the vehicle accelerate out of control.
Source: L.A. Times - Business | 23 Dec 2009 | 1:00 am Bereavement fares may offer little comfortThe options can be confusing, and passengers may be better off searching for discounted airline tickets on their own, analysts say. ...Source: RSS feed - channel BNPaperBusiness | 23 Dec 2009 | 1:00 am Starz names Chris Albrecht president and chief executiveThe former HBO chief says his main task will be to 'build a distinct brand' for the cable network. Chris Albrecht,...Source: RSS feed - channel BNPaperBusiness | 23 Dec 2009 | 1:00 am Obama urges community bankers to step up lendingIn a meeting at the White House, the president absolves small banks of blame for the financial crisis but says they have a key role to play in the economic recovery. ...Source: RSS feed - channel BNPaperBusiness | 23 Dec 2009 | 1:00 am Sales of existing homes soar 7.4% in U.S.Buyers looking to take advantage of a federal tax credit for first-time owners helped boost sales in November compared with October.The nation's housing market showed fresh strength in November, as buyers looking to take advantage of a tax credit for first-time purchases pushed up sales of previously owned homes by 7.4%.
Source: L.A. Times - Business | 23 Dec 2009 | 1:00 am Wall St. extends gains on strong housing reportHome resales jump 7.4% to their highest level in nearly three years. Dow Jones Industrials rises nearly 51 points to 14-month high. ...Source: RSS feed - channel BNPaperBusiness | 23 Dec 2009 | 1:00 am Long-term jobless 'double'The number of people claiming Jobseeker's Allowance for more than a year has nearly doubled, the TUC says.Source: BBC News | Business | World Edition | 23 Dec 2009 | 12:59 am Rio Tinto accepts $2bn Alcan dealRio Tinto formally accepts a $2bn offer by Australian firm Amcor for four units of its Alcan Packaging businesses.Source: BBC News | Business | World Edition | 23 Dec 2009 | 12:17 am FBI investigates cyber attack on Citigroup, WSJ reportsBank denies report that FBI is investigating a hacker attack on Citigroup that led to the theft of tens of millions of dollars.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Dec 2009 | 12:02 am Asia Markets: History points to holiday-season rally in AsiaInvestors tempted to lighten their Asian stock portfolios as the year winds down should remember that we are now entering what are historically the best three months of returns for the region’s equities.
Source: MarketWatch.com - Top Stories | 23 Dec 2009 | 12:01 am Mark Hulbert: Gold sentiment picture rapidly improvingAfter first responding to gold's recent correction by stubbornly remaining bullish, and then only begrudgingly walking towards the exits, the gold timers are now finally throwing in the towel.
Source: MarketWatch.com - Top Stories | 22 Dec 2009 | 11:53 pm Dollar falls on weak GDP report, strong USThe New Zealand dollar fell below US70c today as weaker than expected gross domestic product data reduced the perceived need for tighter monetary policy and as the United States dollar continued its recovery.The 0.2 per cent rise...Source: nzherald.co.nz - Business | 22 Dec 2009 | 10:49 pm Chuck Jaffe: Seven money targets within your reachI have always hated resolutions; they strike me as overblown promises, forgotten the moment the resolve is broken. That’s why I have always used a goal-setting strategy for the new year. It allows for an off-day -- or a stretch of several months where the target is out of mind -- but also gives a deadline to get things done.
Source: MarketWatch.com - Top Stories | 22 Dec 2009 | 10:03 pm Hot Sector, Cool HandThe Baron iOpportunity Fund's bold bets on tech have paid. Why Amazon is absent.
Source: SmartMoney.com | 22 Dec 2009 | 10:00 pm How to Navigate Return Policies (Deal of the Day)Be prepared: Less inventory could make holiday returns more challenging this year.
Source: SmartMoney.com | 22 Dec 2009 | 10:00 pm 3 Stocks Generating 8% Free Cash Flow (Screens)They've got more than enough money to keep shareholder perks coming.
Source: SmartMoney.com | 22 Dec 2009 | 10:00 pm Make Bank on Bank LoansWhen banks loan to large companies, small investors can cash in.
Source: SmartMoney.com | 22 Dec 2009 | 10:00 pm The Right Way to Roll Over Retirement Plans to an IRA (The Tax Guy)Bischoff: Mishandling this key task when leaving a job can be costly.
Source: SmartMoney.com | 22 Dec 2009 | 10:00 pm Rajaratnam objects to scheduling of Galleon casesNEW YORK (Reuters) - Lawyers for Galleon hedge fund founder Raj Rajaratnam objected on Tuesday to the government's request to schedule his criminal trial ahead of a parallel SEC case, saying the move could compromise the defense's case.Source: Reuters: Business News | 22 Dec 2009 | 8:48 pm Microsoft loses Word appeal, will adjust programSEATTLE (Reuters) - Microsoft Corp said on Tuesday it will tweak its Word application to remove a feature judged to be a breach of patent, ensuring that it will be able to continue selling one of its most widely used programs.Source: Reuters: Business News | 22 Dec 2009 | 8:48 pm FBI probes cyber attack on Citigroup: reportNEW YORK (Reuters) - The Federal Bureau of Investigation is probing a computer hacking that targeted Citigroup Inc and resulted in the theft of tens of millions of dollars, The Wall Street Journal reported on Tuesday, but the financial institution denied its systems had been breached.Source: Reuters: Business News | 22 Dec 2009 | 6:28 pm Obama urges community banks to lend morePresident Obama brought a dozen community bankers to the White House Tuesday to press them to boost their lending to small businesses.Source: Business and financial news - CNNMoney.com | 22 Dec 2009 | 6:04 pm Economy continues slow resurgenceNew Zealand is - slowly but surely - emerging from the recession, with figures showing a second successive quarter of slight growth.Gross domestic product (GDP) figures released today showed the New Zealand economy grew slowly...Source: nzherald.co.nz - Business | 22 Dec 2009 | 6:00 pm Airport wins appeal over landThe Court of Appeal has dismissed an appeal from the former owners of land purchased for the construction of Auckland International Airport.The airport said the decision confirmed the company's view that the claim was without...Source: nzherald.co.nz - Business | 22 Dec 2009 | 5:30 pm BNZ latest to hike mortgage ratesBNZ has become the latest bank to increase fixed mortgage rates, following moves in the last week by Kiwibank, Westpac, TSB and National Bank.BNZ raised its one year Standard and Fly Buys mortgage rate by 26 basis points (bps)...Source: nzherald.co.nz - Business | 22 Dec 2009 | 5:05 pm Microsoft to pay $290m damages for patent infringement$Microsoft has been barred from selling its flagship word processor Word and must pay $290 million in damges for infringing a patent held by a small Canadian software company, i4i.$ Source: Latest Business News from Times Online | 22 Dec 2009 | 5:01 pm The playboy and the Tory party leaderPhotographs have a habit of coming back to haunt David Cameron. First there was the shot of him in his Bullingdon Club finery. Then there was the charming guy in a hooded top pointing a gunlike finger at his head after he had encouraged us all to hug a hoody. And now we have a party snap of him and his wife posing with a smoothie businessman and a pneumatic lady friend. This last one threatens to revive an image in the mind of voters that the Tory leader has spent the best part of the last five years trying to shake off. Source: Latest Business News from Times Online | 22 Dec 2009 | 5:01 pm Copenhagen’s failure may leave plans for new nuclear power stations high and dryThe failure of the United Nations summit in Copenhagen to produce a firm agreement on climate change has jeopardised plans to build a new generation of nuclear power stations in Britain. Source: Latest Business News from Times Online | 22 Dec 2009 | 5:01 pm France spurns domestic group and orders BAE armoured vehicleThe French Government has bought its first piece of military equipment from Britain in decades and, in the process, overlooked the claims of a French company. Source: Latest Business News from Times Online | 22 Dec 2009 | 5:01 pm Business big shot: Jon Pither, of Tanfield GroupAn association with several failed businesses or having unwittingly advised a man who later was convicted for fraud may not be the ideal basis for becoming chairman of a listed company. But Jon Pither saw off the sceptics yesterday when he was hired to chair Tanfield Group, the maker of electric cars. Source: Latest Business News from Times Online | 22 Dec 2009 | 5:01 pm Nasdaq seeks info from Koss after shares frozen (AP)AP - The Nasdaq Stock Market said Tuesday it has changed the status of Koss Corp.'s trading halt to a request for additional information, after the exchange froze trading in the shares Monday on pending news.Source: Yahoo! News: Stock Markets News | 22 Dec 2009 | 4:53 pm Dollar Strength, Oil Services, Danaher, 3M: TakingStock PodcastSource: Bloomberg - All Podcasts | 22 Dec 2009 | 4:48 pm Icy blast puts paid to shoppingSuper Saturday in the US - the last Saturday before Christmas and usually ranked as the biggest or second-biggest sales day of the year - got walloped by a big East Coast snow storm that kept many shoppers at home.And that spells...Source: nzherald.co.nz - Business | 22 Dec 2009 | 4:45 pm Investors earmark $1 billion for CitadelBOSTON (Reuters) - Investors are ready to bet big again on superstar hedge fund manager Kenneth Griffin, having told his Citadel Investment Group that they plan to commit $1 billion early next year, people familiar with the matter said.Source: Reuters: Business News | 22 Dec 2009 | 4:35 pm Berkshire broadens board with Comcast's BurkeNEW YORK (Reuters) - Warren Buffett's Berkshire Hathaway Inc said on Tuesday Comcast Corp Chief Operating Officer Stephen Burke has been elected as a director, helping broaden a board that consists mainly of long-time insiders.Source: Reuters: Business News | 22 Dec 2009 | 4:32 pm Rajaratnam objects to scheduling of Galleon cases (Reuters)Reuters - Lawyers for Galleon hedge fund founder Raj Rajaratnam objected on Tuesday to the government's request to schedule his criminal trial ahead of a parallel SEC case, saying the move could compromise the defense's case.Source: Yahoo! News: Stock Markets News | 22 Dec 2009 | 4:29 pm Rajaratnam objects to scheduling of Galleon cases (Reuters)Reuters - Lawyers for Galleon hedge fund founder Raj Rajaratnam objected on Tuesday to the government's request to schedule his criminal trial ahead of a parallel SEC case, saying the move could compromise the defense's case.Source: Yahoo! News: Business | 22 Dec 2009 | 4:29 pm East Coast snowstorm took toll on holiday sales (AP)
Source: Yahoo! News: Business | 22 Dec 2009 | 4:26 pm Top hedge funds bet on big rise in yieldsThe recent rise in long-term US interest rates has come as good news for several leading hedge fund managersSource: Financial Times - US homepage | 22 Dec 2009 | 4:21 pm Warner launches video-on-demand in EuropeHollywood studios are eyeing a significant shift in the way they make their films available to rent after Warner Brothers launched a Europe-wide video-on-demand pushSource: Financial Times - US homepage | 22 Dec 2009 | 4:11 pm Financial reform is flawed, says CBOE chiefBill Brodsky, chief executive of the Chicago Board Options Exchange, says the debate on Capitol Hill over reforming financial regulation focuses on the wrong issuesSource: Financial Times - US homepage | 22 Dec 2009 | 4:04 pm How we learnt nothingThis was the year we learnt nothing and changed nothing. We still have an unbalanced economy where activity is dominated by the housing market, consumer spending driven by the housing market, and where business investment is weak....Source: nzherald.co.nz - Business | 22 Dec 2009 | 4:00 pm Stocks rise for 3rd day after jump in home sales (AP)
Source: Yahoo! News: Stock Markets News | 22 Dec 2009 | 3:47 pm Sharemarket firmer in quiet tradingThe sharemarket was up slightly in quiet early trading today ahead of the Christmas holiday break.The benchmark NZX-50 index was up 3.3 points or 0.1 per cent to 3182.49 in the first 10 minutes, following yesterday's gain and...Source: nzherald.co.nz - Business | 22 Dec 2009 | 3:44 pm Climate change alliance crumblingCracks emerge in the alliance on climate change formed at the Copenhagen conference, as leading developing countries criticise the resulting accordSource: Financial Times - US homepage | 22 Dec 2009 | 3:23 pm How the major stock indexes fared on Tuesday (AP)AP - Stocks pushed higher for a third day after a surprisingly strong report on housing provided the latest evidence that the economy is picking up speed.Source: Yahoo! News: Stock Markets News | 22 Dec 2009 | 3:19 pm Greenlaw Sees U.S. Mortgage Rates Rising to 7.5% or 8%: AudioSource: Bloomberg - All Podcasts | 22 Dec 2009 | 3:17 pm AMR, KB Home, Ticketmaster 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 | 22 Dec 2009 | 3:02 pm AMR, KB Home, Ticketmaster 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: Business | 22 Dec 2009 | 3:02 pm US growth rate revised downwardsThe US economy grew at an annualised rate of 2.2% in the July to September period, the second downwards revision.Source: BBC News | Business | World Edition | 22 Dec 2009 | 3:00 pm Small banks are headed for big problemsThe New Year is shaping up to be a rough one for community lenders.Source: Business and financial news - CNNMoney.com | 22 Dec 2009 | 2:48 pm Aging baby boomers = nursing shortageAmerica could be facing a nursing shortage that will worsen exponentially as the population grows older.Source: Business and financial news - CNNMoney.com | 22 Dec 2009 | 2:42 pm Write-Offs: 12.22.09$$$ Ackman Says Mall Operator Undervalued [Dealbook] $$$ Pot-Laced Tour Bus Becomes Property of FDIC as U.S. Banks Go Up In Smoke [Bloomberg] $$$ The Great Recession's Ten Commandments [TRB] $$$ Volcker Goes On The Offensive [The Deal] 
 Source: Dealbreaker | 22 Dec 2009 | 2:40 pm Fiat unveils one million car planFiat unveils plans to increase annual car production in Italy to one million, but says it will still shut its Sicily factory.Source: BBC News | Business | World Edition | 22 Dec 2009 | 2:31 pm Senate rewrites financial reformMore than a year after the financial system blew up, efforts to build a better financial regulatory system are just now getting hammered out in the Senate.Source: Business and financial news - CNNMoney.com | 22 Dec 2009 | 2:22 pm U.S. home sales bolster economic growth prospectsWASHINGTON (Reuters) - Sales of previously owned U.S. homes jumped to the highest level in nearly three years last month, the latest sign the economic recovery was gaining steam after growing below expectations in the third quarter.Source: Reuters: Business News | 22 Dec 2009 | 2:20 pm Microsoft loses $290M patent case over Word '07A federal appeals court on Tuesday upheld a lower court's $290 million patent infringement ruling against Microsoft that will prevent the world's largest software maker from selling the current version its popular Word program.Source: Business and financial news - CNNMoney.com | 22 Dec 2009 | 2:20 pm Microsoft hit by court rulingA federal appeals court has ordered Microsoft to stop selling its Word program in January and pay a Canadian software company US$290 ($412) million for violating a patent, upholding the judgment of a lower court.But people looking...Source: nzherald.co.nz - Business | 22 Dec 2009 | 2:20 pm The iPhone is 2009's top sellerSource: Business and financial news - CNNMoney.com | 22 Dec 2009 | 2:09 pm 52-Week High Club (GOOG, JBL, PRGS)Google Inc. (NASDAQ: GOOG) rose close to 0.5% to a yearly high of $601.50, carried by the momentum of the market. Jabil Circuit Inc. (NYSE: JBL) rose over 14% to a yearly high of $17.13 after the electronics manufacturer announced a first quarter profit of $0.32 per share, beating analyst estimates. Progress Software Corporation (NASDAQ: PRGS) rose [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Dec 2009 | 2:07 pm Bonuses at German banks come quietlyThere's a growing backlash, both here and abroad, against banks that got government bailouts and are now making big money again. The U.K. and France are imposing steep one-time taxes on big bonuses. Marketplace's Amy Scott checked out the mood in Germany's financial capital.Source: Marketplace | 22 Dec 2009 | 2:02 pm Good news! Home ownership is downCommentator Susan Lee says the indirect costs of government subsidies that encourage people to buy homes hugely outweigh the benefits. That's why she sees the fifth-straight year of declining home ownership a good thing.Source: Marketplace | 22 Dec 2009 | 2:01 pm Podcast: Shopping Center Economics
Alex chats up the man who only needs one name -- Maguire. (Amy Stevens/NPR) On today's Planet Money: Another very special radio competition. We sent Adam Davidson, Chana Joffe-Walt and Alex Blumberg to the International Council of Shopping Centers' New York Conference and challenged them to bring back the best economics stories they could find. Listen to their stories, hear our panel of celebrity judges weigh in and then decide who you think should be the winner. Bonus: Listen to each story individually and vote for the winner, after the jump. Download the podcast; or subscribe. Intro music: Flying Lizards' "Money." Find us: Twitter/ Facebook/ Flickr. Adam meets the anti-mall radicals. Chana goes in search of the cool kids. Alex meets the burger king. Cast your vote before the poll closes at 11:59 PM on Wednesday December 23!
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 22 Dec 2009 | 2:00 pm Mass layoffs hit 16-month low in NovemberWASHINGTON (Reuters) - The number of mass layoffs actions by U.S. employers fell in November to the their lowest level in 16 months, government data showed on Tuesday, offering more evidence of labor market stability.Source: Reuters: Business News | 22 Dec 2009 | 1:54 pm Mass layoffs hit 16-month low in November (Reuters)
Source: Yahoo! News: Business | 22 Dec 2009 | 1:54 pm Sierra Pacific says tender offer has expired (AP)AP - Sierra Pacific Power Co. said Tuesday that a tender offer has expired for its 6.75 percent general and refunding mortgage notes due 2037.Source: Yahoo! News: Business | 22 Dec 2009 | 1:53 pm AIG To Remain In The Insurance BusinessThis Robert Benmosche is a pretty sharp guy. He thinks that an insurance company should insure things, even if that means that Tim Geithner & Co. are going to have to wait longer for their money. AIG has put the kibosh on plans to rid itself of Chartis, its property and casualty unit, which it has spent the last eight months preparing for sale. It even renamed it for the purpose, to get rid of that awful Hank Greenberg smell.
Source: Dealbreaker | 22 Dec 2009 | 1:41 pm Families make biggest savings ever to clear debtThe average household saved almost £300 a month in the three months to September, according to the ONS.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Dec 2009 | 1:33 pm Kiwi hovers around US70cThe New Zealand dollar hovered above US70c this morning, as the market awaited the release of third quarter GDP statistics.In a morning brief, ANZ senior markets economist Khoon Goh said the GDP figure would take the focus of...Source: nzherald.co.nz - Business | 22 Dec 2009 | 1:30 pm Shanks closes books to CarlyleWaste management group Shanks has refused to open its books to Carlyle, its private equity suitor, until the new year after the US buy-out house refused to increase its 135p-a-share cash offer.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Dec 2009 | 1:27 pm How to rebalance the world economyThe financial crisis is over; yet a durable recovery is not yet in place. The job ahead is to make the global recovery sustainableSource: Financial Times - US homepage | 22 Dec 2009 | 1:14 pm RBS's O'Donnell Discusses Treasuries, Yield Curve: AudioSource: Bloomberg - All Podcasts | 22 Dec 2009 | 1:14 pm Jaffe Discusses U.S. Retail Sales, Holiday Shopping: AudioSource: Bloomberg - All Podcasts | 22 Dec 2009 | 1:13 pm CIBC's Tal Discusses U.S. Housing, Consumer Spending: AudioSource: Bloomberg - All Podcasts | 22 Dec 2009 | 1:10 pm Ritholtz Discusses U.S. Stocks, Retail, Economy: AudioSource: Bloomberg - All Podcasts | 22 Dec 2009 | 1:09 pm Iberdrola Renovables Upgraded, GigaMedia Downgraded: AudioSource: Bloomberg - All Podcasts | 22 Dec 2009 | 1:08 pm SFO called in over First Step loan dealsThe trustee of six investment trusts set up by Money Managers says it has called in the Serious Fraud Office and is preparing to take legal action over allegations of "improprieties" by some of the parties the trusts lent money to.The...Source: nzherald.co.nz - Business | 22 Dec 2009 | 1:00 pm Why A Rising Yield Curve May Be Good News
Treasury Yield Curve (Source: The U.S. Federal Reserve) By Daniel Costello There are a few reasons to be cautiously optimistic about the nascent economic recovery. GDP is rising modestly; the stock market is near a one-year high; and the dollar continues its rise on stronger corporate news and growing concerns about risky emerging markets from Europe to the Middle East. One more positive harbinger of good news: the yield curve -- a key predictor of the economy -- hit a record high Tuesday, signaling investors are growing more optimistic about the health of the economy. The definition of the yield curve sounds jargony. It's the relationship between yields and maturity dates for a portfolio of similar bonds at a given point in time that helps illustrate the direction of interest rates. In short, it's the spread between long- and short-term interest rates. Since President Richard Nixon announced in 1971 that the U.S. dollar would no longer be based on the gold standard, initiating the era of floating exchange rates, economists have argued that the slope of the yield curve is a good predictor of future economic activity. In situations when this gap increases, like right now, the economy is expected to improve quickly in the future. This type of curve can often be seen at the beginning of an economic expansion (or after the end of a recession). Here, economic stagnation will have depressed short-term interest rates; rates often begin to rise once the demand for money is restarted by growing economic activity. Historically, the 20-year Treasury bond yield has averaged approximately two percentage points above that of three-month Treasury bills. This week, the difference between shorter-term 2-year notes and longer-term 10-year note yields is now at its highest level ever at 2.86 percent. It finished Monday at 2.78 percent, which topped the previous record of 2.76 percent set in June. A year ago, the gauge was at 1.29 percent. The last time the yield curve was even near current levels was in 1992 and 2003, when the economy was coming out of recession. The rise in Treasury yields also underscores growing anxiety about rising U.S. debt levels, as government spending drives the deficit to a record $1.4 trillion, and the resulting specter of future inflation. Investor appetite for longer-dated government bonds falls on expectations of inflation because inflation eats into a bond's fixed return over time. Shorter-dated maturities suffer less as their yields are anchored by the Federal Reserve policy of keeping short-term rates at historically low levels. Bond prices move inversely to their yields. As investors are turning to riskier assets for higher returns, the U.S. government may need to pay up for a record amount of debt sales to fund a widening budget deficit while supporting the economy. One big caveat: if the Fed continues to keep short-term rates at historic lows it could create new asset bubbles and lead to even more inflation. That, in turn, could warp economic growth. And higher longer-term yields would eventually lead to higher mortgage rates, which could in turn eventually slow or stop any recovery in the housing market. For right now, the news is at least partially comforting. But, as any economist will say, beyond that no one knows for sure. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 22 Dec 2009 | 12:59 pm Weak pound 'starting to reap rewards'The biggest sterling devaluation since the collapse of the Gold Standard in the 1930s is starting to reap rewards.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Dec 2009 | 12:48 pm Banks should regulate themselves and treat their customers fairlyWhen the Office of Fair Trading (OFT) was defeated by the banks in the Supreme Court over unauthorised overdraft fees in November, I accused the OFT and other regulators of infantilising everyday life. "Regulators treat consumers like sheep, but they make poor shepherds," was the headline.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Dec 2009 | 12:37 pm Microsoft loses Word appeal, will adjust program (Reuters)
Source: Yahoo! News: Business | 22 Dec 2009 | 12:28 pm US town halls find fresh angles to meet recessionThe financial crisis will result in different ways of doing business in municipalities struggling to cope with budget deficitsSource: Financial Times - US homepage | 22 Dec 2009 | 12:17 pm How will China respond to WTO ruling?A World Trade Organization ruling intended to open the Chinese market to foreign films, music and books is being hailed as a major victory for America's cultural exports. But how the Chinese will respond is still not clear. Nancy Marshall Genzer reports.Source: Marketplace | 22 Dec 2009 | 11:58 am Green stimulus benefits foreign firmsForeign-owned companies are getting a big chunk of the U.S. government's green stimulus dollars, but it might be unavoidable. Sarah Gardner reports.Source: Marketplace | 22 Dec 2009 | 11:58 am Bank's failure gets personalFirst Federal Bank of California joined the list of failed banks this past weekend. One of its customers was Marketplace Senior Editor Paddy Hirsch. He tells host Bob Moon how he's gotten a bitter taste of what that failure means.Source: Marketplace | 22 Dec 2009 | 11:58 am New cyber czar has tough job aheadThe White House has announced that Howard Schmidt, formerly of Microsoft and eBay, will be its new cybersecurity coordinator -- more than six months after President Obama said he was creating the position. Why so long to name Schmidt? John Dimsdale reports.Source: Marketplace | 22 Dec 2009 | 11:58 am Small banks have difficulty lending tooPresident Obama has told the heads of some of the nation's smaller banks that he wants the same thing from them that he wants from large banks -- more lending. The smaller banks claim that's easier said than done. Jeremy Hobson reports.Source: Marketplace | 22 Dec 2009 | 11:58 am Sell! Sell! Sell!
Nasdaq Dubai is set to be bought by the Dubai Financial Market for $102 million and a 1% stake in itself. Which means that the good people at Nasdaq OMX get to experience what everyone else who invested in Dubai experienced: a 70% write-down.
Source: Dealbreaker | 22 Dec 2009 | 11:25 am US healthcare reform battle not overSenate Democrats may be on the brink of passing a sweeping healthcare reform bill, but attention is already starting to turn to the next battle: the negotiations between House and Senate leaders over the final shape of the legislationSource: Financial Times - US homepage | 22 Dec 2009 | 11:07 am A look at economic developments around the globe (AP)AP - A look at economic developments and activity in major stock markets around the world Tuesday:Source: Yahoo! News: Stock Markets News | 22 Dec 2009 | 10:56 am Watch: The Economic Rap Battle Of The CenturyBy Caitlin Kenney It may surprise you to hear that George Mason University economist and Planet Money friend, Russ Roberts, has been hard at work on a rap video, but it's true. Roberts and Spike TV producer/director and self described "amateur economic junkie" John Papola are making a music video about the competing business cycle theories of John Maynard Keynes and Friedrich Hayek. The video is still a work in progress but PBS Newshour has a nice preview. We look forward to seeing the finished product. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 22 Dec 2009 | 10:56 am Former Governors Of New York: They're Just Like Us!
"Yesterday evening suffered a 6 hour delay waiting for JetBlue ... But Christmas came early with a Spitzer sighting at the gate... An unshaven Spitzer was cruising around gates A20-A24 conservatively dressed in blazer, khakis with the appropriate accessories... Wife and Kids! Perhaps purgatory for Elliot is a Continental flight at EWR?
Source: Dealbreaker | 22 Dec 2009 | 10:55 am Longer Treasury Yields Reaching Critical JunctureThe yield on the 30-Year Treasury Bond is now over 4.60% and the 10-Year Treasury Note is yielding 3.75%. It was just at the last bond auction that the T-Bond was 4.49% and sold at 4.52%, and the 10-Year’s yield was a mere 3.20% on November’s closing yield. Most traders will look at the prices [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Dec 2009 | 10:51 am Modest Needs Foundation: Help Out People Affected by the Financial Crisis
If you have $10-20 to give this season, a foundation called Modest Needs lets you find an individual or organization for whom that amount could make a positive difference. The cool thing about Modest Needs, which was just featured in CNN, is that it crowdsources small donations to make big changes for a person or charity whose cause means a lot to you. I’m excited that somebody made it so easy to help people stuck in a personal financial crisis situation (these days, there are many). CNN has more: Here’s how it works: People e-mail their requests — help with rent or a car repair or a medical bill, for example — to Modest Needs, whose seven-person staff researches and verifies their legitimacy. The vetted requests are then posted on ModestNeeds.org, where donors can choose which ones they want to help fund. Once the funding level is reached, a check is sent out. Gift certificates are available. A donor can contribute any amount and then let the gift recipient decide where it should go. “You’re talking about huge, huge numbers of individual people giving just a little bit of what they have to make the lives of people who have short-term emergencies a little bit better by just keeping them on track, keeping them out of the social services system altogether,” (founder Keith) Taylor said. Those individual contributions are multiplied by matching grants from larger donors. People often don’t realize how powerful just 10 or 20 dollars can be, Taylor said. In many cases, a small amount can stop a crisis in its tracks. “It’s wonderful to see what this does for people,” Taylor said. “You don’t find out until after the fact what kind of an impact these little contributions that people are making; … you have no idea what kind of a change you really are making in the person’s life.” It’s nice to give back to people in your own country, Kiva-style. I encourage you to check out the site.
Source: Business Pundit | 22 Dec 2009 | 10:22 am FTSE 100 rises on positive economic data (AFP)
Source: Yahoo! News: Stock Markets News | 22 Dec 2009 | 10:20 am Technical Event Alert Coming in Major Financials (FAS, XLF, JPM, BAC, WFC, GS, C)There is a key technical event that may be close to occurring in some of the major banking and financial stocks. These have all used the 50-day moving average as a key pivot point since at least July, and of late this moving average has acted as resistance as well. This may be representative of [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Dec 2009 | 10:19 am Opec indicates $70-$80 oil price targetThe Opec oil cartel has given the strongest indication yet it aims to keep oil prices at $70-$80 a barrel next year as it tries to support the economic recoverySource: Financial Times - US homepage | 22 Dec 2009 | 10:12 am We Are Doomed
Equally unfortunate video below the fold.
Source: Dealbreaker | 22 Dec 2009 | 10:07 am Presented By:Source: Dealbreaker | 22 Dec 2009 | 10:00 am Does Goldman Sachs' Coffee Taste Like Ass?Maybe! And it wouldn't be the first time Lloyd and Co. tried to break morale via unconscionable snack and beverage conditions. According to a mole, Goldman apparently stocks the cheapest, worst generic coffee imaginable in its staff kitchens - despite protests from the caffeine-deficient. "It's beyond horrible," explained our source. "You work a lot of hours so you have to go down to the cafeteria and spend money on Starbucks or Dunkin' Donuts."
Source: Dealbreaker | 22 Dec 2009 | 10:00 am Shaw on Greek Debt, Juckes on Economy, Bronzo on Stocks: AudioSource: Bloomberg - All Podcasts | 22 Dec 2009 | 9:52 am Stem cells help cure blindnessA stem cell treatment developed in Newcastle has restored good vision to eight people who had lost sight in one eyeSource: Financial Times - US homepage | 22 Dec 2009 | 9:50 am Arrow Trucking Lays Off Employees by Stranding Them at Truck Stops
Tulsa-based Arrow Trucking is leaving its drivers around the country stranded as it faces financial difficulty. Tulsa World reports: An administrative aide at the company, who did not want to be identified, said the company executives told about 200 people in the offices at 4230 S. Elwood Ave. to pack their belongings and go home Tuesday morning. And workers could be seen carrying boxes out from the company’s offices as wrecker trucks hauled semitrailers away. Most of the telephones at the company were not working, she said. (One source) said workers weren’t given their last paychecks and benefits have been cut off. Some drivers are stranded along their Arrow, which operates about 1,400 trucks throughout the United States, is in financial difficulty, drivers say. Ouch. That is one nasty way to lay off employees. I hope they have a good explanation for this.
Source: Business Pundit | 22 Dec 2009 | 9:35 am Tavern on the Green Closing, Ending a Family Legacy
Tavern on the Green, the legendary Central Park restaurant that used to be one of the highest-grossing establishments in the country, is closing on December 31. In August 2009, the restaurant lost a bid to renew its operating license with the New York City Department of Parks and Recreation. One month later, Tavern on the Green filed for Chapter 11 bankruptcy. The restaurant building will be empty on January 1, 2010, anticipating a new owner. There’s quite a backstory to Tavern on the Green’s failure, according to Crain’s New York Business. After charismatic owner Warner LeRoy chose his daughter Jennifer to run the restaurant, things went downhill. From Crain’s: When a 22-year-old Jennifer LeRoy assumed control of Tavern on the Green and the Russian Tea Room in 2001, she was stepping into a role that few people expected her to succeed at. Many saw an untested, beautiful heiress who liked to ride horses and spend weekends in the Hamptons—not someone who would toil or be a leader in such a demanding industry. Eight years later, the skeptics turned out to be right. Just 17 months after she took over the family business, crushing debt forced her to close the Russian Tea Room. Her father had bought the restaurant in 1996, and borrowed money for a lavish $30 million renovation. And this September, Tavern on the Green filed for bankruptcy. It is closing Dec. 31, having lost the bid for a new 20-year lease from the city. It is the end of an era for New Yorkers…The incoming operator, Dean Poll, who runs the Boathouse in Central Park, plans to spend $25 million on a complete renovation of the restaurant. An auction in early January will remove Tavern’s signature artwork from the building forever. For some, the demise of Tavern on the Green is shocking, given its storied past and its distinction for many years as the top-grossing restaurant in the country, generating at its peak just under $40 million in revenues. Ms. LeRoy (made several moves to) put her stamp on the restaurant and (grow) into her role. (She) can be credited with a more fiscally conservative approach to running the business. As she gained confidence, Ms. LeRoy fired several top executives…not because the business wasn’t successful, but because she was asserting her own vision for the restaurant. There had been…attempts over the prior two years to expand the brand that never took off, in large part because investors wanted reassurances that Tavern on the Green’s lease would be extended for another 20 years. But in the end, Tavern remained a stand-alone restaurant inexorably tied to a city that no longer wants the LeRoy family operating it—a reality for which the family was unprepared. Read more of the Crain’s article here. Did Warner LeRoy make a mistake by chosing a young, inexperienced heir? Or did Jennifer make a mistake by not wanting to follow her dad’s setup? It’s a fascinating, sad account of a family legacy gone awry.
Source: Business Pundit | 22 Dec 2009 | 9:27 am ReachLocal Reaching for IPOThere was an interesting initial public offering filing last night from ReachLocal, Inc. saying that it plans to come public via an IPO. While no terms were listed, the filing is for up to $100 million to be sold in common stock. No ticker was assigned, and it did not say if it was planning [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Dec 2009 | 9:16 am ARS: No Shill For The Banks
None but the intrepid Andrew Ross Sorkin, out to prove that he's no tool of the Wall Street CEOs who love him so. Here's what the post-bailout bonanza means for all the banks that helped find investors for the new shares: Bank of America's $19.3 billion offering generated $482 million in fees; Citigroup's $17 billion offering resulted in $425 million in fees; and Wells Fargo's $12.2 billion offering led to $275.6 million in fees. (The banks paid themselves roughly 2.5 percent of the offering price.)...
Source: Dealbreaker | 22 Dec 2009 | 8:58 am Former eBay, Microsoft Exec Howard Schmidt Chosen as Cyber-Security Czar
Howard Schmidt, a former eBay and Microsoft Chief Security Officer and current president of the nonprofit Cyber Security Forum, has been chosen as the Obama administration’s new cyber security coordinator. From the AP: A senior White House official said Obama was personally involved in the selection process and chose Schmidt because of his unique background and skills. Schmidt’s selection suggests that economic and business interests in the White House held more sway in the selection process. Schmidt…was reportedly preferred by Lawrence Summers, director of the economic council. Considered an expert in computer forensics, Schmidt’s roughly 40-year career includes 31 years in local and federal government service, including a stint as vice chairman of President George W. Bush’s Critical Infrastructure Protection Board. He also was for a short time an adviser to the FBI and worked at the National Drug Intelligence Center. Congress members, business leaders and cyber security experts have called for a more coordinated effort by the federal government to monitor and protect U.S. systems and work with the private sector to insure that transportation systems, energy plants and other sensitive networks are equally protected. It’ll be a thankless job: given the near-certainty that the government will experience some massive data breach or a major cyber terrorism attack, Schmidt will be both the point person — and the person seen as responsible, even though he lacks the statutory authority to prevent these catastrophes.
Source: Business Pundit | 22 Dec 2009 | 8:52 am SPAC-tacular SPACs and Blank Checks that Shot Blanks (TOH, REN, CCME, SCRQF, AUTC, GHC, CIO, PPAC, GHQ, IRDMU, TTY, GGEEF, TCW, IAQG, AYA, BPW, CACA, GSMEF)Once thought to be slipping through the recession’s cracks and into oblivion, many special purpose acquisition companies not only succeeded in getting investors to sign off on mergers—some generated substantial value after the deal for shareholders. SPACupdate.com tracks these SPACs, and has anointed the year’s best blank checks—while also acknowledging a few flops in the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Dec 2009 | 8:43 am Existing Homes Sales RiseBy Daniel Costello Home buyers rushed to qualify for an expiring federal tax credit, boosting resales of U.S. homes by 7.4 percent to a 6.54 million adjusted annual rate, the National Association of Realtors reported Tuesday. The sales pace was the highest since February 2007 and was the third straight large increase. Sales are up 28 percent since August. Buyers were rushing in November to finalize sales ahead of the Nov. 30 expiration for the tax credit. The tax credit was subsequently extended and expanded to include repeat buyers. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 22 Dec 2009 | 8:18 am CPM’s Crown Says Silver Demand Remains Constant: AudioSource: Bloomberg - All Podcasts | 22 Dec 2009 | 8:10 am Still Not Impressed By This Recovery
"We are really starting to see the mechanisms for a sustained recovery come into place," said Robert Dye, a senior economist at PNC Financial Services Group in Pittsburgh. "We are starting to see investment numbers come back." We'll have to take your word for it. On the bright side, at least our economy is growing (after shrinking for a solid year), and corporate profits grew by even more than we expected. The same cannot be said for our Anglophone brethren on the other side of the Atlantic, which remains the last recessing economy in the universe.
Source: Dealbreaker | 22 Dec 2009 | 8:04 am Goldman’s O’Neill Says Spain May Hurt Euro Credibility: AudioSource: Bloomberg - All Podcasts | 22 Dec 2009 | 7:57 am Great Gift For Dad
Source: Business Pundit | 22 Dec 2009 | 7:52 am Morning Report: Foreclosures Top One Million; Crime Remains LowBy Daniel Costello Home foreclosures continued to rise in the third quarter as even once-solid borrowers increasingly fell behind on their mortgage payments. For the first quarter ever, the number of homes in foreclosure with mortgages serviced by U.S. national banks and savings and loans topped the 1-million mark, according to figures released Monday by the Office of Thrift Supervision and the Office of the Comptroller of the Currency. The percentage of prime borrowers whose loans were 60 or more days past due doubled from the July-to-September period a year earlier. And more than half of all homeowners whose payments had been lowered through modification plans defaulted again. The Federal Bureau of Investigation is investigating a computer-security breach at Citigroup Inc. that resulted in a theft of tens of millions of dollars by computer hackers allegedly linked to a Russian cyber gang, according to government officials, The Wall Street Journal reports. The attack took aim at Citigroup's Citibank subsidiary, which includes its North American retail bank and other businesses. The Citibank attack was detected over the summer, but investigators are looking into the possibility the attack may have occurred months or even a year earlier. The FBI and the National Security Agency, along with the Department of Homeland Security and Citigroup, swapped information to counter the attack, according to the paper. Citigroup is currently 27 percent owned by the federal government. High unemployment and a severe recession would normally mean increasing crime of all sorts, particularly property crimes. Surprisingly, crime continues to fall during this recession, making it different from other economic downturns of the past half-century. Some possible reasons: more unemployed are staying home and can keep watch for thieves, or the American population is getting older, and older people commit fewer crimes. Preliminary FBI crime figures for the first half of 2009 show crime falling across the country, even at a time of high unemployment, foreclosures and layoffs. Most surprisingly, murder and manslaughter fell 10 percent for the first half of the year. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 22 Dec 2009 | 6:03 am Steve Cohen...On A Talk Show
Source: Dealbreaker | 22 Dec 2009 | 5:15 am How Looks Affect Perception
Source: Business Pundit | 22 Dec 2009 | 4:12 am
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