World Business News Headlines for December 30, 2009

Stocks headed for lower start

Stocks were slated to slide at Wednesday's open, after the momentum of a six-session streak of gains came to an end.
Source: Business and financial news - CNNMoney.com | 30 Dec 2009 | 3:32 am

Credit Card Charge-Offs Rise As Firms Collect Record Interest Payments

Moody’s reports that credit card charge-offs by financial firms hit 10.56% in November. This represents sums that lenders feel they will not be able to collect The credit rating agency expects that figure to grow to perhaps as much as 13% by the middle of 2010. That would make sense given the direction of unemployment [...]

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Source: 24/7 Wall St. | 30 Dec 2009 | 3:27 am

China invests in Canada oil sands

Asia's largest oil company, PetroChina, agrees to buy a 60% stake in two planned Canadian oil sands projects for $1.7bn.
Source: BBC News | Business | World Edition | 30 Dec 2009 | 3:25 am

Firms move production back to UK

Manufacturers are moving production back to the UK amid concerns about quality and higher freight costs, a report says.
Source: BBC News | Business | World Edition | 30 Dec 2009 | 3:21 am

Hackers To Hit Apple iPhone, Google Android Handsets Next Year

Roel Schouwenberg of Kaspersky Lab Americas made a number of either intemperate or prescient comments to USA Today. It may take a year to find out if he is a fool or a profit. Schouwenberg predicts that hackers will make major assaults on the Apple (NASDAQ:AAPL) iPhone and handsets running the Google (NASDAQ:GOOG) Android operating system [...]

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Source: 24/7 Wall St. | 30 Dec 2009 | 3:14 am

French public debt hits new high

France's public debt rises to a new high of 76% after additional state spending during the downturn, figures show.
Source: BBC News | Business | World Edition | 30 Dec 2009 | 3:13 am

Business Travel Essentials : Optimize Your Biz Trip

While not most business travelers live out of suitcases George Clooney style, we still do have to travel several times a year when conference calls and Webex just don’t cut the mustard. Traveling around the clock, attending conferences, meeting clients, making presentations and closing deals are necessities and this kind of lifestyle, even if only for a week, can be incredibly exhausting.

Life can be hectic and stressful for workaholics and can drive us over the edge if we do not carefully organize our business trips. To help biz travelers make the most of your trip, cut down on exhaustion and get the most relaxation you can while on the road, we’ve listed out some things that we think can be very essential and should be compulsorily carried by all business people who travel. Again, this is not just to increase their productivity while traveling, but also to make traveling lives less stressful and more relaxing.

Constant Connectivity : Businesses need constant connectivity these days. Any interruption in a business person access to the interne can affect his or her business negatively. Laptops, netbooks:, and smartphones are all standard accessories of a business person today, but what is the use of all of them if there isn’t a way to connect to the Internet when you are traveling? The MiFi is a small device that acts like a modem that can convert your cell phone into a secured Wi-Fi network.

This one item has to be part of a business traveler’s toolkit because with this, even a Blackberry can be transformed into an Internet workstation. Better yet, using the Mi-Fi can cut back on hotel Internet expenses and airport web expenses, and you never have to be dependent on Panera or Starbucks Wifi again.
Battery Backup : Since most traveling business people live out of laptops & netbooks just as much as they live out of their suitcases, constant usage can drain the laptop batteries all the time. Most times, these people do not have access to an electrical outlet, or they simply don’t have the time to charge their laptop batteries. The same goes for mobile phones, and when they lose their battery charge on their net books and mobile phones, the whole world can look lost to them. This is why it is essential to carry battery backups in the form of extra batteries is important for any business traveler that does not want to get cut-off from the rest of the world while traveling.
Reading Material : Good business magazines are a business traveler’s best companion. Reading business magazines not only helps pass time when you are hopping airports and waiting for long hours at the gates, but they also keep your business knowledge updated and your creative mind constantly churning out new ideas. Most successful business travelers have regular magazine subscriptions to Fast Company, Fortune or Inc. anyways, so the mags will be the first things into the suitcase when packing for the trip.
Do Not Iron : Wrinkle free clothes and comfortable shoes & slippers are definite musts in a biz traveler’s travel tool kit, and easy to pack into the carry on. Since the constant travel will leave no time to give your clothes for a laundry wash and iron, and since there’s no way you’re going to iron your clothes when you are traveling, it’s better to pack your suitcase with wrinkle free clothes if you don’t wish to attend your business meetings in shabby, wrinkled clothes. One suit, some wrinkle free khakis, a couple of shirts and a change into your t-shirt & shorts should be enough.
Protect Your Feet : You’re also going to spend a lot of time in your shoes, so emphasis must be given to comfort as against style if you don’t want to end up with blisters and tired and painful feet at the end of the trip. Cole Haan and Rockport both make shoes that are comfortable and present well. When you get back to your hotel, always be sure to change into your slippers (or bare feet) whenever you don’t have to be in your shoes. This lets your feet breathe and you will find that it also takes a lot of stress off of you. Some hotels also rent sneakers to use in the gym. This may or may not be the most sanitary option, and may not be an option if your have size 16 feet, but bringing one less pair of shoes on a one week trip can really lighten the load, especially if you want to get in some exercise in between lunch at Chilis and steakhouse dinners.

Lighten Your Load : Disposable underwear is very important to keep your personal hygiene on level with your outward appearance. Underwear can get pretty cheap and its better to pack a bunch of them if you want to avoid the wait for laundry service, or if you don’t want to spend time during your hectic schedule washing your underwear in the sink John Candy style.
Pamper Yourself : Take advantage of hotel amenities like your robe, slippers & order extra pillows for your room. Use your hotel time as pampering time to relax and recharge, while even hitting the jacuzzi or grabbing a massage if you have a chance. If I’ve learned one thing from James Bond movies, it’s that when 007 checks into a hotel, one of the first things he’ll do is take a long bath, shave and order room service. If you can, take advantage of your stay and conserve your energy for your meetings and mad dashes to the airport.
Bag it Up : A comfortable & nimble bag for your laptop is as essential as comfortable shoes for yourself. Since your laptop is going to get through all the grinds of travel just as yourself, protecting it by giving it a nice and comfortable laptop bag will only ensure that your sidekick does not conk of in the middle of your journey. Make sure that your iPod is loaded with your favorite music and videos if you don’t want to end bored on flights that don’t have the latest in music and video or in hotel rooms in far off lands that don’t provide any sort of entertainment.
Stay Strong : Constant travel can upset your circadian rhythm and cause you severe jetlag, keep Melatonin at hand to set your sleep patterns right and to avoid jet lags. Also drink plenty of water, every chance you get. Though energy drinks are available almost everywhere nowadays, having several 5 hour energy drinks in your suitcase will ensure that you don’t feel tired or end up sleeping during an important biz meeting. I also eluded to exercise earlier. Sometimes on the road you just don’t have time to hit the hotel gym, nor do you have room for the gym shoes and extra clothes. To keep up your routine, here are some easy workouts to do while in your hotel room.

If you’re a biz traveler, and if you have a toolkit that has all the above items, rest assured, you’ll never miss an appointment, and feel tired or stressed making business on the go. What else do you take on the road?

Source: Business Pundit | 30 Dec 2009 | 3:11 am

GMAC to get $3.5 billion in added aid from government: report

NEW YORK (Reuters) - GMAC Financial Services is close to getting about $3.5 billion in added aid from the U.S. government, on top of the $12.5 billion already received since December 2008, the Wall Street Journal reported.

Source: Reuters: Business News | 30 Dec 2009 | 3:08 am

Japan sets long-term economic goals, meets skepticism

TOKYO (Reuters) - Japan's government said it aimed for economic growth of more than 2 percent over the next decade, but its long-term plan unveiled on Wednesday lacked detail needed to convince investors the goal is realistic.

Source: Reuters: Business News | 30 Dec 2009 | 3:08 am

Europe Markets: European shares in tight range as Basilea slumps

After setting fresh 14-month highs in the previous session, Europe stocks trade in a tight range, with Swiss pharmaceutical company Basilea falling sharply after a setback on a key drug.

Source: MarketWatch.com - Top Stories | 30 Dec 2009 | 2:58 am

Neimen Marcus And Sears Crushed In New E-Commerce Survey

Customer satisfaction with the e-commerce operations at Neimen Marcus and Sears (NASDAQ:SHLD) was particularly bad this shopping season based on research covering the 40 largest US retailers based on internet revenue. The poll results are taken from a survey of 10,000 respondents who visited the websites in November and December according to research firm ForeSee. The e-commerce satisfaction index ForeSee created [...]

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Source: 24/7 Wall St. | 30 Dec 2009 | 2:56 am

Commodities Corner: Oil, natural gas brace for a New Year of surprises

Energy traders certainly have their work cut out for them when it comes to guessing the next direction for oil and natural gas as the year comes to an end.

Source: MarketWatch.com - Top Stories | 30 Dec 2009 | 2:50 am

France to rethink carbon tax plan

A new carbon tax that was supposed to go into effect in France at New Year is struck down, in a blow to President Nicolas Sarkozy.
Source: BBC News | Business | World Edition | 30 Dec 2009 | 2:49 am

China vows to cut red tape for foreign investors

BEIJING (Reuters) - China will make it easier for foreign investors to start businesses in the country, especially in its western provinces, the government said in a statement on Wednesday.

Source: Reuters: Business News | 30 Dec 2009 | 2:47 am

Stock futures set to dip; financials eyed (Reuters)

Reuters - U.S. stock index futures pointed to a lower open on Wall Street on Wednesday, with futures for the S&P 500 down 0.2 percent, Dow Jones futures down 0.1 percent and Nasdaq 100 futures down 0.1 percent at 4.30 a.m. ET.

Source: Yahoo! News: Business | 30 Dec 2009 | 2:46 am

Stock futures set to dip; financials eyed

(Reuters) - U.S. stock index futures pointed to a lower open on Wall Street on Wednesday, with futures for the S&P 500 down 0.2 percent, Dow Jones futures down 0.1 percent and Nasdaq 100 futures down 0.1 percent at 4.30 a.m. ET.

Source: Reuters: Business News | 30 Dec 2009 | 2:46 am

Stock futures set to dip; financials eyed (Reuters)

Source: Yahoo! News: Stock Markets News | 30 Dec 2009 | 2:46 am

Segro completes retail property exit

Segro, the industrial property developer, today sealed its exit from the retail property sector with the £26.9 million sale of two shopping centres to British Land.

Source: Latest Business News from Times Online | 30 Dec 2009 | 2:31 am

Russia's Rusal attracts key investors for HK IPO

Russian aluminum giant UC Rusal gains support in Hong Kong for its planned initial public offering, as a group of high-profile investors plans to buy stakes, according to The Wall Street Journal, which cited two people familiar with the matter.

Source: MarketWatch.com - Top Stories | 30 Dec 2009 | 2:29 am

London Markets: U.K. stocks hover near 15-month highs

U.K. stocks are trading around 15-month highs on Wednesday on the final full trading day of 2009.

Source: MarketWatch.com - Top Stories | 30 Dec 2009 | 2:24 am

British shoppers hunt Christmas sale bargains

Recession-hit Britons are rushing to snap up bargains in the traditional post-Christmas sales, but economists warn that a looming tax hike is also fuelling demand -- and could stall...
Source: RSS feed - channel BNewsBusiness | 30 Dec 2009 | 2:23 am

Japan unveils ambitious economic growth strategy

Japan's prime minister unveiled an ambitious goal Wednesday to create millions of jobs and return Asia's biggest economy to steady growth as he battles a drop in his popularity and a...
Source: RSS feed - channel BNewsBusiness | 30 Dec 2009 | 2:22 am

JAL sinks Tokyo but financials prop up Shanghai

Asian shares finished mixed Wednesday, with a steep drop in shares of Japan Airlines putting pressure on the market in Tokyo and a rise in financials propping up stocks in Shanghai.

Source: MarketWatch.com - Top Stories | 30 Dec 2009 | 2:21 am

FTSE 100 lower at open (AFP)

AFP - London shares fell on Wednesday in subdued trade before New Year holidays, as investors took profits after striking a 2009 high the previous day.

Source: Yahoo! News: Stock Markets News | 30 Dec 2009 | 2:20 am

Japan Airlines shares fall 24%

Japan Airlines' shares plunge to another new low on growing worries the carrier will file for bankruptcy.
Source: BBC News | Business | World Edition | 30 Dec 2009 | 2:20 am

FTSE 100's five-session rally cools

London equities cooled on Wednesday, as traders moved to lock in profits after five consecutive sessions of gains took the FTSE 100 back over levels last seen before the collapse of Lehman BrothersThe...
Source: RSS feed - channel BNPaperBusiness | 30 Dec 2009 | 2:19 am

Media Digest 12/30/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters: GMAC will get $3.5 billion in additional fund from the government. Reuters: Oil rose near $80 on low supply and the economic recovery. Reuters: Share in JAL dropped over 20% on bankruptcy concerns. Reuters: Target (NYSE:TGT) was the victim of a hacker who stole credit card numbers. Reuters: The Chicago PMI is out today. WSJ: Now that bank stocks [...]

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Source: 24/7 Wall St. | 30 Dec 2009 | 2:04 am

Recovery for The Conference Board Leading Economic Index(TM) (LEI) for the Euro Area Continues to Slow

Source: RSS feed - channel BNewsBusiness | 30 Dec 2009 | 2:00 am

Japan sets long-term economic goals, meets skepticism (Reuters)

Reuters - Japan's government said it aimed for economic growth of more than 2 percent over the next decade, but its long-term plan unveiled on Wednesday lacked detail needed to convince investors the goal is realistic.

Source: Yahoo! News: Business | 30 Dec 2009 | 1:58 am

Nikkei climbs 19% in 2009

TOKYO Japan's Nikkei average booked a 19 per cent gain in 2009, with shares of high-tech exporters leading a rebound rally on a weaker yen and as economic stimulus measures helped turn around the world...
Source: RSS feed - channel BNPaperBusiness | 30 Dec 2009 | 1:58 am

Basilea plunges on FDA rejection of J&J trials

The Food and Drug Administration finds clinical trials of an anti-infection drug licensed by the Swiss firm to Johnson & Johnson aren't good enough to support approval.

Source: MarketWatch.com - Top Stories | 30 Dec 2009 | 1:51 am

FTSE 100's 'Santa rally' stalls

London's "Santa rally" stalled on Wednesday with little economic or corporate news to excite buyers.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Dec 2009 | 1:48 am

UPDATE 2-Novo Nordisk says FDA's Victoza feedback delayed

* FDA's formal feedback on Victoza delayed beyond year-end
Source: RSS feed - channel BNewsBusiness | 30 Dec 2009 | 1:43 am

Japan unveils ambitious growth strategy

The Japanese government unveiled an ambitious economic revitalisation plan with a target to achieve over 2 per cent growth in gross domestic production over the next decade
Source: Financial Times - US homepage | 30 Dec 2009 | 1:39 am

The DJIA Race With Nikkei 225 Now Neck And Neck

The DJIA average against the Nikkei 225 has the indices almost tied. The Dow closed 10,545 and the Nikkei at 10,546. Douglas A. McIntyre Posted in International Markets Tagged: DJI, DJIA

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Source: 24/7 Wall St. | 30 Dec 2009 | 1:34 am

Asia Markets And Europe Open (12/30/2009)

Markets in Asia were mixed. The Nikkei fell .9% to 10,545. JAL fell sharply again on bankruptcy fears. The Hang Seng was off a small fraction to 21,496. China Life (NYSE:LFC) dropped. The Shanghai Composite was up 1.7% to 3,263. At the open in Europe, the FTSE was down .1% to 5,430. The Dax .2% to 5,597. The CAC [...]

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Source: 24/7 Wall St. | 30 Dec 2009 | 1:29 am

Japan Air shares plunge almost 25pc as investors fear bankruptcy

Shares in Japan Airlines, the country's flag carrier and Asia's biggest airline, plunged more than 20pc as speculation over the fate of the troubled company intensified.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Dec 2009 | 1:14 am

Calif. man touts cooling shelter for farmworkers

A Napa Valley businessman has created a mobile spraying station that he believes could bring relief to farmworkers threatened by heat. Garth Patterson says he came up with the idea after
Source: RSS feed - channel BNewsBusiness | 30 Dec 2009 | 1:00 am

Eco-officers are moving into executive suites

At many companies, sustainability officers are placed in the upper echelons of companies, where they are highly visible. In some cases, the CEO has taken on the extra duty.

During his more than three decades in real estate David Pogue played many roles, but environmental expert was never one of them.

Source: L.A. Times - Business | 30 Dec 2009 | 1:00 am

Consumers' optimism rising, survey shows

Confidence levels hit fresh highs while more employers say they'll be hiring in 2010.

Consumer confidence and expectations have risen, and more employers are planning to hire workers in 2010, according to studies released Tuesday, signaling increasing economic strength.

Source: L.A. Times - Business | 30 Dec 2009 | 1:00 am

Consumers' optimism rising, survey shows

Confidence levels hit fresh highs while more employers say they'll be hiring in 2010. Consumer confidence and...
Source: RSS feed - channel BNPaperBusiness | 30 Dec 2009 | 1:00 am

U.S. home prices are flat, with Bay Area showing most improvement

Prices overall see a tiny gain in October, a closely watched report says. San Francisco rises 1.7%, and L.A. is up 0.7%. Tampa, Fla., has the worst showing, and Las Vegas is still on the losing side.

San Francisco and Tampa, Fla., sit at opposite corners of the country and at opposite ends of the housing recovery.

Source: L.A. Times - Business | 30 Dec 2009 | 1:00 am

Time Warner Cable subscribers could lose Fox channels on New Year's Eve

The cable operator is locked in a dispute with News Corp. over the fee for transmitting the media giant's local TV channels as well as its cable networks.

Don't panic if you're watching Fox's New Year's Eve special and the screen goes black moments before host Carmen Electra finishes screaming "Happy New Year." There's nothing wrong with your TV. You're just caught in a brawl between two media giants.

Source: L.A. Times - Business | 30 Dec 2009 | 1:00 am

Key incentive for car shoppers nearing an end

A new-vehicle tax break expires Friday. With dealers desperate and offering such additional inducements as fat rebates and cheap financing, now is seen as a great time to buy.

It's the most wonderful time of the year -- for buying a new car.

Source: L.A. Times - Business | 30 Dec 2009 | 1:00 am

Nuclear plant near Fresno planned

The deal between French firm Areva and California investors faces regulatory hurdles. Early plans call for building at least one 1,600-megawatt plant using European pressurized reactor technology. ...
Source: RSS feed - channel BNPaperBusiness | 30 Dec 2009 | 1:00 am

The most memorable financial stories of 2009

No reality show could top the drama of the economy and markets.

A spectacular market crash, a dramatic rebound, a financial system and economy pulled back from the brink of collapse -- who writes this stuff, Hollywood?

Source: L.A. Times - Business | 30 Dec 2009 | 1:00 am

Plan to sell piece of State Compensation Insurance Fund collapses

The most memorable financial stories of 2009

No reality show could top the drama of the economy and markets. A spectacular market crash, a dramatic rebound,...
Source: RSS feed - channel BNPaperBusiness | 30 Dec 2009 | 1:00 am

Broadcom to pay $160.5 million to settle stockholder suit

The settlement of the suit, in which investors claimed securities fraud over backdated stock options, comes just weeks after related criminal cases and a government civil action were thrown out.

Broadcom Corp. said Tuesday it would pay $160.5 million to settle a securities fraud lawsuit over backdated stock options, an agreement that comes less than three weeks after a federal judge threw out related criminal cases and a government civil action.

Source: L.A. Times - Business | 30 Dec 2009 | 1:00 am

Eco-officers are moving into executive suites

At many companies, sustainability officers are placed in the upper echelons of companies, where they are highly visible. In some cases, the CEO has taken on the extra duty. ...
Source: RSS feed - channel BNPaperBusiness | 30 Dec 2009 | 1:00 am

Nuclear plant near Fresno planned

The deal between French firm Areva and California investors faces regulatory hurdles. Early plans call for building at least one 1,600-megawatt plant using European pressurized reactor technology.

A French company and a group of Central Valley investors announced Tuesday that they had signed a letter of intent to build one or two nuclear power plants near Fresno.

Source: L.A. Times - Business | 30 Dec 2009 | 1:00 am

General Motors offers $7,000 sales incentive to clear out Saturn and Pontiac vehicles

The automaker hopes the program will rid it of the final reminders of two brands headed for the auto graveyard. But an analyst says the incentive is 'more hype than substance.'

General Motors Co. is offering a $7,000 sales inducement to its dealers for every Saturn and Pontiac vehicle left in inventory as the automaker phases out the two brands.

Source: L.A. Times - Business | 30 Dec 2009 | 1:00 am

U.S. home prices are flat, with Bay Area showing most improvement

Prices overall see a tiny gain in October, a closely watched report says. San Francisco rises 1.7%, and L.A. is up 0.7%. Tampa, Fla., has the worst showing, and Las Vegas is still on the losing side. ...
Source: RSS feed - channel BNPaperBusiness | 30 Dec 2009 | 1:00 am

Plan to sell piece of State Compensation Insurance Fund collapses

The proposal, part of Gov. Arnold Schwarzenegger's effort to help fill California's $20-billion budget hole, is tied up in court after Insurance Commissioner Steve Poizner sues.

A plan to fill last summer's $20-billion budget hole in part by selling a chunk of the state-run workers' compensation company is now so bollixed up in court that it's hampering Gov. Arnold Schwarzenegger's effort to devise new ways for reducing a similar deficit this winter.

Source: L.A. Times - Business | 30 Dec 2009 | 1:00 am

Broadcom to pay $160.5 million to settle stockholder suit

Key incentive for car shoppers nearing an end

A new-vehicle tax break expires Friday. With dealers desperate and offering such additional inducements as fat rebates and cheap financing, now is seen as a great time to buy. ...
Source: RSS feed - channel BNPaperBusiness | 30 Dec 2009 | 1:00 am

Banks 'must lend more' next year

There should be more competition in the banking sector with more lending by non-UK banks to small firms, a business group says.
Source: BBC News | Business | World Edition | 30 Dec 2009 | 12:58 am

Asia Markets: Twenty years later, China avoids Japan's missteps

As Japan marks the 20th anniversary of its stock-market peak this week, China appears to have learned key lessons from its neighbor’s subsequent economic downturn, according to an expert on the Japanese bubble.

Source: MarketWatch.com - Top Stories | 30 Dec 2009 | 12:55 am

Fame & Fortune: Michael Aspel

Michael Aspel, 76, is the former newsreader whose programmes include This Is Your Life and The Antiques Roadshow.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Dec 2009 | 12:54 am

GMAC to get $3.5 billion in added aid from government: report (Reuters)

Reuters - GMAC Financial Services is close to getting about $3.5 billion in added aid from the U.S. government, on top of the $12.5 billion already received since December 2008, the Wall Street Journal reported.
Source: Yahoo! News: Business | 30 Dec 2009 | 12:51 am

World stock market rally seizes up

The world stock market rally came to an abrupt halt today as Asian shares slid on fears of bankruptcy for Japan Airlines (JAL), the struggling national carrier, and London shares opened lower.

Source: Latest Business News from Times Online | 30 Dec 2009 | 12:48 am

UPDATE 1-FDA rejects filing of key Basilea drug

* Cites concerns about data integrity for two key studies
Source: RSS feed - channel BNewsBusiness | 30 Dec 2009 | 12:41 am

China must hope its three biggest challenges don't arrive at once in 2010

For China, 2009 was a momentous year. John Foley looks at the challenges the country faces in 2010.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Dec 2009 | 12:31 am

India's Ranbaxy shares weaken after China sale

Shares in India's biggest drugmaker Ranbaxy Laboratories fell in morning trade on Wednesday after the group said it had sold its stake in its high-profile Chinese joint venture. Ranbaxy...
Source: RSS feed - channel BNewsBusiness | 30 Dec 2009 | 12:28 am

Go East for income

Advisers are bullish about the opportunities found overseas.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Dec 2009 | 12:17 am

Printing money is a game with potentially dangerous results

In just a few weeks, at its meeting in February, the Bank of England's monetary policy committee has to decide whether to continue with quantative easing, writes George Trefgarne.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Dec 2009 | 12:14 am

Spending on Fairtrade food triples

Spending on "ethical" products from Fairtrade food to eco-friendly travel has almost tripled in the past decade, according to a survey by the Co-operative Bank published today.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Dec 2009 | 12:09 am

Lloyds' offer to former Birmingham Midshires members: Q&A

As part of its efforts to improve its financial strength, Lloyds Banking Group is offering to buy back certain preference shares. Our Q&A should help investors decide what to do.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Dec 2009 | 12:03 am

Asian shares wilt before year-end, dollar perky

TOKYO (Reuters) - Asian share markets fell on Wednesday as year-end trade dwindled, with profit-taking pulling down stocks in Australia and bankruptcy worries about Japan Airlines Corp...
Source: RSS feed - channel BNewsBusiness | 29 Dec 2009 | 11:51 pm

Japan sets long-term economic goals, meets skepticism

Rescue fund reportedly to backstop JAL bankruptcy

The Japanese-government-backed body charged with the rescue of JAL will guarantee the struggling carrier’s operational transactions if it files for bankruptcy, a report says, sending JAL shares tumbling.

Source: MarketWatch.com - Top Stories | 29 Dec 2009 | 11:27 pm

Trafigura sued for £6m in new battle

Trafigura is heading back to the High Court in a £6m legal battle with a training consultant, just three months after the oil trading company avoided Britain's largest-ever class action suit over a case related to toxic waste.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Dec 2009 | 11:22 pm

British shoppers hunt for Christmas sale bargains

JAL shares down 25 percent as bankruptcy worries mount

TOKYO (Reuters) - Shares of Japan Airlines Corp tumbled as much as 32 percent to a record low on Wednesday as expectations grew the struggling carrier will be restructured in bankruptcy court as part of a state bailout.

Source: Reuters: Business News | 29 Dec 2009 | 10:51 pm

Asian markets mixed after Wall Street slips (AP)

AP - Asian stock markets were mixed in sluggish, year-end trade Wednesday, following a lackluster session on Wall Street as many investors held back after this year's global rally.

Source: Yahoo! News: Stock Markets News | 29 Dec 2009 | 10:23 pm

Todd Harrison: Lessons learned from years in markets and life

The last few years forever changed the socioeconomic landscape and seismically shifted our collective perception of what we do, how we do it and whom we do it with. Todd Harrison reflects on the lessons learned.

Source: MarketWatch.com - Top Stories | 29 Dec 2009 | 10:01 pm

The Stockpickers: Fifth Third, China Mobile, Dell top manager's list

"Go anywhere" typically describes mutual funds that roam the world's stock markets and buy wherever they see value. For Brian McMahon, co-manager of Thornburg Global Opportunities Fund, many of the best stock values nowadays are here at home.

Source: MarketWatch.com - Top Stories | 29 Dec 2009 | 10:01 pm

Pacific Blue offers direct Cairns flight

Pacific Blue is taking on Air New Zealand on the Auckland to Cairns route.The New Zealand arm of Virgin Blue announced today that it would start twice-weekly return flights, on Tuesday and Saturday, from March 23.With over...
Source: nzherald.co.nz - Business | 29 Dec 2009 | 7:20 pm

A wild decade for global business

A string of exploding investment bubbles that started with the dot-coms and ended with mortgages and oil dominated the years from 2000 to 2009. And it looks like the next decade will be no different.It doesn't seem to matter to...
Source: nzherald.co.nz - Business | 29 Dec 2009 | 5:30 pm

Obama calls failures ‘unacceptable’

President Barack Obama said a “mix of human and systemic failures” were to blame for allowing a would-be terrorist onto a Detroit-bound aircraft on Christmas Day, bluntly placing the responsibility for the security blunders at the foot of the US government
Source: Financial Times - US homepage | 29 Dec 2009 | 5:25 pm

Stage set for Google-Apple mobile duel

The search group will start the new year with a handset announcement, marking the start of what is turning into a showdown with its former ally over mobile computing devices
Source: Financial Times - US homepage | 29 Dec 2009 | 5:21 pm

BioVittoria stock offer comes up short

Hamilton-based natural sweetener company BioVittoria's bid to float on the stock exchange and raise $20 million has fallen short.The company announced today it had closed its $20m initial public offering (IPO) undersubscribed...
Source: nzherald.co.nz - Business | 29 Dec 2009 | 5:20 pm

U.S. financial scandals seen sparking 2010 zeal

WASHINGTON (Reuters) - The year of the Ponzi scheme will be followed by heightened regulation and more aggressive prosecutions, experts say, as U.S. officials respond to past failures.

Source: Reuters: Business News | 29 Dec 2009 | 5:17 pm

Companies begin moving production back to UK

Manufacturers increasingly are moving production back to Britain as shoddy quality and higher freight prices are undermining the cost advantage of producing goods overseas.

Source: Latest Business News from Times Online | 29 Dec 2009 | 5:01 pm

Local retailers attack planning overhaul

A significant overhaul of the planning system intended to protect town centres and independent retailers from out-of-town supermarkets was attacked last night as a sop to the big grocers.

Source: Latest Business News from Times Online | 29 Dec 2009 | 5:01 pm

Banks reject minister’s pleas over ailing Japan Airlines

Seiji Maehara, the Japanese Transport Minister, clashed with the country’s three “megabanks” yesterday over the fate of Japan Airlines (JAL), which is facing what insiders say is the “real possibility” of liquidation.

Source: Latest Business News from Times Online | 29 Dec 2009 | 5:01 pm

Pontiac prices slide as GM eradicates dead brands

American drivers could snap up a new car for as little as $8,000 ($£5,000) in General Motors’ last-minute push to sell its remaining Pontiacs and Saturns.

Source: Latest Business News from Times Online | 29 Dec 2009 | 5:01 pm

Lord Mayor’s role needs a rethink

Poor Ian Luder. It seems that last year’s Lord Mayor of London is not going to get the knighthood that has been one of the perks of the office since the 1950s. As the Cabinet Secretary made clear in the summer, knighthoods should no longer be considered automatic for jobs such as Lord Mayor.

Source: Latest Business News from Times Online | 29 Dec 2009 | 5:01 pm

Cattles investors step up campaign for doorstep lender to close down

A group of shareholders in Cattles has vowed to fight for the doorstep lender to be wound up, in an attempt to improve the chances of pursuing a legal case against some of its former employees.

Source: Latest Business News from Times Online | 29 Dec 2009 | 5:01 pm

Brits search out holiday deals to the sun

Maybe it was the non-appearance of the promised barbecue summer. Perhaps the Arctic weather sweeping across Britain has been a factor. Then again, it could be the barrage of discounts and promotions on offer.

Source: Latest Business News from Times Online | 29 Dec 2009 | 5:01 pm

Markets put Nightmare on Wall Street behind them

The FTSE 100 hit its highest level yesterday since the collapse of Lehman Brothers as the market’s year-end rally continued.

Source: Latest Business News from Times Online | 29 Dec 2009 | 5:01 pm

AgResearch's new farm pushing for cleaner dairying

New Zealand's newest dairy research facility, the Tokanui Dairy Research Farm is about to start 2010 with a mission of making our dairy industry greener and cleaner.The farm, opened in late November, is owned by AgResearch, the...
Source: nzherald.co.nz - Business | 29 Dec 2009 | 5:00 pm

Workers poised to strike at Chilean copper mine

Workers at Codelco, the world's largest copper producer, look set to strike after they rejected a wage offer, raising supply fears on global markets.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Dec 2009 | 4:56 pm

Broadcom agrees $160.5m settlement

Broadcom’s stock-options backdating problems were largely resolved with a $160.5m proposed settlement of a class-action lawsuit
Source: Financial Times - US homepage | 29 Dec 2009 | 4:48 pm

Joshua Shapiro Discusses U.S. Housing, Manufacturing: Audio

Source: Bloomberg - All Podcasts | 29 Dec 2009 | 4:33 pm

Virtual profit

How selling virtual goods makes billions
Source: BBC News | Business | World Edition | 29 Dec 2009 | 4:30 pm

3D explosion

Will 2010 will be the year for 3D technology?
Source: BBC News | Business | World Edition | 29 Dec 2009 | 4:30 pm

Viewpoint: CDOs

Why derivatives alone don't wreck the market
Source: BBC News | Business | World Edition | 29 Dec 2009 | 4:30 pm

Taking stock

How stock market falls have forced an investor rethink
Source: BBC News | Business | World Edition | 29 Dec 2009 | 4:30 pm

The Unquenchable Thirst: Taxing America’s Oil Addiction

In the U.S., our dependence on oil not only makes for wealthy oil companies, it also supports our federal, state and local governments. Gas taxes add up quickly and some areas of the country are taxed more heavily than others. However, one surprising thing holds true: The government profits even more from our oil addiction than the super-rich oil companies do.

Click to Enlarge

Source: Business Pundit | 29 Dec 2009 | 4:27 pm
ITC to probe charges RIM infringed patent
WASHINGTON (Reuters) - The International Trade Commission said on Tuesday that it would investigate allegations by Prism Technologies that BlackBerry maker Research in Motion violated one of its patents.

Source: Reuters: Business News | 29 Dec 2009 | 4:24 pm
E-Reader, Gaming Devices; Tech Startups: Taking Stock Podcast

Source: Bloomberg - All Podcasts | 29 Dec 2009 | 4:20 pm
How the major stock indexes fared on Tuesday (AP)
AP - The stock market edged lower Tuesday, breaking a six-day advance as reports on home prices and consumer confidence did little to excite buyers. Major indexes rose modestly in the early going but slipped as the dollar strengthened and tugged on commodities prices. A stronger dollar makes commodities more expensive for foreign buyers.
Source: Yahoo! News: Stock Markets News | 29 Dec 2009 | 4:04 pm
SEC alleges broker churned government accounts (Reuters)
Reuters - U.S. securities regulators charged a Houston-based broker on Tuesday with defrauding two Florida government bodies while collecting $14 million in commissions.
Source: Yahoo! News: Stock Markets News | 29 Dec 2009 | 4:01 pm
Investors seen jumping the gun on airport security
BANGALORE (Reuters) - Investors' optimism surrounding the shares of airport security systems makers could be premature as interest in the companies' products after the Christmas Day plane scare is not expected to translate into immediate orders.

Source: Reuters: Business News | 29 Dec 2009 | 3:58 pm
Stocks slip to break six-day winning streak (AP)
AP - The stock market edged lower Tuesday, breaking a six-day advance as reports on home prices and consumer confidence did little to excite buyers.

Source: Yahoo! News: Stock Markets News | 29 Dec 2009 | 3:53 pm
Sharemarket takes it easy
It was definitely the middle of a short holiday week as the New Zealand sharemarket opened in a quiet frame of mind today, slipping slightly on small volumes.Following yesterday' modest turnover of $15.96 million, the benchmark...
Source: nzherald.co.nz - Business | 29 Dec 2009 | 3:50 pm
Hacker pleads guilty in Mass. to fraud case (AP)
AP - A computer hacker who helped orchestrate the theft of tens of millions of credit and debit card numbers from major retailers in one of the largest such thefts in U.S. history pleaded guilty Tuesday in the last of three cases brought by federal prosecutors.
Source: Yahoo! News: Business | 29 Dec 2009 | 3:24 pm
String of investment bubbles marked 2000-09 (AP)
AP - A string of exploding investment bubbles that started with the dot-coms and ended with mortgages and oil dominated the years from 2000 to 2009. And it looks like the next decade will be no different.

Source: Yahoo! News: Stock Markets News | 29 Dec 2009 | 3:03 pm
GM launches Pontiac and Saturn fire sale
General Motors will offer auto dealers large incentives to move vehicles from its defunct Saturn and Pontiac brands in a sale that deeply discounts the cars' sticker prices.
Source: Business and financial news - CNNMoney.com | 29 Dec 2009 | 3:01 pm
Write-Offs: 12.29.09
$$$ Hovde Capital Advisors: "We Believe Pershing Square Is Out Of Touch." [PDF]

$$$ Citi: The Bank That Couldn't Shoot Straight [MarketWatch]

$$$ Equity's Lost Decade: The Offering [Hedge World]

$$$ Investors Reshape IndyMac [WSJ]

$$$ Delayed gratification is overrated: avoid the temptation to postpone pleasure. JO&C right now! [NYT]

$$$ Vote for the best Post cover of the decade. I like "Holy Shiite." [NYP]

Wall Street Journal - Citigroup - Business - Financial services - New York Times
Source: Dealbreaker | 29 Dec 2009 | 3:00 pm
Consumer confidence up, house prices stall
NEW YORK (Reuters) - U.S. consumer confidence rose to a three-month high in December, while prices in the hard-hit housing sector stalled in October, breaking a five-month string of gains.

Source: Reuters: Business News | 29 Dec 2009 | 2:48 pm
Consumer confidence up, house prices stall (Reuters)
Reuters - U.S. consumer confidence rose to a three-month high in December, while prices in the hard-hit housing sector stalled in October, breaking a five-month string of gains.

Source: Yahoo! News: Business | 29 Dec 2009 | 2:48 pm
10 Best Places to find work
We looked at Money's top 100 Best Places to Live and found these lucky towns that also enjoy jobless rates far below the 10% national average.
Source: Business and financial news - CNNMoney.com | 29 Dec 2009 | 2:45 pm
Most hated company in iPhone land
Consumer outrage about AT&T's 3G service for iPhones is boiling over, but the dropped calls and spotty service are indicative of a greater lack of foresight in the wireless industry as a whole.
Source: Business and financial news - CNNMoney.com | 29 Dec 2009 | 2:42 pm
One Economist Who Won't Play Scrooge

Are all these gifts helping or hurting the economy? (di_the_huntress/Flickr)

By Caitlin Kenney

The Economix blog has a piece today from Edward Glaeser, an economics professor at Harvard, who very much disagrees with Joel Waldfogel's theory about the deadweight loss of Christmas. Here's a taste:

We could certainly celebrate the holidays by cutting checks for our parents and children. Such transfers would entail none of the deadweight loss that Mr. Waldfogel perceives. The recipients could then spend the money on exactly the things that their hearts desire. But by choosing actual gifts, we are trying to show that we care enough about the recipient to do some extra work, and that we know them enough to choose gifts that are not totally off base. Inevitably, I'm an imperfect buyer, but I like to think that the recipients of my gifts value the knowledge that I care, more than they feel the welfare loss from my mistakes.

So as much as I admire Joel Waldfogel, I'm not joining his war against holiday gift-giving. I think humanity engages in too few costly displays of affection, not too many. I support the far more prosaic cause of making gifts easier to return or exchange. The ability to exchange provides an easy way of limiting the deadweight loss from giving, while still ensuring that the recipients have seen givers' best stabs at matching their tastes.

BONUS: Listen to our interview with Waldfogel earlier this year.

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Source: NPR Blogs: Planet Money | 29 Dec 2009 | 2:18 pm
TSX falls as gold miners weigh (Reuters)
Reuters - Toronto's main stock index fell on Tuesday, led by a drop in the materials sector as shares of gold miners suffered from a slide in the price of bullion.
Source: Yahoo! News: Stock Markets News | 29 Dec 2009 | 2:16 pm
TSX falls as gold miners weigh (Reuters)
Reuters - Toronto's main stock index fell on Tuesday, led by a drop in the materials sector as shares of gold miners suffered from a slide in the price of bullion.
Source: Yahoo! News: Business | 29 Dec 2009 | 2:16 pm
Iran blames protests on west
The Iranian regime has rounded up hundreds of opposition supporters, including prominent politicians and journalists, in a fresh effort to put down persistent anti-government protests in cities across the country
Source: Financial Times - US homepage | 29 Dec 2009 | 2:00 pm
Hell Pizza spreads to Canada
Hell Pizza has continued its global spread, opening its first Canadian store this month.The New Zealand-based company opened its store in Vancouver on December 16 with a menu near-identical to that of their stores at home - with...
Source: nzherald.co.nz - Business | 29 Dec 2009 | 1:45 pm
Lehman creditors endorse plan to return assets
BOSTON (Reuters) - The administrator for Lehman Brothers International said on Tuesday that nearly all clients whose assets have been frozen since the investment bank's collapse support a plan to return the money early next year.

Source: Reuters: Business News | 29 Dec 2009 | 1:44 pm
4 settle SEC claims against defunct Pa. firm (AP)
AP - Three former officers of a defunct Pittsburgh-area medical staffing company and an attorney who worked for them have agreed to settle stock fraud claims filed by the Securities and Exchange Commission.
Source: Yahoo! News: Stock Markets News | 29 Dec 2009 | 1:16 pm
Russia to curb speculative capital inflows
Russian Prime Minister Vladimir Putin says Moscow will moderately step up efforts to curb speculative capital, while gradually moving its economy to a free float rouble exchange regime
Source: Financial Times - US homepage | 29 Dec 2009 | 1:11 pm
Nokia/Apple battle heats up
The world's top mobile phone maker Nokia launched a new patent broadside against Apple, escalating a battle for control of the smartphone market that has already led to a flurry of lawsuits.
Source: Business and financial news - CNNMoney.com | 29 Dec 2009 | 12:57 pm
5 Stocks Bucking the Downtrend (The Motley Fool)
The Motley Fool - Even on the market's worst days, buyout news and other short-term forces can send individual stocks up by 10%, 25%, even 50%.
Source: Yahoo! News: Business | 29 Dec 2009 | 12:54 pm
Big four banks' profitability set to grow in 2010
Australia's major banks are set to grow their profitability in 2010, as bad debts decline and they leverage the market dominance gained during the global financial crisis.But don't expect a repeat of the jump in bank share prices...
Source: nzherald.co.nz - Business | 29 Dec 2009 | 12:40 pm
Cosan Raised to `Overweight' at JPMorgan: Audio

Source: Bloomberg - All Podcasts | 29 Dec 2009 | 12:38 pm
Emerging markets funds lure investors
Investors have pumped a record amount of money into equity funds focused on emerging markets this year in a sharp reversal of sentiment
Source: Financial Times - US homepage | 29 Dec 2009 | 12:38 pm
It's not easy to pass film fest's screener
Sundance and Cannes get all the attention but film festivals are being held around the world at almost any time of year. So Cash Peters figured it would be easy to enter one, get discovered, and make lots of money. He reports on his experience.
Source: Marketplace | 29 Dec 2009 | 12:32 pm
Champagne's bubble bursts
The Champagne industry has lost a lot of its fizz in the last couple of years, along with the rest of the economy. Jeremy Hobson reports.
Source: Marketplace | 29 Dec 2009 | 12:31 pm
NFL needs L.A. to reach Latino market
Sportswriter and commentator Jon Wertheim says getting a National Football League team for Los Angeles and its Latino sports fans would help the league toward its goal of having football rival futbol as the world's game.
Source: Marketplace | 29 Dec 2009 | 12:31 pm
Is the recession over if you're jobless?
Even if the recession is over, the prospect of a growing economy without a comparable increase in employment has given rise to the phrase "jobless recovery." Marketplace's Mitchell Hartman reviews this past year's labor market with Kai Ryssdal.
Source: Marketplace | 29 Dec 2009 | 12:31 pm
Time Warner, Fox battle it out
Fox says that unless it can reach a deal with Time Warner cable by Friday on the price of its programming, it's going to pull the plug on some Time Warner subscribers. The standoff points to changing business models in the media business. Jeff Tyler reports.
Source: Marketplace | 29 Dec 2009 | 12:31 pm
New gear or better info for air safety?
When it comes to strengthening airline security, how does the return on investment for checkpoint screeners and high-tech scanners compare to money spent on behind-the-scenes intelligence? Bob Moon reports.
Source: Marketplace | 29 Dec 2009 | 12:31 pm
Signs of instability in home prices
Of the 20 cities in the Standard & Poors/Case-Shiller Index, fewer than half of them saw prices rise in October compared to a month earlier. Why was the index basically flat after five months of gains? Amy Scott reports.
Source: Marketplace | 29 Dec 2009 | 12:31 pm
Perfect New Year's playlist
Too busy to channel your inner DJ? Here to help: a music subscription service that connects you to a community of hardcore music lovers.
Source: Business and financial news - CNNMoney.com | 29 Dec 2009 | 12:29 pm
Beware 2009's big stock winners
Looking for a hot stock in 2010? You might want to avoid some of the biggest winners of 2009.
Source: Business and financial news - CNNMoney.com | 29 Dec 2009 | 12:28 pm
Fewer tax dollars for local governments
In another ominous sign for state budgets nationwide, state and local governments reported another drop in overall tax revenue on Tuesday.
Source: Business and financial news - CNNMoney.com | 29 Dec 2009 | 12:26 pm
Disney gambles billions on second-string superheroes
Moviegoers have shown a willingness to be entangled by Spider-Man's web over and over again. Now, as Disney prepares to buy the comic-book powerhouse Marvel, it faces the question of whether fans will also get attached to characters...
Source: nzherald.co.nz - Business | 29 Dec 2009 | 12:10 pm
A look at economic developments around the globe (AP)
AP - A look at economic developments and activity in major stock markets around the world Tuesday:
Source: Yahoo! News: Stock Markets News | 29 Dec 2009 | 12:06 pm
Another threat to electricity network
Power companies' intentions to build new power stations have collapsed over the past year, with potential for electricity shortages re-emerging from 2013 onwards unless more new projects are committed in the next 12 months, says the...
Source: nzherald.co.nz - Business | 29 Dec 2009 | 12:00 pm
Confusion at Big Apple iPhones ban
AT&T suspended online sales of iPhones to New Yorkers over the weekend for unknown reasons, then abruptly started selling them again yesterday just as mysteriously.Spokesman Fletcher Cook said only that the phone company periodically...
Source: nzherald.co.nz - Business | 29 Dec 2009 | 12:00 pm
Lehman Europe set to return assets
Joint administrators of Lehman Brothers International Europe say a claim resolution agreement has been put into effect after 90% of clients by value gave their support by a deadline
Source: Financial Times - US homepage | 29 Dec 2009 | 11:59 am
Morgan Stanley sued over failed $1.2 billion CDO (Reuters)
Reuters - Morgan Stanley has been sued by a Virgin Islands pension fund that accused the Wall Street bank of defrauding investors by marketing $1.2 billion of risky mortgage-related notes that it expected to fail.

Source: Yahoo! News: Business | 29 Dec 2009 | 11:44 am
Self-doubt tarnishes Brand America
Comparing the America that began the 21st century with the America of today is to witness a country that has in some ways quite radically altered its view of itself and its relationship to the world
Source: Financial Times - US homepage | 29 Dec 2009 | 11:42 am
Share: Your Recession Stories

The plaque reads: "March 16, 2009 The national unemployment rate reaches 8.1% for Feb., the nation's highest in 2.5 years." (Lori Nelson/A Hundred Little Recession Stories)

Lori Nelson says a visit from Alex Blumberg and Adam Davidson to her children's school in Brooklyn inspired her to illustrate landmarks of the recession:

Since I am from a long line of Mormon crafters, I decided to illustrate each significant moment of the first year of the Recession on a highly lacquered, tiny, carved pine plaque. With around 24 points of importance, this group of souvenirs became something I hadn't anticipated. Individually, each plaque was pretty and precious. Hung together, these plaques took on the aspect of a jumbled mass-grave.

Initially, I showed the group of plaques under the name, "Souvenirs From the Recession" in a pop-up exhibit in a defunct Brooklyn factory with a group called Recession Arts. I think the piece actually helped people see how messy the last year was, but also perhaps helped people understand each crazy point of those early Recession days. This alone could have been pretty fulfilling, however, the project took an unplanned turn and I realized then that I was only starting with these souvenirs.

I happened to have a few manila cards on me. As I hung the plaques, I reached out to fellow artists, asking them to contribute a few lines about how the Recession had personally affected them. I also texted everyone I knew asking them the same thing. The responses were sometimes predictable ("Eat out only once per month as opposed to once per week"), sometimes quirky and surprising ("The idea of a family project is making our own laundry soap,") and sometimes really sad ("My mother died. Her debts became too overwhelming...."). With a handful of these personal "souvenirs" scattered among the factual plaques, the piece was hung, show opened, and project switched up.

I have now changed what I am memorializing on the pine plaques. I gather one- or two-line stories from friends, Craigslist, and Facebook describing what people as individuals are feeling and seeing during these new Hard Times. In the tradition of Studs Terkel, I feel compelled to document this important time in history so that people can understand how it is and maybe learn. The numbers are interesting and I will continue to create plaques for the important data of the Recession, but I have switched the focus of my project to the humans. One Hundred Little Recession Stories is at about 40 stories now and seems to show no signs of letting up.

The plaque reads: ""Avoiding calls from my dentist for yearly checkup." (Lori Nelson/A Hundred Little Recession Stories)

If you have a story you would like to share with Lori, you can visit her website or email lestweforgiveproject@gmail.com.

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Source: NPR Blogs: Planet Money | 29 Dec 2009 | 11:32 am
Investors seen jumping the gun on airport security (Reuters)
Reuters - Investors' optimism surrounding the shares of airport security systems makers could be premature as interest in the companies' products after the Christmas Day plane scare is not expected to translate into immediate orders.

Source: Yahoo! News: Business | 29 Dec 2009 | 11:22 am
Disney-Marvel Combo Assures More of That $10 Billion Movie Market (MVL, DIS)
Marvel Entertainment, Inc. (NYSE: MVL) is about to disappear. The Walt Disney Co. (NYSE: DIS) acquisition is set to close this week. Some have criticized this $4.2 billion cash and stock deal, but there is going to be more merit to this combination with Disney than just traditional M&A. That old strategic word comes up: [...]

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Source: 24/7 Wall St. | 29 Dec 2009 | 10:51 am
iPhone sales rise in China
It took China Unicom (CHU), Apple's official Chinese carrier, 40 days to sell its first 100,000 iPhones and less than 20 to reach 300,000.
Source: Business and financial news - CNNMoney.com | 29 Dec 2009 | 10:37 am
McKee on Global Economy, Choudhry on U.S. Treasury Bonds: Audio

Source: Bloomberg - All Podcasts | 29 Dec 2009 | 10:26 am
Credit unions duke it out with banks
Had it with your bank this year? It's time to start fresh. Continuing with our Financial Resolution series, we'll show you how you can join a local credit union.
Source: Business and financial news - CNNMoney.com | 29 Dec 2009 | 10:21 am
Vigilante Row Seating: Memo To CEOs At American, Delta & Continental
Memo to airline CEOs: Gerald Arpey, AMR (NYSE:AMR); Richard Anderson, Delta (NYSE:DAL) & Larry Kellner, Continental (NYSE:CAL). Subject: Vigilante Row Seating Now that Homeland Security Secretary Janet Napolitano has made it clear that the best hope that airlines have when attacked by terrorists is the courage of private citizens, the international carriers have the opportunity to protect their passengers [...]

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Source: 24/7 Wall St. | 29 Dec 2009 | 10:08 am
New Short Selling Stocks of Interest (ODP, ALU, UMC, MBI, MU, GLW, SKS, HMA, CHK)
The recent headlines over the short interest showed a rise on the NYSE and NASDAQ. In terms of the Top 50 NYSE Jumps In Shorts, a couple key stocks stand out. For NYSE stocks, short increased their bet in Office Depot, Inc. (NYSE: ODP) as the short position rose by 8,204,236 shares and the short [...]

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Source: 24/7 Wall St. | 29 Dec 2009 | 9:52 am
Shiller Sees `Huge Shadow Inventory’ of U.S. Homes: Audio

Source: Bloomberg - All Podcasts | 29 Dec 2009 | 9:48 am
Hunter Sees Further 10% Decline in Existing Home Prices: Audio

Source: Bloomberg - All Podcasts | 29 Dec 2009 | 9:47 am
Slok Sees 10-Year Note Yield at 4.5% in Late 2010: Audio

Source: Bloomberg - All Podcasts | 29 Dec 2009 | 9:43 am
Nokia Intensifies Patent Fight Against Apple (NOK, AAPL)
The patent case between Nokia Corp. (NYSE: NOK) and Apple Inc. (NASDAQ: AAPL) is not new. But news this morning on the direction which Nokia is willing to take is a move in a new direction. Nokia announced that it has filed a formal complaint with the United States International Trade Commission. This complaint at [...]

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Source: 24/7 Wall St. | 29 Dec 2009 | 9:30 am
Galbraith Urges `Open-Ended’ Federal Aid to States: Audio

Source: Bloomberg - All Podcasts | 29 Dec 2009 | 9:30 am
Dumas Says U.S. Treasuries Are `Only Game in Town’: Audio

Source: Bloomberg - All Podcasts | 29 Dec 2009 | 9:27 am
Stock rebound lifts US consumer confidence
Consumer confidence in the US picked up in December as lower levels of unemployment and bullish stock markets lifted hopes about the state of the economic recovery
Source: Financial Times - US homepage | 29 Dec 2009 | 9:08 am
Opening Bell: 12.29.09
The Man Who Wired Silicon Valley (WSJ)
The hedge fund community has been (potentially) robbed of a tremendous human being: "At Galleon, Mr. Rajaratnam took his fondness for pranks and dares to a new level. When executives from stun-gun maker Taser International Inc. came to make an investment pitch around 2005, Mr. Rajaratnam offered $5,000 to anyone who'd agree to be shocked. Employees gathered around as two people propped up trader Keryn Limmer at the elbows and another person fired the weapon. Ms. Limmer's legs buckled beneath her from the shock. Ms. Limmer declined to comment. That same year, employees arrived at Galleon's morning meeting to a surprise: In the conference room was a dwarf whom Mr. Rajaratnam introduced as an analyst hired to cover "small-cap" stocks. He was, in fact, an actor hired for an April Fool's Day gag."

Ponzi collapses nearly quadrupled in '09 (AP)
Charles P is not going to be happy to hear this. In all, more than 150 Ponzi schemes collapsed in 2009, compared to about 40 in 2008, according to the AP's examination of criminal cases at all U.S. attorneys' offices and the FBI, as well as criminal and civil actions taken by state prosecutors and regulators at both the federal and state levels. Everyone running one of these things, promise me you'll do better in 2010, okay?

Debriefed: A first look at the X-mas bomber's explosive underwear (NYDN)
Go ahead, take a peek.

Moran Stanley To Overhaul Pay Plan (WSJ)
The compensation committee has met several times over the last month-- once for 7 whole hours!-- to discuss how top executives will get paid. Thankfully, no one wants to go the way of Goldman's all-stock plan. One idea is that 65% (or more) of pay will be subject to clawbacks in the event of future losses. Also, 20% of total compensation would come in "shares awarded based on Morgan's share price compared with peers' share prices." And of course you have John Mack. Not getting paid at all. Again.

Did Tiger Cost Shareholders $12 Billion? (CNBC)
The University of California, Davis says yes. What they don't answer: did each girl cost shareholders roughly the same amount? Did Jungers and Grubbs cost more?

Ex-Hedge Fund Analyst Finds Calling On YouTube (NPR)
Salman Khan teaches math on the internet. Ping Jiang is hoping to be the next lonelygirl15.

Most cocaine diluted with unsafe livestock drug (SFGate)
Just an FYI: "Most cocaine coming into the United States has been diluted with a veterinary drug that is used to deworm horses and other animals but can cause severe illness and death in humans, public health experts say."

Departing AIG Counsel Gets Millions as She Exits (WSJ)
Anastasia Kelly is getting a few mill in severance after quitting over being fed up with Ken Feinberg and his "ideas." So that worked out pretty nicely for her.

Trump Trimmed (NYP)
Trump Entertainment Resorts, which owns the Trump Taj Mahal, Trump Marina and Trump Plaza casino-hotels, "quietly acknowledged yesterday that the properties are worth an estimated $459 million -- down from $2 billion in assets when Trump Entertainment filed for bankruptcy in February 2009."

Top Videos Of 2009 (CNBC)
The network's top clips for the year include Santelli's teabagging rants, a conversation with Art Cashin, Obama swatting a fly, the Lingerie Football League and this:

Hedge fund - Trump Entertainment Resorts - Trump Taj Mahal - YouTube - Lingerie Football League
Source: Dealbreaker | 29 Dec 2009 | 8:55 am
Taco Bell to Advertise “Drive Thru Diet” With Christine Dougherty, Who Lost 54 lbs Eating Taco Bell

Remember Jared Fogle, the man who slimmed down eating only Subway food? Now Taco Bell has its own weight-loss marketing weapon, “Christine,” who lost 54 lbs in 2 years by eating Taco Bell’s Fresco menu items. She is now featured as the star of the company’s Drive Thru Diet. ABC News reports:

Along with Christine, Taco Bell will move the Fresco option — swapping cheese and high-fat sauce for salsa — out to the drive-thru and package it in the Drive-Thru Diet menu. “When I decided to trim down, I knew I had to be realistic with myself,” Christine said in the ads. “I didn’t want to cut out my fast food, so I started choosing Fresco items from the Drive-Thru Diet menu. These results aren’t typical, but for me, they are fantastic.”

A host of caveats as long as some drug ads follow her story: Christine’s weight loss was “exceptional” according to the commercials, her taco bell trips were part of a larger effort to cut calories down to 1250 a day, and the Taco Bell Drive Thru Diet shouldn’t be considered a diet.

Right or wrong, diet and public health experts agree Taco Bell’s new campaign will likely seriously influence Americans who spend a great deal on fast food from their cars each year. Although the line of “Fresco” burritos and tacos has existed for six years, the upcoming weeks will be the first time the majority of Taco Bell customers will see the low fat options on the menu.

The counterintuitive and controversial pitch that fast food can be good for weight loss won Subway billions of dollars over its competitors in 2000. The before and after footage of Fogle, who lost 245 pounds in a year, boosted Subway’s per store sales growth to seven times the industry average in 2000 and nearly doubled their previous year’s sales, according to “Market Busters: 40 Strategic Moves That Drive Exceptional Business Growth,” published by the Harvard Business School Press.

The Taco Bell campaign kicks off just in time for New Year’s, when Americans focus on losing the holiday fat. It’s smart marketing, and I bet it will yield good sales results.

Source: Business Pundit | 29 Dec 2009 | 8:26 am
Let's Play 'Eternal Debt'
By Caitlin Kenney

Reality board games were a big hit this Christmas in Argentina, particularly Eternal Debt which challenges players to try and beat the IMF. The Financial Times reports:

Among the wave of reality board games to have hit the Argentine market in recent years, Eternal Debt has remained a niche favourite among those who still blame the IMF for leading the country into a nearly $100bn default eight years ago.

The game, by local manufacturer Ruibal, involves taking Latin American raw materials, turning them into industrial products and selling the finished goods in world markets, using IMF capital.

Also available is Bureaucracy, which exploits locals' disenchantment with the country's notoriously cumbersome civil service. Argentina ranked 118th out of 183 nations in the World Bank's latest Doing Business survey, which benchmarks obstacles to commerce.

The game, made by toymaker Habano, cheerfully invites players "to waste time and lose their patience" as they move across the board with a lengthening list of documents to procure and departments to visit in their quest to complete a simple piece of paperwork.

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Source: NPR Blogs: Planet Money | 29 Dec 2009 | 8:24 am
GM Sells Discontinued Saturns, Pontiacs for Almost 50% Off

If you have always wanted a new Saturn, Pontiac, or Saab, this could be your week. Until January 4, GM will be liquidating its discontinued brands, some for almost 50% off. StreetInsider has more:

General Motors Co. needs to move large inventories of discontinued Saturn and Pontiac vehicles and plans to offer dealers large incentives to do so, according to a report in the Wall Street Journal. The move to liquidate these products could inflate the company’s December sales and offer a cost cut of up to 46 percent off of the sticker price for buyers.

In what is being billed as a year-end fire sale, GM has informed dealers that it will pay the $7,000 for every new Pontiac or Saturn that is moved to rental or service fleets that are operated by the dealers. This will allow the vehicles to be sold at a more attractive price as a used automobile as technically the dealership would be the first owner.

This move will speed up the restructuring process of GM, but will increase the cost of deleting the two brands. The cost of this move has not yet been disclosed publicly.

GM has an estimated two to three months of inventory of Pontiac and Saturn vehicles on the lots totaling 14,500 new automobiles according to Ward’s Auto Reports. Another car-data service, Edmunds estimates that the incentives will allow the company to sell 10,300 cars to reduce inventory to 4,200.

Kiplinger’s Finance (via Time) reports on some of the better fire-sale deals:

GM is offering the biggest discounts on its dying Pontiac, Saturn and Saab brands. You can get up to $3,500 back or 0% financing on a Pontiac Vibe small wagon (the Toyota Matrix’s twin). The 2009 Saturn Aura, a midsize sedan built on the same platform as the Chevy Malibu, has a hefty $4,000 rebate. And Saab 9-3 and 9-5 models come with up to $7,000 cash back to customers, as dealers try to unload inventory in the wake of uncertainty about Saab’s future.

Time adds:

Would-be car buyers are understandably concerned about the prospects of buying a car that won’t be made in the near future. Will warranties be valid even after the brand is discontinued? Will parts be available when repairs are necessary? Will it be easy to find a mechanic who knows how to fix the car? Will the resale or trade-in value of the car hold up?

The answers to those questions, respectively, are yes, probably yes, probably yes, and probably no.

GM’s liquidation could be a killer deal for the right person.

Source: Business Pundit | 29 Dec 2009 | 7:57 am
Tylenol Recalls Arthritis Pain Caplets

Tylenol is recalling its Arthritis Pain caplets with E-Z Open Caps. The bottles are thought to contain a broken-down chemical that leads to nausea and digestive problems. Monthly Prescribing Reference has more:

In November 2009, five lots of this product were recalled due to consumer reports of an unusual moldy, musty, or mildew-like odor that was associated with nausea, stomach pain, vomiting and diarrhea. This recall does not affect any other Tylenol Arthritis Pain products.

The uncharacteristic smell is caused by the presence of trace amounts of a chemical called 2,4,6-tribromoanisole, which is believed to result from the breakdown of a chemical used to treat wooden pallets that transport and store packaging materials. The health effects of 2,4,6-tribromoanisole have not been well studied, and to date all of the observed events reported to McNeil were temporary and non-serious.

Consumers who have this product in their possession should stop using it immediately and contact their healthcare provider with any medical questions or concerns associated with this product.

If you have a bottle of the Tylenol caplets being recalled, call 1-888-222-6036, or email Tylenol here.

Source: Business Pundit | 29 Dec 2009 | 7:39 am
Morning Report: UK Sees Weakest Economic Growth Since 1940's
By Caitlin Kenney

In the last ten years, the UK has experienced its weakest economic growth since the 1940's and worst stock market returns since the 1930's. The Financial Times reports that GDP rose on average just 1.7 percent annually while manufacturing output contracted by 1.2 percent annually. While recovery is expected, officials in the UK are warning of lagging unemployment, a problem we're also facing here in the United States.

Initial public offerings are rebounding, bringing in big fees for companies like Goldman Sachs. Thirty-two companies have held offerings since the start of September, after slowing to just two offerings a month during the first part of the year. Bloomberg reports that out of those offerings, Goldman Sachs led the way in fees, making $191.6 million by helping take companies public. IPOS are big business for Wall Street banks, since fees for this service are generally much higher than other types of deals. So far this year, banks have increased their fees for helping with IPOs by 62 percent.

The latest Standard & Poor's/Case-Shiller home price index shows home prices rose in October for the fifth month in a row. The overall index increased 0.4 percent, but 11 metro areas saw declines. Among those areas, Las Vegas is hurting the most. Home prices there have now fallen for 38 consecutive months.

Meantime, Bank of America's new CEO says he'll pull back on the credit card business when he takes over next month. Bank of America is the nation's second-largest card issuer, but the Wall Street Journal reports that its cards have lost $4.5 billion during the first nine months of 2009, "making it the worst performing Bank of America business line." The company is already planning changes to the way it issues cards. Starting in January, the bank says it will focus on how many different products they can sell to existing customers rather than how many credit cards. The bank will also ask customers interested in a new card to speak with a "personal banker" rather than just a teller.

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Source: NPR Blogs: Planet Money | 29 Dec 2009 | 7:13 am
Hurricane Protection FAIL

Source: Business Pundit | 29 Dec 2009 | 4:15 am
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