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Asian consumers most upbeat, American sentiment dipsHONG KONG (Reuters) - Consumer confidence is strongest in emerging Asia, Brazil and Australia, but weakened slightly in the United States in the fourth quarter as Americans worried about job security, a survey showed on Wednesday.Source: Reuters: Business News | 6 Jan 2010 | 3:20 am Asian consumers most upbeat, American sentiment dips (Reuters)Reuters - Consumer confidence is strongest in emerging Asia, Brazil and Australia, but weakened slightly in the United States in the fourth quarter as Americans worried about job security, a survey showed on Wednesday.Source: Yahoo! News: Business | 6 Jan 2010 | 3:20 am Euro rattled as Stark says EU will not bail out GreeceGlobal market overview: European bourses inched higher after Wall Street and Asian trading provide little fresh impetus and as investors await crucial US labour dataSource: Financial Times - US homepage | 6 Jan 2010 | 3:18 am Manchester City post massive lossA player-buying spree after being taken over by Sheikh Mansour sees Manchester City lose £92.6m in 2008/09.Source: BBC News | Business | World Edition | 6 Jan 2010 | 3:13 am ECB's Stark says EU wouldn't save Greece: report (Reuters)Reuters - The European Union would not help bail out Greece if that country's public debt problem continued to worsen, European Central Bank Executive Board member Juergen Stark was reported as saying on Wednesday.Source: Yahoo! News: Business | 6 Jan 2010 | 3:13 am ECB's Stark says EU wouldn't save Greece: reportMILAN (Reuters) - The European Union would not help bail out Greece if that country's public debt problem continued to worsen, European Central Bank Executive Board member Juergen Stark was reported as saying on Wednesday.Source: Reuters: Business News | 6 Jan 2010 | 3:13 am China Passes Germany As World’s Top ExporterGermany is no longer the world’s top exporter. The Global Trade Information Services say that China exported $957 billion of goods in the first ten months of last year. Germany’s number was $917 billion. The Wall Street Journal reports that ”No changes in November or December are expected to overturn the Chinese lead.” The last time [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 6 Jan 2010 | 3:11 am Retailer M&S sales boosted by Christmas trade (AFP)
Source: Yahoo! News: Business | 6 Jan 2010 | 3:10 am M&S returns to growth in the U.K.Marks & Spencer Group reports a small increase in third-quarter sales, despite not slashing prices in the run to the holidays, as customers snapped up cashmere sweaters and kids’ clothing. But the company cautions that trading will remain challenging this year.
Source: MarketWatch.com - Top Stories | 6 Jan 2010 | 3:06 am Cadbury investors reject KraftCadbury shareholders overwhelmingly reject the initial hostile takeover offer tabled by Kraft Food.Source: BBC News | Business | World Edition | 6 Jan 2010 | 3:04 am Asian shares mostly higher as Nikkei rises 0.5%Asian stocks ended mostly higher Wednesday, with Japanese shares advancing for a third straight session as exporters were boosted by weakness in the yen
Source: MarketWatch.com - Top Stories | 6 Jan 2010 | 3:04 am Recovery hopes rise on Britain's services surgeBritain’s hopes of emerging from the longest recession in history were raised today after the services sector, the “engine room of the economy” was boosted by the strongest growth in new business since September 2007. Source: Latest Business News from Times Online | 6 Jan 2010 | 3:02 am London Markets: M&S slumps as London weakensThe air continues to come out of Marks & Spencer shares on Wednesday as the clothing and food retailer reports weaker-than-expected sales.
Source: MarketWatch.com - Top Stories | 6 Jan 2010 | 3:01 am UBS analysts upgrade flavors/fragrance sectorUBS analysts with a nose for investor opportunity find some tasty pickings within the flavors-and-fragrances industry, lifting two major providers, Frutarom and Givaudan, to buy from neutral and reiterating a buy rating on Symrise.
Source: MarketWatch.com - Top Stories | 6 Jan 2010 | 2:54 am Job Satisfaction May Not MatterThe press made a great deal of a report that job satisfaction hit in 2009 which is an all-time low in a 22-year-old survey conducted by The Conference Board. The new research shows that only 45% of people polled are happy with their work. Lack of wage increases and higher health insurance cost were among the reasons [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 6 Jan 2010 | 2:53 am Can you outsmart the market?As you try to figure out how to put your money to work in a market that veers from depression to mania, you're confronted with two opposing facts that lead to opposing investing strategies.Source: Business and financial news - CNNMoney.com | 6 Jan 2010 | 2:45 am Why cable will cost you even moreYour cable bill is going up this year -- and next year, and the year after that -- with no end in sight.Source: Business and financial news - CNNMoney.com | 6 Jan 2010 | 2:41 am Euro rattled as Stark says EU will not bail out Greece09:25 GMT. Bourses in Europe inched higher on Wednesday after Wall Street and Asian trading provided little fresh impetus and as investors nervously awaited crucial US labour data.A sudden tumble in the...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2010 | 2:41 am 3-D TV coming soon to your living roomBrace yourself! 3-D entertainment is coming to a television set near you.Source: Business and financial news - CNNMoney.com | 6 Jan 2010 | 2:40 am Greek worries hit euro, world stocks flat (Reuters)
Source: Yahoo! News: Business | 6 Jan 2010 | 2:38 am Greek worries hit euro, world stocks flatLONDON (Reuters) - The euro took a brief battering on Wednesday on worries the European Union would not rescue fiscally struggling Greece while global stocks ticked over with investors eyeing major U.S. data due later in the week.Source: Reuters: Business News | 6 Jan 2010 | 2:38 am Stocks set to ease downwardStocks were set to open lower Wednesday, as investors awaited some reports on the nation's job picture.Source: Business and financial news - CNNMoney.com | 6 Jan 2010 | 2:32 am M&S sales disappoint the marketShares in Marks and Spencer fall 4.25% after its increase in sales for the Christmas period fails to meet market expectations.Source: BBC News | Business | World Edition | 6 Jan 2010 | 2:25 am Media Digest 1/6/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: A major overhaul of the global financial system is expected in 2010. Reuters: Kraft (NYSE:KFT) got a 1.52% acceptance of its Cadbury (NYSE:CBY) bid. Reuters: Gold rose above $1,120. Reuters: A Senate panel is near a reform proposal for the Fed. Reuters: The retail sector saw growth in December. Reuters: Auto sales ended the year strong, particularly for Ford [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 6 Jan 2010 | 2:03 am Europe Markets: Banks climb in Europe as broader market meandersStocks in Europe are mixed, though banks extend the nascent year’s advance as investors rush to play what some believe to be the end of the recovery trade for the hard-hit sector.
Source: MarketWatch.com - Top Stories | 6 Jan 2010 | 2:03 am Amazon's Kindle DX goes internationalAmazon.com on Wednesday made its premier Kindle DX model electronic reader available in more than 100 countries. Kindle DX devices that had been available only in the United States sportSource: RSS feed - channel BNewsBusiness | 6 Jan 2010 | 1:57 am Cybersitter sues China for piracyThe California maker of an internet porn filter sues the Chinese government and several computer companies, accusing them of using its program for censorshipSource: Financial Times - US homepage | 6 Jan 2010 | 1:49 am Currencies: Euro slips on Stark's reported Greece remarksThe euro extends losses against the dollar late in the Asia session Wednesday, after reports that a member of the European Central Bank’s executive board said the European Union won't provide financial assistance to Greece
Source: MarketWatch.com - Top Stories | 6 Jan 2010 | 1:35 am Retail outlook depresses FTSEEquities in London rose on Wednesday as bank stocks had another good start, but the focus remained on retailers, with Marks and Spencer adding to the list of companies reporting favourable trading over...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2010 | 1:34 am World markets tempered by mixed US economy figures (AP)
Source: Yahoo! News: Stock Markets News | 6 Jan 2010 | 1:29 am World markets tempered by mixed US economy figuresWorld stock markets inched higher Wednesday with gains tempered by muddled U.S. economic figures that added to ambiguity about the strength of recovery in the world's No. 1 economy. ...Source: RSS feed - channel BNewsBusiness | 6 Jan 2010 | 1:29 am Asia Market And Europe OpenMarkets in Asia were mixed. The Nikkei rose .5% to 10,721. The Hang Seng was up .6% to 22,417. The Shanghai Composite fell .5% to 3,254. At the open in Europe, the FTSE was up .1% to 5,529. The Dax rose .1% to 6,038 Deutsche Telekom (NYSE:DT) was cut to “sell” by UBS. The CAC 40 rose .2% to 4,022. Data from [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 6 Jan 2010 | 1:29 am New power line approval expectedThe Scottish government is expected to approve plans for a line of giant pylons from the Highlands to central Scotland.Source: BBC News | Business | World Edition | 6 Jan 2010 | 1:27 am Buffett wades into battle for CadburyWarren Buffett, the legendary investor, has voted against Kraft’s plan to issue 370m new stock to use as currency for its cash-and-share offer for Cadbury, the UK confectionery groupSource: Financial Times - US homepage | 6 Jan 2010 | 1:24 am Kraft gets 1.52 percent acceptance for Cadbury bidLONDON (Reuters) - Kraft said it had a 1.52 percent take-up from Cadbury shareholder for its hostile bid, but most shareholders are expected to wait to see if Kraft raises its bid before making their decisions.Source: Reuters: Business News | 6 Jan 2010 | 1:22 am Domino’s Pizza tops target on sales surgeDomino's Pizza, the country's biggest pizza delivery company, unveiled another quarter of recession-defying sales growth today and said that its full year profits, helped by Britons' growing penchant for TV dinners, would beat expectations. Source: Latest Business News from Times Online | 6 Jan 2010 | 1:19 am Kraft gets 1.52 percent acceptance for Cadbury bid (Reuters)
Source: Yahoo! News: Business | 6 Jan 2010 | 1:16 am Kraft gets 1.52 percent acceptance for Cadbury bidLONDON (Reuters) - Kraft said it had a 1.52 percent take-up from Cadbury shareholder for its hostile bid, but most shareholders are expected to wait to see if Kraft raises its bid before...Source: RSS feed - channel BNewsBusiness | 6 Jan 2010 | 1:15 am Majestic Wine sees rise in salesMajestic Wine enjoys a strong rise in sales over the Christmas period, boosted by its decision to lower minimum purchases.Source: BBC News | Business | World Edition | 6 Jan 2010 | 1:09 am Marks & Spencer delivers first sales rise in two yearsM&S delivered its first quarterly sales rose in over two years as shoppers snapped up food and clothes in the run up to Christmas.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 6 Jan 2010 | 1:09 am HTC reports sixth fall in profitsSmartphone manufacturer HTC reports a 31% fall in profits for the fourth quarter, with sales down.Source: BBC News | Business | World Edition | 6 Jan 2010 | 1:05 am US military boosts efforts to help Afghan farmersThe American military is expanding its efforts to rebuild Afghanistan's agriculture after decades of war left the nation's farm-based economy in ruins. Once a major exporter of dried...Source: RSS feed - channel BNewsBusiness | 6 Jan 2010 | 1:01 am Banks take revenge for new consumer rulesThey're introducing all sorts of new fees and changes as laws take effect that are designed to make financial heavyweights friendlier to customers.Happy new year. Now pay up.
Source: L.A. Times - Business | 6 Jan 2010 | 1:00 am L.A. Times Media Group forms join venture with U.S. Local News NetworkThe companies will launch two news websites aimed at readers and advertisers in Orange County. The Los Angeles...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2010 | 1:00 am November pending home sales index tumblesThe number of new deals under contract that month fell from October, a sign of vulnerability in the housing recovery.The number of homes placed under sales contracts tumbled in November from the previous month, presenting fresh evidence that the nascent housing recovery could be poised for a dip in the new year.
Source: L.A. Times - Business | 6 Jan 2010 | 1:00 am Business lobbying groups taking different tack in WashingtonThe National Restaurant Assn. and others have moved toward better relations with Democrats--and are getting a seat at the decision-making table on healthcare reform and other issues. ...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2010 | 1:00 am Nationwide Building Society Offers New UK Low Rate Personal Loans at 7.6 PercentSource: RSS feed - channel BNewsBusiness | 6 Jan 2010 | 1:00 am The James Chicago Hotel Insider SaleSource: RSS feed - channel BNewsBusiness | 6 Jan 2010 | 1:00 am Jon Lukomnik Joins The Governance Fund, LLCSource: RSS feed - channel BNewsBusiness | 6 Jan 2010 | 1:00 am Broadcom co-founder Henry Samueli returns to workHe has resumed his posts as senior vice president and chief technical officer at the Irvine chip maker after being cleared last month in a stock-option backdating case.Cleared last month of criminal wrongdoing by a federal judge, Broadcom Corp. co-founder Henry Samueli has returned to the Irvine chip designer as senior vice president and chief technical officer, a company spokesman said Tuesday.
Source: L.A. Times - Business | 6 Jan 2010 | 1:00 am Most automakers report boom in December salesFord and Subaru report 33% gains in U.S. sales over a year earlier, and Hyundai soars 40%. But GM and Chrysler suffer declines. Heavy advertising and promotions are credited for increases.Car dealers are seeing buyers come back to their showrooms -- giving the beaten-down auto industry a glimmer of hope that a long-awaited turnaround has begun.
Source: L.A. Times - Business | 6 Jan 2010 | 1:00 am L.A. Times Media Group forms join venture with U.S. Local News NetworkThe companies will launch two news websites aimed at readers and advertisers in Orange County.The Los Angeles Times Media Group and U.S. Local News Network Inc. have formed a joint venture that will include launching two news websites aimed at readers and advertisers in Orange County.
Source: L.A. Times - Business | 6 Jan 2010 | 1:00 am GMAC Financial Services expects $5-billion lossThe auto lender, which has received $16.3 billion in federal aid, says most of the fourth-quarter red ink will stem from a $3.8-billion charge. ...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2010 | 1:00 am Banks take revenge for new consumer rulesThey're introducing all sorts of new fees and changes as laws take effect that are designed to make financial heavyweights friendlier to customers. ...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2010 | 1:00 am CalPERS board member runs afoul of watchdog agencyFor failing to file a financial disclosure report, Priya Mathur is accused by the California Fair Political Practices Commission of violating an ethics law. She agrees to submit paperwork immediately.California's political watchdog agency announced it has found "probable cause" to accuse a two-term board member at the California Public Employees' Retirement System of violating the state's Political Reform Act.
Source: L.A. Times - Business | 6 Jan 2010 | 1:00 am November pending home sales index tumblesThe number of new deals under contract that month fell from October, a sign of vulnerability in the housing recovery. ...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2010 | 1:00 am Job satisfaction keeps sliding, survey findsOnly 45% of workers are happy with their positions, the lowest rate in 22 years, the nonprofit Conference Board says. The recession is only partly to blame. ...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2010 | 1:00 am Most automakers report boom in December salesFord and Subaru report 33% gains in U.S. sales over a year earlier, and Hyundai soars 40%. But GM and Chrysler suffer declines. Heavy advertising and promotions are credited for increases. ...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2010 | 1:00 am Business lobbying groups taking different tack in WashingtonThe National Restaurant Assn. and others have moved toward better relations with Democrats--and are getting a seat at the decision-making table on healthcare reform and other issues.For decades, nothing symbolized the unshakable alliance between Washington's business lobbyists and the Republican Party more than the National Restaurant Assn.
Source: L.A. Times - Business | 6 Jan 2010 | 1:00 am CalPERS board member runs afoul of watchdog agencyFor failing to file a financial disclosure report, Priya Mathur is accused by the California Fair Political Practices Commission of violating an ethics law. She agrees to submit paperwork immediately...Source: RSS feed - channel BNPaperBusiness | 6 Jan 2010 | 1:00 am Google unveils Nexus One smart phoneThe Internet giant begins selling its first consumer electronics device in a challenge to Apple's iPhone and RIM's BlackBerry.In an ambitious bid to expand its reach even to consumers on the go, Google Inc. on Tuesday unveiled the widely anticipated Nexus One smart phone as it launched a bold new business model that could shake up the mobile phone industry.
Source: L.A. Times - Business | 6 Jan 2010 | 1:00 am Job satisfaction keeps sliding, survey findsOnly 45% of workers are happy with their positions, the lowest rate in 22 years, the nonprofit Conference Board says. The recession is only partly to blame.If you're lucky enough to have a job in this economy, chances are that you dislike it.
Source: L.A. Times - Business | 6 Jan 2010 | 1:00 am Aussie share market closes flatMELBOURNE - The Australian share market closed relatively flat on Wednesday as positive sentiment towards the resources sector was offset by weakness among some of the major banks.At the 1615 AEDT close, the benchmark S&P/ASX200...Source: nzherald.co.nz - Business | 6 Jan 2010 | 12:59 am Offer by Kraft Foods Inc. for Cadbury Plc Offer UpdateSource: RSS feed - channel BNewsBusiness | 6 Jan 2010 | 12:58 am SMFG to ask Goldman to convert preferred sharesSumitomo Mitsui reportedly plans to ask U.S. financial giant Goldman Sachs to convert about $1.1 billion in SMFG preferred shares into common stock, as part of the Japanese bank's preparation for tougher capital requirements.
Source: MarketWatch.com - Top Stories | 6 Jan 2010 | 12:39 am Cautious M&S reports strong Christmas tradeMarks & Spencer (M&S) revealed this morning that it enjoyed a solid Christmas trading period as the retailer recovers from the recession by reporting its first rise in sales in two years. Source: Latest Business News from Times Online | 6 Jan 2010 | 12:22 am Bill Miller expects US shares to rise 20pc in 2010Legg Mason Capital Management's veteran chief investment officer and chairman, Bill Miller, believes the market is underestimating the potential rate of US GDP growth in 2010.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 6 Jan 2010 | 12:11 am NZ market little changed on light news dayThe New Zealand sharemarket ended little changed as general optimism about the global recovery failed to make a difference on the day.The benchmark NZSX-50 index closed up 3.38 points, or 0.103 per cent, at 3271.568. Turnover...Source: nzherald.co.nz - Business | 6 Jan 2010 | 12:07 am 'Avatar' makes $4.8m on opening day in ChinaJames Cameron's Avatar, already a global hit, raced to a $4.8m (£3m) first day in populous China, with a publicist predicting the sci-fi blockbuster will set a new Chinese box office record.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 6 Jan 2010 | 12:06 am Government's 50pc tax unlikely to stop this year's bonusesThe Government's 50pc tax on all bonuses of more than £25,000 looks unlikely to stop banks paying bonuses this year, it has been reported.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 6 Jan 2010 | 12:01 am Chile copper miners' strike endsWork is set to resume at the world's second biggest copper mine in Chile after workers voted to end a strike over pay.Source: BBC News | Business | World Edition | 5 Jan 2010 | 11:58 pm Chile copper mine strike endsEmployees at two giant northern Chile copper mines that produce over four percent of the world's copper voted to end their two-day strike, accepting a bonus and salary increase offer. ...Source: RSS feed - channel BNewsBusiness | 5 Jan 2010 | 11:55 pm AQR Capital set to launch seventh mutual fund-WSJJan 6 (Reuters) - U.S. money management firm AQR Capital Management, which relies heavily on computer models to select investments, will launch its seventh mutual fund on Wednesday, the Wall Street Journal...Source: RSS feed - channel BNewsBusiness | 5 Jan 2010 | 11:48 pm Hatoyama scrambles to find Fujii successor: reportJapanese Prime Minister Yukio Hatoyama scrambles to pick the next finance minister after deciding that the resignation of the current Finance Minister Hirohisa Fujii is unavoidable.
Source: MarketWatch.com - Top Stories | 5 Jan 2010 | 11:21 pm The shortlist for worst takeover of the centuryThe man who sold Time Warner to AOL says it was the 'worst deal of the century'. Here's the competition.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 5 Jan 2010 | 11:20 pm January sales 2010Retailers from Marks & Spencer to HMV reveal their sales over Christmas and in January, and their outlook for 2010.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 5 Jan 2010 | 11:17 pm NZ dollar largely unchangedThe New Zealand dollar dipped after prices in a Fonterra online auction of whole milkpowder eased but ended near where it began the session.The NZ dollar was at US73.37c at 5pm, virtually unchanged from US73.36c at 8am and up...Source: nzherald.co.nz - Business | 5 Jan 2010 | 11:00 pm JAL shares fall on report government agencies eye bankruptcyTOKYO (Reuters) - Shares of Japan Airlines fell nearly 7 percent on Wednesday after a newspaper said the carrier's main creditor and the finance ministry support bankruptcy as a way to restructure the heavily indebted airline.Source: Reuters: Business News | 5 Jan 2010 | 10:52 pm Global financial regulation overhaul seen in 2010WASHINGTON/LONDON (Reuters) - Global financial regulation has changed little since the 2008 banking crisis, but that won't be the case much longer.Source: Reuters: Business News | 5 Jan 2010 | 10:35 pm Economic Report: China's services sector on mend, data showA monthly survey indicates improvement in China’s services sector, with December business activity rising at the fastest pace in three months.
Source: MarketWatch.com - Top Stories | 5 Jan 2010 | 10:31 pm Global financial regulation overhaul seen in 2010 (Reuters)Reuters - Global financial regulation has changed little since the 2008 banking crisis, but that won't be the case much longer.Source: Yahoo! News: Business | 5 Jan 2010 | 10:22 pm Citi's John Havens earned $9 million in 2009(Reuters) - John Havens, head of Citigroup Inc's securities business, earned about $9 million in total compensation in 2009, a regulatory filing showed.Source: Reuters: Business News | 5 Jan 2010 | 10:02 pm Jon Friedman's Media Web: Tiger, Leno, Sawyer: A lot to prove in '10Tiger Woods, Jay Leno and Diane Sawyer all have something in common: Each has a lot to prove this year in the glare of public scrutiny. Let’s take a look at the challenges they face.
Source: MarketWatch.com - Top Stories | 5 Jan 2010 | 10:01 pm Whole Life Loans, Picking a Broker, and More (Ask SmartMoney)Stephanie AuWerter answers your personal-finance questions.
Source: SmartMoney.com | 5 Jan 2010 | 10:00 pm How to Cut Your Cable Bill Now (Deal of the Day)Rates are headed higher. Cut costs without missing your favorite shows.
Source: SmartMoney.com | 5 Jan 2010 | 10:00 pm Yemen and Your Portfolio (On the Street)A new focal point in the war on terrorism could have implications for a wide variety of investment vehicles.
Source: SmartMoney.com | 5 Jan 2010 | 10:00 pm 3 Stocks Priced for Takeover Bids (Screens)Hough: Merger-and-acquisition math makes these companies look cheap.
Source: SmartMoney.com | 5 Jan 2010 | 10:00 pm For Chevron, It Could Be a Happy New YearChevron's shares could rally about 20% in the next year, as oil prices climb.
Source: SmartMoney.com | 5 Jan 2010 | 10:00 pm Decoding the FAFSA: 6 Tips to Boost Financial Aid (Consumer Action)The new application has just been released. What you need to know.
Source: SmartMoney.com | 5 Jan 2010 | 10:00 pm Record US sales for Nintendo’s WiiShares of Nintendo rallied 6.9 per cent thanks to strong December sales of its Wii game console in the US, cheering investors anxious that the console had lost its spark with consumersSource: Financial Times - US homepage | 5 Jan 2010 | 9:53 pm Retail sectors saw growth in December: SpendingPulseCHICAGO (Reuters) - U.S. retailers largely saw a strong finish to the 2009 holiday season even though sales fell at apparel chains and department stores in December, according to MasterCard Advisors' SpendingPulse.Source: Reuters: Business News | 5 Jan 2010 | 9:32 pm Expect more U.S. charges vs Rajaratnam: prosecutorsNEW YORK (Reuters) - Indicted Galleon hedge fund founder Raj Rajaratnam faces expanded charges of insider trading and allegations that he earned $36 million in illicit profits, double the amount previously alleged, U.S. prosecutors said on Tuesday.Source: Reuters: Business News | 5 Jan 2010 | 8:13 pm Networks serving up digital TV to goStations nationwide will begin broadcasting a new signal this year meant for mobile devices.First there was digital television. Now comes mobile digital TV.
Source: L.A. Times - Business | 5 Jan 2010 | 7:25 pm Google revamps its mobile strategy with new phoneMOUNTAIN VIEW, California (Reuters) - Google Inc took the wraps off a new smartphone that it will sell directly to consumers, aiming to boost its position in the emerging mobile Internet market by exerting greater control over the new generation of Web-surfing devices.Source: Reuters: Business News | 5 Jan 2010 | 7:13 pm GMAC expects $5B 4Q loss, selling mortgage assets (AP)AP - GMAC Financial Services, the consumer lender now majority owned by the government, said Tuesday it expects to report a loss of about $5 billion in the fourth quarter thanks to deep writedowns on underperforming mortgage loans it plans to sell.Source: Yahoo! News: Business | 5 Jan 2010 | 7:11 pm Is the world fixed?Waiting for the usual dose of fried rice from a local Chinese takeaway ? ordered in the post-Christmas avoidance of cooking duties and a meal which, incidentally, had experienced price inflation since my last visit ? I discovered...Source: nzherald.co.nz - Business | 5 Jan 2010 | 6:35 pm Galleon founder faces more US chargesUS prosecutors said they planned to expand the insider trading charges against Raj Rajaratnam, and accuse the billionaire founder of the Galleon hedge fund group of making at least $36m in illicit profitsSource: Financial Times - US homepage | 5 Jan 2010 | 5:42 pm Signs Of The Apocalypse: Rich Lose Homes, Pending Homes Sales OffPending home sales fell in November as the National Association of Realtors index for that part of the market fell to 96 in November from 114.3 in October. The sharp drop brought with it the fear that the housing recovery is only a mirage and that unemployment and an increase in mortgage costs will push the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 5 Jan 2010 | 5:37 pm China, Protalix, Steak N Shake: Taking Stock PodcastSource: Bloomberg - All Podcasts | 5 Jan 2010 | 5:37 pm Obama rebukes security chiefs over ‘failure’US intelligence agencies had enough information about the attempted Christmas Day terror attack to have stopped it, President Obama said in a stern rebuke to his intelligence and security chiefs, describing how officials ‘failed to connect the dots’Source: Financial Times - US homepage | 5 Jan 2010 | 5:07 pm Google steps into online retailing with launch of Nexus One, new 'superphone'Google yesterday took a step into online retailing with the launch of its new smartphone, the Nexus One, and a webstore to sell it directly to consumers. Source: Latest Business News from Times Online | 5 Jan 2010 | 5:01 pm Home Delivery Network buys DHL parcel divisionHome Delivery Network (HDN), the parcel delivery company owned by Sir David and Sir Frederick Barclay, is to buy DHL’s parcel division that will form a £600 million competitor to Royal Mail. Source: Latest Business News from Times Online | 5 Jan 2010 | 5:01 pm Rivals left hanging as Apple hits three billion App Store downloadsOwners of Apple’s iPhone and iPod touch devices have downloaded more than three billion applications from the company’s App Store in less than 18 months, trouncing the last benchmark figure by a billion. Source: Latest Business News from Times Online | 5 Jan 2010 | 5:01 pm Iraq inquiry: British firms 'did pretty well' out of overthrowing SaddamBritish companies have benefited from the award of oil contracts in Iraq because of the decision to help to overthrow Saddam Hussein, Gordon Brown’s chief foreign policy adviser told the Chilcot inquiry yesterday. Source: Latest Business News from Times Online | 5 Jan 2010 | 5:01 pm Blow to Kraft as Warren Buffett threatens to block knockout bid for CadburyWarren Buffett, Kraft’s biggest shareholder, put the brakes on the American food giant’s £10.4 billion hostile bid for Cadbury yesterday with a strongly worded warning that he would block any knockout offer. Source: Latest Business News from Times Online | 5 Jan 2010 | 5:01 pm Confidence hit by worries over tax, says NationwideConcern about the impact of the rise in VAT and future increases in national insurance sent consumer confidence down sharply in December, according to figures released today. Source: Latest Business News from Times Online | 5 Jan 2010 | 5:01 pm Asda steps up price war with reductions on 3,600 itemsThe supermarket price war intensified yesterday as Asda unveiled what it claimed were its biggest price cuts in a decade (Marcus Leroux writes). Source: Latest Business News from Times Online | 5 Jan 2010 | 5:01 pm Write-Offs: 01.05.10$$$ Prosecutors Expect to File New Indictment In Rajaratnam Case [WSJ] $$$ The ad people who run this asylum would like you to please take this survey. Do it now, and then we don't have to speak about it again. Apparently there's a monetary incentive, too. [DB] $$$ UBS whistleblower seeks probe of government lawyers [Reuters] $$$ Buffett's Kraft Stance Conjures Coke's Quaker Retreat [Bloomberg] 
 Source: Dealbreaker | 5 Jan 2010 | 4:58 pm Cramer’s 2010 Counterterrorism Stock Picks (ASEI, OSIS, FLIR, COGT, NICE)It seems every market pundit has their outlook picks for 2010, and Jim Cramer is no different. Last night was Cramer’s “Energy Shortage Stock Picks for 2010″ and on CNBC’s MAD MONEY tonight Cramer gave his featured stock picks in the Homeland Security and anti-terrorism sector. Considering the recent failed plane bombing attempt on Christmas [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 5 Jan 2010 | 4:45 pm Democrats prepare health bill strategyCongress leaders are seeking to thwart Republicans as the Senate and House versions are mergedSource: Financial Times - US homepage | 5 Jan 2010 | 4:39 pm Calomiris Sees Recovery in U.S. Housing Market: AudioSource: Bloomberg - All Podcasts | 5 Jan 2010 | 4:35 pm Quinlan Says S&P May Rise 10 to 15 Percent in 2010: AudioSource: Bloomberg - All Podcasts | 5 Jan 2010 | 4:34 pm Kos Says FDIC May Need Cash From Treasury: AudioSource: Bloomberg - All Podcasts | 5 Jan 2010 | 4:32 pm Rushed security plans worry airport operatorsOperators have grown increasingly annoyed that the government has announced its plans so quickly without in-depth consultation. The airport owners also worry about how affordable the new measures will beSource: Financial Times - US homepage | 5 Jan 2010 | 4:30 pm UK Treasury to cash in as bonus tax failsThe chancellor’s allies admit the tax has not changed behaviour, but take comfort in the fact that the Treasury is set for a windfall of hundreds of millions of poundsSource: Financial Times - US homepage | 5 Jan 2010 | 4:29 pm Latin America Led World Stock Funds In Fourth Quarter (Investor's Business Daily)Investor's Business Daily - With a 5.4% advance in the final quarter of 2009, U.S. stock funds closed out their best year since 2003 after suffering their worst year of the decade.Source: Yahoo! News: Stock Markets News | 5 Jan 2010 | 4:18 pm Ex-Perot employee returning $8.6M (AP)AP - A former employee of a Perot Systems Corp. affiliate who had been charged with insider trading has agreed to return about $8.6 million in illicit profits, federal regulators said Tuesday.Source: Yahoo! News: Stock Markets News | 5 Jan 2010 | 4:16 pm Greece pledges deep cuts in debtGreece says it will have its budget deficit back under control in just two years, earlier than previously planned.Source: BBC News | Business | World Edition | 5 Jan 2010 | 4:14 pm Boiler scrappage scheme: who will benefitScheme to give homeowners £400 towards a new boiler launches today, but will consumers, businesses or the taxman be the real winners?Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 5 Jan 2010 | 4:04 pm Pimco's Clarida Sees No Fed Rate Rise Before Late 2010: AudioSource: Bloomberg - All Podcasts | 5 Jan 2010 | 4:03 pm Sharemarket flat in early tradingSky City shares slipped in early trading after reaching their highest levels in a month yesterday.Shortly after the New Zealand sharemarket opened today, shares in the casino operator were down 3c to 340, having yesterday closed...Source: nzherald.co.nz - Business | 5 Jan 2010 | 4:03 pm Ford, Las Vegas Sands, Kraft Foods are 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 | 5 Jan 2010 | 4:01 pm Morgan Stanley's Roach Calls Chinese Yuan `False Issue’: AudioSource: Bloomberg - All Podcasts | 5 Jan 2010 | 4:00 pm Mixed economic data, higher dollar press stocks (AP)
Source: Yahoo! News: Stock Markets News | 5 Jan 2010 | 3:50 pm Angry Iceland defies the worldIceland's president acknowledges that popular feeling in the island nation is too strong to proceed without a referendum.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 5 Jan 2010 | 3:40 pm Rupkey Sees U.S. Economy Bouncing Back in 2010: AudioSource: Bloomberg - All Podcasts | 5 Jan 2010 | 3:39 pm S&P, Nasdaq rise on factory orders; Dow dips (Reuters)
Source: Yahoo! News: Stock Markets News | 5 Jan 2010 | 3:36 pm Ryding Says U.S. Housing Market Remains Fragile: AudioSource: Bloomberg - All Podcasts | 5 Jan 2010 | 3:36 pm Henderson Sees Managed Care Stocks Performing Well: AudioSource: Bloomberg - All Podcasts | 5 Jan 2010 | 3:32 pm Oppenheimer's Gheit Sees Oil Averaging $75 in 2010: AudioSource: Bloomberg - All Podcasts | 5 Jan 2010 | 3:31 pm Clintons: greetings cards with a bitter messageClinton Cards was one of the top-performing shares in 2009, but landlords and suppliers to the company's former Birthday subsidiary have little reason to cheer.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 5 Jan 2010 | 3:29 pm How the major stock indexes fared on Tuesday (AP)AP - Investors turned cautious on the second trading day of the year as a pair of economic reports sent mixed signals about how the recovery was going. Major stock indexes ended flat a day after the Dow Jones industrials soared more than 150 points on upbeat manufacturing reports in the U.S. and China. The economic news on Tuesday was more muddled. A strong report on factory orders mainly offset bad news about a plunge in home sales in November.Source: Yahoo! News: Stock Markets News | 5 Jan 2010 | 3:25 pm Conservatives are in danger of tying us all up in supervisory knotsWhile David Cameron, promises business that a Conservative administration will cut red tape and introduce "better regulation", his shadow cabinet are busy making mischief and playing to the gallery.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 5 Jan 2010 | 3:24 pm GMAC headed for $5 billion lossGMAC, the troubled finance company that last week scored a third government bailout, said Tuesday it expects to post a record fourth-quarter loss of $5 billion.Source: Business and financial news - CNNMoney.com | 5 Jan 2010 | 3:04 pm TSX up for fourth day, Potash Corp rallies (Reuters)Reuters - The TSX ended at a 15-month high on Tuesday, led by a rally in shares of Potash Corp of Saskatchewan after the big fertilizer company was upgraded to "outperform" by Credit Suisse.Source: Yahoo! News: Business | 5 Jan 2010 | 2:56 pm TSX up for fourth day, Potash Corp rallies (Reuters)Reuters - The TSX ended at a 15-month high on Tuesday, led by a rally in shares of Potash Corp of Saskatchewan after the big fertilizer company was upgraded to "outperform" by Credit Suisse.Source: Yahoo! News: Stock Markets News | 5 Jan 2010 | 2:56 pm Google makes new push into mobile phonesGoogle opened a new front in its push into the mobile phone business with the launch of an online store to sell handsets and service from operators on both sides of the AtlanticSource: Financial Times - US homepage | 5 Jan 2010 | 2:51 pm Auto sales: Good end to terrible yearThe auto industry ended its worst year in memory with one of its best sales months of the year.Source: Business and financial news - CNNMoney.com | 5 Jan 2010 | 2:49 pm The State of the Gift Card EconomyNow that the dust has settled on yet another holiday season, now is the time that we bask in our takings. Even though the holiday spending spikes that most businesses see during December have come to an end, big profits are still made thanks to the overwhelming popularity of gift cards in recent years. Gift cards are big business, which translates into big profits. Here we take a look at some of the facts behind them, as well as some of the industry secrets to maintaining solid numbers long after the holidays have come to an end.
Source: Business Pundit | 5 Jan 2010 | 2:46 pm Apple gets tough, buys mobile ad firmApple said on Tuesday that it has agreed to buy Quattro Wireless, a mobile advertising and publishing company.Source: Business and financial news - CNNMoney.com | 5 Jan 2010 | 2:39 pm NZ dollar trades in US73c rangeThe New Zealand dollar traded overnight in a range between US73.20c and US73.90c against the greenback, which was pressured by a steep drop in United States pending home sales.Investors also moved to reduce December's bullish...Source: nzherald.co.nz - Business | 5 Jan 2010 | 2:23 pm CNBC Wardrobe Department Decides Not To Blow Its Load So Early In The Week
Previous coverage of the most important story of our time found here.
Source: Dealbreaker | 5 Jan 2010 | 2:22 pm Presented By:Source: Dealbreaker | 5 Jan 2010 | 2:15 pm Shumway Capital Sells Stake To GoldmanFrom Katherine Burton: Chris Shumway sold an 8 percent stake in his hedge-fund firm to a leveraged-buyout fund run by Goldman Sachs Group Inc., according to a letter sent to investors today.
Source: Dealbreaker | 5 Jan 2010 | 2:15 pm Surprise Auto Winner…. SIRIUS XM (SIRI, DTV)SIRIUS XM Radio Inc. (NASDAQ: SIRI) may have been one of the surprise winners so far in 2010. While there are still many problems at SIRIUS XM, the company now looks to be the big winner in the latest round of auto sales data released today. The gains from Ford and Toyota may have dwarfed [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 5 Jan 2010 | 1:57 pm Rice Changes GearsBy Daniel Costello Condoleezza Rice has joined the board of directors for a new energy company hoping to take advantage of possible cap-and-trade legislation. The former secretary of state, who has been teaching political science at Stanford University since leaving the Bush administration, is taking a leading role at the start-up, called C3. Rice previously served on the Board of Directors at the Chevron Corporation. C3 is the brainchild of Thomas Siebel, founder of Siebel Systems, which was bought by Oracle in 2005 for $5.8 billion. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Jan 2010 | 1:57 pm Dylan Ratigan To Go At It With Maria Bartiromo
Source: Dealbreaker | 5 Jan 2010 | 1:37 pm Chinese ADRs Take Off (SEED, FEED, CAGC, CAAS)Chinese agriculture stocks, as measured by Tickerspy’s Chinese Agriculture Stocks Index (*CHAGR), are up over 6% today. Gains in Chinese agriculture stock were led by crop seed company Origin Agritech Ltd. (NASDAQ: SEED), which rose nearly 10% to $13.44. Gains were also driven by AgFeed Industries Inc. (NASDAQ: FEED) and China Agritech Inc. (NASDAQ: CAGC), [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 5 Jan 2010 | 1:15 pm Apple v Google fight intensifiesThe two giants of communication take fight to each others' home turf.Source: BBC News | Business | World Edition | 5 Jan 2010 | 1:00 pm VW Big Loser In December Domestic Car SalesMost analysts believe that the VW merger with Porsche is about to create the largest car company in the world which will have annual sales greater than both GM and Toyota (NYSE:TM). VW’s December sales in the US were up 16% to 20,387, which means the German car company is not at all a factor in [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 5 Jan 2010 | 12:48 pm Fonterra milkpowder prices fallThe rapid rise of whole milkpowder prices appears to have hit a speed bump, with prices paid for Fonterra product at auction falling for the first time in six months.The average selling price for whole milkpowder (WMP) fell 7.1...Source: nzherald.co.nz - Business | 5 Jan 2010 | 12:39 pm What Sort Of Horrors Did Lenny Dykstra Leave Behind After Getting Thrown Out Of His House?
"The house was left by Mr. Dykstra in an unshowable state, with raw sewage escaping from the main drain line left undone," Brian Dubois of American Holdings & Land said in court papers. "The home was littered throughout with empty beer bottles, trash, dog feces and urine and other unmentionables," said Dubois.
Source: Dealbreaker | 5 Jan 2010 | 12:30 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 | 5 Jan 2010 | 12:27 pm Google Unveils New Phone
Google's new Nexus One phone (Google) By Daniel Costello Google announced the launch of its much anticipated Nexus One phone this morning. The phone, buzzed about for months, is the company's effort to catch up with Apple's iPhone in the all-important mobile device market. From the Los Angeles Times: The phone weighs 130 grams, about as light as a Swiss army knife, and has a 3.7-inch display that has deep contrasts. It has a track ball at the bottom of the device. If you get an e-mail or new text message, the track ball changes color, flashing blue for Bluetooth, for example. It has a compass, GPS and a light sensor. The light sensor helps consumers save power by adjusting to indoor and outdoor light. The camera with an LED flash has a one-click upload to YouTube. The phone also has active noise cancellation that gets rid of background noise. There is room on the back of the device to custom engrave with your choice of personal text. The phone also has consumer-friendly software such as Google Maps, Facebook integration and quick contacts. Consumers will be able to buy the phone through a new Google Web store today. A spokesman said the store will offer a phone with or without service from T-Mobile. Google expects to add more devices and countries. Verizon Wireless in U.S. and Vodafone in Europe will eventually carry the phone, he said. The phone is already out and used by a select few in the public. One of lucky ones is Fred Wilson, a venture capitalist who received his Nexus One phone last December as a Christmas gift. Wilson wrote on his blog Musings of a VC in NYC to brag about his good fortune. Engadget also has an early review. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Jan 2010 | 12:22 pm Iceland leader vetoes bank billIceland's president will not sign a bill to repay UK and Netherlands billions lost in the banking crisis.Source: BBC News | Business | World Edition | 5 Jan 2010 | 12:01 pm CNN.com: Google unveils Nexus One smartphoneSource: Business and financial news - CNNMoney.com | 5 Jan 2010 | 11:44 am 2010: Year of the dollar?Happy New Year indeed! The financial markets got off to a hot start on the first day of trading Monday. Name an asset and it likely went up.Source: Business and financial news - CNNMoney.com | 5 Jan 2010 | 11:40 am U.S. job satisfaction hits 22-year lowFewer than half of U.S. workers are satisfied with their jobs, the lowest level since record-keeping began 22 years ago, said a report released Tuesday.Source: Business and financial news - CNNMoney.com | 5 Jan 2010 | 11:00 am Who Needs Bedding?From: [redacted at Citi] Earlier: Come On Down To Vikram's House Of Jewels!
Source: Dealbreaker | 5 Jan 2010 | 10:52 am AIG sells Canadian mortgage insurance unit (AP)AP - The Canadian mortgage insurance business of American International Group Inc. will be sold to a private investor group headed by the Ontario Teachers' Pension Plan, the groups said Tuesday.Source: Yahoo! News: Business | 5 Jan 2010 | 10:30 am Africans tough it out in ArgentinaClosed doors in Europe and America are pushing Africans to find new destinations, including South America. But what they find in Buenos Aires is not always what they expect. Ian Mount reports.Source: Marketplace | 5 Jan 2010 | 10:29 am FTSE 100 ends in the black (AFP)
Source: Yahoo! News: Stock Markets News | 5 Jan 2010 | 10:29 am Airlines keep an eye on extra securityAirline executives are watching the government's reaction to the alleged Christmas Day terror attack in Detroit. John Dimsdale reports they know extra security hassles can affect their bottom line.Source: Marketplace | 5 Jan 2010 | 10:29 am Letters: Home sales, green tech, shelterKai Ryssdal reviews what listeners had to say about stories involving home sales, green technologies, homeless shelters, and the Marketplace Minute.Source: Marketplace | 5 Jan 2010 | 10:28 am Postal deficit may lead to less deliveryThe U.S. Postal Service is rethinking the way it does business after losing $3.8 billion last fiscal year. Molly Messick reports the postal service's mission is part of what makes it so hard to meet budget.Source: Marketplace | 5 Jan 2010 | 10:28 am The impact of Google's new phoneMiguel Helft, technology reporter for The New York Times, talks with Kai Ryssdal about what Google wants to achieve with its new phone and how it might affect the mobile ad market.Source: Marketplace | 5 Jan 2010 | 10:28 am Cold snap boosts global commoditiesThe winter cold snap is expected to increase U.S. heating demand, which is giving oil prices a bump. But it's not just oil the weather's affecting. Sam Eaton reports.Source: Marketplace | 5 Jan 2010 | 10:28 am Will consumers jump into 3-D TVs?ESPN is going to launch a new 3-D channel. With 3-D movies like "Avatar" busting out at the box office, will we all need new TVs and set-top boxes to watch? Mitchell Hartman reports.Source: Marketplace | 5 Jan 2010 | 10:28 am Kraft's bid for Cadbury loses sweetnessKraft Foods' offer for candy maker Cadbury has hit a roadblock: Warren Buffett's company has voted against the bid. Jeremy Hobson reports this deal may be more evidence that not every merger is a match made in heaven.Source: Marketplace | 5 Jan 2010 | 10:27 am Tech Issues Ahead of CES 2010 (MMM, UPG, PLXT, INTU, NETL, GRMN, GOOG, S, TXCC, INTC, AMD, AAPL)It is the first week of January, which means one thing for lovers of consumer electronics: CES, the Consumer Electronics Show, takes place in Las Vegas. The event kicks off on January 7 at the Las Vegas Convention Center. We have gone through the press releases issued under the CES exhibitor news to look for [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 5 Jan 2010 | 10:05 am Remember the Adage “Do What Works?”In business, doing what works means establishing markets, products, and practices that have worked for others before you. It seems like Hollywood isn’t immune to that adage, either…
Source: Business Pundit | 5 Jan 2010 | 10:03 am Sky buys rights to Commonwealth GamesSky Television confirmed today that it has bought TVNZ's broadcast rights for this year's Commonwealth Games in India and will screen 12 hours each day live on its free-to-air channel.The Commonwealth Games, to be held in Delhi,...Source: nzherald.co.nz - Business | 5 Jan 2010 | 10:00 am More Economic UncertaintyBy Daniel Costello The great economic ambiguity that seems to be following the Great Recession continued Tuesday as competing economic data showed just how unsettled the nascent recovery remains. First, pending sales of previously owned U.S. homes fell more than expected in November at the end of a rush to beat the initial expiration of a popular tax credit, a survey showed on Tuesday. The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in November, dropped 16 percent to 96.0, after rising for nine straight months. Home sales have been boosted by a $8,000 tax credit for first-time home buyers, which has been expanded and extended to mid-2010. The popular tax credit had been scheduled to expire at the end of November. Meanwhile, businesses stepped up their demand in November for capital equipment to expand production, the Commerce Department reported Tuesday. October's orders were revised higher by two-tenths of a percent to 0.8%. The Dow Jones Industrial Average was down 40 points in late morning trading.
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Source: NPR Blogs: Planet Money | 5 Jan 2010 | 9:24 am Warren Buffett to Kraft: Don’t Issue Blank Checks
Kraft Foods recently released a proxy statement calling for a meeting in which shareholders will decide whether to let it issue up to 370 million shares in order to boost its offerings for a Cadbury buyout. Warren Buffett, whose Berkshire Hathaway is the company’s largest shareholder (9.4%), did not cozy to this idea. He not only voted against the plan, but also issued a cautionary press release to Kraft management today: “The share-issuance proposal, if enacted, will give Kraft a blank check allowing it to change its offer to Cadbury – in any way it wishes – from the transaction presented to shareholders in the proxy statement. And we worry very much that, indeed, there will be an additional change from the revision announced this morning. To state the matter simply, a shareholder voting “yes” today is authorizing a huge transaction without knowing its cost or the means of payment. What we know with certainty, however, is that Kraft stock, at its current price of $27, is a very expensive “currency” to be used in an acquisition. In 2007, in fact, Kraft spent $3.6 billion to repurchase shares at about $33 per share, presumably because the directors and management thought the shares to be worth more. Does the board now believe those purchases were a mistake and that Kraft’s true value is only the current price of $27 per share – and that it is therefore fine to structure a major acquisition based upon that price? Would the directors use stock as merger currency if the price were, say, $20 per share? Surely the true business value of what is given is as important as the true business value of what is received when an acquisition is being evaluated. We hope all shareholders will use this yardstick in deciding how to vote. Our understanding is that Kraft must announce its final offer for Cadbury by January 19th. If we conclude at that point that the offer does not destroy value for Kraft shareholders, we will change our vote to “yes.” At this time, however, we believe no shareholder should vote “yes” when he can’t possibly know what he is voting for.” Rational Walk’s Ravi Nagarajan has a good analysis of the Berkshire press release: It is unusual for Warren Buffett to publicly criticize the management of companies in which Berkshire holds minority positions…the statement (in the first paragraph of the press release)…reveals a lack of confidence in management to protect shareholder interests and profound dissatisfaction with the slightly sweetened terms of Kraft’s offer for Cadbury which were announced this morning. …we see the familiar standard that Mr. Buffett has long used to measure whether using stock in an acquisition makes sense for the acquirer: As much business value must be received as the company is giving up in the share issue. This does not mean that Kraft cannot use “undervalued” shares to purchase another company, but the target company must be at least as “undervalued” as Kraft if stock is employed in the transaction. While the press release keeps open the possibility that Berkshire may change its vote to “yes” if the terms of Kraft’s final offer for Cadbury (due by January 19) are acceptable, today’s press release clearly is intended to send a message to Kraft’s management and board. Perhaps the most amazing aspect of today’s drama is that Kraft CEO Irene Rosenfeld either did not consult with her biggest shareholder in advance or knew of Mr. Buffett’s opposition and went ahead regardless. In either case, Mr. Buffett’s reason to criticize management in a very public way seems very justified. CNNMoney says that “Kraft, apparently referring to Buffett, noted in its statement Tuesday that certain shareholders “have expressed a desire for Kraft Foods to be more sparing in its use of undervalued Kraft Foods shares as currency for the offer.”
Source: Business Pundit | 5 Jan 2010 | 9:07 am Dear Green Lanterns
Source: Dealbreaker | 5 Jan 2010 | 9:00 am Strategic in talks as payment missedStrategic Finance yesterday confirmed it is unable to make a first payment of just three cents in the dollar to retail investors under its year-old moratorium and is in discussions with its trustee about the future of the company.Following...Source: nzherald.co.nz - Business | 5 Jan 2010 | 9:00 am Theme park wins 24 years, loses 0.4ha in lease dealTheme park Rainbow's End has secured its lease for a further 24 years but will have to give up some land in exchange for the deal.New Zealand Experience, the NZX-listed owner of Rainbow's End, yesterday confirmed it had finally...Source: nzherald.co.nz - Business | 5 Jan 2010 | 9:00 am Nestle Buys Kraft’s Frozen Pizza Business
One day after selling its majority stake in Alcon, Nestle has purchased Kraft’s frozen pizza division. BusinessWeek has details: On Jan. 5, Nestlé announced it would acquire the U.S. frozen-pizza business of Kraft Foods for $3.7 billion. The pizza acquisition, which brings it such brands as DiGiorno, Tombstone, and California Pizza Kitchen, will expand its frozen-foods business in the crucial U.S. market where its current holdings include Lean Cuisine and Stouffer’s. And Nestlé got an attractive price– equal to 12.5 times the Kraft pizza business’s earnings before tax, depreciation, and amortization – because the U.S. food company was eager to raise money to sweeten its bid for Cadbury. “It was probably Kraft that knocked on Nestlé’s door,” says James Amoroso, an independent food-industry analyst based in Walchwil, Switzerland. (Nestlé had been seen as a possible suitor for parts of Cadbury, but took itself out of the running on Jan. 5.) The Wall Street Journal offers an overview of Nestle’s current strategy: It now has just one big nonfood asset left, a 29% stake in French cosmetics giant L’Oreal SA, which for the time being can’t be altered due to a complex contract with the other big shareholder, the Bettencourt family. Following Nestlé’s deal with Kraft, which will use the net proceeds to sweeten its offer for Cadbury PLC, the Swiss company will become a dominant frozen-pizza player in North America, the world’s largest market worth $37 billion, in which it has played a marginal role so far. The transaction is expected to close this year, pending regulatory approval. Many market watchers now expect Nestlé to increase the pace of takeovers. Among the companies believed to be on its radar screen are Mead Johnson Nutrition Co., parts of Abbott Laboratories or Fresenius SE’s clinical nutrition operations. And in a recent study, Nomura suggested Nestle may at some stage consider a bid for General Mills Inc., its joint-venture partner in the area of cereals.
Source: Business Pundit | 5 Jan 2010 | 8:35 am ESPN Launches 3-D TV Network
ESPN will launch ESPN 3D this year, television’s first 3-D network, in time for this year’s World Cup. ESPN reports from its website: ESPN 3D will showcase a minimum of 85 live sporting events during its first year, beginning June 11 with the first 2010 FIFA World Cup match, featuring South Africa vs. Mexico, ESPN and ABC Sports president George Bodenheimer announced. Other events to be produced in 3-D include the 2011 BCS National Championship Game, college basketball and football contests, up to 25 World Cup matches and the Summer X Games. Additional events will be announced at a later date. “ESPN’s commitment to 3-D is a win for fans and our business partners,” Bodenheimer said in a statement. “ESPN 3D marries great content with new technology to enhance the fan’s viewing experience and puts ESPN at the forefront of the next big advance for TV viewing.” ESPN has been testing ESPN 3D for more than two years, even showing a USC-Ohio State college football game in select theaters and to 6,000 fans at the Galen Center on USC’s campus. This launch is right in line with ESPN’s long tradition of changing the network TV game through unconventional products. It’s also two steps ahead of every other TV network in adopting 3-D. Finally, and most importantly, games could look really good through 3-D. I can’t wait to try it out.
Source: Business Pundit | 5 Jan 2010 | 8:24 am David Tepper Throws $20 Bills On The Floor To Make A Point
David Tepper often throws a $20 bill on the floor when he's weighing a big investment with analysts at Appaloosa Management LP. "Would you pick that up?" Tepper, founder and president of Appaloosa, asks them. His point: The best trades can be like found money. Obviously this has worked out pretty well for D.Tepp, as evidenced by his fund gaining about 120%, after fees, through early December but really? He does this quasi-amusing trick "often," without it getting old after the first time? And his employees are still always like "ah-ha, we see what you're getting at, Big D" the 100th time around? The thing with the sack we get. Watching someone have his way with a replica of testicles he keeps on his desk is never not uproarious. But this? Meh. In fairness, maybe it's just that we read the first couple lines and got overly excited that this was going to go down the way it does up in Stamford, where the trick has been perfected and goes something more like, "Would you bend over and pick that up? Yeah, really put your back into it, just like that. That's a good girl. Oh, I see you're wearing the crotchless panties today, very nice. [sing-songy voice] Someone's gonna get to execute his trade todayyyy. Okay now take that $20 and stick it in your mouth. Yeah, just like that. Don't think I'm not doing this to make a point here, I am, and it will reveal itself right after you put this ball gag on." But whatever! The team seems to like it (or put up with it) and has only great things to say about the big man, like that a certain investor/aberrant sex fetishist doesn't hold a candle to the guy. "When he sees a fat pitch, he just keeps swinging and swinging," says Alan Fournier, a former Appaloosa partner and founder of Pennant Capital Management LLC. "I don't think Warren Buffett holds a candle to him," Fournier says.
Source: Dealbreaker | 5 Jan 2010 | 8:20 am Gartner Buys Burton Group for $56 million
Research company Gartner, Inc. has purchased IT research company Burton Group for $56 million. From Dow Jones Newswire: Gartner made the purchase, expected to expand its product and service offerings and increase IT research-market opportunities, Dec. 30. Burton, an IT research and advisory firm that has 41 research analysts and 40 sales and client-service employees, comes with projected 2009 revenue of $30 million. Gartner has typically focused on advising companies’ chief information officers and senior IT executives, while Burton has built its business by advising “front-line IT professionals,” said Gartner Chief Executive Gene Hall. “Burton Group is a great strategic fit for Gartner and should enable us to offer a more complete solution to every level and functional expert within an IT organization.” Gartner financed the deal through cash on hand and borrowings from its existing credit line. A week before closing the Burton deal, Gartner paid $63 million for another research firm.
Source: Business Pundit | 5 Jan 2010 | 8:16 am Opening Bell: 01.05.10Bernanke Should Start Exit Now If He Thinks Recovery Is Strong, Roach Says (Bloomberg) Investors sue Credit Suisse for $24B (NYP) BofA CEO Disagrees With Bank Break - Up Calls (Reuters) Moore Hires Brevan Howard Founding Partner Blochet as Manager (Bloomberg) Morgan Stanley Shuffles Leadership (WSJ) NY SEC Head Gives Perspective on Hedge Fund Exams (HedgeFund.net) Continental CEO: Don't Pay Me Unless We're Profitable
Source: Dealbreaker | 5 Jan 2010 | 7:15 am Morning Report: Health Costs Slow; Levin Says "Sorry"By Daniel Costello A decades-long boom in spending on doctors, hospitals and drugs slowed in 2008 to its lowest level in nearly a half century, but still reached $2.3 trillion and swallowed up 16.2 percent of the U.S. economy, the federal government said in a report released Tuesday. Health care spending rose 4.4 percent in 2008 to $2.3 trillion, or $7,681 per person, the smallest increase since the spending was first tracked in 1960, according to the Centers for Medicare and Medicaid Services. The report suggests the down economy forced Americans to go without care. The report illustrates the huge burden health care costs place on the United States. Democrats this week are launching a final drive to get health care reform legislation through Congress. The Senate and House of Representatives have passed their own versions of the bill. Democrats now must meld the two versions together into a single bill that Congress would have to pass again and send to President Obama to sign into law. In a worrying sign for public pension holders, the chairman of New Jersey's pension fund, Orin Kramer, told London's Financial Times that states are currently trillions of dollars short of being able to pay their public pension requirements - a far higher shortfall than any public official has stated up until now. Kramer said he studied the 25 largest public pension funds in the nation to come up with the figure. "Estimates of funding requirement of the US pension system have ranged between $400 billion and $500 billion, but public funds would need to find more than $2 trillion to meet future pension obligations," he said. It's unlikely states or the federal government can afford to make up the shortfall. Many states are cutting budgets for current services and have no reasonable way to increase contributions to pension plans. The only solutions appear to be cutting pensions or raising taxes, but both would be difficult politically and could blunt economic growth. And former Time-Warner chief Jerry Levin went on television yesterday a decade after the merger of AOL and Time Warner and, in a move uncommon for a such a high-profile corporate executive, apologized for the deal: "I presided over the worst deal of the century....It wasn't the board. It wasn't my colleagues at Time Warner. It wasn't the bankers and lawyers." Levin, who sat beside former AOL boss Steve Case, said, "I'm really very sorry about the pain and suffering and loss that was caused. I take responsibility." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 5 Jan 2010 | 6:39 am Stop & Look
Source: Business Pundit | 5 Jan 2010 | 4:35 am
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