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Cadbury rejects Kraft, reports robust tradingLONDON (Reuters) - Britain's Cadbury showcased robust 2009 results and an upbeat outlook on Tuesday in its last move to rebuff U.S. giant Kraft Foods' 10.5 billion pound ($17 billion) hostile takeover bid.Source: Reuters: Business News | 12 Jan 2010 | 3:36 am Airbus chief 'may cancel A400M'The head of Airbus tells the BBC he is prepared to cancel the A400M plane if governments fail to provide enough cash.Source: BBC News | Business | World Edition | 12 Jan 2010 | 3:34 am EADS CEO presses for A400M decisionThe chief executive of EADS on Tuesday presses seven governments to make a decision on a delayed military transport plane by the end of month -- or risk having the plane scrapped.
Source: MarketWatch.com - Top Stories | 12 Jan 2010 | 3:32 am Cadbury rejects Kraft, reports robust trading (Reuters)
Source: Yahoo! News: Business | 12 Jan 2010 | 3:25 am Britain's trade gap narrows as imports shrinkBritain’s goods trade deficit with the rest of the world narrowed more than expected in November, as the level of imports from trading partners outside Europe dropped. Source: Latest Business News from Times Online | 12 Jan 2010 | 3:25 am Pace of house price rises 'eases'The pace of house prices increases slowed at the end of 2009, the Royal Institution of Chartered Surveyors says.Source: BBC News | Business | World Edition | 12 Jan 2010 | 3:22 am Medical marijuana, meet e-commerceEntrepreneur John Lee thinks the pot business is ready for its own Amazon.com.Source: Business and financial news - CNNMoney.com | 12 Jan 2010 | 3:19 am Analysts divided on PBOC 'tightening'The People’s Bank of China nudges interest rates in the interbank market higher Tuesday for the second time in a week, a move that draws mixed reactions from analysts.
Source: MarketWatch.com - Top Stories | 12 Jan 2010 | 3:13 am PC Prices May Jump As Chips Become ScarceThe prices of most PCs have been down over the last three years as consumers looked for bargains and the market became more crowded with machines from China and Taiwan. The drop in what consumers and business paid for computers was helped by falling component costs which allowed manufacturers to improve margins. The days of PC [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Jan 2010 | 3:11 am Picking the sweet spot in real estateFirst the housing market tanked, eventually sending home prices down 30% from their 2006 peak. Then came warnings that commercial real estate would be the next shoe to drop -- and that the problems could dwarf those in the residential market.Source: Business and financial news - CNNMoney.com | 12 Jan 2010 | 3:08 am Asia markets end mixed, Shanghai gains 1.9%Alcoa's disappointing earnings weigh on the region’s materials shares, while hopes for strengthening economic recovery fuel gains for shipping stocks in China.
Source: MarketWatch.com - Top Stories | 12 Jan 2010 | 3:05 am Japan Airlines shares plunge 45%Japan Airlines shares drop to a record low as investors fear it is headed for bankruptcy, despite an improved offer from American Airlines.Source: BBC News | Business | World Edition | 12 Jan 2010 | 3:04 am Stocks set to tumbleU.S. stocks were poised to fall at the start of trading Tuesday, as weaker-than-expected results from Alcoa rattled investors.Source: Business and financial news - CNNMoney.com | 12 Jan 2010 | 3:04 am UK exports in November increasedUK exports in November jumped to the highest in 13 months, helping the trade deficit to narrow, official figures show.Source: BBC News | Business | World Edition | 12 Jan 2010 | 3:02 am Stock futures fall; eyes on Alcoa, Chevron (Reuters)
Source: Yahoo! News: Business | 12 Jan 2010 | 2:58 am Stock futures fall; eyes on Alcoa, Chevron (Reuters)
Source: Yahoo! News: Stock Markets News | 12 Jan 2010 | 2:58 am Stock futures fall; eyes on Alcoa, Chevron(Reuters) - U.S. stock index futures pointed to a lower open on Wall Street on Tuesday, with futures for the S&P 500 down 0.5 percent, Dow Jones futures down 0.5 percent and Nasdaq 100 futures down 0.6 percent.Source: Reuters: Business News | 12 Jan 2010 | 2:58 am London Markets: Tesco shares outperform in lower FTSE 100The British supermarket giant produces forecast-beating sales figures for the Christmas trading period, a move that helps to limit losses for the broader market.
Source: MarketWatch.com - Top Stories | 12 Jan 2010 | 2:57 am Debenhams warns of uncertain year aheadDebenhams, the department store group, reported increased profits over the Christmas period but gave warning of an uncertain year ahead in the light of the VAT increase and the impending general election. Source: Latest Business News from Times Online | 12 Jan 2010 | 2:56 am Cadbury steps up defence against KraftThe chocolate maker said it would increase its annual dividend by 10% as it sought to remain independent and fend off a hostile bid from Kraft, the US food conglomerateSource: Financial Times - US homepage | 12 Jan 2010 | 2:56 am Alcoa misses Street estimate, shares fallNEW YORK (Reuters) - Alcoa Inc posted a narrower quarterly loss on Monday, but the results fell short of expectations and the aluminum producer's stock fell more than 5 percent.Source: Reuters: Business News | 12 Jan 2010 | 2:56 am Alcoa misses Street estimate, shares fall (Reuters)
Source: Yahoo! News: Business | 12 Jan 2010 | 2:56 am The Fed Earns An Astounding $45 Billion In 2009The Federal Reserve made $45 billion last year, according to an exclusive report in The Washington Post. That is the most the Fed has earned in 95 years.The central banks still owns securities that it may sell at a loss this year, but those securities could also gain back the majority of their value depending on the direction [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Jan 2010 | 2:55 am A380 slowdown blots record Airbus outputSEVILLE, Spain (Reuters) - Airbus confirmed forecast-beating sales and record deliveries for 2009 on Tuesday but admitted disappointment over a fall in A380 output and pledged to speed up production of the world's largest airliner.Source: Reuters: Business News | 12 Jan 2010 | 2:53 am Invest with a pro or go it alone?Question: I'm 45 and leaving my current job to go back to school. I plan on rolling my 401(k) into an IRA. An adviser has suggested I use a managed fund program to invest my IRA money at a cost of 1.5% a year. But I wonder whether I would be better off just investing my IRA in no-load mutual funds that I choose. What questions should I be asking myself and what should I be asking the adviser to make this decision? -- Suzie Q., Charlotte, N.C.Source: Business and financial news - CNNMoney.com | 12 Jan 2010 | 2:51 am China tests missile interceptorChina successfully tests an advanced missile interception system in a move that provides a reminder of the fast-progressing technological upgrade of China’s military capabilitiesSource: Financial Times - US homepage | 12 Jan 2010 | 2:50 am Investors pull back after Alcoa disappointsGlobal markets overview: News that the US aluminium group opened the US reporting season by failing to match forecasts provides an excuse for traders to pare back riskier betsSource: Financial Times - US homepage | 12 Jan 2010 | 2:48 am Game Group warns on profit on console discountsEurope’s largest video games retailer warns that it won't meet profit expectations due to discounts on bundles of consoles and video games.
Source: MarketWatch.com - Top Stories | 12 Jan 2010 | 2:41 am Tesco sees best Christmas sales in three yearsBritain’s biggest supermarket group, Tesco PLC, on Tuesday reported its strongest Christmas sales performance for three years in the U.K., helped by aggressive promotions that drove in customers who bought more champagne, toys and electronics.
Source: MarketWatch.com - Top Stories | 12 Jan 2010 | 2:40 am BP now bigger than Royal Dutch ShellBP became Europe's largest oil company by market value after its shares rose to their highest level in more than 18 months.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Jan 2010 | 2:38 am Iraq's output may lead to lower oil pricesIraq's ravaged oil industry is on the verge of a major reconstruction and experts now believe that by the decade's end it could rival the world's top oil producers.Source: Business and financial news - CNNMoney.com | 12 Jan 2010 | 2:36 am Cadbury: strong 09 makes Kraft bid less attractiveCadbury says its 2009 performance was “well ahead" of market expectations as the U.K. chocolate maker reiterates its rejection of a $16.9 billion takeover bid from Kraft Foods.
Source: MarketWatch.com - Top Stories | 12 Jan 2010 | 2:30 am World stocks weaker as earnings reports come in (Reuters)
Source: Yahoo! News: Stock Markets News | 12 Jan 2010 | 2:25 am GM chairman Ed Whitacre hints Bernie Ecclestone's Saab bid has failedBernie Ecclestone's 11th-hour attempt to save Saab appears to have failed, after GM chairman Ed Whitacre confirmed the Swedish car maker continues to be wound down.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Jan 2010 | 2:24 am Currencies: Dollar holds gains vs. euro but slips vs. yenThe dollar gives up early gains against the yen but holds onto some strength against other major rivals in Asian trading Tuesday.
Source: MarketWatch.com - Top Stories | 12 Jan 2010 | 2:24 am American Airlines sweetens support offer as JAL shares plunge (Reuters)
Source: Yahoo! News: Business | 12 Jan 2010 | 2:23 am American Airlines sweetens support offer as JAL shares plungeTOKYO (Reuters) - American Airlines and its partners in the Oneworld alliance sweetened their offer to Japan Airlines to $1.4 billion to keep the struggling national carrier from joining hands with rival Delta Air Lines.Source: Reuters: Business News | 12 Jan 2010 | 2:23 am Soldiers close shops in VenezuelaInspectors backed by soldiers shut some 70 shops in Venezuela accused of trying to cash in on the bolivar's devaluation.Source: BBC News | Business | World Edition | 12 Jan 2010 | 2:23 am Tesco has strong festive seasonThe UK's biggest retailer Tesco says it had its strongest Christmas performance for three years, after seeing a rise in sales.Source: BBC News | Business | World Edition | 12 Jan 2010 | 2:20 am Metro's sales drop, earnings to meet expectationsGerman retailer Metro says its fourth-quarter sales fell 3.4%, hurt by particularly sharp declines in Eastern Europe.
Source: MarketWatch.com - Top Stories | 12 Jan 2010 | 2:16 am Asian stock markets mixed ahead of earnings (AP)
Source: Yahoo! News: Stock Markets News | 12 Jan 2010 | 2:05 am Europe Markets: Oil producers, autos, Alcoa pressure EuropeEuropean shares edge lower following a less-than-impressive start to the U.S. earnings season. U.K.'s Tesco and Germany's Metro in focus.
Source: MarketWatch.com - Top Stories | 12 Jan 2010 | 2:03 am Ex-Homestore CEO set to plead guilty in fraud caseThe former CEO and chairman of Homestore Inc. is scheduled to plead guilty Tuesday to conspiring to commit securities fraud in a scheme to inflate the company's revenue to win over Wall...Source: RSS feed - channel BNewsBusiness | 12 Jan 2010 | 2:02 am Cadbury says Kraft takeover bid 'unappealing'Cadbury PLC on Tuesday stepped up its defense against a hostile takeover bid from Kraft Foods Inc. by announcing that both its full-year revenue growth and profit margins will beat market...Source: RSS feed - channel BNewsBusiness | 12 Jan 2010 | 2:01 am Monext, Oney Portugal's Trustworthy Partner for Managing the Retail Cards of the Group's Related CompaniesSource: RSS feed - channel BNewsBusiness | 12 Jan 2010 | 2:00 am Media Digest 1/12/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: Cadbury (NYSE:CBY) posted strong 2009 results, rejected Kraft’s (NYSE:KFT) bid. Reuters: Bank of America (NYSE:BAC) is in talks to settle with Cuomo. Reuters: The FAA called for inspections of older Boeing (NYSE:BA) 737s. Reuters: The Fed earned $45 billion in 2009. Reuters: Mercedes-Benz said 2009 China sales rose 77%. Reuters: Top auto dealers reports Ford (NYSE:F) is posting strong [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Jan 2010 | 1:58 am Ladbrokes starts search for new chief executiveLadbrokes, the bookmaker, confirmed today that it had launched the search for a new chief executive after the decision by Chris Bell to step down in the summer by mutual agreement. Source: Latest Business News from Times Online | 12 Jan 2010 | 1:58 am Ladbrokes chief executive Chris Bell in surprise departure after 20 yearsLadbrokes has announced the surprise departure of Chris Bell after 20 years at the bookmaker.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Jan 2010 | 1:56 am France to raise 360 million euros from trader bonus taxFrance expects to raise 360 million euros (522 million dollars) from its one-off tax on bank bonuses that will apply to some 2,500 traders, Finance Minister Christine Lagarde said Tuesday.Source: RSS feed - channel BNewsBusiness | 12 Jan 2010 | 1:55 am Taxpayers' moneyUS politicians inspect Detroit automotive firmsSource: BBC News | Business | World Edition | 12 Jan 2010 | 1:55 am Australian stocks down 1pcPERTH - The Australian share market was dragged one per cent lower as profit-takers swooped after a two-day rally and a narrowed loss by US aluminium giant Alcoa.The materials sector drove the benchmark S&P/ASX200 index down 51.2...Source: nzherald.co.nz - Business | 12 Jan 2010 | 1:49 am Cadbury in further bid fightbackCadbury reiterates that its shareholders should reject Kraft's takeover bid, saying it enjoyed an "outstanding" 2009.Source: BBC News | Business | World Edition | 12 Jan 2010 | 1:48 am London stocks edge higher at open (AFP)
Source: Yahoo! News: Stock Markets News | 12 Jan 2010 | 1:44 am Airbus could scrap giant A400M project: chief execEuropean aircraft maker Airbus may be forced to scrap its multi-billion euro (dollar) A400M military plane project if it does not get more funding from governments, the company's chief...Source: RSS feed - channel BNewsBusiness | 12 Jan 2010 | 1:35 am Retailers fail to offset FTSE's mining lossesRetailers helped keep a lid on losses in London on Tuesday as investors took profits in the mining and metals sector after results from Alcoa, US aluminium smelter, failed to meet expectations. ...Source: RSS feed - channel BNPaperBusiness | 12 Jan 2010 | 1:33 am Investors pull back after Alcoa disappoints08:25 GMT. Investors pared back riskier bets on Tuesday after a disappointing start to the US earnings season. News that results from Alcoa, the aluminium group, had missed expectations, provided...Source: RSS feed - channel BNPaperBusiness | 12 Jan 2010 | 1:30 am Obama puts bank tax on the tableThe White House is considering a tax on financial institutions to ensure that taxpayers who bailed out banks get paid back, a senior administration official said Monday.Source: Business and financial news - CNNMoney.com | 12 Jan 2010 | 1:28 am Plugging into electric wheelsFocusing on alternatives to gasoline, automakers are rolling out more electric cars and hybrids at this year's auto show in Detroit.Source: Business and financial news - CNNMoney.com | 12 Jan 2010 | 1:28 am China central bank steps up cash drainSHANGHAI (Reuters) - China's central bank signaled in its open market operations that it was tightening monetary conditions at a faster-than-expected pace in response to increasing concernsSource: RSS feed - channel BNewsBusiness | 12 Jan 2010 | 1:27 am China central bank steps up cash drainSHANGHAI (Reuters) - China's central bank signaled in its open market operations that it was tightening monetary conditions at a faster-than-expected pace in response to increasing concerns about the economy overheating.Source: Reuters: Business News | 12 Jan 2010 | 1:27 am Asia Markets And Europe Open (1/12/2010)Markets in Asia were mixed. The Nikkei rose .8% to 10,879. JAL fell 45%. The Hang Seng fell .5% to 22,287. The Shanghai Composite rose 1.9% to 3,274. At the open in Europe, the FTSE was flat at 5,637. The Dax fell .1% to 6,039. The CAC 40 was flat at 4,014. Cadbury (NYSE:CBY) dropped after rejecting Kraft’s (NYSE:KFT) [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 12 Jan 2010 | 1:24 am Nigeria’s ailing president breaks his silenceUmaru Yar’Adua, Nigeria’s president, is reported to have spoken publicly for the first time since he was rushed to Saudi Arabia for medical treatment six weeks agoSource: Financial Times - US homepage | 12 Jan 2010 | 1:20 am Labor angry over Obama-backed insurance taxLabor leaders are pushing hard on President Barack Obama and Senate Democrats to drop a proposed new tax on high-value health insurance plans, warning of political consequences. The...Source: RSS feed - channel BNewsBusiness | 12 Jan 2010 | 1:16 am Ford still open to talks on Volvo Cars sale: reportSTOCKHOLM (Reuters) - Ford remains opens to talks with potential bidders for its Volvo cars unit despite a commercial agreement on a sale with China's Zhejiang Geely, a Swedish business...Source: RSS feed - channel BNewsBusiness | 12 Jan 2010 | 1:13 am Ford still open to talks on Volvo Cars sale: reportSTOCKHOLM (Reuters) - Ford remains opens to talks with potential bidders for its Volvo cars unit despite a commercial agreement on a sale with China's Zhejiang Geely, a Swedish business daily reported on Tuesday.Source: Reuters: Business News | 12 Jan 2010 | 1:13 am UPDATE 2-Cadbury rejects Kraft, reports robust trading* Full year dividend expected up 10 pct (Recasts lead)Source: RSS feed - channel BNewsBusiness | 12 Jan 2010 | 1:11 am Bird-plane collisions may pass 10,000, a firstReports of airplanes hitting birds and other wildlife have soared since a stricken US Airways jet landed last year in New York's Hudson River, and the government's tally for last year couldSource: RSS feed - channel BNewsBusiness | 12 Jan 2010 | 1:10 am Heineken to buy Mexico's Femsa beer unit in $5.5-billion dealThe all-stock transaction gives the Dutch brewer brands including Tecate, Dos Equis and Sol.Heineken's $5.5-billion, all-stock acquisition of Mexican beer brands including Tecate, Dos Equis and Sol is the latest beer industry merger, but probablynot the last, as global breweries chase growth in emerging markets.
Source: L.A. Times - Business | 12 Jan 2010 | 1:00 am Chrysler CEO outlines plan for carmaker's survivalSergio Marchionne envisions a company reinvigorated through swapping technology, engineering and vehicles with Fiat, of which he is also CEO and which took over managing Chrysler last year. ...Source: RSS feed - channel BNPaperBusiness | 12 Jan 2010 | 1:00 am Roadrunner Transportation Services buys Bullet Freight SystemsBullet, based in Anaheim, joins a national trucking company with headquarters in Wisconsin. Terms of the deal were not disclosed. ...Source: RSS feed - channel BNPaperBusiness | 12 Jan 2010 | 1:00 am Fox confirms it's interested in Conan O'Brien'The Tonight Show' host is said to be unhappy about NBC's decision to push back his show's start time to make room for Jay Leno's return to late night.Conan O'Brien, caught in NBC's late-night shuffle, found encouragement Monday from rival network Fox.
Source: L.A. Times - Business | 12 Jan 2010 | 1:00 am Kicking Renault in the shinThe carmaker's two-minute film aims to sell electric cars but is short-circuited by a holier-than-thou attitude.This may come as something of a shock, but I am a liberal progressive environmental do-gooder. I know. Just keep breathing. You'll come around.
Source: L.A. Times - Business | 12 Jan 2010 | 1:00 am Finding clients: Even great work doesn't sell itselfWord of mouth isn't enough to keep projects flowing into Design Models of California, an El Segundo model-making shop. The owner should start marketing and networking, a consultant says.Chad T. Takenaka sees himself as a craftsman, not a salesman. So when he bought the model-making shop where he worked, he never dreamed he'd face the dreaded prospect of cold calling people to drum up business.
Source: L.A. Times - Business | 12 Jan 2010 | 1:00 am 'Idol' creator Simon Fuller may seek higher officeFuller, head of 19 Entertainment, the show's producer, is said to be eyeing the CEO's job at parent company CKX Inc. ...Source: RSS feed - channel BNPaperBusiness | 12 Jan 2010 | 1:00 am L.A. radio host John Farahi is accused of swindling investorsIn a lawsuit, the SEC alleges Farahi and his firm targeted the Iranian American community in a $20-million fraud scheme. ...Source: RSS feed - channel BNPaperBusiness | 12 Jan 2010 | 1:00 am Large Wall Street bonuses spark talk of new levy on financial industryLawmakers hope to avert a public backlash over multimillion-dollar bonuses at a time when the nation suffers with 10% unemployment and the federal government ails from record budget deficits.As Wall Street prepares to pay rich bonuses once again, Obama administration officials are considering a new tax on the financial industry -- a move that could temper resentment over banking's rapid recovery at a time when more than 15 million Americans remain out of work.
Source: L.A. Times - Business | 12 Jan 2010 | 1:00 am Wave of imports lifts portsCargo volume in December, including at L.A. and Long Beach facilities, suggests a recovery is underway.Imports at the nation's trade gateways -- including the ports of Los Angeles and Long Beach -- appear to have ended their long decline and are poised for a strong recovery, according to preliminary data released Monday.
Source: L.A. Times - Business | 12 Jan 2010 | 1:00 am Chrysler CEO outlines plan for carmaker's survivalSergio Marchionne envisions a company reinvigorated through swapping technology, engineering and vehicles with Fiat, of which he is also CEO and which took over managing Chrysler last year.Can Chrysler be saved? If you ask the steadily confident Sergio Marchionne, the answer is yes. After all, he did something like it before, bringing Italian carmaker Fiat back from financial disaster.
Source: L.A. Times - Business | 12 Jan 2010 | 1:00 am Ford says it will sell an electric Focus next yearThe automaker also wins the North American Car of the Year and Truck of the Year awards for the Ford Fusion Hybrid and Ford Transit Connect, respectively, at the Detroit auto show.Ford Motor Co. unveiled what it boasted was a "world-beating" next-generation Ford Focus at the North American International Auto Show in Detroit on Monday and announced its intentions to sell an all-electric version of the vehicle starting next year.
Source: L.A. Times - Business | 12 Jan 2010 | 1:00 am Kicking Renault in the shinThe carmaker's two-minute film aims to sell electric cars but is short-circuited by a holier-than-thou attitude. ...Source: RSS feed - channel BNPaperBusiness | 12 Jan 2010 | 1:00 am L.A. radio host John Farahi is accused of swindling investorsIn a lawsuit, the SEC alleges Farahi and his firm targeted the Iranian American community in a $20-million fraud scheme.The host of a popular Persian-language radio talk show was accused by the U.S. Securities and Exchange Commission of defrauding investors out of more than $20 million in a long-running investment scheme that targeted the Iranian American community.
Source: L.A. Times - Business | 12 Jan 2010 | 1:00 am Kicking Renault in the shinThe carmaker's two-minute film aims to sell electric cars but is short-circuited by a holier-than-thou attitude. ...Source: RSS feed - channel BNPaperBusiness | 12 Jan 2010 | 1:00 am Wave of imports lifts portsCargo volume in December, including at L.A. and Long Beach facilities, suggests a recovery is underway. Imports...Source: RSS feed - channel BNPaperBusiness | 12 Jan 2010 | 1:00 am Fox confirms it's interested in Conan O'Brien'The Tonight Show' host is said to be unhappy about NBC's decision to push back his show's start time to make room for Jay Leno's return to late night. ...Source: RSS feed - channel BNPaperBusiness | 12 Jan 2010 | 1:00 am Retail gasoline prices climb sharplyAverage cost of a gallon of regular gasoline in California rises 5.9 cents in the last week to $3.046. U.S. sees an 8.6-cent jump to $2.751 despite more oil and gas supplies than a year earlier.Retail gasoline prices have jumped sharply over the last week, prompting worries that a surge in energy prices could slow the economic recovery.
Source: L.A. Times - Business | 12 Jan 2010 | 1:00 am Cadbury says its 2009 performance makes Kraft's offer 'even more unattractive'The maker of Dairy Milk says its 2009 performance makes Kraft's offer even less appealing.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Jan 2010 | 12:50 am Loyalty pays as Tesco reveals Christmas cheerTesco, the supermarket behemoth, today reported its strongest Christmas in the UK for three years as customers redeemed an extra £34 million of Clubcard vouchers. Source: Latest Business News from Times Online | 12 Jan 2010 | 12:40 am Cadbury warns 'don't let Kraft steal your company'Roger Carr, the chairman of Cadbury, today urged shareholders not to let Kraft “steal” the British confectionery group as it reiterated its board's unanimous rejection of the American food group’s £10.5 billion hostile offer. Source: Latest Business News from Times Online | 12 Jan 2010 | 12:32 am Tesco's holiday sales beat City expectationsBritain's biggest retailer has comfortably beat expectations as Britons treated themselves over Christmas.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Jan 2010 | 12:21 am Shares ease as new year rally faltersThe New Zealand sharemarket eased slightly today, in keeping with a weak Australian market and reflecting lukewarm local economic news.The benchmark NZSX-50 index closed down 13.458 points, or 0.407 per cent, at 3290.291. Turnover...Source: nzherald.co.nz - Business | 12 Jan 2010 | 12:10 am Christmas sales beat expectationsRetailers enjoyed their best December growth for eight years, the British Retail Consortium (BRC) says.Source: BBC News | Business | World Edition | 12 Jan 2010 | 12:07 am UK 'close to leaving recession'The British Chambers of Commerce say the UK economy appears on the brink of exiting recession, but that weaknesses remain.Source: BBC News | Business | World Edition | 12 Jan 2010 | 12:06 am Americans dominate the Mini marketMini, the quintessentially British car that became a style icon of the 1960s, is now more popular in the United States than in the UK, where it is made. Source: Latest Business News from Times Online | 11 Jan 2010 | 11:09 pm Dollar eases after near eight week highThe New Zealand dollar came under pressure in its domestic session today after reaching a near eight week high on Monday night.There was little reaction to the main item on the economic calendar this week - the quarterly survey...Source: nzherald.co.nz - Business | 11 Jan 2010 | 10:58 pm BofA in talks to settle with Cuomo's office: report (Reuters)
Source: Yahoo! News: Business | 11 Jan 2010 | 10:36 pm BofA in talks to settle with Cuomo's office: report(Reuters) - Bank of America Corp is in talks with New York attorney general Andrew Cuomo's office to settle a probe on bonuses paid to Merrill Lynch executives, the New York Times reported, citing people with knowledge of the matter.Source: Reuters: Business News | 11 Jan 2010 | 10:36 pm SAC Capital, Tudor, Citadel Funds End Year Up 28.39, 16.51, 61.84 PercentDecember and YTD performance: SAC Capital International: Moore Global Investments: Paulson Advantage Ltd. :
 Source: Dealbreaker | 11 Jan 2010 | 9:55 pm Venezuela's devaluation will cost some U.S. companiesCHICAGO (Reuters) - U.S. companies doing substantial business in Venezuela, such as Avon Products Inc and Colgate-Palmolive Co, are bracing for the impact from the country's currency devaluation.Source: Reuters: Business News | 11 Jan 2010 | 9:45 pm Cut-throat competition pushes Fair Trading Act to the limit for telcosCommerce Commission fair trading manager Graham Gill says there are a number of reasons why breaches of the Fair Trading Act often take place in the telecommunications industry."Firstly, it is a reasonably competitive industry,"...Source: nzherald.co.nz - Business | 11 Jan 2010 | 9:30 pm Fed earned $45 billion in 2009: reportWASHINGTON (Reuters) - The U.S. Federal Reserve made record profits in 2009 and will return $45 billion to the U.S. Treasury, after its efforts to prop up the economy created a windfall for the government, the Washington Post reported.Source: Reuters: Business News | 11 Jan 2010 | 9:23 pm Carlyle plans renminbi fund with state bodyCarlyle Group, the US private equity fund, unveiled plans to work with city authorities in Beijing to establish a renminbi fund that will enable it to make local currency investments across ChinaSource: Financial Times - US homepage | 11 Jan 2010 | 9:02 pm Business optimism stalls as recovery catches upBusiness confidence stalled in December as firms wait for the reality of economic recovery to catch up to the sharp jump in expectations seen in the September quarter, according to the December 2009 Quarterly Survey of Business Opinion,...Source: nzherald.co.nz - Business | 11 Jan 2010 | 7:00 pm The Great American Bank HeistThe Administration wants to be certain that taxpayers get back all the money they risked through the TARP program. All of the largest banks which took money from the fund have paid it back, but that still leaves AIG (NYSE:AIG), smaller financial firms, GM and Chrysler. The program that is likely to be proposed with the new federal budget [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Jan 2010 | 6:50 pm Mayors come out in support of airport's Queensland expansionThe mayors of Manukau and Auckland City have spoken out in support of Auckland International Airport's latest offshore investments in Queensland's Cairns and Mackay airports.AIAL announced yesterday that it had bought a 24.55...Source: nzherald.co.nz - Business | 11 Jan 2010 | 6:30 pm Telecom warned after another Fair Trading breachTelecom has admitted it breached the Fair Trading act by misleading more than 130,000 of its broadband customers. It has just reached a settlement with the Commerce Commission, admitting it overcharged customers who wanted to...Source: nzherald.co.nz - Business | 11 Jan 2010 | 6:00 pm SEC expands charges against BofA (AP)
Source: Yahoo! News: Stock Markets News | 11 Jan 2010 | 5:58 pm Job woes, debt to curb retail comeback: experts (Reuters)Reuters - U.S. retailers are in for a much better year as the economy improves, but stubborn unemployment and high consumer debt levels will limit the extent of the recovery, industry experts said on Monday.Source: Yahoo! News: Business | 11 Jan 2010 | 5:49 pm Obama to target banks with new levyThe Obama administration, under increasing pressure from Democrats in Congress to take punitive action against banks, is readying a new levy on the finance sector that will form part of the budget to be presented in February.Source: Financial Times - US homepage | 11 Jan 2010 | 5:42 pm U.S. judge rejects SEC bid to expand BofA complaint (Reuters)Reuters - A Manhattan federal judge on Monday rejected the U.S. Securities and Exchange Commission's effort to expand its lawsuit accusing Bank of America Corp of misleading shareholders over bonuses paid by Merrill Lynch & Co.Source: Yahoo! News: Stock Markets News | 11 Jan 2010 | 5:35 pm Google News breaks with APGoogle News has stopped hosting new articles from the Associated Press the search giant confirmed Monday, in a sign that contract negotiations between the two may have broken down.Source: Business and financial news - CNNMoney.com | 11 Jan 2010 | 5:21 pm Ousted bond manager fights backSource: Business and financial news - CNNMoney.com | 11 Jan 2010 | 5:21 pm White House: New way to tally stimulus jobsNow we'll never know just how many jobs were funded by the $787 billion stimulus program.Source: Business and financial news - CNNMoney.com | 11 Jan 2010 | 5:12 pm Heineken secures global hold as it swallows FemsaHeineken, the Dutch brewer, secured its position as a global player yesterday after agreeing the €5.3 billion (£4.8 billion) acquisition of the beer operations of Femsa, the Mexican drinks and retail group behind the Sol and Dos Equis beer brands. Source: Latest Business News from Times Online | 11 Jan 2010 | 5:01 pm They walked the walk in finance, now they’e running for ParliamentLook at the people running the Business and Treasury departments in government at the moment: hardly any of them have any experience in business. What experience does Gordon Brown have of running anything?” Source: Latest Business News from Times Online | 11 Jan 2010 | 5:01 pm China passes US as world's biggest car marketOn the opening day of the Detroit Motor Show 2010 — a century after the Model T Ford made America forever inseparable from its cars — China has roared past the United States to become the world’s biggest car market. Source: Latest Business News from Times Online | 11 Jan 2010 | 5:01 pm Top Cadbury investors snub meeting with Kraft’s chiefIrene Rosenfeld, the chief executive of Kraft, has been dealt an extraordinary snub by two leading shareholders in Cadbury after trying to launch a charm offensive. Source: Latest Business News from Times Online | 11 Jan 2010 | 5:01 pm More flights scheduled for QueenstownAir New Zealand is to increase the number of direct flights between Australia and Queenstown this winter.Two extra flights will be added for July and August, one from Sydney and one from Melbourne, taking the total number of flights...Source: nzherald.co.nz - Business | 11 Jan 2010 | 4:52 pm Podcast: Your Friendly Neighborhood Bill Collector
Late payment notice circa 1950's. (wsssst/Flickr) On today's Planet Money: We go inside the "dirty unspoken world" of bill collectors with listener John Goebel. Goebel's been in the collection industry for a few years now. He started collecting second mortgages and car loans in college and now works part-time trying to recover subprime credit card debt. He says the hardest part of his job is navigating the landmines of emotions that come with each call. He's been hung up on, sworn at, yelled at by children and about once a week he has to listen to someone just completely break down. After the jump, more vintage late payment notices and a story about delivering those dreaded red envelopes. 
Late payment notice circa 1950's. (wsssst/Flickr) BONUS LISTENING: Using Mail As An Economic Indicator » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 11 Jan 2010 | 4:51 pm Fox deal lifts Palin’s presidential hopesFormer governor of Alaska Sarah Palin signed a multi-year deal to serve as a Fox News contributor, the cable channel’s executive vice president for programmingSource: Financial Times - US homepage | 11 Jan 2010 | 4:45 pm Virgin Media joins rush to issue bondsVirgin Media has confirmed it will issue $1bn in secured bonds, becoming the latest company to tap the capital markets.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 11 Jan 2010 | 4:44 pm Cadbury to defend performance in trading updateCadbury will today defend its headline results for 2009 and paint a resilient outlook for this year, as it fights for its independence against a hostile offer from Kraft.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 11 Jan 2010 | 4:41 pm NZ firm has high hopes for cancer testAn investment of more than $18 million and almost a decade's effort should begin to get a payback this year with commercialisation of a New Zealand-developed test for bladder cancer.Pacific Edge Biotechnology in Dunedin is finalising...Source: nzherald.co.nz - Business | 11 Jan 2010 | 4:30 pm Stocks end mostly higher as industrials gain (AP)
Source: Yahoo! News: Stock Markets News | 11 Jan 2010 | 4:21 pm How the major stock indexes fared on Monday (AP)AP - Hopes that global manufacturing activity is heating up lifted industrial stocks Monday ahead of an earnings report from Alcoa Inc. After the closing bell, Alcoa posted revenue that topped expectations, but profits excluding one-time costs fell short of forecasts. The report from the nation's largest aluminum producer gave traders one of the first looks at how companies fared in the final quarter of 2009.Source: Yahoo! News: Stock Markets News | 11 Jan 2010 | 4:20 pm How the major stock indexes fared on Monday (AP)AP - Hopes that global manufacturing activity is heating up lifted industrial stocks Monday ahead of an earnings report from Alcoa Inc. After the closing bell, Alcoa posted revenue that topped expectations, but profits excluding one-time costs fell short of forecasts. The report from the nation's largest aluminum producer gave traders one of the first looks at how companies fared in the final quarter of 2009.Source: Yahoo! News: Business | 11 Jan 2010 | 4:20 pm Ladbrokes chief Chris Bell in shock departureLabroke will on Tuesday announce the shock departure of Chris Bell, Britain's best-known bookmaker and the man who has led the company for the past nine years.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 11 Jan 2010 | 4:09 pm Tory treasurer Michael Spencer sells £45m of shares in ICAPMichael Spencer, the Conservative party treasurer and founder of ICAP, has cut his stake in the inter-dealer broker, raising more than £45m.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 11 Jan 2010 | 4:03 pm Shares ease as biz confidence stallsThe New Zealand sharemarket eased slightly in quiet early trading today, reflecting lukewarm economic news.The benchmark NZX-50 index was down 2.09 points, or 0.06 per cent, to 3301.66 points in the first 10 minutes, as the New...Source: nzherald.co.nz - Business | 11 Jan 2010 | 4:01 pm If a bank's too big to fail, break it upThe lesson of the financial crisis is that if banks are too big to fail, they should be broken up, writes Jeremy Warner. Unfortunately, it may need further upheaval for the policy makers to see sense.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 11 Jan 2010 | 3:51 pm Commonwealth Asset's Smith Likes Actively Managed ETFs: AudioSource: Bloomberg - All Podcasts | 11 Jan 2010 | 3:44 pm Write-Offs: 01.11.10$$$ Is Mr. Greenberg saying the machinations of Goldman Sachs were responsible for the disastrous failure of AIG amid the recent financial crisis? "Well, it certainly wouldn't be difficult to come to that conclusion." [WSJ] $$$ All rise for Liu, the prima donna! [NYP] $$$ SEC Won't Seek Civil Charges for BofA Executives, Directors [WSJ] $$$ Just putting it out there: "New York is the only city in America where you can walk," said Nassim Taleb, an investor who gained a measure of celebrity for his theories, described in The Black Swan, that extreme events can roil financial markets. "People treat walking like exercise," he said, "but walking is how humans become humans." Taleb, who rejects the label "caveman" in favor of "paleo," avoids offices (including his own) as much as he can. He prefers to think on the go. Dressed in a tweed coat and Italian loafers, this paleo man is a flaneur, sometimes walking miles a day, ranging from SoHo to 86th Street. [Chronicle Herald]
Source: Dealbreaker | 11 Jan 2010 | 3:40 pm Toronto man denies plot to bomb bourse and cash in (AFP)
Source: Yahoo! News: Stock Markets News | 11 Jan 2010 | 3:36 pm Lehman warns on ‘unreasonable’ US claimsBig banks seeking windfall profits by ‘outrageously unreasonable’ claims against Lehman Brothers’ US business will be forced to prove their case in courtSource: Financial Times - US homepage | 11 Jan 2010 | 3:34 pm New Year, New U(BS)Oh, you thought simply stopping the ass-bleeding of clients was UBS's only New Year's Resolution? You thought wrong, ladies. You're looking at a whole new UBS. One that doesn't *just* evade taxes, but one that does so with honor. Full memo after the jump, for now, my favorite part: Each and every one of you creates the new UBS identity through your actions. Every day you make many important decisions. You have the entrepreneurial freedom to do so, and you should use it. The values that guide our efforts are truth, clarity and performance. Specifically, this means:
Source: Dealbreaker | 11 Jan 2010 | 3:28 pm 2 GOP senators question Treasury on Fannie/Freddie (AP)AP - Two Senate Republicans say they want the Treasury Department to explain why it gave a "blank check" to Fannie Mae and Freddie Mac by removing the $400 billion cap on how much money it would give the mortgage giants to keep them from failing.Source: Yahoo! News: Business | 11 Jan 2010 | 3:27 pm Emerging Markets, Tankers, Distribution: Taking Stock PodcastSource: Bloomberg - All Podcasts | 11 Jan 2010 | 3:17 pm Rate rise fears spark rush to issue bondsBusinesses and governments have rushed to raise tens of billions of dollars from bond markets amid fears that interest rates are set to jumpSource: Financial Times - US homepage | 11 Jan 2010 | 3:11 pm Andrew Cuomo Has Eyes In The Back Of His Head, And Bonus-Sniffing DogsAnd the power to strip search anyone with a list of bonus payouts shoved down his/her pants. So don't even entertain the though of messing with him on this one, because he sooner or later, he'll find out. "Transparency and disclosure of the banks' practices and plans are essential especially at this time," Cuomo said. "Trying to hide and secret information never works." New York's Cuomo Seeks Bonus Data From TARP Banks [BW]
Source: Dealbreaker | 11 Jan 2010 | 3:11 pm Sex, Drugs, and Mutual Funds (U.S. News & World Report)U.S. News & World Report - A lawsuit filed by fund provider TCW charges that a an "erratic" and "openly confrontational" Jeffrey Gundlach--the firm's former star manager--helped steal nine million pages worth of information, lied to coworkers, and was found in possession of marijuana and pornography.Source: Yahoo! News: Stock Markets News | 11 Jan 2010 | 3:01 pm Alcoa, Making Bad News Sound Good (AA)Alcoa Inc. (NYSE: AA) kicked off earnings season this evening on news that is all in all not that exciting even if the reception is one of approval. The company said that it finished its fourth quarter 2009 as being free cash flow positive for the first time since Q2-2008 and announced that it is [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Jan 2010 | 3:00 pm Endesa Raised to `Neutral' at UBS: AudioSource: Bloomberg - All Podcasts | 11 Jan 2010 | 2:30 pm Electronic Arts (ERTS): Down For The CountShares in companies including GameStop (NYSE:GME), Sony (NYSE:SNE), Microsoft (NASDAQ:MSFT), and Take-Two (NASDAQ:TTWO) will be affected by a disclosure from Electronic Arts (NASDAQ:ERTS) that it will badly miss its earnings forecasts. EA said that it expects GAAP and non-GAAP net revenue and earnings per share for the fiscal year ending March 31, 2010 to be below [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Jan 2010 | 2:25 pm Upgrading Ford (F)Ford Motor Co. (NYSE: F) is probably one of the only ways to bet on the big Detroit Auto Show this week, but the stock was trading at 52-week and multi-year highs today on what might seem as unlikely news if you were looking at the economy just a couple of quarters ago. It seems [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Jan 2010 | 2:23 pm Manufacturing Equipment Stocks Get A BumpManufacturing equipment and testing stocks (*MANUF) are up 6.7% today as reported by Tickerspy. The rise is attributed to K-Tron International’s (NASDAQ: KTII) 30.6% and Measurement Specialties’ (NASDAQ: MEAS) 4.1% gain today. K-Tron International, the leading global supplier of high-quality feeders, pneumatic conveyors and similar manufacturing systems is currently trading at $148.25, up $34.7 today. According to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Jan 2010 | 2:05 pm 52-Week High Club (AA, CVX, MMR, EXXI, SNI)Aluminum Corp. of China Limited (NYSE: ACH) rose over 5.7% to a yearly high of $34.27 after the company rose alumina prices for the second time in a week. Alcoa Inc. (NYSE: AA) rose over 3.4% to a yearly high of $17.60 ahead of the their earnings report this evening. Chevron Corporation (NYSE: CVX) rosve over [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Jan 2010 | 2:00 pm UBS: We Have Got To Stop Letting Clients Run For The Exits, Trample Old Ladies On The Way Out, And Set Fire To The Building As They LeaveErgo, we must do something to entice them to stay. I'm not saying evade taxes faster, Grübel UBS AG's chief executive told staff Monday halting the bleeding of assets from its wealthy client division is "imperative," according to a memorandum on ethics provided by the Swiss bank. "Although one-off effects such as tax amnesties are unavoidable, we ourselves must not give clients any reason to leave the bank," Oswald Gruebel says in the memo.
Source: Dealbreaker | 11 Jan 2010 | 1:58 pm Presented By:Source: Dealbreaker | 11 Jan 2010 | 1:58 pm Dubai BankruptcyBy Daniel Costello Dubai's housing crisis has sent prices down by more than half in the past year, prompting some homeowners to abandon their cars and mortgage payments and flee the country. One thing that hasn't happened in the country: a foreclosure. That is until now. Barclays Plc won the sheikdom's first foreclosure cases in court, clearing the way for lenders holding about $16 billion of Dubai home loans to take action when borrowers don't pay. The successful foreclosures by London-based Barclays may open the floodgates in Dubai's property market, which went from the world's best in 2008 to the worst after credit dried up and speculators who had fueled price increases left the market, according to Deutsche Bank AG. Moody's estimated in September that 12 percent of the 27,000 residential mortgages in the sheikdom would default within 12 to 18 months. Banks and developers until now have avoided the process of reclaiming homes through the courts, barred by tradition and an arcane legal process that few understood. The Barclays and Tamweel cases may change that, because they show that a 2008 mortgage law -- setting out rules for default, foreclosure and repossession -- is working.
Islamic lender Tamweel PJSC, the emirate's biggest mortgage bank, has several of its own foreclosure claims pending and estimates about 3 percent of its mortgages are in default. "Banks will be more aggressive in pursuing legal action if they see the process is efficient," said Dubai-based Antoine Yacoub, a banking analyst at Moody's Investors Service Inc. "They were trying to avoid the courts and restructure most of their loans, but once they see a precedent has been set, they will be encouraged to push more cases through." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 11 Jan 2010 | 1:50 pm Jeffrey Gundlach NOT Set Up By TCW, Big Fan Of "Dr. Fellatio" SeriesLast week we wondered aloud whether or not former TCW CIO Jeffery Gundlach had been set up by his employer to look like a sex-crazed maniac. To recap, Gundlach is being sued by TCW for, among other things, conspiracy, unfair competition and theft of proprietary (Gundlach started his own firm last month, DoubleLine LLC). The other "things" are the items the firm claimed to have found by searching Gundlach's offices (one in Santa Monica, one in LA), which included drugs, paraphernalia ("bearing evidence of recent use"), 12 sexual "devices," 34 "hardcore pornographic magazines," and 36 "hardcore sexually explicit DVDs and videocassettes." The sheer volume of stuff seemed suspect to us (what could he possibly need with thirty-six different DVDs), and we felt that it was our duty to get to the bottom of the whole thing, by asking you people, in your professional opinions, if you thought the guy was set up. Although over 67% of you agreed that yes, TCW must've stashed the stuff in Gundlach's office to make him look bad (or like he was operating a online wholesale sex shop distributor and keeping the inventory at his office), we've been informed that the answer is no. By Jeffery Gundlach. Who took ownership of the items in a letter to his new clients today.
Also! I've spoken with someone extremely familiar with the matter, who was kind enough to provide me with a bit more specific accounting of the aforementioned items. Disclaimer: obviously, this is the sort of thing that, in lieu of having the actual DVD titles, description of the devices, etc, I would be forced to "imagine" whether or not Gundlach was a fan of, say, Backdoor Sluts 9. So I understand that you might automatically assume the following was made up straight from the mind of Bess Levin. But no: this is the stuff Gundlach kept in his office, for real:
Source: Dealbreaker | 11 Jan 2010 | 1:20 pm Ingrassia Discusses the American Automobile Industry: AudioSource: Bloomberg - All Podcasts | 11 Jan 2010 | 12:20 pm GM's Reuss Says Company Now `Agile and Deadly': AudioSource: Bloomberg - All Podcasts | 11 Jan 2010 | 12:17 pm Rupkey Says U.S. Unemployment Close to Peak: AudioSource: Bloomberg - All Podcasts | 11 Jan 2010 | 12:16 pm Penske Says U.S. Auto Industry `Back on Track': AudioSource: Bloomberg - All Podcasts | 11 Jan 2010 | 12:15 pm BorgWarner's Manganello Says Company Will Pay Bonuses: AudioSource: Bloomberg - All Podcasts | 11 Jan 2010 | 12:14 pm Michigan Governor Granholm Says State in Transition: AudioSource: Bloomberg - All Podcasts | 11 Jan 2010 | 12:13 pm Forced Bank Charity?By Alexander Hotz Typically big profits for a Wall Street bank translate into large bonuses for the firm's executives. But this year's bonus season could be tempered by an unprecedented measure: mandatory philanthropy. Goldman Sachs is reportedly considering a plan to force employees to give part of their bonuses to charity. The move would be a preemptive measure for Goldman, which is concerned about its public image in light of the financial crisis. Although most of the country wallowed in recession last year, many of Wall Street's behemoths raked in a remarkable amount of money. Goldman made a tidy $12 billion profit (the highest in its history). J.P Morgan Chase and Citigroup reported $4.5 billion and $6 billion in profit respectively. Like many of their peers in lower Manhattan these banks received billions of dollars in federal bailout cash. That money has since been repaid but many Americans are understandably bitter about the banks' bailout and subsequent record profits. Goldman's move looks like a smart one after New York Attorney General Andrew Cuomo demanded that eight of the biggest banks in the Big Apple hand over information on their bonuses. Cuomo, who said that "transparency and disclosure is essential," asked for extensive details on how the banks structured the payouts. The issue will come to Washington later this week when the special congressional commission to investigate the financial crisis grills Goldman Chief Executive Lloyd Blankfein, J.P Morgan Chase CEO Jamie Dimon and Morgan Stanley Chairman John Mack on their "compensation package" policies. If the White House criticism is any indication, the banks won't leave DC without a serious scolding. Yesterday President Obama's economic advisor Christina Romer labeled the bonuses "ridiculous" and "offensive." And earlier today White House Chief of Staff Rahm Emanuel criticized the banks for not helping the economy grow. Goldman's charity move is a small but growing trend on Wall Street. Last year Morgan Stanley Chairman John Mack announced that he would not take a salary in 2009. Morgan Stanley and Goldman have also pledged to limit the size of their bonuses. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 11 Jan 2010 | 12:01 pm Component shortages set to push up computer costsCost of assembling personal computers will rise this year for the first time in six years because of shortages in some key componentsSource: Financial Times - US homepage | 11 Jan 2010 | 11:45 am John Thain: Wall Street Gets It On Compensation
Source: Dealbreaker | 11 Jan 2010 | 11:33 am Crash course on the auto industry's fallPaul Ingrassia talks with Kai Ryssdal about his new book, "Crash Course," how much time Detroit's auto industry has to bounce back from its troubles, and what's next for the Big 3.Source: Marketplace | 11 Jan 2010 | 11:31 am New rules laid to help chicken farmersThe USDA has issued new regulations intended to provide protections for contract poultry farmers. But for some of those farmers, the new rules have come too late. Kate Archer Kent reports.Source: Marketplace | 11 Jan 2010 | 11:31 am Walking away from your mortgageRoger Lowenstein talks with Kai Ryssdal about the article he wrote for The New York Times Magazine, which discusses a new trend in real estate: choosing to walk away from a mortgage you could pay.Source: Marketplace | 11 Jan 2010 | 11:30 am Are beer mergers a good brew for biz?Dutch brewer Heineken is set to buy the beer business of Mexico's FEMSA for $7.6 billion. How is the recent wave of beer mergers affecting the little guy? Amy Scott reports.Source: Marketplace | 11 Jan 2010 | 11:30 am New Barnes & Noble service rents textsBarnes & Noble, one of the biggest operators of college bookstores, says it's expanding its textbook rental program. Alisa Roth reports.Source: Marketplace | 11 Jan 2010 | 11:30 am Do Cadillac health plans drive up costs?President Obama met with union leaders to talk about taxing Cadillac health-care plans. How does this gold-plated coverage work? Nancy Marshall Genzer reports.Source: Marketplace | 11 Jan 2010 | 11:30 am Why Wall Street bonuses are necessaryAs Wall Street bonus season begins, banks are scrambling to avoid potential public relations disasters. Bob Teitelman, editor in chief of The Deal, talks with Kai Ryssdal about the disconnect over whether folks on Wall Street should get bonuses.Source: Marketplace | 11 Jan 2010 | 11:30 am The Numbers Behind PornographySome surprising facts here…
Source: Business Pundit | 11 Jan 2010 | 11:01 am Cantor Fitzgerald "Sex Robot" Maker Actually Horrible Anti-Semitic 9/11 Conspiracy TheoristSo, remember the "sex-robot" we posted about not too long ago? It was mildly amusing when we thought that "Mature Martha," one of the doll's five personalities was a self-described "Cantor Fitzgerald bond trader with 7 years experience." You know, just some slutty finance chick looking for a good time. It's less hilarious when we were informed that Martha's friend-- "Frigid Farah"-- is programmed to say stuff like "9/11 was an inside job," "All the Jews got the call," "I am an Anglo so I didn't get the call," and "I remember dying...ten thousand tons of molten steel and jet fuel crashing down on me...I remember my family... I had two daughters." So unless you're a necrophilia-loving, anti-Semitic, 9/11 conspiracy theorist, who also has a thing for screwing inanimate objects (there probably is a small, probably impotent market)...I'm gonna say take a pass on this one.
Source: Dealbreaker | 11 Jan 2010 | 10:59 am Steve Cohen And Lawyers Take Issue With Ex-Mrs. SAC's SuitAt the heart of their claim seems to be the belief that Steve's ex-wife, Patricia, is crazy, and by extension, so is her ex-lawyer, for filing her suit, which essentially accuses the big guy of being a mobster. Lawyers for Steven A. Cohen, the founder of SAC Capital Advisors LP sued by his ex-wife last month for racketeering, said they will ask a judge to sanction the attorney who filed what they called a "frivolous" suit.
Source: Dealbreaker | 11 Jan 2010 | 10:26 am Obama Considers Bank TaxBy Daniel Costello President Obama is considering a new fee on financial institutions to help reduce the federal deficit, although the details remain unclear, according to a report first disclosed on Politico. According to the New York Times: The bank fee would recover some of the money that taxpayers put up to bail out the financial system after its near-collapse in the fall of 2008, a rescue effort that has contributed to the largest annual budget deficits since World War II. Obama is expected to included the fee when he releases his budget plans in February. The White House is under pressure to crack down on Wall Street risk-taking and excesses as the financial sector heads into a bonus season that is predicted to be one of the most generous in years. Some senior Administration officials, including Treasure Secretary Timothy Geithner, have opposed such taxes, fearing any financial levy would be passed on to bank customers and that a bonus tax could be skirted by top bankers. The European Union has called for a global financial transactions tax and stockpiling revenues to finance any future bailouts. Separately, Britain and France have proposed a large tax on financial executives' bonuses. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 11 Jan 2010 | 9:45 am What Did NBC’s Jay Leno Experiment Mean for Business?
NBC announced yesterday that it will cancel The Jay Leno Show on February 12. The network may move Jay Leno back to his old 11:35pm slot, while shuffling Conan O’Brien and Jimmy Fallon to later slots. MTV has more details: Though comparatively low-rated, Leno’s show was performing at the expected levels for the network, (NBCU chairman Jeff) Gaspin said (at yesterday’s press conference), but “it did not meet our affiliates’ needs.” Those affiliates had been grumbling for months that the sub-par numbers for Leno’s show — which took up an unprecedented five hours a week of important prime-time programming slots — were hurting their local news divisions by not providing a strong lead-in to the 11 o’clock broadcasts, thereby costing them precious ad dollars. Some affiliates had even begun a move to push Leno’s program back an hour to 11 p.m. and push local news to 10 p.m. in order to reverse the ratings trend. The current plan calls for NBC to try and work on deals with Leno, (Conan) O’Brien and Jimmy Fallon, with a possibility that Leno will return at 11:35 p.m., followed by O’Brien at 12:05 and Fallon at 1:05 a.m. In that scenario, O’Brien would technically keep the title of host of “The Tonight Show,” though a 12:05 start time is not what he signed on for when NBC offered him the coveted “Tonight Show” gig in 2004. The New York Times’ David Carr talks about what the fallout means for NBCU: For big corporations, it is often about defense, so it made some sense to put Jay Leno on a timer in order to hang on to the very talented Conan O’Brien. And when NBC struggled to compete with its network brethren because of bad programming bets, it addressed the decline by changing the game, busting up the prime-time grid and inserting Mr. Leno at 10 p.m. At the time, it was viewed as a way to cut costs and keep a proven talent away from competitors, while making room for the ascendance of Mr. O’Brien to “The Tonight Show.” Everybody hugged. It was win-win, right? But the not-so-reinvented, not-so-funny “Jay Leno Show” had the ratings of a night light, setting off a revolt from affiliates that, according to Ad Age, had a terrible year, with a breathtaking 22.4 percent drop in revenue from 2008. And it didn’t help that Mr. O’Brien was pummeled on Mr. Leno’s old perch. The fiasco suggests that networks mess with the inertia of viewing habits at their extreme peril. Of course, the mayhem was terrible news for another NBC guy, a by-now veteran performer who has to be wondering what this failed experiment means for his future in the business. That would be (NBCU CEO) Jeff Zucker…it was Mr. Zucker who decided to fix the network’s problems in prime time by putting late night franchises in play and it was, in the end, Mr. Zucker who decided that the solution to bailing out a leaky boat was to blow more holes in the bottom. Mr. Zucker has a three-year contract with his incoming bosses at Comcast, who will probably notice that everything around him is now horribly damaged. Not since New Coke has a storied brand been so thoroughly maimed. “The Tonight Show,” once a gilded entertainment franchise, is now just one more broken toy in the mistake pile. Carr adds that NBC is sending a message to its younger audience: “a legacy industry will default to legacy assets and ride them down to the bitter end. NBC has turned two of its biggest stars into the equivalent of Jon and Kate: two wounded parties biding their time until the divorce comes through.” Forbes says that NBC is going back to basics in terms of programming: What will fill the suddenly vacant 10 p.m. programming block this spring is not yet clear. Gaspin expects two nights of scripted programs along with one reality show, some Dateline hours and repeats. Looking further into the future, he says NBC will “go back to the basics,” a marked shift for a network that has become famous for “reinventing”–or attempting to reinvent, anyway–the broadcast model in recent years. In addition to returning to the traditional upfront presentation format and schedule in May, the fourth-place network will also put a priority on scripted drama again. NBC has created a situation in which Conan O’Brien might defect, Jay Leno gets a good laugh, and viewers lose trust in the network. NBC’s moves also show that innovation can be deadly for broadcast TV. I can only conclude that broadcast is dying a slow death. And the biggest losers during the process are viewers.
Source: Business Pundit | 11 Jan 2010 | 9:34 am Heineken Buys Femsa, Maker of Sol, Dos Equis and Tecate
Dutch beermaker Heineken is buying Femsa, the Mexican brewer of Sol, Dos Equis and Tecate, for $5.5 billion in stock. USA Today has more: The deal increases Heineken’s presence in growth markets and cements its position as the world’s second-largest brewer by sales behind Anheuser-Busch InBev. It also continues a decade-long trend toward concentration among the biggest players in the global beer market. Femsa Cerveza brands have a 43% market share in Mexico and a 9% share in Brazil — two of the world’s top four most profitable beer markets, and both are still fast-growing. Femsa’s Tecate and Dos Equis brands are also significant players in the U.S. beer market, where Heineken vies with Grupo Modelo’s Corona. Analysts welcomed the buy as a pleasant surprise, given that many had expected SABMiller— now the world’s third-largest brewer by sales — to win the race for Femsa. Analyst Kris Kippers of Petercam Bank praised the deal as a “a great acquisition for Heineken” because Femsa was one of the few remaining large independent brewers in growth markets — and Heineken didn’t overpay. Heineken now has 40% of its operations in developing markets, up from 32%.
Source: Business Pundit | 11 Jan 2010 | 8:56 am Neumann on Asian Economies, Callow on U.S. Jobs: AudioSource: Bloomberg - All Podcasts | 11 Jan 2010 | 8:30 am Morning Report: China Wakes; Spirits Consolidation ContinuesBy Daniel Costello China's exports surged 17.7 percent in December for the first time in over a year, while the country's imports took off on higher demand for crude oil and other commodities, strengthening the case for policy tightening and a possible yuan appreciation. Data released over the weekend showed mainland China's exports rose 17.7 percent in December from a year earlier, far outstripping the 4 percent rise expected by many economists. That compares to a 1.2 percent fall in November. Meanwhile, imports jumped 55.9 percent during the month. The surge helped narrow China's December trade surplus to $18.43 billion from $19.1 billion in November. Chinese authorities are in a dilemma. While they have been continually urged by Western governments and financial authorities to let the yuan appreciate, the economy's recent surge has fueled domestic worries that it will ultimately lead to higher inflation and new asset bubbles. Consolidation in the global brewing industry continued on Monday as Heineken emerged as the surprise winner in the battle to buy Femsa Cerveza, Mexico's second-largest brewer, in a $5.5 billion all-stock deal. Dutch brewer Heineken NV, the world's second largest brewer by revenue, didn't enter a bid until recent weeks according to reports, yet beat out offers from a half dozen competitors. After a series of consolidations in recent years, nearly a quarter of the global beer market is owned by the world's top four brewers, Anheuser-Busch InBev, SABMiller Plc, Heineken and Carlsberg. Facing a widening budget deficit and regional unemployment rate above 12 percent, Los Angeles mayor Antonio Villaraigosa is expected to name Austin Beutner, a former partner at private-equity giant Blackstone Group and co-founder of the boutique investment-banking firm Evercore Partners, as the ailing city's first economy chief. The 49-year-old Mr. Beutner will have broad powers. About half of city government departments -- from the Port of Los Angeles to the city's sprawling Department of Water and Power utility -- will report to him. Mr. Beutner will report directly to Mr. Villaraigosa. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 11 Jan 2010 | 6:51 am A Convincing “Do Not Shoplift” Sign
Source: Business Pundit | 11 Jan 2010 | 4:46 am
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