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China responds to Google threatChina says foreign internet firms are welcome to do business "according to the law", in its first reaction to the Google row.Source: BBC News | Business | World Edition | 14 Jan 2010 | 3:34 am Hershey (HSY) May Be Too Small To Win Cadbury (CBY)Hershey (HSY) is once again mentioned frequently as a buyer of Cadbury (CBY). To win a competition it would have to top the $16.6 billion offer from Kraft (KFT) Cadbury shares already trade above the Kraft offer in the anticipation of a second bidder or a higher offer from Kraft. Hershey has a problem in completing a [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 14 Jan 2010 | 3:27 am U.S. 2009 foreclosures shatter record despite aidNEW YORK (Reuters) - U.S. foreclosure actions shattered all records in 2009 and will do so again this year, with unemployment and wage cuts overcoming programs to remedy failing home loans, RealtyTrac said on Thursday.Source: Reuters: Business News | 14 Jan 2010 | 3:23 am U.S. 2009 foreclosures shatter record despite aid (Reuters)
Source: Yahoo! News: Business | 14 Jan 2010 | 3:23 am Slim to consolidate LatAm mobile interestsBillionaire Carlos Slim launched a $21bn plan on Wednesday to consolidate his Latin American telephone companies that made him one of the world’s richest men but that now face increasing competitionSource: Financial Times - US homepage | 14 Jan 2010 | 3:21 am Barclays to buy U.S. market maker LaBranche & Co.The deal will extend the U.K. bank’s position as the top NYSE market maker and allow LaBranche to pay off debt.
Source: MarketWatch.com - Top Stories | 14 Jan 2010 | 3:21 am Equities shrug off slew of negative newsGlobal markets overview: This is truly a zombie rally – despite a weak start to US earnings season, Wall Street banks under the hammer and Google’s spat with China, the S&P remains around 15-month highsSource: Financial Times - US homepage | 14 Jan 2010 | 3:19 am Seasonal dip in mortgage lendingThere has been a "seasonal dip" in mortgage lending, according to the Council of Mortgage LendersSource: BBC News | Business | World Edition | 14 Jan 2010 | 3:17 am Rebalancing after the panic of 2008Question: During the market's dramatic drop in 2008 and the beginning of last year, I couldn't stand watching my 401(k) shrink. I didn't move the money I already had in various stock and bond funds, but I did shift my current contributions into conservative investments. I now want to rebalance my 401(k) and am wondering what my portfolio mix should be at age 42? -- Michael, Atlanta, Ga.Source: Business and financial news - CNNMoney.com | 14 Jan 2010 | 3:12 am London Markets: Cadbury shares rise in broadly higher FTSE 100Cadbury shares move up after a report signals that another U.S. firm could be set to bid for the British chocolate maker.
Source: MarketWatch.com - Top Stories | 14 Jan 2010 | 3:05 am US Mortgage Efforts Fail As Foreclosures Sky RocketThere is absolutely no sign that the foreclosure problem in the US is even close to an end point. Data from RealtyTrac shows that there were 3,957,643 foreclosure filings last year, a record. The report also shows that 2.21 percent of all U.S. housing units (one in 45) received at least one foreclosure filing during the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 14 Jan 2010 | 3:03 am World markets gain as China cooling worries ease (AP)
Source: Yahoo! News: Stock Markets News | 14 Jan 2010 | 3:01 am 6 spanking-new cars worth a lookIf you're in the market for a new ride, check out these cars just unveiled at the Detroit Auto Show.Source: Business and financial news - CNNMoney.com | 14 Jan 2010 | 3:00 am Asia markets mainly up as investors turn upbeatAsian markets are buoyed by a rally on Wall Street as concerns over further monetary tightening in China ease.
Source: MarketWatch.com - Top Stories | 14 Jan 2010 | 2:56 am Disaster teams arrive in HaitiTraumatised Haitians sleep in parks and streets, fearing aftershocks from the catastrophic earthquake that flattened homes and government buildings and buried countless peopleSource: Financial Times - US homepage | 14 Jan 2010 | 2:52 am Short-term leases prove to be a boon for traders and customers alikePop up shops were a big feature of last autumn. Everyone from HMV to Harvey Nichols was doing it.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jan 2010 | 2:51 am HP Rules, Dell Thumped In Q4 US PC SalesThe news about PC sales market share in the US never seems to change. HP (HPQ) widens its lead. Dell falters. Asian manufacturers show regular improvement. David Daoud, research manager with IDC’s U.S. Quarterly PC tracker, said, “The U.S. market exploded in the 4th quarter driven by a series of factors contributing to the unexpected 24% year-on-year [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 14 Jan 2010 | 2:48 am Flat start seen for stocksU.S. stock futures were flat early Thursday, as investors expressed caution after pushing the Dow Jones industrial average to a 15-month high.Source: Business and financial news - CNNMoney.com | 14 Jan 2010 | 2:48 am Chavez halts Caracas power cutsVenezuela's Hugo Chavez halts rolling blackouts in Caracas shortly after announcing nationwide energy-saving steps.Source: BBC News | Business | World Edition | 14 Jan 2010 | 2:46 am Australian jobless rate decreasesAustralian unemployment falls to a surprise eight-month low, boosting confidence in the economy.Source: BBC News | Business | World Edition | 14 Jan 2010 | 2:38 am Selling prices rise at Barratt DevelopmentsBarratt Developments reported a 4pc rise in average selling prices to £167,000 over the past six months, but the housebuilder remains cautious about the recovery in the housing market.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jan 2010 | 2:33 am TSMC to recruit over 3,000, mostly engineersTAIPEI (Reuters) - TSMC , the world's biggest contract chipmaker, said it will recruit more than 3,000 employees, or about 13 percent of its total workforce, in 2010 as it expands capacity to meet future demand.Source: Reuters: Business News | 14 Jan 2010 | 2:32 am Primark sees strong sales growthThe popularity of discount clothing chain Primark shows no sign of weakening after its sales grew strongly in the last four months of 2009.Source: BBC News | Business | World Edition | 14 Jan 2010 | 2:30 am Nasty mess brewing for big banksMany of the nation's largest financial firms are set to soon report their latest quarterly results -- and analysts think bonuses won't be the only thing that will be big.Source: Business and financial news - CNNMoney.com | 14 Jan 2010 | 2:25 am Stock futures mixed ahead of Intel earnings(Reuters) - U.S. stock index futures pointed to a mixed open on Wall Street on Thursday, with futures for the S&P 500 up 0.11 percent, Dow Jones futures unchanged and Nasdaq 100 futures down 0.11 percent at 4 a.m. EST.Source: Reuters: Business News | 14 Jan 2010 | 2:21 am Stock futures mixed ahead of Intel earnings (Reuters)
Source: Yahoo! News: Stock Markets News | 14 Jan 2010 | 2:21 am Stock futures mixed ahead of Intel earnings (Reuters)
Source: Yahoo! News: Business | 14 Jan 2010 | 2:21 am Barclays snaps up US market maker for $25m$Barclays announced a $25 million ($£15.3 million) deal today to acquire LaBranche & Co, a New York Stock Exchange (NYSE) market maker, as it seeks build on the platform created by the purchase of Lehman Brothers in the United States. Source: Latest Business News from Times Online | 14 Jan 2010 | 2:15 am Taxorama: 7 changes on the docketEverybody's angry at banks. Federal deficits are wide and need addressing. And the president and Congress are starting to map out next year's budget.Source: Business and financial news - CNNMoney.com | 14 Jan 2010 | 2:14 am Aircraft carrier contracts namedContracts to supply the Royal Navy's next generation of aircraft carriers, worth a third of a billion pounds, are announced.Source: BBC News | Business | World Edition | 14 Jan 2010 | 2:07 am Media Digest 1/14/2010 Reuters, WSJ, NYTimes, FT. BloombergReuters: China defended itself against Google’s (GOOG) censorship changes. Reuters: Regulators will face the panel looking at the credit crisis causes. Reuters: The capex outlook in Japan is weak. Reuters: US foreclosures shattered a record in 2009. Reuters: Lawmakers want Geithner’s records about AIG (AIG). WSJ: A panel looking into the credit crisis attacked Wall St. CEOs. WSJ: Morgan Stanley (MS) [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 14 Jan 2010 | 2:05 am Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.
Source: MarketWatch.com - Top Stories | 14 Jan 2010 | 2:01 am Seriously South Pacific -- Cruise West Offers Five New VoyagesSource: RSS feed - channel BNewsBusiness | 14 Jan 2010 | 2:00 am China defends Internet policyIn the first official response by Beijing after Google said earlier in the week it may withdraw from China, the nation says that it supports development of the Internet "according to law" and that its current administrative measures are in line with international practices.
Source: MarketWatch.com - Top Stories | 14 Jan 2010 | 2:00 am Europe Markets: Miners lead second day of gains for EuropeEuropean shares climbed for the second session in a row on Thursday, as investors bought shares in mining companies after strong production figures from Rio Tinto.
Source: MarketWatch.com - Top Stories | 14 Jan 2010 | 2:00 am Bubble fears as China property prices surgeProperty prices across China’s 70 largest cities surged at their fastest pace since 2008 in December, stoking rising anxiety in Beijing that a speculative bubble may be forming and that Chinese banks may have issued more than £70 billion in new bank loans since January 1. Source: Latest Business News from Times Online | 14 Jan 2010 | 1:59 am 3 million homes hit with foreclosure in '09Almost 3 million homeowners received at least one foreclosure filing during 2009, setting a new record for the number of people falling behind on their mortgage payments.Source: Business and financial news - CNNMoney.com | 14 Jan 2010 | 1:56 am Currencies: Dollar slips vs. Aussie, but mostly up vs. rivalsThe dollar moves lower against its Australian counterpart after data show Australia's jobless rate eased in December.
Source: MarketWatch.com - Top Stories | 14 Jan 2010 | 1:49 am Weak Japan capex outlook threatens fragile recoveryTOKYO (Reuters) - Japan's core machinery orders tumbled to a record low in November, adding to government fears of a return to recession that could heighten the need for yet more fiscal stimulus spending.Source: Reuters: Business News | 14 Jan 2010 | 1:48 am Asia Markets And Europe Open (1/14/2010)Markets in Asia were mixed. The Nikkei rose 1.6% to 10,908. The Hang Seng was off .2% to 21,717. The Shanghai Composite rose 1.4%. At the open in Europe, the FTSE was up .7% and Rio Tinto (RTP) and BHP Billion (BHP) both rose. The Dax and CAC 40 were each up .6% Data from Reuters and MarketWatch. Douglas A. McIntyre Posted in [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 14 Jan 2010 | 1:42 am Hershey prepares Cadbury counter-bidPlan to attract private equity investment to boost Hershey’s own resourcesSource: Financial Times - US homepage | 14 Jan 2010 | 1:40 am High street cheer lifts London sharesLondon equities rose on Thursday, with a flurry of news from the high street offering upbeat insight into the peak festive sales season. Overall, the FTSE 100 rose 45 points to 5,519.0. The mid-cap...Source: RSS feed - channel BNPaperBusiness | 14 Jan 2010 | 1:39 am CNN.com: Full coverage of Haiti earthquakeSource: Business and financial news - CNNMoney.com | 14 Jan 2010 | 1:39 am Oil shoots above $80 as traders eye rising stocksOil prices peeked above $80 a barrel Thursday in Asia as rising stock markets ahead of fourth quarter earnings cheered crude investors. Benchmark crude for February delivery was up 40...Source: RSS feed - channel BNewsBusiness | 14 Jan 2010 | 1:31 am European Central Bank to keep rates unchangedMarkets will look for the European Central Bank's views Thursday on the outlook for an uneven recovery amid mounting concerns about the burden placed by indebted governments, particularly...Source: RSS feed - channel BNewsBusiness | 14 Jan 2010 | 1:29 am German inflation at 10-year low: officialGerman inflation averaged 0.4 percent in 2009, its lowest level since the country was reunified in 1990, final figures released on Thursday by the national statistics office showed. The...Source: RSS feed - channel BNewsBusiness | 14 Jan 2010 | 1:20 am Barratt sales prices jump 4 per centBarratt Developments, the UK housebuilder, said today that a switch to building more houses rather than flats has led to a rise in average sales price of 4 per cent over the past six months. Source: Latest Business News from Times Online | 14 Jan 2010 | 1:20 am Chinese property prices spikeThe 7.8 per cent rise in December from a year ago has prompted new government measures as Beijing attempts to slow soaring prices without derailing the economic recoverySource: Financial Times - US homepage | 14 Jan 2010 | 1:19 am Argos owner lifts profit forecastArgos and Homebase owner Home Retail Group increases its full-year profit forecast after sales in recent months beat expectations.Source: BBC News | Business | World Edition | 14 Jan 2010 | 1:10 am HMV replaces Waterstone's boss as sales flagHMV, the high street music and book retailer, announced today that it was replacing the managing director of its struggling Waterstone’s business as it revealed a sharp decline in Christmas sales at the bookstore chain. Source: Latest Business News from Times Online | 14 Jan 2010 | 1:09 am Renault sees 'tense' auto market in 2010Renault SA said Thursday that sales of cars and light trucks fell 3.1 percent last year as the global economic downturn hurt auto markets worldwide, and said 2010 will remain "tense." InSource: RSS feed - channel BNewsBusiness | 14 Jan 2010 | 1:04 am Top regulators to face U.S. financial crisis panelWASHINGTON (Reuters) - Senior U.S. regulators, including outspoken Federal Deposit Insurance Corp Chairman Sheila Bair, will tell their side of the story on Thursday to a commission examining the origins of the 2008 financial crisis.Source: Reuters: Business News | 14 Jan 2010 | 1:04 am Top regulators to face U.S. financial crisis panel (Reuters)
Source: Yahoo! News: Business | 14 Jan 2010 | 1:04 am Record quarter boosts Rio Tinto iron ore outputAnglo-Australian mining giant Rio Tinto beat annual forecasts Thursday with a record-breaking fourth-quarter of iron ore production, boosted by strong Chinese demand. Rio said global...Source: RSS feed - channel BNewsBusiness | 14 Jan 2010 | 1:03 am American Indian farmers have more land, less cashThe 1,100-acre ranch owned by Milton Sovo Jr. in Oklahoma is about triple the size of the typical U.S. farm, yet he has worked two jobs for decades to get by. New data shows he's fairly...Source: RSS feed - channel BNewsBusiness | 14 Jan 2010 | 1:01 am Holiday moratoriums slowed California foreclosures in DecemberThe 17.5% month-to-month decrease in foreclosure activity is attributed to lenders' giving struggling homeowners a bonus grace period.Foreclosure activity in California took a steep dive in December, a report shows, but the decline had more to do with holiday forbearance than economic improvement.
Source: L.A. Times - Business | 14 Jan 2010 | 1:00 am Nintendo plans to add Netflix to its Wii consoleThe move by the No. 1 video game device maker mirrors that of its two chief rivals, Microsoft and Sony, which have already added the movie-streaming service to their machines.The No. 1 video game console is taking a page out of the playbooks of the ones in second and third place.
Source: L.A. Times - Business | 14 Jan 2010 | 1:00 am West registers faint economic gainsThe Fed's 'beige book' report shows increased activity in most of the nation.The Federal Reserve's new report on U.S. economic activity in December and early January showed more signs of improvement across the nation.
Source: L.A. Times - Business | 14 Jan 2010 | 1:00 am Call of Duty: Modern Warfare 2 tops $1 billion in salesThe news about the blockbuster video game's performance comes the day before the NPD Group releases its final sales figures for the industry in 2009.The video game industry got a shot of good news Wednesday before what's expected to be a final dose of bad news on 2009 today.
Source: L.A. Times - Business | 14 Jan 2010 | 1:00 am California's debt rating cut to A-minus by S & P on budget woesS & P, worried that the state could face a cash crunch in March, warns that the grade could be further reduced. ...Source: RSS feed - channel BNPaperBusiness | 14 Jan 2010 | 1:00 am SEC names 6 to head new investigative unitsThe agency is reorganizing its enforcement efforts in the wake of its failure to detect the massive fraud by Bernard Madoff. ...Source: RSS feed - channel BNPaperBusiness | 14 Jan 2010 | 1:00 am Chinese Internet users praise Google's standWord spreads quickly after the company threatens to leave the country over censorship restrictions following a wave of cyber attacks that it says targeted activists' e-mail accounts. ...Source: RSS feed - channel BNPaperBusiness | 14 Jan 2010 | 1:00 am Heads of Wall Street firms admit errors but deflect blame for crisisA panel created to investigate the causes of the financial meltdown poses some tough questions to the chairman of Morgan Stanley and the CEOs of JPMorgan Chase, Goldman Sachs and Bank of America. ...Source: RSS feed - channel BNPaperBusiness | 14 Jan 2010 | 1:00 am Market advances as financial stocks reboundNEW YORK -- The stock market closed higher, following the lead of financial stocks as the heads of several big banks testified before Congress about the financial crisis.Source: RSS feed - channel BNPaperBusiness | 14 Jan 2010 | 1:00 am NAMM trade show drums up interest in music productsThe event at the Anaheim Convention Center showcases the latest instruments and other gear for performers of all skill levels. ...Source: RSS feed - channel BNPaperBusiness | 14 Jan 2010 | 1:00 am Heads of Wall Street firms admit errors but deflect blame for crisisA panel created to investigate the causes of the financial meltdown poses some tough questions to the chairman of Morgan Stanley and the CEOs of JPMorgan Chase, Goldman Sachs and Bank of America.They admitted making mistakes and they regretted the economic devastation their decisions wrought, but the heads of four major financial firms wouldn't take direct blame for the massive meltdown in some tough questioning today by a government panel investigating the causes of the financial crisis.
Source: L.A. Times - Business | 14 Jan 2010 | 1:00 am Holiday moratoriums slowed California foreclosures in DecemberThe 17.5% month-to-month decrease in foreclosure activity is attributed to lenders' giving struggling homeowners a bonus grace period. ...Source: RSS feed - channel BNPaperBusiness | 14 Jan 2010 | 1:00 am Nintendo plans to add Netflix to its Wii consoleThe move by the No. 1 video game device maker mirrors that of its two chief rivals, Microsoft and Sony, which have already added the movie-streaming service to their machines. ...Source: RSS feed - channel BNPaperBusiness | 14 Jan 2010 | 1:00 am SEC names 6 to head new investigative unitsThe agency is reorganizing its enforcement efforts in the wake of its failure to detect the massive fraud by Bernard Madoff.The Securities and Exchange Commission named six people Wednesday to lead new investigative units as the agency reorganizes its enforcement efforts.
Source: L.A. Times - Business | 14 Jan 2010 | 1:00 am MTV hopes 'Hard Times' will end hard times for its ratingsThe scripted series, which focuses on a teenage boy with an anatomical 'gift,' marks a break from reality fare.Can a well-endowed teen make MTV hot again? ¶ The youth-obsessed cable network, seeking to stem a years-long ratings slide, thinks it has found just the thing to get back on track: "The Hard Times of RJ Berger," a scripted comedy about a boy with an, um, anatomical "gift." ¶ The show, billed as a cross between "The Wonder Years" and the R-rated comedy "Superbad," is a raunchy coming-of-age tale about a nerdy teen who achieves notoriety among his high school peers when they discover that he has a rather large penis. ¶ "Hard Times" marks MTV's break from reality TV, which has dominated the channel in recent years. Although MTV pioneered the format with shows such as "The Real World," and party-hopping Italian Americans in "Jersey Shore" have proved to be a sleeper hit, the channel needs to make one of its periodic attempts to reinvent itself, according to industry executives. ¶ "Having lived on a smorgasbord of reality TV, they can't just serve up Jell-O. It has to be spicy," said Brent Poer, managing director of the West Coast offices of the ad-buying firm MediaVest. "It has to make viewers sit up and say, 'There goes MTV, breaking all the rules.' "
Source: L.A. Times - Business | 14 Jan 2010 | 1:00 am Chinese Internet users praise Google's standWord spreads quickly after the company threatens to leave the country over censorship restrictions following a wave of cyber attacks that it says targeted activists' e-mail accounts.Bouquets were laid in front of Google Inc.'s headquarters in China on Wednesday, a show of support for a company whose threat to exit the country rather than be party to more censorship is a dramatic shot across the bow of the Chinese Communist Party.
Source: L.A. Times - Business | 14 Jan 2010 | 1:00 am West registers faint economic gainsThe Fed's 'beige book' report shows increased activity in most of the nation. The Federal Reserve's new report...Source: RSS feed - channel BNPaperBusiness | 14 Jan 2010 | 1:00 am Freight trains carry 20% less cargo in 2009 than in the previous yearThe drop is a dramatic reminder of the brutality with which the recession cut demand for coal, lumber and other goods that make up the backbone of the economy.The nation's railroads had their worst year in decades in 2009, a dramatic reminder of the brutality with which the recession damped demand for coal, lumber and other goods that make up the backbone of the economy.
Source: L.A. Times - Business | 14 Jan 2010 | 1:00 am California's debt rating cut to A-minus by S & P on budget woesS & P, worried that the state could face a cash crunch in March, warns that the grade could be further reduced.California's only remaining A-level credit grade from a major rating firm is in greater danger as the state's budget woes deepen yet again.
Source: L.A. Times - Business | 14 Jan 2010 | 1:00 am Japanese machinery orders hit 23-year lowJapanese machinery orders — one of the principal engine rooms of the giant manufacturing economy — have crumpled at a “shocking” pace, plunging to levels last seen in the late 1980s. Source: Latest Business News from Times Online | 14 Jan 2010 | 12:58 am Fitch ratings indicate caution for booming ChinaFitch Ratings on Thursday affirmed its sovereign credit ratings for China, citing the country's exceptional financial position, its recent economic performance and low government debt...Source: RSS feed - channel BNewsBusiness | 14 Jan 2010 | 12:55 am TVs and computers flew off the shelves as books languished, retailers sayWaterstones saw sales slump over the holidays as TVs and computers sales jumped, retailers say.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jan 2010 | 12:53 am Consumer confidence takes a diveConsumers are worried about their job security, according to research by the ABI.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jan 2010 | 12:49 am Poor Waterstone's sales knock HMVHMV reports a fall in group-wide sales over the Christmas period, hit by a poor performance at its book shop business Waterstone's.Source: BBC News | Business | World Edition | 14 Jan 2010 | 12:47 am Dixons owner reports record Christmas salesDSG International, the electronics group that owns Dixons, reported a record-breaking Christmas, with like-for-like sales up by 8 per cent on last year. Source: Latest Business News from Times Online | 14 Jan 2010 | 12:40 am Misys Commits to Significant Debt Reduction at the Half Year as Banking Unit's Performance StallsSource: RSS feed - channel BNewsBusiness | 14 Jan 2010 | 12:40 am China property prices accelerateChinese real estate prices rose at their fastest annual rate in 18 months in December, according to official figures.Source: BBC News | Business | World Edition | 14 Jan 2010 | 12:37 am UPDATE 1-TSMC to recruit over 3,000, mostly engineers* Planned increase represents 13 percent of total workforceSource: RSS feed - channel BNewsBusiness | 14 Jan 2010 | 12:36 am Aussie stocks close 29 points higherSYDNEY - Australian stocks have rebounded on better-than-expected employment data, robust commodity prices and strong production results from global miner Rio Tinto.The benchmark S&P/ASX200 index closed up 29.9 points, or 0.61...Source: nzherald.co.nz - Business | 14 Jan 2010 | 12:31 am How to profit from the cold snapIan Cowie consults investment experts on the best companies to benefit from frozen Britain.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jan 2010 | 12:18 am Manufacturers 'see weak recovery'The UK's manufacturers will only see a modest recovery this year, manufacturers' organisation the EEF says.Source: BBC News | Business | World Edition | 13 Jan 2010 | 11:55 pm New Zealand stocks close little changedThe New Zealand sharemarket was little changed on a day in which Asian markets put worries about a monetary policy tightening in China aside and the strength of the Australian economy again caught investors' attention.The benchmark...Source: nzherald.co.nz - Business | 13 Jan 2010 | 11:51 pm Why the Bank of England will raise interest rates as deflationary threat melts awayHigher interest rates are on the way back again. The only questions are how quickly they will rise and how far. Admittedly, central bank action in tightening policy has thus far been confined largely to fast-growing emerging markets.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 13 Jan 2010 | 11:13 pm Weak Greece struggles with strong euroGreece's economic statistics are dubious in more than one sense. The country probably bent its figures to get into the eurozone. Now, the EU is angry that Greece has not been straightforward about the size of its fiscal deficit.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 13 Jan 2010 | 11:09 pm China dismisses Google’s threat to quitWang Chen, head of the State Council Information Office and deputy head of the Communist party’s propaganda department, has reasserted China’s commitment to monitor the internetSource: Financial Times - US homepage | 13 Jan 2010 | 10:46 pm JAL failure would hit about 1,500 small firms: reportTOKYO (Reuters) - A Japan Airlines Corp bankruptcy will have a wide-spread impact on small businesses that account for half of the nearly 3,000 Japanese companies that do business directly with the carrier, a research firm said.Source: Reuters: Business News | 13 Jan 2010 | 10:44 pm China property prices shoot up, banks draw concernEven as the world looks to China as an engine of economic growth, new data and research point to rapidly inflating housing prices and a possible looming banking crisis.
Source: MarketWatch.com - Top Stories | 13 Jan 2010 | 10:43 pm Dollar climbs on Aussie jobs reportThe New Zealand dollar rose today after a stronger than expected employment report in Australia made this part of the world a more attractive investment destination.The NZ dollar was US74.06c at 5pm, up from US73.92c at 8am and...Source: nzherald.co.nz - Business | 13 Jan 2010 | 10:35 pm Treasury needs plan for selling TARP assets: watchdogWASHINGTON (Reuters) - The Treasury Department will own billions of dollars worth of financial assets when a taxpayer-financed bailout program is over and has not set clear principles for disposing them, a government watchdog agency said on Thursday.Source: Reuters: Business News | 13 Jan 2010 | 10:30 pm Treasury needs plan for selling TARP assets: watchdog (Reuters)Reuters - The Treasury Department will own billions of dollars worth of financial assets when a taxpayer-financed bailout program is over and has not set clear principles for disposing them, a government watchdog agency said on Thursday.Source: Yahoo! News: Business | 13 Jan 2010 | 10:30 pm Panel: Treasury has no metric for its TARP goalsThe Treasury Department can use its broad principles to justify almost any decision it makes when unwinding the government’s stake in the $700 billion bank bailout package, according to a congressional oversight panel for the Troubled Asset Relief Program.
Source: MarketWatch.com - Top Stories | 13 Jan 2010 | 10:02 pm Outside the Box: Revenue growth doesn't guarantee stock gainsWall Street may finally be getting what it needed, but that doesn't mean the stock market will give it what it wants, writes Tomi Kilgore.
Source: MarketWatch.com - Top Stories | 13 Jan 2010 | 10:01 pm Google could find new road in ChinaSAN FRANCISCO (Reuters) - Google Inc says it may be forced to leave China, but the search giant has room to compromise in its battle with Beijing, and both sides have reason to do so.Source: Reuters: Business News | 13 Jan 2010 | 9:29 pm Insurance company ordered to refund customersA company providing payment protection insurance is to pay a total of about $37,000 to 44 claimants after admitting a possible breach of the Fair Trading Act, the Commerce Commission says.Beneficial Insurance sold a credit contract...Source: nzherald.co.nz - Business | 13 Jan 2010 | 8:03 pm Lawmaker wants Geithner's AIG records, testimony (Reuters)Reuters - The chairman of a U.S. congressional panel said he wants to see all of Treasury Secretary Timothy Geithner's communications about the Federal Reserve's payouts to counterparties of insurer AIG Inc at 100 cents on the dollar after a government bailout.Source: Yahoo! News: Business | 13 Jan 2010 | 6:08 pm Lawmaker wants Geithner's AIG records, testimonyWASHINGTON (Reuters) - The chairman of a U.S. congressional panel said he wants to see all of Treasury Secretary Timothy Geithner's communications about the Federal Reserve's payouts to counterparties of insurer AIG Inc at 100 cents on the dollar after a government bailout.Source: Reuters: Business News | 13 Jan 2010 | 6:08 pm T. Boone Pickens Shutters Wind Project (GE, CLNE)This has already been delayed and rumored, but it appears that oil magnate T. Boone Pickens has given up on his northern Texas Pampa Wind Farm power project. The economics do not work. The deal had already been postponed as cheap natural gas makes the project inequitable and as credit conditions are still tight. Some [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Jan 2010 | 5:52 pm Investment banks to bear brunt of levyGoldman Sachs, Morgan Stanley and other investment banks will bear a large share of the burden of the bank levy president Barack Obama is set to announce on ThursdaySource: Financial Times - US homepage | 13 Jan 2010 | 5:44 pm Fed officials say need firm recovery before hikeNEW YORK (Reuters) - Two top Federal Reserve policy-makers said on Wednesday that the U.S. central bank will need to be certain the economic recovery is firmly in place before tightening its monetary policy stance.Source: Reuters: Business News | 13 Jan 2010 | 5:30 pm Eastern Hi Fi in receivershipReceivers have been called in to Eastern Hi Fi, with the company directors saying they saw no alternative."After all of the steps taken during the past year the company reduced its operating expenses in a satisfactory manner but...Source: nzherald.co.nz - Business | 13 Jan 2010 | 5:30 pm Geithner faces demand for AIG recordsThe House oversight committee has submitted a legal demand for any phone records and e-mails from Tim Geithner that discuss payments from the New York Federal Reserve to AIG’s counterpartiesSource: Financial Times - US homepage | 13 Jan 2010 | 5:26 pm Bulk Shipping, Newspapers, Solar Stocks: Taking Stock PodcastSource: Bloomberg - All Podcasts | 13 Jan 2010 | 5:03 pm Wall Street four admit failures in crisis inquiryFour of Wall Street’s top bankers yesterday admitted to a number of failures — but sought to defend pay in the industry — as a top committee on Capitol Hill accused them of acting like used-car salesmen. Source: Latest Business News from Times Online | 13 Jan 2010 | 5:01 pm RBS fights allegations of role in £140m Enron fraud in High CourtRoyal Bank of Scotland (RBS) defrauded an Austrian bank by encouraging it to invest in a £140 million sham financial vehicle created for Enron, the collapsed energy giant, a court heard yesterday. Source: Latest Business News from Times Online | 13 Jan 2010 | 5:01 pm Electronic Arts suffers, even with Beatles’ helpEven a little help from the Beatles could not save Electronic Arts from humiliation. Shares in the video games developer and publisher slumped this week after it cut its full-year guidance for the second time in a few months and stunned investors with a dismal industry forecast for the coming year. Source: Latest Business News from Times Online | 13 Jan 2010 | 5:01 pm Designers decide on the smart option as N Brown outlines the broader pictureFashion labels, often accused of worshipping at the altars of slimline youth and beauty, are beginning to see the potential of catering for people with more ample proportions, it was claimed yesterday. Source: Latest Business News from Times Online | 13 Jan 2010 | 5:01 pm Catching up with Australia: Annah StrettonAnnah Stretton, clothing designer, entrepreneur and publisher of Her magazine: In the words of Diane Foreman at the New Zealand Global Women's forum last year: "The formula for aSource: nzherald.co.nz - Business | 13 Jan 2010 | 5:00 pm Treasury Secretary Timothy Geithner's emails supoenaed in AIG inquiryA congressional panel investigating US bail-out deals is reported to have subpoenaed the Federal Reserve Bank of New York for correspondence relating to AIG from Treasury Secretary Timothy Geithner and other officials.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 13 Jan 2010 | 4:55 pm Supermarket 'Enforcer' plan shows impotence of existing regulationAt last. An "Enforcer" is to be appointed to sort out those supermarkets. The Department for Business, Innovation and Skills has confirmed that it's time to get tough.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 13 Jan 2010 | 4:36 pm Hawks circle as rate rise looks more likelyI said here exactly a week ago that the recent period of ultra-low interest rates was about to come to an end. The hawks are undoubtedly gathering.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 13 Jan 2010 | 4:34 pm Jackson Hewitt shares fall on tax-season troubles (AP)AP - Shares of Jackson Hewitt Tax Service Inc. tumbled on Wednesday after the tax-return preparer said it expects to have only part of its tax-refund loan program in place by Friday's opening of tax season, and isn't certain it can secure financial backing to fully offer the program this tax year.Source: Yahoo! News: Business | 13 Jan 2010 | 4:32 pm Building consents up in NovemberBuilding consent stats released this morning show a 3.1 per cent jump in the number of new homes authorised for construction in November - the highest level since May 2008.Statistics NZ says the number, which excludes apartment...Source: nzherald.co.nz - Business | 13 Jan 2010 | 4:30 pm Podcast: The Awesomest Economy?
Should we copy Copenhagen? (aha42/Flickr) On today's Planet Money: We take you to Denmark, land of bicycles, pigs, Ikea-like furniture and economic indicators that seem too good to be true. Denmark has one of the lowest poverty rates in the world and lowest income disparities. At one point the jobs picture was so good unemployment dropped below 2 percent, something some economists would tell you should be impossible. Despite having the highest taxes in the world, economist Ove Pedersen says Denmark's economy has grown steadily. Also, Danes are the happiest people in the world, at least according to one analysis. Is Denmark a fluke? Or a model to be imitated. Download the podcast; or subscribe. Music: Mew's "Comforting Sounds." Find us: Twitter/ Facebook/ Flickr. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 13 Jan 2010 | 4:26 pm Jeremy Sussman Sees Metallurgical Coal Stocks Rising: AudioSource: Bloomberg - All Podcasts | 13 Jan 2010 | 4:20 pm Zale changes CEO, other executive positions (AP)AP - Diamond and jewelry retailer Zale Corp. said Wednesday its CEO Neal Goldberg and other executives have left the company.Source: Yahoo! News: Business | 13 Jan 2010 | 4:06 pm SEC names new enforcement unit heads (AP)AP - The Securities and Exchange Commission named six people on Wednesday to lead new investigative units and unveiled a new policy for rewarding prompt cooperation by those with knowledge of misconduct as the agency reorganizes its enforcement efforts.Source: Yahoo! News: Stock Markets News | 13 Jan 2010 | 4:06 pm Market advances as financials, pharma rebounds (AP)
Source: Yahoo! News: Stock Markets News | 13 Jan 2010 | 4:02 pm Joy Global Raised to `Buy' at UBS: AudioSource: Bloomberg - All Podcasts | 13 Jan 2010 | 3:50 pm NZ shares up earlyShares in Steel & Tube rose in early trading to be equal with yesterday's intraday two-month high, as the New Zealand sharemarket edged higher shortly after opening today.Around 10.15am the benchmark NZX-50 index was up 2.9 points...Source: nzherald.co.nz - Business | 13 Jan 2010 | 3:46 pm Write-Offs: 01.13.10$$$ SocGen: we're probably looking at a $2 billion write-down. [WSJ] $$$ Patricia Cohen Tells Judge She'll Pursue Her Case [Bloomberg] $$$ Mike Mayo: Banks Are An 'Industry on Steroids' [CNBC] $$$ Trader Monthly Editor-In-Thief Randall Lane Writing Memoirs [TS] $$$ The FCIC Should Swiftly Summon Alan Greenspan [BW] 
 Source: Dealbreaker | 13 Jan 2010 | 3:45 pm Stock market rebound helps send Treasurys lower (AP)AP - Interest rates rose in the bond market Wednesday as a rebound in stocks sent Treasury prices lower.Source: Yahoo! News: Stock Markets News | 13 Jan 2010 | 3:36 pm Falcon nearing end of the roadAmerica and the global economy appear ready to swallow another piece of Australia's soul.The Ford Falcon, the nation's longest-running car line and loved for the awesome muscle machines its variants have included over the past...Source: nzherald.co.nz - Business | 13 Jan 2010 | 3:30 pm Hershey, Green Mountain, Google are movers (AP)AP - The following stocks were among those that moved substantially or traded heavily Wednesday on the New York Stock Exchange and the Nasdaq Stock Market:Source: Yahoo! News: Stock Markets News | 13 Jan 2010 | 3:26 pm Let's Hope These 4 Things Don't Happen (U.S. News & World Report)U.S. News & World Report - In the cast of corporate characters, Fannie Mae and Freddie Mac are A-list villains, thanks to the central role they played in the 2008 financial meltdown. The two mortgage-finance firms failed as spectacularly as AIG, the poster child for finance-gone-wrong, with the combined Fannie-Freddie rescue totaling about $111 billion so far--the biggest bailout of all. Both firms are effectively nationalized, and the government would probably wind them down except for one thing: They underwrite about three quarters of all the mortgages issued in the United States.Source: Yahoo! News: Business | 13 Jan 2010 | 3:22 pm Emerging market bonds shed junk statusThe average rating of the 39 countries that make up the benchmark emerging market sovereign bond index has moved up one notchSource: Financial Times - US homepage | 13 Jan 2010 | 3:09 pm US recovery spreads, but finding work still toughThe economic recovery is spreading to more parts of the US even as a growing number of people can't find full-time jobs.The duality of the recovery is underscored in a Federal Reserve survey released today: The economy is growing,...Source: nzherald.co.nz - Business | 13 Jan 2010 | 3:00 pm How the major stock indexes fared on Wednesday (AP)AP - The stock market closed higher, following the lead of financial stocks as the heads of several big banks testified before Congress about the financial crisis. Stocks fluctuated early Wednesday but strengthened as the questioning of bank officials proceeded with little in the way of confrontation. Industries seen as safer in a weak economy, like health care and utilities, posted some of the biggest gains.Source: Yahoo! News: Stock Markets News | 13 Jan 2010 | 2:51 pm LaBranche Exits DMM/Specialist Ops (LAB, NYX, BCS)LaBranche & Co. Inc. (NYSE: LAB) has been rumored to be making a serious change or sale for some time. Tonight, that was partially confirmed. The company has signed a sale agreement to sell its specialist operations, now called its Designated Market Maker business, to Barclays plc’s (NYSE: BCS) Barclays Capital for some $25 million. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Jan 2010 | 2:46 pm Pat Robertson Strokes His Publicity Shtick With Haiti Remarks
It’s fine to make a living sharing your religious opinions. But when a humanitarian disaster the size of Haiti’s strikes, putting a on temporary muzzle and helping relief efforts is probably the best option. Case in point: televangeslist Pat Robertson. Here’s what he said on today’s Christian Broadcast Networks’ 700 Club:
And they kicked the French out. You know, the Haitians revolted and got themselves free. But ever since they have been cursed by one thing after the other. Desperately poor. That island of Hispaniola is one island. It is cut down the middle on the one side is Haiti the other is the Dominican Republic. Dominican Republic is prosperous, healthy, full of resorts, etc. Haiti is in desperate poverty. Same island. They need to have and we meed to pray for them a great turning to god and out of this tragedy I’m optimistic something good may come. But right now we are helping the suffering people and the suffering is unimaginable. So Haitians are suffering because they made a pact with the devil? Pat, you’re not renowned for keeping your mouth shut, but for Christianity’s sake, stop here. Rush Limbaugh comes in at a close second for instantly politicizing the Haiti quake, saying “Obama will use Haiti to boost credibility with ‘light-skinned and dark-skinned black community in this country.’” From an economic standpoint, Robertson and Limbaugh make their money by imparting opinions. Clearly, gaining detractors is a tried-and-true part of their publicity machine. People hate them for their lack of civility, and they thrive from the recognition. It’s a cheap trick. I’m sorry it happened so soon after such a serious disaster.
Source: Business Pundit | 13 Jan 2010 | 2:12 pm Bonus Watch '10: Bank Of AmericaSenior bankers will get 5 percent to 15 percent of their bonus in cash, compared with about 50 percent at Bank of America last year, said the people, who declined to be identified because the talks are private. Junior bankers may get 25 percent of their bonus in cash, said two people familiar with the matter. The rest will be paid in shares and cash over time depending on the stock's performance, the people said.
Source: Dealbreaker | 13 Jan 2010 | 1:33 pm Financial Crisis Inquiry Commission Day One
A Financial Crisis Inquiry Commission hearing on Capitol Hill. (Mark Wilson/Getty Images) Alex is down at the first day of hearings of the Financial Crisis Inquiry Commission. The day started off with testimony from some major bank heavyweights -- Goldman Sachs chief executive Lloyd Blankfein, JPMorgan Chase Chief Executive Jamie Dimon, Morgan Stanley Chairman John Mack and Bank of America chief executive Brian Moynihan. Alex says the highlight was "a frisky exchange" between FCIC chair, Phil Angelides and Lloyd Blankfein." The exchange started with this question from Angelides: MR. ANGELIDES: Based on the review of public documents, as you know, your firm sold a significant amount of subprime mortgage-related securities. And it appears, at least according to public documents and other reports, that you may have simultaneously betted against the securities you sold to clients. According to the reports, you sold about $40 billion in 2006, 2007. December 2006, I think you came to the conclusion the mortgage market was heading south and you began to reduce your own positions. And many of the securities that you sold to institutional investors, other folks, went bad within months of issuance. Now, one expert in structured financing said, the simultaneous selling of securities to customers and shorting them because they believed they were going to default is the most cynical use of credit information that I've seen. Do you believe that was a proper, legal, ethical practice, and would the firm continue to do that practice, or do you believe that's the kind of practice that undermines confidence in the marketplace? Blankfein admitted the behavior was "improper" but said he considered it part of Goldman's work as market maker: MR. BLANKFEIN: In most of these cases, the person who came to us came to us for the exposure that they wanted to have. The act -- it wasn't as if we were creating product -- that product existed, necessarily, and we were shorting it. The act of selling it reduced our risk. We are not necessarily -- I know, if you had looked into Goldman Sachs, we were not controlling our risk. When you listen to the testimony that's come by, the biggest problem that institutions had was the accumulation of risk. We weren't working -- A market maker doesn't manage its risk profile because it likes housing or doesn't like housing. Those are separate. We have various pockets of -- excuse me -- we have various pockets of Goldman Sachs that like a position or don't like it. What we do is risk management. Because we had this risk, because we were accumulating positions -- which, by the way, we acquire from clients who want to sell them to us -- we have to go out ourselves and provide and source the other side of the transactions so that we can manage our risk. And then things got heated: MR. ANGELIDES: Well, I'm just going to be blunt with you. It sounds to me a little bit like selling a car with faulty brakes, and then buying an insurance policy on the buyer of those cars. It just -- it doesn't seem to me that that's a practice that inspires confidence. The markets, I'm not talking about your -- (inaudible). MR. BLANKFEIN: (Inaudible) -- positions. Every purchaser of an asset here -- MR. ANGELIDES: I'm talking about betting against -- (inaudible). MR. BLANKFEIN: -- is an institution, probably professional-only investors dedicated, in most cases, to this business. MR. ANGELIDES: Representing pension funds who have the life savings of police officers, teachers -- MR. BLANKFEIN: These are the professional investors who want this exposure BONUS: Read Mike Konczal of Rortybomb's take on the first panel. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 13 Jan 2010 | 1:23 pm Prison laborers get jobs from stimulusFederal stimulus money has one key priority: job creation. But who's getting those jobs can sometimes be surprising. Karen Weise reports.Source: Marketplace | 13 Jan 2010 | 1:09 pm Automakers need to face new realityCarmakers may be upbeat about 2010 as they showcase their latest models at the Detroit Auto Show, but the auto industry's problems are still with us. Commentator Robert Reich says there's no easy fix.Source: Marketplace | 13 Jan 2010 | 1:09 pm A way to bring gamers to Sesame StreetWarner Bros. Interactive Entertainment has signed a deal with Sesame Workshop, which produces the famous kid's show, to create a series of video games. Stacey Vanek-Smith reports.Source: Marketplace | 13 Jan 2010 | 1:09 pm Theater at financial inquiry hearingThe Financial Crisis Inquiry Commission has begun its public hearings. Kai Ryssdal reviews what happened as the commission questioned the heads of four big Wall Street banks.Source: Marketplace | 13 Jan 2010 | 1:09 pm House, Senate debate generic drugsHouse and Senate leaders met to work out differences over generic drugs in their health care bills. Nancy Marshall Genzer reports the House wants to be sure there's a provision for bringing them to the market sooner, saving billions.Source: Marketplace | 13 Jan 2010 | 1:09 pm Gov't looks at lending standardsRisky behavior, like lax lending in the housing sector and subprime mortgages, helped lead to the financial crisis. Lots of people just couldn't pay back their loans. Brett Neely reports on what the government may do.Source: Marketplace | 13 Jan 2010 | 1:00 pm Google reconsiders approach in ChinaGoogle is rethinking whether it will do business in China in the face of cyber attacks aimed at some of its e-mail account holders. David Drummond, Google's chief legal officer, talks with Kai Ryssdal about the company's strategy going forward.Source: Marketplace | 13 Jan 2010 | 1:00 pm Haiti's weak infrastructure may hurt aidPresident Obama says the U.S. will offer swift aid to the people of Haiti. Former USAID Administrator Brian Atwood talks with Kai Ryssdal about challenges to getting aid to Haiti, and how its poor state might affect rebuilding efforts.Source: Marketplace | 13 Jan 2010 | 1:00 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 Wednesday:Source: Yahoo! News: Business | 13 Jan 2010 | 12:58 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 Wednesday:Source: Yahoo! News: Stock Markets News | 13 Jan 2010 | 12:58 pm SEC proposes "effective" ban on naked access (Reuters)Reuters - U.S. securities regulators proposed rules on Wednesday that would require more supervision of unlicensed high-frequency traders who gain unfettered, or "naked," access to public markets.Source: Yahoo! News: Stock Markets News | 13 Jan 2010 | 12:48 pm The Economics of Haiti’s Disaster Recovery
What makes the Haiti earthquake so tragic? The fact that it happened in Haiti. The poverty-stricken, resource-stressed, historically potent republic couldn’t be in a worse position to host a major earthquake. I found it hard to wrap my head around the situation. Elie Mystal’s great blog post helped by putting Haiti’s situation into a “perspective Americans can understand”: People on television are emphasizing how “poor” Haitians are. Yes, yes, yes. Extreme poverty, dollar a day, Sally Struthers, we get that. But as we saw with Katrina, in these cases poverty is only a contributing factor. Total failure of government, that is also essential to turn a natural disaster into an epidemic of death. Twitterers are saying that every single hospital in Port-au-Prince is destroyed or abandoned. Every. Single. One. That’s not “natural.” That can only happen when you don’t zone for enough hospitals outside of danger areas. It happens when your infrastructure doesn’t have enough fallback options for people to be able to navigate to work in the middle of chaos. It happens when there are not enough trained medical professionals for your dense urban population in the first place. Right now, literally as I type this, there are planes in Miami with food, water and relief workers sitting on the ground. Miraculously, the airport relatively survived the earthquake. So why are the planes on the ground in Miami instead of in the air on the way to Haiti? Because there’s nobody in Haiti at the airport to operate the air traffic control towers! Again, that’s not natural, that’s government baby. In Haiti, and countries in similar situations, often the only authority that is capable of responding to a crisis like this is the military. And that is not a good thing. In Haiti right now, reports indicate that the military is the only functioning authority. That shouldn’t surprise anybody. We’ve seen the picture of the cracked president palace, but the parliament building was also swallowed up by the Earth. And a prison. That’s right, some reports say that as many as 4,000 prisoners escaped when the prison collapsed. Enter the military. These disasters can be golden opportunities for warlords who would-be dictators. Westerners sometimes fail to realize that despots often have the support of poor people in their countries. It’s always bourgeois middle-class types that clamor for “democracy” and “liberty” and other soft concerns they teach in liberal arts colleges. Poor people want to eat. Poor people want to drink. Poor people want somebody, anybody, to help them lift the concrete slab off of their family matter. Children are literally trying to dig out their parents from collapsed homes. Charismatic generals can exploit these kind of tragic situations to further their political goals.
Source: Business Pundit | 13 Jan 2010 | 12:41 pm Twitter mobilizes Haiti aid effortsIn the aftermath of a severe earthquake in Haiti late Tuesday, Twitter is playing a critical role in collecting donations to help disaster victimsSource: Business and financial news - CNNMoney.com | 13 Jan 2010 | 12:40 pm December deficit nearly doublesThe U.S. government posted a deficit of $91.9 billion in December, nearly double the shortfall of a year earlier and marking the government's 15th straight month in the red, the Treasury Department reported Wednesday.Source: Business and financial news - CNNMoney.com | 13 Jan 2010 | 12:34 pm Wall Street titans face the flakFour of Wall Street’s biggest names offered both contrition and a defence of their actions as the Financial Crisis Inquiry Commission promised to use its subpoena power to probe the causes of the crisisSource: Financial Times - US homepage | 13 Jan 2010 | 12:25 pm January Beige Book… Don’t Ask, Don’t TellEconomists, investors, traders, and speculators have looked for each clue as to just when the FOMC is going to end this zero-rate policy on interest rates. Usually, it is a peer through the minutes of the FOMC meeting, and today it is a look at the Federal Reserve’s Beige Book. The Beige Book data from [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Jan 2010 | 12:23 pm Bob Rubin's Daughter-In-Law Hates Showers, Is Good In Bed
Source: Dealbreaker | 13 Jan 2010 | 12:15 pm Presented By:Source: Dealbreaker | 13 Jan 2010 | 12:15 pm The Financial Crisis Inquiry Commission: Bankers vs. Lawyers?
The Financial Crisis Inquiry Commission, a panel created by Congress to look into the causes of the financial crisis, holds its first hearing today. But, as the Wall Street Journal points out, its members aren’t exactly neutral investigators: (The panel) will begin taking sworn testimony Wednesday from the chief executives of several big Wall Street banks, including Goldman Sachs Group Inc. and J. P. Morgan Chase & Co…Business interests (are) complaining that some panel members’ ties to a major plaintiffs law firm could aid litigants seeking to sue financial firms. The San Diego-based law firm with ties to the commission, Coughlin Stoia Geller Rudman & Robbins, has filed dozens of lawsuits against major banks since 2007, according to federal court records. A longtime lawyer with the firm, Byron Georgiou, sits on the 10-member commission. A senior commission staffer, Christopher Seefer, is on leave from his position as a partner with the law firm. The commission chairman, former California Treasurer Phil Angelides, was a trustee of state pension funds that periodically used Coughlin Stoia’s predecessor firms in securities litigation against the likes of former telecommunications giant WorldCom, which collapsed in a massive accounting fraud that resulted in a 25-year prison term for its CEO. Mr. Angelides received about $250,000 in contributions from lawyers with the firm during his 2006 campaign for governor. Some panel members and staffers have close ties to businesses. Vice chairman Bill Thomas, a former Republican congressman, is a government-relations adviser with a law firm that has banking clients. Peter Wallison is a fellow at the conservative American Enterprise Institute and a critic of many financial-regulation proposals. The commission employs a number of lawyers who previously worked for law firms that typically defend corporations, including banks. CBS’ Jill Schlesinger points out that although the panel attorneys are “counterbalanced” by others on the panel, “if these guys are asking questions to the FCIC witnesses primarily to create a permanent record to be used later to sue these firms, we’re not going to get very far in the regulatory reform process.” That’s absolutely true. Reuters is liveblogging the inquiry here. The New York Times has a list of questions that should be asked of the bankers. Here are photos and profiles of each of the commissioners. Found out more at the FCIC website.
Source: Business Pundit | 13 Jan 2010 | 12:15 pm Wheeldon on Stocks, Rosenstreich on Currencies: AudioSource: Bloomberg - All Podcasts | 13 Jan 2010 | 11:59 am Which Countries Own America’s Debt?The American government owes just shy of $3.5 trillion to foreign governments, corporations and individuals. The lion’s share of this is owned to China and Japan, which own 22.8% and 21.5% of U.S. debt owed to foreign parties. See who owns the rest after jump. Posted in Charts, China, Economy Tagged: China, Debt, Economy, Japan, U.S. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Jan 2010 | 11:52 am Get ready for lower interest on your savingsSource: Business and financial news - CNNMoney.com | 13 Jan 2010 | 11:52 am Something Brewing at Eastman Kodak? (EK)Eastman Kodak Co. (NYSE: EK) has been one of the greatest American brands and great American success stories…. of our parents’ lives. For the last decade this has been a perpetual turnaround story with high hopes and promises. Yet it has never turned around. It was considered a value stock for some time as well, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Jan 2010 | 11:29 am Google Weighs Leaving China
The Google office in Shanghai. (Philippe Lopez/AFP/Getty Images By Alexander Hotz Google's threat to pull its operations out of China in the wake of cyber attacks has generated a groundswell of support from free speech supporters and activists in the United States. But what are the financial implications for the company if it abandons one of the world's fastest growing economies? According to J.P Morgan estimates, this year Google is on track make $600 million in China. Although that number sounds impressive, it's a paltry sum for the world's number one search engine. Analysts predict that Google will post $26 billion in profits this year with the Chinese market representing only a small fraction (between 1 and 2 percent) of that revenue. If Google were to leave China, the sacrifice would be long term growth. China is already the world's largest Internet market with over 20 percent of the world's users, and that number will only grow as the Chinese economy continues its rapid ascent. Google's Chief Legal Officer David Drummond said his company's bottom line in China is "truly immaterial" and that Google's entry into China just over four years ago "was never really a financial move for us." In a blog post yesterday, Drummond explained that Google first entered China because it believed, "the benefits of increased access to information for people in China and a more open Internet outweighed our discomfort in agreeing to censor some results." Early indications suggest Google's bold move will cost the company profits outside of China. Today the company's stock price is slipping while its biggest competitor, Baidu, saw its shares skyrocket. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 13 Jan 2010 | 11:23 am FTSE 100 finishes lower (AFP)
Source: Yahoo! News: Stock Markets News | 13 Jan 2010 | 10:23 am 10 Places to Contribute to Haiti Disaster Relief
Yesterday’s 7.0 earthquake in Port-au-Prince, Haiti, left a humanitarian disaster in its wake. Many people are still buried in rubble. Others urgently need medical help. Lost homes, collapsed infrastructure, and loss of food and water are other imminent threats facing people after the earthquake. I donated to UNICEF to help disaster relief in Haiti, but many other charities are putting their best resources out, as well. Please see if you have a donation, no matter how small, for any of the charities below. American Red Cross Yéle Haiti World Vision CARE
Source: Business Pundit | 13 Jan 2010 | 9:10 am Letter: 'Would I Be Considered Unemployed?'Greg J. from Minnesota writes: I have a quick question sparked by the unemployment discussion early in your January 8th podcast: how are entrepreneurs counted? I assume that, if I lose my job, then decide to start my own business instead of looking for work, I'll not be considered part of the group looking for work, correct? Would I be considered employed? If so, I wonder how I'd count vis a vie fully employed vs. underemployed - would it depend upon how well my new business was doing? Economist Howard Rosen answers: In order to be considered unemployed a worker must be (1) available, (2) able and (3) searching for work. If your listener starts his own business and stops looking for work, he technically is not counted as unemployed; he is counted as self-employed. In fact, you do not have to receive a salary in order to be considered "employed." Employment determination is not affected by how well a business is doing. Once a person begins looking for work again, he/she would be considered unemployed, even though they were not technically laid off. Send your questions to planetmoney@npr.org. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 13 Jan 2010 | 8:59 am Morning Report: White House Says Stimulus Created Or Saved Close To 2 Million JobsBy Caitlin Kenney The Obama administration has released its second quarterly report to Congress about the impact of the economic stimulus package, the American Recovery And Reinvestment Act. Among the key findings: The two CEA methods of estimating the impact of the fiscal stimulus suggest that the ARRA added between 2 and 3 percentage points to real GDP growth in the second quarter of 2009; between 3 and 4 percentage points in the third quarter; and between 11/2 and 3 percentage points in the fourth quarter. For the third quarter of 2009, we now have direct reports on jobs created or saved from a subset of recipients of ARRA funds. These reports identify 640,000 jobs that would not have existed but for the Recovery Act. The CEA estimates that as of the fourth quarter of 2009, the ARRA has raised employment relative to what it otherwise would have been by 11/2 to 2 million. Christina Romer, head of the Council of Economic Advisers, presented the report and called the impact on jobs "truly stunning." The White House has been criticized by Congressional Republicans and others for putting too much emphasis on the job-creation reports. As the Washington Post reports: "Romer's new figures are based on macroeconomic estimates, not reports filed by stimulus funding recipients, the next round of which is due later this month. " From the report: ...Using the past history of GDP and employment and actual data through the first quarter of 2009, one would have predicted that employment as of the middle of the fourth quarter would be about 2 million lower than it actually was. To ascribe much of this difference to the ARRA, the key policy action taken in the first quarter, is certainly plausible. However, other policy actions, such as the Financial Stability Plan, monetary policy,and the Federal Reserve's program of buying agency debt and long-term U.S. government bonds, surely contributed to the difference. Meantime, the OMB recently announced new rules for stimulus recipients to follow when reporting the number of jobs saved or created. The new rules came after after initial reports showed wildly varying numbers with some reporting every job "saved" and other reporting no jobs "saved." The new rules ask recipients to count "saved" jobs by estimating how many employees in a given quarter were working on projects paid for by stimulus dollars. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 13 Jan 2010 | 7:17 am Live-Blogging The Bankers
9:09 Blankfein: Goldman Sachs was started in 1869 by a guy named Marcus Goldman. Today, we may or may not employ a guy related by blood to Mike "The Situation" Sorrentino. 9:11 Blankfein: "size matters." (Sheryl Weinstein nods gravely while watching from home.) 9:16 FYI, Goldman was profitable in 2008, which is more than I can say for some people. Also, we've been reducing risk since 2007, don't know if you knew that. 9:20 First of nine hundred instances in which the panelists are told to press the button and speak into the mic (they're apparently "distance sensitive"). 9:21 Jamie Dimon's here for "brutal honesty." And he doesn't blame the regulators. 9:29 John Mack: these last two years have been wild. Let me walk you through it, starting with the night I told Geithner to go fuck himself. 9:35: Mack wants a systemic risk regulator to pry the crackpipe out of his colleagues' hands. 9:38 Brian Moynihan is excited to be sitting at the big kid's table. Ken Lewis is excited to be sleeping in, again. 9:40 Bonuses at BAC will be higher than last year, but nothing too crazy, like I hear they'll be over at this guy's shop [motions to LB] 9:43 The vast majority of Bank of America employees were not responsible for our fuck ups. In fact, only one comes to mind, who's no longer with us. Questions 9:45 Mr. Blankfein, tell us about two times that you screwed up, real bad, and why you're sorry. And if you could actually say "I'm sorry" again, I think watching would love that. I want to hear you say it. And I want you to dance puppet, dance. 9:52 LLOYD IS GONNA CUT A BITCH!!
Source: Dealbreaker | 13 Jan 2010 | 7:07 am Opening Bell: 01.13.10'Tipper X' Hangs Over Galleon (WSJ) SEC Sues Bank Of America Again, on Merrill Losses (Reuters) SEC To Name Investigative Chiefs (WSJ) Is China The Next Enron? (NYT) Wall St Must Pay "Mad Scientists" Well (Reuters)
Source: Dealbreaker | 13 Jan 2010 | 6:00 am A Creative Take on the Warner Bros. Logo
Source: Business Pundit | 13 Jan 2010 | 4:49 am
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