China Shuts Down Lending

The mainland Chinese government rank rapidly in the direction of providing liquidity to its economy last year when it launched it $585 billion stimulus package. Now that the program seems to have been a success, it is rushing in the opposite direction by reigning in bank lending. The concern voiced by economists in the People’s Republic [...]

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Source: 24/7 Wall St. | 20 Jan 2010 | 3:39 am

China to curb lending binge, regulator says (AP)

AP - China will slow its massive lending spree and step up monitoring of banks as it tries to prevent speculative bubbles in real estate and other assets while keeping the country's economic recovery on track, a top regulator said Wednesday.
Source: Yahoo! News: Business News | 20 Jan 2010 | 3:37 am

China and eurozone fears hit risk appetite

Global Markets Overview: Monetary tightening in China and and worries about the eurozone periphery knock stocks and the euro, taking the shine off generally positive US earnings
Source: Financial Times - US homepage | 20 Jan 2010 | 3:32 am

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.

Source: MarketWatch.com - Top Stories | 20 Jan 2010 | 3:31 am

Oil dips in Asia, New York crude stays above $78 (AFP)

AFP - Oil prices dipped in Asian trade on profit-taking and as the easing of a cold snap in the northern hemisphere dents demand for heating fuel.

Source: Yahoo! News: Business News | 20 Jan 2010 | 3:29 am

Stocks set to fall back

U.S. stocks were poised to drop at the start of Wednesday's session, as investors awaited a batch of bank earnings and pondered a change in the balance of power in Washington.
Source: Business and financial news - CNNMoney.com | 20 Jan 2010 | 3:27 am

Cities Will Struggle With High Unemployment For Years

The U.S. Conference of Mayors recently released a report that says jobless rates will peak this year but that it will be many years before unemployment numbers reach the lows before the recession. There is no news in that. What is new is that the mayor believe that unemployment in many cities will stay above 10% [...]

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Source: 24/7 Wall St. | 20 Jan 2010 | 3:27 am

UK jobless total falls to 2.46m

The number of people unemployed in the UK has fallen for the first time in 18 months, official figures showed.
Source: BBC News | Business | World Edition | 20 Jan 2010 | 3:23 am

JPMorgan in exclusive talks on RBS Sempra: sources

LONDON/DUBAI (Reuters) - JPMorgan Chasehas entered exclusive talks to buy the RBS Sempra commodities joint venture, people familiar with the matter said on Wednesday, in a deal expected to...
Source: RSS feed - channel BNewsBusiness | 20 Jan 2010 | 3:20 am

JPMorgan in exclusive talks on RBS Sempra: sources

LONDON/DUBAI (Reuters) - JPMorgan Chasehas entered exclusive talks to buy the RBS Sempra commodities joint venture, people familiar with the matter said on Wednesday, in a deal expected to be worth about $4 billion.
Source: Reuters: Business News | 20 Jan 2010 | 3:20 am

Economic Report: BOE unanimous in Jan., sees subdued inflation

Bank of England policy makers unanimously backed the decision earlier this month to leave interest rates on hold and make no changes to the quantitative-easing program.

Source: MarketWatch.com - Top Stories | 20 Jan 2010 | 3:18 am

Euro hits five-month dollar low

The euro hits a five-month low against the dollar and also falls against the pound on concerns for the Greek economy.
Source: BBC News | Business | World Edition | 20 Jan 2010 | 3:15 am

Republican Win In Mass Imperils Healthcare Reform

By Douglas A. McIntyre of 24/7 Republican Scott Brown has won the Senate seat held by Ted Kennedy for almost 47 years. Many analysts expect that this will effectively kill the Obama healthcare initiative. The Democrats no longer have a “super majority” in the Senate, leaving the Republicans free to filibuster any legislation. Many media reporters view [...]

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Source: 24/7 Wall St. | 20 Jan 2010 | 3:10 am

Banks Digging Themselves A Deeper Hole

By Paul Ausick of 24/7 Following in footsteps of JPMorgan Chase (JPM), Citibank (C) today reported a net loss of $1.6 billion for 2009 on losses in mortgage and credit card lending that more than offset gains in the bank’s investment banking division. While JPMorgan was able to post earnings of $11.7 billion for the year, [...]

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Source: 24/7 Wall St. | 20 Jan 2010 | 3:08 am

1st small business loan of the year goes to ....

Last year was one of the grimmest on record for small business lending, which begs the question: Will 2010 be any better?
Source: Business and financial news - CNNMoney.com | 20 Jan 2010 | 3:03 am

Kraft Gets Cadbury; Should Hershey Watch Its Back?

By Paul Ausick of 24/7 After a four-month pursuit that occasionally got testy, Kraft Foods (KFT) has finally got its prize. British candy maker Cadbury PLC (CBY) has agreed to be acquired by Kraft for about $19.5 billion. In its announcement of the agreement, Kraft noted that the deal “will provide the potential for meaningful cost [...]

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Source: 24/7 Wall St. | 20 Jan 2010 | 3:03 am

London Markets: Mineral extractors weigh on Britain's FTSE 100

Miners retreat, losing ground as metal futures pull back, weighing on the top British share index.

Source: MarketWatch.com - Top Stories | 20 Jan 2010 | 3:00 am

UK unemployment drops in December

UK unemployment fell last month, raising hopes that the economy is now emerging from recession.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Jan 2010 | 2:51 am

ASML returns to profit in the fourth quarter

Europe’s largest maker of semiconductor equipment swings to a profit in the fourth quarter as chip makers resume buying its machines.

Source: MarketWatch.com - Top Stories | 20 Jan 2010 | 2:48 am

Bank votes 9-0 to hold rates and stimulus plan

The Bank of England's monetary molicy committee (MPC) voted unanimously to hold interest rates at 0.5 per cent and keep a lid on its quantitative easing plan, minutes from the January meeting showed today.


Source: Latest Business News from Times Online | 20 Jan 2010 | 2:43 am

Upbeat Swatch reports 2% second-half sales dip

Sales for Swatch Group slipped 2% in the second half of 2009, though the Swiss watch maker said it’s emerging strongly from the economic crisis and upbeat for the current year.

Source: MarketWatch.com - Top Stories | 20 Jan 2010 | 2:38 am

UK unemployment falls for first time since 2008

The number of people out of work fell by 7,000 to 2.46 million - the first decline in unemployment since the three months to May in 2008, official figures revealed today.


Source: Latest Business News from Times Online | 20 Jan 2010 | 2:37 am

FTSE slides at the open (AFP)

AFP - The FTSE 100 slid at the open, with the index of leading shares falling 0.38 percent to 5,492.13 points.

Source: Yahoo! News: Stock Markets News | 20 Jan 2010 | 2:35 am

Fears of China bank lending curbs hit Asia stocks

Most Asian markets end lower as concerns China may step up its tightening measures to cool a rapidly growing economy hit banking and resource shares hard.

Source: MarketWatch.com - Top Stories | 20 Jan 2010 | 2:35 am

$8M in assets - and can't get a mortgage

The wealthy have money problems, too -- yeah they do.
Source: Business and financial news - CNNMoney.com | 20 Jan 2010 | 2:33 am

Fears over China and eurozone hit risk appetite

09:20 GMT. Two recent bugbears returned to knock global risk appetite on Wednesday, as monetary tightening in China and worries about the fiscal position of the eurozone periphery knocked stocks and the...
Source: RSS feed - channel BNPaperBusiness | 20 Jan 2010 | 2:31 am

World stocks fall amid fears of China bank curbs (AP)

AP - World markets dropped Wednesday, led by a near 3 percent tumble in Shanghai's stock benchmark, as investors fretted about new curbs on the lavish bank lending that has driven China's economic revival.

Source: Yahoo! News: Stock Markets News | 20 Jan 2010 | 2:31 am

World stocks fall amid fears of China bank curbs (AP)

AP - World markets dropped Wednesday, led by a near 3 percent tumble in Shanghai's stock benchmark, as investors fretted about new curbs on the lavish bank lending that has driven China's economic revival.

Source: Yahoo! News: Business News | 20 Jan 2010 | 2:31 am

China lending worry hits global stocks

LONDON (Reuters) - World stocks slipped on Wednesday after reports of bank lending restrictions in China, while the euro hit a five-month low against a broadly stronger dollar with concerns about Greece's fiscal problems nagging investors.
Source: Reuters: Business News | 20 Jan 2010 | 2:28 am

China lending worry hits global stocks (Reuters)

Reuters - World stocks slipped on Wednesday after reports of bank lending restrictions in China, while the euro hit a five-month low against a broadly stronger dollar with concerns about Greece's fiscal problems nagging investors.

Source: Yahoo! News: Stock Markets News | 20 Jan 2010 | 2:28 am

Deutsche Boerse warns of impairment on U.S. arm

German stock exchange operator Deutsche Boerse warns late Tuesday that it will book a $600 million impairment charge due to a slowdown at the International Securities Exchange.

Source: MarketWatch.com - Top Stories | 20 Jan 2010 | 2:21 am

T. Rowe Price Completes Acquisition of Stake in UTI Asset Management Company

Source: RSS feed - channel BNewsBusiness | 20 Jan 2010 | 2:20 am

UK Mail revenues up on junk mail

Royal Mail rival UK Mail has reported a rise in revenues for the last three months of 2009, thanks to postal strike and a rise in junk mail.
Source: BBC News | Business | World Edition | 20 Jan 2010 | 2:17 am

Gates orders extra US support for Haiti

Robert Gates, US defence secretary, has stepped up the US military’s effort in Haiti, deploying a port clearance ship with cranes to get the country’s port functioning again
Source: Financial Times - US homepage | 20 Jan 2010 | 2:17 am

Irish airports face strike chaos

Passengers in airports in the Irish Republic face hours of chaos due to a planned strike by air traffic controllers.
Source: BBC News | Business | World Edition | 20 Jan 2010 | 2:16 am

Comet sales tail off while Darty surges

Kesa, the electricals retailer, revealed today that its Comet chain in the UK had failed to beat off competition and recession with a like-for-like sales drop of 3.9 per cent and a fall in profitability.


Source: Latest Business News from Times Online | 20 Jan 2010 | 2:15 am

Polaris Software Lab Limited : Q3 Profits up 14% Quarter on Quarter, 8% Year on Year

Source: RSS feed - channel BNewsBusiness | 20 Jan 2010 | 2:06 am

Toyota in Argentine lithium deal for hybrid car push (Reuters)

Reuters - A sister company to Toyota Motor Corp secured a lithium supply deal in Argentina on Wednesday that could help the world's largest automaker keep its lead in gasoline-electric hybrid cars.
Source: Yahoo! News: Business News | 20 Jan 2010 | 2:05 am

Toyota in Argentine lithium deal for hybrid car push

SYDNEY/TOKYO (Reuters) - A sister company to Toyota Motor Corp secured a lithium supply deal in Argentina on Wednesday that could help the world's largest automaker keep its lead in gasoline-electric hybrid cars.
Source: Reuters: Business News | 20 Jan 2010 | 2:05 am

Make Growth, Innovation and Leadership Part of Your Company's DNA: Frost & Sullivan

Source: RSS feed - channel BNewsBusiness | 20 Jan 2010 | 2:00 am

New Poll From Triviala.com Shows Britons Fear 2010 Will be the Worst Year in a Decade, but Remain Positive Over Sporting Achievements

Source: RSS feed - channel BNewsBusiness | 20 Jan 2010 | 2:00 am

Monetary policy takes centre stage in London

London equities fell on Wednesday, tracking losses on Asian markets where worries about the potential impact of tighter monetary policy in China set the tone. Traders were also awaiting the publication...
Source: RSS feed - channel BNPaperBusiness | 20 Jan 2010 | 1:56 am

Europe Markets: Europe retreats from 15-month highs, autos lower

European shares weaken in early trading on Wednesday, with negative broker comment weighing on the auto sector and banks lower as investors brace for more results from major U.S. lenders.

Source: MarketWatch.com - Top Stories | 20 Jan 2010 | 1:53 am

House Dems: Senate health bill vs. nothing

Source: Business and financial news - CNNMoney.com | 20 Jan 2010 | 1:50 am

Media Digest 1/20/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   Obama said he will not let companies who owe the US taxes to bid for government work. Reuters:   Republican Scott Brown won the Senate race in Massachusetts putting the Obama healthcare proposal at risk. Reuters:   The government made banks pay more than the face value for warrants which it received as part of the TARP funding. Reuters:   [...]

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Source: 24/7 Wall St. | 20 Jan 2010 | 1:42 am

Oil falls to near $78 amid China, inventory fears (AP)

AP - Oil prices fell to near $78 a barrel Wednesday in Asia amid expectations of a dismal U.S. crude inventory report and fears of more lending curbs in China.

Source: Yahoo! News: Business News | 20 Jan 2010 | 1:41 am

Oil falls to near $78 amid China, inventory fears

Oil prices fell to near $78 a barrel Wednesday in Asia amid expectations of a dismal U.S. crude inventory report and fears of more lending curbs in China. Benchmark crude for February...
Source: RSS feed - channel BNewsBusiness | 20 Jan 2010 | 1:41 am

Currencies: Dollar jumps against euro, but slips vs. yen

The dollar gains on most major rivals in Asian trading Wednesday, ceding ground to the yen but jumping against the euro as investors continue to sell the European unit on fears about Greece.

Source: MarketWatch.com - Top Stories | 20 Jan 2010 | 1:39 am

LG Display swings to profit, beating estimates

The world’s second-largest maker of LCD panels says strong marketing helps it to a forecast-beating fourth-quarter result.

Source: MarketWatch.com - Top Stories | 20 Jan 2010 | 1:26 am

Obama suffers blow in crucial Senate seat

Republican Scott Brown has won the Massachusetts Senate seat controlled by the Kennedy family for 56 years, ending the Democrats’ ‘super-majority’ and complicating prospects for healthcare reform
Source: Financial Times - US homepage | 20 Jan 2010 | 1:19 am

Comet reports festive sales fall

Electricals and white goods retailer Comet reports falling sales over the Christmas period, despite rises in European businesses.
Source: BBC News | Business | World Edition | 20 Jan 2010 | 1:14 am

Vital cash transfers to Haiti slow to trickle

Cash transfers worth nearly $1.9 billion annually to Haitians from relatives living in the U.S. and elsewhere have slowed to a trickle because of earthquake damage. Money transfer firms...
Source: RSS feed - channel BNewsBusiness | 20 Jan 2010 | 1:05 am

Asia Markets And Europe Open (1/20/2101)

Markets in Asia fell as China said it would restrict lending by its banks. The Nikkei fell .3% to 10,738. The Hang Seng was down 1.8% to 21,272. China Unicom (NYSE:CHU) was up after saying its subcriber base is growing. The Shanghai Composte was down 2.9% to 3,152. At the open in Europe, the Dax fell .4% to 5,952. [...]

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Source: 24/7 Wall St. | 20 Jan 2010 | 1:05 am

Texas vet school joins few with own blacksmith

Texas A&M University College of Veterinary Medicine has joined a handful of veterinary schools around the nation with its own full-time farrier, or horseshoer. A&M officials say the move
Source: RSS feed - channel BNewsBusiness | 20 Jan 2010 | 1:01 am

CalPERS' investments underperform in 2009

The retirement system's portfolio earned only 11.8% in returns, trailing its internal benchmark of 21.2%, as its real estate holdings plummeted.

Heavy losses in real estate holdings battered 2009 investment returns at California's giant public pension fund, although the portfolio overall rose in value for the year.

Source: L.A. Times - Business | 20 Jan 2010 | 1:00 am

Bernanke invites an audit

The Fed leader offers to make it easy for the government to look at the central bank's role in bailing out AIG. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jan 2010 | 1:00 am

Google phone debut put on hold in China

New Android-based handsets won't be released today in the wake of cyber attacks.

Google Inc. said Tuesday that the launch of two new mobile phones in China has been delayed, a move that showed the company's clash with Beijing is crimping more than just its search business.

Source: L.A. Times - Business | 20 Jan 2010 | 1:00 am

O'Brien exit talks stall on compensation for staffers

NBC dismisses the 'Tonight Show' host's demands as 'a PR ploy.' Many of the employees who are about to lose their jobs followed O'Brien to L.A. from New York.

Negotiations over Conan O'Brien's departure from NBC stalled Tuesday over the "Tonight Show" host's demands that NBC compensate staff members who will lose their jobs when the show goes off the air.

Source: L.A. Times - Business | 20 Jan 2010 | 1:00 am

Proposed tan tax has salon owners, clients fuming

A provision in the Senate healthcare bill approved last month would slap a 10% levy on indoor tanning treatments. Business operators complain they're being unfairly targeted. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jan 2010 | 1:00 am

Bernanke invites an audit

The Fed leader offers to make it easy for the government to look at the central bank's role in bailing out AIG.

Federal Reserve Chairman Ben S. Bernanke, apparently seeking to mollify critics as he awaits Senate confirmation on his reappointment, said Tuesday that he welcomed a government audit of the central bank's role in the intensely unpopular bailout of American International Group Inc.

Source: L.A. Times - Business | 20 Jan 2010 | 1:00 am

Chase bank seems a bit too loose with clients' data

One customer recently discovered that her information had not only been shared with another company but also that the file containing the information was inadvertently posted online for all to see.

West Hills resident Victoria Afonina works as a computer programmer for a major supermarket chain, so she knows probably better than most people how vulnerable her personal information is once it gets out into the open.

Source: L.A. Times - Business | 20 Jan 2010 | 1:00 am

Big firms are more willing to deal

Mergers and purchases are picking up steam. Kraft's agreement for candy maker Cadbury is the latest sign of confidence in the economic rebound.

Kraft Foods Inc.'s $19.4-billion deal, reached Tuesday, to buy British candy giant Cadbury signals that big companies are gaining enough confidence in the economy to once again undertake major mergers.

Source: L.A. Times - Business | 20 Jan 2010 | 1:00 am

Proposed tan tax has salon owners, clients fuming

A provision in the Senate healthcare bill approved last month would slap a 10% levy on indoor tanning treatments. Business operators complain they're being unfairly targeted.

The tanning industry is worried about getting burned by the healthcare overhaul.

Source: L.A. Times - Business | 20 Jan 2010 | 1:00 am

O'Brien exit talks stall on compensation for staffers

NBC dismisses the 'Tonight Show' host's demands as 'a PR ploy.' Many of the employees who are about to lose their jobs followed O'Brien to L.A. from New York. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jan 2010 | 1:00 am

SAG, AFTRA ready to make up

A key recommendation Sunday could bring the two actors unions closer to joining forces again for contract negotiations. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jan 2010 | 1:00 am

Citigroup loss signals more trouble for commercial banks

Bank of America, Wells Fargo and U.S. Bancorp report their earnings today.

Wall Street may be drawing attention for its rebounding profits, but not all big banks are rolling in dough.

Source: L.A. Times - Business | 20 Jan 2010 | 1:00 am

Steve Wozniak praises Google's Nexus One phone

Apple's co-founder says he 'was impressed right away' by the new cellphone. Google Inc.'s new cellphone has gotten...
Source: RSS feed - channel BNPaperBusiness | 20 Jan 2010 | 1:00 am

Big firms are more willing to deal

Mergers and purchases are picking up steam. Kraft's agreement for candy maker Cadbury is the latest sign of confidence in the economic rebound. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jan 2010 | 1:00 am

Chase bank seems a bit too loose with clients' data

One customer recently discovered that her information had not only been shared with another company but also that the file containing the information was inadvertently posted online for all to see. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jan 2010 | 1:00 am

Southern California housing market strengthens in December

In a typically sluggish month, the median sale price rises 4% over the same period a year earlier, and sales jump 12.1%. The pace of sales is the best since 2006, aided by tax credits that end soon.

Rock-bottom interest rates and stronger sales in higher-priced neighborhoods helped Southern California's housing market post robust gains in the typically sleepy month of December, new data show, and experts say the momentum is continuing -- ushering in an early start to the spring home-buying season.

Source: L.A. Times - Business | 20 Jan 2010 | 1:00 am

Southern California housing market strengthens in December

In a typically sluggish month, the median sale price rises 4% over the same period a year earlier, and sales jump 12.1%. The pace of sales is the best since 2006, aided by tax credits that end soon. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jan 2010 | 1:00 am

Steve Wozniak praises Google's Nexus One phone

Apple's co-founder says he 'was impressed right away' by the new cellphone.

Google Inc.'s new cellphone has gotten a winning endorsement from Apple Inc. co-founder Steve Wozniak.

Source: L.A. Times - Business | 20 Jan 2010 | 1:00 am

Eurostar sales rise despite 'fluffy' snow chaos

Eurostar, the high-speed train service that links the UK to France and Belgium, today revealed that turnover rose by 1.7 per cent over 2009 despite "fluffy" snow disrupting Christmas travel plans for more than 100,000 passengers.


Source: Latest Business News from Times Online | 20 Jan 2010 | 12:57 am

French deficit projections lowered: minister

The French government has lowered its public deficit estimates for both 2009 and 2010, Budget Minister Eric Woerth said Wednesday. "We'll be at 7.9 percent of GDP for the public sphere"...
Source: RSS feed - channel BNewsBusiness | 20 Jan 2010 | 12:43 am

U.S. makes banks pay premium for warrant rebuys: report

(Reuters) - The Treasury Department persuaded some big banks to pay more than market estimates to repurchase warrants issued to the government in the financial crisis, the Wall Street Journal said, citing a draft Treasury report.
Source: Reuters: Business News | 20 Jan 2010 | 12:37 am

U.S. makes banks pay premium for warrant rebuys: report (Reuters)

Reuters - The Treasury Department persuaded some big banks to pay more than market estimates to repurchase warrants issued to the government in the financial crisis, the Wall Street Journal said, citing a draft Treasury report.
Source: Yahoo! News: Business News | 20 Jan 2010 | 12:37 am

U.S. makes banks pay premium for warrant rebuys: report

(Reuters) - The Treasury Department persuaded some big banks to pay more than market estimates to repurchase warrants issued to the government in the financial crisis, the Wall Street...
Source: RSS feed - channel BNewsBusiness | 20 Jan 2010 | 12:37 am

NZ market posts sixth decline in seven days

There was a lot going on today for sharemarket investors to absorb in terms of the economic agenda in New Zealand and they generally adopted a wait and see attitude to it.Shortly after news broke that inflation in the December...
Source: nzherald.co.nz - Business | 20 Jan 2010 | 12:37 am

Global slide in '09 economic freedom holds risks

HONG KONG (Reuters) - Economic freedoms were sharply reduced last year on massive spending and bailouts during the financial crisis, a trend that could imperil future economic prospects, the U.S.-based Heritage Foundation said on Wednesday.
Source: Reuters: Business News | 20 Jan 2010 | 12:30 am

What Internet? China region cut off 6 months now (AP)

AP - They arrive at this gritty desert crossroads weary from a 13-hour train ride but determined. The promised land lies just across the railway station plaza: a large, white sign that says "Easy Connection Internet Cafe."

Source: Yahoo! News: Business News | 20 Jan 2010 | 12:23 am

Eurostar sales up despite chaos

Sales and passenger numbers rise at Eurostar, despite the breakdown of trains in December that left passengers stranded.
Source: BBC News | Business | World Edition | 20 Jan 2010 | 12:20 am

Aussie stocks give back early gains

MELBOURNE - The Australian share market closed slightly higher on Wednesday, pulled back from earlier strong gains by reports that China was putting the brakes on new lending.The quieter finish contrasted with an earlier surge...
Source: nzherald.co.nz - Business | 20 Jan 2010 | 12:02 am

UK returns nuclear waste to Japan

The first shipment of highly-radioactive nuclear waste from the UK is leaving later on Wednesday bound for Japan, the BBC learns.
Source: BBC News | Business | World Edition | 20 Jan 2010 | 12:00 am

Bank of England Governor Mervyn King's speech: key points

The Bank of England Governor, Mervyn King, gave his first speech of 2010 in Exeter on Tuesday night. Here are some key extracts.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Jan 2010 | 11:43 pm

UK faces 'wave of US M&A' after Kraft deal, hedge fund GLG argues

Kraft's successful offer for Cadbury is likely to spur on other American companies to target UK businesses for takeovers, according to hedge fund GLG Capital partners.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Jan 2010 | 11:11 pm

Business groups warn against kicking property market in the guts

Business groups are giving the thumbs down to a proposal for a land tax from the Tax Working Group today and are warning against kicking business in the guts with tax changes.The Tax Working Group is suggesting that the goods...
Source: nzherald.co.nz - Business | 19 Jan 2010 | 10:56 pm

China steps up efforts to curb lending

China’s top banking regulator signalled the introduction of further restrictions to curb lending while saying loan growth would slow considerably this year
Source: Financial Times - US homepage | 19 Jan 2010 | 10:43 pm

NZ dollar falls on CPI data, Chinese move

The New Zealand dollar plunged more than a US cent today after the Consumer Price Index (CPI) for the December quarter was lower than expected and after China was reported to be constraining bank lending.The NZ dollar fell from...
Source: nzherald.co.nz - Business | 19 Jan 2010 | 10:39 pm

Oil losses extend to near $78 on tight China credit

SINGAPORE (Reuters) - Oil extended losses toward $78 a barrel on Wednesday on tighter credit policy in China, a stronger dollar and expectations that U.S. refiners processed less crude.
Source: Reuters: Business News | 19 Jan 2010 | 10:30 pm

IBM offers clues on tech recovery, boosts guidance (AP)

AP - Going into IBM Corp.'s fourth-quarter earnings report, a key concern was whether the technology company could eke out higher revenue after a year and a half of declines. IBM has been pumping out higher profits for most of that time, but some analysts have worried it might be running out of moves to keep up its pace.

Source: Yahoo! News: Business News | 19 Jan 2010 | 10:03 pm

3 Drug Stocks With Low P/Es & Healthy Dividends (Screens)

Hough: Pharma giants with modest prices that offer plenty of income.

Source: SmartMoney.com | 19 Jan 2010 | 10:00 pm

Affordable Buffett? The Berkshire Split (On the Street)

A buyout brings Warren Buffett's firm within reach of average investors.

Source: SmartMoney.com | 19 Jan 2010 | 10:00 pm

Subsidized Stafford Loan Rates Are Dropping (Education and Your Money)

Finally, a break for college students: Rates on these loans are set to drop.

Source: SmartMoney.com | 19 Jan 2010 | 10:00 pm

Bouncing Back by Staying the Course

The William Blair Small Cap Growth Fund has recovered from a bad 2008.

Source: SmartMoney.com | 19 Jan 2010 | 10:00 pm

Flier's Guide to New Airport Hassles (Deal of the Day)

How to avoid higher checked-bag fees and longer security lines.

Source: SmartMoney.com | 19 Jan 2010 | 10:00 pm

Harder to get an Uncle Sam mortgage

It's going to be harder to get a government-backed mortgage from now on.
Source: Business and financial news - CNNMoney.com | 19 Jan 2010 | 9:47 pm

Govt 'carefully considering' radical tax report

Finance Minister Bill English says he will be "carefully considering" advice to raise GST and cut personal income tax rates as he puts together his Budget.English and Revenue Minister Peter Dunne have this afternoon issued a press...
Source: nzherald.co.nz - Business | 19 Jan 2010 | 9:00 pm

Inflation fall gives Reserve Bank breathing space

A 0.2 per cent fall in the December quarter Consumers Price Index (CPI) is seen giving the Reserve Bank breathing space as it decides when to start raising interest rates.The quarterly decline took the annual rate of inflation...
Source: nzherald.co.nz - Business | 19 Jan 2010 | 8:30 pm

Close property loopholes to fix system, says tax group

Raising GST to 15 per cent and closing down around $2 billion a year in tax loopholes on property ownership would help pay for tax reforms that could cut the top personal tax rate to 30 per cent and the company tax rate to 25 per...
Source: nzherald.co.nz - Business | 19 Jan 2010 | 8:00 pm

Old GM a hot stock again

The auto industry is hoping that there will be no detours on the road to recovery in 2010, and investors going along for the ride have driven up the stocks of industry leaders.
Source: Business and financial news - CNNMoney.com | 19 Jan 2010 | 7:58 pm

IBM 'confident about 2010'

IBM posted a fourth-quarter profit Tuesday that beat Wall Street expectations, driven by improved performances in its core sectors. The tech giant also guided its 2010 earnings outlook to the high end of its previous forecast.
Source: Business and financial news - CNNMoney.com | 19 Jan 2010 | 7:35 pm

Land tax must be universal, say property investors

Real estate industry insiders have mixed views on some of the Tax Working Groups recommendations, which are designed to start taxing property investments harder.A land tax, along with an axing of property owners rights to claim...
Source: nzherald.co.nz - Business | 19 Jan 2010 | 6:00 pm

Fed defends actions in AIG case, invites inquiry

WASHINGTON (Reuters) - Federal Reserve officials on Tuesday launched a vigorous defense of their dealings with American International Group, calling for a congressional audit and denying any inappropriate action with respect to payments the bailed-out insurer made to banks.
Source: Reuters: Business News | 19 Jan 2010 | 5:55 pm

GST jump would need benefit hikes, says report

The Tax Working Group is recommending a jump in the Goods and Services Tax (GST) to 15 per cent, increasing the price of everything from Lamborghini sports cars to bread.The rise in GST is being recommended by the group as a way...
Source: nzherald.co.nz - Business | 19 Jan 2010 | 5:30 pm

IBM earnings surge on cost-cutting

IBM said that its revenues had barely grown in the final quarter of 2009 as customers had held off signing big new contracts, highlighting the slow pace of the hotly expected technology recovery
Source: Financial Times - US homepage | 19 Jan 2010 | 5:28 pm

IBM raises outlook but investors wary after rally

NEW YORK (Reuters) - IBM raised its 2010 profit target and reported a stronger-than-expected, 9 percent increase in fourth-quarter earnings, as cost cuts and a shift to more profitable contracts helped it weather a slump in corporate spending.
Source: Reuters: Business News | 19 Jan 2010 | 5:25 pm

Cadbury takeover: a crafty bit of business or an overpriced confection?

The day after the night before, opinion is divided as to whether Kraft has bought Cadbury on the cheap.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Jan 2010 | 5:24 pm

Osmond hails the 'cash shell' but there are clouds on the Horizon

They're back. If you had any doubts about the strength of this bull market rally the return of the "cash shell" should quickly dispel them.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Jan 2010 | 5:19 pm

Hats off to Roger Carr in the Cadbury deal

I cannot let the developments at Cadbury pass without eating a chocolate-flavoured slice of humble pie.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Jan 2010 | 5:17 pm

Senate GOP: Cut all public workers' pay, benefits (AP)

AP - Teachers, professors and state and local government workers should take a 5 percent pay cut later this year and remain at that level for the next three years to help save taxpayers money, Senate Majority Leader Mike Bishop said Tuesday.
Source: Yahoo! News: Business News | 19 Jan 2010 | 5:15 pm

Questor share tip: IG Group investors continue to reap dividends

Last year's IG Group dividend was increased by 25pc - and the payout was hiked by 25pc in yesterday's interim results announcement. This is just the type of news Questor likes to hear.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Jan 2010 | 5:13 pm

Questor share tip: Why it's time sell SABMiller

Questor is a fan of beer - and so is a large proportion of the world. That's why SABMiller has a great business.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Jan 2010 | 5:11 pm

Kraft 'must live up to responsibilities' says Cadbury family

The founding family of Cadbury have warned Kraft of the "heavy responsibility" the US firm will have to staff and customers to "maintain the standards" set at the 179-year-old confectionery company.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Jan 2010 | 5:06 pm

Houses 'are less affordable now'

Houses are less affordable than 50 years ago, although the quality of homes has improved, according to the Halifax.
Source: BBC News | Business | World Edition | 19 Jan 2010 | 5:05 pm

Bank chief to Darling: it’s time to make cuts

The Governor of the Bank of England piled pressure on the Chancellor to specify sharp spending cuts in his March Budget or risk a damaging backlash from the markets.


Source: Latest Business News from Times Online | 19 Jan 2010 | 5:01 pm

Boom and bust – a feature since loos were outdoors

Let’s go back to 1960. The first episode of Coronation Street is about to be broadcast, the obscenity ban on Lady Chatterley’s Lover has been lifted, the average house price is £2,507 and 14 per cent of homes still have an outside lavatory. The newspapers are full of the Cold War and nearly a quarter of homes have no hot water supply.


Source: Latest Business News from Times Online | 19 Jan 2010 | 5:01 pm

Thousands of Cadbury jobs under threat as Kraft swallows a British icon

The multibillion-pound contest to win control of Cadbury has brought fears that Kraft, the new US owner, will institute swingeing job cuts.
Source: Latest Business News from Times Online | 19 Jan 2010 | 5:01 pm

Credit card company blamed for failure of Globespan collapses with £100m debts

E-Clear, the credit card company blamed for the collapse of Globespan, the Scottish holiday company, itself collapsed yesterday with debts estimated at £100 million, nearly three times the amount owed to Globespan.


Source: Latest Business News from Times Online | 19 Jan 2010 | 5:01 pm

Recession is a call to arms over diversity in the workplace

I’ve often had a chance to reflect on the lack of diversity around me, not least during eight years as MP for Bethnal Green and Bow, sitting in Parliament surrounded by mostly white, middle-class men. But it was in a remote African village that I realised how “different” I was. I arrived with a dozen MPs and greeted the reception party: the chiefs and their entourage shook hands until they came to me.
Source: Latest Business News from Times Online | 19 Jan 2010 | 5:01 pm

L&G denounces Cadbury for 'selling out too cheaply' to Kraft

Legal & General, the largest UK shareholder in Cadbury, accused the confectioner last night of selling out too cheaply to Kraft, the US food group.


Source: Latest Business News from Times Online | 19 Jan 2010 | 5:01 pm

Fed makes ‘a killing’ on AIG contracts

The Federal Reserve is sitting on billions of dollars in paper profits from its controversial effort to unwind credit insurance contracts that AIG provided to banks such as Goldman Sachs, people familiar with the matter said
Source: Financial Times - US homepage | 19 Jan 2010 | 5:00 pm

Did Irene Rosenfeld get more than she bargained for? We'll probably never know

Irene Rosenfeld has travelled a long way to capture Cadbury but we'll probably never know if it was worth the trip.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Jan 2010 | 4:54 pm

Waiting game

Colombia's informal workers hope for better times
Source: BBC News | Business | World Edition | 19 Jan 2010 | 4:25 pm

Health stocks pull market higher as Mass. votes (AP)

AP - The stock market rebounded Tuesday as traders placed bets that the outcome of an election in Massachusetts would make it harder for President Barack Obama to make changes to health care.

Source: Yahoo! News: Stock Markets News | 19 Jan 2010 | 4:19 pm

How the major stock indexes fared on Tuesday (AP)

AP - The stock market rebounded as traders placed bets that the outcome of an election in Massachusetts would make it harder for President Barack Obama to make changes to health care.
Source: Yahoo! News: Stock Markets News | 19 Jan 2010 | 4:03 pm

What is the Tax Working Group?

The Tax Working Group , which released its recommendations today, was set up to consider the medium-term direction of the New Zealand tax system, and advise Government on different tax
Source: nzherald.co.nz - Business | 19 Jan 2010 | 4:00 pm

Alaska lawmakers focus on spending, oil incentives (AP)

AP - House majority leaders want to limit government spending this year, worried about what the expected, continual decline in oil production will mean for Alaska's energy-dependent economy.
Source: Yahoo! News: Business News | 19 Jan 2010 | 3:56 pm

Wall St gains on Mass. vote bets, tech; IBM off late (Reuters)

Reuters - Stocks rose broadly on Tuesday, lifting the Dow and the S&P 500 to fresh 15-month closing highs as investors bet a potential Republican victory in Massachusetts' Senate race could stall Obama's reform agenda.

Source: Yahoo! News: Stock Markets News | 19 Jan 2010 | 3:29 pm

Investing in Banks, Leveraged Finance: Taking Stock Podcast

Source: Bloomberg - All Podcasts | 19 Jan 2010 | 3:23 pm

Write-Offs: 01.19.10

$$$ Charlie Gasparino wants to see the Goldman CEO/Chairman role split. [TDB]

$$$ He'll Take Manhattan [Crain's]

$$$ Man prospers in recession by scooping shit [UPI]

$$$ Diary of a private investor: 'My raciest and riskiest shares are off to a flier' [Telegraph]

$$$ The WSJ may have gotten a few details wrong on this weekend's insider trading outing.

InsiderTrading - Wall Street Journal - Charlie Gasparino - Hedge fund - Business
Source: Dealbreaker | 19 Jan 2010 | 3:20 pm

Presented By:

Source: Dealbreaker | 19 Jan 2010 | 3:20 pm

$1 cigarette tax hike in store for New York

New York's governor unveiled a painful budget plan Tuesday that slashes services, raises fees and implements some creative actions to close a yawning $7.4 billion fiscal gap.
Source: Business and financial news - CNNMoney.com | 19 Jan 2010 | 3:15 pm

Borders Group, Sprint Nextel, Citigroup are movers (AP)

AP - The following stocks were among those that moved substantially or traded heavily Tuesday on the New York Stock Exchange and the Nasdaq Stock Market:
Source: Yahoo! News: Stock Markets News | 19 Jan 2010 | 3:02 pm

SIRIUS XM Sees Cash Flow Positive 2009 (SIRI)

SIRIUS XM Radio (NASDAQ: SIRI) appears to have managed to outshine the recession in 2009.  The company disclosed today that it added just over 257,000 net subscribers in the fourth quarter of 2009.  It now has 18,772,758 subscribers.  More importantly, the company said that the preliminary data shows that the 2009 year-end will have over [...]

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Source: 24/7 Wall St. | 19 Jan 2010 | 2:59 pm

Cadbury says job cuts inevitable

Job losses at Cadbury are an "inevitability" after its takeover by US giant Kraft Foods, the UK firm's chairman says.
Source: BBC News | Business | World Edition | 19 Jan 2010 | 2:56 pm

Ex-Morgan VP Will Fist Pump In Prison

Richard Garaventa, a New Jersey former VP in the operations division of Morgan's institutional securities business, was sentenced today to between two to six years prison for stealing $2.5 million from the bank.

New Jersey - Prison - Business - United States - History
Source: Dealbreaker | 19 Jan 2010 | 2:54 pm

Apple shares hit record high on tablet computer reports (AFP)

AFP - Apple shares surged on Wall Street on Tuesday and closed at a record high after the company said it would host an event later this month expected to be the unveiling of a long-awaited tablet computer.

Source: Yahoo! News: Stock Markets News | 19 Jan 2010 | 2:35 pm

Cadbury deal ‘the price of globalisation’

Cadbury, the 186-year-old British confectionery group which accepted an improved £11.6bn takeover bid from Kraft, has justified its decision to sell out to the US food group
Source: Financial Times - US homepage | 19 Jan 2010 | 2:34 pm

Citigroup reports $7.6bn loss on domestic difficulties

The US bank tied a revival of its fortunes to its international business after reporting a $7.6bn loss for the fourth quarter that underlined the struggles of the financial group’s domestic operations
Source: Financial Times - US homepage | 19 Jan 2010 | 2:24 pm

Stock buybacks could be back in vogue in 2010 (Reuters)

Reuters - Share buybacks by U.S. corporations could be back in style this year as an improving economy makes companies more willing to loosen their purse strings to fund transactions that could reward investors with a higher share price.

Source: Yahoo! News: Stock Markets News | 19 Jan 2010 | 2:23 pm

Stock buybacks could be back in vogue in 2010

NEW YORK (Reuters) - Share buybacks by U.S. corporations could be back in style this year as an improving economy makes companies more willing to loosen their purse strings to fund transactions that could reward investors with a higher share price.
Source: Reuters: Business News | 19 Jan 2010 | 2:23 pm

IBM, When Solid Is Not Solid Enough (IBM)

DJIA component International Business Machines Corp. (NYSE: IBM) is out with earnings for its fiscal 2009 year-end and Q4 period.  The report looks to leave something for everyone here.  Big Blue posted earnings of $3.59 EPS and revenues of $27.23 billion.  Thomson Reuters had estimates for this quarter pegged at $3.47 EPS and $26.96 billion [...]

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Source: 24/7 Wall St. | 19 Jan 2010 | 2:21 pm

Apple tablet may not ship until June

Source: Business and financial news - CNNMoney.com | 19 Jan 2010 | 2:08 pm

Who Said It: "What's It Like Having Lunch With A Genius?"

Here's your hint: the question came from someone not only known by colleagues as a dick, but a lover of dick as well. Chrome, rubber, glass, whatever. Okay, guess.

Business - Rubber - Polymers - Chemicals - Crafts
Source: Dealbreaker | 19 Jan 2010 | 2:02 pm

FTC 'Interested' In Facebook Privacy

By Daniel Costello

The U.S. Federal Trade Commission says it will meet with the Electronic Privacy Information Center to discuss the group's concerns about recent changes to Facebook's privacy settings.

FTC's director of the Bureau of Consumer Protection David Vladeck, wrote in a letter to EPIC last week that, "Your most recent complaint raises issues of particular interest for us at this time." Vladeck noted the increasing amount of personal user data being deposited on social-networking sites, adding that, "the Commission staff believes it is critical that companies provide transparency about how this data is being handled, maintained, shared and protected."

The EPIC complaint, which was signed by nine other privacy and consumer organizations, states that changes to Facebook's privacy settings "violate user expectations, diminish user privacy, and contradict Facebook's own representations."

Facebook responded to the complaint with this statement:

"We've had productive discussions with dozens of organizations around the world about the recent changes, and we're disappointed that EPIC has chosen to share their concerns with the FTC while refusing to talk to us about them."

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Source: NPR Blogs: Planet Money | 19 Jan 2010 | 2:00 pm

Losing Cadbury Would Be Blow For Britons

By Alexander Hotz

Kraft Foods Inc. has sweetened its offer for Cadbury to $19.5 billion, making the company's buyout sound much like a done deal, but for some Britons the deal isn't sweet enough.

"Nearly everything in this country is now owned by foreign companies," lamented Peter on the Daily Mail's message board. In the UK, Cadbury is often thought of as British institution, and its nearly 200 year legacy a source of national pride. London Mayor Boris Johnson dubbed its products the "taste of British childhood," and many customers seem to share his nostalgia. Adding her name to an online petition, Spanish Cadbury enthusiast, Veronica Parra, sympathized with her British peers: "This brand (Cadbury's) is an icon of England (and) a beloved brand all around the world. You are one of the few countries who still have your national identity. Don't sell your soul to Americans!!"

Despite pleas from an army of chocolate lovers and even a government minister, the controversy labeled "The Chocolate Wars" appears to be over with many analysts saying that rival Hershey will not top Krafts' bid. If all does go as planned, Ruth Mortimer over at Marketing Week has some thoughtful advice, for how Kraft can avoid alienating British chocoholics:

The business should take note of Unilever's purchase of Ben & Jerry's ice cream. At the time, there was an outcry that the small brand had been swallowed up by a huge multinational, but consumer complaints seem to have largely fallen away - Unilever has always been careful to run the brand as a separate division (with its own location) and stayed relatively true to the brand's quirky philosophy.

Although the United States may have snatched up Cadbury today, it too has seen beloved brands jump ship. In 2008, Anheuser-Busch took a buyout from the Belgium-Brazilian company InBev for $70 a share. Concerned drinkers and patriots founded Facebook groups and started petitions to prevent the deal but to no avail. The company reportedly caved to significant pressure from major shareholders, including billionaire Warren Buffet, who were frustrated by stagnant stock prices.

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Source: NPR Blogs: Planet Money | 19 Jan 2010 | 1:53 pm

Analysts expect BofA loss amid credit, TARP

CHARLOTTE, North Carolina (Reuters) - Bank of America Corp likely will post another loss when it reports fourth-quarter earnings on Wednesday, as banks continue to grapple with their problems loans and a weak economy.
Source: Reuters: Business News | 19 Jan 2010 | 1:48 pm

Can Ethanol’s Comeback Last? (PEIX, STKL, CZZ, GPRE, KMP, VLO, SUN, BFRE)

Toward the end of 2008 (and even sooner), ethanol may have seemed like a fad that came and went.  Then came the dull year of 2009 that seemed as though it would yield little.  Yet ethanol stocks recovered sharply in the stock market rally of 2009 and in recent weeks funding announcements almost make seem [...]

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Source: 24/7 Wall St. | 19 Jan 2010 | 1:32 pm

Credit Suisse unveils UK staff bonus cuts

The bank is cutting planned payouts to senior staff by more than a third, becoming the first to pass on the bulk of a British supertax on bonuses to bankers
Source: Financial Times - US homepage | 19 Jan 2010 | 1:29 pm

Own a little piece of Warren Buffett

It's about to get a lot cheaper to buy shares in the company run by America's most celebrated investor, Warren Buffett.
Source: Business and financial news - CNNMoney.com | 19 Jan 2010 | 1:24 pm

Ben Bernanke Would Love People To Poke Around The AIG Bailout

Ah Bernanke and his perfect sense of timing. Ben decided to play nice today and wrote a letter to GAO Acting Comptroller Gene Dodaro to let him know that the Fed would "welcome a full review by GAO of all aspects of our involvement in the extension of credit to AIG."

Even though he's on the verge of losing patience, because the Fed "has also provided significant information about its lending actions regarding AIG to the Congress in testimony and correspondence, to the GAO in connection with its original report in September 2009, and to other oversight bodies such as the Special Inspector General for the Troubled Asset Relief Program," Ben pledged that he will "make available to the GAO all records and personnel necessary to conduct this review."

Troubled Asset Relief Program - American International Group - Emergency Economic Stabilization Act of 2008 - Federal Reserve System - Ben Bernanke
Source: Dealbreaker | 19 Jan 2010 | 1:00 pm

A = Asness?

"Spotted ice-skating at the town rink in Greenwich on Sunday: Cliff-y Asness, huge and bearded, with a "team" sweatshirt with the formula "A = A" on the back. Spent more time in the warming room than on the ice, but hey. Sight of Mr. AQR teetering around on skates = priceless."

Ice skating - Sport - Skating - Recreation and Sports - Shopping
Source: Dealbreaker | 19 Jan 2010 | 12:43 pm

Oops, Denmark CAN Win The World Cup!

By David Kestenbaum

On Friday's podcast we questioned whether Denmark's super-high taxes would stop the country from winning the World Cup. The idea being that soccer players and other highly paid Danes leave the country to avoid paying such high taxes.

After that podcast aired, many of you wrote to tell us we were wrong to say players going abroad could hurt the country's chances of winning in the World Cup.

I'll let listener Yajur P. explain:

I just wanted to put my soccer nerd hat on and point out a bit of misinterpretation regarding Danish soccer players going abroad to play. Even though they play professionally in Germany, Spain, or England, they still represent Denmark internationally in the World Cup because, well, they're Danish. And in fact, Denmark has a historically strong soccer team, especially for such a small country. They actually won the Euro 1992 competition (sort of a mini World Cup for European teams only, held two years after the World Cup), and they qualified for this year's World Cup at the top of their group, ahead of strong teams like Portugal and Sweden. In fact, a lot of people would say that it's a strength that Danish players go abroad to other countries where they play different styles of soccer, which helps them improve their own skills. I guess it can be compared to the many Chinese intellectuals who were educated in the US and Europe, and have gone back to China to make their own country strong.

Thanks for keeping us on our toes.

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Source: NPR Blogs: Planet Money | 19 Jan 2010 | 12:34 pm

Pallotta Discusses the Struggles of Nonprofits: Audio

Source: Bloomberg - All Podcasts | 19 Jan 2010 | 12:20 pm

Erikson, Berger Discuss Haiti Earthquake Aftermath: Audio

Source: Bloomberg - All Podcasts | 19 Jan 2010 | 12:18 pm

David Slaine May Have Slapped His Galleon Boss, Not Punched Him (UPDATE)

Earlier today, we discussed David Slaine, who the Journal claimed over the weekend is the key cooperating source in the Galleon insider trading case, having allegedly ratted out several of his friends and co-workers, including nightclub bouncer-cum-hedge fund employee, Craig Drimal. For our purposes, we were mostly interested in exploring what appears to be the the Slaine Approach to dealing with perceived slights, be it a faulty keyboard, someone not sharing his French Fries with the Slaine-meister, or suggesting that an improvement in performance was necessary. In each case the response from from Big D was to lose his shit and throw down fisticuffs. Or was it? A commenter using the name "Elyse" came along and left a thousand word rant decrying the lack of fact-checking by Wall Street Journal reporter Susan Pulliam, entitled "Junk In The Journal: Journalist Fails To Fact Check." I don't know who left it (it would be hard to believe "Elyse" is actually David's wife, Elyse Slaine, though some people aren't so good with the internet), and can't find it anywhere else online. But I think we should talk about it anyway. First off, according to "Elyse," the bit with the keyboard being smashed in a rage? Was because the thing didn't work, and Slaine apparently had no other choice but to destroy it (E conflates two separate stories in question-- the smashing of a keyboard and a fight fight resulting from someone not sharing his fries-- so I'll assume the latter was true).

Pulliam wrote that Slaine had a history of violence, stating that he smashed his computer keyboard while at Morgan Stanley over not wanting to share French Fries. The fact was that Slaine pulled out his keyboard when the technology broke down for the fifth time that day, leaving Slaine to trade without knowing his trading positions.

Elyse then addresses the anecdote about Slaine supposedly punching his boss, Gary Rosenbach, in the face, while the two were in the steam room at Equinox, after Gary told Slaine he needed to improve his performance. Elyse claims that while yes, the tiff went down while the two were ass-naked taking a steam, no punches were thrown, and what she says happens instead makes it so much better (in this scenario bitch fight > fight fight).

Wall Street Journal - Hedge fund - InsiderTrading - Morgan Stanley - Business
Source: Dealbreaker | 19 Jan 2010 | 11:55 am

Northeastern's Wallin on Massachusetts Election: Audio

Source: Bloomberg - All Podcasts | 19 Jan 2010 | 11:53 am

Shilling Says U.S. Consumers Continuing to Retrench: Audio

Source: Bloomberg - All Podcasts | 19 Jan 2010 | 11:52 am

Argus's Ritter Sees `More Bad Quarters' from Citigroup: Audio

Source: Bloomberg - All Podcasts | 19 Jan 2010 | 11:51 am

Argus Research's Kelleher Previews IBM Earnings: Audio

Source: Bloomberg - All Podcasts | 19 Jan 2010 | 11:50 am

RBC's Jersey Calls 2010 Year of Transition: Audio

Source: Bloomberg - All Podcasts | 19 Jan 2010 | 11:49 am

Gregg on U.S. Senate Race and Health Care Bill: Audio

Source: Bloomberg - All Podcasts | 19 Jan 2010 | 11:48 am

Dean on Health Care Reform and Massachusetts Senate Race: Audio

Source: Bloomberg - All Podcasts | 19 Jan 2010 | 11:46 am

Census workforce more highly educated

The bad job market has given the census its best crop of door knockers in years. Brett Neely reports.
Source: Marketplace | 19 Jan 2010 | 11:44 am

Chinese soap highlights housing issue

The hottest primetime soap opera in China has a few things that won't surprise you: infidelity, crooked business deals and... a housing bubble? Scott Tong reports on China's "Snail House."
Source: Marketplace | 19 Jan 2010 | 11:44 am

Letters: Liberal arts, bonuses, goals

Kai Ryssdal reviews what listeners had to say about stories involving liberal arts jobs, bank bonuses, and setting goals.
Source: Marketplace | 19 Jan 2010 | 11:44 am

Is middle class safe from tax increase?

President Obama came into office with an ambitious agenda, and promised not to hit up the middle class for more taxes to get it all done. Has he followed through on his promise? John Dimsdale reports.
Source: Marketplace | 19 Jan 2010 | 11:44 am

If health reform doesn't go through...

Health systems management professor J.B. Silvers talks with Kai Ryssdal about what happens to the health industry if a reform bill isn't passed.
Source: Marketplace | 19 Jan 2010 | 11:43 am

Berkshire Hathaway may split B shares

Shareholders of Warren Buffett's company Berkshire Hathaway are expected to approve a stock split of "B" shares. Sarah Gardner reports the move could attract a lot more short-term investors.
Source: Marketplace | 19 Jan 2010 | 11:43 am

When will Citigroup make money again?

Citigroup lost more than $7.5 billion in the final months of 2009. Most of the losses came from paying bailout money back to the government. Amy Scott reports.
Source: Marketplace | 19 Jan 2010 | 11:43 am

Letter: 'Harassed And Hounded' By Bill Collectors

Jay D. from North Carolina writes:

I just got caught up on the weekly podcasts and wanted to make a comment on the bill collector interview.

During the late 70's when I was in my teens, my family went through the long, torturous process of bankruptcy. Back in the day before caller ID people actually answered their phones. Teenagers, in particular, answered the phone. Despite the passage of nearly 30 years, I still vividly remember being accused, insulted, harassed and hounded by boiler room bill collecting operators. It was horrible and about the most humiliating experience I ever had, and it wasn't even my debt. I vowed I would never let that happen to me.

And so, one consequence of being on the receiving end of those phone calls is that most of the economic decisions I've made in my life since then have been heavily biased towards financial risk reduction. I served in the military to pay for college, I work in education and have worked in government, I max out my 403 contribution and I have $0 debt. I missed much of the economic boom of the past decade because I was focused on minimizing risk at almost all costs.

I bring this up because in an odd way the experience was a net positive for me. Understanding the downside risk of credit (despite the painful cost of that lesson) at a young age has made me very wary of debt as an adult. John Goebel made a great point about educating debtors. I lived it.

Get in touch with Planet Money by email, Facebook or Twitter.

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Source: NPR Blogs: Planet Money | 19 Jan 2010 | 11:17 am

Google Tried to Enlist Others In China Rebuke

By Daniel Costello

Google Inc. reportedly approached other companies to seek their help drawing attention to a cyber attack from China last month and was frustrated by their reluctance to come forward, according to a new report by Bloomberg.

Google said last week that it would stop cooperating with Chinese Internet censorship and consider shutting down its operations in the country altogether, citing assaults from hackers on its computer systems and China's attempts to "limit free speech on the Web."

Google linked its decision to sophisticated cyberattacks on its computer systems that it suspected originated in China and that were aimed, at least in part, at the Gmail user accounts of Chinese human rights activists.

Those attacks, which Google said took place last week, were directed at some 34 companies or entities, most of them in Silicon Valley, California, according to people with knowledge of Google's investigation into the matter.

Dan Slane, chairman of the U.S.-China Economic and Security Review Commission, a federal agency, said he was surprised more companies aren't standing up with Google.

"It's all about profit, and I understand where the silence is coming from, but they are missing the long-term picture," Slane said in an interview. Chinese leaders' "end game is to extract as much technology out of American companies as they can, transfer that to their own companies and, when they feel those companies have reached a level of technical maturity, show the American companies the door."

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Source: NPR Blogs: Planet Money | 19 Jan 2010 | 11:16 am

Jim Rogers: The End Is Nigh

You think you have it hard with the recession? Well think again- it might be just time to stock up on canned goods. Gloom-and-Doomer Jim Rogers told CNBC that the financial crisis might lead to food shortages in a few years as "the inventories are now at the lowest they've been in decades, not in years."

JimRogers - Financial crisis - Recession - Business - CNBC
Source: Dealbreaker | 19 Jan 2010 | 10:53 am

A look at economic developments around the globe (AP)

AP - A look at economic developments and activity in major stock markets around the world Tuesday:
Source: Yahoo! News: Stock Markets News | 19 Jan 2010 | 10:40 am

California Limits HMO Waits

By Daniel Costello

California regulators are imposing new rules that specify how quickly patients in health maintenance organizations must be seen.

The regulations will require that patients be treated by HMO doctors within 10 business days of requesting an appointment, and by specialists within 15. Patients seeking urgent care that does not require prior authorization must be seen within 48 hours.

Telephone calls to doctors' offices will have to be returned within 30 minutes, and physicians or other health professionals will have to be available 24 hours a day.

Health advocates have been pushing for the rule change for years but, up until now, it has been successfully fought by insurers, including the country's largest HMO, California-based Kaiser Permanente. Insurers say the new rule will add to healthcare costs.

Thoughts?

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Source: NPR Blogs: Planet Money | 19 Jan 2010 | 10:23 am

What Will John Mack Be Doing With His Downtime?

Sleeping late, stepping on grapes, and attending Cher concerts-- as a VIP, natch-- mostly.

As Mr. Gorman continues to get his stride, he will have Mr. Mack peering over his shoulder as chairman for at least the next two years. Mr. Mack says he's looking forward to spending more time at his Tuscan vineyard and shows off a picture of himself standing beside Cher backstage in Las Vegas, as well as other mementos from a 40-year career. "I really like my new role," he says. "I didn't come to work until 9:30 today!"

James Gorman's Challenge At Morgan Stanley [NYT]

Morgan Stanley - Las Vegas Nevada - Very Important Person - Concert - James Gorman
Source: Dealbreaker | 19 Jan 2010 | 10:15 am

12 Millionaires Who Don’t Deserve Their Fortunes

Many millionaires are among society’s biggest movers and shakers, working long hours and exhausting their mental capacity day in and day out to further their business, invent new medicines or produce greater art. Other millionaires simply luck into their fortunes. Either by birthright or happenstance, these people have hardly worked for the money they possess and can only be regarded as incredibly fortunate. Today we explore 12 millionaires who don’t deserve the money they have.
 
 
 

Tila Tequila

 
 

 
 

Image Source

 
 
Tila Tequila is a shining example that sometimes all you need to do to get ahead in life is look good. Getting her start in such magazines as Playboy, Penthouse and Stuff, Tila quickly rose to fame for her willingness to show the world her phenomenally in shape body. Recently, Tila starred in her own reality show called, “A Shot at Love With Tila Tequila.” The show featured her looking gorgeous and making out with male and female contestants who battled each other for the right to date her. Amazingly, Tila has risen to millions on the strength of her good looks and promiscuous personality alone. Thank mom and dad for that one!

Paris Hilton

 
 

 
 

Image Source

 
 
Aside from bearing the last name of her father, the legendary businessman behind the Hilton Hotel chain, Paris Hilton has done very little to deserve the amount of money she has. Paris has become a socialite by a number of different avenues including a TV show, movies, a fragrance line and news-making antics with friend Nicole Richie, who also appears on this list. Much like Tila Tequila, Paris gets by mostly on looks and personality, though her attitude is much more snobby and spoiled. Despite being a trust fund baby who openly detests regular work, millions of American girls look up to Paris as a role model, and that is one scary thought.
 

Soulja Boy

 
 

 
 

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As today’s musical scene falls further and further into disrepair, Soulja Boy proves that there might not be any coming back. Rapper/song writer Soulja Boy has made millions of dollars spouting flatulent nonsense and singing off key. Despite this, clubs nationwide frequently play his music since people can dance to the beat. With lyrics so simple a five year old could write them (such as “I take a look in the mirror say what’s up, yeah I get money ohhh”) Soulja Boy sings primarily about how he made a lot of money and has nice things. His music videos frequently feature him dancing around piles of money and throwing it at the camera. It’s simply a shame when a man like Soulja Boy can write mind-numbingly simple songs and make far more money than most surgeons.

 

Nicole Richie

 
 

 
 

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Nicole Richie is a socialite and high-society celebrity for no other reason than being the adopted daughter of famous soul singer Lionel Richie. Best known for TV show “The Simple Life” with childhood friend and fellow unworthy millionaire Paris Hilton, Nicole Richie has dabbled in various careers throughout her life, but continues to prosper from the Richie fortune. The show centered around Hilton and Richie’s ineptitude in living a normal, middle class life, which further illustrates why Richie is undeserving of the fortune she possesses. From writing to playing music to trying to make jewelry, Richie is a jack of many trades, but a master of none.
 

Peaches Geldolf

 
 

 
 

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Peaches Honeyblossom Michelle Charlotte Angel Vanessa Geldof is the daughter of famous singer and political activist Bob Geldof. While her father fought for peace, receiving knighthood from Queen Elizabeth II for his fundraising efforts, it seems Peaches is content to live off the power of her last name and scoops up part time acting jobs here and there whenever she can. Recently, Peaches signed a six figure modeling contract to become the face of Miss Ultimo clothing.
 

Kevin Federline

 
 

 
 

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Better known as “K-Fed,” Kevin Federline is Britney Spears’ ex-husband and rapper. Though he never worked for it, Kevin became a millionaire the day he married Britney. In Touch Magazine reports that Britney gave Kevin the proceeds from the sale and syndication of their wedding, which totaled 2.3 million dollars. This massive sum of money was her wedding gift to him. Sources say that Britney gave him the money saying “I wouldn’t have it if it wasn’t for you.” A mere three years later they were divorced, and Kevin walked away millions in hand for merely marrying America’s pop princess.
 

Lisa Marie Presley

 
 

 
 

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Lisa Marie Presley is yet another shining example of a millionaire who owes it all to the name of her pioneering father. Daughter of rock and roll icon Elvis Presley, Lisa Marie has done very little to keep the legend alive, choosing instead to command respect on account of her family name. Though she has made some original music, she is far from entertainer her father once was, yet still enjoys a place in the spotlight and a fortune in her name.

Kelly Osbourne

 
 

 
 

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Daughter of trailblazing heavy-metal musician Ozzy Osbourne, Kelly Osbourne owes her fame and fortune to little more than being born into the family. Best known for her appearance on, “The Osbournes,” a reality TV show centered around her family’s daily life, Kelly Osbourne has not yet done anything of great importance to deserve the small fortune her family’s history affords her. She did record an album once featuring the single “Poppa Don’t Preach,” further trotting out her “angsty teenager rebelling against her well-known dad” image. Her music career never went very far as she was dropped from Epic Records one year after her debut album was met with derision from the critics. Despite her net worth, she never rose anywhere near the exhausted heights of her father’s musicianship.

Daniel Yomtobian

 
 

 
 

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Better known as alleged creator of 2003’s Xupiter spyware infection, Daniel Yomtobian is an Internet businessman with questionable claims to his wealth. Called “the most evil thing on the Internet” by Wired Magazine, Xupiter took the Internet hostage in 2003, breaking machines and infuriating users all for the gain of advertising revenue. The infection was so bad that one angry user exclaimed, “When I find the bastards who programmed this thing I’d be happy to castrate them with a pair of dull pinking shears.” According to Harvard trained spyware expert Ben Edelman, a couple of angry researchers had their scathing critique of Dan’s career bullied offline via a frivolous cease and desist order just as Dan was reemerging as a clean player in Internet business. Daniel Yomtobian, who reportedly made quite a pretty penny from this terrible software, has since gone on to run a legitimate search marketing business and now speaks at industry conferences. Those of us who had our machines taken over by Xupiter will never forget the man he once was. 

Brooke Hogan

 
 

 
 

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As we have seen many times throughout this article, it certainly doesn’t hurt your wallet to have a rich and famous father. Daughter of professional wrestler “Hulk Hogan,” Brooke Hogan is best known for her appearance on the reality show about her family “Hogan Knows Best.” She was commonly undermined by Hulk and wasn’t allowed to see many guys due to his over-bearing protectiveness. Since the show’s cancellation, Brooke starred in her own reality show about her life, singing career and roommates called, “Brooke Knows Best.” Networks will run reality shows about anyone even remotely famous these days, and having the Hogan account to bank-roll studio time doesn’t hurt either.  

William Hung

 
 

 
 

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Some people become musical legends and wealth millionaires from having a phenomenal singing voice. Not singer/songwriter William Hung, who was rejected from American Idol in 2004 for his awful performance. His singing is actually so atrocious that he gained a cult following of people who love to listen to his music and laugh at how ridiculous it sounds. This cult following is responsible for countless TV appearances, lots of records sold, and millions of dollars for Mr. Hung.

Ed Nabors

 
 

 
 

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Georgia truck driver Ed Nabors was just a regular, average guy until Wednesday, April 4th 2007 when he became the winner of the largest lottery prize in US history. Claiming $116.5 million dollars from his win, Nabors chose the lump sum option and instantly received a kings ransom for himself. Needless to say, a hundred-million dollar prize from a random string of numbers purchased at a gas station is one of the most unmerited fortunes imaginable.

Source: Business Pundit | 19 Jan 2010 | 10:13 am

EU Joins Team US Regulators In 'We Have No Idea What High Frequency Trading Is But We'll Just Regulate The Hell Out Of It Anyway' Game

The EU is hopping on the let's get after the-high-frequency-trading bandwagon and has started to investigate the practice. Bloomberg reports that the European commission met with industry representatives in Brussels on Jan. 11 and that the talks are part of an information-gathering exercise. In the US, the practice, which accounts for 50% to 60% of equity market trading volumes, has been under fire in the past months as regulators are calling for more stringent oversight.

European Union - European Commission - Brussels - Government - Multilateral
Source: Dealbreaker | 19 Jan 2010 | 10:05 am

Kraft Buys Cadbury for $19.5 billion

Two weeks ago, Warren Buffett complained publicly about Kraft’s offer. Alice Schroeder says she sees Buffett’s influence in today’s deal.

After much stalling and contention, Cadbury has a agreed to a $19.5 billion takeover by Kraft. Forbes has the scoop:

Just days after Cadbury declared its suitor a “low growth” company with a “long history of underperformance,” the British maker of Dairy Milk chocolates and Dentyne gum capitulated to a raised bid of 840 pence ($13.78) per share. The deal, one of the largest transnational takeovers since the credit crunch, is further sign that food companies are seeking to gain scale by combining, after Mars bought William Wrigley Jr. Co. in 2008 for $23 billion.

The deal, comprising 500 pence cash and 0.1874 new Kraft shares for each Cadbury share, is a 9 percent premium to its previous 770 pence offer and 50 percent higher than Cadbury’s market value before Kraft, based in Northfield, Illinois, went public with its approach in September.

A Kraft-Cadbury combination will create a portfolio with more than 40 confectionary brands, each with annual sales in excess of $100 million. The combination of the pair would create the world’s biggest confectionary company, replacing Mars Inc., and Kraft CEO Irene Rosenfeld said the deal provides “both immediate value certainty and upside potential” as she tried to appease concerns about the loss of Cadbury’s iconic status.

(British) unions are worried there were no clear guarantees from Kraft that it won’t switch manufacturing of some of the 186-year-old company’s chocolates to eastern Europe, sacrificing thousands of British jobs.

Fans of Cadbury are also concerned that Kraft will change the flavor of their beloved chocolate. I don’t blame them–Hershey’s isn’t exactly a connoisseur’s delight. I assume, however, that Kraft is smart enough to keep both the Cadbury brand and its flavors intact.

More interesting is the fact that Irene Rosenfeld sweetened her Cadbury takeover price after Warren Buffett complained. And after Rosenfeld increased the price, Cadbury capitulated. It’s a great example of Buffett at work, albeit not behind the scenes this time.

Source: Business Pundit | 19 Jan 2010 | 9:33 am

Chrysler Recalls Jeeps, Rams, Others for Brake Failure

Chrysler is recalling more than 24,000 cars because of a brake defect that could lead to brake failure. Reuters has more:

The recall applies to 2010 model-year Chrysler Sebring, Dodge Avenger and Nitro, and Jeep Liberty, Commander and Grand Cherokee SUVs, as well as 2009-2010 model year Dodge Ram trucks.

In some of the vehicles, the clip retention tab on the brake pedal pin was not improperly formed, or not installed, during the manufacturing process, Chrysler said. That could result in brake failure without warning and could cause a crash, the company said. Chrysler said it was unaware of any accidents or injuries related to the issue.

Chrysler said the safety recall is expected to begin during the month of January.

Contact your dealer for servicing if you own one of these vehicles.

An aside: This doesn’t have anything to do with the Fiat partnership, does it? (Fiat isn’t exactly renowned for quality, either, but it did take a 20% stake in Chrysler in 2009.)

Source: Business Pundit | 19 Jan 2010 | 8:44 am

Sponsored Tweets Take Flight for Popular Twitter Users

Ads are finally gaining traction on Twitter through sponsored tweets. These tweets, marked (ad) or “ad,” can net users up to $10,000 each from big sponsors like Sony and Microsofit. The San Francisco Chronicle has more on this phenomenon:

“Twitter is the evolution of the Web page,” said Sean Rad, the 23-year-old chief executive of Ad.ly Inc., a Beverly Hills company that has gained publicity by bringing advertisers to celebrity tweeters such as Burton, model-actress Kim Kardashian, who has 2.7 million followers, and rapper Soulja Boy Tell ‘Em, who has 1.9 million followers.

“Content is shifting from static pages to the stream,” Rad said. “Everyone from CEOs to celebrities to random joes are all producing content. If there’s anything that Ad.ly has shown, it’s that the largest influencers on Twitter have an interest in being compensated for the value they’re creating for the ecosystem.”

In the past six months, companies like Ad.ly, Sponsored Tweets of Orlando and newcomer MyLikes of San Francisco have launched services to broker ad deals between Twitter users and sponsors. The tweets are supposed to be marked with notations such as “(ad)” or “#ad” to comply with new Federal Trade Commission guidelines governing advertisements or endorsements by bloggers, experts and celebrities.

MyLikes, founded by former Google executives Bindu Reddy and Arvind Sundararajan, emerged from beta mode last week with a roster of advertisers like 1-800-Flowers.com and about 30,000 Twitter users. MyLikes campaigns pay Twitter to post up to one sponsored tweet per day. In return, they receive 20 cents to 80 cents for each click-through on ad links, depending on how MyLikes rates their influence or relevancy to the sponsor. Longtime Internet tech blogger Chris Pirillo, for example, earns about 74 cents per click from MyLikes, Reddy said.

Ad.ly and Sponsored Tweets pay Twitter users by the tweet but say the click-through rates are high. One recent Ad.ly campaign that started with 37 tweets generated 10,000 re-tweets in two days, said Rad, whose firm launched in September and is already cash-flow positive.

Twitter now has 60 million users, according to the article. No wonder advertisers are chomping at the bit to get in.

Ad-free Twitter currently provides several services for users. Staying up-to-date with your friends and people you admire, keeping up with real-time news, discussing topics in groups, getting positive attention by retweeting, and marketing yourself or your business. Putting ads on Twitter will amp up the marketing component, but clutter the updates and news. I wonder whether the move will eventually make Twitter less desirable for its original users (the updaters) and make it more of a marketing tool.

Source: Business Pundit | 19 Jan 2010 | 8:37 am

Morning Report: Citigroup Losses, Cadbury Accepts Kraft

By Caitlin Kenney

Citigroup reported a loss of $7.58 billion in the the fourth quarter, after repaying $20 billion of government bailout funds in December. The bank is currently working to sell or unwind businesses that detract from its core of investment banking and consumer and business banking. A group of these businesses, Citi Holdings, had a $2.44 billion loss in the fourth quarter. Citi's loss was significantly less than the record $17.3 billion loss it reported in the fourth quarter of last year, but the bank is struggling to keep up with competitors like JPMorgan Chase & Co., which said last week that profit more than quadrupled from a year earlier.

Cadbury and Kraft Foods have struck a deal to create the world's largest confectioner. Kraft increased its original bid for the company by about 9 percent after Cadbury referred to its first offer as "derisory." The planned purchase will displace Mars Inc, as the world's biggest candy maker and create a company with nearly $50 billion in annual sales.

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Source: NPR Blogs: Planet Money | 19 Jan 2010 | 7:57 am

Google delays Android handsets in China

US internet company postpones the launch of two Android mobile handsets in a sign the mobile platform is likely to suffer from the company’s warning to pull out of the country
Source: Financial Times - US homepage | 19 Jan 2010 | 7:20 am

Not the Most Appealing Road Sign

Source: Business Pundit | 19 Jan 2010 | 4:53 am