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Concorde crash trial probes who was responsible (AP)
Source: Yahoo! News: Business News | 2 Feb 2010 | 3:27 am 'Printing error' exposes balancesA "printing error" revealed Skipton Building Society customers' names, account numbers and balances on the back of other people's statements.Source: BBC News | Business | World Edition | 2 Feb 2010 | 3:27 am Sydney, Tokyo markets jump; Seoul, Shanghai slipAsian markets end mixed, with Australian shares rising after the country's central bank surprises traders with its decision to keep rates on hold.
Source: MarketWatch.com - Top Stories | 2 Feb 2010 | 3:25 am Stocks set for mild gainsU.S. stocks looked set for a mildly higher start Tuesday, with investors awaiting auto sales and a Senate hearing on proposed new rules on financial reform.Source: Business and financial news - CNNMoney.com | 2 Feb 2010 | 3:21 am The 192 Page Federal Budget: Drilling DownThe news media covered all the top line information about the new White House budget. Expenditures will be $3.8 trillion, if the package is approved. The deficit will be $1.6 trillion in fiscal 2010, and remain high at $1.3 trillion in fiscal 2011. The forecasts from the Administration are that by 2020 the federal debt will [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Feb 2010 | 3:18 am Europe Markets: Miners offset oil majors as European stocks gainStocks in Europe move higher after falling at the start of trade. Oil, gas and mining stocks all under the spotlight.
Source: MarketWatch.com - Top Stories | 2 Feb 2010 | 3:14 am Goldman Sachs: Lloyd Blankfein’s Missing PaycheckThe Times of London wrote that Goldman Sachs (NYSE:GS) CEO Lloyd Blankfein would be paid $100 million for his work as the head of the bank during 2009. Goldman’s public relations staff denied the story as quickly as it could and called the reports “speculative nonsense.” Goldman made $13.4 billion during its 2009 fiscal year, so by [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Feb 2010 | 3:13 am Premier League transfer fees fallPremier League clubs spent £30m in the January transfer window, the lowest since the mid-season window was introduced in 2003.Source: BBC News | Business | World Edition | 2 Feb 2010 | 3:12 am Toyota pedal fix too late to prevent backlash (AP)
Source: Yahoo! News: Business News | 2 Feb 2010 | 3:10 am Spyker sees Saab in profit by 2012 (AFP)
Source: Yahoo! News: Business News | 2 Feb 2010 | 3:07 am BP profit hit by lower oil pricesOil giant BP says its annual profit fell 45% due to lower oil and gas prices and depressed refining margins.Source: BBC News | Business | World Edition | 2 Feb 2010 | 3:06 am Toyota braces for sales hit from recallNAGOYA/DETROIT (Reuters) - Toyota Motor's unprecedented recall of millions of vehicles with accelerator problems is taking a toll on sales and may force the world's largest automaker to cut 2010 sales forecasts.Source: Reuters: Business News | 2 Feb 2010 | 3:05 am German 2009 retail sales down 1.8%: data (AFP)
Source: Yahoo! News: Business News | 2 Feb 2010 | 3:01 am World stocks rebound, Aussie hit by RBALONDON (Reuters) - World stocks bounced back on Tuesday after hitting three-month lows a day earlier, but gains were limited ahead of key economic data and rate decisions from the European Central Bank and the Bank of England this week.Source: Reuters: Business News | 2 Feb 2010 | 2:58 am London Markets: BP shares off as U.K.'s FTSE 100 falls slightlyBritish shares are under pressure from losses for oil giant BP, after the firm’s quarterly earnings fell below consensus forecasts.
Source: MarketWatch.com - Top Stories | 2 Feb 2010 | 2:56 am Telecom Italia rallies on Telefonica deal hopesThe Italian government may finally be relaxing its long-standing opposition to a foreign takeover for the telecom firm.
Source: MarketWatch.com - Top Stories | 2 Feb 2010 | 2:56 am Finnish paper maker UPM makes Q4 profitUPM-Kymmene Corp., the world's largest magazine paper maker, on Tuesday reported a fourth-quarter net profit of euro295 million ($410 million) and said it expects a slight improvement in...Source: RSS feed - channel BNewsBusiness | 2 Feb 2010 | 2:52 am Finnish paper maker UPM makes Q4 profit (AP)AP - UPM-Kymmene Corp., the world's largest magazine paper maker, on Tuesday reported a fourth-quarter net profit of euro295 million ($410 million) and said it expects a slight improvement in the industry.Source: Yahoo! News: Business News | 2 Feb 2010 | 2:52 am BP swings to profit on oil price rise, cost cutsBP is helped in the fourth quarter by rising crude-oil prices, improved production and cost cutting.
Source: MarketWatch.com - Top Stories | 2 Feb 2010 | 2:52 am Boeing predicts recovery in 2010Aerospace giant Boeing expects a global economic recovery this year to result in renewed demand for aircraft in 2012.Source: BBC News | Business | World Edition | 2 Feb 2010 | 2:39 am Obama's climate change Plan BThe Copenhagen climate talks went nowhere. The Senate's attempt to pass a global warming bill appears stuck. But that's doesn't mean greenhouse gas laws aren't coming.Source: Business and financial news - CNNMoney.com | 2 Feb 2010 | 2:35 am Stock futures signal fall on Wall Street(Reuters) - Stock index futures pointed to a lower opening on Wall Street on Tuesday, with futures for the S&P 500 down 0.27 percent, Dow Jones futures down 0.23 percent and Nasdaq 100 futures down 0.23 percent.Source: Reuters: Business News | 2 Feb 2010 | 2:34 am Stock futures signal fall on Wall Street (Reuters)
Source: Yahoo! News: Stock Markets News | 2 Feb 2010 | 2:34 am Eurozone issues record €110bn in bondsEurozone governments have borrowed a record €110bn from the markets so far this year, forcing up borrowing costs for those countries with the weakest public finances as they pay a heavy price for their ballooning debt levelsSource: Financial Times - US homepage | 2 Feb 2010 | 2:31 am Munich Re profit surges on lower catastrophe lossGerman reinsurance giant reports a seven-fold increase in fourth-quarter profit, helped by lower losses from natural catastrophes and a higher income from investments.
Source: MarketWatch.com - Top Stories | 2 Feb 2010 | 2:29 am Risk appetite on as tightening fears easeGlobal Markets Overview: Traders hope Australia’s decision to keep rates on hold may set the tone for other central banks, even after fresh signs of improving global economic activitySource: Financial Times - US homepage | 2 Feb 2010 | 2:28 am Music's lost decade: Sales cut in halfIf you watched the Grammy Awards Sunday night, it would appear all is well in the recording industry. But at the end of last year, the music business was worth half of what it was ten years ago and the decline doesn't look like it will be slowing anytime soon.Source: Business and financial news - CNNMoney.com | 2 Feb 2010 | 2:26 am Economic Report: Australian central bank holds interest rate steadyThe Reserve Bank of Australia surprises markets by holding its policy rate unchanged at 3.75% after a string of increases at its previous three meetings.
Source: MarketWatch.com - Top Stories | 2 Feb 2010 | 2:25 am Cable & Wireless names date for stock market splitCable & Wireless, the telecoms operator, has detailed the final steps for the demerger of its UK and international businesses, confirming the timetable for the spin-off and its future dividend policy. Source: Latest Business News from Times Online | 2 Feb 2010 | 2:17 am World stock markets fall amid recovery doubtsWorld stocks fell Tuesday as enthusiasm over positive U.S. economic reports gave way to worries about the global recovery's strength after Australia surprised investors with its decision toSource: RSS feed - channel BNewsBusiness | 2 Feb 2010 | 2:17 am World stock markets fall amid recovery doubts (AP)
Source: Yahoo! News: Stock Markets News | 2 Feb 2010 | 2:17 am World stock markets fall amid recovery doubts (AP)
Source: Yahoo! News: Business News | 2 Feb 2010 | 2:17 am Toyota's Japanese bosses emerge to face falloutToyota’s senior Japanese management admitted today that it had “serious concerns” that accelerator pedal safety problems and an unprecedented global recall of over 5 million cars would damage future sales. Source: Latest Business News from Times Online | 2 Feb 2010 | 2:09 am New Look planning share flotationFashion retailer New Look announces plans to return to the stock market, hoping to raise £650m to reduce its debts.Source: BBC News | Business | World Edition | 2 Feb 2010 | 2:08 am Bang for the buck. Finally.No matter what dollar doomsayers might say, the greenback's not done yet.Source: Business and financial news - CNNMoney.com | 2 Feb 2010 | 2:07 am 6 penny-pinching budget cutsGovernment agencies have been charged with lightening the country's debt load. Here are six of the quirkiest tricks.Source: Business and financial news - CNNMoney.com | 2 Feb 2010 | 2:04 am Media Digest 2/2/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: Volcker will testify that banks should curb risky trading. Reuters: The US sees “no reason” to challenge the Toyota (NYSE:TM) plan to fix cars it has recalled for pedal trouble. Reuters: The new budget has programs to save jobs but also creates huge deficits. Reuters: Boeing (NYSE:BA) says its airplane order book is getting smaller. Reuters: Goldman Sachs (NYSE:GS) may [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Feb 2010 | 2:01 am Historic Photo Print Archive, Featuring Iconic 20th Century Images, Has New Owner and HomeSource: RSS feed - channel BNewsBusiness | 2 Feb 2010 | 2:00 am BP punished as profits fail to hit the markBP today reported a worse-than-expected 33 per cent rise in fourth quarter profits to $3.45 billion ($£2.17 million), sending its shares down sharply. Source: Latest Business News from Times Online | 2 Feb 2010 | 1:50 am BP makes $4.3 billion profit in Q4 (AP)AP - BP PLC, Europe's second-largest oil company, on Tuesday reported a net profit of $4.3 billion for the fourth quarter, up from a year-ago loss but falling short of analysts' estimates due to weak earnings on refining.Source: Yahoo! News: Business News | 2 Feb 2010 | 1:48 am French court asks did Continental cause Concorde crashTen years after a fiery Paris crash that ended the dream of supersonic travel, a French court will Tuesday try to determine who was to blame for the Concorde disaster that killed 113...Source: RSS feed - channel BNewsBusiness | 2 Feb 2010 | 1:43 am BP offers downbeat outlook for 2010Oil group reports 70% rise in fourth-quarter profits but warns production will be below last year’s level and US recovery in the US ‘slow and gradual’Source: Financial Times - US homepage | 2 Feb 2010 | 1:41 am London's oil majors hit as BP numbers missBP was the biggest single faller on the FTSE 100 on Tuesday, after the oil company's fourth-quarter profit increase was less strong than forecast. Shares in the company, the second most valuable...Source: RSS feed - channel BNPaperBusiness | 2 Feb 2010 | 1:39 am Asia Markets And Europe Open (2/2/2010)Markets in Asia were mixed. The Nikkei rose 1.6% to 10,371. Toyota (NYSE:TM) rose as it shipped parts to complete its recalls. The Hang Seng rose a fraction to 20,251. The Shanghai Composite was down .2% to 2,935. At the open in Europe, the FTSE fell .2% to 5,236. Royal Dutch Shell (NYSE:RDA-A) and BP (NYSE:BP) fell on earnings [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Feb 2010 | 1:26 am FTSE 100 slightly lower at open (AFP)
Source: Yahoo! News: Stock Markets News | 2 Feb 2010 | 1:20 am Australia in surprise rate freezeAustralia's central bank surprises analysts by keeping interest rates on hold at 3.75%, but hints that more roses may be needed.Source: BBC News | Business | World Edition | 2 Feb 2010 | 1:19 am Obama budget, jobs plan get early tests on HillPresident Barack Obama's proposed budget, stuffed with initiatives to spark jobs and the economy, is getting an early test with lawmakers weary of record deficits, wary of his tax ideas andSource: RSS feed - channel BNewsBusiness | 2 Feb 2010 | 1:19 am Defense shares gain on spending boost in U.S. budgetATLANTA (Reuters) - Shares of major U.S. defense contractors rose on Monday after the Obama administration unveiled a defense budget for fiscal 2011 that seeks a 3.4 percent increase in theSource: RSS feed - channel BNewsBusiness | 2 Feb 2010 | 1:14 am Defense shares gain on spending boost in U.S. budgetATLANTA (Reuters) - Shares of major U.S. defense contractors rose on Monday after the Obama administration unveiled a defense budget for fiscal 2011 that seeks a 3.4 percent increase in the Pentagon's base budget and $159 million to fund missions in Iraq, Afghanistan and Pakistan.Source: Reuters: Business News | 2 Feb 2010 | 1:14 am New Look confirms IPO with £650m in new sharesNew Look, the private equity-owned value fashion retailer, confirmed its intention to float on the stock exchange this morning and set out the first details of its long-awaited IPO. Source: Latest Business News from Times Online | 2 Feb 2010 | 1:12 am Reinsurer Munich Re says 2009 profit up 62 percentThe world's biggest reinsurer, Munich Re, reported Tuesday that net profit soared 62 percent last year, exceeding the group's own forecast owing to a sharp decline in natural disasters. ...Source: RSS feed - channel BNewsBusiness | 2 Feb 2010 | 1:06 am BP makes $4.3 billion profit in Q4BP PLC, Europe's second-largest oil company, on Tuesday reported a net profit of $4.3 billion in the fourth quarter, up from a loss a year earlier but down from the previous quarter's...Source: RSS feed - channel BNewsBusiness | 2 Feb 2010 | 1:04 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 | 2 Feb 2010 | 1:01 am Oil futures bounce back; gasoline prices keep droppingCrude rises on growth in the U.S. manufacturing sector and overall economy and on violence in Nigeria. Demand at the pump, meanwhile, is weak. ...Source: RSS feed - channel BNPaperBusiness | 2 Feb 2010 | 1:00 am 3-D is helping brighten the picture for ImaxThe big-screen-projection pioneer has generated more than $150 million in ticket sales for 'Avatar' alone. The once-troubled company expects to post its first annual profit in four years.When director James Cameron wanted to give fans a glimpse of his 3-D epic "Avatar" last summer, he opted to show the first 15 minutes of the sci-fi film in big-screen Imax theaters in the U.S. and Canada.
Source: L.A. Times - Business | 2 Feb 2010 | 1:00 am Sony Pictures to cut 450 workers as DVD sales declineThe studio-wide layoffs are to hit the home entertainment and IT units hardest. 100 open positions will be eliminated as well.Sony Pictures Entertainment is laying off 450 people, more than 6.5% of its workforce, as part of a studio-wide belt-tightening blamed on the growth of piracy and changing media consumption patterns, particularly the ongoing downturn in DVD sales.
Source: L.A. Times - Business | 2 Feb 2010 | 1:00 am Rising factory activity is a bright spot in mixed economic reportA decrease in construction spending and meager gains in personal income and spending in December are balanced by an increase in January's manufacturing index.Hopes that America's factories will help drive the economic recovery gained support Monday from news that manufacturing activity grew in January to its strongest level since 2004.
Source: L.A. Times - Business | 2 Feb 2010 | 1:00 am No coming-out party for Super BowlAmong this year's spots rejected by CBS are one for gay dating website ManCrunch.com and one from GoDaddy.com titled 'Lola.' The subtext in both may be that football itself is, well, kind of gay.As predicted here, a row over the Tim Tebow Super Bowl ad for the Christian advocacy group Focus on the Family blew up last week, with the National Organization for Women, among others, calling on CBS not to air the commercial, and right-to-lifers rallying on Facebook in support.
Source: L.A. Times - Business | 2 Feb 2010 | 1:00 am Toyota hopes to fix image along with gas pedalsThe automaker says parts are already on their way to the company's 1,200 dealerships so that motorists' cars can be repaired.Toyota Motor Corp. announced a fix to its sticking gas pedal problem Monday, but the Japanese automaker must still convince a skeptical public that its latest action will prevent vehicles from accelerating out of control.
Source: L.A. Times - Business | 2 Feb 2010 | 1:00 am Wind energy job growth isn't blowing anyone awayDespite record growth in generating capacity, the industry is creating few employment opportunities overall.America's wind energy industry enjoyed a banner year in 2009, thanks largely to tax credits and other incentives packed into the $787-billion economic stimulus bill.
Source: L.A. Times - Business | 2 Feb 2010 | 1:00 am Oil futures bounce back; gasoline prices keep droppingCrude rises on growth in the U.S. manufacturing sector and overall economy and on violence in Nigeria. Demand at the pump, meanwhile, is weak.Crude oil prices rebounded Monday after ending last week at their lowest level since Dec. 21, but analysts said gasoline prices would fall in California and around the nation in the coming weeks because of plentiful supplies and weak demand.
Source: L.A. Times - Business | 2 Feb 2010 | 1:00 am Questions and answers for owners of Toyotas affected by the recallThe automaker says most customers should wait until they receive a certified letter to make an appointment to get their vehicle repaired.Toyota Motor Corp. said Monday that it has a repair to stop one cause of unintended acceleration that has led to a recall of eight of its most popular vehicles.
Source: L.A. Times - Business | 2 Feb 2010 | 1:00 am 3-D is helping brighten the picture for ImaxThe big-screen-projection pioneer has generated more than $150 million in ticket sales for 'Avatar' alone. The once-troubled company expects to post its first annual profit in four years. ...Source: RSS feed - channel BNPaperBusiness | 2 Feb 2010 | 1:00 am Securitization industry charts its futureThousands who sell securities backed by loans and other assets meet near Washington to discuss a possible comeback from the subprime mortgage meltdown. ...Source: RSS feed - channel BNPaperBusiness | 2 Feb 2010 | 1:00 am Rising factory activity is a bright spot in mixed economic reportA decrease in construction spending and meager gains in personal income and spending in December are balanced by an increase in January's manufacturing index. ...Source: RSS feed - channel BNPaperBusiness | 2 Feb 2010 | 1:00 am Toyota hopes to fix image along with gas pedalsThe automaker says parts are already on their way to the company's 1,200 dealerships so that motorists' cars can be repaired. ...Source: RSS feed - channel BNPaperBusiness | 2 Feb 2010 | 1:00 am Questions and answers for owners of Toyotas affected by the recallThe automaker says most customers should wait until they receive a certified letter to make an appointment to get their vehicle repaired. ...Source: RSS feed - channel BNPaperBusiness | 2 Feb 2010 | 1:00 am Securitization industry charts its futureThousands who sell securities backed by loans and other assets meet near Washington to discuss a possible comeback from the subprime mortgage meltdown.In the heyday of the securitization industry, when subprime mortgages could be magically transformed into AAA-rated bonds, the Wall Street alchemists who created that trillion-dollar business held their annual convention in the city that fully appreciated the idea of image over substance: Las Vegas.
Source: L.A. Times - Business | 2 Feb 2010 | 1:00 am No coming-out party for Super BowlAmong this year's spots rejected by CBS are one for gay dating website ManCrunch.com and one from GoDaddy.com titled 'Lola.' The subtext in both may be that football itself is, well, kind of gay. ...Source: RSS feed - channel BNPaperBusiness | 2 Feb 2010 | 1:00 am Stocks climb as manufacturing, spending increaseNEW YORK -- Stock indexes rose as strong economic reports bolstered hopes that the recovery was in better shape than many had believed.Source: RSS feed - channel BNPaperBusiness | 2 Feb 2010 | 1:00 am Citibank to keep checking accounts free until at least 2011The bank had planned to start charging $9.50 a month for balances below $1,500. It holds off in a settlement with the New York attorney general, who said customers did not receive adequate notice. ...Source: RSS feed - channel BNPaperBusiness | 2 Feb 2010 | 1:00 am Australian interest rates left unchangedSYDNEY - Australia's central bank left its key interest rate unchanged at 3.75 per cent on Tuesday, surprising investors and analysts who had predicted the bank would continue raising the rate as the nation's economy rebounds.The...Source: nzherald.co.nz - Business | 2 Feb 2010 | 12:47 am BP swings back into profit in fourth quarterBritish energy giant BP on Tuesday announced net profit of 4.295 billion dollars (3.1 billion euros) for the fourth quarter compared with a loss of 3.34 billion dollars a year earlier. ...Source: RSS feed - channel BNewsBusiness | 2 Feb 2010 | 12:40 am Your Money with Chuck Jaffe: Dow forecaster puts money into health care, techRich Moroney, editor of the Dow Theory Forecast and Upside newsletters, says that health care and consumer-discretionary stocks are on the rise, and that there are still good buys in technology, though the sector on the whole is slowing down.
Source: MarketWatch.com - Top Stories | 2 Feb 2010 | 12:40 am Asia shares up off 3-month lowsSINGAPORE (Reuters) - Resource stocks lifted Asian shares off three-month lows on Tuesday after strong U.S. manufacturing data raised hopes the global economic recovery was on a firmer...Source: RSS feed - channel BNewsBusiness | 2 Feb 2010 | 12:35 am Charity to get heiress's fortune, HK judge rulesA long-running battle for control over a multi-billion estate draws toward a conclusion, after a Hong Kong court invalidates one of two wills contesting the fortune of deceased tycoon heiress Nina Wang.
Source: MarketWatch.com - Top Stories | 2 Feb 2010 | 12:31 am Sharemarket gives back early gainsThe New Zealand sharemarket started the morning positively but gave it all away in the afternoon to end up slightly down for the day.The benchmark NZX-50 index opened at 3150.968 and immediately soared close to 3170 for about...Source: nzherald.co.nz - Business | 1 Feb 2010 | 11:28 pm Oil trims gains after $75 hit, dollar stronger (Reuters)
Source: Yahoo! News: Business News | 1 Feb 2010 | 11:15 pm Oil trims gains after $75 hit, dollar strongerSINGAPORE (Reuters) - Oil pared gains on Tuesday as the dollar strengthened, with the market's attention turning to forecasts for steady U.S. crude inventories after prices topped $75 earlier on optimism about the economy.Source: Reuters: Business News | 1 Feb 2010 | 11:15 pm Jan retail sales seen up, clues sought on Q1SAN FRANCISCO (Reuters) - January sales at top U.S. retail chains should rebound into positive territory from last year's decline as shoppers redeemed holiday gift cards and retailers avoided drastic clearance sales.Source: Reuters: Business News | 1 Feb 2010 | 10:55 pm Aussie rate decision drags dollar downThe Reserve Bank of Australia's unexpected decision to keep its official cash rate at the same level saw the New Zealand dollar also dragged against the US greenback this afternoon.For most of today it held its ground against...Source: nzherald.co.nz - Business | 1 Feb 2010 | 10:45 pm Obama's 2010 budget: deficit soars amid job spendingWASHINGTON (Reuters) - President Barack Obama pledged on Monday to halve a record 2010 budget deficit by the end of his first term in office, but made tackling double-digit unemployment his immediate priority with a spending plan that risked public ire and a rough battle in Congress.Source: Reuters: Business News | 1 Feb 2010 | 10:24 pm Anatomy of a Data Breach (Card Sharp)Have you received a breach notification letter recently? Here's a quick action plan.
Source: SmartMoney.com | 1 Feb 2010 | 10:00 pm Australia holds interest rates steadyThe Reserve Bank of Australia stuns financial markets by keeping its benchmark interest rate steady at 3.75 per cent, defying forecasts of a fourth consecutive 25 basis point increaseSource: Financial Times - US homepage | 1 Feb 2010 | 9:59 pm Big banks' risky trading should be curbed: VolckerWASHINGTON (Reuters) - White House adviser Paul Volcker will urge Congress to curb the risks taken by large banks to help prevent them from being treated as "too big to fail," according to testimony obtained by Reuters on Monday.Source: Reuters: Business News | 1 Feb 2010 | 8:44 pm Overhaul of tax system possible - EnglishThe budget will be delivered on May 20 but New Zealanders may get a better idea about the Government's plans for the tax system next week, Finance Minister Bill English said today.He said his second budget would focus on improving...Source: nzherald.co.nz - Business | 1 Feb 2010 | 8:43 pm Cement company takes wharf siteGolden Bay Cement is opening a $45 million service centre at Bledisloe Wharf tomorrow, securing the company's position in Auckland.The new Eastport centre would more than double the storage and discharge capacity at the Fletcher...Source: nzherald.co.nz - Business | 1 Feb 2010 | 7:45 pm Global manufacturing surges backManufacturing activity soared around the world in January, according to a raft of surveys that will bolster hopes of a strong global recoverySource: Financial Times - US homepage | 1 Feb 2010 | 7:40 pm Telecom reveals $5m XT compo planTelecom has unveiled a $5 million compensation plan, following last week's outage to its XT mobile network.A statement issued by the company says the "goodwill gesture" recognises those customers who lost service during the outage...Source: nzherald.co.nz - Business | 1 Feb 2010 | 7:30 pm Goldman Sachs could slash CEO bonus amid pressureNEW YORK (Reuters) - Goldman Sachs Group Inc is likely to slash its chief executive's bonus from the record $67.9 million he got two years ago, but Lloyd Blankfein's pay package could still fuel criticism the bank has been "tone deaf" in its approach to the financial crisis.Source: Reuters: Business News | 1 Feb 2010 | 7:14 pm Deep sea exploring on Branson's new planeVirgin unveiled the latest addition to Richard Branson's luxury fleet on Friday: an underwater plane that will fly riders into the depths of the Caribbean Sea.Source: Business and financial news - CNNMoney.com | 1 Feb 2010 | 7:10 pm Travel Web sites win rollback of additional taxes (Reuters)Reuters - Online travel companies on Monday won the first of several pending legal battles to roll back tax assessments by California cities that claim they owe tens of millions of dollars in occupancy taxes.Source: Yahoo! News: Business News | 1 Feb 2010 | 6:40 pm Cadbury workers lobby governmentCadbury workers will lobby the government ahead of an expected takeover by US food giant Kraft.Source: BBC News | Business | World Edition | 1 Feb 2010 | 6:38 pm Stocks, Golf Products, Nike's Earnings, Wal-Mart: Taking StockSource: Bloomberg - All Podcasts | 1 Feb 2010 | 6:11 pm Silicon Motion widens loss in 4Q (AP)AP - Taiwan-based semiconductor maker Silicon Motion Technology Corp. said Monday it widened its loss in the fourth quarter as revenue plunged.Source: Yahoo! News: Business News | 1 Feb 2010 | 6:04 pm Banker admits $18m fraud chargesA former ASB Bank investment banker has admitted fraud charges involving nearly $18 million.Stephen Gerard Versalko, 51, has today pleaded guilty in the Auckland District Court to three charges laid by the Serious Fraud Office...Source: nzherald.co.nz - Business | 1 Feb 2010 | 6:00 pm Mortgagee sales near record highThe housing and employment markets may be showing signs of stabilising, but mortgagee sales are still soaring.Terralink International has reported there were 287 registered mortgagee sales in November, down 4 per cent from October...Source: nzherald.co.nz - Business | 1 Feb 2010 | 6:00 pm Demand for corporate loans in US fallsUS banks make it easier for big companies to borrow money for the first time since the crisis, but demand falls as American businesses remain worried about the economySource: Financial Times - US homepage | 1 Feb 2010 | 5:57 pm Union renews legal battle with BAThe Unite union goes to the High Court to try to get last year's British Airways' cabin crew changes overturned.Source: BBC News | Business | World Edition | 1 Feb 2010 | 5:36 pm Obama looks to target overseas tax breaksThe Obama administration unveiled plans for a fresh assault on international tax avoidance that officials say will help reduce the deficit from a record $1,556bn this yearSource: Financial Times - US homepage | 1 Feb 2010 | 5:33 pm Airport shares flying highShares of Auckland International Airport have gained ground after the company completed its $126 million equity raising, a sign that initial concern over its Queensland investment has abated.The shares climbed 3.5 per cent to...Source: nzherald.co.nz - Business | 1 Feb 2010 | 5:30 pm Obama seeks 12 percent budget increase for SEC (AP)AP - President Barack Obama is seeking a 12 percent budget increase for the Securities and Exchange Commission, including $419 million for more than 100 new enforcement staff to work on the agency's burgeoning caseload targeting fraud and market manipulation.Source: Yahoo! News: Stock Markets News | 1 Feb 2010 | 5:29 pm Where Toyota went wrongWhen Toyota gets around to doing one of its famous "root cause" analyses of the Great Accelerator Recall, it should start by looking in the mirror.Source: Business and financial news - CNNMoney.com | 1 Feb 2010 | 5:13 pm Koreans swoop on Gatwick stakeSouth Korea’s National Pension Service is in talks to acquire a 12 per cent stake in Britain’s Gatwick airport. Source: Latest Business News from Times Online | 1 Feb 2010 | 5:09 pm SIRIUS XM Snags Yet Another Upgrade (SIRI)SIRIUS XM Radio Inc. (NASDAQ: SIRI) may have some risks for new Pandora web radio to the car and over Howard Stern’s contract expiration at the end of 2010, but that is not keeping the upgrades from coming. One day last week we saw three positive research calls, and then tonight we saw another debt [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Feb 2010 | 5:07 pm A Hostile Takeover Bid For Barnes & Noble As The Company Loses Ground To AmazonRon Burkle, a financier who is fond of raiding retail companies, plans to take a 37% stake in the nation’s largest bricks-and-mortar book seller, Barnes & Noble (NYSE:BKS). Burkle’s Yucaipa investment funds have already bought 18% of the book company. He claims that Barnes & Noble adopted a “poison pill” after his first investment to keep [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Feb 2010 | 5:06 pm Obama gambles on spending spree to save jobs as deficit hits new highPresident Obama admitted yesterday that America’s deficit would soar to record levels this year as he unveiled a $3.8 trillion ($£2.4 trillion) budget that could decide his political fate. Source: Latest Business News from Times Online | 1 Feb 2010 | 5:01 pm Shell deal promises river of green fuel in BrazilRoyal Dutch Shell is plunging into Brazil’s sugar cane ethanol industry in a $12 billion ($£7.5 billion) venture with Cosan, the market leader, which has been accused by the Brazilian Government of “slave labour” practices. Source: Latest Business News from Times Online | 1 Feb 2010 | 5:01 pm Toyota knew of accelerator pedal problem in UK a year agoToyota, the Japanese motor manufacturer that is recalling millions of defective cars around the world, knew in the UK a year ago that accelerator pedals in its cars were jamming. Source: Latest Business News from Times Online | 1 Feb 2010 | 5:01 pm Payment for homemade power ‘too low to help’New subsidies to encourage millions of British families to install roof-top wind turbines and solar panels were unveiled by the Government yesterday, but were criticised as too low to help to meet its ambitious targets for low-carbon energy production. Source: Latest Business News from Times Online | 1 Feb 2010 | 5:01 pm MPs fly out to meet American financial leadersMembers of the Commons Treasury Select Committee, which is in the middle of an inquiry into whether big banks should be forced to carve themselves up, flew to America yesterday to meet Wall Street financiers, central bankers and the US Treasury. Source: Latest Business News from Times Online | 1 Feb 2010 | 5:01 pm Wage growth still slowing, as labour demand fallsWages and salaries rose by 1.9 per cent in the year to the December quarter, says Stats NZ, the lowest annual growth since June 2001.The Labour Cost Index released today shows the decline in wage growth continued last year, with...Source: nzherald.co.nz - Business | 1 Feb 2010 | 4:30 pm Write-Offs: 02.01.10$$$ Giant Squid Attack California Coast [TRB] $$$ 94 Minutes With Neil Barofksy [NYM] $$$ A Short History of Goldman Spokesman Lucas Van Praag's Most Withering Rebuttals [DI] $$$ Treasury Department Is Already Saying Volcker Rule Won't Change Goldman Sachs [BI] 
 Source: Dealbreaker | 1 Feb 2010 | 4:00 pm How the major stock indexes fared on Monday (AP)AP - Encouraging economic reports lifted stocks Monday and bolstered hopes that the recovery is in better shape than many had believed. Gains in manufacturing and personal incomes gave the market a strong start to February after rising doubts about the economy led to three losing weeks. Energy stocks led the market higher following a strong earnings report from Exxon Mobil Corp.Source: Yahoo! News: Stock Markets News | 1 Feb 2010 | 3:56 pm Amazon bows to Macmillan over e-booksOnline retailer restores the publisher’s titles to its website and Kindle store after withdrawing them in a dispute over pricing models for e-booksSource: Financial Times - US homepage | 1 Feb 2010 | 3:55 pm Stocks climb as manufacturing, spending increase (AP)
Source: Yahoo! News: Stock Markets News | 1 Feb 2010 | 3:45 pm Paulson Was 'Scared' After Lehman Collapse
Source: Dealbreaker | 1 Feb 2010 | 3:33 pm Spend and saveUS deficit dilemma and why Obama needs to get it rightSource: BBC News | Business | World Edition | 1 Feb 2010 | 3:30 pm Exxon quarterly profit tops Street, stock up 3 percentHOUSTON (Reuters) - Exxon Mobil Corp reported a fourth-quarter profit on Monday that topped Wall Street expectations as natural gas projects boosted results at the largest U.S. oil company's exploration arm.Source: Reuters: Business News | 1 Feb 2010 | 3:23 pm Collapse Of Bear Stearns Took Away From Hank Paulson's Bird Time
That evening Wendy and I went to the National Geographic Society to see The Lord God Bird, a terrific documentary on the ivory-billed woodpecker, a bird so spectacular it made people say Lord God!! Normally, I would have enjoyed this immensely, but I was preoccupied with Bear Stearns. Every time one of our friends from the environmental community came over, I would look right through them. Wendy got really upset with me.
Source: Dealbreaker | 1 Feb 2010 | 3:20 pm Amazon shares slip 5%; Macmillan titles still missingThe online bookseller said Sunday that it would capitulate to Macmillan s demand that it charge higher prices for e-books on Kindle.Amazon.com Inc. continued to withhold sales of books published by Macmillan on Monday, the result of a pricing dispute that helped knock the online retailer's shares down more than 5%.
Source: L.A. Times - Business | 1 Feb 2010 | 3:17 pm New Podcasting ScheduleBy Caitlin Kenney As we announced on Friday's podcast, we're moving to a new schedule. We'll now be podcasting on Tuesdays and Fridays, and we promise to post the podcast at the exact same time both days -- 4 PM EST. We're giving this new schedule a try because we think it'll make things better for you and us. So check back tomorrow for a brand new show. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Feb 2010 | 3:15 pm Stimulus: Secret sequel in the budgetThey're not calling it Stimulus 2, but the Obama administration wants to extend the life of several Recovery Act provisions by building them into the federal budget.Source: Business and financial news - CNNMoney.com | 1 Feb 2010 | 3:15 pm iPhone grabs market share - or notApple's iconic smartphone is going gangbusters! No, it's suffering from "Razr burn"!Source: Business and financial news - CNNMoney.com | 1 Feb 2010 | 2:47 pm Don't Leave A Message For Joe Stiglitz After The Beep
Source: Dealbreaker | 1 Feb 2010 | 2:44 pm Letter: It Makes Sense to Walk AwayAl from Stockton, Calif. writes: We have a home in Stockton not too different from the hypothetical in your episode. 400k 1st and 2nd mortgage, 250k house value. We have an interest only loan, costs us $2k/month and we're building no equity. The two reasons we haven't stop making payments is we're waiting to see if the government does anything (the HAMP program is not useful to us since the mortgage is more than 125% of the value of the home), and we need to figure out the right time to take the hit to our credit score. I'm not sure why it's hard to understand why it makes sense to walk away. If house prices climb by 5% a year, it'd be 15 years before we broke even and house prices here aren't going to do even that. All the while paying $24k to the bank in interest per year. This is what's so crazy about the government's HAMP program, without writing down any of the principal, there's no reason for us to stay. If the loan were written down to 275-300k, we'd probably figure out how to stay. Our credit is worth 25-50k, but it's not worth 150k, and so we would eventually walk. I don't begrudge any of neighbors who may have done the same. We can rent for half the price. Over the 15 years to break even, it would cost us $12,000 a year in extra payments for no equity and we'd be trapped in the home. Also, having been involved in commercial real estate ventures, i know the bank wouldn't hesitate to walk away if it were in my shoes. They are guided completely by what is in the contract, nothing more or less. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Feb 2010 | 2:43 pm Federal Reserve Survey: Consumers Don’t Want A LoanToday the Federal Reserve released its survey of senior loan officers covering the fourth quarter of 2009. The survey covered delinquency rates on commercial and industrial loans made to both small and large firms. It also covered changes in policy with regards to commercial real estate lending and outlooks on credit quality going into 2010. Overall, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Feb 2010 | 2:42 pm Wrestling for Control of Barnes & Noble (BKS)A war is beginning to take place over Barnes & Noble, Inc. (NYSE: BKS). Ron Burkle, a well-known activist investor who heads various activist investor funds under the name Yucaipa, is trying to go after the Riggio family for control of the troubled Barnes & Noble book store chain. An SEC filing from Yucaipa shows [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Feb 2010 | 2:40 pm Shell in $12bn Brazilian ethanol partnershipEnergy group signs understanding with Brazilian ethanol producer Cosan in a deal that echoes a similar move by rival BPSource: Financial Times - US homepage | 1 Feb 2010 | 2:05 pm F-35 general sacked by PentagonUS defence chief Robert Gates sacks the marine general overseeing a $40bn strike fighter project following missed targets.Source: BBC News | Business | World Edition | 1 Feb 2010 | 2:01 pm Hank Paulson's Alone Time
As a boy, I was very goal oriented. It's what [my wife] Wendy calls my "gold-star mentality." I no sooner became a boy scout that I made up my mind to be come an eagle scout, which I did, at 14. And some stuff I was surprised (and thrilled) to hear about, like the former Treasury Secretary rubbing one out:
Source: Dealbreaker | 1 Feb 2010 | 1:57 pm Presented By:Source: Dealbreaker | 1 Feb 2010 | 1:57 pm When 'free checking' isn't freeFree checking will remain free for a just little bit longer for some Citibank customers.Source: Business and financial news - CNNMoney.com | 1 Feb 2010 | 1:43 pm Congress A Little Nervous About Commercial Real EstateGuess what? Congress is starting to worry about commercial real estate being the next shoe to drop. Again. Still. And no one is doing anything about it. Enters a group of valiant House members, who took the matter into their own hands. They wrote a letter to Timmy G. and Ben B. begging them to take some action. Because, yeah, they will.
Source: Dealbreaker | 1 Feb 2010 | 1:40 pm Kansas gambles on state-owned casinoSome states are turning to casinos as part of a solution to huge budget deficits. Kansas has gone one step further and is actually setting up the first state-owned gambling operation in the country. Sylvia Maria Gross reports.Source: Marketplace | 1 Feb 2010 | 1:00 pm Publisher gets tough on AmazonPrior to the introduction of Apple's iPad, Amazon had a near-lock on setting prices for e-books. But Apple's entry into the market is making the online retail giant re-kindle its relationship with publishers. Sarah Gardner reports.Source: Marketplace | 1 Feb 2010 | 1:00 pm Big shifts on Main StreetWalk down any commercial street in the U.S., and you're likely to see empty storefronts. But there are new businesses to come along to take up the space. Mitchell Hartman reports.Source: Marketplace | 1 Feb 2010 | 1:00 pm It's time for China to pull hackers' plugsGoogle has been considering a new approach to China because of censorship issues. Commentator Todd Buchholz says China faces a stark choice when it comes to Internet freedom.Source: Marketplace | 1 Feb 2010 | 1:00 pm How will Toyota fix faulty pedals?Reporter Alisa Roth talks with Tess Vigeland about the logistics behind Toyota repairing its problematic accelerator pedals and how the carmaker plans to improve its image after the recall.Source: Marketplace | 1 Feb 2010 | 1:00 pm Budget's impact on No Child Left BehindPresident Obama's budget sets aside $50 billion for education, but the White House plans to make schools work for that money. Nancy Marshall Genzer explains.Source: Marketplace | 1 Feb 2010 | 1:00 pm Deficit reduction to be gradualThe White House has proposed a $3.8 trillion budget, which would drive the federal deficit to a record $1.5 trillion. So how will President Obama bring the deficit under control? John Dimsdale reports.Source: Marketplace | 1 Feb 2010 | 1:00 pm Barry James Likes Short-Term Exchange-Traded Funds: AudioSource: Bloomberg - All Podcasts | 1 Feb 2010 | 12:46 pm Equity Residential Raised to `Neutral' at Credit Suisse: AudioSource: Bloomberg - All Podcasts | 1 Feb 2010 | 12:43 pm Encima's Malpass: Bloomberg On the Economy With Tom KeeneSource: Bloomberg - All Podcasts | 1 Feb 2010 | 12:33 pm Qorvis' Collender: Bloomberg On the Economy With Tom KeeneSource: Bloomberg - All Podcasts | 1 Feb 2010 | 12:32 pm Cliff Asness's Boyhood Pursuits: Girls, Comic Books, Beatdowns
As a child, Clifford Scott Asness gave no sign of his future as a Wall Street tycoon. He was born in October 1966 in Queens, New York. When he was four, his family moved to the leafy suburban environs of Roslyn Heights on Long Island. In school Asness received good grades, but his interest in Wall Street didn't extend beyond the dark towers of Gotham in the pages of Batman. Obsessed with little besides girls and comic books, Asness was a listless teenager, without direction and somewhat overweight. At times he showed signs of a violent temper that would erupt years later when he sat at the helm of his own hedge fund. Once a chess team rival taunted him in the school's parking lot about a recent match. That's when things got real.
Source: Dealbreaker | 1 Feb 2010 | 12:15 pm US companies set for upbeat earningsCorporate USA is on track to report one of the best quarterly earnings seasons on record in terms of the number of companies that beat market expectations with their profitsSource: Financial Times - US homepage | 1 Feb 2010 | 12:04 pm A look at global economic developments (AP)AP - A look at economic developments and activity in major stock markets around the world MondaySource: Yahoo! News: Stock Markets News | 1 Feb 2010 | 12:01 pm Technical Alert: JPMorgan Vs. Key Banks (JPM, BAC, C, WFC, XLF, FAS)The recent trading days have been more than interesting in the market and in the financial sector. The big change came right at the same time that the banks looked poised for another potential breakout to the upside, but the rules of the game unexpectedly changed in short order. To top it off, we have [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Feb 2010 | 11:58 am Getting Back To Basics: What's A Bank?
So, here we go. Lesson 1: What Is a Bank? "The word "bank" evokes different mental pictures for different individuals. Some will think of the quintessential bank building with big stone columns and a large vault. Others will envision a balance sheet showing a bank's assets, liabilities, and capital. Still others will fall back on the regulatory definition of a bank: generally, an organization that is chartered by either a state or the federal government for the purpose of accepting deposits."
Source: Dealbreaker | 1 Feb 2010 | 11:08 am Watch: Paulson Says He Was 'Scared' After Lehman CollapseBy Caitlin Kenney Former Treasury Secretary Hank Paulson is making the media rounds to promote his new book "On the Brink." Parts of his interview with CNBC are being shown all day on the media network, including this recent clip where Paulson talks about realizing that Lehman Brothers wasn't going to make it: I didn't have answers. We had been trying to turn over every stone. I knew how difficult it is to sell an investment bank over a weekend. Particularly, [because] the markets were so fragile. My stomach knotted up and usually when I'm playing offense the fear goes away cause I know what to do. But for that moment there, I had no idea what to do and I knew everyone was going to be looking to me for answers. So as I say in the book, I stepped out of the room, because I didn't want to do this in front of other people, took my cellphone out of my pocket and called my wife at home. I said 'Wendy, this really tough. I'm scared. People are looking at me and I don't know what to do. Pray for me.' Then I pulled myself together and put back on my armor and went down and pretended like I knew what we were going to do. Watch the video, after the jump.
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Source: NPR Blogs: Planet Money | 1 Feb 2010 | 10:48 am Goldman Sachs Spokesman Lucas Van Praag Would Like Bonus Speculators To Take A BowEarlier this morning we mentioned a story by the Sunday Times which claimed, according to "bankers at Davos," that Lloyd Blankfein would be taking home a $100 million bonus this year. We asked Goldman Sachs spokesman Lucas Van Praag for his thoughts on the report. His short answer, via Larry Summers, can be found here. And the slightly longer version: "There's speculation, and there is stupidity. This speculation transcends the simply stupid and takes it to an entirely new level."
Source: Dealbreaker | 1 Feb 2010 | 10:37 am Analysts Warming to Oracle More and More (ORCL, IBM, SAP)Oracle Corp. (NASDAQ: ORCL) has just completed its acquisition of Sun Microsystems, and so far we are seeing analysts overwhelmingly in favor of the stock based on the most recent calls or on recent price changes. More importantly, the price targets were raised along with the earnings expectations for beyond 2010. There are some caveats [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 1 Feb 2010 | 10:36 am 5 Business Lessons from “Up in the Air”
Through Ryan’s story, Up in the Air shares wisdom for businesses and career-minded people–mostly by teaching you what to avoid. Here are five of the best business takeaways. Why wasn’t Ryan alarmed by the woman’s talk of harming herself? Because he was so used to firing employees that he stopped truly listening. If he had been more aware, less habituated, he might have been able to help the woman, or at least direct her to someone who could. Instead, he didn’t take her seriously. As a result, he was unable to help prevent her death. The lesson here? Even if you deal with thousands of customers, you’ll best serve them if you make listening part of your personal or company DNA. 2. Have a Plan B. Up in the Air is full of characters who lack backup plans. Ryan Bingham, for example, bases his entire value system into his job. To Ryan, flying and travel represent freedom. Frequent flyer miles and hotel points make him feel valued. His status at work makes him feel competent. He has his basic human needs met through his unattached working lifestyle. But what happens when his boss stops him from traveling, thanks to new technology that lets him fire people remotely? He faces an empty apartment and an empty life. What happens when Ryan goes out on a limb and tries, for once, to show serious interest in a woman he met on the road? He fails. Then he defaults back to his old shallow system. If Ryan was to be fired, his entire world would collapse. He never considered life outside of the travel circuit. He avoided cultivating anything but travel points. If he loses his job, he loses his outlook, his belief system, his life. The lesson? Don’t let your business or career be like this. Have a fall-back plan or two. 3. You can’t digitize everything. In today’s information age, we try to make everything digital. That includes social interactions, customer service, interviews, and other functions that used to occur face-to-face. But certain impactful communications, like firing people, can’t effectively be done from a distance. That’s what Craig Gregory, Ryan Bingham’s boss, finds out the hard way. Gregory hires Natalie Keener, a young business school grad, to revamp the company’s system of hiring and firing people. Instead of doing it face-to-face, Natalie implements a remote system. The person getting fired is informed of her fate by a face on a screen. After Natalie quits, Gregory (Jason Bateman) throws in the towel on her method of firing people. Gregory wanted to change his traditional business model to cut company costs. He realized afterward that his company actually worked better the old way. Going digital isn’t the answer to everything, after all. 4. Don’t expect security. When Gregory implements remote firing, Ryan, one of the company’s best employees, is grounded in Omaha. Ryan, a star performer, thought his position was secure. If this movie and this economy prove anything, however, it’s that security is a thing of the past. Not even stellar performance can guarantee it for you. 5. Make your values proactive. Ryan’s mission and values involved avoiding stuff and commitment. He dreaded being weighed down, so he avoided anything that made him feel that way. Values based on avoidance won’t get you very far. Such values force you to depend on external conditions for your success. For example, if Ryan were to lose his job, he would have to find another situation that enabled him to avoid a sense of being weighted down. If, on the other hand, Ryan’s strategy were based on proactive values, he could stay true to his beliefs while being flexible about external situations. If, for example, his values were based around fostering an internal sense of freedom, he could live or move anywhere. It wouldn’t make a difference. He could be grounded in Omaha, forced to stay in one place, but find freedom in pockets of the city. It’s a mental outlook. Ryan’s was limiting him. Don’t let your business operate on the same premise of avoidance. Be proactive.
Source: Business Pundit | 1 Feb 2010 | 10:19 am FTSE boosted by White House forecast (AFP)
Source: Yahoo! News: Stock Markets News | 1 Feb 2010 | 10:08 am James Poterba: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 1 Feb 2010 | 9:28 am Neal Soss: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 1 Feb 2010 | 9:27 am Axel Merk: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 1 Feb 2010 | 9:26 am Martin Fridson: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 1 Feb 2010 | 9:22 am Pepsi Refresh Targets Social Good
Pepsi launched Pepsi Refresh today, a massive social media campaign through which consumers support social causes. The New York Times has more: The brand is dedicating at least $20 million through the end of the year for donations to local organizations and causes proposed by the public in realms like health, arts and culture, the environment and education. Ideas for Pepsi Refresh grants can be submitted each month to a Web site (refresheverything.com), where computer users can subsequently vote on the ideas suggested during the previous month. The project is meant to tap into a booming trend for what is called cause-related marketing or pro-social marketing, by which corporations seek to back up their talk about benefiting society. The goal is to reach female high school and college students, said Lauren Zalaznick, president at the women’s lifestyle and entertainment networks at NBC Universal in New York, along with women ages 18 to 54, among them the mothers “we call ‘P.T.A. trend-setters’ ” who influence their peers. Pepsi initially discussed the project in December when it announced that for the first time in 23 years it would forgo buying commercial time during a Super Bowl…although there will be commercials to promote the project, a considerable amount of the advertising will be digital as well as customized content created by the media partners. For instance, Pepsi will sponsor a reality show, “If I Can Dream,” on hulu.com, which Hulu describes as its first original long-form series. There will be at least 26 weekly episodes, and perhaps 52. The emphasis the campaign places on social media demonstrates how “a big brand is letting what used to be called the audience take part in what can become a movement,” said Gene Liebel, partner for user experience at Huge in Brooklyn, which is handling tasks like the development and design of the refresheverything.com site. Pepsi Refresh’s massive media blitz started today, according to the NYT. Kevin Bacon and Demi Moore mentioned Pepsi Refresh on this morning’s “Today” show. Facebook, AOL, Hulu, NBCU, MTV, Parade, ABC, CBS, and a slew of other publications are featuring content or ads for Pepsi Refresh, writes the NYT. This is a big company devoting big money to a big campaign. Their currency? Votes and chatter. The lesson? Social media marketing is officially huge.
Source: Business Pundit | 1 Feb 2010 | 9:11 am Consumer Spending Up Slightly, Savings Rate At Highest Level Since June
Shoppers on Lexington Avenue last week. (Timothy A. Clary/AFP/Getty Images) By Caitlin Kenney Consumer spending rose just 0.2 percent in December, after increasing 0.7 percent in November. It was the third straight increase in as many months but significantly smaller than the increases in October and November. The Commerce Department also reports that real after tax-incomes rose by 0.3 percent in December, thanks to a small gain in wages. That increase in incomes sent the savings rate up to its the highest level since June, the annual savings rate rose to 4.8 percent in December. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Feb 2010 | 9:07 am ExxonMobil profit fuels early Wall Street gains (AFP)
Source: Yahoo! News: Stock Markets News | 1 Feb 2010 | 8:54 am 2011 Federal Budget: The Details
$3.8 trillion total budget for fiscal year 2011 (it starts October 1) Defense Economy Taxes Education More components According to the Wall Street Journal, (Other information comes from the Philadelphia Inquirer.)
Source: Business Pundit | 1 Feb 2010 | 8:51 am Shaw on Economy, Hellmeyer on Currencies: First WordSource: Bloomberg - All Podcasts | 1 Feb 2010 | 7:25 am Morning Report: President Proposes $3.8 Trillion BudgetBy Caitlin Kenney UPDATE: The budget is now online at WhiteHouse.gov. President Obama will present Congress with $3.8 trillion budget today that calls for additional stimulus spending, boosting taxes on the wealthy and temporarily freezing spending for some government programs. The 2011 budget contains a number of proposals to boost the economy including extending the "Making Work Pay" tax credit through 2011, giving $250 payments to Social Security recipients and increasing payments to states hit the hardest by the recession. It also contains a proposal to make the Build America Bonds program permanent -- this program allows the federal government to subsidize infrastructure projects by picking up a percentage of the interest costs from taxable bonds issued by local governments. Peter Orszag, director of the White House Office of Management and Budget, stressed the importance of not pulling back spending too quickly this morning during a briefing: "The worst thing we could do is act too quickly and throw the economy back into recession," Orszag said. "But we do need to be starting, and so that's why you see this selective approach where we are beginning the process in certain components of the budget." The President plans to pay for those increases in part by taxing wealthy Americans and banks that benefited from the government's bail out of the financial industry. The White House estimates that not renewing tax cuts for those that earn more than $250,000 will raise $678 billion, while taxing the fifty biggest financial firms would raise another $90 billion. The President also plans to eliminate tax breaks for fossil-fuel industries. Meantime, a three-year freeze on some government spending, announced by the President during Wednesday's State of the Union, is expected to save $250 billion over the next decade. The administration is also expected to announce today that this year's deficit will hit a record $1.6 trillion. From Bloomberg: "The $1.6 trillion deficit forecast for the current year represents 10.6 percent of the U.S. gross domestic product, making it the biggest by that measure since World War II, according to administration figures." Last year's deficit was $1.4 trillion. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 1 Feb 2010 | 7:04 am FTSE 100 rises in late morning deals (AFP)
Source: Yahoo! News: Stock Markets News | 1 Feb 2010 | 5:52 am Home Decor for Successful Entrepreneurs
Tech entrepreneur Scott Jones’ real staircase.
Source: Business Pundit | 1 Feb 2010 | 4:59 am
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