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Traders seek cues from data as rally fadesGlobal Markets Overview: Risk appetite shows signs of fading as investors await signs that economic recovery is taking hold, with services data due from Europe and the USSource: Financial Times - US homepage | 3 Feb 2010 | 3:40 am Commission considers Greek plansThe verdict on the Greek government's plans for balancing the country's books will be announced later by the European Commission.Source: BBC News | Business | World Edition | 3 Feb 2010 | 3:40 am Economy repair 'needs ambition'The government needs to be more ambitious in repairing public finances, according to the Institute for Fiscal Studies.Source: BBC News | Business | World Edition | 3 Feb 2010 | 3:38 am Honda hoists profit forecast, sees further growthTOKYO (Reuters) - Honda Motor Co lifted its annual guidance far beyond market expectations on Wednesday after cost cuts drove quarterly profit to the strongest in a year and a half, and said it anticipates further growth next financial year.Source: Reuters: Business News | 3 Feb 2010 | 3:27 am CML warns of '£300bn mortgage funding gap'Homebuyers could have trouble finding competitive mortgages for many years.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Feb 2010 | 3:24 am Electrolux posts Q4 profit (AP)AP - Swedish appliance maker Electrolux AB on Wednesday said it made a profit of 664 million kronor ($92 million) in the fourth quarter, boosted mainly by price increases on its products as well as previously made cost cuts.Source: Yahoo! News: Business News | 3 Feb 2010 | 3:20 am Economic Report: U.K. services growth slows in JanuaryHeavy snow in January takes a toll on growth in the British services sector.
Source: MarketWatch.com - Top Stories | 3 Feb 2010 | 3:20 am Oil rises towards $78 ahead of U.S. inventory dataLONDON (Reuters) - Oil touched a two-week high above $78 a barrel on Wednesday, rising ahead of key inventory data out of the world's largest energy consumer, the United States, later in the session.Source: Reuters: Business News | 3 Feb 2010 | 3:19 am Oil rises towards $78 ahead of U.S. inventory data (Reuters)
Source: Yahoo! News: Stock Markets News | 3 Feb 2010 | 3:19 am OFT asks to review Orange, T-Mobile mergerBritain's consumer watchdog has asked for a say in the planned merger of the UK arms of France Telecom's Orange and Deutsche Telekom's T-Mobile, raising the chances of at least a delay to any deal.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Feb 2010 | 3:15 am Oil advance before US energy report (AFP)
Source: Yahoo! News: Business News | 3 Feb 2010 | 3:15 am Bank Of America And AIG Set Favorable Bonus PayoutsThe trend begun by Goldman Sachs (NYSE:GS) to pay bankers and management generous bonuses has begun to move to other financial firms. AIG (NYSE:AIG) said it had been able to get back only $20 million of the $165 million in retention payments made to people in its financial instruments business. The insurance company missed its goal [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Feb 2010 | 3:12 am Asia markets climb as commodity, tech stocks riseBuoyant commodity prices and a strong close on Wall Street help Asian markets to gains.
Source: MarketWatch.com - Top Stories | 3 Feb 2010 | 3:11 am Greece unveils austerity measuresGreece's prime minister announces tough austerity measures aimed at cutting his country's soaring public debt.Source: BBC News | Business | World Edition | 3 Feb 2010 | 3:08 am Honda 73% profit jump restores pride to JapanHonda today snatched back a measure of pride for the troubled Japanese auto industry by unveiling a 73 per cent surge in operating profits during the final quarter of 2009. Source: Latest Business News from Times Online | 3 Feb 2010 | 3:05 am Toyota's safety woes spread to Prius brakes (AFP)
Source: Yahoo! News: Business News | 3 Feb 2010 | 3:02 am Asian aircraft sales set to surgeAirlines in the Asia-Pacific region are emerging as the biggest buyers of aircraft, Airbus and Boeing say.Source: BBC News | Business | World Edition | 3 Feb 2010 | 3:02 am More People Pay Credit Cards Ahead Of MortgagesBetter to be able to have a credit card than to own a home. TransUnion reports in a new study that the percentage of people current on their credit cards but delinquent on their mortgages rose to 6.6% in the third quarter, up from 6.3% in the second, according to Reuters. One conclusion that might be drawn from [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Feb 2010 | 2:53 am London Markets: Miners help British stocks to mild gainsMining stocks rise, helping the U.K. stock market to advance, after a broker recommends investors buy shares in the sector.
Source: MarketWatch.com - Top Stories | 3 Feb 2010 | 2:51 am UK services growth slows sharply in January, hit by snow and VAT riseGrowth in Britain's services sector slowed more than expected last month as snow-related disruptions and a rise in value-added tax took their toll.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Feb 2010 | 2:50 am Global air industry sees recovery but not this yearSINGAPORE (Reuters) - The global economy may be climbing out of recession but the air transport industry does not expect any significant pick up in orders this year, executives said on Wednesday.Source: Reuters: Business News | 3 Feb 2010 | 2:40 am Currencies: Dollar edges down vs. rivals in Asian tradingThe dollar slips, taking its cue from rising Asian equities markets, which increased investors’ appetite higher-yielding currencies.
Source: MarketWatch.com - Top Stories | 3 Feb 2010 | 2:37 am Citigroup flags Asia revenue growthVikram Pandit, Citigroup chief executive, re-affirms the bank’s commitment to expand its Asia-Pacific footprint amid expectations that revenue growth in the region will exceed 10 per cent this yearSource: Financial Times - US homepage | 3 Feb 2010 | 2:36 am Apple co-founder Steve Wozniak says Toyota may have software troubleApple co-founder Steve Wozniak suggested Tuesday in media interviews that Toyota's troubles with a defective accelerator pedal may have to do with software, after his Prius sped up while in cruise-control.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Feb 2010 | 2:32 am Carpetright shares fall on snow disruptionShares in Carpetright fell nearly 4 per cent as Britain’s biggest floor coverings retailer revealed a worse than expected hit to sales from last month’s heavy snowfall. Source: Latest Business News from Times Online | 3 Feb 2010 | 2:31 am Lost your house? You still have to payAs terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right?Source: Business and financial news - CNNMoney.com | 3 Feb 2010 | 2:29 am World stocks, oil rise after U.S. data and earningsLONDON (Reuters) - World stocks rose for a third day running on Wednesday as better-than-expected U.S. company earnings and firm data raised expectations that the economy would keep strong momentum into the first quarter.Source: Reuters: Business News | 3 Feb 2010 | 2:27 am Toyota U.S. sales hit by recallTOKYO/DETROIT (Reuters) - Toyota Motor Corp suffered a sharp drop in U.S. sales last month as its massive recall and unprecedented sales halt allowed rivals to grab market share from the world's largest automaker.Source: Reuters: Business News | 3 Feb 2010 | 2:26 am Europe Markets: Europe stocks rise before Greece-plan decisionMiners and banks offset earnings-related weakness from Roche Holding and Electrolux.
Source: MarketWatch.com - Top Stories | 3 Feb 2010 | 2:26 am Roche 2009 profit down 22 pct on Genentech costs (AP)AP - Drug maker Roche Holding AG on Wednesday reported a 22 percent drop in full-year net profit to 8.51 billion Swiss francs ($8.06 billion), citing costs linked to the takeover of California-based Genentech.Source: Yahoo! News: Business News | 3 Feb 2010 | 2:24 am Auto sales jump...but not for ToyotaSeveral major automakers reported improved sales for January, with the notable exception of troubled Toyota Motor.Source: Business and financial news - CNNMoney.com | 3 Feb 2010 | 2:24 am U.S. probes electronics in Toyota recallFederal investigators are looking into whether the problem with Toyota gas pedals goes beyond the fix announced by the company Monday and involves the vehicles' electrical system.Source: Business and financial news - CNNMoney.com | 3 Feb 2010 | 2:22 am Asian, European markets advance after US gains (AP)
Source: Yahoo! News: Stock Markets News | 3 Feb 2010 | 2:17 am Asian, European markets advance after US gains (AP)
Source: Yahoo! News: Business News | 3 Feb 2010 | 2:17 am Obama's budget and your tax billPresident Obama, in his proposed 2011 budget, is calling on Congress to make a number of tax changes for individuals.Source: Business and financial news - CNNMoney.com | 3 Feb 2010 | 2:16 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 | 3 Feb 2010 | 2:16 am Fiat workers strike over Sicily plant plans (AP)AP - Fiat workers across Italy are going on strike to protest plans to end auto production at a Sicilian plant next year.Source: Yahoo! News: Business News | 3 Feb 2010 | 2:14 am Fiat workers strike over Sicily plant plansFiat workers across Italy are going on strike to protest plans to end auto production at a Sicilian plant next year. Wednesday's four-hour strike, which began at 8:00 a.m. (7:00 GMT),...Source: RSS feed - channel BNewsBusiness | 3 Feb 2010 | 2:14 am Will move for work, but will it pay off?Ira and Hope Moskowitz, both 44, have lived within a 10-mile radius of Philadelphia their whole lives. City kids, they met in junior high, got married in Philly in 1989, and settled in nearby Cherry Hill, N.J., where Hope manages a hair salon and Ira headed up software administration for a mortgage-servicing firm.Source: Business and financial news - CNNMoney.com | 3 Feb 2010 | 2:13 am Roche profit climbs 4%; flu-meds sales riseRoche Holding reports a 4% rise in second-half profit, buoyed by sales of flu medication Tamiflu and eye-disease drug Lucentis.
Source: MarketWatch.com - Top Stories | 3 Feb 2010 | 2:10 am Virginia Heritage Bank Secures Cash Management Solution and Employee Access With VASCO DIGIPASSSource: RSS feed - channel BNewsBusiness | 3 Feb 2010 | 2:09 am Action needed on benefits take-upTargets need to be set to ensure more people claim the benefits to which they are entitled, a coalition of charities says.Source: BBC News | Business | World Edition | 3 Feb 2010 | 2:07 am Russia sees high budget deficit in 2010: KudrinRussia sees its budget deficit in 2010 reaching 6.8 percent of GDP, even worse than the figure for crisis-hit 2009, Finance Minister Alexei Kudrin warned on Wednesday. "For the moment,...Source: RSS feed - channel BNewsBusiness | 3 Feb 2010 | 2:05 am Electrolux shares drop on cautious 2010 outlookShares in Sweden’s Electrolux dropped as much as 12% Wednesday after the home appliance manufacturer returned to profit in the fourth quarter but fell short of market expectations and offered a cautious outlook for 2010.
Source: MarketWatch.com - Top Stories | 3 Feb 2010 | 2:04 am Toyota sales suffer in the USToyota’s US sales sank 16 per cent in January from a year earlier as the carmaker acknowledged safety defects in millions of its vehicles, while Ford and GM saw sales riseSource: Financial Times - US homepage | 3 Feb 2010 | 2:03 am AIG unit staff agrees to $20 million cut in payoutNEW YORK (Reuters) - AIG said on Tuesday current and former employees of its Financial Products unit had so far agreed to accept cuts totaling about $20 million in retention payments, short of a $26 million target.Source: Reuters: Business News | 3 Feb 2010 | 1:55 am Media Digest 2/3/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: Volcker believes that banks should not be allowed to make risky trades. Reuters: Toyota (NYSE:TM) sales dropped after its recall announcements. Reuters: More US consumers are paying credit cards before mortgages. Reuters: Bank of America (NYSE:BAC) has approved $4 billion in bonuses. Reuters: Murdoch of News Corp (NYSE:NWS) has threatened the Amazon (NASDAQ:AMZN) $9.99 e-book pricing plan and may [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Feb 2010 | 1:53 am Watchdog warns Britain faces power shortagesBritain's energy regulator warned today that households will not be able to afford gas and electricity and the country could face power shortages after 2015 because ageing power stations are not being replaced quickly enough. Source: Latest Business News from Times Online | 3 Feb 2010 | 1:52 am London pharmas falter on Roche disappointmentPharmaceutical stocks fell in London on Wednesday after Swiss drugmaker Roche's annual profit missed forecasts. Core earnings per share at the company came in just under consensus estimates of...Source: RSS feed - channel BNPaperBusiness | 3 Feb 2010 | 1:51 am Dow: Triple-digit gainStocks rallied Tuesday, with the Dow Jones industrials posting their second straight triple-digit gain, as investors welcomed better-than-expected corporate results, signs of stability in the housing sector and solid auto sales.Source: Business and financial news - CNNMoney.com | 3 Feb 2010 | 1:49 am Brussels backs Greek plan to tackle deficitGreece has won European support for its plan to pull back from the brink of financial disaster after its prime minister unveiled moves to boost tax revenue and cut public spendingSource: Financial Times - US homepage | 3 Feb 2010 | 1:39 am Honda profit soars as cost cuts offset lower sales (AP)
Source: Yahoo! News: Business News | 3 Feb 2010 | 1:32 am Traders seek cues from data as rally fades08:00 GMT. The boost to risk appetite from a slew of upbeat global manufacturing reports showed signs of fading on Wednesday, as investors awaited evidence that the recovery was also taking hold in service...Source: RSS feed - channel BNPaperBusiness | 3 Feb 2010 | 1:27 am Markets await EU move on Greece debt planGovernment bond markets opened lower ahead of today’s decision by the European Commission on Greece’s plan to curb its ballooning budget deficit — currently more than four times the EU limit. Source: Latest Business News from Times Online | 3 Feb 2010 | 1:26 am Asia Markets And Europe Open (2/3/2010)Markets in Asia were higher. The Nikkei rose .3% to 10,404. Toyota (NYSE:TM) rose and Honda (NYSE:HMC) posted strong earnings. The Hang Seng was up 2.2% to 20,708. The Shanghai Composite was higher by 2.4% to 3,004. At the open in Europe, the FTSE was up .1% to 5,286. The Dax rose .3% to 5,725. The CAC 40 was [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Feb 2010 | 1:23 am OFT seeks T-Mobile-Orange reviewUK competition watchdog says it fears the planned merger between T-Mobile and Orange will harm competition.Source: BBC News | Business | World Edition | 3 Feb 2010 | 1:21 am Oil reaches two-week high as optimism boosts Asia marketsSINGAPORE (Reuters) - Oil bounced back above $77 on Wednesday, reaching its highest level in almost two weeks, as recovery optimism drove Asian stock markets higher, led by China.Source: RSS feed - channel BNewsBusiness | 3 Feb 2010 | 1:20 am UK 'could face power shortages'The UK could face power shortages in the years ahead, according to the energy regulator, Ofgem.Source: BBC News | Business | World Edition | 3 Feb 2010 | 1:13 am Toyota ordered to investigate Prius 'brake fault'Toyota today suffered a fresh blow to its reputation as it emerged that the carmaker has been ordered by the Japanese government to investigate claims of brake system failures on its newest model of Prius hybrid. Source: Latest Business News from Times Online | 3 Feb 2010 | 1:12 am Asia markets jump after US gains on housing reportAsian stock markets jumped Wednesday, following Wall Street higher after encouraging reports about the beleaguered U.S. housing sector helped restore confidence in an economic recovery. ...Source: RSS feed - channel BNewsBusiness | 3 Feb 2010 | 1:07 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 | 3 Feb 2010 | 1:01 am Dairy farmers up production as milk prices reboundFinally, there's some good news for the nation's milk producers. For most dairy farmers, the price they received for milk last year was less than what it cost to produce it. One dairymanSource: RSS feed - channel BNewsBusiness | 3 Feb 2010 | 1:01 am World Cup the Perfect Opportunity for South Africa to Display Its BPO Capabilities: Frost & SullivanSource: RSS feed - channel BNewsBusiness | 3 Feb 2010 | 1:00 am Toyota probes take a new turnInvestigations are focusing on electronic throttle systems. The potential for electronic defects in Toyota vehicles...Source: RSS feed - channel BNPaperBusiness | 3 Feb 2010 | 1:00 am AIG begins awarding abbreviated bonusesAbout 200 workers in the rescued insurer's securities division get their payments early for agreeing to take less. ...Source: RSS feed - channel BNPaperBusiness | 3 Feb 2010 | 1:00 am Investors in California bonds have keen interest in Obama budgetThe plan would restore higher tax brackets, which could cause a surge in demand for tax-free munis. But possible changes to the Build America Bond program could boost issuance of tax-free bonds. ...Source: RSS feed - channel BNPaperBusiness | 3 Feb 2010 | 1:00 am On the road, Obama stresses aid to small firmsIn New Hampshire, the president promotes his plan to direct repaid bailout money toward lending to small businesses to spur hiring.President Obama, continuing his pivot to small businesses and the economy, went on the road Tuesday to promote a proposal that would take $30 billion repaid by bailed-out Wall Street institutions and use it to fund community bank loans to small firms.
Source: L.A. Times - Business | 3 Feb 2010 | 1:00 am U.S. could lose foreign visitors because of registration rule, groups fearTourism promoters worry that not enough travelers from countries where U.S. visas are waived are aware that they have to register on a federal website before entering the country.Tourism boosters say they fear that new security measures to register and screen visitors to the U.S. may discourage too many big-spending tourists from entering the country.
Source: L.A. Times - Business | 3 Feb 2010 | 1:00 am Volcker pitches bank risk-taking rules to CongressThe former Fed chief appears before a Senate panel to overcome the skepticism of key members. Former Federal Reserve...Source: RSS feed - channel BNPaperBusiness | 3 Feb 2010 | 1:00 am Toyota sales sink in January; Ford and GM post gainsToyota, which has been bedeviled by recalls, sees sales drop nearly 16% compared with January 2009. Ford reports a 24.4% increase and GM is up 14.6%. ...Source: RSS feed - channel BNPaperBusiness | 3 Feb 2010 | 1:00 am AIG begins awarding abbreviated bonusesAbout 200 workers in the rescued insurer's securities division get their payments early for agreeing to take less.Bailed-out American International Group Inc. said Tuesday it had begun paying about $100 million in early bonuses to employees in the controversial division that nearly bankrupted what was once the world's largest insurance company.
Source: L.A. Times - Business | 3 Feb 2010 | 1:00 am Disney puts Miramax Films up for saleThe Burbank studio has been shopping around its specialty film label for more than a year, but some say its $700-million asking price is too steep.Walt Disney Co. is attempting to learn whether it can still mine gold from Academy Award winners such as "Shakespeare in Love" and "The English Patient" from its Miramax Films unit.
Source: L.A. Times - Business | 3 Feb 2010 | 1:00 am Consumer watchdog agency may get lost in the shufflePresident Obama's emphasis on jobs could undermine other major policy goals, including creation of a Consumer Financial Protection Agency. ...Source: RSS feed - channel BNPaperBusiness | 3 Feb 2010 | 1:00 am Bankers Need to Simplify Payment Businesses if They are to Hold on to Customers, Misys Research FindsSource: RSS feed - channel BNewsBusiness | 3 Feb 2010 | 1:00 am Volcker pitches bank risk-taking rules to CongressThe former Fed chief appears before a Senate panel to overcome the skepticism of key members.Former Federal Reserve Chairman Paul Volcker made a personal pitch Tuesday for the Obama administration's new proposal to sharply limit risks taken by the nation's largest banks, using his status as a financial sage to try to counter skepticism from key senators.
Source: L.A. Times - Business | 3 Feb 2010 | 1:00 am Stocks gain as signs of life in housingNEW YORK -- Signs of strength in the housing market pushed the Dow Jones industrial average to its second straight gain of more than 100 points.
Source: L.A. Times - Business | 3 Feb 2010 | 1:00 am Disney puts Miramax Films up for saleThe Burbank studio has been shopping around its specialty film label for more than a year, but some say its $700-million asking price is too steep. ...Source: RSS feed - channel BNPaperBusiness | 3 Feb 2010 | 1:00 am Stocks gain as signs of life in housingNEW YORK -- Signs of strength in the housing market pushed the Dow Jones industrial average to its second straight gain of more than 100 points.Source: RSS feed - channel BNPaperBusiness | 3 Feb 2010 | 1:00 am Toyota sales sink in January; Ford and GM post gainsToyota, which has been bedeviled by recalls, sees sales drop nearly 16% compared with January 2009. Ford reports a 24.4% increase and GM is up 14.6%.Toyota Motor Corp., reeling from two recalls and suspension of sales of many popular models, sold 18,500 fewer vehicles in the U.S. in January than it did a year earlier, a stark contrast to other automakers that posted gains amid signs the industry was entering a slow but steady recovery.
Source: L.A. Times - Business | 3 Feb 2010 | 1:00 am Toyota probes take a new turnInvestigations are focusing on electronic throttle systems.The potential for electronic defects in Toyota vehicles to cause sudden acceleration came under intensifying scrutiny Tuesday as both federal safety regulators and congressional leaders said they had begun new probes of the issue.
Source: L.A. Times - Business | 3 Feb 2010 | 1:00 am British households risk unaffordable energy bills, Ofgem warnsRadical action is needed to safeguard UK's energy supply, says Ofgem.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Feb 2010 | 12:46 am Toyota's new problem: Prius brake complaintsThe U.S. National Highway Traffic Safety Administration has reportedly received more than 100 complaints involving the brakes on the Toyota Prius hybrid.
Source: MarketWatch.com - Top Stories | 3 Feb 2010 | 12:46 am Electrolux posts Q4 profitSwedish appliance maker Electrolux AB on Wednesday said it made a profit of 664 million kronor ($92 million) in the fourth quarter, boosted mainly by price increases on its products as wellSource: RSS feed - channel BNewsBusiness | 3 Feb 2010 | 12:42 am Wise old heads with a vision for safer banksTo prevent another catastrophe, the US has sent for the sages, says Tracy Corrigan.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Feb 2010 | 12:40 am Honda's profit jumps on improved sales, cost cutsHonda's October-December profit leaps by a factor of six, as aggressive cost cutting and improved Asian car sales overcome a strong yen and slumping business in Europe and North America.
Source: MarketWatch.com - Top Stories | 3 Feb 2010 | 12:37 am Tamiflu sales boost Roche profitsStrong sales of swine flu and cancer drugs lift results at Swiss pharmaceutical giant Roche.Source: BBC News | Business | World Edition | 3 Feb 2010 | 12:35 am OFT asks to control Orange and T-Mobile inquiryThe Office of Fair Trading (OFT) today confirmed that it has asked the European Commission to refer the review of the merger between Orange and T-Mobile back to the British regulator. Source: Latest Business News from Times Online | 3 Feb 2010 | 12:30 am Toyota hit by over 100 Prius brake complaints (AP)
Source: Yahoo! News: Business News | 3 Feb 2010 | 12:30 am Lord Mandelson fails to get commitment on Cadbury jobsLord Mandelson conceded that he was unable to extract a commitment from Kraft that Cadbury's global businesses would continue to be managed or operated from the UK, in a sign that many of the 4,500 jobs in Britain could be at risk.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Feb 2010 | 12:23 am Asia shares rise on U.S. cuesSINGAPORE (Reuters) - Asian shares powered ahead on Wednesday with energy and resources stocks leading the way, as demand for riskier assets increased after Wall Street rallied on upbeat...Source: RSS feed - channel BNewsBusiness | 3 Feb 2010 | 12:12 am £16bn worth of benefits unclaimed every yearCharities are urging people to claim the benefits they are entitled to.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Feb 2010 | 12:04 am NZ market turns lower, awaits earnings reportsThe New Zealand sharemarket fell today while other markets rose as investors continued to bide their time until companies report earnings this month.The benchmark NZX-50 index closed down 12.253 points, or 0.389 per cent, at 3135.113....Source: nzherald.co.nz - Business | 2 Feb 2010 | 11:23 pm Consumer confidence dipsConsumers became more cautious during January.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Feb 2010 | 11:20 pm Toyota problems 'caused by faulty software'Steve Wozniak, the co-founder of Apple and a Toyota Prius owner, has weighed into the spiralling safety crisis that has engulfed the Japanese automaker, with a suggestion that "unintended acceleration" problems may be caused by faulty software. Source: Latest Business News from Times Online | 2 Feb 2010 | 11:01 pm Dollar eases back, awaits employment dataThe New Zealand dollar drifted lower today after firming and attention is now turning to tomorrow's employment report for the December quarter.The NZ dollar was US71.06.c at 5pm from US71.26c at 8am and US70.58c at 5pm yesterday."The...Source: nzherald.co.nz - Business | 2 Feb 2010 | 10:29 pm Consumer watchdog agency may get lost in the shufflePresident Obama's emphasis on jobs could undermine other major policy goals, including creation of a Consumer Financial Protection Agency.President Obama's focus, we're now told, is on jobs, jobs, jobs. That's nifty, but it doesn't bode well for other big-ticket policy goals, such as creation of a Consumer Financial Protection Agency to safeguard us from abusive bank practices.
Source: L.A. Times - Business | 2 Feb 2010 | 10:29 pm SEC asks Paulson & Co for fund informationUS hedge fund which made billions of dollars betting against subprime mortgages has received a request from the SEC in connection with its investigation into complex securities at the heart of the financial crisisSource: Financial Times - US homepage | 2 Feb 2010 | 10:10 pm Senate Job Measure to Include Payroll-Tax Break for Some Hiring (Bloomberg)Bloomberg - Feb. 3 (Bloomberg) -- Job-creation legislation to be taken up in the Senate will include a payroll-tax credit for businesses that hire people who have been out of work at least 60 days, Senate Democratic Leader Harry Reid said.Source: Yahoo! News: Business News | 2 Feb 2010 | 10:00 pm Ski Like an OlympianHere's where alpine lovers can schuss down the same slopes as their medal-winning idols.
Source: SmartMoney.com | 2 Feb 2010 | 10:00 pm College Could Get Cheaper -- or Not (Education and Your Money)Obama's proposals include a tax credit. But what about the middle class?
Source: SmartMoney.com | 2 Feb 2010 | 10:00 pm 3 Stocks Retirees Should Own (Screens)Hough: These companies have consistently boosted their dividends.
Source: SmartMoney.com | 2 Feb 2010 | 10:00 pm BofA approved more than $4 billion for 2009 pay: reportNEW YORK (Reuters) - Bank of America Corp has approved more than $4 billion in 2009 pay for its investment bankers and traders, according to the Wall Street Journal.Source: Reuters: Business News | 2 Feb 2010 | 9:33 pm Live TV catches Australian banker looking at semi-nude photosAn Australian banker lands in hot water for looking at semi-nude photos of a model unaware a colleague is live on TV.Source: BBC News | Business | World Edition | 2 Feb 2010 | 8:47 pm Disputed Toyota documents could shed light on safety accusationsAn arbitrator is asked to unseal the documents in a federal case in which a former company lawyer claims the automaker concealed evidence.As Toyota Motor Corp. scrambles to contain its sudden-acceleration crisis, another potential blow to the automaker's credibility is lurking in the form of a former Toyota attorney who is accusing the automaker in federal court of concealing safety issues from the public.
Source: L.A. Times - Business | 2 Feb 2010 | 7:16 pm Volcker plea over Wall St shake-upPaul Volcker, the former Federal Reserve chairman, made a direct pitch to Congress in an effort to ensure that his proposed ban on proprietary trading by banks would survive legislative scrutinySource: Financial Times - US homepage | 2 Feb 2010 | 6:25 pm A yacht nearly two football fields longThe mega yacht business has been slow recently, but at least one luxury shipbuilder appears to be betting on a rebound.Source: Business and financial news - CNNMoney.com | 2 Feb 2010 | 6:12 pm Avatar drives News Corp profit upgradeNews Corp sharply increased full-year earnings guidance after double-digit improvements from film and cable TV drove a rebound in second-quarter profits a year after the biggest writedown in its historySource: Financial Times - US homepage | 2 Feb 2010 | 6:02 pm Civil Madoff-related fraud charges dismissed (AP)
Source: Yahoo! News: Stock Markets News | 2 Feb 2010 | 5:54 pm AIG doling out more bonuses - reportAIG is planning another round of bonus payments worth a total of $100 million for current and former employees of its troubled financial products division, according to a news report.Source: Business and financial news - CNNMoney.com | 2 Feb 2010 | 5:35 pm AIG staff agree to bonus cutsAIG will pay around $100m in bonuses to some 200 employees of its troubled financial products unit after they agreed to cuts of at least 10% in their pay-outs in an effort to defuse the political furore over the issueSource: Financial Times - US homepage | 2 Feb 2010 | 5:24 pm Senators cool to 'Volcker rule'The fate of President Obama's latest proposal to rein in banks was thrown into doubt on Tuesday after it got a chilly reception from key lawmakers.Source: Business and financial news - CNNMoney.com | 2 Feb 2010 | 5:17 pm Write-Offs: 02.02.10$$$ AIG To Pay Approx $100 Million in Employee Bonuses [WaPo] $$$ "Someone is F***ing with us, I tell you, and I think I have figured out who. It must be James Chanos, the American billionaire and hedge fund manager who is shorting China in New York." [BI] $$$ Dear Team Tiger (Asia and Consumer) [PDF] $$$ Chanos Sees `Overheating and Overindulgence' in China [TBP] 
 Source: Dealbreaker | 2 Feb 2010 | 5:15 pm News Corp profit up on ad recovery, AvatarNEW YORK (Reuters) - News Corp's results beat expectations thanks to "Avatar" and improved advertising sales, and the company raised its outlook and dividend in a sign of confidence for the battered media sector.Source: Reuters: Business News | 2 Feb 2010 | 5:15 pm About 900,000 Chevy Cobalts investigatedSome 905,000 Chevrolet Cobalts built between 2005 and 2009 are the subject of a preliminary evaluation by federal officials because of complaints that drivers may lose control of the electronic power steering system.Source: Business and financial news - CNNMoney.com | 2 Feb 2010 | 5:08 pm Tories plan leadership revolution at the BBCThe Chairman of the BBC will be the first casualty in a shake-up of the corporation if the Tories win the general election, The Times has learnt. Source: Latest Business News from Times Online | 2 Feb 2010 | 5:01 pm BP points finger at US refineries as it reveals slide in annual profitsBP blamed a $2.6 billion ($£1.6 billion) loss in its United States refining division yesterday as it revealed its weakest annual profits in six years. Source: Latest Business News from Times Online | 2 Feb 2010 | 5:01 pm The case for defenceBritain may not be broken, but it is certainly broke. With a budget deficit of £178 billion, spending cuts are inevitable. The crucial question is where the axe will fall. The State is close to bankrupt but its primary function must be protected nevertheless — spending on the defence of the realm must be protected. This week The Times has reviewed the components of Britain’s defence capability. That has revealed serious crises in each of the three Services. Source: Latest Business News from Times Online | 2 Feb 2010 | 5:01 pm No charges against Madoff's UK operationNo one from the UK arm of Bernard Madoff's fraudulent investment business will face prosecution, the Serious Fraud Office has decided.New York-based Madoff admitted laundering money from history's largest pyramid scheme through...Source: nzherald.co.nz - Business | 2 Feb 2010 | 5:00 pm Latin America Led World Stock Funds Lower In January (Investor's Business Daily)Investor's Business Daily - U.S. stock mutual funds started the new year flushed with red ink, even as uplifting news was brewing that the economy grew at an annual rate of 5.7% in the fourth quarter -- the fastest pace in six years.Source: Yahoo! News: Stock Markets News | 2 Feb 2010 | 4:56 pm Signs of strength in housing market boost stocks (AP)
Source: Yahoo! News: Stock Markets News | 2 Feb 2010 | 4:31 pm BofA push for 2,000 more retail brokersBank of America wants to return Merrill Lynch’s ‘thundering herd’ of retail brokers to full strength by adding as many as 2,000 people to its global wealth management division during the next yearSource: Financial Times - US homepage | 2 Feb 2010 | 4:31 pm McConnell on Budget, Health; State of the Union: VideoSource: Bloomberg - All Podcasts | 2 Feb 2010 | 4:30 pm Volcker urges curbs on big banks' risky tradesWASHINGTON (Reuters) - White House economic adviser Paul Volcker on Tuesday told Congress to curb risky investing by big banks, warning his soul would haunt lawmakers when the next banking crisis hits if they did not heed him now.Source: Reuters: Business News | 2 Feb 2010 | 4:26 pm Treasurys edge higher, brush off home sales number (AP)AP - Interest rates were little changed in the bond market Tuesday even as new signs of strength emerged in the housing market.Source: Yahoo! News: Business News | 2 Feb 2010 | 4:15 pm How the major stock indexes fared on Tuesday (AP)AP - Signs of strength in the housing market pushed the Dow Jones industrial average to its second straight gain of more than 100 points. An increase in the number of people with contracts to buy homes and the first profit at homebuilder D.R. Horton in three years raised hopes that one of the weakest parts of the economy is improving. The National Association of Realtors said its index of sale contracts rose 1 percent in December.Source: Yahoo! News: Stock Markets News | 2 Feb 2010 | 3:49 pm NZ stocks: Market advancesThe New Zealand sharemarket took heart from gains on overseas markets to advance in early trading today.The benchmark NZX-50 index was up 13.39 points, or 0.43 per cent, to 3160.75 in the first 10 minutes.The three top weighted...Source: nzherald.co.nz - Business | 2 Feb 2010 | 3:35 pm Ann Taylor, Lexmark, Achillion Pharma big 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 | 2 Feb 2010 | 3:08 pm Wall Street climbs for 2nd day on solid earnings, data (Reuters)
Source: Yahoo! News: Stock Markets News | 2 Feb 2010 | 2:45 pm Wall Street climbs for 2nd day on solid earnings, dataNEW YORK (Reuters) - Stocks rallied for a second day on Tuesday as better-than-expected earnings and encouraging data calmed investors after the market's recent sell-off.Source: Reuters: Business News | 2 Feb 2010 | 2:45 pm Ford Fleet Sales Account For Over 100% Of January GainsFord (NYSE:F) did not bother to put it in the fine print, not exactly. The firm’s January sales rose 24.6% to 116,543 from 93,506. That includes 4,128 Volvos sold last month. Fleet sales represented more than 100% of the improvement in Ford, Lincoln, and Mercury units sold. Sales of Ford, Lincoln and Mercury cars rose 43% [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Feb 2010 | 2:36 pm A bit of Naughtie talk then Cameron springs into actionDavid Cameron has climbed a long way up the greasy pole in his quest to become the next Prime Minister - so maybe it's fitting that his final push should come with the help of Britain's most famous lap-dancing club.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Feb 2010 | 2:31 pm Trimble and GPS Earnings… No Bust, No Boom (TRMB, GRMN)Trimble Navigation Limited (NASDAQ: TRMB) is seeing some mixed reaction after earnings offer no major boom nor a major bust for the world of global positioning companies and the new competition of free apps that can be input into smartphones. The GPS player posted non-GAAP earnings of $0.21 EPS on revenue of $277.5 million. Thomson [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Feb 2010 | 2:28 pm SEC case against Madoff associates dismissed (Reuters)Reuters - A federal court dismissed fraud claims brought by the U.S. Securities and Exchange Commission against three Cohmad Securities Corp executives accused of helping Bernard Madoff conduct a $65 billion Ponzi scheme.Source: Yahoo! News: Stock Markets News | 2 Feb 2010 | 2:24 pm Commission abused rules, court saysThe Commerce Commission is seeking clarification of its powers after a judge ruled it had abused gagging orders while investigating alleged collusion between Air New Zealand and other airlines.In what was seen as an important...Source: nzherald.co.nz - Business | 2 Feb 2010 | 2:00 pm Podcast: When Cinnamon Moved Markets
A Yemeni spice vendor. (Marwan Naamani/AFP/Getty Images) On today's Planet Money: Tom Standage, business editor at the Economist, says if you really want to understand the history of global trade, you need to know why a pharaoh would want to be entombed with peppercorns in his nose. In his book, An Edible History of Humanity, Standage writes about how spices were an early form of currency and some, like peppercorns, signified great wealth. Arab middlemen controlled the spice trade, and their monopoly allowed them to inflate the prices of cinnamon and pepper for years. Standage says it wasn't until an Indian ship went adrift in the Red Sea that the Europeans realized there was an easier route to get all those spices they had been craving. After the jump, see a map of ancient trade routes between Alexandria and western India. Download the podcast; or subscribe. Music: Fanfarlo's "Luna." Find us: Twitter/ Facebook/ Flickr. 
Click to enlarge. Spice trade routes between Alexandria and western India (Tom Standage/An Edible History of Humanity)
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Feb 2010 | 2:00 pm Blankfein Face: The Next Generation
Source: Dealbreaker | 2 Feb 2010 | 1:53 pm NZ currency: Dollar firmsThe New Zealand dollar firmed across the board overnight, yesterday's negative effect of the Reserve Bank of Australia's official cash rate decision soon wearing off.The kiwi rose to US71.26c at 8am from US70.58c at 5pm yesterday.Most...Source: nzherald.co.nz - Business | 2 Feb 2010 | 1:48 pm Auto Sales Beat ExpectationsBy Alexander Hotz Just over a year ago pundits were trumpeting the death of the American automobile. High gas prices, the recession and government bailouts seemed to signal the end of an era. But, as impossible as it may seem, the new year brings with it good news for Detroit. Today Ford Motor company announced that its January sales were up 25 percent compared to last year. What's more, General Motors said its deliveries swelled 14 percent last month. Analysts believe that the American automakers owe their success in part to Toyota's recall debacle. Last year the Japanese giant took the unprecedented step of recalling 3.8 million Toyota and Lexus vehicles to fix a potential safety hazard, and late last month the company released more bad news when it announced it would temporarily stop delivering the eight models that make up 56 percent of its US market. Not surprisingly the world's biggest automaker posted a 16 percent drop in sales for last month. At a news conference yesterday at the company's headquarters in Japan, Toyota's Executive Vice President Shinichi Sasaki said, "the sales forecast is something that we're extremely worried about." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Feb 2010 | 1:28 pm Toyota (TM) Passes Ford (F) On Its Way DownThe only thing surprising about Toyota’s (NYSE:TM) January sales results is that they were not worse. Its recalls will probably catch all the way up with them in February. Toyota’s unit sales for last month fell 15.8% to 98,7986. The only bright spot was that the sales of the hybrid Prius were up 13%. Ford’s sold 116,534 vehicles, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Feb 2010 | 1:24 pm China warns US over Dalai LamaChina warned the US that any meeting between President Obama and the Dalai Lama would further damage relations, in the latest sign of the deteriorating political mood between Beijing and WashingtonSource: Financial Times - US homepage | 2 Feb 2010 | 1:15 pm Milkpowder prices drop at Fonterra auctionThe average price for whole milk powder (WMP) eased 1.6 per cent, or US$53 ($72) per tonne in Fonterra's internet-based auction this morning, compared with last month's auction.The average price across all contracts and contract...Source: nzherald.co.nz - Business | 2 Feb 2010 | 1:15 pm Taking on the job of a migrant workerAuthor Gabriel Thompson talks with Kai Ryssdal about his new book, "Working In The Shadows," and his experiences being employed in jobs on the bottom rung of the economic ladder.Source: Marketplace | 2 Feb 2010 | 1:01 pm Cadbury shareholders approve Kraft dealNORTHFIELD, Illinois - Cadbury PLC shareholders have approved Kraft Foods Inc.'s roughly US$19.5 billion (NZ$27.4bn) offer to acquire the British candy maker - the final step in creating the global food giant.The focus now shifts...Source: nzherald.co.nz - Business | 2 Feb 2010 | 1:00 pm Mortgage People Depressed About Lack Of Showgirls At Conference
"As a consequence, unlike Vegas where in between sessions you could hang out in bars or go see a 'show,' you have nothing to do except go to the damn sessions. On the upside, they are much more well attended than they ever were in Vegas."
Source: Dealbreaker | 2 Feb 2010 | 12:54 pm Telecom outsourcing could cost jobsHundreds of technical jobs at Telecom are on the line as the company looks to outsource positions overseas.Labour communications spokeswoman Clare Curran told The Dominion Post she had been told between 400 and 1500 jobs could...Source: nzherald.co.nz - Business | 2 Feb 2010 | 12:49 pm A look at global economic developments (AP)AP - A look at economic developments and activity in major stock markets around the world Tuesday:Source: Yahoo! News: Stock Markets News | 2 Feb 2010 | 12:45 pm Attention Prospective Hedge Fund Investors With $1G To SpareBeen interested in getting invested in the hedge fund game but after shopping around various firms not quite found the right fit? Having some trouble swinging the minimum at LaBeouf Capital Management? Great news! A can't-lose opportunity has come along (caveat emptor which is not that big a deal: it might be a scam). Litigator Sarah Bernett has founded hedge fund Bernett Capital Management, catering to "low- and middle income individuals." Here are the deets: * Minimum investment: $1,000
Source: Dealbreaker | 2 Feb 2010 | 12:24 pm Paging (The Ex-) Mrs. David Slaine
Source: Dealbreaker | 2 Feb 2010 | 11:58 am Volcker On The Volcker Rule
Source: Dealbreaker | 2 Feb 2010 | 11:38 am The State of the Econ BloggerThe Ewing Marion Kauffman Foundation released its annual survey of economic bloggers today. The survey gives you an idea of who leading economics bloggers are and how they perceive the economy. Today’s backdoor taxes media gaffe is yet another reason to pay attention to what econ bloggers have to say. Here’s a very basic overview of what the survey, which includes 85 respondents, found. Who are leading econ bloggers? Most bloggers devote their time to writing about government economic policies. This is followed by economic data and the stock market/Wall Street. Technology, entrepreneurship/small business, and corporate news come next. Foreign business is the least-covered topic. Panelists were asked to describe their political affiliation, with the intent being to show The last question asked economics bloggers to described their occupations and backgrounds. Most believe the economy’s performance is mixed. Government statistics tend to overrate economic performance. The budget deficit, interest rates, and inflation are all going up in the next year. Conditions for small business and bank lending are bad overall, while angel capital is the most hopeful proposition (but hardly; see graph below). Entrepreneurs and innovation are crucial to the health of the US economy. Labor unions are not. I included some graphs from the results report below. If anything, this survey has convinced me even more that bloggers are filling a crucial gap in government policy, financial, and economics reporting. And to take that mainstream media optimism with a spoonful of salt.
Source: Business Pundit | 2 Feb 2010 | 11:31 am Stephen Schork: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 2 Feb 2010 | 11:29 am Maryann Keller: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 2 Feb 2010 | 11:28 am Benchmark’s Atorino: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 2 Feb 2010 | 11:27 am Loomis' Fuss: Bloomberg On the Economy With Tom KeeneSource: Bloomberg - All Podcasts | 2 Feb 2010 | 11:26 am Electronic Trading Price Wars (AMTD, SCHW, ETFC, IBKC)Shares of electronic trading firms are under a bit of pressure today over fears of more price wars in the highly competitive electronic trading arena. The pressure comesx after Fidelity said it was cutting its online equity trades to $7.95 per trade on major US exchanges. In fact, as a target on the competitive and [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Feb 2010 | 11:26 am Cities take a spin with bike sharingCities like Boston, Minneapolis, and Denver are introducing a new way to get around: bike share. But these programs aren't just a ride in the park. Andrea Bernstein reports.Source: Marketplace | 2 Feb 2010 | 11:08 am Letters: Housing, cameras, ink, politicsKai Ryssdal reviews what listeners had to say about stories involving housing sales, digital cameras, ink cartridges for printers, and money in politics.Source: Marketplace | 2 Feb 2010 | 11:08 am Test for consumer agency to comeAlmost everything about the coming financial reforms is still up for grabs, except the creation of a new Consumer Financial Protection Agency. Commentator David Skeel says we need to watch out for some impediments.Source: Marketplace | 2 Feb 2010 | 11:08 am Study: 1 in 8 Americans use food banksA new study by Feeding America says 37 million people receive emergency food assistance from soup kitchens each year. Jeff Tyler reports.Source: Marketplace | 2 Feb 2010 | 11:08 am Film producers fight over Oscar creditThe biggest moment on Oscar night is when Best Picture is announced and all the producers file onto the stage. But when the nominations were unveiled, there was something missing. Stacey Vanek-Smith reports.Source: Marketplace | 2 Feb 2010 | 11:08 am Greece's debt crisis tests the euroEuropean Union officials will soon give their verdict on the perilous state of Greece's public finances. Stephen Beard reports markets around the world will be closely watching for an announcement.Source: Marketplace | 2 Feb 2010 | 11:08 am Obama wants $30B to boost small bizThe president proposes using bailout funds to help community banks lend more to small firms so they can start hiring again. Will it work? Mitchell Hartman reports.Source: Marketplace | 2 Feb 2010 | 11:08 am Securities and Exchange Commission Missed Madoff 'Cause Employees Were Busy Looking At Porn
The work computer of one regional supervisor for the U.S. Securities and Exchange Commission showed more than 1,800 attempts to look up pornography in a 17-day span: "It was kind of distraction per se," he later told investigators. |
