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Comcast And GE Try To Defend A Questionable DealGE (GE) and Comcast (CMCSA) have struck a deal for the cable company to take a controlling share in GE’s entertainment unit–NBCU. Opponents of the transactions claim that it will be anticompetitive for the largest cable company in America to own one of the largest collections of content assets. Executives for the two firms went before [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 5 Feb 2010 | 3:36 am Urban farmers fight nationwide to sow green bizTara Kolla fancied herself a green thumb-turned-green businesswoman when she planted an organic flower plot in her yard and sold poppies, sweet peas and zinnias at the local farmers market.Source: RSS feed - channel BNewsBusiness | 5 Feb 2010 | 3:32 am Urban farmers fight local laws to sow green bizUrban farmers are challenging city halls across the country to rewrite zoning laws that govern residential gardens. They want to feed fellow urbanites locally grown vegetables and fresh...Source: RSS feed - channel BNewsBusiness | 5 Feb 2010 | 3:30 am Worries over Southern Europe health continueConcerns over the health of Greece, Portugal and Spain continued Friday as Portugal faces a key vote in its parliament and a strike in Greece drags on for a second day.
Source: MarketWatch.com - Top Stories | 5 Feb 2010 | 3:30 am Toyota chief to address safety as Prius recall eyed (Reuters)
Source: Yahoo! News: Business News | 5 Feb 2010 | 3:29 am Jitters hang over Wall StreetU.S. stocks were set for a rocky start Friday after plunging to a three month-low the previous session, with investors looking to the January employment report for direction.Source: Business and financial news - CNNMoney.com | 5 Feb 2010 | 3:27 am Finnair hit by Q4 loss (AP)AP - Finnair PLC on Friday reported a fourth-quarter loss of euro37 million ($51 million) with revenue falling more than 20 percent, as weak demand continued to hit air travel in the economic downturn.Source: Yahoo! News: Business News | 5 Feb 2010 | 3:27 am Finnair hit by Q4 lossFinnair PLC on Friday reported a fourth-quarter loss of euro37 million ($51 million) with revenue falling more than 20 percent, as weak demand continued to hit air travel in the economic...Source: RSS feed - channel BNewsBusiness | 5 Feb 2010 | 3:27 am Futures point to lower open on Wall Street (Reuters)
Source: Yahoo! News: Stock Markets News | 5 Feb 2010 | 3:26 am Futures point to lower open on Wall Street(Reuters) - Stock index futures pointed to a lower open on Wall Street on Friday, after heavy falls in the previous session and following declines in Europe and Asia, with some caution expected ahead of a key labor market report.Source: Reuters: Business News | 5 Feb 2010 | 3:26 am Shares, euro fall on debt fears; jobs data eyed (Reuters)
Source: Yahoo! News: Stock Markets News | 5 Feb 2010 | 3:21 am Ford: A Brake Problem, Or A Software Upgrade?Ford (F) has offered customers who bought some 2010 Fusion and Mercury Milan hybrids “a customer satisfaction program to update the software of the regenerative brake system.” Many media outlets are depicting this as a sort of recall. According to Reuters, “Ford’s action came after Consumer Reports said one of its test engineers had experienced what appeared [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 5 Feb 2010 | 3:20 am World stocks tumble amid global recovery doubts (AP)
Source: Yahoo! News: Stock Markets News | 5 Feb 2010 | 3:13 am Asia shares tumble, send indexes to year's lowsAsian equity markets tumble on heavy losses on Wall Street and heightened concerns over European sovereign debt.
Source: MarketWatch.com - Top Stories | 5 Feb 2010 | 3:11 am As Mortgage Rates Move Above 5%, A New Normal For Home BuyersThe housing market is already up against a number of barriers to recovery. High unemployment keeps millions of people out of the market for homes. Banks are wary to grant mortgages to even the most credit worthy buyers. An ongoing increase in foreclosures has kept downward pressure on prices. That might help bring buyers into the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 5 Feb 2010 | 3:08 am Washington cities clamp down on bikini baristasCoffee shops in the Seattle area introduced the world to "bikini baristas" three years ago, hiring attractive young women to serve up steamy espressos and lattes while wearing as little as...Source: RSS feed - channel BNewsBusiness | 5 Feb 2010 | 3:05 am BA's £50m loss beats expectationsBritish Airways says it made a loss of £50m ($79m) in the three months to December 2009, which was smaller than expected.Source: BBC News | Business | World Edition | 5 Feb 2010 | 3:02 am Personal insolvencies hit record of 134,000 in 2009A record number of people in England and Wales were declared insolvent during 2009, new figures have shown.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 5 Feb 2010 | 3:00 am Global markets rout hits Asia (AFP)
Source: Yahoo! News: Stock Markets News | 5 Feb 2010 | 2:55 am Kraft says will delist Cadbury from London stock market (AFP)
Source: Yahoo! News: Stock Markets News | 5 Feb 2010 | 2:55 am Job losses from Great Recession about to get worse (AP)
Source: Yahoo! News: Business News | 5 Feb 2010 | 2:54 am Personal insolvency 'record high'The number of people who were declared insolvent in England and Wales hit a record high in the last quarter of 2009, figures show.Source: BBC News | Business | World Edition | 5 Feb 2010 | 2:54 am London Markets: U.K. stocks drop for third day, U.S. data on tapCommodity shares take the brunt of the selling in London, as ongoing worries about fiscal woes in Europe sees investors pull back ahead of some key U.S. jobs data.
Source: MarketWatch.com - Top Stories | 5 Feb 2010 | 2:52 am Toyota CEO to speak on quality woes (AP)
Source: Yahoo! News: Business News | 5 Feb 2010 | 2:51 am Icap shares plunge 17% on profits warningShares in Icap tumbled nearly 17 per cent in early trading as the world's biggest inter-dealer broker warned that full-year profits would miss forecasts. Source: Latest Business News from Times Online | 5 Feb 2010 | 2:49 am Toyota CEO to speak on quality woesToyota CEO Akio Toyoda will speak about quality control Friday in his first _ and long awaited _ news conference since the automaker issued massive global recalls last month. Toyota...Source: RSS feed - channel BNewsBusiness | 5 Feb 2010 | 2:47 am Cadbury shares to be de-listedKraft Foods is to remove Cadbury shares from the London Stock Exchange on 8 March now that 75% of shareholders have agreed to the takeover.Source: BBC News | Business | World Edition | 5 Feb 2010 | 2:47 am Prius recall reports add to Toyota's woesToyota's troubles looked to have worsened today after reports that it was preparing to recall 270,000 of its Prius models in the US and Japan over a braking problem.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 5 Feb 2010 | 2:47 am Volvo trucks posts heavy loss, sees recovery aheadVolvo Group, a leading global truck maker, plunged into the red in 2009 as fourth quarter losses widened but said it saw recovery ahead as the economy recovers. For 2009, a disastrous...Source: RSS feed - channel BNewsBusiness | 5 Feb 2010 | 2:45 am Toyota CEO to hold news conference amid recallsToyota says Chief Executive Akio Toyoda will speak about quality control later in the day in his first news conference since the automaker issued massive global recalls. Toyota Motor...Source: RSS feed - channel BNewsBusiness | 5 Feb 2010 | 2:41 am BG Group profit drops 38% on falling pricesNatural-gas producer's fourth-quarter profit falls 38% as falling gas prices offset growing volumes.
Source: MarketWatch.com - Top Stories | 5 Feb 2010 | 2:41 am British Airways heads for record loss (AP)AP - British Airways PLC said Friday that its cost-cutting drive has put the airline on the right course but won't save it from posting record losses in the current year.Source: Yahoo! News: Business News | 5 Feb 2010 | 2:36 am Booze, big-screen TVs: The Super Saints effectSaints fans have waited more than four decades for their team to get a taste of glory. When kicker Garrett Hartley made a 40-yard field goal to secure the Saints' first trip to the Super Bowl, it proved to be a win not just for the team but for New Orleans' businesses. Hotels, retailers, grocers and other merchants have noticed a rise in sales with every passing Saints victory.Source: Business and financial news - CNNMoney.com | 5 Feb 2010 | 2:29 am Volvo trucks' losses widen by 47 pctTruck maker AB Volvo on Friday said its losses widened by 47 percent in the fourth quarter due to restructuring costs and declining sales but forecast growth in key markets this year. ...Source: RSS feed - channel BNewsBusiness | 5 Feb 2010 | 2:28 am Volvo trucks' losses widen by 47 pct (AP)AP - Truck maker AB Volvo on Friday said its losses widened by 47 percent in the fourth quarter due to restructuring costs and declining sales but forecast growth in key markets this year.Source: Yahoo! News: Business News | 5 Feb 2010 | 2:28 am Volvo's quarterly net loss widens, sales down 23%Swedish truck maker says it could see signs of recovery in demand from historically low levels in several markets, particularly in China and India.
Source: MarketWatch.com - Top Stories | 5 Feb 2010 | 2:28 am ICAP shares tumble on profits warningICAP, the world's biggest interdealer broker whose founder and chief executive Michael Spencer recently sold a £45m stake, has issued a profits warning.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 5 Feb 2010 | 2:24 am BSE Sensex touches 3-mth low; global concerns weigh (Reuters)
Source: Yahoo! News: Business News | 5 Feb 2010 | 2:23 am British Airways heads for record lossBritish Airways PLC said Friday that its cost-cutting drive has put the airline on the right course but won't save it from posting record losses in the current fiscal year. In an update...Source: RSS feed - channel BNewsBusiness | 5 Feb 2010 | 2:23 am Oil slips below $73 on "toxic mix" of risk aversionLONDON (Reuters) - Oil fell below $73 a barrel on Friday, extending losses after its biggest one-day fall since July, and as the U.S. dollar hit a seven-month high against a basket of currencies.Source: Reuters: Business News | 5 Feb 2010 | 2:19 am Toyota considers recalling PriusToyota is considering recalling some Prius models in Japan and the US after concerns about its brakes, the carmaker says.Source: BBC News | Business | World Edition | 5 Feb 2010 | 2:17 am Euro slides below $1.37The euro continued its slide against the dollar on Friday, dropping below $1.37 as worries about public debt in several European countries persisted and markets awaited a closely watched...Source: RSS feed - channel BNewsBusiness | 5 Feb 2010 | 2:17 am Euro slides below $1.37 (AP)AP - The euro continued its slide against the dollar on Friday, dropping below $1.37 as worries about public debt in several European countries persisted and markets awaited a closely watched U.S. jobs report.Source: Yahoo! News: Business News | 5 Feb 2010 | 2:17 am Prius flaw: Toyota knew, didn't tell youToyota has known about brake problems in its popular Prius cars for some time, going so far as to fix it in new production vehicles, but has kept Prius drivers in the dark about the problem until the Japanese government called for an investigation.Source: Business and financial news - CNNMoney.com | 5 Feb 2010 | 2:14 am US jobless woeUS unemployment is much higher than the official figureSource: BBC News | Business | World Edition | 5 Feb 2010 | 2:13 am Out of work, burnt out, giving upThe number of discouraged job seekers is at an all time high. These readers tell us what it's like to give up on the job search.Source: Business and financial news - CNNMoney.com | 5 Feb 2010 | 2:10 am Toyota eyes Prius recall; braking woes hit Ford hybridsTOKYO/DETROIT (Reuters) - Toyota Motor Corp is preparing to recall up to 300,000 of its latest model Prius hybrid cars due to braking problems, in a further blow to the reputation of the world's largest car maker.Source: Reuters: Business News | 5 Feb 2010 | 2:08 am Icap shares slump after profit warningShares in U.K. interdealer broker Icap slump as much as 19% after the firm cuts its earnings forecast.
Source: MarketWatch.com - Top Stories | 5 Feb 2010 | 2:08 am Lexus hybrid brakes under scrutinyToyota has added the brake systems of the latest Lexus hybrid vehicles to a growing list of problems with various models, the company said Friday.Source: Business and financial news - CNNMoney.com | 5 Feb 2010 | 2:07 am BA posts surprise Q3 operating profit, costs fallLONDON (Reuters) - British Airways posted a surprise third-quarter operating profit, reflecting the impact of deep cost cuts and capacity reductions, and said it had adapted to industry changes caused by the global recession.Source: Reuters: Business News | 5 Feb 2010 | 2:04 am Liberty shares soar on property demerger planLiberty International, Britain’s biggest shopping centre owner, has confirmed plans to split itself in two — making it the third UK large-cap company to pursue a demerger in recent months. Source: Latest Business News from Times Online | 5 Feb 2010 | 2:02 am Europe Markets: Third day of losses for Europe as debt fears weighEuropean shares fell for the third straight day on Friday, as investors continued to fret about the health of Greek, Portuguese and Spanish finances ahead of the release of U.S. jobs data.
Source: MarketWatch.com - Top Stories | 5 Feb 2010 | 1:54 am Media Digest 2/5/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: The economy probably added 5,ooo jobs last month. Reuters: Kraft (KFT) gained control over 75% of Cadbury shares. Reuters: Toyota (TM) may recall the Prius. Reuters: Publishers and Amazon (AMZN) are still fighting over book prices. Reuters: NY State accused the ex-CEO of Bank of America (BAC) of fraud. Reuters: Google (GOOG) faces many risks in its stand-off with [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 5 Feb 2010 | 1:49 am Currencies: Dollar gains on rivals ahead of U.S. jobs reportThe dollar gets a lift from safety-seeking investors as Asian equities markets sell off.
Source: MarketWatch.com - Top Stories | 5 Feb 2010 | 1:48 am Sell-off continues as risk aversion spreadsGlobal markets overview: Markets sell off following sharp losses on Wall Street and in Europe, as investors eye keenly awaited non-farm payroll numbers from the USSource: Financial Times - US homepage | 5 Feb 2010 | 1:47 am FTSE 100 slides as global equity sell-off continuesLondon's leading index fell for a third day as the sell-off in global equities sparked by fears of a sovereign debt default in Europe continued.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 5 Feb 2010 | 1:43 am FTSE drops at open (AFP)
Source: Yahoo! News: Stock Markets News | 5 Feb 2010 | 1:37 am Financial turmoil strikes as G-7 officials gather (AP)
Source: Yahoo! News: Business News | 5 Feb 2010 | 1:33 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 | 5 Feb 2010 | 1:31 am Asia Markets And Europe Open (2/5/2010) Hong Kong CollapsesMarkets in Asia were sharply lower. The Nikkei fell 2.9% to 10,057. The Hang Seng fell 3.3% to 19,675. The Shanghai Composite fell 1.6% to 2,939. At the open in Europe, the FTSE was down .4% to 5,118. Barclays (NYSE: BCS) fell. The Dax was off .1% to 5,526. The CAC 40 dropped .4% to 3,673. Data from Reuters and [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 5 Feb 2010 | 1:22 am BA posts surprise third quarter profit but still expects record full-year lossBritish Airways reported a surprise £25m third-quarter operating profit after costs cut, but still expects to make a record loss for the year.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 5 Feb 2010 | 1:21 am New York attorney general sues Bank of America, ex-CEO Ken LewisAndrew Cuomo accuses the company and Lewis of fraud, saying they understated Merrill Lynch's losses before it was acquired by the bank. ...Source: RSS feed - channel BNPaperBusiness | 5 Feb 2010 | 1:00 am Big retailers report strong sales gains in JanuaryThe 3.3% increase over the previous year cheers merchants but shoppers are still exercising restraint. Nordstrom and TJX post double-digit gains. ...Source: RSS feed - channel BNPaperBusiness | 5 Feb 2010 | 1:00 am Lexus hybrid brakes under scrutiny in Toyota investigationThe mechanical parts that make up the brake system in the Lexus model are identical to those in the 2010 Prius, a Toyota spokesman said. ...Source: RSS feed - channel BNPaperBusiness | 5 Feb 2010 | 1:00 am Toyota resumes sales of recalled modelsAmid recall troubles, the automaker also reports a healthy third-quarter profit. Toyota dealers resumed selling...Source: RSS feed - channel BNPaperBusiness | 5 Feb 2010 | 1:00 am Toyota resumes sales of recalled modelsAmid recall troubles, the automaker also reports a healthy third-quarter profit.Toyota dealers resumed selling vehicles Thursday that were pulled from the sales lot to address sudden-acceleration problems as the automaker said lost sales and a series of related recalls would cost $2 billion.
Source: L.A. Times - Business | 5 Feb 2010 | 1:00 am Stocks fall after bad news about European budgets, U.S. unemploymentDebt worries in Greece, Spain, Portugal and elsewhere send international markets plunging. A report on first-time jobless benefits helps push the Dow down more than 200 points in midday trading. ...Source: RSS feed - channel BNPaperBusiness | 5 Feb 2010 | 1:00 am Anthem Blue Cross dramatically raising rates for Californians with individual health policiesPolicyholders are incensed over rate hikes of as much as 39%, which they say come on top of similar increases last year. State insurance regulators say they'll investigate. ...Source: RSS feed - channel BNPaperBusiness | 5 Feb 2010 | 1:00 am Jump in service disconnections sparks move by CaliforniaThe Public Utilities Commission votes to order providers to help their nonpaying customers keep the heat and lights on. ...Source: RSS feed - channel BNPaperBusiness | 5 Feb 2010 | 1:00 am Stocks fall after bad news about European budgets, U.S. unemploymentDebt worries in Greece, Spain, Portugal and elsewhere send international markets plunging. A report on first-time jobless benefits helps push the Dow down more than 200 points in midday trading.The Dow Jones industrial average is closing in on 10,000 -- from the wrong direction.
Source: L.A. Times - Business | 5 Feb 2010 | 1:00 am Jump in service disconnections sparks move by CaliforniaThe Public Utilities Commission votes to order providers to help their nonpaying customers keep the heat and lights on.California regulators, reacting to a dramatic increase in service shut-offs, ordered electric and gas utilities Thursday to make greater efforts to help keep the lights and heat on for non-paying customers, especially those in poorer neighborhoods.
Source: L.A. Times - Business | 5 Feb 2010 | 1:00 am Big retailers report strong sales gains in JanuaryThe 3.3% increase over the previous year cheers merchants but shoppers are still exercising restraint. Nordstrom and TJX post double-digit gains.In a surprise showing for a notoriously slow month, shoppers turned out at the nation's malls in January, spending carefully but sufficiently to help retailers post solid sales and providing momentum heading into the spring selling season.
Source: L.A. Times - Business | 5 Feb 2010 | 1:00 am New York attorney general sues Bank of America, ex-CEO Ken LewisAndrew Cuomo accuses the company and Lewis of fraud, saying they understated Merrill Lynch's losses before it was acquired by the bank.Former Bank of America Chief Executive Ken Lewis now holds the inglorious distinction of being the first top figure from a major bank to be sued by the government over the financial industry's debacle of the last 18 months.
Source: L.A. Times - Business | 5 Feb 2010 | 1:00 am Global stocks tumble on European debt fearsShares across the globe continued to fall today as fears remained over the ability of European countries to pay down soaring debts and the level of unemployment in America, the world’s largest economy. Source: Latest Business News from Times Online | 5 Feb 2010 | 12:52 am BA beats forecasts but expects record lossBritish Airways (BA) has notched up its first quarterly operating profit for more than a year, with the effects of poor winter weather and strike-related disruption offset by heavy cost cutting. Source: Latest Business News from Times Online | 5 Feb 2010 | 12:47 am Kraft gets over 75 percent of Cadbury, to delist sharesLONDON (Reuters) - Kraft Foods on Friday said it had 75.41 percent acceptances from Cadbury Plc shareholders by 1900 GMT on February 4 in its takeover of the British confectioner and will now move to delist Cadbury no earlier than March 8.Source: Reuters: Business News | 5 Feb 2010 | 12:41 am Europe debt fears hit Asia stocksAsian shares fall heavily as concerns about government debt levels in Europe continue to hit global stock markets.Source: BBC News | Business | World Edition | 5 Feb 2010 | 12:29 am Toyota's shares rise even as recall woes mountA funny thing happened on the way to Toyota.’s market meltdown in Tokyo -- the recall-plagued auto giant’s shares rose.
Source: MarketWatch.com - Top Stories | 5 Feb 2010 | 12:29 am US opens Toyota Prius brake probeJapanese carmaker has identified a design problem with its revamped Prius hybrid car that can affect the performance of the car’s brakesSource: Financial Times - US homepage | 5 Feb 2010 | 12:19 am Global stock market shakeout spreads to AsiaAsian stocks tumbled on Friday after Wall Street dropped overnight on worries the global recovery is weaker than many expected.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 4 Feb 2010 | 11:10 pm Employers likely added 5,000 jobs last monthWASHINGTON (Reuters) - U.S. employers probably stopped cutting jobs and added 5,000 payrolls in January, the second monthly gain since the recession started in December 2007, the government is expected to report on Friday.Source: Reuters: Business News | 4 Feb 2010 | 11:04 pm Brown Sworn in as U.S. Senator, Urges Tax Cut to Spur Economy (Bloomberg)Bloomberg - Feb. 5 (Bloomberg) -- Massachusetts Republican Scott Brown was sworn in as a U.S. senator, taking the seat held for almost half a century by the late Edward Kennedy and ending the supermajority for Senate Democrats that let them overcome stalling tactics on legislation.Source: Yahoo! News: Business News | 4 Feb 2010 | 10:00 pm 3-D Profits Petroleum Geo ServicesPetroleum Geo is bringing it to the oil patch, too.
Source: SmartMoney.com | 4 Feb 2010 | 10:00 pm The Grandpa Factor: Why Older Investors Risk More (Money and Your Mind)Behavioral economics sheds light on financial decisions and aging.
Source: SmartMoney.com | 4 Feb 2010 | 10:00 pm Washington Is Making Investors Nervous (Broker Talk)Investors are jittery over the Fed's moves and Obama's proposals.
Source: SmartMoney.com | 4 Feb 2010 | 10:00 pm Heating Your Home for LessHeating oil prices are rising. How to keep your bills from doing the same.
Source: SmartMoney.com | 4 Feb 2010 | 10:00 pm This Week's Business Tweets: Don't Laugh (Twitter Beat)Who is Frank Quattrone calling a train wreck?
Source: SmartMoney.com | 4 Feb 2010 | 10:00 pm Should More Americans Take 401(k) Loans? (By the Numbers)Hough: Under the right circumstances, it can be a good deal.
Source: SmartMoney.com | 4 Feb 2010 | 10:00 pm Good Price Doesn't Mean Good Value (Deal of the Day)Deciding among sales, discounts and deals isn't always about the lower price.
Source: SmartMoney.com | 4 Feb 2010 | 10:00 pm Rio Tinto hires new China boss to improve tiesSYDNEY (Reuters) - Rio Tinto has named fluent Mandarin speaker Ian Bauert to head its China business, at a time of tense iron ore price talks and a case against four employees accused of illegally obtaining commercial secrets.Source: Reuters: Business News | 4 Feb 2010 | 9:45 pm More overseas flights for Akl Airport in '09 but fewer passengersAuckland International Airport, the country's major visitor gateway, welcomed more international flights on to its runways in 2009, but fewer passengers.International aircraft movements rose 4.1 per cent to 41,819 last year, according...Source: nzherald.co.nz - Business | 4 Feb 2010 | 8:59 pm Anthem Blue Cross dramatically raising rates for Californians with individual health policiesPolicyholders are incensed over rate hikes of as much as 39%, which they say come on top of similar increases last year. State insurance regulators say they'll investigate.California's largest for-profit health insurer is moving to dramatically raise rates for customers with individual policies, setting off a furor among policyholders and prompting state insurance regulators to investigate.
Source: L.A. Times - Business | 4 Feb 2010 | 8:17 pm US DoJ dissatisfied with Google book dealThe US justice department is still not satisfied with an agreement on digitising books made between Google and authors and publishers, despite ‘substantial progress’ on amendments to the settlement.Source: Financial Times - US homepage | 4 Feb 2010 | 8:07 pm Stocks tumble on worries about jobs, European debt (AP)
Source: Yahoo! News: Stock Markets News | 4 Feb 2010 | 7:27 pm Treasury Secretary Geithner says China is likely to let currency appreciateA revalued yuan would address a long-sought U.S. goal that could help boost American exports and create more jobs. ...Source: RSS feed - channel BNPaperBusiness | 4 Feb 2010 | 6:46 pm Treasury Secretary Geithner says China is likely to let currency appreciateA revalued yuan would address a long-sought U.S. goal that could help boost American exports and create more jobs.Treasury Secretary Timothy F. Geithner said Thursday that China was likely to let its currency appreciate -- addressing a long-sought U.S. goal that could help boost American exports and create more jobs.
Source: L.A. Times - Business | 4 Feb 2010 | 6:46 pm SEC drops civil action against ex-Broadcom execs (AP)AP - The Securities and Exchange Commission said Thursday it will not pursue a civil action against four former Broadcom Corp. executives for allegations of securities fraud.Source: Yahoo! News: Stock Markets News | 4 Feb 2010 | 6:41 pm Prius' woes not limited to brakesReports of light failure on the Toyota hybrid cast new suspicion on electronic controls. A new federal investigation...Source: RSS feed - channel BNPaperBusiness | 4 Feb 2010 | 6:39 pm Prius' woes not limited to brakesReports of light failure on the Toyota hybrid cast new suspicion on electronic controls.A new federal investigation into braking problems with Toyota Motor Corp.'s Prius hybrid is just one in a series of possible glitches that may be linked to the vehicle's complex electronics, including headlights that fail inexplicably, records and interviews show.
Source: L.A. Times - Business | 4 Feb 2010 | 6:39 pm CEOs defend Comcast-NBC Universal dealThe companies' leaders take some pointed criticism in hearings on Capitol Hill. Congress on Thursday began evaluating...Source: RSS feed - channel BNPaperBusiness | 4 Feb 2010 | 6:38 pm Cuomo charges BofA, ex-CEO with fraud; SEC settles (Reuters)
Source: Yahoo! News: Stock Markets News | 4 Feb 2010 | 6:35 pm Cuomo charges BofA, ex-CEO with fraud; SEC settlesNEW YORK/ORLANDO, Florida (Reuters) - New York's attorney general charged Bank of America Corp, former Chief Executive Kenneth Lewis and former Chief Financial Officer Joe Price with fraud for allegedly misleading shareholders about the acquisition of Merrill Lynch & Co.Source: Reuters: Business News | 4 Feb 2010 | 6:35 pm Suzuki SX4 SportBack: Good, clean, noisy funFeverish, strung tight, with an exhaust note that sounds like Santa's elves caught in a wood chipper, the SportBack is the perfect car for those who think perfection is overrated.It's a well-known principle of quantum mechanics that racing stripes make a car faster. Depending on the width and color of the stripes, accessorizing paint schemes can shave 2 seconds off the quarter-mile and add 50 mph to the top speed.
Source: L.A. Times - Business | 4 Feb 2010 | 6:35 pm Prius concerns arise as Toyota dealers fix other modelsOwners complain of problems with the brakes, the lights and unexpected reversal.Just as Toyota dealers seemed to get a handle on the sticky-pedal problem, a new headache emerged Thursday as Prius owners began worrying about reports that the hybrid vehicle may also be afflicted with problems.
Source: L.A. Times - Business | 4 Feb 2010 | 6:30 pm They paid what? 5 most expensive works of artSource: Business and financial news - CNNMoney.com | 4 Feb 2010 | 6:13 pm Cell towers don't affect property values, says researcherNearby cellphone towers have no effect on property values, says a study conducted by an Auckland academic.Olga Filippova, a property lecturer at the University of Auckland, focused her study on 3126 homes sold across four Auckland...Source: nzherald.co.nz - Business | 4 Feb 2010 | 6:00 pm India free trade deal could mean big things for NZ agricultureThe possibility of a Free Trade agreement with India would have wide-ranging benefits for the New Zealand agricultural industry, and give Kiwi exports a helping hand in one of the world's biggest markets, industry leaders say.Trade...Source: nzherald.co.nz - Business | 4 Feb 2010 | 6:00 pm Briscoe profits double after good XmasBriscoe Group, the retailer controlled by managing director Rod Duke, says full-year profits have almost doubled, restoring earnings to levels last seen in 2008, after strong Christmas trading fattened its margins.Net income exceeded...Source: nzherald.co.nz - Business | 4 Feb 2010 | 5:30 pm Final note: Trading stock for foodIn this final note, Kai Ryssdal reviews a new practice a New York restaurant is undertaking: trading stock certificates for food. But not all shares will you buy a steak.Source: Marketplace | 4 Feb 2010 | 5:30 pm Dimon receives $10m sharesJamie Dimon, JPMorgan Chase’s chief executive, received shares worth about $10m after exercising 10-year-old stock options, just days before he was due to be granted a 2009 pay package estimated at $15m-$20m.Source: Financial Times - US homepage | 4 Feb 2010 | 5:24 pm Experian sued over FreeCreditReport.comA Wisconsin college student filed a class-action lawsuit against Experian this week, claiming that the company's ubiquitous ads for FreeCreditReport.com led her to believe she could use the site to get a no-cost credit report.Source: Business and financial news - CNNMoney.com | 4 Feb 2010 | 5:23 pm Buffett and Kraft launch bond salesKraft and Berkshire Hathaway are pressing ahead with blockbuster bond sales to finance recent acquisitions in spite of a rocky day for global financial marketsSource: Financial Times - US homepage | 4 Feb 2010 | 5:16 pm Hoey Discusses Online Employee Conduct, Liabilities: BLAWSource: Bloomberg - All Podcasts | 4 Feb 2010 | 5:11 pm Deutsche Telekom prepares IPO for T-Mobile USA: reportNEW YORK (Reuters) - Deutsche Telekom AG is considering an initial public offering or spinoff of its U.S. wireless service T-Mobile USA, the Wall Street Journal reported.Source: Reuters: Business News | 4 Feb 2010 | 5:10 pm Shell to cut 1,000 jobs and close six refineriesRoyal Dutch Shell yesterday announced plans to shed a further 1,000 jobs and sell six refineries as the oil company fights to stem widening losses from its global refining operation. Source: Latest Business News from Times Online | 4 Feb 2010 | 5:01 pm Bank of America accused of 'enormous fraud'The New York Attorney General is suing Bank of America (BoA) and two of its top executives for an “enormous fraud” on taxpayers and shareholders over the bank's 2008 acquisition of Merrill Lynch. Source: Latest Business News from Times Online | 4 Feb 2010 | 5:01 pm British Gas starts energy price war as bills fall for 8 millionBritain’s big energy companies are on the brink of a price war after British Gas cut its prices by 7 per cent. Source: Latest Business News from Times Online | 4 Feb 2010 | 5:01 pm Time will tell whether the Bank is right to be cautiousThe Bank of England yesterday turned off the printing presses. It will not, for the moment, add to the £200 billion of assets, mostly gilts, that it has bought with newly minted central bank money. Source: Latest Business News from Times Online | 4 Feb 2010 | 5:01 pm Stock markets plunge over Europe debt fearsEuropean and American stock markets plunged yesterday as investors took fright over the difficulties in debt-ridden countries such as Greece and Portugal and fears mounted over the health of the world’s biggest economy. Source: Latest Business News from Times Online | 4 Feb 2010 | 5:01 pm Shortage of funds forces start-up bank to pull IPOPlans for a £200 million flotation of Walton & Co, a start-up bank, have been pulled because of a lack of support from investors. Source: Latest Business News from Times Online | 4 Feb 2010 | 5:01 pm Tourism jump welcome, but low spending Aussies dominateTourism Auckland says visitor numbers in New Zealand's biggest city are still "patchy", despite positive figures for December international tourist numbers being released yesterday.The Statistics New Zealand figures indicated...Source: nzherald.co.nz - Business | 4 Feb 2010 | 5:00 pm The Top Seven Cars Not Being RecalledToyota (TM) has recalled over seven million cars worldwide which includes eight of it most popular vehicles. The company is also faced with investigations about trouble with brakes on its 2010 Prius hybrid. French carmaker PSA Peugeot Citroen is recalling 97,000 small vehicles that share Toyota’s pedal system. Ford (F) announced that is offering a customer satisfaction program to update the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 4 Feb 2010 | 4:53 pm ETFs, Toyota Recall, Muni Bonds, Berkshire Stock: Taking StockSource: Bloomberg - All Podcasts | 4 Feb 2010 | 4:53 pm Doubt cast on survival of EMIEMI’s accountants raise “significant doubt” about the music company’s ability to continue as a going concern as Terra Firma, the private equity firm that owns EMI, seeks another £120m injection from investorsSource: Financial Times - US homepage | 4 Feb 2010 | 4:30 pm China goes car crazyIn a sprawling factory south of Shanghai, Li Shufu, the self-made Chinese billionaire who is poised to buy Volvo from Ford, is presiding over a new-model launch party. If he has any concerns that his Geely Automobile Holdings' rising...Source: nzherald.co.nz - Business | 4 Feb 2010 | 4:30 pm Shares slide lower after Wall St fallThe New Zealand sharemarket slid lower on opening today, after a sharp overnight fall on Wall Street.Having gone against international market trends yesterday and posted a gain, the benchmark NZX-50 index shed 5191 points or 1.65...Source: nzherald.co.nz - Business | 4 Feb 2010 | 4:17 pm Ford rolls out software fix for hybrid brakesFord Motor Co. announced Thursday that it will ask owners of its Ford Fusion Hybrid and Mercury Milan Hybrids sedan to bring their car into their Ford dealer to replace software that operates the car's braking system.Source: Business and financial news - CNNMoney.com | 4 Feb 2010 | 4:08 pm BofA and ex-chiefs face fraud lawsuitsBank of America and two of its top former executives duped shareholders about mounting losses at Merrill Lynch and manipulated Washington into handing over $20bn to help finance the 2008 merger of the two banks, the New York attorney-general allegedSource: Financial Times - US homepage | 4 Feb 2010 | 4:02 pm Write-Offs: 02.04.10$$$ A major insider-trading investigation has led to unusual collateral damage on Wall Street. In October, Wall Street trader Danielle Chiesi was among several individuals arrested in a high-profile insider-trading case. One of her first calls from FBI offices was to her former fiance, William Bischoff, chief executive of FTN Equity Capital, a Wall Street research firm. What followed was a series of events that led to Mr. Bischoff being bounced from his CEO post amid an internal investigation of his activities, and his highly regarded research firm being shuttering this week. "They killed my business because of my relationship with Danielle," Mr. Bischoff contends. FTN's parent company said in a statement that FTN Equity was closed because it no longer was a "strategic fit." On the day of Ms. Chiesi's arrest, Mr. Bischoff says, he informed the compliance department of his firm's parent, First Horizon, about his relationship with Ms. Chiesi, which had been intermitent since 2005. First Horizon, the Memphis, Tenn., banking parent, launched an internal investigation. Several years of emails, instant messages, trading records and personal tax returns were examined, he says.Within two weeks, a Wall Street blog item was posted discussing the fact that Mr. Bischoff, 50 years old, had previously been involved with Ms. Chiesi. [WSJ, DealBreaker (said mysterious, unnamed blog)] $$$ Falcone makes a killing on new Credit Fund launch [CTNews] $$$ Life after DoubleDown. [Folio] $$$ Jim Chanos: "Greece is always said the country of my ancestors has long been a society of many chiefs and no Indians as someone once said. They've got some real problems that they don't even want to fess up to themselves. Whether the EU does anything to help them out, I don't know." [CNBC] $$$ Dear Greenlight Groupies: 
 Source: Dealbreaker | 4 Feb 2010 | 4:00 pm US looks at Prius brake problemsThe US opens an investigation into brake problems in the Toyota Prius, as the carmaker's stream of bad news continues.Source: BBC News | Business | World Edition | 4 Feb 2010 | 3:57 pm How the major stock indexes fared on Thursday (AP)AP - Stocks buckled Thursday under the growing belief that the global economy is weaker than many investors expected and likely to stop companies from hiring.Source: Yahoo! News: Stock Markets News | 4 Feb 2010 | 3:49 pm Jay-Z Is Pissed Off At CRE Market, Sues The S%&* Out Of Highland Capital, Will Rap About It
Source: Dealbreaker | 4 Feb 2010 | 3:34 pm Presented By:Source: Dealbreaker | 4 Feb 2010 | 3:34 pm F&P Appliances ready to take on China as Haier digs in hereResults of the co-operation agreement between Fisher & Paykel and its cornerstone shareholder Haier are now evident in home appliance showrooms here and are about to be seen in China.The Chinese appliance giant's goods have been...Source: nzherald.co.nz - Business | 4 Feb 2010 | 3:30 pm Stock takes - Takeover talksMISSING IN ACTION The credit crunch put an end to what was in retrospect a fairly busy period of merger and acquisition activity on the local sharemarket.Now things have calmed down a bit it's not unreasonable to assume that...Source: nzherald.co.nz - Business | 4 Feb 2010 | 3:30 pm Hedge funds, bankruptcy judges spar over disclosureWILMINGTON, Delaware (Reuters) - Hedge funds will defend their coveted secrecy against bankruptcy judges who want more information about their economic interests before granting them an active role in Chapter 11 reorganizations.Source: Reuters: Business News | 4 Feb 2010 | 3:10 pm Prechter Reminder… Taking Out DJIA 10,000 (GLD, DIA, SPY, QQQQ, TLT)The big technical level in the S&P 500 Index was 1,085, but that feels like some time ago. There is no magic trick on a technical level of 10,000 on the Dow Jones Industrial Average. But there is a psychological value to it. The official closing bell price is not yet set, but the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 4 Feb 2010 | 2:59 pm Where rent is cheap and jobs (sort of) plentifulSource: Business and financial news - CNNMoney.com | 4 Feb 2010 | 2:56 pm Toyota: slow response dents company's reputationBillions of pounds could be knocked off the value of Toyota's brand because of the slow way the company has dealt with the crisis of faulty accelerator pedals in its cars, according to branding experts.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 4 Feb 2010 | 2:51 pm Ken Lewis Calls Ben Bernanke, Hank Paulson To The Stand
Source: Dealbreaker | 4 Feb 2010 | 2:45 pm $14.3 trillion - New limit on U.S. borrowingThe House on Thursday approved a record-level increase in the cap on how much the government can borrow.Source: Business and financial news - CNNMoney.com | 4 Feb 2010 | 2:42 pm WGL Holdings Raised to `Sell' at Goldman Sachs: AudioSource: Bloomberg - All Podcasts | 4 Feb 2010 | 2:39 pm Does The Tsunami Hold Lessons For Haiti?By Caitlin Kenney The World Bank's country director for Indonesia, Joachim von Amsberg, says the rebuilding of Indonesia's Aceh province following the tsunami in 2004 should serve as a model for Haiti. In a editorial in today's Washington Post, von Amsberg notes the similarities between the two countries. He writes: "Haiti is a poor country long plagued by governance issues. Even though Indonesia is a well-functioning state, Aceh at that time had been ravaged by decades of conflict between the Indonesian government and Acehnese groups fighting for independence." Von Amsberg suggests a three ponged approach for dealing for reconstruction in Haiti that focuses on "local and national leadership," "empowering people" and "coordinating global aid." And he paints a rosy picture of life in Aceh today: "I have seen enough redevelopment and spoken to enough local people to know that Aceh has been built back better than it was before the tsunami." Still he notes, it will not be easy. Adam covered the tsunami for NPR in 2004 and later today we hope to ask him what he thinks about the comparison with Haiti. For now, here are some links to stories from his coverage of that disaster: Organizations Act to Measure Economic Costs of Tsunami Some Normalcy Emerges in Tsunami-Devastated Indonesia Businessmen Eye the Future in Indonesia » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 4 Feb 2010 | 2:28 pm Surprise tally points to June rate liftAn unexpectedly large jump in the unemployment rate should not been seen as a sign the economy is in much worse shape than was thought, economists said, but it does make it more likely that it will be June before the Reserve Bank...Source: nzherald.co.nz - Business | 4 Feb 2010 | 2:00 pm Bonus Watch '10: Jamie To Get His Number Next Week
Source: Dealbreaker | 4 Feb 2010 | 1:36 pm Debenhams boss in shock DFS bid roleDebenhams' CEO angers shareholders by teaming up with private equity firm Cinven to consider a £500m bid for sofa chain DFS.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 4 Feb 2010 | 1:28 pm Dear Passport People
Source: Dealbreaker | 4 Feb 2010 | 1:04 pm More Americans face underemploymentNearly nine million Americans are underemployed -- people who have had their hours reduced, work part time or are on contract. Thanks to the recession, this group has never been bigger. Dan Bobkoff reports.Source: Marketplace | 4 Feb 2010 | 12:50 pm A storyteller's take on financeFiction writer John Lanchester talks with Kai Ryssdal about his book, "I.O.U.," and the true-life story about what has happened to the global banking system over the past few years.Source: Marketplace | 4 Feb 2010 | 12:50 pm Apple looks ahead by ditching FlashApple's hugely popular devices don't run Adobe Flash, which is causing tension between the two companies. Why would apple shun Flash? Commentator Farhad Manjoo offers a few ideas.Source: Marketplace | 4 Feb 2010 | 12:50 pm A friend request from the U.S. gov'tThe government is delving into social networking sites like Facebook and Twitter to solve crimes and recruit soldiers. But it's not clear what guidelines government agencies have to follow. Nancy Marshall Genzer reports.Source: Marketplace | 4 Feb 2010 | 12:50 pm Heinz squeezes out new ketchup packetHeinz is replacing the little foil squeeze packets you find at fast-food restaurants with a new packet they call "Dip & Squeeze." Mitchell Hartman reports.Source: Marketplace | 4 Feb 2010 | 12:50 pm Health spending continues to soarU.S. spending on health care hit an estimated $2.5 trillion in 2009, and taxpayers are footing more of that bill than anyone thought. Gregory Warner reports.Source: Marketplace | 4 Feb 2010 | 12:49 pm Toyota's woes filter down to dealerAs Toyota's problems continue, dealers are stuck with inventory hanging around and having to fix customers' cars. Brett Neely reports on how the automaker's issues are affecting one dealership.Source: Marketplace | 4 Feb 2010 | 12:49 pm Tim Geithner Interested In Taxing The Hell Out Of Hedge Funds
Source: Dealbreaker | 4 Feb 2010 | 12:44 pm Poor sales push EMI to heavy lossRecord company EMI reports an annual pre-tax loss of £1.75bn and says it needs more money to stay afloat.Source: BBC News | Business | World Edition | 4 Feb 2010 | 12:40 pm Who Should We Set Up With Jennifer Aniston?
Jen Aniston "Wants to Be Set Up With a Wealthy Businessman" [US via Daily Intel]
Source: Dealbreaker | 4 Feb 2010 | 12:39 pm Letter: 'My Personal Indicator, $2.5 Billion'
NASA's Ares 1-X test rocket. (Joe Raedle/Getty Images) Listener Z. writes from Utah: My personal indicator is $2.5 Billion. That's the projected cost in the proposed 2011 budget for the cancellation and close out of the Constellation program, which was NASA's plan to send astronauts to the moon and eventually to Mars. I'm an aerospace engineer who works for ATK in Utah, the primary contractor for the first stage of the ARES I launch vehicle. We also make the two solid rocket boosters for the space shuttle. We've also laid off about 40% of our workforce in the year and a half I've worked here. Interestingly, the president's proposed budget essentially takes the United States out of the human spaceflight business and refocuses NASA as primarily an R&D and technology development agency. Personally, I agree with the proposed path, despite how it affects the company I work for. Over the past few decades, the NASA bureaucracy has become so bloated that the culture of the agency prevented any novel engineering from getting done. This budget, and the current NASA administrator, seem poised to return NASA to its early days, when the agency was far more flexible and created new technologies which are still cutting edge today. Personally, I think I'll be fine when it comes to my job as I graduated from college in 2008 and still think I can easily get a job somewhere else. I just wonder how it's going to affect those people who have worked here for 20 years and don't know how to do anything else. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 4 Feb 2010 | 12:25 pm FPB and Iceland's Malcolm Walker at war over suppliersThe Forum of Private Business (FPB) has hit back at comments made by Malcolm Walker, the chief executive of supermarket chain Iceland, which branded a new code of conduct to protect farmers and small suppliers "a complete waste of time".Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 4 Feb 2010 | 12:19 pm BlackRock snaps up prime office in London's Drapers GardenIn another sign that the capital's commercial property market is continuing to thaw, BlackRock, the fund manager, has signed a 25-year incentivised lease on one of the City's largest developments.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 4 Feb 2010 | 11:59 am Pompey takeover to be challengedPortsmouth's takeover by their fourth different owner of the season may be challenged by previous owner Ali Al Faraj.Source: BBC News | Business | World Edition | 4 Feb 2010 | 11:56 am The Banality Of Tim Geithner
Ask a friend, "What do you think of Ben Bernanke," and you get a substantive response, making comparisons to Greenspan, speaking more generally about Central Banks, the Great Depression, society at large, widening and continuing the discussion. "What do you think of Barack Obama?" yields comparisons to President Bush, opinions on the Presidency as an institution, on health care, our wars and our foreign policy, and of course, the state of race relations in America. Ask a friend about Larry Summers, Paul Volcker or Robert Rubin and expect a long conversation to follow. Hank Paulson provokes a referendum on Goldman Sachs. The mention of Paul O'Neill or John Snow makes for a good discussion of ethics. But ask, "What do you think of Tim Geithner," and after, "I don't like him," the conversation stalls.
Source: Dealbreaker | 4 Feb 2010 | 11:56 am 10 Companies that Inspired Hate WebsitesCreating a website takes work. Doing one pro bono, based on your passionate hatred of a company, means something about that organization really inspired you. Many of the websites below have to do with bad treatment or a bad working experience with a company. Many were created before the era of Yelp, Twitter and Consumerist. Makes you appreciate the work that used to go into complaining about a company, doesn’t it? Monsanto
Comcast
If a union and this angry-looking hippy guy hate it, why can’t you? Of course, it could have something to do with spotty service, slow customer responses, and habit of trying to control Internet access, too. CSX Railroad
This website has been around and active for quite a while. In that time frame, it doesn’t look like anyone’s complaints about this railroad company have changed much. Enterprise Rent-A-Car
I’m not a frequent customer of Enterprise, so I’m not familiar with the company’s wrongdoings. According to the person who created Failing Enterprise, customer service there is “appalling,” they overcharge you, make you wait, and haven’t been honest all the time. That’s quite a list. Verizon
Choosing a cell phone service provider is like being hungry at a stale buffet. You need the food, you’re going to eat it, but it all kind of sucks. Few people truly love Verizon, AT&T, T-Mobile, or any other big provider. But a fair number hate them. Interestingly enough, the carrier with the most obvious hate site was Verizon. United
If you’re awestruck by United’s, err, mixed level of service, you’re not alone. In my own United experience, I’ve had a plane delayed for 10 hours because someone loaded it so badly that it tipped onto its tail. I’ve seen people nearly riot because the airline chose to strand its customers rather than paying for a shuttle bus like all the other airlines. One time, United lost my friend’s baggage and my friend. I’m not surprised that Untied is one of the most elaborate critical sites out there. Bank of America
The case could be made that most banks suck right now. Apparently, Bank of America sucks enough to make someone create this complaint forum. PayPal
PayPal has angered quite a few people. Something to do with having your account suspended despite being honest. I guess PayPal pre-empted big banks on that move. This site has a complete summation of the many reasons PayPal is no bueno. Starbucks
Starbucks: Love it or hate it, like the guy who started this website. His reasons? “The coffee sucks and they are everywhere.” Fair enough, but why hate them for it? He says they underpay their labor despite a 59% average profit margin per store. Many workers don’t receive benefits because they work just under 20 hours/week. Their products are unhealthy. They are fake. You get the gist. Wal-Mart
Some people hate Wal-Mart out of principle. Others are former frequent shoppers jaded on bad treatment. Still others are unhappy employees. Wal-Mart hatred, it turns out, is as diverse as the many products the store sells.
Source: Business Pundit | 4 Feb 2010 | 11:46 am The race is on for Greece before the ECB exitsSome powerful investors are now betting on European debt defaults, writes Gillian TettSource: Financial Times - US homepage | 4 Feb 2010 | 11:24 am Beamers Cafe: Reporting Live
Source: Dealbreaker | 4 Feb 2010 | 11:20 am Bank of America sued over MerrillLegal action has begun against Bank of America, accusing former bosses of duping investors during the takeover of Merrill Lynch.Source: BBC News | Business | World Edition | 4 Feb 2010 | 11:07 am 12 Countries With The Highest & Lowest Tax RatesSeemingly everyone has an opinion about taxes. As one of the largest economic and political issues of any country, the subject of how high taxes are (and upon which segment of society they predominantly fall) can be counted on to engender heated debates among politicians, academics, and ordinary citizens. However, beneath all the heated rhetoric and opinions are hard facts and numbers. Certain tax rates in certain countries correlate with certain outcomes, regardless of whether these are acknowledged by various strains of financial opinion. Today, Business Pundit takes an honest look at twelve countries – six with the highest tax rates, and six with the lowest – and examines other facets of those economies with an eye toward possible correlations. Naturally, there are several different ways to assess the income tax burden a nation imposes – the lowest rate of income tax in a country, the highest rate, income tax on corporations, and the like. Depending on who is being taxed (say, someone making $10,000 per year vs. someone making $100,000), a nation’s income tax structure can look very different. For the sake of using one uniform measure, our article uses marginal income taxes on average income workers in a given country.
The Highest Tax RatesBelgium
As will be seen throughout this article, most of the world’s highest tax rates can be found in western European nations. Belgium tops the list, with a marginal tax rate that goes as high as 54%. Despite such a high tax rate, Belgium ranks relatively highly on various economic measures. NationMaster.com, for instance, reports that Belgium’s $392 billion GDP ranks 18th out of 203 countries, and exports over $322 billion worth of goods and services yearly. However, other statistics show Belgium’s high tax rate coming back to haunt it. The International Monetary fund ranks Belgium 18th on its list of Gross Domestic Product based on purchasing power parity, at $36,416. It is also noted that Belgium was “likely to have negative growth, growing unemployment, and a 3% budget deficit.” Canada’s Trade Commissioner Service similarly reported “a slowdown of the activity in all sectors” during the last two quarters of 2008. In sum, it seems that Belgium’s high tax rates stifle economic vitality to some extent, despite the social safety net it provides. Finland
With a marginal tax rate of 46.6 on average workers, Finland has the fourth highest such rate in the world. However, unlike many similarly taxed countries, Finland has managed to have a stronger overall economy despite its taxation. Unemployment currently sits at 6.8% – surprisingly low given the current economic crisis and double-digit unemployment in the United States. Additionally, Finland’s $36,320 GDP per capita ranks 20th on the International Monetary Fund’s list. The CIA Factbook likewise states that Finland has “a highly industrialized, largely free-market economy with per capita output roughly that of the UK, France, Germany, and Italy.” It is also worth noting that Finland has been one of the best performing economies in the entire European Union in recent years, owing in no small part to the country’s having avoided the worst of the banking crisis. Germany
Clocking in just beneath Finland is Germany, with a 45% marginal tax rate on average income workers. Despite having the largest national economy in Europe (and the fourth largest in the world measured by nominal GDP), Germany has effectively traded off having a comprehensive social safety net against more robust economic growth. Its GDP measured by PPP is $35,539 according to the International Monetary Fund – 21st on the list, behind Belgium. As recently as 2007, TheNewEditor.com reported that Germans were emigrating at their highest rate since the 1940’s, resulting in a “brain drain” on the nation’s brightest and most motivated people. As a result of “high taxes and bureaucracy, thousands of Germans have upped sticks for Austria and Switzerland, or emigrated to the United States” — 155,290 during the year in question, which rivals “levels last experienced in the 1940s during the chaotic aftermath of the Second World War.” Furthermore, emigrants are generally said to be highly motivated and educated, while those immigrating to Germany are increasingly poorer and less educated — perhaps more inclined to consume Germany’s generous social benefits. Denmark
Denmark clocks in as having the fourth highest tax rate in the world at 44.4%. On the surface, high taxes have not had the chilling effect on Denmark that they appear to be having on other highly taxed nations. An ABC News story, for instance, reports that “Danes Rank Themselves as Happy and Content” – indeed, the happiest nation on Earth – despite the tax burden they bear. Furthermore, the high taxes mean that “a banker can end up taking home as much money as an artist” so that “people don’t chose careers based on income or status.” However, outsiders are skeptical of whether high taxes impose a bigger burden than is acknowledged. The New York Times (hardly an enemy of high taxation) reported in 2007 – the same year of ABC’s story – that Denmark’s tax structure was worsening a labor shortage. As in Germany, the Times found that “the Danish labor force had shrunk by about 19,000 people through the end of 2005″ (significant in a country of less than 6 million) because “Danes and others had moved elsewhere.” To its credit, Denmark does boast the 16th highest GDP per capita at $37,304 – impressive for a small and highly taxed nation. Italy
As of 2006, the highest tax rate in Italy has been roughly 43%. Unfortunately, Italy also has the lowest GDP per capita of any country covered so far — $30,631, good for 27th on the International Monetary Fund’s list. Various economic indicators portray Italy negatively, not the least of which is debt as a percentage of GDP being higher than 100%, according to EconomicsHelp.org. Italy also appears to have a sluggish male work population. According to Mint.com’s article on bizarre tax breaks around the world, Italy once toyed with the idea of offering males 30 and over a tax incentive to leave their mother’s homes and start their own lives. The problem, Mint writes, is ” is apparently so bad that a third of all men over 30 live at home” in Italy. Naturally, this segment of the population is not participating in economic growth by having their own homes or apartments, utility bills, and the like. The case could be made that overly generous government benefits have softened the population’s will to work. France
Finally, no discussion of highly taxed nations would be complete without including France. With a top marginal tax rate on average workers of about 40% (and a top tax on high-income workers of nearly 50%), France is long-known for sacrificing economic growth to social benefits handed out by government. As Charles Wheelan writes in his book Naked Economics, “France is a good place to be a struggling artist, and a bad place to be an Internet entrepreneur.” Despite being the fifth largest economy in the world, France’s GDP per capita stands at just $34,205 – only 23rd on the IMF’s ranking. A study done several years ago by the Organization for Economic Cooperation and Development found that “France’s tax burden as a percentage of gross domestic product last year rose to 43.7%, from 43.4% a year earlier”, according to ThisFrenchLife. A 2009 Wall Street Journal piece likewise finds France’s popular universal healthcare system “has been in the red since 1989″, with an expected 2010 shortfall of €15 billion. The Lowest Tax RatesSwitzerland
Perhaps unsurprisingly, the country with the lowest marginal tax rate on average income workers — Switzerland, at 20% — also boasts the world’s 7th highest GDP per capita at $43,196. The UK’s Times Online called attention to Switzerland’s “benign tax system” in a 2009 article about the nation’s “low tax high life” that invites people to escape 50% tax rates by moving there. Contrary to general assumptions, the Times explains, Switzerland has found a way to maintain a high standard of living alongside an extremely low personal income tax rate. BusinessWeek likewise reported in 2009 that Switzerland was “openly and legally urging multinationals to relocate” — and succeeding, while other nations buckled beneath staggering debt. Switzerland’s low tax rates have not stopped it from having some of the leading universities in the world, a highly educated work force and less than 3% unemployment as of 2009. USA
The United States is still relatively tax-friendly, with a marginal tax rate of around 27% on average income workers. As the world’s largest economy by far, the economic vitality and high standards of living in the U.S. speak for themselves. The United States boasts the 6th highest GPD per capita in the world at $47,440 and serves, in the words of Wikipedia, as “the epicenter of world trade.” Total GDP stood at over $14 trillion for 2008, which is more than three times that of the world’s second largest economy (Japan). American citizens also have the highest income per hour worked of any nation surveyed. By any objective measure, the United States and its relatively low tax rates offer the best of both worlds — reasonable social safety nets, and extraordinary economic capacity stemming from essentially free market policies. The standard of living in the US is evidenced by consistently being the most immigrated-to nation on earth — 38,355,000 immigrants currently call the US home, more than double that of Russia, which is second on the list. Australia
Australia, with a 31.5% marginal tax rate on average income workers, manage to clock in at 17th on the IMF’s GDP per capita ranking with $36,918. The island nation is bouncing back surprisingly strong from the worldwide economic meltdown, with the BBC reporting on January 14, 2010 that had fallen to 5.5% at a time when similarly situated nations are struggling with double-digit unemployment. According to Deputy Prime Minister Juliar Gillard, the BBC’s findings “provide further evidence of how Australia has outperformed virtually every other advanced economy during the global recession.” With a tax rate similar to that of the United States, Australia has long provided incentives for the hard work, entrepreneurship and risk-taking that are fundamental to sustained economic growth and high standards of living. Canada
Canada is taxed in a manner similar to that of the United States, imposing a 31.2% marginal tax rate on average income workers. Despite a $39,098 GDP per capita (good for 13th on the IMF’s list), Canada has struggled amidst the current economic crisis. The Canadian government’s statistical agency, Statistics Canada, reported on January 8, 2010 that the national unemployment rate sat at 8.5% – slightly below the double-digit rate of the U.S., but still troubling. Canada-based CBC News also reported in early 2009 that the International Monetary Fund had “slashed Canada’s GDP growth for 2009 and 2010.” Like Japan and several other nations so far discussed, Canada maintains universal healthcare coverage for all its citizens in addition to other social programs. Canada has also, according to Reuters, ruled out raising taxes to ease the national deficit, but rather, would “constrain public spending” instead. Japan
Japan is an interesting case on several fronts. Despite being the second largest economy on Earth, Japan’s GDP per capita is just 24th on the International Monetary Fund’s list, at $34,116. Canada’s Parlimentary Research Service offers some answers. One explanation for Japan’s recently diminished economic vitality could be that “Japan was the country with the lowest government revenue-to-GDP ratio (31%) and the second-highest government net debt-to-GDP ratio (78%).” Nonetheless, it’s 33% marginal tax rate on average income workers represents one of the lowest in the world. Japan’s unemployment rate also stood at a manageable 5.5% as of late October 2009, according to the BBC. To its credit, Japan boasts a strong standard of living, including a hybrid system of public and government-subsidized health insurance for all its citizens. United Kingdom
With a 32% marginal tax rate imposed on average income workers, the UK still qualifies as a relatively low-taxed nation, but only amidst the rest of highly-taxed Western Europe. With a GDP per capita of $36,358 (19th on the IMF’s ranking), Great Britain stands as the sixth largest economy in the world by this measure. The United Kingdom provides universal healthcare to its citizens, as do most industrialized nations in Europe, and Poverty.org reports that roughly 21% live below 40% of the country’s median income. The country is also a major financial hub in the world economy, with London housing various important stock exchanges and investment banks. Unemployment is manageable at 7.8%, as of the fourth quarter of 2009, compared with double-digit employment in many similarly situated nations. All told, London continues to offer one of the higher standards of living in the world, owing in part to its relatively low taxes and focus on economic growth.
Source: Business Pundit | 4 Feb 2010 | 11:07 am The Death of AAA Ratings… S&P and Berkshire Hathaway (BRK-A) (BRK-B) (BNI)Berkshire Hathaway Inc. (NYSE: BRK-A) NYSE: BRK-B) is in the process of selling $8 billion in notes today to help fund the acquisition of Burlington Northern Santa Fe (NYSE: BNI). And Standard & Poor’s just gave Warren Buffett a pre-sale slap in the face. S&P has lowered the rating of Berkshire Hathaway over how the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 4 Feb 2010 | 11:03 am Bad-boy sumo champion bows outThe shock retirement of sumo’s bad-boy grand champion caps a week of tumult for the sport that began with the surprise election of a reformist to its governing boardSource: Financial Times - US homepage | 4 Feb 2010 | 10:56 am Greece: Thinking About Cutting BackBy David Kestenbaum Greece has the highest budget deficit in the European Union, nearing 13 percent of it's GDP which has been making everyone nervous. Greece has a plan for fixing things, but it's not pretty. Yesterday the EU endorsed it: On the revenue side it includes the elimination of tax exemptions, the rise of excise duties on tobacco and alcohol and measures to fight tax evasion. Regarding expenditure, the government will cut public servant allowances, freeze recruitment in 2010 and will only recruit 1 for every 5 civil servants retiring thereafter. For comparison the U.S. deficit is expected to peak slightly lower than where Greece is now, at 10.6 percent of GDP. If you add up total debt, Greece is expected to pass 120 percent of GDP next year. After borrowing to fight World War II, the U.S. peaked at 122 percent. Here's the primer from our friends at Baseline Scenario about how much debt is too much. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 4 Feb 2010 | 10:19 am The Banker Bailout Bonus Tax: From The UK With LoveIt was only a matter of time before some bright Congressman decided that the UK decision to tax 2009 banker bonuses over $48,000 by 50% was a good way to raise money for the Treasury. Bankers, particularly those that got TARP funds, are easy for the government to demonize. The taxpayers saved them. A year [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 4 Feb 2010 | 10:18 am Can Obama Really Double US Exports?By Max Fisher, The Atlantic Wire President Obama raised eyebrows during the State of the Union address by vowing to double U.S. exports over the next five years. That’s a hefty promise–total U.S. exports in 2009 are estimated at about $1.5 trillion. Some pundits shrugged off the initial claim as politically expedient hyperbole, but the White [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 4 Feb 2010 | 10:01 am Amazon Buys Touchscreen Company Touchco
Amazon started the e-reader race by releasing the Kindle. Now, it has bought touchscreen company Touchco to keep up with the iPad. The New York Times has more: Touchco uses a technology called interpolating force-sensitive resistance, which it puts into displays that can be completely transparent and could cost as little as $10 a square foot. The capacitive touch screens used in the iPad and iPhone are considerably more expensive. Unlike those screens, the Touchco screens can also detect an unlimited number of simultaneous touch points. The company designed its technology to work well with full-color LCD screens, similar to those used in the iPad and Hewlett-Packard’s coming line of tablet PCs. The technology could allow Amazon to introduce a full-color touch-screen Kindle, raising the question of whether the device’s current displays, which are made by a company called E Ink, will play a role in the next round of reading devices. The acquisition “would suggest Amazon is looking to expand its platform perhaps beyond e-readers to encompass more functionality and more content,” said Colin Sebastian, an analyst at Lazard Capital. “It also could help them address some of the form-factor issues with the Kindle,” allowing it, for example, to replace the physical keyboard with a virtual one, he said. “If touch screens were added to the Kindle or other Amazon devices, it would bring them up to date with the plethora of other screens consumers are becoming used to. Any device is at a disadvantage if it doesn’t offer it.” If Amazon is buying Touchco, it’s safe to assume it wants to develop something like a tablet computer. But if the Kindle becomes a direct iPad/tablet competitor, it will effectively lose its first-mover advantage as an e-reader. At this point, that advantage has more to do with name than anything else. It would be a shame to give up the Kindle’s brand differentiation by morphing it into a regular tablet product. For the Kindle’s sake, I hope that Amazon doesn’t just go for a tablet. I hope that it creates a truly superior e-reader and preserves the Kindle’s name.
Source: Business Pundit | 4 Feb 2010 | 9:00 am Perella Weinberg’s Arbess: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 4 Feb 2010 | 7:58 am US jobless claims unexpectedly riseThe number of US workers claiming jobless benefits rose unexpectedly last week, casting doubt over the economy’s ability to create jobsSource: Financial Times - US homepage | 4 Feb 2010 | 7:55 am Morning Report: Mixed News For Workers in Productivity and Jobless ReportsBy Caitlin Kenney Productivity in the non-farm business sector grew by 6.2 percent in the fourth quarter of 2009, following an increase of 7.2 the previous quarter. While a gain in productivity isn't always good news, this report showed the first increase in hours worked since the second quarter of 2007. The number of hours worked increased slightly by 1.0 percent after falling by nearly 5 percent the quarter earlier. The number of hours worked has been on a steady decline since 2007, while productivity has soared showing many companies are practicing a "do more with less" mentality. Meantime, the Department of Labor reports that the number of initial jobless claims was 480,00 for the week ending January 30, an increase of 8,000 from the previous week. The 4-week moving average also increased by 11,750 to 468,750. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 4 Feb 2010 | 7:39 am Arthur Levitt: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 4 Feb 2010 | 7:19 am RBC’s Cassidy: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 4 Feb 2010 | 7:17 am UC Berkeley's DeLong: Bloomberg On the Economy With Tom KeeneSource: Bloomberg - All Podcasts | 4 Feb 2010 | 7:15 am Bell on Stocks, Gartman on U.S. Economy: First WordSource: Bloomberg - All Podcasts | 4 Feb 2010 | 6:47 am An Example of Good Park Bench Branding
Source: Business Pundit | 4 Feb 2010 | 5:14 am
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