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Taylor Wimpey reduces its lossesHousebuilder Taylor Wimpey more than halves its full-year losses and says housing markets have now improved.Source: BBC News | Business | World Edition | 3 Mar 2010 | 3:16 am Euro rises on new Greek measuresThe euro rises against the dollar as the Greek government unveils a new series of austerity measures.Source: BBC News | Business | World Edition | 3 Mar 2010 | 3:14 am Greek cabinet backs sweeping austerity plan: sourceATHENS (Reuters) - Greece's cabinet approved a sweeping new austerity program on Wednesday, the third in as many months, in a drive to rein in a bulging budget deficit and secure European financial support, a government source said.
Source: Reuters: Business News | 3 Mar 2010 | 3:09 am China Still The Holy Grail For GM, And The Best Place For Its IPOFord’s (F) sales may have passed GM’s in the US in February, but GM is still well ahead of its rivals in China. GM sold 174,306 cars on the mainland last month between its own vehicles and those sold with joint venture partners. The is a 51% increase over the same period last year. GM’s lead over Ford and [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Mar 2010 | 3:08 am Mitsubishi, Peugeot scrap capital tie-up talks (AFP)
Source: Yahoo! News: Business News | 3 Mar 2010 | 3:07 am Greek cabinet prepares new critical budget (AFP)
Source: Yahoo! News: Business News | 3 Mar 2010 | 3:04 am Europe Markets: Europe slips, Greece reportedly sets new measuresEuropean shares are in a tight range on Wednesday, after a mixed batch of earnings, with Greece’s fiscal situation still front-and-center for investors following reports the country will take new austerity measures.
Source: MarketWatch.com - Top Stories | 3 Mar 2010 | 3:02 am 5 hybrids that don't skimp on powerAt the Geneva auto show, even high-end performance automakers roll out hybrid and plug-in cars.Source: Business and financial news - CNNMoney.com | 3 Mar 2010 | 2:59 am Adidas Q4 net income falls 64 pct to $26M (AP)
Source: Yahoo! News: Business News | 3 Mar 2010 | 2:58 am Nissan says to recall 540,000 vehicles globallyTOKYO (Reuters) - Nissan Motor Co said it will recall 540,000 vehicles worldwide due to potential defects in brake pedal pins and fuel-gauge components.
Source: Reuters: Business News | 3 Mar 2010 | 2:56 am Why diversification will work againDiversification, the notion of spreading your investments among different baskets of assets that don't rise and fall in unison, has long been considered one of the safest and surest moves you can make with your portfolio. After all, if any one basket falls apart, most of your brood should remain intact.Source: Business and financial news - CNNMoney.com | 3 Mar 2010 | 2:54 am Who gets the college fund when plans change?If your child skips college, is he entitled to the money you've saved for him? Money's ethicists weigh in.Source: Business and financial news - CNNMoney.com | 3 Mar 2010 | 2:43 am StanChart sees talent fight as FY profit tops $5 billionLONDON (Reuters) - Standard Chartered said it would pay staff $1.1 billion in bonuses in a "red hot" fight for talent after strong investment banking in its core Asian markets in 2009 helped fuel record profits.
Source: Reuters: Business News | 3 Mar 2010 | 2:37 am Toyota hopes 0% financing will lure buyersToyota's U.S. arm is again looking to 0% financing to pull it out of a sales slump.Source: Business and financial news - CNNMoney.com | 3 Mar 2010 | 2:30 am ITV makes profit after cost cutsITV returns to profit thanks to cost-cutting and increasing its share of a declining TV advertising market.Source: BBC News | Business | World Edition | 3 Mar 2010 | 2:30 am Obama to back GOP ideas in health planSource: Business and financial news - CNNMoney.com | 3 Mar 2010 | 2:26 am Greece braces for deeper spending cuts (AP)
Source: Yahoo! News: Business News | 3 Mar 2010 | 2:24 am Standard Chartered's profits riseStandard Chartered reports record profits in 2009 and criticises proposals to regulate banks.Source: BBC News | Business | World Edition | 3 Mar 2010 | 2:22 am H&M plans two-for-one stock splitSTOCKHOLM (Reuters) - Swedish fashion retailer Hennes & Mauritz AB is planning a two-for-one stock split in response to investor calls to make its shares more tradeable.
Source: Reuters: Business News | 3 Mar 2010 | 2:22 am H&M plans two-for-one stock split (Reuters)Reuters - Swedish fashion retailer Hennes & Mauritz AB (HMb.ST) is planning a two-for-one stock split in response to investor calls to make its shares more tradeable.Source: Yahoo! News: Business News | 3 Mar 2010 | 2:22 am Standard Chartered profit lifted by wholesale armEmerging markets-focused bank Standard Chartered reports a 4.7% rise in its 2009 net profit Wednesday as it continues to grow its market share and said it has had a good start to the new year.
Source: MarketWatch.com - Top Stories | 3 Mar 2010 | 2:20 am Treasury cashing in on bank turnaroundBank of America is about to leave the Troubled Asset Relief Program with a bang.Source: Business and financial news - CNNMoney.com | 3 Mar 2010 | 2:17 am Currencies: Dollar slips against most rivals in Asian tradingThe dollar slips against most of its rivals in Asian trading Wednesday, but stays mostly in recent ranges ahead of U.S. jobs data later in the session.
Source: MarketWatch.com - Top Stories | 3 Mar 2010 | 2:17 am The Most Significant Investment The Government Is Making To Address UnemploymentIt has been two days since the United States Department of Labor announced that if Emergency Unemployment Compensation and full federal funding for the Extended Benefit program are not extended, 400,000 Americans will lose unemployment benefits during the first weeks of March. The figure would then rise, if nothing is done by Congress, to three [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Mar 2010 | 2:08 am Rat out a tax cheat, collect a rewardIf you knew coworkers, former bosses or exes who cheated on their taxes, would you turn them in? The Internal Revenue Service can make it worth your while.Source: Business and financial news - CNNMoney.com | 3 Mar 2010 | 2:08 am Time to dive back into tech stocks?Technology funds have held up surprisingly well in the downturn, so should investors consider a return to the sector?Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Mar 2010 | 2:06 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 Mar 2010 | 2:01 am Media Digest 3/3/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: The Senate overcame opposition to allow jobless benefits to be extended. Reuters: China will hope to keep the value of the yuan steady. Reuters: JC Penney (JCP) will focus on exclusive products. Reuters: Disney (DIS) is the bully in a program dispute says Cablevision (CVC). Reuters: Apple (AAPL) sued HTC over patent violations. Reuters: US regulators are looking at [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Mar 2010 | 2:00 am Preliminary Figures - Subject to Supervisory Board Approval: Fraport Fiscal Year 2009: Fraport AG Holds Steady Course for the Future Despite Economic CrisisSource: RSS feed - channel BNewsBusiness | 3 Mar 2010 | 2:00 am Oil hovers below $80 on mixed US supplies report (AP)
Source: Yahoo! News: Business News | 3 Mar 2010 | 1:58 am Asian stocks rise amid Greece hopes; Europe down (AP)
Source: Yahoo! News: Stock Markets News | 3 Mar 2010 | 1:55 am Asian stocks rise amid Greece hopes; Europe down (AP)
Source: Yahoo! News: Business News | 3 Mar 2010 | 1:55 am Costco posts higher profit(Reuters) - Costco Wholesale Corp on Wednesday reported a higher quarterly profit for its holiday quarter, helped by more shoppers coming into its stores and improved sales of discretionary items, like home decor and clothes.
Source: Reuters: Business News | 3 Mar 2010 | 1:53 am Costco posts higher profit(Reuters) - Costco Wholesale Corp on Wednesday reported a higher quarterly profit for its holiday quarter, helped by more shoppers coming into its stores and improved sales of...Source: RSS feed - channel BNewsBusiness | 3 Mar 2010 | 1:53 am Costco posts higher profit (Reuters)Reuters - Costco Wholesale Corp on Wednesday reported a higher quarterly profit for its holiday quarter, helped by more shoppers coming into its stores and improved sales of discretionary items, like home decor and clothes.Source: Yahoo! News: Business News | 3 Mar 2010 | 1:53 am Greece to consider 30-35 percent cut in public bonusesATHENS (Reuters) - The Greek government will look at trimming public sector bonuses by 30 to 35 percent when it meets to decide on new ways of cutting budget spending on Wednesday,...Source: RSS feed - channel BNewsBusiness | 3 Mar 2010 | 1:50 am Hard-hit Greek stocks may offer opportunitiesAs a debt crisis rattles confidence in Greece, few investors are rushing to put money into local assets. For those who can stomach the risk, however, interesting opportunities do exist.
Source: MarketWatch.com - Top Stories | 3 Mar 2010 | 1:48 am G. Willi-Food Reports Annual Net Income of NIS 31.5 Million ($8.4 Million) for Fiscal Year 2009Source: RSS feed - channel BNewsBusiness | 3 Mar 2010 | 1:47 am Standard Chartered bankers to share £750m rewardStandard Chartered employees will share a bonus pot of £750 million this year after pre-tax profits at the bank climbed by 13 per cent to $5.2 billion ($£3.4 billion). Source: Latest Business News from Times Online | 3 Mar 2010 | 1:46 am Standard Chartered makes record annual profit (AP)AP - Standard Chartered PLC on Wednesday reported a seventh consecutive record annual profit, of $3.38 billion, as stronger wholesale banking earnings offset an increase in provisions for bad loans and other credit risks.Source: Yahoo! News: Business News | 3 Mar 2010 | 1:45 am New No. 1: Ford sales top GM, ToyotaToyota Motor reported a 9% drop in U.S. sales in February from a year ago as the Japanese automaker continued to suffer from recall problems. Meanwhile, rival Ford Motor vaulted ahead of Toyota and GM to claim the market lead in the U.S.Source: Business and financial news - CNNMoney.com | 3 Mar 2010 | 1:40 am Stocks eke out gainsStocks ended with modest gains Tuesday, giving up a bigger advance, as investors weighed February auto sales, some upbeat company news and signs that Greece won't default on its debt.Source: Business and financial news - CNNMoney.com | 3 Mar 2010 | 1:40 am Standard Chartered sees profits riseStandard Chartered, the UK bank that escaped the worst of the credit crisis, has reported an increase in pre-tax profits thanks to a strong performance from its core Asian business.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Mar 2010 | 1:34 am GM blames recall on Toyota supplierThe US carmaker has blamed a supplier partly owned by the Japanese group for a faulty car part that led to the recall of 1.3m Chevrolet and Pontiac cars in North AmericaSource: Financial Times - US homepage | 3 Mar 2010 | 1:34 am Asia Markets And Europe Open (3/3/2010)Markets in Asia were mixed. The Nikkei rose .3% to 10,253. Toyota (TM) surged. The Hang Seng fell .1% to 20,877. China Mobile (CHL) fell. HSBC (HBC) rose. The Shanghai Composite was up .8% to 3,097. At the open in Europe, the FTSE was down .1% to 5,478. The Dax was down .1% to 5,768. The CAC40 fell .3% to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Mar 2010 | 1:31 am Amsterdam Trade Bank Signs for Misys BankFusion Equation to Allow Them to Bring New Products to Market More RapidlySource: RSS feed - channel BNewsBusiness | 3 Mar 2010 | 1:30 am GM's China sales up 51 percent in February (AP)AP - General Motors said its February vehicle sales in China rose 51 percent from a year earlier on strong demand for Chevrolet and Cadillac models as well as its popular minivans.Source: Yahoo! News: Business News | 3 Mar 2010 | 1:18 am Business Bullet: Gold, Greece, ITV, Taylor WimpeyThe latest news on: Gold, Greece, ITV, Taylor WimpeySource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Mar 2010 | 1:15 am ITV returns to profit as it signals worst is overITV has signalled that the worst downturn in television advertising may be behind it.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Mar 2010 | 1:09 am Toyota's fix is a bust, owners claimNew complaints allege sudden acceleration and other problems after recall work. Some Toyota owners have begun...Source: RSS feed - channel BNPaperBusiness | 3 Mar 2010 | 1:00 am 2 top executives leave video game maker Infinity WardThe maker of Call of Duty: Modern Warfare loses its chief executive and president, a potential blow to the successful franchise.The two top executives of the studio behind Call of Duty: Modern Warfare have unexpectedly left the company amid a conflict with publisher Activision Blizzard Inc., clouding the future of one of the world's most popular and profitable video game series.
Source: L.A. Times - Business | 3 Mar 2010 | 1:00 am U.S. is satisfying a hunger for tougher organic meat and milk rulesNatural food advocates are optimistic that the government is committed to a meaningful certification process. They point to an edict that livestock must graze on pasture at least four months a year. ...Source: RSS feed - channel BNPaperBusiness | 3 Mar 2010 | 1:00 am Calls grow for throttle safeguardAll new cars should be required to have brake override systems, a key senator says at Toyota hearings.Reporting from Los Angeles and Washington Ken Bensinger -- Momentum is building for a rule requiring automakers to install brake override systems so drivers can stop their cars during incidents of sudden acceleration, which has been blamed in the deaths of more than 50 people in accidents involving Toyota vehicles nationwide.
Source: L.A. Times - Business | 3 Mar 2010 | 1:00 am Banks begin image repair over financial crisisSome of the biggest U.S. banks are trying to regain the public's trust through ad campaigns that tentatively confront the question of blame. Only 19% of Americans are confident of bankers' integrity. ...Source: RSS feed - channel BNPaperBusiness | 3 Mar 2010 | 1:00 am 2 top executives leave video game maker Infinity WardThe maker of Call of Duty: Modern Warfare loses its chief executive and president, a potential blow to the successful franchise. ...Source: RSS feed - channel BNPaperBusiness | 3 Mar 2010 | 1:00 am Stocks rise on more merger activityNEW YORK -- The stock market had its third straight winning day on signs that companies are becoming more optimistic about the economy.
Source: L.A. Times - Business | 3 Mar 2010 | 1:00 am Stocks rise on more merger activityNEW YORK -- The stock market had its third straight winning day on signs that companies are becoming more optimistic about the economy.Source: RSS feed - channel BNPaperBusiness | 3 Mar 2010 | 1:00 am U.S. is satisfying a hunger for tougher organic meat and milk rulesNatural food advocates are optimistic that the government is committed to a meaningful certification process. They point to an edict that livestock must graze on pasture at least four months a year.New federal rules that define what makes milk and meat organic have natural food advocates optimistic that the government is committed to ensuring the label means something.
Source: L.A. Times - Business | 3 Mar 2010 | 1:00 am Toyota's fix is a bust, owners claimNew complaints allege sudden acceleration and other problems after recall work.Some Toyota owners have begun complaining that their vehicles suddenly accelerated even after dealerships made repairs to fix the problem, according to reports filed with federal safety regulators.
Source: L.A. Times - Business | 3 Mar 2010 | 1:00 am Calls grow for throttle safeguardAll new cars should be required to have brake override systems, a key senator says at Toyota hearings. Reporting...Source: RSS feed - channel BNPaperBusiness | 3 Mar 2010 | 1:00 am Edmunds.com offers $1-million prize for Toyota fixThe auto information and pricing company is launching a public competition to find a solution to the carmaker's unintended-acceleration problem.Solve the unintended acceleration problem, win a million dollars.
Source: L.A. Times - Business | 3 Mar 2010 | 1:00 am Ford sales leap 43% in February as Toyota's drop 9% amid recall woesFord benefits from the Japanese carmaker's troubles as well as a new lineup of products, surpassing GM to become the largest U.S. automaker. ...Source: RSS feed - channel BNPaperBusiness | 3 Mar 2010 | 1:00 am Edmunds.com offers $1-million prize for Toyota fixThe auto information and pricing company is launching a public competition to find a solution to the carmaker's unintended-acceleration problem. ...Source: RSS feed - channel BNPaperBusiness | 3 Mar 2010 | 1:00 am Banks begin image repair over financial crisisSome of the biggest U.S. banks are trying to regain the public's trust through ad campaigns that tentatively confront the question of blame. Only 19% of Americans are confident of bankers' integrity.In a video on a new Citibank blog, the company's chief executive sits against a white backdrop and owns up to the bank's role in the financial crisis.
Source: L.A. Times - Business | 3 Mar 2010 | 1:00 am Ford sales leap 43% in February as Toyota's drop 9% amid recall woesFord benefits from the Japanese carmaker's troubles as well as a new lineup of products, surpassing GM to become the largest U.S. automaker.Robust February sales pushed Ford Motor Co. to the top in U.S. auto sales, surpassing arch rival General Motors Co. for the first time in more than a decade.
Source: L.A. Times - Business | 3 Mar 2010 | 1:00 am ITV returns to profit and forecasts advertising reboundITV today announced that it had returned to profit during 2009 and is expecting advertising revenues to recover in the first quarter of this year, rising by as much as 7 per cent. Source: Latest Business News from Times Online | 3 Mar 2010 | 12:57 am Greeks await fresh economic painGreece's government is set to announce a new round of tax rises and spending cuts to ease the country's financial crisis.Source: BBC News | Business | World Edition | 3 Mar 2010 | 12:44 am Economic Preview: China government meeting to revive stalled reformsThis year’s gathering of China’s National People's Congress could see progress towards a middle-class tax cut and payouts to the poor, while also pondering a stimulus exit strategy and growing budget deficit.
Source: MarketWatch.com - Top Stories | 3 Mar 2010 | 12:30 am Mike Ashley can't resist another gamble with shareholders' goodwillWhen Mike Ashley, the founder of Sports Direct, embarked on his City charm offensive in December 2008, the entrepreneur promised: no more punting.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Mar 2010 | 12:14 am NZ sharemarket posts modest gainsThe New Zealand sharemarket posted modest gains today with some companies exporting to the strong Australian economy seen as benefiting from a low Australian dollar cross rate.Asian shares also rose for the fourth straight session...Source: nzherald.co.nz - Business | 3 Mar 2010 | 12:10 am Britons' love affair with expensive credit appears as strong as everProvident Financial results make depressing reading. Not for shareholders (the group has actually fared surprisingly well in the recession), but for those of us who hoped we might have learnt some lessons from the credit binge and subsequent recession.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Mar 2010 | 12:07 am Australia ends 2009 with growthAustralia's economy grew strongly at the end of 2009, capping a year where it was the only big economy to avoid recession.Source: BBC News | Business | World Edition | 3 Mar 2010 | 12:01 am Standard Chartered Posts Record Income and Profits - Interviews With CEO and CFOSource: RSS feed - channel BNewsBusiness | 2 Mar 2010 | 11:56 pm Lord Turner tries to remind MPs of the social usefulness of being a brainboxLord Turner, the chairman of the Financial Services Authority, has little doubt that his mega-brain is socially useful, writes Philip Aldrick.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Mar 2010 | 11:50 pm StanChart year profit tops $5 billion, strong JanuaryLONDON (Reuters) - Standard Chartered met expectations with a 13 percent jump in 2009 profit, as strong investment banking growth in its core Asian markets offset a jump in bad debts in...Source: RSS feed - channel BNewsBusiness | 2 Mar 2010 | 11:49 pm UK consumer confidence 'rising'Consumer confidence hit a two-year high in February, buoyed by better news on the economy, a survey says.Source: BBC News | Business | World Edition | 2 Mar 2010 | 11:44 pm NicOx finds new partner for candidate eye drugPARIS, March 3 (Reuters) - French biotech NicOx said it had found a new partner for its candidate glaucoma eye drug NCX 116, sealing an exclusive worldwide licensing deal with Bausch & Lomb that...Source: RSS feed - channel BNewsBusiness | 2 Mar 2010 | 11:44 pm Chuck Jaffe: New 'uptick rule' for stocks lets investors downLast week, the Securities and Exchange Commission adopted a new rule 'designed to preserve investor confidence and promote market efficiency.' Sadly, the rule does neither. Mostly it serves to make politicians and regulators feel like they are doing something.
Source: MarketWatch.com - Top Stories | 2 Mar 2010 | 11:41 pm Nissan orders major recall over faulty brakes and petrol gaugesNissan has ordered the worldwide recall of more than half a million cars because of faulty brake mechanisms and petrol gauges that can give false readings. Source: Latest Business News from Times Online | 2 Mar 2010 | 11:38 pm Nissan recalling almost 540,000 vehiclesNissan Motor Co.’s North American unit says it's recalling 539,864 vehicles due to brake-pin and fuel-gauge problems, most of them in the U.S.
Source: MarketWatch.com - Top Stories | 2 Mar 2010 | 11:35 pm Deals of the day -- mergers and acquisitionsMarch 3 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0530 GMT on Wednesday.Source: RSS feed - channel BNewsBusiness | 2 Mar 2010 | 11:04 pm Family of officer killed in crash sues ToyotaRelatives of a California Highway Patrol officer killed along with three family members when their Lexus crashed in San Diego County have sued Toyota for product liability and negligence.Source: RSS feed - channel BNewsBusiness | 2 Mar 2010 | 10:53 pm Guatemalan anti-drug officials arrestedGuatemalan authorities arrested two of their top anti-narcotics officials just days before Hillary Clinton, US secretary of State, is due to visit the Central American nation to discuss the fight against drugsSource: Financial Times - US homepage | 2 Mar 2010 | 10:48 pm S&P says less pessimistic than markets on GreeceSINGAPORE (Reuters) - Standard & Poor's said on Wednesday that it was "less pessimistic" on Greece than financial markets, after worries over Greece's debt problems led to increased risk aversion in markets in recent weeks.
Source: Reuters: Business News | 2 Mar 2010 | 10:35 pm China banks absorbed $170 billion FX swaps in '09: reportSHANGHAI (Reuters) - Chinese commercial banks absorbed about $170 billion in foreign exchange from the financial system last year, mainly through yuan-dollar swaps, state media on Wednesday cited a former official as saying.
Source: Reuters: Business News | 2 Mar 2010 | 10:31 pm Synovus Financial facing informal SEC inquiry: filing(Reuters) - U.S. southeast regional bank Synovus Financial Corp said it is facing an informal inquiry from the U.S. securities regulator, filings show.
Source: Reuters: Business News | 2 Mar 2010 | 10:30 pm Synovus Financial facing informal SEC inquiry: filing (Reuters)Reuters - U.S. southeast regional bank Synovus Financial Corp said it is facing an informal inquiry from the U.S. securities regulator, filings show.Source: Yahoo! News: Stock Markets News | 2 Mar 2010 | 10:30 pm NZ dollar claws its way up against AussieThe New Zealand dollar clawed its way off nine and a half year lows against the Australian dollar today on demand from exporters.The NZ dollar was A77.10c at 5pm after dropping as low as A76.86c early today from A77.54c at 5pm...Source: nzherald.co.nz - Business | 2 Mar 2010 | 10:24 pm Queen Mary is getting a long-overdue makeoverThe company that leases the cruise ship turned floating hotel from the city of Long Beach is investing $5 million to upgrade rooms and restaurants.The Queen has seen better days.
Source: L.A. Times - Business | 2 Mar 2010 | 10:15 pm Queen Mary is getting a long-overdue makeoverThe company that leases the cruise ship turned floating hotel from the city of Long Beach is investing $5 million to upgrade rooms and restaurants. ...Source: RSS feed - channel BNPaperBusiness | 2 Mar 2010 | 10:15 pm Jon Friedman's Media Web: Not as easy as ABC: Costs vs. qualityDavid Westin, president of ABC News, is smart, creative and resourceful. But mostly, he is a realist, writes Jon Friedman.
Source: MarketWatch.com - Top Stories | 2 Mar 2010 | 10:01 pm FundWatch: Some fund firms shredded investor wealth in decadeTo learn that your mutual-fund firm’s lineup posted negative returns over a decade is one thing; to realize that almost $60 billion of investors’ wealth was wiped out is another matter entirely.
Source: MarketWatch.com - Top Stories | 2 Mar 2010 | 10:01 pm Wise Bets on a Smarter GridMany stand to cash in on the modernization of the power grid.
Source: SmartMoney.com | 2 Mar 2010 | 10:00 pm Senate extends jobless benefits deadlineAfter days of intense infighting, the Senate voted late Tuesday night to extend the deadline for the jobless to apply for extended unemployment benefits. Several hours later, President Obama signed the measure.Source: Business and financial news - CNNMoney.com | 2 Mar 2010 | 9:56 pm Auckland house prices hit Feb high, says BarfootsAverage prices for Auckland properties hit a February high last month, said real estate firm Barfoot and Thompson.Barfoots, which is the largest of the Auckland real estate agencies, handling around one third of residential sales,...Source: nzherald.co.nz - Business | 2 Mar 2010 | 9:00 pm ASB move to Tank Farm has its risks, analysts sayAnalysts and bank staff have mixed views on ASB's announcement that it is leaving the CBD for Auckland's Tank Farm.In 2013, 1100 bank staff will leave Multiplex New Zealand Property Fund's Albert St tower and head for the west...Source: nzherald.co.nz - Business | 2 Mar 2010 | 8:00 pm Obama's ultimate power lunchesWASHINGTON - The fare can be as simple as a cheeseburger and fries. The lunches are often pay-as-you-go affairs. Yet they are some of the most coveted invitations in town.Five times since the middle of last year, President Barack...Source: nzherald.co.nz - Business | 2 Mar 2010 | 8:00 pm Fed officials at odds on how long to keep rates lowNEW YORK (Reuters) - Top Federal Reserve officials on Tuesday offered differing messages about the direction of monetary policy, with one flagging the dangers of keeping interest rates too low for too long and another saying the economy was too weak to raise them.
Source: Reuters: Business News | 2 Mar 2010 | 7:35 pm Microsoft will keep the antitrust heat on GoogleSANTA CLARA, California - Microsoft CEO Steve Ballmer intends to keep the regulatory heat on Google as his company strives to lessen its rival's dominance of internet search.In an appearance at a search engine conference, Ballmer...Source: nzherald.co.nz - Business | 2 Mar 2010 | 7:30 pm ENZA pushes red kiwifruit plans for NZA New Zealand company is seeing red over plans to grow a new kiwifruit variety in New Zealand.The "ENZARed" kiwifruit - also known as red sun kiwifruit, had its first commercial harvest at orchards in China's Sichuan province...Source: nzherald.co.nz - Business | 2 Mar 2010 | 7:00 pm FDIC's Bair blasts Wall Street's values on payWASHINGTON (Reuters) - An outspoken U.S. bank regulator on Tuesday rebuked Wall Street firms for only paring huge bonuses after a public outcry, saying she wished they had a better "propriety compass."
Source: Reuters: Business News | 2 Mar 2010 | 6:53 pm Questor share tip: Avoid Admiral - Alexander the Meerkat has left his markHenry Engelhardt, the colourful chief executive of motor insurer Admiral, is the first to admit that his company's profits were bitten by Alexander the meerkat last year.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Mar 2010 | 6:39 pm Questor share tip: Take Fresnillo profits - silver miner's outlook is uncertainFresnillo, the Mexican silver miner, has shone since Questor erred on the cautious side by taking some profits in April, noting that there were possibly still gains ahead.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Mar 2010 | 6:36 pm Toyota sued over August crash that killed CHP officer and three family membersAfter that incident, the automaker recalled millions of cars to replace floor mats that it said could cause the accelerator to jam.Relatives of a California Highway Patrol officer and three family members who were killed in an August crash that touched off the recall of millions of Toyota Motor Corp. vehicles filed a lawsuit Tuesday that blames the carmaker for their deaths.
Source: L.A. Times - Business | 2 Mar 2010 | 6:27 pm Toyota sued over August crash that killed CHP officer and three family membersAfter that incident, the automaker recalled millions of cars to replace floor mats that it said could cause the accelerator to jam. ...Source: RSS feed - channel BNPaperBusiness | 2 Mar 2010 | 6:27 pm Sir David Michels rules out becoming M&S chairmanSir David Michels, the deputy chairman of Marks & Spencer, has officially ruled himself out of the running to replace Sir Stuart Rose as chairman of the retailer.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Mar 2010 | 6:24 pm Man forced to sell car over pay delayA man who had to sell his car and live off the proceeds while waiting to be paid has won an order for payment of the arrears.Khalil Afzal Hanjra took his case against Monopoliz Supplies Limited (MSL) to the Employment Relations...Source: nzherald.co.nz - Business | 2 Mar 2010 | 6:20 pm Stable dairy auction prices good news, says FonterraPrices for milk powder on Fonterra's online global auction were up slightly overnight - rising 0.8 per cent or US$25 a tonne from last month's auction.Paul Grave, Fonterra's "globalDairyTrade" manager, said this was a pleasing...Source: nzherald.co.nz - Business | 2 Mar 2010 | 6:00 pm Ready to tackle London grindSpecialty coffee roastery Allpress Espresso is having a big year of expansions, with operations set to open in Dunedin and London.Allpress Espresso founder Mike Allpress said the new, three-storey, 4500 square metre roastery and...Source: nzherald.co.nz - Business | 2 Mar 2010 | 6:00 pm Arsenal boss upbeat about futureArsenal chief executive Ivan Gazidis says the English football industry will continue to grow but that a cultural change is needed.Source: BBC News | Business | World Edition | 2 Mar 2010 | 5:20 pm The Top 25 Greenwashed Products in AmericaDespite the recession, many consumers continue to spend a little extra on environmentally-friendly products. Purchases like organic food and nontoxic household cleaners help consumers feel empowered, healthy, and guilt free. This relatively new behavior has some big corporations in a tizzy. Putting authentically nontoxic products on the market takes a lot of time and money. Those factors don’t cozy up with short-term gains, so many big companies are turning to greenwashing for a quick fix. They lure conscious consumers into a false sense of eco-security with leafy ads and green soundbytes. When it comes to backing up their claims, however, these companies prefer chicanery over hard facts. We dug up 25 of the products most prone to greenwashing attempts. If you see these “green” products on the shelves, take heed. That green tint may have more to do with dollars than chlorophyll. 25. Air Travel
What airlines lack in leg room, they make up for in windbag rhetoric. EasyJet continues with their brazen claims that traveling on an easyJet plane is better for the environment than driving a hybrid car. And the makers of Airbus have been marketing themselves as a green industry leader, with advertisements showing jets filled with natural landscapes and flying in clear blue skies. In 2005, British Airways boldly moved to offset its emissions. The project failed after BA admitted to offsetting a shaming total of 3,000 tons of emissions–less than 0.01% of its 27 million tons of emissions in that same two-year window, and substantially less than the carbon dispersed by a single day of the BA carrier flights between London and New York. 24. Toys
Parents are willing to spend more on items that they feel will keep lead paint and cadmium out of their child’s toy box. Widespread toy recalls in Europe and the U.S. have also pushed toymakers into greening their operations. Toy giant Toys ‘R’ Us recently tried to cash in on increased awareness thing without actually detoxing their toys. They invited customers to buy Toys ‘R’ Us-branded reusable shopping bags. They also changed their signature “R” to include a recycle symbol. While this may keep a plastic bag or two out of the landfill, a store-branded reusable bag isn’t what parents are looking for. They want toys that won’t poison their kids, harm the workers making them, or further damage the planet. 23. Software
IT spending isn’t what it was 10 years ago. As a result, many software vendors are trying on a coat of green to bolster their reputations. Big companies like Microsoft and Oracle are releasing products to help oil, gas, and utilities companies cut power usage and estimate emissions. Last year, Microsoft added some minor power-saving features to its new Windows 7, including a low-light setting for your monitor. At the same time, the company pushed users to buy a new computer to run Windows 7. It didn’t hurt that it’s hard to install Windows 7 on your existing machine. No wonder Windows 7 didn’t win Microsoft any green awards. 22. Meat
Lots of companies advertise their meat as “wholesome,” “premium quality,” and “all natural.” Despite these labels, they source their meat from factory farms, feed their animals genetically modified (GMO) corn, and inject them with saltwater for a plumping effect. Tyson, for example, got busted for slapping an “all natural” label on its chickens, even though they’re treated with antibiotics and fed GMO corn. Hormel, meanwhile, has reduced more than 5 million pounds of packaging from its products and promotes “all natural ingredients” in its Natural Choice deli meats. But Hormel is not doing the real ecological work by reducing the enormous environmental footprint of the factory farms where its meat is sourced. 21. Personal Care and Beauty
Natural shampoos and conditioners are a multi-million dollar market, but just how “natural” are they? Can they hold up to their claims for being good for your lovely locks and for the planet? Take Clairol’s Herbal Essences. It has claimed a “truly organic experience” in the past. But lauryl sulfate, propylene glycol and D&C red no. 33 aren’t really that organic. For most women, it takes a little more than dermatitis-causing synthetic fragrances to generate shouts of “Yes! Yes! Yes!” while lathering up in a steamy shower. 20. Home Appliances
Image: Stuart Spivack/Flickr Today, most EnergyStar-rated appliances actually will save you money and carbon. But that doesn’t stop manufacturers from blowing a little more hot air into your dishwasher and dryer. As with many greenwashing campaigns, the suspicion occurs in the omission. In a recent campaign, GE claimed that they can reduce a family’s energy use and greenhouse gas emissions through GE technologies and household appliances. For some reason, GE didn’t share how much their appliances contribute to reducing monthly energy costs per home, or how many of their appliances are needed to see a measurable reduction. And while the image of a tree hugging a house in their commercial plays into a consumer’s eco-conscience, that tree isn’t saying if GE’s manufacturing operations are helping to deliver a carbon-neutralized appliance to your home. 19. Breakfast Cereals
The breakfast industry’s vocabulary includes flakes, tigers, loops, and leprechauns. Smoke and mirrors fit well into that kind of habitat. Cereal boxes are tattooed with claims of vitamins, antioxidants and fiber. But those Vitamin C-packed berries may also contain pesticide residue. Cereal maker Kraft, for example, produces a Natural Advantage line of cereal that includes “antioxidants” and “natural fiber.” Yet the company uses genetically modified corn, potatoes, and soy in its morning treats, as well as milk products from rBGH (growth hormone)-treated cows. 18. Tampons and Sanitary Pads
Tampons without applicators, like those sold by o.b., claim to save up to one pound of landfill waste per woman, per year by foregoing applicators. But they don’t mention the tons of herbicides, insecticides, fertilizers, fungicides, and other chemicals used to produce cotton crops in the United States. Sorry o.b., but there is nothing green about chemicals that cause cancer, birth defects or wildlife toxicity. Factor in the applicator, and you have all those bloated landfills, too. Sanitary pads and many brand-name tampon applicators contain petroleum-based plastics that are not biodegradable. These generally end up in the landfill. How’s that for a monthly contribution? 17. Dairy
Dairy products fall victim to the “all-natural” curse. Those “natural” products may not contain pesticides, but the cows behind them may well dine on pesticide-laden, genetically modified crud for feed. One of the most famous cases of dairy greenwashing involves Dean Foods, the country’s largest dairy company. It pulled green bait-and-switch with its Silk and Horizon-brand products. Dean downgraded several well-established Horizon products from organic to “natural,” an unregulated, relatively meaningless term. Dean didn’t inform major retailers of the switch. Instead, like a green ninja, they stealthily removed the word “organic” from the packaging without making any other changes, prompting national retailers like Target, to mislabel non-organic dairy products as organic. Habituated consumers continued to pay extra for products that used to be organic. 16. Fur
In a bold new ad campaign, the Fur Council of Canada (FCC) invites each of us to be environmental activists by—wait for it—buying more fur. The FCC is hoping that you will buy into their feel-good image that the fur industry is a vital part of the livelihood of rural families and an environmental protector. Somehow, you can make an “ecological choice in harmony with nature” by wearing an animal taken from the local ecosystem on your epidermis. Just put on blinders when you pass the fur farm where the animal was probably raised. 15. Hotels
Image: Lisa Brewster/Flickr New York environmentalist Jay Westerveld first coined the term greenwashing after discovering some disingenuous hotel cost-cutting methods in 1986. The hotel industry had a common practice of placing green placards in each room to promote the reuse of towels. This would purportedly help the hotel save water and to consequently “save the environment.” Westerveld found that despite their promises, little effort had been put toward recycling by these offending hotels. The trend is bigger than just towels. If you are an eco-tourist willing to pay for environmentally responsible accommodations, you may not be getting what you paid for. A recent independent study by TerraChoice Environmental Marketing found that 99% of all products and hotel services that are being labeled as “green” (by hotels themselves) do not live up to their claims. These so-called eco-hotels promise carbon-neutral practices and investment in carbon offsets. In reality, they only offset a fraction of their overall energy usage. Most hotels are looking for easy, inexpensive ways to add some green cred to their name, but do not pass that savings on to their guests, or reinvest in advancing their green practices often enough. 14. Household Cleaning Products
After groceries, household products are what most Americans are willing to pay a little more for if they’re both family-friendly and environmentally safe. Some manufacturers want to meet consumers halfway by selling products that are about 50% green. Clorox, for example, is using common greenwashing images of a leafy forest to cash in on the green revolution and to promote their Green Works Cleaning Wipes. They advertise the wipes as being biodegradable, but what about the chemicals in the wipes, how well do they break down in the environment? And the plastic container that these wipes are packaged in is definitely not biodegradable. 13. Snacks
The claim of “all natural” enters the ring once again with snacks. Take Cheetos. They hope you’ll forget their signature day-glo orange puffs in favor of a high-fat, low-nutrient “natural” alternative containing high-fructose corn syrup, oil, and corn from genetically modified sources. Then there’s Sunchips, which emphasizes its connection with its namesake by claiming that Sunchips from California are made with solar energy. The claim doesn’t mention, however, how much of the manufacturing energy used to the make the chips is offset by solar. Sunchips and Cheetos parent company PepsiCo is indeed making slow inroads towards more sustainable snack production, but for now, the company’s greenwashing exceeds its implementation. 12. Disposable Diapers
Landfills are stuffed with disposable diapers. But that doesn’t prevent disposable diaper companies from trying out a good greenwash. Huggies’ Pure and Natural line goes invites consumers to discover the “pure bliss of a diaper that includes gentle, natural materials.” But parents may be too sleep-deprived to see what’s lurking beyond the leaves and smiling baby on the package. Although organic cotton is “included” in the outer cover, the actual organic content remains a mystery. Also, Kimberly Clark won’t reveal whether the cotton is certified organic. For inexplicable reasons, the diapers also don’t include organic cotton on the inside surface of the diaper, which actually touches the baby’s skin. And while we are at it, what are the inner lining and core materials sourced from? Huggies also wraps their Pure and Natural line in packaging boasting a laughable content of 20% post-consumer materials. True eco-companies are going big by using 100% and using unbleached cotton in their baby products. Huggies also does not sell a single biodegradable diaper. Huggies might be the one dropping a load with these “pure and natural” diapers. 11. Paper Products
What we once called “paper plates,” and avoided due to the fact that they were single use and going into the landfill, are now being promoted as green alternatives by some companies. GreenGlobe calls its land-fillers “eco-friendly biodegradable tableware.” GG’s website smacks of all things good and green in this world: their logo is green, their name is green, and their homepage images are of green mountains, fields and a few rainbows for good measure. Even if their products are as green as they say they are, the point remains that these plates are still single-use, disposable items just like those old, flimsy paper plates that left you wearing your meal on your lap. 10. Pet Food
Image: Purrs and Paws of A.R.A.S./Flickr Shoppers buying organics for themselves are looking to feed Fido some of the same. But it’s not just the eco-minded consumer seeking out natural pet foods. Many mainstream consumers went searching after pets were left sick and dying from kibble manufactured in China. The pet food tested positive for both melamine and cyanuric acid, which was later found out to have been added as cost-saving bulking agents. Some companies are responding to that demand with a coat of green sheen. Iams, for example, tests on animals. Many also promote their pet foods with meaningless claims of being “all-natural” and “healthy” while incorporating feed-lot meats and genetically modified grain. Buyer beware. 9. Laundry Detergents
How often have you seen images of freshly washed clothes waving in the sunshine, or a mountain stream following past pristine forests in a detergent commercial? Purex Mountain Breeze commercials feature just that, but also contain endocrine-disrupting synthetic fragrances and chemical ingredients like Benzenesulfonic acid, C10-C16-alkyl derivatives and Alcohols, C12-16, and ethoxylated (Isureth-4). The Tide brand takes a different approach to greenwashing. Tide High Efficiency (HE) detergent is a highly concentrated cleanser that lives in a smaller bottle than the rest of P&G’s detergents. The bottle contains less plastic, and the liquid contains less water, making HE a relatively eco-sound choice. You’d think P&G would do the same with all of its other detergents, but it doesn’t. In fact, P&G’s Ariel washing power and liquid detergent is one P&G product that is banned in the USA due its historically high phosphorus (brightener) content. This detergent also contains benzene-based brighteners, which are classified as “toxic to not harmful” (i.e. they can be toxic) to fish, algae and crustaceans. P&G continues to attempt a “green perception shift” with PUR, its global brand of water filter, through unproven statements about how their PUR products actually create safer drinking water sources and “help the environment.” So why isn’t P&G making at least one 100% biodegradable detergent as part of their commitment to clean water? 8. Mattresses
The mattress industry is filled with confusing terms like “eco-friendly,” “natural” and “organic.” One company even claims that on their mattresses, you “sleep closer to nature.” Yet the production history of most mattresses is less about counting sheep and more like the Silence of the Lambs. Chemical-free mattresses might be a pipe dream, since the U.S. Consumer Product Safety Commission instituted the national open-flame mattress flammability standard that went into effect in 2007. By law, you have to sleep on something flame retardant. Most companies accomplish this with chemicals, though some use rayon-based fiber pads as a flame barrier. The chemistry doesn’t end there. Some companies use cotton, soy and bamboo-based faoms in their “green” mattress lines. Cotton, however, is the world’s most pesticide-intensive crop. It also requires heavy irrigation, taxing local water supplies. Textiles such as rayon and bamboo, while created from renewable resources, are pulped and imbued with hazardous chemicals that include caustic soda and sulphuric acid. The process impacts the sensitive regions where these trees and grasses are harvested, not to mention the workers exposed to those substances. 7. Biofuel
The pursuit of alternative fuel choices is a priority for countries worldwide. Until then, we have pat-on-back fuels like ethanol to waste our time and money on. Ethanol truly sucks, but it goes with the American corn subsidies like peanut butter and jelly, which is why it is being promoted over other higher-yielding and truly sustainable fuel sources. 6. Cars
You’ve seen the ads. Cars parked in green, foresty settings, as though they grew from the forest floor. SUVs rolling down a country road as fields of happy sunflowers crane their slender necks for a better view. GM one example of a company that is proud to be green(washed). Its “Gas-friendly to Gas-free” campaign features a 2010 Yukon Denali Hybrid that tops out at a meager 21 mpg. Moreover, super-efficient vehicles represent a small percentage of GM’s yearly production, while they still engage heavily in the production of gas-guzzling cars and trucks. GM’s green marketing fails to note that the company currently produces fifty-one models that get less than 30 mpg, including thirty-five that get less than 20 mpg. 5. Gas
Energy companies are some of the worst offenders in the green sheen game. BP’s redesigned logo is one notorious example. The green stylized flower suggests that BP is a company that is both environmentally friendly and responsible. Sadly, the only thing green about BP is their BS. Even as they claim to be concerned about emissions—they speak frequently about their efforts to develop “clean energy” sources–they continue to pull out of renewable research, even their own previous investments in renewable energy. 4. Soft Drinks
Soft drink production uses an enormous amount of water, and leaves behind tons of waste. Coca-Cola knows this. Its new “going-green” features stylish green cans and highlights the company’s water conservation efforts. Coca Cola has partnered with WWF to preserve seven of the world’s major rivers. It is also helping conservation projects in water-stressed areas throughout the world. Oddly, Coca Cola fails to mention is how these sensitive water sources became stressed in the first place. Hint: it rhymes with “joke.” It takes about 2.5 liters of water to produce just one liter of product at Coke’s bottling plants. Coca-Cola sells 1.5 billion beverages a day in over 200 countries. In 2006, Coca-Cola and its bottlers used 80 billion gallons (290 billion liters) of water to produce beverages — equivalent to one-fifth of the daily water usage of the U.S. Approximately 40% of that went into producing their popular drinks like Coke, Sprite and Fanta, while the other 60% was consumed by the firm’s supply chain and the production of ingredients, including the water-intensive process of growing sugar and corn for corn syrup. We haven’t begun to mention the ungodly amounts of plastic waste the company’s plastic bottles produce. Try harder, Coke. 3. Bottled Water
More than 9 billion gallons of water made it into little plastic bottles in 2007, dousing providers with almost $12 billion in revenues. Industry giants like Nestlé and Fiji, are lining up for a fresh coat of green to stay in the eco-minded dollar game. Nestlé’s repeated claims that “bottled water is the most environmentally responsible consumer product in the world” have garnered complaints filed under the Canadian Code of Advertising Standards by the Friends of the Earth Canada, the Polaris Institute and Ecojustice. FIJI water, the most-imported brand in America, deserves a Shady Water Company award. For one, the island of Fiji’s military junta protects the brand at the expense of Fijian citizens. Most people in Fiji don’t have safe drinking water, thanks to FIJI’s habit of exporting it. Typhoid outbreaks are common on the island. The company uses plastic made in Chinese diesel-powered plants to produce its thick rectangular bottles. Yet Americans–including celebrities and Barack Obama–continue to guzzle the stuff, thanks in part to pretty packaging and a $5 million “Fiji Green” marketing campaign. Um, FIJI and Nestle? Your plastic is showing. 2. Clothes
We could write a book about greenwashing in the clothing industry, but we’ll stick with three prominent examples: 1. Back in 2002, Cargill, the world’s biggest producer of corn, announced a revolutionary new fleece material made from corn sugar, not the traditional petroleum. The catch: Cargill, which produces genetically modified corn, makes the fleece out of its own frankenfood crops. No wonder it touted the new fleece as a “green” alternative—it had money written all over it. Organic clothing retailer Patagonia violently pulled out of a partnership with Cargill after finding out about its affinity with woven mutant corn. 2. In an unrelated clothing coup last year, the FTC charged bamboo clothing manufacturers with making false green claims. The manufacturers advertised their rayon clothing as “bamboo fiber” clothing (rayon consists of fibers processed with toxic carbon disulfide. It is bamboo fiber’s drug-addled step-cousin). They also made suspicious claims about manufacturing their clothing “using an environmentally friendly process that retains the natural antimicrobial properties of the bamboo plant and (being) biodegradable,” according to the FTC. 3. Also in 2009, Banana Republic launched an “It’s Easy Being Green” promotion that requires using their reusable bag to get 10 percent off your purchases. Reusable shopping bags are green, yes? Not always so, and especially not when Banana Republic is manufacturing thousands of bags made from conventional cotton that takes tons of pesticides to produce. BR also required consumers to buy a new bag to be part of the promotion, denying smart eco-minded shoppers who brought their own. 1. Coal
The term “clean coal” is more of a collective guilt assuager than an environmental fact. Coal is not sustainable. The burning of coal emits millions of tons of carbon dioxide into the atmosphere every year. Yet it’s abundant, the infrastructure is there, and energy companies continue to profit off it, painting pastoral scenes on their smokestacks for good measure. Fact is, there’s nothing clean or “new” about coal. Continuing to promote coal as a clean energy source is contemptible when you compare it with wind, solar, water, and hydrogen power methods. Coal needs to be put out pasture–maybe one of those sunny pastures featured in GM’s greenwashed SUV ads.
Source: Business Pundit | 2 Mar 2010 | 5:11 pm Citi to sell stake in PrimericaCitigroup is to sell up to $330m worth of shares in Primerica, its door-to-door insurance unit, to Warburg Pincus, in a move that will give the private equity group a significant stake in the insurer and could help pave the way for its listingSource: Financial Times - US homepage | 2 Mar 2010 | 5:11 pm Persimmon back in the black as sales risePersimmon helped to restore confidence in the housing market yesterday as it moved back into the black with a £78 million pre-tax profit. Source: Latest Business News from Times Online | 2 Mar 2010 | 5:01 pm Fears over potential Toyota problems surfaced in 2006, US Senate toldFurther evidence that Toyota knew about safety problems and a decline in the overall quality of its vehicles was produced today at a US Senate hearing into the company's recall of cars. Source: Latest Business News from Times Online | 2 Mar 2010 | 5:01 pm Meerkat pops up to push comparison site in frontHe’s not very big, speaks with an inexplicable but undeniably cute Russian accent (bearing in mind his species is African) and he has taken the world of advertising by storm. Who ever thought that a meerkat could do for car insurance what dozens of other campaigns have failed to do — and make it popular. Source: Latest Business News from Times Online | 2 Mar 2010 | 5:01 pm BBC hints at licence fee freeze as web and radio cuts are confirmedThe Chairman of the BBC has given the clearest indication yet that the corporation would accept a freeze to the licence fee in 2013, as he published a review yesterday that promised a wave of closures and cuts. Source: Latest Business News from Times Online | 2 Mar 2010 | 5:01 pm Washington aide ‘has changed mind’ over proprietary tradingWashington has backed down on proposals to block investment banks from engaging in proprietary trading activities, Britain’s top financial regulator told MPs yesterday. Source: Latest Business News from Times Online | 2 Mar 2010 | 5:01 pm It’s now or never for the Pru, if it can calm nervesWhen Tidjane Thiam, the Pru’s chief executive, talks about the massive proposed acquisition of AIG’s Asian business, he tries to focus on the mouthwatering long-term growth prospects. Source: Latest Business News from Times Online | 2 Mar 2010 | 5:01 pm Leaner cuts will not make critics less hungry for bloodFace it: the only universally popular cut Mark Thompson could have made is to decimate his own salary and those of his closest confrères. Nothing else could ever make politicians and public happy, and even that wouldn’t keep everyone smiling for long. Source: Latest Business News from Times Online | 2 Mar 2010 | 5:01 pm Ctrip.com to sell 5.7 million US shares (AP)AP - Ctrip.com International Ltd., which sells travel in China, said on Tuesday that it would sell 5.7 million American depositary shares, which will represent one-quarter of an ordinary share in the company.Source: Yahoo! News: Stock Markets News | 2 Mar 2010 | 4:57 pm Football 'needs to rethink pay'Football clubs should consider performance-related bonuses and lowering player salaries, a sports finance expert says.Source: BBC News | Business | World Edition | 2 Mar 2010 | 4:53 pm A Knife Fight Breaks Out Among Car CompaniesGM had to recall 1.3 million cars this week, which took away much of its current marketing advantage over Toyota. The perennial No.1 domestic car company could claim that its Japanese rival had lost its ability to make defect-free and safe vehicles. Toyota’s 8.5 million worldwide recall was proof of that. GM now reports that most [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Mar 2010 | 4:50 pm Hedge funds raise bets against euroMove comes amid growing fears of a regulatory backlash against funds’ trading positions on the specific sovereign debt of Greece and other weak eurozone economiesSource: Financial Times - US homepage | 2 Mar 2010 | 4:49 pm Venezuelan economy shrinks 5.8%The Venezuelan economy shrank by 5.8% in the last three months of 2009 compared with year earlier, the country's central bank says.Source: BBC News | Business | World Edition | 2 Mar 2010 | 4:47 pm Plans for Fed link to CFPA draw fireProposals to house a new consumer protection agency inside the US Federal Reserve have alarmed both liberal and moderate Democrats, who fear their party is about to compromise too farSource: Financial Times - US homepage | 2 Mar 2010 | 4:46 pm More merger activity helps lift stocks for 3rd day (AP)
Source: Yahoo! News: Stock Markets News | 2 Mar 2010 | 4:01 pm A Questionable Patriot Bid… (PCX, MEE)Patriot Coal Corporation (NYSE: PCX) had a stellar trading day, with a gain of more than 10% which moved the shares above $20.00 for the first time since January 20. The reason for today’s run was market rumors that Massey Energy Co. (NYSE: MEE) is likely to make a bid for the company. Wire reports [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Mar 2010 | 3:55 pm Summary Box: Prospect of more mergers lifts stocks (AP)AP - RISING CONFIDENCE: Stocks edged higher for a third day as more companies said they were pursuing acquisitions. When companies buy rivals it's often a sign that they expect the economy, and earnings, to improve.Source: Yahoo! News: Stock Markets News | 2 Mar 2010 | 3:44 pm SEC to beef up its NYC office in 2010 (Reuters)Reuters - The Securities and Exchange Commission plans to expand its New York office by about 8 percent this year as the financial regulator focuses more heavily on catching cheaters at hedge funds and brokerages.Source: Yahoo! News: Stock Markets News | 2 Mar 2010 | 3:42 pm How the major stock indexes fared on Tuesday (AP)AP - The stock market had its third straight winning day on signs that companies are becoming more optimistic about the economy. More merger activity and a plan by Qualcomm Inc. to buy back stock brought reassurance that business leaders expect the recovery to continue. The economy's health had been in doubt in recent months after reports indicated the pace of improvement was slowing and as countries including Greece struggled with heavy debt loads.Source: Yahoo! News: Stock Markets News | 2 Mar 2010 | 3:25 pm African Gold, BJ’s, Costco, Bank of America: Taking StockSource: Bloomberg - All Podcasts | 2 Mar 2010 | 3:23 pm Novell’s Only Hope: The Long-Awaited Buyout (NOVL)If you have followed software companies for more than a decade, you have probably grown accustomed to seeing Novell, Inc. (NASDAQ: NOVL) act as a dead money stock. The company has gone from having its programs in every computer to data center to Linux. Yet nothing has ever really gotten the stock off the ground [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Mar 2010 | 2:41 pm M&A lifts stocks but gains fade late in day (Reuters)
Source: Yahoo! News: Stock Markets News | 2 Mar 2010 | 2:38 pm Doubts over Prudential's AIA moveNear-20% fall in share price raises questions about UK insurer’s ability to close a $35.5bn takeover of AIG’s Asian life businessSource: Financial Times - US homepage | 2 Mar 2010 | 2:37 pm Staples, Qualcomm, Domino's are big movers (AP)AP - Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market:Source: Yahoo! News: Stock Markets News | 2 Mar 2010 | 2:31 pm Focus remains on forex as stocks build on gainsGlobal Markets Overview: Traders are keeping a wary eye on further tremors in the currency markets as sterling and the euro remain under pressureSource: Financial Times - US homepage | 2 Mar 2010 | 2:28 pm Podcast: Why GDP Matters For Schoolkids
On today's Planet Money: That graph up there may look boring, but it's a big deal. It shows how the economies of Jamaica and Barbados -- two countries with very similar histories -- have grown far apart in the last several decades. That difference in GDP shows up in all sorts of ways, Planet Money's Alex Blumberg found on a recent trip to both countries. Today, we get the first installment: What schools look like in each country. A principal in Jamaica keeps her school running with help from neighborhood volunteers, a donation from a Jamaican pop star and some funding from a U.S. aid program. A principal at a similar school in Barbados says government funding does a pretty good job of meeting the school's needs. Alex will have more on the story of Jamaica and Barbados in future podcasts. If you can't wait that long, check out this paper by Peter Blair Henry, who was born in Jamaica and who now heads NYU's business school. Download the podcast, or subscribe. Music: Swell Season's "Low Rising." Find us: Twitter/ Facebook/ Flickr. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Mar 2010 | 2:00 pm Charlie Gasparino Isn’t Interested In Speaking With Hank Paulson, Or Anyone Else For That Matter, Off The RecordWatch the latest business video at video.foxbusiness.com The University of Missouri journalism school held a talk at the Harvard Club last night, featuring bird watcher Hank Paulson. The invite specified that the event was off the record, which didn’t sit well with Missouri alum Charlie Gasparino. Chaz doesn’t do off the record, which is why he see your OTR and raises you a “stugatz,” which is something his mother, may she rest in peace, used to say. And you know what? Just for daring to even think that Gaspo would attend your talk without even the possibility of getting a story out of it, what he’s going to do, is he’s going to do, is he’s going to wait for your car to pull up, and get in your face, and ask you questions anyway, with a camera rolling. If you want to blow him off, fine, but just know it’s going to come back to ten-fold (CG’s stugatz where the sun don’t shine). 
 Source: Dealbreaker | 2 Mar 2010 | 1:48 pm Presented By:Source: Dealbreaker | 2 Mar 2010 | 1:48 pm Stuyvesant Town Hurt Larry Fink On Very Deep LevelWhen big money mangers make decisions that result in clients getting screwed, most people assume said managers don’t really give a rat’s ass. They still have their vaults of hundos to console them, and while they often write letters and release statements saying they’re sorry, that they want to regain investors’ trust, and so on and so forth no on really buys it. No one feels their pain or sees their contrition on a visceral level and I can’t remember the last time I saw one of these guys actually cry. Such is not the case with Larry Fink. This shit keeps him up at night. It makes him shout things like “I never said we’re perfect!” It hurts his mother, and in doing so, it hurts him.
Larry Fink Is a Real Human Being With Feelings and Emotions [NYM]
Source: Dealbreaker | 2 Mar 2010 | 1:22 pm U.S. government to enhance municipal market regulation (Reuters)Reuters - The Internal Revenue Service has agreed to work more closely with the Securities and Exchange Commission to regulate the U.S. municipal bond market, the IRS said on Tuesday, adding the two federal agencies had signed memorandum of understanding.Source: Yahoo! News: Stock Markets News | 2 Mar 2010 | 1:18 pm Ford Outsells GM, Toyota OKMany experts expected that February would be a bloodbath for Toyota (TM) due to its recalls of 8.5 million cars worldwide and a large amount of negative publicity about potential cover-ups of safety data. Domestic sales of cars and light trucks by the Japanese company were only down 8.7% to 100,027. Almost as important was the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Mar 2010 | 1:07 pm Genetically modified potato wins EU approvalA German-engineered potato became the first genetically modified organism in 12 years to win approval for cultivation in the European Union, sparking celebration among GMO manufacturers and outrage among opponentsSource: Financial Times - US homepage | 2 Mar 2010 | 12:50 pm Will Starbucks Start Paying Dividends? (SBUX)2010 is becoming the year of the dividend… either raised dividends or it is new dividends. Over the weekend, we reviewed the restaurant and food service sector when we were evaluating McDonald’s Corporation (NYSE: MCD) against the entire sector as its value is almost that of the entire public universe in the dining sector. It [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Mar 2010 | 12:22 pm Diamonds Trust Series ETF Gets Re-named: AudioSource: Bloomberg - All Podcasts | 2 Mar 2010 | 12:21 pm Remy Cointreau Raised to `Neutral' at UBS: AudioSource: Bloomberg - All Podcasts | 2 Mar 2010 | 12:17 pm SEC Supervisor Surfed Tranny Porn To Cope With Stress Of The JobA few weeks ago, an unnamed Securities and Exchange Commission worker got in a bit of trouble with his employer for checking out a little porn while on the job. Mystery Man made at least 1,800 logged attempts to check out some sites that included www.ladyboyx.com, www.ladyboyjuice.com, www.trannytit.com, and www.anal-sins.com, which, he admitted, “were kind of distraction per se.” But he had a good reason for what we personally think is a very mild offense, which is that he had a lot of work to do, and it was stressing him out. And without knowing the facts, many have just been so quick to judge, without really hearing the guy out, which we think is unfair, and not the way *you* would want to be treated, were you to find yourself in the position of having to defend time spent on TrannyTit. You’d want a chance to explain yourself, and since surely this fellow does too, we’ve excerpted the relevant portions of his conversation with the lawyer sent in to investigate the matter. First, some background:
Next, Q&A: Q: Can you say how long you may have been engaged in viewing pornography? Is it a recent development? A: I don’t know if I can give you a time frame in all honesty… I guess depending on how you define “a long time.” I think, you know, there’s clearly probably times like I said earlier, where you know, I did not look at this material, did not search for the material, you know. I think the frequency increased as I felt a little more stressed, which was kind of very cyclical in nature, I think, because then, you know, I’d have work to do and would then have to take it home and work, you know, just to keep up. And then that would stress me out even more, you know. Q: Our records show that on Wednesday, August 20th, beginning at 3:17PM, you made approximately 385 attempts to access a website called www.ladyboyx.com. Do you have recollection of attempting to access this site? A: I do not. But as I indicated previously, that, you know, would not necessarily surprise me. Q: Now I’m going to show you what has been marked as Exhibit G. This is a record from that same date, August 20th, which our records show that you made over 300 attempts to access a website called www.ladyboyjuice.com. Do you have any recollection of attempting to access this site? A: I do not have any specific recollection on this site. But, as I indicated, on this specific day, I would not be surprised if I clicked a website on of those day. Q: Do you view these images often? A: It depends…define ‘often.’ For the most part, I’m not spending my day just searching or looking. It’s kind of one of those things where I felt really stressed, and it was kind of there. And, I, you know, I guess didn’t have necessarily the self-control not to look. But it was definitely not something where I was spending my whole day looking at it, you know. It would be something if I looked at it, I’d open it up and look at it for a short period of time and then, you know go back to working on what I’m working on. To my recollection, I don’t know if I’ve ever broken away more than say twice in a particular day to spend time looking at it. SEC Porn FOIA [PDF]
Source: Dealbreaker | 2 Mar 2010 | 11:30 am Egypt courts China for Suez special zoneOne of China’s premier investment zones is expected soon to replicate its successful development model near the southern approaches to the Suez canal, according to Egypt’s investment ministerSource: Financial Times - US homepage | 2 Mar 2010 | 11:23 am Labor dispute locks out town's workersIn the town of Boron, Calif., the mineral borax is a way of life. But a labor standoff between a powerful mining company and unionized workers has left more than a quarter of the town's residents without work. Apryl Lundsten reports.Source: Marketplace | 2 Mar 2010 | 11:12 am Letters: College sports and health careTess Vigeland reviews what listeners had to say about stories involving college sports corruption, health care costs, and rethinking the Wall Street dream.Source: Marketplace | 2 Mar 2010 | 11:12 am Gov't mulls brake overrides in new carsTransportation Secretary Ray LaHood says the government may require every new car to have a braking system that overrides the gas pedal. John Dimsdale reports on the changes still to come.Source: Marketplace | 2 Mar 2010 | 11:12 am Trash pickers in India go to wasteAs India asserts itself as a rising power, its capital city is feeling the urge to spruce up its new image. New Delhi is hiring private contractors to collect trash from the streets. But that move isn't good for everyone. Raymond Thibodeaux reports.Source: Marketplace | 2 Mar 2010 | 11:12 am Getting African Americans back to workCongress is trying to hammer out a jobs bill that will get Americans back to work because nationally the unemployment rate is almost 10%. Commentator Margaret Simms says that number would spark envy in the black community.Source: Marketplace | 2 Mar 2010 | 11:12 am Canal cleanup may scare developersThe Gowanus Canal in Brooklyn has been named a Superfund site, which clears the way for cleanup of the polluted waterway. But that move may also hurt the area. Amy Scott explains.Source: Marketplace | 2 Mar 2010 | 11:12 am Does consumer agency matter to us?The latest word on a new consumer watchdog agency for financial products is that it would become part of the Federal Reserve. Where does consumer sentiment lie for an idea designed to protect them? Brett Neely reports.Source: Marketplace | 2 Mar 2010 | 11:12 am What's cutting into donations to Chile?U.S. Secretary of State Hillary Clinton visited Chile and promised more aid. But coming so quickly after the quake in Haiti, will recovery efforts be hampered? Jeff Tyler reports.Source: Marketplace | 2 Mar 2010 | 11:11 am Daiwa’s Moran: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 2 Mar 2010 | 10:21 am John Casesa: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 2 Mar 2010 | 10:19 am Citigroup’s Buiter: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 2 Mar 2010 | 10:18 am Peter Wallison: Bloomberg On the Economy With Tom KeeneSource: Bloomberg - All Podcasts | 2 Mar 2010 | 10:16 am Daniel Clifton: Bloomberg On the Economy With Tom KeeneSource: Bloomberg - All Podcasts | 2 Mar 2010 | 10:15 am What Good Credit Means For Olympic VictoryBy Jacob Goldstein What do bond yields have to do with winning medals at the winter Olympics? Absolutely nothing! On last Tuesday's podcast, David and Chana mentioned that the U.S. -- which has great credit and low 10-year bond yields -- was winning lots of medals in Vancouver. But Greece, with falling credit and rising yields, hadn't won any medals. I smelled a correlation. Planet Money intern Ethan Arrow agreed to test my hypothesis. He put together a chart mapping the relationship between 10-year yields on sovereign bonds and the final medal count at the Games. Alas! My hypothesis did not pan out. Click on the thumbnail to see the full chart. I know what you're thinking right now: Ok, but what about the relationship between medal count and frequency of sovereign defaults since 1800?
Listener Philip Howard had the same thought. And last week, before the games had wrapped up, he sent us the chart below, using data on sovereign defaults from a Planet Money blog post. "Unfortunately," Philip wrote to us, "there is nothing statistically significant." Click on the thumbnail to see the full-sized version. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Mar 2010 | 9:24 am John Thain Cancels Bonuses At CIT
Source: Dealbreaker | 2 Mar 2010 | 8:45 am Google to Microsoft: Stop Being EvilBy John Hudson of The Atlantic Wire For weeks, rumors of a proxy war between Microsoft and Google have animated techies. Many of their suspicions were validated Monday by a Wall Street Journal report detailing the dispute. Google accused Microsoft of orchestrating anti-trust lawsuits against Google from small start-up firms in Europe and the U.S. Microsoft [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Mar 2010 | 8:37 am Chilean troops deliver aid as death toll risesChilean troops began delivering aid to quake victims while patrolling the streets of Concepción, the country’s second-largest city and that nearest the epicentre, in a bid to curb worsening lootingSource: Financial Times - US homepage | 2 Mar 2010 | 8:36 am Dixon on Stocks, Pope on Greece, Buiter on Economy: First WordSource: Bloomberg - All Podcasts | 2 Mar 2010 | 8:02 am Opening Bell: 03.02.10Goldman Lists New ‘Risk’: Bad Press (WSJ) Banks Raise Pay as U.K. Efforts to Cut Bonuses Fail (Bloomberg) Buffett Casts a Wary Eye on Bankers (Dealbook) Justices Hear Appeal of Ex-Chief of Enron (NYT) Geithner, Summers Leading Search for Successor to Fed’s Kohn (Bloomberg) Panda Found Eating Like A Pig (Reuters)
Source: Dealbreaker | 2 Mar 2010 | 7:03 am The Doctor Who Bet Against Subprime, And Other ReadingGood morning. A one-eyed, socially awkward, physician-turned-hedge fund manager who predicted and profited from the subprime crash: If that's not a Michael Lewis story, what is? Read the Vanity Fair excerpt from Lewis's forthcoming book. Goldman Sachs, inevitably, pops up in the story; Felix Salmon over at Reuters has Goldman's response to Lewis's article. The number two guy at the Fed is stepping down in June. Donald Kohn's departure will leave President Obama with three seats to fill on the Fed's seven-member Board of Governors. (The Senate has to confirm the appointments.) The Times looks at the Fed's dual role of controlling inflation while promoting full employment, and how the new appointments might shift the balance between those goals. Bloomberg speculates on who the new governors might be. What powers should the government have to wind down failing financial firms? Current law lets the FDIC take over failing banks, but not other kinds of financial firms. This morning's WSJ looks at the finance-regulation bill being hashed out in the Senate, which would create a new type of bankruptcy for non-bank financial firms. The bill would also create a new consumer-protection division within the Federal Reserve. That would be something of a compromise; many Dems have been pushing for a new, independent agency for consumer protection. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 2 Mar 2010 | 6:41 am Golf Resort Where Tiger Apologized Goes Bankrupt
The Sawgrass Marriott Resort in Florida, where Tiger Woods issued his famous apology, has filed for Chapter 11 bankruptcy. Bloomberg reports: RQB Resort LP listed assets and debt of as much as $500 million each in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Jacksonville, Florida. RQB Development also sought protection. The 508-room hotel resort has rights to 85 percent of starting times each day to the Players Stadium Course through 2089. In July 2006, Goldman Sachs Commercial Mortgage Capital LP helped finance the $220.5 million purchase of the 65-acre resort in Ponte Vedra Beach by RBQ Resort and RBQ Development. TPC Sawgrass, which didn’t file for bankruptcy, is the headquarters of the U.S. PGA Tour. Its Stadium Course, built to accommodate spectators, hosts the tour’s Players Championship, won last May by Sweden’s Henrik Stenson. The tournament has a $9.5 million purse. RQB Resort is the owner of the hotel and cabana club. RQB Development is the owner of the golf villas, the spa and related development rights. Although the Tiger correlation likely has no causal effect, it is interesting.
Source: Business Pundit | 2 Mar 2010 | 5:27 am One Way to Add Vintage to Your Laptop
Designed by twelve south.
Source: Business Pundit | 2 Mar 2010 | 5:23 am GM Recalls 1.3 Million Compact Cars
GM is recalling 1.3 million cars because of faulty power steering. MarketWatch has more: The recall covers 2005-2010 Chevrolet Cobalts and 2007-2010 Pontiac G5s sold in the U.S., as well as 2005-2006 Pontiac Pursuits sold in Canada, and 2005-2006 Pontiac G4s sold in Mexico, reports said, citing a GM statement. The auto maker was cited as saying the power-steering assist in those models can sometimes fail, but added the cars are safe to drive but can be difficult to steer when traveling less than 15 miles per hour. The problem sparked a Jan. 27 investigation by U.S. safety officials, after complaints which included 14 crashes and one injury, the reports said. Does anyone make a car anymore that runs without recall-scale problems?
Source: Business Pundit | 2 Mar 2010 | 5:11 am
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