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Lower open seen for stocksU.S. stock futures drifted lower Thursday, ahead of February sales reports from retailers.Source: Business and financial news - CNNMoney.com | 4 Mar 2010 | 3:11 am Greece To Raise $5 Billion In Junk Debt, MaybeGreece has decided to raise three billion to five billion euros. The attempt will come in the form of a 10-year bond. The country has hired several banks including Barclays (BCS) and HSBC (HBC) to handle the transaction. The bonds have not been priced, and perhaps they never will be. Greece will try to rely on the support of [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 4 Mar 2010 | 3:08 am Asian markets retreat, Shanghai drops 2.4%Asian shares ended mostly lower Thursday, with Chinese banking and property shares losing ground a day before the mainland’s annual National People’s Congress amid concerns about policy tightening.
Source: MarketWatch.com - Top Stories | 4 Mar 2010 | 3:04 am Aviva boss says it's Europe, not Asia, that's the most attractive insurance marketThe chief executive of Aviva has insisted Europe is the most attractive insurance market as he described Prudential's move for AIG's Asian business as "audacious".Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 4 Mar 2010 | 2:59 am The Really Big Suits Against Toyota Begin In EarnestToyota (TM) got a small taste of things to come. The company already faces a raft of class action and liability suits. Now a suit which involves the crash of a Lexus ES 350 after it mysteriously accelerated to speeds of over 100 mile per hour has been brought. Four people were killed in the crash. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 4 Mar 2010 | 2:51 am China's PBoC to maintain lending, monitor pricesChina’s central bank indicates Thursday it plans to stick to its moderately loose monetary policy stance while remaining vigilant against overly-fast rises in consumer prices.
Source: MarketWatch.com - Top Stories | 4 Mar 2010 | 2:50 am London Markets: Schroders shares shine in weaker FTSE 100 indexFinancials help limit losses for the top British shares index on Thursday, with asset manager Schroders performing well after reporting earnings.
Source: MarketWatch.com - Top Stories | 4 Mar 2010 | 2:48 am Snow and stamp duty send house prices down 1.5%House prices fell by 1.5 per cent in February, the first decline since June 2009, following seven consecutive monthly increases. Source: Latest Business News from Times Online | 4 Mar 2010 | 2:44 am Aviva surprises as profits riseAviva says operating profits rose 3% last year with cost cuts and stronger financial markets helping its results.Source: BBC News | Business | World Edition | 4 Mar 2010 | 2:42 am How to retire early and still save for a homeLike many households, Wener and Tieun Vieux have suffered a few financial jolts of late.Source: Business and financial news - CNNMoney.com | 4 Mar 2010 | 2:42 am Profit jumps but Anheuser-Busch InBev is cautiousBrewing giant Anheuser-Busch InBev on Thursday gives a cautious outlook alongside a big jump in fourth-quarter profit and slight growth in volumes.
Source: MarketWatch.com - Top Stories | 4 Mar 2010 | 2:38 am Stocks down, euro above lows before ECB verdictLONDON (Reuters) - World stocks slipped on Thursday while the euro held above a recent 9-month low against the dollar as the European Central Bank prepared to announce next steps in stimulus withdrawal after its policy meeting.
Source: Reuters: Business News | 4 Mar 2010 | 2:35 am UK house prices 'dropped by 1.5%'UK house prices recorded their first monthly fall since June with a 1.5% drop in February, according to the Halifax.Source: BBC News | Business | World Edition | 4 Mar 2010 | 2:34 am Retired couple's guide to livin' the dreamQuestion: My husband and I have been happily married for 28 years. Careful spending and sound planning over time has provided us with a very comfortable financial future. Although we're compatible in many ways, our outlook differs when it comes to enjoying our money. I'm more of a saver and I hate to shop. I'm already retired, and when my husband retires in a year we'll begin drawing on our retirement savings. Can you suggest some tips on how we can communicate effectively about spending our money? How do we assure that we'll both have the independence to decide how we want to spend "our share" without judgment? --Margaret M.Source: Business and financial news - CNNMoney.com | 4 Mar 2010 | 2:27 am Greece to issue new 10-year bond (AP)
Source: Yahoo! News: Business News | 4 Mar 2010 | 2:24 am World markets fall as Fed report, Greece weigh (AP)
Source: Yahoo! News: Stock Markets News | 4 Mar 2010 | 2:18 am World markets fall as Fed report, Greece weigh (AP)
Source: Yahoo! News: Business News | 4 Mar 2010 | 2:18 am Opinion: Why companies can't say 'sorry'Prepping for a television show like Squawk Box is a bit like cramming for a test: Each night I need to review piles of news stories and analysts' reports on the business issues of the day.Source: Business and financial news - CNNMoney.com | 4 Mar 2010 | 2:11 am Ad downturn hits Trinity MirrorProfits at media group Trinity Mirror sank 41% last year as the severe economic downturn hit advertising revenues.Source: BBC News | Business | World Edition | 4 Mar 2010 | 2:10 am China downplays military growthChina says Thursday it would slow the increase in its military spending, according to reports, with the announcement coming amid mixed statements by senior army officials.
Source: MarketWatch.com - Top Stories | 4 Mar 2010 | 2:08 am Greece seeks German solidarity but no direct aid (AP)AP - Greece needs a strong vote of confidence from Germany and other European nations but hasn't sought direct financial aid and believes it can overcome its debt crisis alone, a senior Greek official said Thursday.Source: Yahoo! News: Business News | 4 Mar 2010 | 2:07 am U.S. to top banks: Send more loans!Washington's quest to get big banks to make more loans only seems to get more challenging.Source: Business and financial news - CNNMoney.com | 4 Mar 2010 | 2:07 am Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.
Source: MarketWatch.com - Top Stories | 4 Mar 2010 | 2:01 am Media Digest (3/4/2010) Reuters, WSJ, NYTimes, FT, BloombergReuters: The Senate rejected a plan to send $250 to the elderly. Reuters: Obama is still pushing the Volcker rule. Reuters: The Facebook CEO is in no rush for an IPO. Reuters: Toyota (TM) was sued over deaths in a California crash. WSJ: American companies are beginning to use their huge cash balances to do M&A. WSJ: The Fed Beige [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 4 Mar 2010 | 1:59 am Europe Markets: European shares lower after four sessions of gainsEuropean shares traded lower on Thursday, declining after four sessions of gains, with investors still cautious about Greece’s fiscal position as they wait for interest rate decisions from two of the region’s top central banks.
Source: MarketWatch.com - Top Stories | 4 Mar 2010 | 1:57 am First spark of a jobs recovery on Main St.Main Street businesses shed another 18,000 jobs in February, bring the tally of jobs lost from America's small businesses to nearly 3 million since February 2008, according to a report released Wednesday by payroll processor ADP.Source: Business and financial news - CNNMoney.com | 4 Mar 2010 | 1:56 am The snag in Greece's salary solutionGreek prime minister George Papandreou may have made a big mistake. As part of a plan to fix his nation's ruined economy, he announced Wednesday that he aims to cut 30% of civil servants' holiday bonuses which are part of Greece's "14th salary" payment schedule.Source: Business and financial news - CNNMoney.com | 4 Mar 2010 | 1:56 am Balfour Beatty's profits riseBalfour Beatty has reported profits ahead of expectations, boosted by a strong performance from construction and support services.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 4 Mar 2010 | 1:51 am Toyota Prius tops Japan sales despite recall woes (AP)
Source: Yahoo! News: Business News | 4 Mar 2010 | 1:49 am 'Flat white' coffee lifts Whitbread salesSales at Whitbread, the hotel and restaurant group, grew by 5.4 per cent last year, boosted by a strong performace by its Costa Coffee chain in the final quarter. Source: Latest Business News from Times Online | 4 Mar 2010 | 1:47 am Currencies: Dollar, yen benefit from sagging stocks in AsiaThe dollar and yen are the main beneficiaries in Asian trading Thursday, as equities markets across the region turn lower, increasing the safe-haven appeal of lower-yielding currencies.
Source: MarketWatch.com - Top Stories | 4 Mar 2010 | 1:47 am Oil falls to near $80 after 2-day jump (AP)
Source: Yahoo! News: Business News | 4 Mar 2010 | 1:44 am Fed: Economy is still improvingThe economy continued to show modest signs of improvement in recent weeks, although growth was hindered somewhat by bad weather, according to the latest Federal Reserve snapshot of regional economic conditions.Source: Business and financial news - CNNMoney.com | 4 Mar 2010 | 1:41 am How would you change M&S?Sir Stuart Rose has admitted that if you were inventing a retail business today it wouldn't be Marks and Spencers.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 4 Mar 2010 | 1:30 am AB InBev sees flat beer sales (AP)AP - The world's largest brewer and maker of Budweiser reported Thursday a fourth quarter profit of $1.28 billion, helped by cost cuts and price hikes, but said beer sales were stagnant and forecast no improvement in 2010.Source: Yahoo! News: Business News | 4 Mar 2010 | 1:29 am Asia Markets And Europe Open (3/4/2010)Markets in Asia fell. The Nikkei was down 1.1% to 10,146. Toyota (TM) moved up over 3%. The Hang Seng was off 1.4% to 20,576. China Unicom (CHU) fell and HSBC (HBC) rose. The Shanghai Composite dropped 2.4% to 3,023. At the open in Europe, the FTSE was down .5% to 5,504. The Dax was down .8% to 5,774. The CAC 40 moved [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 4 Mar 2010 | 1:27 am House to vote on tax breaks for new hires (AP)
Source: Yahoo! News: Business News | 4 Mar 2010 | 1:22 am Business Bullet: Asia, Greece, Euro, WhitbreadThe latest news on: Asia, Greece, euro, WhitbreadSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 4 Mar 2010 | 1:18 am VT Group drops pursuit of MouchelVT Group says it will not be making a bid for infrastructure firm Mouchel, as it seeks to fend off an offer from rival Babcock.Source: BBC News | Business | World Edition | 4 Mar 2010 | 1:18 am Greece prepared to turn to IMFPapandreou: ‘We have shown we can take difficult decisions. We are waiting for European support – the other side of the agreement’Source: Financial Times - US homepage | 4 Mar 2010 | 1:17 am GM's vice chairman, Robert Lutz, to retireCharged with revitalizing the company's vehicle lineup, Lutz, 78, will leave May 1. Lutz, who was known for his blunt talk, worked for all the major U.S. automakers during his 47-year industry career...Source: RSS feed - channel BNPaperBusiness | 4 Mar 2010 | 1:00 am Pay for Wells Fargo's top executives soars after TARP exitCEO John Stumpf received a $21.3-million package in 2009 after the bank repaid $25 billion in federal bailout funds in December. He earned $8.8 million in 2008.Freed from government compensation restraints after repaying bank bailout funds, Wells Fargo & Co. more than doubled the pay of its top executives, with a $21.3-million package going to Chairman and Chief Executive John G. Stumpf.
Source: L.A. Times - Business | 4 Mar 2010 | 1:00 am Tense times in Toyota CityThe Japanese carmaker's corporate home town is reeling from recession and recalls.For 31 years, Genichi Miyagawa has been a soldier behind enemy lines: He sells Suzuki automobiles in the corporate heart of Toyota territory.
Source: L.A. Times - Business | 4 Mar 2010 | 1:00 am Downgrade of consumer financial protection agency threatens Obama's overhaul planPassage of an overhaul bill may hinge on independence of the proposed agency. The move this week to downgrade...Source: RSS feed - channel BNPaperBusiness | 4 Mar 2010 | 1:00 am Lap-band promoters' troubled historyThe waiting room of the Beverly Hills surgery clinic was teeming with customers on a recent Saturday, with many of the patients there for the weight-loss operation hawked on freeway billboards, bus placards, and TV and radio commercials across Southern California: 1-800-GET-THIN.
Source: L.A. Times - Business | 4 Mar 2010 | 1:00 am China's investments in U.S. up sharplyThe strategy seeks higher earnings by acquiring assets while prices are depressed. Made in China now has a fast-growing...Source: RSS feed - channel BNPaperBusiness | 4 Mar 2010 | 1:00 am Tense times in Toyota CityThe Japanese carmaker's corporate home town is reeling from recession and recalls. For 31 years, Genichi Miyagawa...Source: RSS feed - channel BNPaperBusiness | 4 Mar 2010 | 1:00 am FDA issues warnings on food labelsSeventeen companies are asked to change misleading claims on health and nutrition. In a crackdown on dubious claims...Source: RSS feed - channel BNPaperBusiness | 4 Mar 2010 | 1:00 am At Epix channel, it's all about optionsThe new movie channel makes content available on multiple platforms. Talk about a crummy time to launch a movie...Source: RSS feed - channel BNPaperBusiness | 4 Mar 2010 | 1:00 am Lap-band promoters' troubled historyThe waiting room of the Beverly Hills surgery clinic was teeming with customers on a recent Saturday, with many of the patients there for the weight-loss operation hawked on freeway billboards, bus placards,...Source: RSS feed - channel BNPaperBusiness | 4 Mar 2010 | 1:00 am Toyota offers workers bonuses at California factory slated to closeThe carmaker offers $250 million in 'rewards' to 5,000 employees who remain on their jobs at the Fremont plant through the end of the month, when operations are scheduled to cease.Amid protests from state officials, Toyota Motor Corp. moved ahead Wednesday with plans to close a Fremont production plant, funding an average of $50,000 in bonuses to assembly workers who remain on their jobs through the month.
Source: L.A. Times - Business | 4 Mar 2010 | 1:00 am Stocks rise after improved services reportNEW YORK -- An upbeat report on services industries and more takeover news boosted stocks for a fourth day.Source: RSS feed - channel BNPaperBusiness | 4 Mar 2010 | 1:00 am Downgrade of consumer financial protection agency threatens Obama's overhaul planPassage of an overhaul bill may hinge on independence of the proposed agency.The move this week to downgrade a proposed Consumer Financial Protection Agency to lure bipartisan support instead appears to be undermining the Obama administration's effort to overhaul the nation's regulation of the entire industry.
Source: L.A. Times - Business | 4 Mar 2010 | 1:00 am China's investments in U.S. up sharplyThe strategy seeks higher earnings by acquiring assets while prices are depressed.Made in China now has a fast-growing sibling: Bought by China.
Source: L.A. Times - Business | 4 Mar 2010 | 1:00 am At Epix channel, it's all about optionsThe new movie channel makes content available on multiple platforms.Talk about a crummy time to launch a movie channel. For more than two years the country has been mired in a recession, consumers have snapped shut their wallets, and Wall Street and cable operators have questioned the need for yet another premium cable service offering Hollywood movies.
Source: L.A. Times - Business | 4 Mar 2010 | 1:00 am GM's vice chairman, Robert Lutz, to retireCharged with revitalizing the company's vehicle lineup, Lutz, 78, will leave May 1. Lutz, who was known for his blunt talk, worked for all the major U.S. automakers during his 47-year industry career.Robert A. Lutz, an outspoken and colorful industry veteran who has worked for all of the major American car companies, said Wednesday he will retire May 1 from his post as vice chairman of General Motors Co., ending a 47-year career in the industry.
Source: L.A. Times - Business | 4 Mar 2010 | 1:00 am Toyota offers workers bonuses at California factory slated to closeThe carmaker offers $250 million in 'rewards' to 5,000 employees who remain on their jobs at the Fremont plant through the end of the month, when operations are scheduled to cease. ...Source: RSS feed - channel BNPaperBusiness | 4 Mar 2010 | 1:00 am Fortis Bank NL posts smaller profit on impairments* Impairments rise to 412 mln euros, from 331 mln in 2008Source: RSS feed - channel BNewsBusiness | 4 Mar 2010 | 12:50 am Brewing giant sees profits riseAnheuser-Busch InBev, the world's largest brewer, reports a profit $1.28bn (£850m) in the final three months of 2009.Source: BBC News | Business | World Edition | 4 Mar 2010 | 12:48 am VT Group walks away from bid for MouchelVT Group, the defence services provider, has walked away from an attempted takeover of Mouchel as it tries to fight off the hostile bid by rival Babcock. Source: Latest Business News from Times Online | 4 Mar 2010 | 12:44 am GDF Suez makes $6.15B profit in 2009, flat on year (AP)AP - French utility GDF Suez SA said Thursday that profits were little changed last year and that it is well placed to benefit from the economic recovery.Source: Yahoo! News: Business News | 4 Mar 2010 | 12:43 am Asian shares fall on Greece, global outlook (Reuters)
Source: Yahoo! News: Business News | 4 Mar 2010 | 12:41 am UPDATE 1-SVG asset values up, portfolio improvement shows* Asset value up 3O pct from half-year point, 7 pct on yearSource: RSS feed - channel BNewsBusiness | 4 Mar 2010 | 12:26 am Valmont Announces Offer for Delta, PLC (LSE: DLTA)Source: RSS feed - channel BNewsBusiness | 4 Mar 2010 | 12:07 am Next-Generation Internet Partnership Announced: UBM Studios and InXpo Sign Strategic Alliance AgreementSource: RSS feed - channel BNewsBusiness | 4 Mar 2010 | 12:00 am Traders optimistic Greek crisis can be containedGlobal Markets Overview: Growing optimism that the fallout from the Greek debt crisis can be contained helped calm forex markets and encourage broader risk appetiteSource: Financial Times - US homepage | 3 Mar 2010 | 11:55 pm AB InBev sees tough 2010 startBRUSSELS (Reuters) - Anheuser-Busch InBev , the world's largest brewer, forecast a challenging start to 2010 with U.S. volumes under pressure after mixed fourth-quarter results buoyed by a...Source: RSS feed - channel BNewsBusiness | 3 Mar 2010 | 11:48 pm AB InBev sees tough 2010 startBRUSSELS (Reuters) - Anheuser-Busch InBev , the world's largest brewer, forecast a challenging start to 2010 with U.S. volumes under pressure after mixed fourth-quarter results buoyed by a sharp increase in Brazilian sales.
Source: Reuters: Business News | 3 Mar 2010 | 11:48 pm UPDATE 1-Market Chatter -- Corporate finance press digestBANGALORE, March 4 (Reuters) - The following corporate finance-related stories were reported by media on Thursday:Source: RSS feed - channel BNewsBusiness | 3 Mar 2010 | 11:46 pm UPDATE 1-Market Chatter -- Corporate finance press digestBANGALORE, March 4 (Reuters) - The following corporate finance-related stories were reported by media on Thursday:Source: RSS feed - channel BNewsBusiness | 3 Mar 2010 | 11:46 pm Archie Norman may find managing City expectations is just as hard as reviving ITVArchie Norman tried desperately to downplay the marked improvement in advertising revenues at ITV as he unveiled full-year results on Wednesday.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Mar 2010 | 11:43 pm U.S. probes Toyota repairs to recalled carsThe Department of Transportation is reportedly investigating new complaints of sudden acceleration in Toyota vehicles that have been repaired as part of the company's recent recalls.
Source: MarketWatch.com - Top Stories | 3 Mar 2010 | 11:35 pm NZ market rises, Restaurant Brands surgesThe New Zealand sharemarket had a positive day, with Restaurant Brands lifting ahead of, and in reaction to, a profit upgrade.The benchmark NZX-50 index closed up 15.034 points, or 0.47 per cent, at 3213.557. It was the seventh...Source: nzherald.co.nz - Business | 3 Mar 2010 | 11:31 pm We have to learn from Japan's lost yearsThe turbulence in the currency markets is a welcome warning sign, says Edmund Conway.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Mar 2010 | 11:31 pm HarbourVest looks to lift Australia investmentsSYDNEY, March 4 (Reuters) - Private equity firm HarbourVest Partners is looking to add exposure in Australia this year as the environment has improved, and does not plan to sell any of its direct investments...Source: RSS feed - channel BNewsBusiness | 3 Mar 2010 | 11:26 pm CORRECTED-BRIEF-Ahold posts 8 pct profit drop in Q4,AMSTERDAM, March 4 (Reuters) - Koninklijke Ahold NV : * CORRECTED-AHOLD Q4 NET PROFIT 267 MLN EUROS (NOT 341 MLN) (RTRSSource: RSS feed - channel BNewsBusiness | 3 Mar 2010 | 11:18 pm WaMu shareholders urge for an annual meeting: court filing(Reuters) - Shareholders of Washington Mutual Inc have filed a complaint against the savings bank holding company for not convening an annual shareholders' meeting for nearly two years, court documents show.
Source: Reuters: Business News | 3 Mar 2010 | 11:09 pm WaMu shareholders urge for an annual meeting: court filing(Reuters) - Shareholders of Washington Mutual Inc have filed a complaint against the savings bank holding company for not convening an annual shareholders' meeting for nearly two years,...Source: RSS feed - channel BNewsBusiness | 3 Mar 2010 | 11:09 pm Toyota's Prius still top selling car in JapanTOKYO - Toyota's Prius remains the top-selling car in Japan despite the automaker's global recall woes that included braking problems with the hit hybrid.More than 27,000 of the gas-electric hybrids were sold in February, making...Source: nzherald.co.nz - Business | 3 Mar 2010 | 11:07 pm Toyota accelerator pedal fix 'may not work'Toyota’s bid to overcome its vehicle recall crisis took a twist today after it emerged that the “fix” offered by dealerships may not work. Source: Latest Business News from Times Online | 3 Mar 2010 | 10:52 pm Peter Brimelow: Top performer offers free adviceThere’s a top-performing letter you can’t subscribe to. But you can read it for free.
Source: MarketWatch.com - Top Stories | 3 Mar 2010 | 10:49 pm NZ dollar continues downward slideThe New Zealand dollar eased along with other currencies today as the US dollar rose and was back at new near-decade low against its trans-Tasman counterpart.The NZ dollar was at US68.99c at 5pm from US69.70c at 5pm yesterday.It...Source: nzherald.co.nz - Business | 3 Mar 2010 | 10:27 pm Prudential, AIG CEOs selling AIA deal to Asia staffSINGAPORE (Reuters) - The chief executives of Britain's Prudential Plc and American International Group met employees of the two firms in Southeast Asia on Thursday, in a bid to address concerns about the insurance industry's record M&A deal unveiled earlier this week.
Source: Reuters: Business News | 3 Mar 2010 | 10:06 pm 10 Things Your Hospital Won't Tell You (10 Things)Health care sure isn't what it used to be. Here's what you need to know.
Source: SmartMoney.com | 3 Mar 2010 | 10:00 pm 3 Stocks Priced a Third Below the Market (Screens)Hough: Shares of these well-known companies trade at a sizable discount.
Source: SmartMoney.com | 3 Mar 2010 | 10:00 pm 5 Smart Books: Money Matters, Iconic Battles (SmartBooks)New releases help everyday investors cope, and get a handle on history.
Source: SmartMoney.com | 3 Mar 2010 | 10:00 pm Underwater Mortgage? Wait a While (Common Sense)Stewart: Troubled home mortgages -- from an investor's point of view.
Source: SmartMoney.com | 3 Mar 2010 | 10:00 pm A Roth IRA Primer (The Tax Guy)The top eight factors to consider before making your 2009 or 2010 IRA contribution.
Source: SmartMoney.com | 3 Mar 2010 | 10:00 pm General Motors Is on the MendAfter a U-turn, the auto maker could become this year's hottest IPO.
Source: SmartMoney.com | 3 Mar 2010 | 10:00 pm Is it Time for You Go Paperless? (Bank Notes)Weighing the banks' new push to turn off your paper statements.
Source: SmartMoney.com | 3 Mar 2010 | 10:00 pm Tax Tips: The Benefits of Refinancing (Tax Tips)If you refinanced your mortgage, make sure you get all your tax breaks.
Source: SmartMoney.com | 3 Mar 2010 | 10:00 pm Nissan's old campus in South Bay gets 'flipped'The site is renovated, divided up and sold to 11 companies. Now it's full of jobs again.When word leaked out in 2005 that Nissan Motor Co. planned to move its U.S. headquarters to Tennessee, Southland officials and business leaders pitched a fit.
Source: L.A. Times - Business | 3 Mar 2010 | 9:03 pm Nissan's old campus in South Bay gets 'flipped'The site is renovated, divided up and sold to 11 companies. Now it's full of jobs again. When word leaked out...Source: RSS feed - channel BNPaperBusiness | 3 Mar 2010 | 9:03 pm Facebook CEO in no rush for IPO: reportNEW YORK (Reuters) - Facebook Chief Executive Mark Zuckerberg is in no rush to take the popular social-networking site public, the Wall Street Journal reported on Wednesday.
Source: Reuters: Business News | 3 Mar 2010 | 8:41 pm Ford rolls out all-electric vanThe Transit Connect Electric is the first of four battery-powered vehicles that Ford plans to bring to market by 2012.Ford Motor Co.'s first all-electric vehicle made its Los Angeles debut this week at the Petersen Automotive Museum, a fitting locale for a manufacturer to take a successful product from its present lineup and push it into the future.
Source: L.A. Times - Business | 3 Mar 2010 | 8:41 pm Car sales up from year ago, Suzuki claims top spotAfter a commanding lead as the country's most popular new car last year, the Toyota Corolla fell into fourth place in February, but the company attributes the decline to a quiet period for fleet buying rather than bad worldwide publicity.The...Source: nzherald.co.nz - Business | 3 Mar 2010 | 8:30 pm Toyota sued over deaths in key California crash (Reuters)Reuters - Relatives of a California state trooper and three family members whose fatal car wreck helped spark Toyota's wide-ranging safety recall have sued the automaker for defects they say caused the vehicle to speed out of control and crash.Source: Yahoo! News: Business News | 3 Mar 2010 | 8:11 pm Telecom gives 2degrees SIM cards to hospital staffTelecom is giving out rival 2degrees' services to key hospital staff on XT as backup in case the network, which has failed four times since December, goes down again.Canterbury DHB told nzherald.co.nz of the plans this afternoon,...Source: nzherald.co.nz - Business | 3 Mar 2010 | 8:00 pm CRI's need less bureaucracy: taskforceCrown Research Institutes, New Zealand's government-funded science agencies, need less bureaucratic supervision, properly functioning boards, and shouldn't start their own businesses when private partners would do a better job, says...Source: nzherald.co.nz - Business | 3 Mar 2010 | 7:30 pm Peter Huljich resigns, Brash becomes MDHuljich Wealth Management has announced that former Reserve Bank Governor and National Party leader Don Brash has taken over as the company's managing director and chief investment officer.He is taking over from Peter Huljich,...Source: nzherald.co.nz - Business | 3 Mar 2010 | 7:00 pm Bank to announce interest ratesThe Bank of England is likely to keep the cost of borrowing at a record low of 0.5% for the 12th consecutive month.Source: BBC News | Business | World Edition | 3 Mar 2010 | 6:39 pm Boeing to shed jobs in SydneyAviation giant Boeing has confirmed it is closing its Milperra aerospace engineering site in Sydney's southwest.It is moving the operation to Fishermans Bend in Melbourne.A spokesman for Boeing said there were 350 workers...Source: nzherald.co.nz - Business | 3 Mar 2010 | 6:30 pm Obama reasserts Volcker ruleWASHINGTON (Reuters) - The Obama administration reasserted its commitment to banning proprietary trading by banks with draft legislative language on Wednesday, despite signs that the U.S. Congress is unlikely to adopt such a rule.
Source: Reuters: Business News | 3 Mar 2010 | 6:07 pm The Below Average CEO: John W. Chidsey, Burger KingAverage: “an estimation of or approximation to an arithmetic mean”–Webster Burger King (BKC) is the perennial also-ran in the fast food market in which its runs well behind McDonald’s (MCD). Burger King’s shares have underperformed those of McDonald’s and two other rivals–Yum Brands (YUM) and Wendy’s/Arby’s Group (WEN)–during the last year. Burger King’s last earnings report for the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Mar 2010 | 6:03 pm Virgin Media attacks BBC Trust over Project CanvasThe chief executive of Virgin Media will today attack the BBC Trust over its handling of the BBC's plan to bring online TV from the PC to the living room.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Mar 2010 | 6:00 pm Obama endorses ‘up or down’ health votePresident Barack Obama urged Congress to pass sweeping healthcare reform legislation with a simple majority, saying lawmakers owed the American people a result after more than a year of heated debateSource: Financial Times - US homepage | 3 Mar 2010 | 5:55 pm Ineos could leave UK over taxIneos one of Britain's biggest private companies, is considering moving its headquarters abroad to save money on tax, it has been reported.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Mar 2010 | 5:54 pm Questor share tip: Buy Standard Chartered - its the pick of the banksIf Peter Sands' wife, the author Betsy Tobin, needs a hero for her next historical novel, she could do worse than pick her partner - the Standard Chartered chief executive.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Mar 2010 | 5:51 pm Questor share tip: Avoid ITV - restructuring plans remain too vagueIt looks like the advertising market has finally turned a corner, bringing relief to ITV as its new chairman and soon-to-be chief executive plot the revival of its fortunes.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Mar 2010 | 5:49 pm U.S. investigates complaints about Toyota recall fixWASHINGTON (Reuters) - U.S. regulators on Wednesday reviewed 10 complaints that fixes made to recalled Toyota Motor Corp vehicles did not resolve unintended acceleration.
Source: Reuters: Business News | 3 Mar 2010 | 5:48 pm FDA warns over health claims on food labelsThe US Food & Drug Administration warned 17 food manufacturers last month that labelling on the packaging of 22 products broke the Federal Food, Drug and Cosmetic ActSource: Financial Times - US homepage | 3 Mar 2010 | 5:44 pm Restaurant Brands profit jumps 67pcRestaurant Brands, the fast-food franchise holder whose stock has tripled in the past year, said annual profit soared 67 per cent, beating its forecast on KFC sales and a renegotiated supplier contract.Shares of Restaurant Brands...Source: nzherald.co.nz - Business | 3 Mar 2010 | 5:41 pm National Employee Morale Day At Take-Two Interactive (TTWO)Video game publisher Take-Two Interactive (TTWO) announced better than expected earnings today but also said it would need to cut its staff. Net revenue for the first fiscal quarter was $163.2 million, compared to $149.4 million for the same quarter of fiscal 2009. Take-Two’s fiscal period ended January 31. The firm said it would cut 15% of [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Mar 2010 | 5:34 pm Fed seeks limit on credit card penalty feesWASHINGTON (Reuters) - The U.S. Federal Reserve on Wednesday proposed another new rule to strengthen consumer protections against abusive practices by credit card issuers, including limiting penalty fees and requiring them to reconsider past interest rate hikes.
Source: Reuters: Business News | 3 Mar 2010 | 5:27 pm FDA questions POM's sex-benefit claimsThe pomegranate juice POM Wonderful may have been touting it's "wonderfulness" a bit too strongly.Source: Business and financial news - CNNMoney.com | 3 Mar 2010 | 5:10 pm Obama sends ‘Volcker rule’ to CongressThe Obama administration produced its controversial ‘Volcker rule’, sending legislative language to Congress that would ban banks from trading for their own account and curb acquisitions in the industrySource: Financial Times - US homepage | 3 Mar 2010 | 5:08 pm GD, Northrop warn of possible shipyard layoffsWASHINGTON (Reuters) - The two largest U.S. military shipyards warned on Wednesday that the U.S. Navy's 30-year shipbuilding plan funded 13 fewer surface ships in the near term, which would likely result in layoffs across the industry and higher shipbuilding costs.
Source: Reuters: Business News | 3 Mar 2010 | 5:07 pm Racing aheadTesla prepares for electric cars going mainstreamSource: BBC News | Business | World Edition | 3 Mar 2010 | 5:05 pm ‘You bet!’ was Michael Foot’s reply to any plan on our Jamaica tripMy first encounters with Michael Foot, apart from CND rallies, or the Cambridge Union in the 1960s, were on Hampstead Heath where in the 1980s he was a familiar figure, in rain or shine, walking his shaggy dog, Dizzy. Source: Latest Business News from Times Online | 3 Mar 2010 | 5:01 pm Petrofac eyes fresh fields in North Sea oil tie-upThe Petrofac oil services group is on the verge of acquiring a string of North Sea fields in a deal that would pave the way for a $1 billion spin-out of its exploration and production division.$ Source: Latest Business News from Times Online | 3 Mar 2010 | 5:01 pm Tempus: Carillion is built for the futureIt’s ten years since Carillion was spun off from Tarmac and two years since it formally dropped out of the FTSE construction sector. Source: Latest Business News from Times Online | 3 Mar 2010 | 5:01 pm Care UK takes private route as it prepares to expand and diversifyCare UK is to be taken private by Bridgepoint Capital for £281 million in a part-acquisition, part-management buyout that will leave Southern Cross as Britain’s only listed care homes operator. Source: Latest Business News from Times Online | 3 Mar 2010 | 5:01 pm Branson’s new adventure, running GP surgeriesSir Richard Branson entered the world of GP healthcare last night by taking a controlling stake in an NHS walk-in centre operator — only to see shares in the company he is partnering lose an eighth of their value. Source: Latest Business News from Times Online | 3 Mar 2010 | 5:01 pm ITV seeks new recipe to turn its profit into a seriesThere was little showbiz from Archie Norman yesterday as he unveiled his first set of results since becoming chairman of ITV. Although the broadcaster returned to profit last year and its advertising revenue was up 7 per cent in the first quarter of this year, Mr Norman urged caution. Source: Latest Business News from Times Online | 3 Mar 2010 | 5:01 pm Pimco's Gross: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 3 Mar 2010 | 4:51 pm American Equity execs to pay $1M in SEC probe deal (AP)AP - American Equity Investment Life Holding Co. on Wednesday said two top executives will pay more than $1 million in penalties as part of a settlement of a Securities and Exchange Commission inquiry into disclosures on a company proxy statement.Source: Yahoo! News: Stock Markets News | 3 Mar 2010 | 4:49 pm Wells Fargo CEO '09 compensation more than doublesNEW YORK (Reuters) - Wells Fargo & Co , the fourth-largest U.S. bank by assets, paid Chief Executive John Stumpf compensation worth $21.3 million for 2009, a package that likely makes him the highest-paid U.S. bank CEO, according to materials filed with U.S. regulators.
Source: Reuters: Business News | 3 Mar 2010 | 4:44 pm Peek inside Rush Limbaugh's bedroomConservative radio host Rush Limbaugh is saying adios to the Big Apple and selling his Fifth Avenue penthouse, asking almost $14 million.Source: Business and financial news - CNNMoney.com | 3 Mar 2010 | 4:39 pm Money Market Funds, Medivation, Energy 21: Taking StockSource: Bloomberg - All Podcasts | 3 Mar 2010 | 4:32 pm Australia not going to 'slow down' to let NZ catch upNew Zealand faces a herculean task in achieving the government's aspiration to close the gap with Australia, and the so-called 'lucky country' isn't going to bend over backwards to help its trans-Tasman neighbour catch up.BT Financial...Source: nzherald.co.nz - Business | 3 Mar 2010 | 4:30 pm Summary Box: Stocks end mixed after Fed report (AP)AP - A LATE FADE: The stock market gave up an early advance to end mixed after the Federal Reserve said that the economy is improving but at a slow pace. The Dow Jones industrials fell 9 points.Source: Yahoo! News: Stock Markets News | 3 Mar 2010 | 4:15 pm Police shut down Mariposa hacker ringPolice, private security experts and internet service providers said they had shut down the Mariposa botnet, one of the largest networks of hacked personal computers discoveredSource: Financial Times - US homepage | 3 Mar 2010 | 4:00 pm Stocks end mixed as Fed points to slow recovery (AP)
Source: Yahoo! News: Stock Markets News | 3 Mar 2010 | 3:58 pm How the major stock indexes fared on Wednesday (AP)AP - Early gains in stocks unraveled Wednesday after the Federal Reserve signaled that the economic recovery will be slow. Stocks ended mixed after the Fed's announcement that economic activity has improved in nine of its 12 districts but that the gains are "modest." The report dampened enthusiasm that followed an upbeat report on services industries and more takeover news.Source: Yahoo! News: Stock Markets News | 3 Mar 2010 | 3:48 pm Pru banks spread rights issue riskThe fact that most leading global banks have been brought in on the deal does not preclude them from acting for a potential counterbidder, according to one person familiar with the situationSource: Financial Times - US homepage | 3 Mar 2010 | 3:46 pm Fed appointments hold key to exit strategyWhite House must be alert to the risks when it fills three vacancies on the board of governors, writes James PolitiSource: Financial Times - US homepage | 3 Mar 2010 | 3:21 pm US Airways, Netflix, BJ's Wholesale are big movers (AP)AP - Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and Nasdaq Stock Market:Source: Yahoo! News: Stock Markets News | 3 Mar 2010 | 3:18 pm US economic growth 'hit by snow'The US economy has continued to grow this year but only at a "modest" pace, with heavy snow a key factor, a Fed report says.Source: BBC News | Business | World Edition | 3 Mar 2010 | 3:15 pm Rochdale's Bove: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 3 Mar 2010 | 3:12 pm JPMorgan's Kasman: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 3 Mar 2010 | 3:09 pm Bloomberg's Mysak: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 3 Mar 2010 | 3:05 pm Bloomberg's Fraher: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 3 Mar 2010 | 3:03 pm Market finishes flat as Obama pushes regulation (Reuters)
Source: Yahoo! News: Stock Markets News | 3 Mar 2010 | 2:59 pm Sean Coffey: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 3 Mar 2010 | 2:58 pm Arthur Levitt: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 3 Mar 2010 | 2:57 pm Global Poverty And The Cost Of A Pair Of JeansBy Jacob Goldstein The classic way for a country to work its way out of poverty is to build a textiles industry. And if you're a developing country today looking to get into the textiles business -- making pants, shirts, that kind of thing -- you have to have a trade deal with the U.S. Adam Davidson and Chana Joffe-Walt have been reporting recently on the effort by Haitian businesspeople to land a better trade deal with the U.S. (They did a podcast on the subject last week, and they have a story airing today on All Things Considered.) To understand just how important trade deals are, I wanted to see the cost of some basic article of clothing -- a pair of jeans, say -- made in different countries. I tracked down Kristie Tippner, a retail strategist at Kurt Salmon Associates, a company that helps retailers figure out this sort of thing. She put together the table below. It breaks down all the costs of making, shipping and importing jeans from different countries to the U.S. (These are basic jeans that would retail for about $20 to $40.) 
Source: Kurt Salmon Associates The bottom line there -- "Total Landed Cost" -- shows what a U.S. company would pay for the same pair of jeans made in different countries. That bottom line is roughly the same for everybody -- just over $7.50. But that's only because three of the countries (the ones that aren't China) have special, trade deals with the U.S. that make their imports duty-free. China, on the other hand, is getting hit with a 16% tariff. If these poor countries had to pay the same import tax, they wouldn't stand a chance against China. Their apparel industries would be crushed. I also asked how much the costs would be for a pair of jeans made in the U.S. But Tippner told me you just wouldn't make these kind of basic jeans in the U.S., because the costs would be too high. She didn't want to put too fine a point on how expensive they'd be, but she said the costs would be at least double. A few other details about the line items in the chart:
» E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 3 Mar 2010 | 2:35 pm SEC: Miami couple defrauded Cuban-American elderly (AP)AP - The Securities and Exchange Commission charged a prominent Miami couple Wednesday with operating a $135 million Ponzi scheme through a real estate investment scam that defrauded hundreds of people, mostly elderly Cuban-Americans.Source: Yahoo! News: Stock Markets News | 3 Mar 2010 | 2:31 pm France Telecom Raised to `Hold' at Citigroup: AudioSource: Bloomberg - All Podcasts | 3 Mar 2010 | 2:25 pm Dodd Discusses Consumer Agency Rules: VideoSource: Bloomberg - All Podcasts | 3 Mar 2010 | 2:16 pm A look at global economic developments (AP)AP - A look at economic developments and activity in major stock markets around the world Wednesday:Source: Yahoo! News: Stock Markets News | 3 Mar 2010 | 1:23 pm Euro rises on new Greek measuresThe euro rises against the dollar as the Greek government unveils a new series of severe spending cuts.Source: BBC News | Business | World Edition | 3 Mar 2010 | 1:22 pm Meanwhile, At Citi…
Earlier: Come On Down To Vikram’s House Of Jewels! 
 Source: Dealbreaker | 3 Mar 2010 | 1:02 pm Chinese celebrities parade political ideasHusbands paying wives to be homemakers, a ban on internet cafés and problem solving using a magical political formula known as ‘scientific development theory’ were among ideas on show at the Chinese People’s Political Consultative ConferenceSource: Financial Times - US homepage | 3 Mar 2010 | 12:53 pm Palm Losing All Friends… S&P Downgrade (PALM, AAPL, NOK, RIMM)Palm, Inc. (NASDAQ: PALM) has been in trouble. About all that can be said after it recently hit 52-week lows is that it has at least bounced about 5% from its recent lows. Most traders would caution that stocks hitting a new 52-week low rarely do it just one day. Today Standard & Poor’s Ratings [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Mar 2010 | 12:53 pm Beige Book… A Hint of Things BetterThe Federal Reserve has issued its most recent Beige Book, which does not really sound that much different from from many of the notes from the latest FOMC minutes. The Fed noted slight improvement in 9 of 12 Fed districts. Specifically noted in a region was that the Richmond region saw slackening activity due 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 | 12:24 pm BA lines up 1,000 volunteer crewBritish Airways says 1,000 staff have offered to work as cabin crew if threatened strikes at the airline go ahead.Source: BBC News | Business | World Edition | 3 Mar 2010 | 12:19 pm VMware’s $400M Stock Buyback Is Different (VMW, EMC, CSCO, DELL, INTC)2010 is shaping up to be the year of the dividend. Stock buybacks are now becoming to be “Oh so 2007″ for investors. In fact, many argue whether or not stock buyback plans do anything at all except waste cash. And last night came the announcement from VMware, Inc. (NYSE: VMW) that it was repurchasing [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Mar 2010 | 12:10 pm Elimination Of Botulism And Salmonella Would Cover 100% Of Healthcare ReformAll the US government has to do to pay for the current healthcare reform proposal is eliminate foodborne illnesses like botulism, salmonella, and e-coli. A new study from The Product Safety Project says that “acute foodborne illnesses cost the United States an estimated $152 billion per year in healthcare, workplace and other economic losses.” The current estimate for the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Mar 2010 | 11:59 am SEC charges Miami couple in Ponzi scheme (Reuters)Reuters - U.S. securities regulators charged a prominent Miami couple on Wednesday with running a $135 million Ponzi scheme that victimized elderly Cuban-Americans living in South Florida.Source: Yahoo! News: Stock Markets News | 3 Mar 2010 | 11:50 am A gene for entrepreneurship?We've known for a long time that entrepreneurship tends to run in families. But now researchers are asking: Could there actually be entrepreneurial genes? Mitchell Hartman reports.Source: Marketplace | 3 Mar 2010 | 11:08 am Antitrust lawsuits pile up on GoogleMicrosoft has filed antitrust lawsuits against Google in Europe. And in the past few weeks, a series of small companies have also filed lawsuits. What gives? Brett Neely reports.Source: Marketplace | 3 Mar 2010 | 11:08 am Consumers get back in spending saddleA report from MasterCard's Spending Pulse says consumers are buying again, and retailers are not resorting to extreme discounts. But there are still big barriers to retail sales growth. Stacey Vanek-Smith reports.Source: Marketplace | 3 Mar 2010 | 11:08 am Toyota loses ideal amid auto woesToyota helped usher in a global quality revolution in the mid-1970s. But when the brakes slipped on its cars, consumers were betrayed. Commentator David Frum says they weren't the only ones.Source: Marketplace | 3 Mar 2010 | 11:08 am The long, deep unemployment holeThe Atlantic's Don Peck talks with Kai Ryssdal about why this recession is different from others, and the lasting impact chronic unemployment will have on America.Source: Marketplace | 3 Mar 2010 | 11:07 am TALF's end signals economic shiftThe deadline is soon approaching for lenders to take advantage of a Federal Reserve program called TALF, which is designed to encourage more loans. John Dimsdale reports.Source: Marketplace | 3 Mar 2010 | 11:07 am Obama urges action on health reformPresident Obama laid out what he plans to do moving forward with the health care overhaul at the White House. Marketplace's Gregory Warner talks with Kai Ryssdal about the plan, its costs, and what happens next.Source: Marketplace | 3 Mar 2010 | 11:07 am Jim Chanos Is Sick Of People Blaming Their Problems On Hedge Funds
Source: Dealbreaker | 3 Mar 2010 | 10:45 am Stockings And Bonds Poker Tournament Giveaway
Who is responsible for Dealbreaker/Breaking Media’s recent technology woes? Feel free to answer below but in the event you actually want to win this thing, send your answer here, as well. We’ll be picking a winner this Friday. (For those of you who are losers but still want to go, sign up here). *Stuff you could win: (part of a) $30,000 prize pool, a seat at the World Series of Poker 2010 Main Event, a $7,500 XO JET airfare credit. FOR ONLINE PACKAGES ONLY, NO REFUNDS FOR CANCELLATIONS WITHIN 72 HOURS OF THE EVENT. $30,000 prize guarantee requires 100 or more participants. Reservations required. Management reserves the right to change or cancel this promotion at any time. Must be 21 or older to gamble, enter, or remain in a New Jersey casino or participate in any Caesars promotion. Know When To Stop Before You Start. ® Gambling Problem? Call 1-800-GAMBLER. ©2010, Harrah’s License Company, LLC.
Source: Dealbreaker | 3 Mar 2010 | 10:30 am Hank Paulson Is Soliciting Headline Suggestions For His ObituaryHank Paulson was recently interviewed for the latest issue of The DAM, Dartmouth’s alumni magazine, by fellow Dartmouth grad, Jake Tapper. The Kegs talk about a whole mess of topics, including but not limited to gal-pal Tim Geithner (the two have an “excellent” relationship), Paulson’s hippie daughter Amanda (her friends in college were people son Merritt would call “granolas,” if you know what HP means and I think you do), his nickname to SAE fraternity brothers (“The Phantom,” because no one ever saw the shady motherfucker), Christian Science (when Hank prayed during the crisis, it was “for humility, to take ego
Clearly this sucks, and is an obvious ploy for us to come up with something better while there’s (presumably) still time (he’s got a cold coming on and with the ixnay on the whole oughcay yrupsay hingtay, you never know). My vote is for it to involve birds and/or Ken Lewis. Get cracking. paulson 2 [The DAM, PDF via Heidi Moore]
Source: Dealbreaker | 3 Mar 2010 | 10:10 am Renault’s Ghosn predicts electric car scrambleRenault and Nissan chief predicts that the car industry will be scrambling to build capacity to meet demand for both electric cars and the lithium ion batteries that power them in less than two yearsSource: Financial Times - US homepage | 3 Mar 2010 | 9:50 am On Torturing Monkeys
In his early experiments, Harry Harlow gave infant monkeys a choice between a chicken-wire “mother” who gave milk and a terrycloth “mother” who did not. Finding that the monkeys preferred the terrycloth mother, he concluded, contrary to conventional wisdom at the time, that the relationship of a primate infant with its mother rests more upon comfort than upon food. Dr. Harlow’s early experiments tested a clear hypothesis. They were controlled. They produced interesting results, useful to our understanding of human psychology. The early experiments influenced a generation of research psychologists and arguably changed the way we raise our children today. But Dr. Harlow didn’t stop there. For the next twenty years, he continued experimenting with monkeys. He tested their social development for progressively more abstract traits, under varying conditions of privation, progressively more severe. His later experiments comprised torturing monkeys as an end in itself. It’s no great leap of the imagination to extrapolate from monkeys to better-dressed primates. Nor is it any great leap from psychologists to economists. Paul Volcker, to name just one example, is by all accounts an intelligent man, an industrious man. He has the respect of his peers, his colleagues and successors. Some of his early experiments, both at Treasury and especially as Chairman of the Federal Reserve, were well-thought out, with a clear and immediate purpose in mind, and produced results that no doubt benefited society, results that persist in benefiting us today. For his early work, we owe Mr. Volcker a debt of gratitude. As a person, Paul Volcker has the right to his opinion, and a citizen of the United States, Paul Volcker has the right to free speech, as all citizens do. If he wants to contribute to the discussion his vision of economic Utopia, no matter how far behind the times it may be, we are richer for hearing it — just as we are richer for having read Hobbes, or Marx, or Keynes. We are fortunate to have the benefit of Paul Volcker’s thinking. Even as a person of influence, a friend of the President, an intellectual among Democrats, a member and a leader of prominent groups whose domain is the study of economics, Mr. Volcker, despite his decrepitude, unquestionably has a lot to offer the current generation, who lack the benefit of his personal experience in surviving and addressing economically difficult times. But if breaking up the banks is the best advice he has to offer, then Mr. Volcker has no place advising the President. The arguments have been made, without any real counterargument, that the so-called “Volcker rule” is irrelevant, that if anything, it would increase rather than decrease systemic risk, that it would be non-economic overall; and yet the Volcker rule will not quite die. The real danger, much greater in my mind but largely undiscussed, is that the Volcker rule undermines the fundamental principles of liberal democracy. Because of synergy, a combined bank and brokerage is inherently more valuable than its constituent businesses. Forcing the breakup of such institutions amounts to stealing property from the shareholders: stealing it, and destroying it. A democratic government does not steal from its citizens. In fact, so long as we citizens obey the law, our government has no right to harass us at all. Congress will eventually pass, and President Obama will eventually sign into law, some re-regulation of the heavily-regulated financial sector. New regulation will impose additional cost on the sector. The cost may be justified if regulation helps to support our freedom to pursue wealth, our general safety and security, the continuance of our way of life. Regulation is worthwhile when it is well-conceived, properly constrained, and serves some worthwhile purpose. Regulation including the Volcker rule, or anything like it, is not. It’s no better than torturing monkeys.
Source: Dealbreaker | 3 Mar 2010 | 9:30 am Obama Extends Unemployment Benefits
President Obama signed a bill last night that extends unemployment benefits for one month, among other things. BusinessWeek has the details: The measure extends benefits for the jobless one month, including subsidies to help the unemployed buy health insurance, as well as postpones cuts in Medicare reimbursements in doctors. It also releases highway money, the delay of which forced the Transportation Department to furlough 2,000 employees. The package also extends Medicare physician payments and flood insurance programs. Unemployment benefits for many expired Feb. 28 and the Labor Department said 400,000 could see aid cut within two weeks if Congress didn’t act. Controversial Kentucky Senator Jim Bunning had been blocking the bill for about a week before relenting: Bunning agreed to allow the vote so long as he was promised separate consideration of his amendment to offset the cost of the legislation by closing a tax break for paper companies. His amendment was defeated on a procedural vote amid complaints by Democrats that its passage would force the House to again approve the legislation, which would further delay the extension of unemployment benefits and the other provisions.
Source: Business Pundit | 3 Mar 2010 | 9:06 am TigerText App Plays on Woods Scandal
TigerText, a new iPhone app, is the kind of thing that might have saved (well, helped) Tiger Woods if it had been out earlier. TigerText lets you put a timed delete on all your text messages and voicemails. If Tiger had it last October, sext messages like send me something very naughty and I will wear you out soon would never have made it to the New York Post. Messages deleted using TigerText disappear from the sender’s phone, the recipient’s phone, and the TigerText server on which the message is stored. You can also set the message to be deleted right after it is read, or delete your entire message history. The only caveat is that both the sender and the recipient need to have the TigerText installed on their iPhones. TigerText costs $2.50/month–a screaming deal, I imagine, for a good number of philanderers.
Source: Business Pundit | 3 Mar 2010 | 8:47 am Oliver Stone Is Giving Wall Street One Last Shot With This Movie
So it’s because of people like you, and Seth, and his gay lover Tiger, who probably loved Gordon Gekko that Stone had to make this movie again. If you don’t figure out the message this time around, Part III is just going to be a still shot of Michael Douglas wearing a sandwich board that says “Blow me, assholes,” on the floor of the exchange. Maybe that’ll penetrate.
Source: Dealbreaker | 3 Mar 2010 | 8:45 am Nissan Recalls 540,000 Cars for Brake Defects
Nissan is recalling 540,000 cars, mostly in the US, for braking and fuel gauge problems. The brake pedals may come loose and limit braking force on Armada SUVs, Titan pickups, and Quest minivans made in 2008-2010. Armadas and Titans from 2005-09, as well as Frontiers, Xterras, and Pathfinders from from 2006 and 2008 may have gas gauges that show a quarter of a tank of gas when in fact the tank is empty. What gives with all these recalls? Ironically, companies want to prove that they’re producing quality vehicles, according to a Toledo Blade source: The action follows global recalls of more than 8 million vehicles by Toyota Motor Corp. for issues including unintended acceleration, which have prompted lawsuits and congressional hearings. The cases have triggered a review of the safety agency by the U.S. Transportation Department’s inspector general to examine the way government investigators monitor automobile defects. “A lot of car makers are coming out with recalls as they want to show that they are being strict about quality,” said Jeong Min-pak, a senior director at Fitch Ratings in Seoul. “They want to avoid the negative press that Toyota has received.” By recalling their cars, these companies are also sending a message that “you can’t trust us anymore.” I understand that these recalls are preventative, but I don’t think they’re helping perception of the automakers, especially Japanese automakers.
Source: Business Pundit | 3 Mar 2010 | 8:12 am What's Wrong With The Mail, And Other ReadingBy Jacob Goldstein Good morning. The U.S. Postal Service is on the skids. People just don't write letters anymore! In a rather bleak 10-year plan released yesterday, the USPS said the number of pieces mailed in 2009 fell to 177 billion, down from 213 billion in 2006. And volume is projected to fall further by 2020. What this is likely to mean for you: More expensive stamps, and no mail delivery on Saturday. Women saved Social Security, an economist argues this morning in the Times' blog Economix. Life expectancy has increased dramatically since Social Security was created in the 1930s. That means more people are collecting Social Security payments for a longer period of time. One reason that the program has managed to stay solvent: The higher percentage of women in the work force has meant more people paying into Social Security. For more on the growing length of retirement around the world, check out this very compelling graphic from the Economist. The number of people filing for bankruptcy is still rising. More than 111,000 people filed in February, up 9% from the previous month and up 14% compared with February, 2009, according to the American Bankruptcy Institute. In 2009, bankruptcy filings rose by about a third compared with 2008, according to government figures released yesterday. Those Medicare pay cuts to doctors I wrote about last week -- the ones that always get postponed -- got postponed again. One Senator was holding up a package of temporary measures, including a block on the Medicare pay cuts, because the additional spending added to the deficit. He backed down yesterday. The Senate passed the bill, which had already been passed by the House, and President Obama signed it into law. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 3 Mar 2010 | 6:40 am Opening Bell: 03.03.10SEC to Beef Up Its NYC Office In 2010 (NYT) GMAC’s Carpenter Gets Pay Package Rivaling Blankfein (Bloomberg) U.S. Said to Tell Hedge Funds to Save Euro Records (Bloomberg) Nomura Eyes US Hiring Binge for Global Ambition (CNBC) General Growth Creditors, Simon Attack Ackman (Reuters) Bloomberg Aide’s Exit Fuels Talk of Presidential Run (WSJ)
Source: Dealbreaker | 3 Mar 2010 | 6:30 am Some Names Don’t Translate Well
Source: Business Pundit | 3 Mar 2010 | 4:26 am
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