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UK trade gap widens in JanuaryThe UK goods trade deficit with the rest of the world widens in January, with imports rising faster than exports.Source: BBC News | Business | World Edition | 9 Mar 2010 | 3:08 am Goldman Sachs (GS) Sued Over Compensation PracticesThe International Brotherhood of Electric Workers, a shareholder in Goldman Sachs (GS), filed a lawsuit in Delaware which accuses the investment bank of overpayment of its management and bankers. the union wants Goldman to give some of that money back to shareholders. The action also attempts to get Goldman’s management to make charitable contributions instead [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Mar 2010 | 3:02 am Northrop and EADS exit tanker bidNorthrop Grumman and EADS pull out of bidding for a $35bn US Air Force air-to-air refuelling tanker contract.Source: BBC News | Business | World Edition | 9 Mar 2010 | 2:59 am EADS forced out of giant US tanker bid battleEADS, the Franco-German defence company, has pulled out of bidding for a $35 billion ($£23 billion) contract to build air tankers for the US Air Force as it plunged into a loss after being forced to write off billions of dollars in cost overruns. Source: Latest Business News from Times Online | 9 Mar 2010 | 2:55 am 43% have less than $10k for retirementThe percentage of American workers with virtually no retirement savings grew for the third straight year, according to a survey released Tuesday.Source: Business and financial news - CNNMoney.com | 9 Mar 2010 | 2:54 am UK's growing trade gap sends sterling below $1.50$Sterling slumped on foreign exchanges again this morning after it was revealed that Britain’s trade deficit with the rest of the world unexpectedly widened during January. Source: Latest Business News from Times Online | 9 Mar 2010 | 2:49 am 10 Best Companies for job growthBest Companies to Work For like the Scooter Store and DreamWorks notched impressive job growth last year and are showing no signs of slowing down.Source: Business and financial news - CNNMoney.com | 9 Mar 2010 | 2:46 am London Markets: British shares back away from 18-month highsBritish shares weaken a touch on Tuesday, moving away from 18-month highs, as banks and miners decline.
Source: MarketWatch.com - Top Stories | 9 Mar 2010 | 2:44 am China Will Keep Buying US Debt Due To Few Other AlternativesChina says it will keep buying US debt. “The U.S. Treasury creates the world’s largest government bond market. “Our foreign exchange reserves are huge, so you can imagine that the U.S. Treasury market is an important one to us,” Yi Gang, head of the State Administration of Foreign Exchange (SAFE), told a news conference., according to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Mar 2010 | 2:42 am Citigroup shares: No longer toxic?Yes, Citigroup lost billions in the financial crisis. And yes, it's still swimming in toxic assets. But Bruce Berkowitz argues the worst is over.Source: Business and financial news - CNNMoney.com | 9 Mar 2010 | 2:38 am China passenger car sales up 55 percent in Feb (AP)AP - China's passenger car sales climbed 55 percent from a year earlier in Feburary, despite a long national holiday, on strong demand for smaller cars and sport utility vehicles, an industry group reported Tuesday.Source: Yahoo! News: Business News | 9 Mar 2010 | 2:38 am Asian markets mostly higher, China Life sparklesMost Asian markets end higher Tuesday, as Shanghai and Hong Kong shares rise after an upbeat forecast from China Life Insurance Co., while China Southern Airlines Co. jumps on plans to raise funds through a private placement.
Source: MarketWatch.com - Top Stories | 9 Mar 2010 | 2:35 am Eurotunnel net profit slumps in 2009 (AP)AP - Eurotunnel SA, the operator of the English Channel tunnel, on Tuesday blamed a fire in the undersea route between France and Britain for nearly wiping out its profit in 2009.Source: Yahoo! News: Business News | 9 Mar 2010 | 2:34 am Audi '09 net income down 39 pct to $1.8 billion (AP)AP - German carmaker Audi AG says its 2009 net income fell 39 percent to euro1.35 billion ($1.8 billion) as the economic downturn cut demand for its cars.Source: Yahoo! News: Business News | 9 Mar 2010 | 2:31 am Mr. Distress is ready to buy againWhether it's steel, textiles, or auto manufacturing, Wilbur Ross has built a lucrative career finding gold in industries left for dead.Source: Business and financial news - CNNMoney.com | 9 Mar 2010 | 2:30 am World markets mixed after lackluster US finish (AP)
Source: Yahoo! News: Business News | 9 Mar 2010 | 2:27 am World markets mixed after lackluster US finish (AP)
Source: Yahoo! News: Stock Markets News | 9 Mar 2010 | 2:27 am Syria wants to develop nuclear energy (AP)AP - A senior Syrian official says his country would like to pursue nuclear power to meet growing energy needs.Source: Yahoo! News: Business News | 9 Mar 2010 | 2:27 am UAE government to support Dubai, sees resolution: reportDUBAI (Reuters) - The federal government will support Dubai as it grapples with a $26 billion debt restructuring and expects the matter to be resolved soon, the United Arab Emirates' finance minister said on Tuesday.
Source: Reuters: Business News | 9 Mar 2010 | 2:25 am UAE government to support Dubai, sees resolution: reportDUBAI (Reuters) - The federal government will support Dubai as it grapples with a $26 billion debt restructuring and expects the matter to be resolved soon, the United Arab Emirates'...Source: RSS feed - channel BNewsBusiness | 9 Mar 2010 | 2:25 am Equities rally fades as caution sets inGlobal Markets Overview: With fears over eurozone fiscal difficulties easing, traders are scratching around for fresh catalysts but have found little in the way of macroeconomic or corporate dataSource: Financial Times - US homepage | 9 Mar 2010 | 2:22 am Legoland firm sees more visitorsMadam Tussauds, Sea Life and London Eye owners, Merlin, weathers the downturn with visitor growth and expansion plans.Source: BBC News | Business | World Edition | 9 Mar 2010 | 2:22 am World stocks off 6-week high; oil tumblesLONDON (Reuters) - World stocks inched lower on Tuesday from the previous day's six-week high and oil tumbled, while the yen rose broadly as investors grew cautious after a recent rally in riskier assets.
Source: Reuters: Business News | 9 Mar 2010 | 2:10 am Employers still skittish on hiringMost employers are still cautious when it comes to hiring, planning neither to add nor cut jobs from their payrolls this spring, according to a staffing firm survey released Tuesday.Source: Business and financial news - CNNMoney.com | 9 Mar 2010 | 2:03 am Currencies: Aussie gets lift against U.S. dollar from dataThe Australian dollar gets a lift against the U.S. dollar in Asian trading Tuesday, though the greenback was higher against most other major rivals.
Source: MarketWatch.com - Top Stories | 9 Mar 2010 | 2:03 am Europe Markets: EADS, Deutsche Post lower in muted Europe sessionEuropean shares traded in a tight range for a second day, as losses from miners and earnings-related weakness from EADS and Deutsche Post weighed.
Source: MarketWatch.com - Top Stories | 9 Mar 2010 | 2:02 am HomeAway Broadens Global Footprint With Acquisition of Leading South American Vacation Rental WebsiteSource: RSS feed - channel BNewsBusiness | 9 Mar 2010 | 2:00 am Equities rally fades as caution sets in08:05 GMT: It is a year ago that stocks began to bounce from their cyclical nadir a closing low of 673 for the S&P 500 and it looks like the anniversary has left Mr Rally feeling his age. ...Source: RSS feed - channel BNPaperBusiness | 9 Mar 2010 | 1:58 am Media Digest 3/9/2010 Reuters, WSJ, NYTimes, FT, Bloomberg.Reuters: Toyota (TM) said it found no electronic safety problems with its cars. Reuters: China said it was committed to US debt but worried about gold. Reuters: Japanese car companies are studying a brake override system. Reuters: Sony (SNE) will start selling 3D TVs in Japan. Reuters: Northrup (NOC) dropped out of bidding for a US air tanker project. Reuters: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Mar 2010 | 1:56 am Liberty to demerge as annual losses narrowLiberty International will go ahead with plans to split the business by demerging its British shopping centres from its London-based property portfolio which includes Covent Garden and Earls Court & Olympia exhibition halls. Source: Latest Business News from Times Online | 9 Mar 2010 | 1:50 am Business Bullet: Asia, Gold, RBS, LookersThe latest news on: Asia, Gold, RBS, LookersSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 9 Mar 2010 | 1:50 am Nasdaq at 18-month highStocks ended little changed Monday, although the Nasdaq managed to close at an 18-month high, as investors weighed corporate deals, a stronger dollar and weaker commodity prices ahead of key economic news due later this week.Source: Business and financial news - CNNMoney.com | 9 Mar 2010 | 1:50 am Deutsche Post's fourth-quarter net loss narrowsDeutsche Post AG’s fourth-quarter net loss narrowed, and the mail and logistics firm projected a moderate recovery in global transport volumes this year.
Source: MarketWatch.com - Top Stories | 9 Mar 2010 | 1:50 am London shares creep higher as rally fadesLondon equity markets crept higher in opening trade on Tuesday, but the gains were of a defensive nature as weaker-than-expected results held the mining sector at bay. Forecast-beating annual profits...Source: RSS feed - channel BNPaperBusiness | 9 Mar 2010 | 1:44 am Sony to launch 3D TVs in June, rivals SamsungTOKYO (Reuters) - Sony Corp will launch 3D televisions in June, entering an increasingly crowded market that is betting the revolutionary TV will become the next hot product in the electronics industry.
Source: Reuters: Business News | 9 Mar 2010 | 1:42 am Northrop pulls out of US air tankers raceThe defence contractor withdraws from a multibillion-dollar contest to replace the US Air Force’s fleet of ageing refuelling tankers, dealing a blow to the Pentagon’s efforts to make it a model of competitive defence procurementSource: Financial Times - US homepage | 9 Mar 2010 | 1:38 am Brazil slaps trade sanctions on USBrazil is backed by the WTO as it slaps trade sanctions against US imports in retaliation for illegal subsidies to cotton farmers.Source: BBC News | Business | World Edition | 9 Mar 2010 | 1:31 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 | 9 Mar 2010 | 1:31 am Cavitation Technologies Signed an Agreement With Catalyst Partners, LLCSource: RSS feed - channel BNewsBusiness | 9 Mar 2010 | 1:30 am Asia Markets And Europe Open (3/9/2010)Markets in Asia were narrowly mixed. The Nikkei fell .2% to 10,588. The Hang Seng rose .1% to 21,208. China Life (LFC) rose. The Shanghai Composite was higher by .5% to 3,069. At the open in Europe, the FTSE as flat at 5,671 and the DAX was flat at 5,877. The CAC 40 rose .2% to 3,912. Data from Reuters [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 9 Mar 2010 | 1:26 am Senate to take up unemployment insurance extension (AP)AP - Legislation extending unemployment insurance for the long-term jobless faces a key test vote in the Senate, its momentum helped by about 60 popular tax breaks for individuals and businesses that expired at the end of last year.Source: Yahoo! News: Business News | 9 Mar 2010 | 1:17 am Aer Lingus fares and profits fallA day after Irish airline Aer Lingus delayed its full annual results, a trading update shows a fall in profits and fares.Source: BBC News | Business | World Edition | 9 Mar 2010 | 1:11 am Merlin 'on track' despite shelved flotation planMerlin Entertainments, the world’s second-largest visitor attraction operator, insisted this morning that it was on track for another year of growth despite the recent disappointment of its shelved stock market flotation. Source: Latest Business News from Times Online | 9 Mar 2010 | 1:10 am EADS slumps to loss as A400 fails to takeoffThe owner of planemaker Airbus scraps its dividend as overruns on the troubled A400 military plane drives it to a loss last year.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 9 Mar 2010 | 1:08 am China: US assets should not be 'politicized' (AP)
Source: Yahoo! News: Business News | 9 Mar 2010 | 1:02 am China: US assets should not be 'politicized' (AP)
Source: Yahoo! News: Stock Markets News | 9 Mar 2010 | 1:02 am Deutsche Post sees profit risingFRANKFURT (Reuters) - Deutsche Post DHL said a global economic recovery and cost cuts will help it boost its core profit this year, as it halted a slide in revenues last year and demand for air freight and mail started to improve.
Source: Reuters: Business News | 9 Mar 2010 | 1:01 am Northrop Grumman drops bid for aerial refueling tanker contractThe Century City company says the odds are stacked against a potential bid for the $35-billion Air Force contract because the revised specifications favor its rival, Boeing.Northrop Grumman Corp. said Monday that it was dropping out of the race for a $35-billion Pentagon contract to build 179 aerial refueling tankers, leaving its rival Boeing Co. as the sole bidder for one of the largest military contracts in U.S. history.
Source: L.A. Times - Business | 9 Mar 2010 | 1:00 am Disney restyles 'Rapunzel' to appeal to boysWith 'The Princess and the Frog' coming up short at the box office, the studio retools its next animated feature to lose the girly taint. Now it's called 'Tangled,' with a swashbuckling male lead.Disney is wringing the pink out of its princess movies.
Source: L.A. Times - Business | 9 Mar 2010 | 1:00 am Runaway Prius hits 90 mph before stopping with aid of CHPA stuck accelerator takes the Toyota hybrid to 90 mph on Interstate 8 in San Diego County before an officer helps out.The driver of a Toyota Prius who called 911 on Monday to report his accelerator was stuck finally got the car stopped after about 20 minutes with the help of the California Highway Patrol, officers said.
Source: L.A. Times - Business | 9 Mar 2010 | 1:00 am Gasoline prices climb in state, nationThe increase of about 5 cents from a week ago, normal for March, is attributed to higher oil prices, the switch to summer gas and a slight uptick in demand.Oil climbed slightly higher in commodities trading Monday as the Energy Department reported that retail gasoline prices increased by about a nickel nationally and in California from a week ago.
Source: L.A. Times - Business | 9 Mar 2010 | 1:00 am AIG to sell Alico unit to MetLife for $15.5 billionThe deal for American Life Insurance will help its parent company repay bailout.American International Group Inc. said Monday that it would sell its American Life Insurance Co. division for $15.5 billion to MetLife Inc. The deal, AIG's second big asset sale in two weeks, would give the insurer more cash to repay the billions of bailout dollars it still owes the government.
Source: L.A. Times - Business | 9 Mar 2010 | 1:00 am How long can stocks' rally go on?History shows that bull markets rarely die after just one year. Investors try to glean whether the latest surge is running out of steam or just beginning. ...Source: RSS feed - channel BNPaperBusiness | 9 Mar 2010 | 1:00 am Wine-tasting rooms go mobileNew sample-size bottles allow people to try new vintages without traveling to wineries. Thousands of people visit...Source: RSS feed - channel BNPaperBusiness | 9 Mar 2010 | 1:00 am How long can stocks' rally go on?History shows that bull markets rarely die after just one year. Investors try to glean whether the latest surge is running out of steam or just beginning.One year ago this week, as the devastated stock market finally began to turn up from its lowest level in a decade, there was widespread doubt that any rally could last.
Source: L.A. Times - Business | 9 Mar 2010 | 1:00 am Citi to taxpayers: Thanks for the bailout, now pay upThe banking giant is showing its appreciation for a $45-billion infusion from the U.S. by slapping a $60 annual fee on many credit cards.Vikram Pandit, chief executive of Citigroup Inc., thanked taxpayers the other day for coming to his company's rescue with $45 billion in bailout cash.
Source: L.A. Times - Business | 9 Mar 2010 | 1:00 am Wine-tasting rooms go mobileNew sample-size bottles allow people to try new vintages without traveling to wineries.Thousands of people visit the Domaine Carneros Winery each year, snapping pictures in front of the 18th century-style chateau and sipping wine on the terrace overlooking a sweep of green vineyards.
Source: L.A. Times - Business | 9 Mar 2010 | 1:00 am Northrop Grumman drops bid for aerial refueling tanker contractThe Century City company says the odds are stacked against a potential bid for the $35-billion Air Force contract because the revised specifications favor its rival, Boeing. ...Source: RSS feed - channel BNPaperBusiness | 9 Mar 2010 | 1:00 am Gasoline prices climb in state, nationThe increase of about 5 cents from a week ago, normal for March, is attributed to higher oil prices, the switch to summer gas and a slight uptick in demand. ...Source: RSS feed - channel BNPaperBusiness | 9 Mar 2010 | 1:00 am AIG to sell Alico unit to MetLife for $15.5 billionThe deal for American Life Insurance will help its parent company repay bailout. American International Group...Source: RSS feed - channel BNPaperBusiness | 9 Mar 2010 | 1:00 am Runaway Prius hits 90 mph before stopping with aid of CHPA stuck accelerator takes Prius to 90 mph on I-8 before an officer helps out. The driver of a Toyota Prius who...Source: RSS feed - channel BNPaperBusiness | 9 Mar 2010 | 1:00 am Disney restyles 'Rapunzel' to appeal to boysWith 'The Princess and the Frog' coming up short at the box office, the studio retools its next animated feature to lose the girly taint. Now it's called 'Tangled,' with a swashbuckling male lead. ...Source: RSS feed - channel BNPaperBusiness | 9 Mar 2010 | 1:00 am FDIC shuts down Affinity-owned thrift in MarylandWaterfield Bank, bought by Irvine's Affinity in 2008, suffered heavy losses on mortgages. An offer by the institution's co-founders to revive it with their own funds is rejected. ...Source: RSS feed - channel BNPaperBusiness | 9 Mar 2010 | 1:00 am FDIC shuts down Affinity-owned thrift in MarylandWaterfield Bank, bought by Irvine's Affinity in 2008, suffered heavy losses on mortgages. An offer by the institution's co-founders to revive it with their own funds is rejected.Despite support from an honor roll of prominent California banking experts, a savings and loan owned and operated by an Irvine company has been shut down by regulators, who said it was critically undercapitalized.
Source: L.A. Times - Business | 9 Mar 2010 | 1:00 am Eurotunnel makes profit in 2009Eurotunnel, which manages the Channel Tunnel, makes an annual profit of 1.4m euros despite a "poor economic environment".Source: BBC News | Business | World Edition | 9 Mar 2010 | 12:46 am UPDATE 1-Weir beats forecasts, upgrades 2010 outlookLONDON, March 9 (Reuters) - British engineer Weir Group posted full year pretax profit ahead of market expectations, as strong performances in its minerals and power units offset weakness in its oil and...Source: RSS feed - channel BNewsBusiness | 9 Mar 2010 | 12:44 am China says committed to U.S. debt, wary on goldBEIJING (Reuters) - China, the world's biggest holder of foreign exchange reserves, renewed its commitment to the U.S. Treasury market on Tuesday but said it would be wary of substantially boosting its gold holdings.
Source: Reuters: Business News | 9 Mar 2010 | 12:27 am Eurotunnel's profits almost wiped outEurotunnel's profits plunged last year as the combination of a fire in late 2008 and the more recent closure caused by cold weather disrupted operations.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 9 Mar 2010 | 12:25 am China not too keen on gold, says forex chiefChina’s appetite for gold as a way to diversify its foreign-exchange reserves is limited because of the metal’s poor returns over the past 30 years, the nation's foreign-exchange regulator is cited as saying.
Source: MarketWatch.com - Top Stories | 9 Mar 2010 | 12:24 am Black & Decker Provides Additional Information in Connection With the Special Meetings of Stockholders to Consider the Stanley TransactionSource: RSS feed - channel BNewsBusiness | 9 Mar 2010 | 12:21 am Greek PM urges G20 effort to rein in speculatorsWASHINGTON (Reuters) - Greek Prime Minister George Papandreou on Monday urged the Group of 20 nations to crack down on market speculators, warning that failing to do so could trigger another global financial crisis.
Source: Reuters: Business News | 9 Mar 2010 | 12:09 am Irwin Kellner: Energy rule doesn't do what it's supposed toOnce again, the American people have to deal with misguided laws foisted on them by policymakers in Washington, writes Irwin Kellner -- and a glaring example is laws dealing with the use of energy.
Source: MarketWatch.com - Top Stories | 8 Mar 2010 | 11:55 pm Greece asks US for its assistanceGreece's prime minister asks the US to crack down on speculators he blames for worsening his country's debt woes.Source: BBC News | Business | World Edition | 8 Mar 2010 | 11:46 pm Mark Hulbert: Lessons NOT to learn from anniversariesThis column is about the investment lessons you should NOT be drawing from the high-profile anniversaries this week.
Source: MarketWatch.com - Top Stories | 8 Mar 2010 | 11:34 pm Medipal Holdings -2009/10 group forecastCONSOLIDATED EARNINGS ESTIMATES (in billions of yen unless specified)Source: RSS feed - channel BNewsBusiness | 8 Mar 2010 | 11:30 pm Number of first time buyers falls sharplyOnly one in four people planning to buy a home are first-time buyers.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 8 Mar 2010 | 11:29 pm Deutsche Post sees 2010, 2011 core profit risingFRANKFURT (Reuters) - Deutsche Post DHL said a global economic recovery and cost cuts will help it boost its core profit this year and in 2011.Source: RSS feed - channel BNewsBusiness | 8 Mar 2010 | 11:24 pm Find the right bank account for youHigh-street banking faces its biggest shake-up for more than 20 years.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 8 Mar 2010 | 11:12 pm ICIS Pricing Launches Weekly Polypropylene Europe Margin ReportSource: RSS feed - channel BNewsBusiness | 8 Mar 2010 | 11:07 pm NZ shares drift lower, snap winning streakThe New Zealand sharemarket eased today, turning its back on nine consecutive days of gains despite the release of positive results from two of the smaller companies.The benchmark NZX-50 index closed down 9.6 points, or 0.3 per...Source: nzherald.co.nz - Business | 8 Mar 2010 | 10:57 pm Kiwi gives up early gains, remains little changedThe New Zealand dollar gave up earlier gains to close unchanged today, remaining firmly within the range travelled in recent weeks as the global appetite for risk eased.By 5pm, the kiwi was at US69.91c, virtually unmoved from...Source: nzherald.co.nz - Business | 8 Mar 2010 | 10:52 pm Singapore Refining Co to shut gasoline unit in Q2(For refinery outages in the new Reuters Oil Fundamentals Database see http://bond.views.session.rservices.com/CE/ or go to <OFD/INFO>)Source: RSS feed - channel BNewsBusiness | 8 Mar 2010 | 10:45 pm China's yuan pressured to rise from rates, inflowsChina’s currency is under pressure to appreciate because of attractive interest rates and speculative capital flowing into the country, according to reported comments by the country’s foreign-exchange regulator.
Source: MarketWatch.com - Top Stories | 8 Mar 2010 | 10:43 pm Driver in runaway Toyota forced to call in policeA terrified Toyota driver was forced to use a police vehicle to help stop his own runaway car after the accelerator pedal in his Prius became stuck at speeds of more than 90mph on a California highway. Source: Latest Business News from Times Online | 8 Mar 2010 | 10:38 pm Beijing says it will keep buying US debtChina’s investments in US Treasury bonds are continuing ‘every day’ and should not be politicised, according to the head of China’s foreign exchange administration, which manages $2,400bn in forex reservesSource: Financial Times - US homepage | 8 Mar 2010 | 10:36 pm Toyota finds no flaw with safety electronics (Reuters)
Source: Yahoo! News: Business News | 8 Mar 2010 | 10:15 pm UPDATE 2-Sony to start selling 3D TVs in June* Panasonic, Samsung and other rivals also launching 3D TVsSource: RSS feed - channel BNewsBusiness | 8 Mar 2010 | 10:12 pm Portugal's Socrates defends austerity plan (AFP)
Source: Yahoo! News: Business News | 8 Mar 2010 | 10:10 pm Tax Tips: Should I Pay My Taxes With Plastic? (Tax Tips)Slapping Uncle Sam's bill on your credit card will cost you.
Source: SmartMoney.com | 8 Mar 2010 | 10:00 pm KiwiSaver concerns could bring tighter reportingConcerns about KiwiSaver could lead to greater disclosure and stricter regulation of non-default accounts, Commerce Minister Simon Power said today.Concerns over the management of KiwiSaver funds have led to Power fast-tracking...Source: nzherald.co.nz - Business | 8 Mar 2010 | 9:12 pm NZX unveils "fundamental change" strategyNZX Ltd expects 50 per cent of its future revenues to come from fees on clearing and settlement services and high margins obtainable from derivatives trading, according to a presentation by head of traded products, Fiona Mackenzie,...Source: nzherald.co.nz - Business | 8 Mar 2010 | 8:00 pm Northrop quits U.S. tanker contestWASHINGTON/PARIS (Reuters) - Boeing Co came closer to snaring a U.S. aerial refueling aircraft contract worth up to $50 billion as Northrop Grumman Corp withdrew, charging the Air Force's rules favored its rival.
Source: Reuters: Business News | 8 Mar 2010 | 7:34 pm Electronic card transactions edge lower in FebruaryThe value of transactions made using electronic cards slipped in February, with flat or declining sales in all but one core retail industry, along with a fall in fuel sales and in non-retail industries.Figures published by Statistics...Source: nzherald.co.nz - Business | 8 Mar 2010 | 7:30 pm Briscoe profits leap 80pc to $21mRetailer Briscoe Group has lifted its full year net profits 80.7 per cent to $21 million, on sales revenue up 7.3 per cent to $416.7m.The result - for the period from January 26, 2009 to January 31, 2010 - incorporated an additional...Source: nzherald.co.nz - Business | 8 Mar 2010 | 7:00 pm Toyota attacks claim of defect found in electronicsThe automaker brings out a panel of experts at its Torrance facility to debunk the findings of a professor trying to determine the cause of unintended acceleration.Months into its recall crisis, Toyota Motor Corp. launched a counterattack Monday, bringing out a panel of experts to debunk the claims of an academic who says he has found an electronic defect in its vehicles related to sudden acceleration.
Source: L.A. Times - Business | 8 Mar 2010 | 6:55 pm Fairholme, Pershing to up General Growth investmentNEW YORK (Reuters) - Fairholme Capital Management and Pershing Square, two key investors in General Growth Properties Inc , are teaming up to invest another $3.93 billion in the mall operator to help it emerge from bankruptcy, according to a person familiar with the matter.
Source: Reuters: Business News | 8 Mar 2010 | 6:52 pm Manufacturers confidence up but sales fall: surveyManufacturers are feeling more confident even as sales fell further during January, the New Zealand Manufacturers and Exporters Association's latest survey of business conditions shows.Total sales among the survey sample fell...Source: nzherald.co.nz - Business | 8 Mar 2010 | 6:30 pm Write-Offs: 03.08.10$$$ Life After Porn: The Retirement Challenge [CNBC] $$$ Tim Geithner: ““Why do policymakers screw up financial crises?” he said before I left his office. “They screw up financial crises because the politics are horrible, and that deters action. They are slow and late and tentative and weak because they are scared to death of the politics. But sometimes a policymaker has to say, I’ll take pain now against pain later.” [New Yorker via NYM] $$$ The $6200 Insult: How Chase Manhattan Convinced Me to Finally Move My Money [HuffPo] $$$ Caeser’s wants to give you a free buy-in/room for next weekend’s poker tournament. Winner will be picked tomorrow! [DB] $$$ Papaconstantinou Says Greece `Taking the Right Measures’ [Bloomberg] 
 Source: Dealbreaker | 8 Mar 2010 | 6:16 pm No 'Lost Decade' for these techsThe technology sector is arguably the healthiest in the economy right now. But here's a sobering thought: Most major tech stocks are probably never going to get back to the levels they were at a decade ago.Source: Business and financial news - CNNMoney.com | 8 Mar 2010 | 5:25 pm Greek PM urges G20 effort to rein in speculators (Reuters)Reuters - Greek Prime Minister George Papandreou on Monday urged the Group of 20 nations to crack down on market speculators, warning that failing to do so could trigger another global financial crisis.Source: Yahoo! News: Business News | 8 Mar 2010 | 5:22 pm Public-service marketing for drug firmsThere weren't a whole lot of surprises at the Academy Awards, but one perfume ad got our attention. Why? Stacey Vanek-Smith reports.Source: Marketplace | 8 Mar 2010 | 5:17 pm Court takes action against Commerce CommissionerCourt proceedings have been filed against Commerce Commissioner Donal Curtin.The commission said today it had been advised the proceedings related to Curtin's former role as a consultant to Vestar Financial Service.Last year...Source: nzherald.co.nz - Business | 8 Mar 2010 | 5:12 pm UK house price rises 'will ease'Further rises in house prices may be held back by more properties coming onto the market, surveyors have said.Source: BBC News | Business | World Edition | 8 Mar 2010 | 5:07 pm ADC Telecommunications Raised to `Neutral' at JPMorgan: AudioSource: Bloomberg - All Podcasts | 8 Mar 2010 | 5:05 pm Retail sales rebound in FebruaryRetail sales bounced back in February after a tough January on the High Street, the latest figures show.Source: BBC News | Business | World Edition | 8 Mar 2010 | 5:02 pm Labour and Tories neck and neck in marginalsLabour and the Conservatives are neck and neck in the marginal seats that will determine the outcome of the general election, raising doubts over David Cameron’s ability to win a clear overall majority, according to a special poll for The Times. Source: Latest Business News from Times Online | 8 Mar 2010 | 5:01 pm Vodafone poised to cut 500 jobs at Newbury headquartersVodafone is set to announce up to 500 job cuts at its Newbury headquarters. Source: Latest Business News from Times Online | 8 Mar 2010 | 5:01 pm Business big shot: Charles Hammond, of Forth PortsIt seems unlikely that Charles Hammond, the quietly spoken Scottish lawyer who has piloted Forth Ports for much of the past decade, will raise his voice in the forthcoming bid battle for his company, but the coming days nevertheless will be about how clearly Mr Hammond can get his message heard. Source: Latest Business News from Times Online | 8 Mar 2010 | 5:01 pm Europe plans its own answer to the IMFThe European Commission will seek fundamental reform of the management of economic policy in the eurozone, including the co-ordination of fiscal policy, as it draws up details of a future European Monetary Fund. Source: Latest Business News from Times Online | 8 Mar 2010 | 5:01 pm MPC member ‘seriously underestimated’ crisis risksA member of the Bank of England’s rate-setting committee, who helped to steer monetary policy during the financial crisis and the resulting recession, said last night that she had “seriously” underestimated the risks from such a crisis. Source: Latest Business News from Times Online | 8 Mar 2010 | 5:01 pm Plus SMS fined, threatened with de-listingPlus SMS Holdings, the mobile phone content provider suspended by the NZX last June, has been further reprimanded for improper reporting to the stock exchange with a $50,000 fine for rule breaches.At the time of its June 2009...Source: nzherald.co.nz - Business | 8 Mar 2010 | 5:00 pm Toyota rejects electronics fearsToyota rejects claims that faulty electronics could be behind its worldwide recall of more than eight million cars.Source: BBC News | Business | World Edition | 8 Mar 2010 | 4:57 pm Stock market rebound shows its age at 1-year mark (AP)
Source: Yahoo! News: Stock Markets News | 8 Mar 2010 | 4:52 pm Technology, Emerging Markets Roundtable: Taking StockSource: Bloomberg - All Podcasts | 8 Mar 2010 | 4:45 pm Covington's Martin on SEC Climate-Change Disclosure: BLAWSource: Bloomberg - All Podcasts | 8 Mar 2010 | 4:41 pm Summary Box: Stocks end day of quiet trading mixed (AP)AP - MODEST MOVES: Stocks ended mixed after insurer American International Group Inc. reached a deal to sell one of its major foreign divisions to MetLife Inc. for $15.5 billion. Investors see buyouts as a sign of confidence in the economy.Source: Yahoo! News: Stock Markets News | 8 Mar 2010 | 4:41 pm EADS grounds $40bn US air tanker bidEuropean defence giant drops out of a nine-year $40bn race to provide the US Air Force with a fleet of air tankers.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 8 Mar 2010 | 4:39 pm Colony Capital to take over Leibovitz’s loansAnnie Leibovitz, the celebrity photographer, is turning to Colony Capital, a private equity firm better known for its real estate investments, for loans to help clean up her financesSource: Financial Times - US homepage | 8 Mar 2010 | 4:30 pm How the major stock indexes fared on Monday (AP)AP - Stocks ended mixed after a new round of mergers and acquisitions raised some hope for the economy. Financial shares rose after insurer American International Group Inc. reached a deal to sell one of its major foreign divisions to MetLife Inc. for $15.5 billion. Meanwhile, health care stocks fell after President Barack Obama called for passage of health care legislation.Source: Yahoo! News: Stock Markets News | 8 Mar 2010 | 4:16 pm KiwiSaver changes to be fast-trackedConcerns over the management of KiwiSaver funds has led to Commerce Minister Simon Power fast-tracking work to ensure the integrity of the investments of the 1.3 million people who have $4.88 billion of their money invested in the...Source: nzherald.co.nz - Business | 8 Mar 2010 | 4:15 pm Is This Erin Callan’s Hunk Of Man Meat?
Source: Dealbreaker | 8 Mar 2010 | 4:15 pm What $3,500 Means For A Poor Woman In Haiti
Yvrose Jean-Baptiste, photographed last month. (Chana Joffe-Walt/NPR) By Adam Davidson I'm back in Port-au-Prince, doing more reporting on what it's like to create an economy practically from scratch. The second I landed, I called Jean Paleme Mathurin, economic advisor to Haiti's prime minister. He had introduced me in February to Yvrose Jean-Baptiste, a woman who was desperately trying revive her fragile micro-business and pay back her creditors. Yvrose had lost everything in the earthquake, but her microlending bank was still demanding she make her $100 monthly payments. The loan sharks she borrowed from wouldn't give her a break, either. She wasn't generating much income because nobody had any money to buy whatever goods she had. Planet Money did a podcast and story for Morning Edition, and we wrote about her on the blog. The audience response was incredible. People wrote in asking how they could help, and NPR set up an account for her at a Haitian microfinance institution, Fokonze. So far, about $3,500 in donations have come in. That's a transformative amount of money for an impoverished Haitian. It could move Yvrose from miserable and insecure poverty to what could become a stable life with a cushion for bad times Jean Paleme and I agreed that we should meet Yvrose in person to tell her the news. We picked her up outside of her tent encampment and drove her to a pizza place. I realized that I was expecting maybe a game show moment where she jumps up and down because she just won the car or whatever. But this was so much bigger than what happens on a TV show. We were telling her that the rest of her life and the rest of her children's lives will now be different. It was a quiet moment. It felt tense. A happy kind of tense. Pretty soon, she gave what sounded a bit like a speech by a sports figure. She said, "First, I want to thank God for answering my prayer. I want to thank Mr. Adam and Mr. Mathurin for telling my story to the people. And I want to think everyone of those people who sent money to help me. I wish that I can go and meet every one of them and tell them what this means. I hope you will tell them." Then she told us her plan: First, she's going to rent a tiny warehouse so that she can keep her goods safe. Then, she will go and pay her late payment to the bank. Then, she will begin to plan what goods she can buy. Jean Paleme said that he'd like her to open a separate savings account and to begin planning how much to put in that account each month so that she and her family will be safe if there is another earthquake or hurricane or family illness. She said yes, she will do it. We drove back to her tent and I asked if I could meet her family. It's actually a really, really nice tent, as far as tents go. Her husband is a construction worker, so he framed it out with bits of found lumber, built walls of wood, metal, and tarp and a high roof could stand comfortably under it She introduced me around. Her 17-year-old son, her 12-year-old daughter, her 7-year-old son. Her husband, her sister, her sister's son and her husband's young son by another woman. She did not tell anyone about her news in front of me. Everyone was very pleasant but a bit awkward. She then told me that it is very strange for a white man to visit a tent and they are worried because all the neighbors will now wonder: Why is that white man visiting? Did they get something special? She said everyone will be so jealous. She said it should be OK. but when I leave, don't talk to anyone else, don't answer any questions. I'll write more when I see Yvrose later this week. » E-Mail This » Add to Del.icio.us
And now it’s grown from $5 million to $1.6 billion in assets under management, and has offices in Minnetonka, Minnesota, New York, San Francisco, London and Hong Kong. I hope this gives hope to all of you opening up shop in a van down by the river. Bitchy von Hair Streaks is gonna hurt me? I don't think so. He may be the Andrew Tong to Wall Street/Washington/the neighborhood kids’ Ping Jiang (by which I mean people choke him out, and he doesn’t say anything), but damn it, if his time with the ladies has taught Tim Geithner anything it’s that he is a strong, proud woman whose self-worth will not be diminished by your bitchiness and faux-sincerity. [CNBC] a notorious cheerleader for the stock market, seemed a cinch to celebrate any Dow milestone. So Bartiromo’s sharp interrogation was jolting. She laced Geithner with questions about whether the Obama administration was “anti-business,” plotting to raise taxes and bullying banks to cut dividend payments, and she even suggested he might be engaging in “class warfare” against the rich. Bartiromo didn’t outright call Geithner an agent of Obama’s socialist agenda, but that was the spirit of the affair. Geithner held firm to the issue of growth, and persevered. Bad as it looked, this was a mere dusting: he’d endured worse. When the cameras stopped rolling, the pair stood up and briskly shook hands, and Geithner headed for the door. Then, suddenly, Bartiromo spun around and called out after him, in a tone that expressed something between self-justification and apology, “I know you have an impossible job!” Tim Geithner: Inside Man [The Atlantic] By Jacob Goldstein AIG, which got one of the biggest bailouts of all time, says it will be able to pay back some $51 billion after it sells two subsidiaries. That's not nearly enough to pay off what the company owes. The size of the bailout is often put at around $180 billion, but it's more complicated -- and more fluid -- than that single number suggests. Here are some key figures based on the most recent public information: Those first two rows up there -- the line of credit and preferred equity from the NY Fed -- are what AIG plans to pay back with the money it gets from selling the subsidiaries. AIG will be paid a little over $30 billion in cash for the sales, so that money should flow through to the Fed as soon as the deals go through. The rest of the payment will be in the form of stock, which AIG plans to sell over time. AIG doesn't have to pay back the money in the third row -- the loans to entities created to buy AIG assets. The entities are currently collecting payments from the underlying assets (packages of mortgages and the like) and are slowly paying back the loan to the Fed. The entities may ultimately wind up selling off the assets. Whatever happens, AIG isn't on the hook for that money. That last row -- the loans from Treasury -- that's taxpayer money that AIG is supposed to pay back some day. It's unclear whether that will ever happen; the CBO, Congress's nonpartisan scorekeeper, recently estimated that Treasury would lose $9 billion on its contribution to the AIG bailout. A few notes on the figures in the table above: The New York Fed numbers are as of March 3, and are from a weekly Fed report. The Treasury numbers are as of Jan. 31 and are from a monthly Treasury report. » E-Mail This » Add to Del.icio.us
Today is International Women’s Day, an annual day that honors women around the world. To celebrate International Women’s Day, we’re offering one reader a brand new HP iPAQ Glisten smartphone for leaving a comment. Here’s what the iPAQ Glisten has to offer: * The HP iPAQ Glisten is a stylish, 3G smartphone designed for on-the-go professionals who need to stay connected to the people and information they care about. * This quad-band world phone, featuring Windows Mobile 6.5, easily moves between work and play with advanced mobile email capabilities, multiple connectivity options, built-in Wi-Fi and GPS functionality and rich multimedia features and applications. * The iPAQ Glisten runs on AT&T’s 3G network, which is available in more than 350 major metropolitan areas. AT&T also offers 3G data roaming in more than 100 countries, as well as voice calling in more than 215 countries. * The iPAQ Glisten features a full QWERTY keyboard for fast, easy and accurate messaging, including SMS/ MMS, instant messaging and e-mail. * A touch-enabled AMOLED (active-matrix organic light-emitting diode) screen delivers a crisp, clear display that easily allows you to navigate through menus, windows, and links at the touch of a finger. * Through HP’s partnership with AT&T and Microsoft, the iPAQ Glisten customers will have access to a wide variety of applications, music, ringtones, games, etc through the AT&T AppCenter and Windows Marketplace. To win a new iPAQ Glisten, leave a comment answering the following question: What is the biggest contribution women make to the economy? I will select a winner at random on Monday, March 15 (1 week from today). Please leave your email address in the comments form so that HP can contact you. To stay informed about new HP products and AT&T, follow @hp_pc and @ATTNews on Twitter. José “Pepe” Fanjul, who co-owns the Flo-Sun and the Fanjul conglomerate, was robbed at the Four Seasons Beverly Hills hotel during their Oscar-week visit. A man posing as a hotel employee stole jewelry and other valuables from the billionaire and his wife. The New York Post has the story: The Cuban-born sugar baron — one of the world’s richest men — and his wife, Emilia, were robbed by a man posing as a hotel worker Friday night. A source told us, “They were riding up in the elevator when a man in a blue uniform with ‘hotel’ written on his shirt started to talk Spanish to Pepe (inset). They both got off on the same floor, and Pepe and his wife went into their suite. They then heard a knock on the door. It was the man in the elevator, who said, ‘I am here to fix your air conditioner.’ They let him in, and he took valuables including Emilia’s jewels — thought to be worth millions — and fled.” The Palm Beach-based couple, in town for Oscar celebrations, were unhurt but shaken up. Hotel security is believed to have ID’d the perp from videotape but no arrests have been made. Fanjul confirmed to us, “We were victims of a robbery at the hotel. He took my wife’s jewelry that was both valuable and sentimental. We are OK and have reported the incident to the police.” The LAPD said they didn’t yet have details and a Four Seasons rep didn’t get back to us. Major embarrassment for Four Seasons, I imagine. Next time one of the Fanjul brothers visits the Oscars, they might have to buy a house to stay in. Oh, hi. I didn't see you there. A few weeks ago, it was reported that Erin Callan had officially retired from Wall Street, which was something of a formality, as she’d left her post-Lehman gig at Credit Suisse over a year ago, and we’d heard nary a peep from her since. What was she up to? We had no idea! Was she ensconced in her Upper East side pad, watching trashy daytime TV? Was she out in Greenwich, keying Dick Fuld’s Benz? Was she stepping out of black cars, momentarily pausing for a camera that was no longer there? Had she let herself go? No one knew. Until now. Fortune did a little investigative reporting and it turns out things are going pretty swimmingly for EC. Before we get into what’s been a’ poppin’ for the former Lehman CFO, though, let’s take two to go back. Way back. Even as a child, Callan was not only talented but also disciplined and self-motivated. Midge Stack-Lennon, who was Callan’s high school gymnastics coach, remembers her as “this adorable, teeny little thing with the strength of a man.” Football players used to troop into the gym to watch Erin practice, and she was happy to perform for them. “She would get up on the bars with hands that were ripped and go through her routine,” Stack-Lennon says. “Her hands would be bleeding. She would think nothing of it.”
So, just file that image away for now while we talk life, post-Dick. First off, Erin’s been living in East Hampton, at the house she bought for $3.9 million in 2005. She’s been seeing firefighter Anthony Montella, who she met in high school at St. Francis Prep. People say the two “seem to be in love,” and that Callan “looks better than ever,” likely a product of 1) getting laid on the reg and 2) the fact that she’s been working on her ass, an effort that has not gone unappreciated, These days Callan tests her mettle on a much smaller stage. She is now a regular at Ride the Zone, an East Hampton spinning studio. Owner Marion Roman, who is also an instructor there, says that Callan opts for the more intense classes, like Cyko Zone and Kick Ass Zone. “She’s always the best student in the class,” Roman says. “Her form is perfect. She looks so great on the bike. She always has a smile on her face.” When Callan is there, Roman adds, “we always give Erin a shout-out. She inspires other women to do their best and work harder.” That sounds right. Erin Callan always did want to be No. 1. As we manage our budgets and try to stretch the dollar to cover everything we need, currencies in other countries are growing against the dollar. Have a look at how the U.S. dollar fares against the 15 most powerful currencies in the world.
AIG will sell its American Life Insurance Company (Alico) to Metlife for $15.5 billion in cash and equity. Alico sells health, life, and other types of consumer and business insurance in more than 50 countries. Alico’s sale comes one week after AIG agreed to sell Asian life insurance company AIA to Prudential. Bloomberg reports: MetLife plans to sell $2 billion in common stock and $3.1 billion of senior debt to help finance the cash portion of the deal, the company said. It will also pay AIG with 78.2 million shares of its common stock, which New York-based MetLife values at about $3 billion, the company said. The balance of the equity portion will be paid in $2.7 billion of contingent convertible preferred stock and $3 billion of equity units, MetLife said AIG has said that about $9 billion from a sale of Alico would go toward repaying Federal Reserve assistance. AIG previously struck deals to sell units including a U.S. auto insurer, an Israeli mortgage guarantor and a Canadian life business to help repay loans in its $182.3 billion bailout. AIG paid down a Federal Reserve credit line by $25 billion in December when it handed over stakes in Alico and AIA. That sum includes $16 billion that AIG promised to the Fed from an eventual AIA sale and $9 billion from an Alico divestiture. The insurer still owed the Fed about $25 billion as of the end of February on the five-year credit line, and more than $40 billion to the Treasury. Alico has more than 20 million customers and 12,500 employees, AIG said today. The unit posted about $2.2 billion in pretax operating income last year, a 16 percent increase from $1.9 billion in 2008, MetLife said in a slide presentation. The business had $89 billion in assets under management as of the end of 2008. MetLife said it expects to retain “almost all” of Alico’s employees. The Wall Street Journal says the purchase numbers look promising for Metlife–and Metlife investors: As analysts start digging into the numbers, they like what they see. For one, the earnings impact could end up bigger, and more positive, than previously expected. Alico is set to boost MetLife’s earnings by about 10% and possibly higher, Sterne Agee’s John Nadel estimates, which is more than twice what the firm gauges had been expectations in the 4%-7% range. This isn’t about cost savings either, Nadel writes. Savings are looking minimal at about $50 million to $75 million compared to integration costs as high as $350 million over the next 30 months. Lots of other potential plusses come out of this morning’s MetLife call: MetLife execs say that Alico has only $200 million in financial institutions’ hybrid securities and “very little” exposure to Italian, Irish and Spanish debt, widely viewed as possible crises following Greece’s sovereign debt crisis. MetLife execs say that Alico has $1.2 billion in Greek sovereign debt, a relief to those who had pegged it higher. Together, these comments appear to put a limit on how much damage MetLife see following the next big crisis. As for AIG, the Alico sale makes its debt burden smaller, which in turn reduces makes taxpayers’ AIG bailout burden. Keep spinning ‘em off, AIG. We get it, you have a cell phone. Gang, I want you to meet Ben Bloomfield, a first-year at University of Virginia’s Darden School of Business. Why is Ben so excited to be holding a phone to his face that presumably has no one on the other line? I’m guessing it has to do with the fact that Ben’s pretending his new colleague, Brian Moynihan, is on the other line, talkin’ deal-making, acquisitions, and lunch with Angelo Mozilo, cause Mr. Bloomfield? Just scored himself a summer internship at Bank of America. This is apparently not an isolated incident: Kwame Yankson, who last year had to settle working for an education nonprofit organization but come this June will be able to proudly tell people he’s a member of the Wells Fargo team. And they’re not alone. With banks climbing out of the recession, more business students across the country are finding banking jobs and internships, enrolling in finance clubs and going on class trips to Wall Street, universities say. “The banks this year kept saying, ‘It’s a good year,’ ‘We just approved a lot of hiring,’ ‘The market is clearing up,’ ” Mr. Yankson said. “It was a completely different experience.” Exciting! But how do these MBA’ers deal with their peasant friends who just don’t get it? …in interviews with two dozen students and administrators at several business schools across the country, there was growing optimism about banking jobs. Many students said Wall Street remained a dream destination, even if they occasionally had to explain their dream to friends. “The answer is the level of knowledge that can be gained at such a young age,” said P. J. Martin, a first-year M.B.A. student at the University of North Carolina who is interning at Barclays Capital next summer, explaining his interest in investment banking. “You have access to top-level management, to the top minds in the finance field.” And if all else, fails, they’ve got a plan. Ben Phelps, an M.B.A. student at Duke who is going to work for Bank of America Merrill Lynch after graduation, was shouted at by a stranger on Wall Street during a summer internship. He and his classmates joke that they would sooner describe themselves as “bank tellers” than “investment bankers.” The gang. A few months ago there was a tear-jerker of a story about unemployed Americans having difficulty finding new jobs. It highlighted two in particular, who’d been out of work for over a year, due to the shuttering of their company. Their names were Mark and Andy Madoff and they were having a real tough go of it lately. Nobody wanted to hire them out of fear they’d stink up the place with the smell of fish. And, you know, the taint of their former employer. It was depressing as shit, and Mark had taken to crying during interviews. Recently, Andy, along with his girlfriend Catherine Hooper, started a ‘disaster recovery firm,’ the goal of which is to help people get their affairs in order in the event of a crisis, be it natural or the kind that comes at the hands of a small dick, like losing everything to a Ponzi scheme (just a for instance!). Then there was Mark, who had all but given up asking people to keep him in mind for jobs on a trading desk or in trading technology. By this point even the fish were gently suggesting he pack it in– but the little Madoff that could would not be defeated. And finally, his persistence has been rewarded! By Jacob Goldstein Here's a post-bubble indicator: 11.3 million U.S. homes are underwater -- the value of the home is less than what's owed to bank. In some cases, the least bad option for both banks and homeowners is a short sale. The owner sells the house for whatever the market will bear, and the bank agrees to take less than it's owed on the mortgage. Short sales can sometimes be a preferable alternative to foreclosure, because they can be less costly for the bank and do less damage to the seller's credit. To that end, a government program that starts next month will actually pay certain homeowners and banks to work out short sales. (The bank gets $1,000, the homeowner gets $1,500.) The program is described in this explainer from the government, and in this story from today's Times. One complicating factor: Many people who are underwater have second mortgages on their homes. And even if the bank that made the first mortgage agrees to allow a short sale and take a loss, the bank that made the second mortgage may not agree. As it turns out, the government is also pushing the banks that hold second mortgages to be more flexible. Barney Frank recently sent a letter to the banks, calling on them to write down the value of the loans. That could remove another obstacle to more short sales, this morning's WSJ says. » E-Mail This » Add to Del.icio.us
AIG Agrees to Sell Alico to MetLife for $15.5 Billion (Bloomberg) Hedge fund ranking reveals nasty scars from financial crisis (Pensions And Investments) Battle Inside Fed Rages Over Bank Regulation (WSJ) Citi’s Gary Shedlin goes to Morgan Stanley (NYP) Why Does JPMorgan Trade at Book Value? (Reuters) In Zurich, Animals May Have Laywers (MarketWatch) [Found here] |
