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HSBC: employee stole data on 15,000 Swiss accountsA former information-technology staffer at HSBC Holdings stole data on around 15,000 clients of the group’s Swiss private-banking arm, the bank said Thursday.
Source: MarketWatch.com - Top Stories | 11 Mar 2010 | 3:08 am Lufthansa sees higher operating profit in 2010Deutsche Lufthansa AG, Europe’s second-largest transatlantic airline, predicts that its operating profit would rise in 2010 as it continues to cut costs and demand for air travel picks up.
Source: MarketWatch.com - Top Stories | 11 Mar 2010 | 3:08 am Unemployment Insurance And The Re-Cycling Of Tax DollarsThe unemployment rate is slightly below the 10% mark which seems terribly important psychologically. It seems that the economy is fine if the jobless rate is 9.7% but is in horrible shape if the number is 10.1%. The Labor Department put the national statistics in perspective when it said that unemployment went up in 30 [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Mar 2010 | 3:02 am Missed chances cost taxpayersThe Treasury Department did not adequately consider all options when bailing out troubled finance company GMAC and could have better protected taxpayers' money, according to a report released Thursday.Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 3:02 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 | 11 Mar 2010 | 3:01 am London Markets: Smith & Nephew shares weigh in lackluster FTSEBritish shares were a touch weaker on Thursday, with miners under pressure and shares of medical device maker Smith & Nephew trading with losses.
Source: MarketWatch.com - Top Stories | 11 Mar 2010 | 3:01 am Bumper bonuses at John Lewis as profits jumpStaff at John Lewis Partnership are to share a bonus payment of £151.3 million, after the retail group reported a 9.7 per cent rise in full year pre-tax profits to £306.6 million. Source: Latest Business News from Times Online | 11 Mar 2010 | 3:00 am Chinese inflation hits 16-month high, raises pressure for stimulus cutChinese inflation hit a 16-month high in February, prompting calls for the Chinese government to moderate its stimulus policies.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 11 Mar 2010 | 2:58 am Gates regrets Northrop withdrawal from tanker bid (AP)AP - U.S. Defense Secretary Robert Gates says he regrets that a major defense contractor has pulled out of the contest to build a badly needed new Air Force plane.Source: Yahoo! News: Business News | 11 Mar 2010 | 2:56 am Greece paralyzed by strike over austerity plan (AP)
Source: Yahoo! News: Business News | 11 Mar 2010 | 2:54 am Frothy sales for craft beersTurns out booze isn't recession-proof.Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 2:52 am Profits at John Lewis rise 9.7%Department store group John Lewis reports a 9.6% rise in annual pre-tax profits to £306.6m.Source: BBC News | Business | World Edition | 11 Mar 2010 | 2:51 am High-speed rail line plan awaitedPlans for a new high-speed rail line between London and Birmingham are to be published by the government later.Source: BBC News | Business | World Edition | 11 Mar 2010 | 2:49 am Airlines recovering strongly, still in red: IATAGENEVA (Reuters) - Airlines are recovering strongly from the crisis, as passengers, freight and pricing power return, the airline industry association IATA said on Thursday, halving its forecast for a 2010 loss.
Source: Reuters: Business News | 11 Mar 2010 | 2:47 am Women are better with money than men, study findsIt may come as a shock to husbands fond of accusing their wives of frittering the family finances on shoes and handbags, but a study has found that women are in fact better at budgeting than men.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 11 Mar 2010 | 2:47 am Mexican shakes up world rich listMexican Carlos Slim overtakes Bill Gates as the world's richest man, according to the Forbes "rich list", with a fortune of $53.5bn.Source: BBC News | Business | World Edition | 11 Mar 2010 | 2:44 am Volkswagen confirms 2009 net income fell 80 pct (AP)
Source: Yahoo! News: Business News | 11 Mar 2010 | 2:43 am China inflation at 16-month highChinese inflation hit a 16-month high in February, leading to calls for the government to take measures to cool the economy.Source: BBC News | Business | World Edition | 11 Mar 2010 | 2:41 am Jobless claims bill OK'd by SenateThe Senate on Wednesday approved a wide-ranging bill that would push back the deadline to file for extended unemployment insurance until year-end and extends dozens of expired tax breaks.Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 2:40 am AstraZeneca inks first generic drugs dealAstraZeneca today unveiled its first partnership with a generics drugs maker, a move that gives it a fresh portfolio of cheap medicines to sell in developing markets as it braces for the loss of patents on several blockbuster medicines. Source: Latest Business News from Times Online | 11 Mar 2010 | 2:39 am HSBC: data on 15,000 Swiss account holders stolen (AP)
Source: Yahoo! News: Business News | 11 Mar 2010 | 2:35 am BP to explore for oil in BrazilOil giant BP announces a $7bn (£4.7bn) deal that will allow it to begin exploring for oil off the coast of Brazil.Source: BBC News | Business | World Edition | 11 Mar 2010 | 2:30 am Asia markets pare gains after China economic dataAsian markets ended mixed on Thursday, with several markets paring gains as resource stocks fell after Chinese economic data sparked fresh worries of further tightening measures from Beijing.
Source: MarketWatch.com - Top Stories | 11 Mar 2010 | 2:30 am Cineworld profits from 3-D films boomInvestment in 3-D technology led Cineworld, the cinema chain, to report robust profits for the year, with strong ticket sales leading to an 11.5 per cent increase in revenues to £333.4 million for the 53 weeks to December 31. Source: Latest Business News from Times Online | 11 Mar 2010 | 2:26 am Jitters over economy curtail risk appetiteGlobal Markets Overview: Equities mark time as inflation data from China reawaken fears over monetary tighteningSource: Financial Times - US homepage | 11 Mar 2010 | 2:25 am HSBC reveals 15,000 clients hit by data theftHSBC Holdings reveals theft of data by ex-employee has affected 15,000 Swiss client accounts – rather than the ‘less than 10 clients’ it had said previouslySource: Financial Times - US homepage | 11 Mar 2010 | 2:25 am FTSE 100 opens lower (AFP)
Source: Yahoo! News: Stock Markets News | 11 Mar 2010 | 2:22 am Futures point to weak Wall St; Devon Energy seen up (Reuters)
Source: Yahoo! News: Stock Markets News | 11 Mar 2010 | 2:21 am Futures point to weak Wall St; Devon Energy seen up(Reuters) - Stock index futures fell on Thursday, pointing to a weaker start for Wall Street. By 0859 GMT (3:59 a.m. ET), futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq slipped 0.2 to 0.3 percent.
Source: Reuters: Business News | 11 Mar 2010 | 2:21 am BP to pay Devon $7 billion in first Brazil forayBritish oil giant BP announces its first foray into Brazil by paying $7 billion for a group of assets held by Oklahoma City-based Devon Energy.
Source: MarketWatch.com - Top Stories | 11 Mar 2010 | 2:18 am Europe Markets: European shares off Jan highs as miners weighEuropean shares edge lower on Thursday, with losses for metal and mining firms pulling shares off almost three-month highs.
Source: MarketWatch.com - Top Stories | 11 Mar 2010 | 2:15 am BP to pay $7 billion for exploration rights (AP)AP - Oil company BP PLC said Thursday it will pay $7 billion to acquire exploration rights in Brazil, Azerbaijan and the Gulf of Mexico from Devon Energy Corp.Source: Yahoo! News: Business News | 11 Mar 2010 | 2:11 am Mortgages: Foreclosures dip from January levelsForeclosure filings in the U.S. rose 6% from a year earlier and fell 2% from January 2010, RealtyTrac reported on Thursday.
Source: MarketWatch.com - Top Stories | 11 Mar 2010 | 2:10 am Safety agency under spotlight in House hearing (AP)
Source: Yahoo! News: Business News | 11 Mar 2010 | 2:06 am Foreclosures leveling off - but don't cheer yetThe national foreclosure rate fell 2% in February from a month earlier, according to an industry report released Thursday, the latest sign that the pace of foreclosures is slowing.Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 2:03 am China inflation spike weakens equities (Reuters)
Source: Yahoo! News: Stock Markets News | 11 Mar 2010 | 2:02 am Royal Dutch Shell halts gas sales to IranRoyal Dutch Shell has stopped selling gasoline to Iran, the company confirmed Wednesday, adding to a list of oil giants that have stopped sales after a threat of future U.S. sanctions.Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 2:01 am U.S. warns EU of rift over fund regulation: reportBRUSSELS (Reuters) - U.S. Treasury Secretary Tim Geithner has written to the European Commission warning that plans to regulate hedge funds and private equity firms could cause tensions with Washington, the Financial Times reported.
Source: Reuters: Business News | 11 Mar 2010 | 2:00 am U.S. warns EU of rift over fund regulation: report (Reuters)Reuters - U.S. Treasury Secretary Tim Geithner has written to the European Commission warning that plans to regulate hedge funds and private equity firms could cause tensions with Washington, the Financial Times reported.Source: Yahoo! News: Business News | 11 Mar 2010 | 2:00 am Stocks post slim gainsStocks posted modest gains Wednesday, with the Nasdaq ending at its highest level in more than 18 months, as investors weighed falling oil prices against strength in the financial services sector and an upbeat report on wholesale inventories.Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 1:58 am HSBC says Swiss data theft affects 15,000 clientsLONDON (Reuters) - HSBC Holdings said the theft of data by a former employee affected about 15,000 Swiss client accounts, after previously saying it affected "less than 10 clients."
Source: Reuters: Business News | 11 Mar 2010 | 1:58 am Mexico’s Carlos Slim Tops Forbes’s World’s Richest List; Unseats Gates, BuffettBy Bruce Watson, Daily Finance Forbes just released its annual ranking of the world’s richest people and, to a few readers, the list may come as a shock. The top slot isn’t taken up by its perennial inhabitants Bill Gates or Warren Buffett; in fact, for the first time since 1997, it isn’t held by an [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Mar 2010 | 1:57 am Asian stocks post tepid gains; Europe lower (AP)
Source: Yahoo! News: Stock Markets News | 11 Mar 2010 | 1:57 am Media Digest 3/11/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: BP (BP) bought Devon for $11 billion to get access to its oil fields. Reuters: Toyota (TM) give a Senate panel a memo from a union seeking better quality control. Reuters: S&P said the US debt threatened the dollar’s position in the world. Reuters: The US bailout overseer criticized the Treasury’s handling of GMAC. Reuters: The Volcker rule picked [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Mar 2010 | 1:55 am Knights coup as Nomura joins Round TableThe Red Knights, the group of investors seeking to buy Manchester United from the Glazer family, confirmed today that they had recruited Nomura, the investment bank, to advise them. Source: Latest Business News from Times Online | 11 Mar 2010 | 1:50 am Japan to fight global trade ban on Atlantic bluefin tuna (AFP)
Source: Yahoo! News: Business News | 11 Mar 2010 | 1:48 am BP to pay Devon $7 billion for oil fieldsLONDON (Reuters) - London-based oil major BP has agreed to buy Brazilian, Azeri and Gulf of Mexico assets from Devon Energy for $7 billion, as the U.S. producer refocuses on onshore U.S. fields.
Source: Reuters: Business News | 11 Mar 2010 | 1:47 am BP pays Devon Energy $7bn for Brazilian, Azeri, and Gulf of Mexico assetsEurope's largest oil company secures assets from Brazil, Azerbaijan and the Gulf of Mexico assets from Devon Energy.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 11 Mar 2010 | 1:42 am Jitters over economy curtail risk appetite08:10 GMT: Inflation will be a "big problem" for China this year, the country's minister of commerce said on Thursday. Not just China, it seems. The spectre of monetary tightening came back to...Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 1:37 am Argos and Homebase sales shiver in the snowHome Retail Group, the owner of Argos and Homebase, admitted today to a drop in sales at both since the beginning of 2010, but insisted that full-year profits were likely to be better than expected. Source: Latest Business News from Times Online | 11 Mar 2010 | 1:27 am Greeks stage fresh general strikePublic and transport services grind to a halt in Greece as workers stage a third strike in protest at austerity measures.Source: BBC News | Business | World Edition | 11 Mar 2010 | 1:27 am Asia Markets And Europe Open (3/11/2010)Markets in Asia were slightly higher. The Nikkei rose 1% to 10,685. Sony (SNE) moved higher. The Hang Seng was up .1% to 21,228. The Shanghai Composite was up .6% to 3,051. At the open in Europe, the FTSE was down .2% to 5,628. The Dax was off .3% to 5,921. The CAC 40 dropped .5% to 3,925. Data from [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 11 Mar 2010 | 1:27 am Daihatsu recalling cars in JapanCarmaker Daihatsu, a subsidiary of Toyota, is recalling 274,551 vehicles in Japan because of a number of possible defects.Source: BBC News | Business | World Edition | 11 Mar 2010 | 1:26 am Morrisons posts record profits and sales, raises dividendMorrisons raised its dividend after bargain hunters helped the Britain's fourth biggest supermarket chain post record full-year profits and sales.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 11 Mar 2010 | 1:24 am Morrisons profit up on new storesThe UK's fourth biggest supermarket group, Morrisons, reports a 30% rise in annual profits after it opens more stores.Source: BBC News | Business | World Edition | 11 Mar 2010 | 1:12 am Business Bullet: China, BA, Wm Morrison, WetherspoonThe latest news on: China, BA, Wm Morrison, WetherspoonSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 11 Mar 2010 | 1:11 am EADS sees no financial hit from U.S. tanker lossPARIS (Reuters) - The apparent loss this week of a U.S. in-flight refueling tanker contract worth up to $50 billion will not affect EADS's finances, the European aerospace group's chief executive said on Thursday.
Source: Reuters: Business News | 11 Mar 2010 | 1:07 am Economic Report: China data point to 'overheating' economyNew Chinese data show faster-than-expected inflation, still-torrid loan growth and heavy capital investment, renewing concerns the economy may be growing too fast and suggesting emergency stimulus measures may be withdrawn early.
Source: MarketWatch.com - Top Stories | 11 Mar 2010 | 1:06 am Old Mutual hoists for sale sign over US armOld Mutual, the FTSE 100 life insurance group, said this morning that it was looking to sell its US life operations as part of a long-awaited overhaul. Source: Latest Business News from Times Online | 11 Mar 2010 | 1:02 am Carlos Slim: profile of the world's richest manCarlos Slim, the Mexican tycoon who has never used a computer and wears a plastic wristwatch, has beaten Bill Gates to the top of the Forbes list of The World's Billionaires.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 11 Mar 2010 | 1:01 am Oil companies look at permanent refinery cutbacksThe response to slumping gasoline use would probably mean higher prices for drivers. Consumer advocates want regulators to examine the firms' plans.Some of the nation's biggest oil companies are looking at permanently reducing how much gasoline and diesel fuel they make, a move that analysts say would almost certainly trigger higher prices for drivers.
Source: L.A. Times - Business | 11 Mar 2010 | 1:00 am Prius inquiry takes a detourRift over involvement of a congressman's aide in the runaway Toyota case in San Diego County causes an hours-long delay.Federal inspection of the runaway Toyota Prius that took a wild ride on a San Diego County freeway was delayed several hours Wednesday when a California congressman insisted that someone from his office witness the examination.
Source: L.A. Times - Business | 11 Mar 2010 | 1:00 am BofA cuts debit card overdraftsThe bank will no longer honor the transactions that user accounts can't cover.Bowing to complaints of fee gouging, Bank of America said Wednesday that, starting this summer, it would deny transactions for customers using debit cards if they didn't have funds in their accounts to cover the charges.
Source: L.A. Times - Business | 11 Mar 2010 | 1:00 am Investors can soon make bets on movie box officeTwo new futures exchanges will let studios spread the financial risk of creating films. Reporting from New York...Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 1:00 am Unemployment tops 20% in eight California countiesThe state's jobless rate of 12.5% in January was its worst on record and fifth-highest in the nation. For many...Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 1:00 am BofA cuts debit card overdraftsThe bank will no longer honor the transactions that user accounts can't cover. Bowing to complaints of fee gouging,...Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 1:00 am Stocks rise after inventories fall but sales gainNEW YORK -- Stocks edged higher Wednesday after the government said businesses trimmed their inventories again in January.Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 1:00 am Prius inquiry takes a detourRift over involvement of a congressman's aide in the runaway Toyota case in San Diego County causes an hours-long delay. ...Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 1:00 am China exports leap 46% in FebruaryThe nation's exports grow for the third consecutive month compared with a year earlier. Critics of China's artificially low currency are expected to increase demands for a hike in its value.China's exports rose 46% in February from a year earlier, beating expectations and setting the stage for more calls to increase the value of the Chinese currency, analysts said.
Source: L.A. Times - Business | 11 Mar 2010 | 1:00 am Fewer homes enter foreclosure process in FebruarySome experts say the 2% drop from January stems from banks' efforts to keep owners in their homes. The number...Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 1:00 am China exports leap 46% in FebruaryThe nation's exports grow for the third consecutive month compared with a year earlier. Critics of China's artificially low currency are expected to increase demands for a hike in its value. ...Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 1:00 am Payday lenders may avoid U.S. oversightConsumer advocates hoped the lenders would be reined in by a new federal consumer financial protection agency, but a bipartisan proposal would largely exempt them from regulation.Payday lenders didn't cause the economic crisis, but consumer advocates hoped their sky-high interest rates on loans would be reined in as part of a sweeping regulatory overhaul to prevent a repeat of the financial fiasco.
Source: L.A. Times - Business | 11 Mar 2010 | 1:00 am Ex-studio boss mounts successful third actJoe Roth of 'Alice in Wonderland' is back in a producing role, winning praise again.Joe Roth was once Hollywood's golden boy. As a scrappy producer in the 1980s, he co-founded the independent movie company behind such low-budget hits as "Major League" and "Young Guns," then went on to run two major studios -- 20th Century Fox and Disney -- before leaving corporate life in 2000 to launch lavishly financed Revolution Studios, which employed 55 people.
Source: L.A. Times - Business | 11 Mar 2010 | 1:00 am Investors can soon make bets on movie box officeTwo new futures exchanges will let studios spread the financial risk of creating films.Reporting from New York and Los Angeles -- Welcome to Hollywood's newest version of risky business: movie derivatives.
Source: L.A. Times - Business | 11 Mar 2010 | 1:00 am Ex-studio boss mounts successful third actJoe Roth of 'Alice in Wonderland' is back in a producing role, winning praise again. Joe Roth was once Hollywood's...Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 1:00 am Fewer homes enter foreclosure process in FebruarySome experts say the 2% drop from January stems from banks' efforts to keep owners in their homes.The number of homes caught up in some stage of the foreclosure process in February fell 2% from the previous month to 308,524, a real estate firm will report Thursday.
Source: L.A. Times - Business | 11 Mar 2010 | 1:00 am Unemployment tops 20% in eight California countiesThe state's jobless rate of 12.5% in January was its worst on record and fifth-highest in the nation.For many California areas, unemployment rates moved persistently higher in January, indicating that the national economic recovery hasn't yet translated into jobs for the Golden State.
Source: L.A. Times - Business | 11 Mar 2010 | 1:00 am Oil companies look at permanent refinery cutbacksThe response to slumping gasoline use would probably mean higher prices for drivers. Consumer advocates want regulators to examine the firms' plans. ...Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 1:00 am Boosting BrazilBrazil exploits potential as web use spreadsSource: BBC News | Business | World Edition | 11 Mar 2010 | 12:55 am JD Wetherspoon drinks in record profitsJD Wetherspoon, the pubs operator, reported record first-half profits of £36.2 million today and said that it would restore the dividend payments that it suspended one year ago after the recession sparked a collapse in trade. Source: Latest Business News from Times Online | 11 Mar 2010 | 12:48 am Kali+Salz' Q4 net income falls 93 pct to $22M (AP)AP - German salt and fertilizer company Kali+Salz AG said Thursday that its fourth-quarter net income plunged 93 percent to euro16 million ($22 million) as the downturn significantly affected demand in global agricultural markets.Source: Yahoo! News: Business News | 11 Mar 2010 | 12:44 am BP buys assets in Brazil for $7bn$BP, the oil company, has acquired a string of assets in Brazil from Devon Energy, a US company, in a $7 billion ($£4.2 billion) deal that has placed it at the centre of one of the most promising regions in the world for oil exploration. Source: Latest Business News from Times Online | 11 Mar 2010 | 12:40 am Small could be beautiful for Wm MorrisonWm Morrison, Britain’s fourth-biggest supermarket chain, promised today to open more small stores as it confirmed that its new chief executive, Dalton Philips, would take up his role on March 29. Source: Latest Business News from Times Online | 11 Mar 2010 | 12:35 am Home Retail Group to beat forecasts despite snow hitting Argos, Homebase salesHome Retail Group, Britain's biggest household goods retailer, blamed snow in January for sales falls at both its Argos and Homebase businesses but said annual profit would be slightly ahead of current market hopes.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 11 Mar 2010 | 12:34 am BP strikes $7bn Brazil oil dealThe energy group is set to make its first move into the deep waters off the South American country with a $7bn deal to buy oil and gas assets put up for sale by Devon Energy of the USSource: Financial Times - US homepage | 11 Mar 2010 | 12:25 am Toyota subsidiary Daihatsu recalls 275,000 vehicles (AFP)
Source: Yahoo! News: Business News | 11 Mar 2010 | 12:23 am Japan's economic growth rate cutJapan's economy grew by less than first estimated in the final quarter of 2009, revised government figures show.Source: BBC News | Business | World Edition | 11 Mar 2010 | 12:10 am Toyota hands over 2006 dissident memo to U.S. panelTOKYO (Reuters) - Toyota Motor said on Thursday it has handed over to a U.S. congressional committee a letter sent to its management by a splinter union in 2006 seeking reforms to improve safety after a recall crisis at the time.
Source: Reuters: Business News | 11 Mar 2010 | 12:04 am U.S. dollar still rules, but debt level a risk: S&PNEW YORK (Reuters) - The U.S. dollar is still the most important world currency, Standard & Poor's said on Thursday, but added that rising levels of U.S. debt and dependence on foreigners to finance much of pose risks to the currency's primacy.
Source: Reuters: Business News | 11 Mar 2010 | 12:04 am UPDATE 1-Market Chatter -- Corporate finance press digestBANGALORE, March 11 (Reuters) - The following corporate finance-related stories were reported by media on Thursday:Source: RSS feed - channel BNewsBusiness | 10 Mar 2010 | 11:56 pm UPDATE 1-Market Chatter -- Corporate finance press digestBANGALORE, March 11 (Reuters) - The following corporate finance-related stories were reported by media on Thursday:Source: RSS feed - channel BNewsBusiness | 10 Mar 2010 | 11:56 pm Currencies: Yen gains vs. euro and dollar after China dataThe yen rises against the dollar and euro, bouncing back from Thursday’s disappointing Japanese economic-growth revision, after Chinese economic data raised investors’ concerns that interest rates would rise.
Source: MarketWatch.com - Top Stories | 10 Mar 2010 | 11:43 pm Toyota unit Daihatsu recalls over 274,000 vehiclesTOKYO (Reuters) - Daihatsu Motor Co , a unit of Toyota Motor Corp , said on Thursday it would recall more than 274,000 Hijet and Atrai wagon models in Japan to fix a loose knuckle joint in...Source: RSS feed - channel BNewsBusiness | 10 Mar 2010 | 11:42 pm NZ sharemarket closes little changedThe New Zealand sharemarket closed little changed on a day in which the Reserve Bank did as expected and left official interest rates at a record low 2.5 per cent.The rate decision, and accompanying comments, were followed by...Source: nzherald.co.nz - Business | 10 Mar 2010 | 11:33 pm CBOE to take first step towards IPOThe Chicago Board Options Exchange, the world’s last big member-owned exchange, is expected on Thursday to file an application with US regulators for an initial public offeringSource: Financial Times - US homepage | 10 Mar 2010 | 10:49 pm China data spur talk of further tighteningPressure on Beijing to begin raising interest rates and to allow the renminbi to appreciate against the US dollar is set to rise as inflation jumped 2.7 per cent last month from a year beforeSource: Financial Times - US homepage | 10 Mar 2010 | 10:42 pm UPDATE 1-Fate of AIG Taiwan unit's sale may be decided in H1* Govt to check funding overseas (Recasts with regulator comments)Source: RSS feed - channel BNewsBusiness | 10 Mar 2010 | 10:39 pm Google says it's in talks with ChinaCEO Eric Schmidt expects 'something will happen soon' after the Internet search giant vowed to remove censorship filters in the wake of it suffering a cyber attack.Google Inc. broke a long silence in its clash with China on Wednesday as its chief executive, Eric Schmidt, said that the Internet search giant was talking to Chinese officials and that he expected "something will happen soon."
Source: L.A. Times - Business | 10 Mar 2010 | 10:19 pm Dollar falls after Monetary Policy StatementThe New Zealand dollar fell in the wake of the Reserve Bank of New Zealand's Monetary Policy Statement (MPS) even though the official cash rate was held unchanged at a record low of 2.5 per cent.The NZ dollar fell from around...Source: nzherald.co.nz - Business | 10 Mar 2010 | 10:16 pm U.S. dollar still rules, but debt level a risk: S&PNEW YORK (Reuters) - The U.S. dollar is still the most important world currency, Standard & Poor's said on Thursday, but added that rising levels of U.S. debt and dependence on...Source: RSS feed - channel BNewsBusiness | 10 Mar 2010 | 10:14 pm U.S. bailout watchdog criticizes Treasury over GMACWASHINGTON (Reuters) - The U.S. Treasury's decision against a bankruptcy restructuring for GMAC may have increased taxpayer bailout costs for the auto finance company and made it less...Source: RSS feed - channel BNewsBusiness | 10 Mar 2010 | 10:11 pm US bailout watchdog criticizes Treasury over GMAC* Bankruptcy could have put GMAC on sounder footing-reportSource: RSS feed - channel BNewsBusiness | 10 Mar 2010 | 10:01 pm Insurance Tax Breaks for Self-Employed Individuals (The Tax Guy)How to claim this otherwise hard-to-get health-care deduction.
Source: SmartMoney.com | 10 Mar 2010 | 10:00 pm Taiwan hopes to decide on AIG's Taiwan sale in H1TAIPEI, March 11 (Reuters) - Taiwan's government hopes to make a decision on AIG's stalled $2.2 billion sale of its Taiwan unit Nan Shan Life Insurance in the first half of this year, a senior official...Source: RSS feed - channel BNewsBusiness | 10 Mar 2010 | 9:49 pm Senate passes $149 billion for jobless aidWASHINGTON (Reuters) - The Senate on Wednesday passed a $149 billion package of jobless aid and tax breaks, as Democrats continued efforts to lower the 9.7 percent unemployment rate before congressional elections in November.
Source: Reuters: Business News | 10 Mar 2010 | 9:45 pm Ballard Reports Audited Fourth Quarter and Full Year 2009 ResultsSource: RSS feed - channel BNewsBusiness | 10 Mar 2010 | 9:30 pm CORRECTED-Black & Decker CEO may have very big payday - WSJ(Corrects source of report to Wall Street Journal from New York Times throughout)Source: RSS feed - channel BNewsBusiness | 10 Mar 2010 | 9:17 pm What crisis? World billionaire ranks hit new highWhile for many people the effects of the worst recession since the 1930s look likely to linger and unemployment remains high across the Western world, for the planet's super-rich, things are looking very perky once again.The number...Source: nzherald.co.nz - Business | 10 Mar 2010 | 8:30 pm Entrepreneurs announce $900m fast broadband planBusinessmen Sam Morgan, Stephen Tindall and Rod Drury are part of "an early stage" venture to build a submarine fibre cable between Australia, New Zealand and the United States, with five times the capacity of the existing...Source: nzherald.co.nz - Business | 10 Mar 2010 | 8:00 pm US suspended BAE Systems’ licencesWashington is likely to allow the US subsidiary of the UK defence company to obtain export licences as before, following the group’s $400m plea agreement over bribery allegationsSource: Financial Times - US homepage | 10 Mar 2010 | 7:08 pm Steady improvement for manufacturing in FebruaryManufacturing showed signs of slow and steady improvement last month, with the latest BNZ-Business NZ performance of manufacturing index (PMI) indicating a continuing rise in new orders.The seasonally adjusted PMI was at 53.3...Source: nzherald.co.nz - Business | 10 Mar 2010 | 6:35 pm Food prices fall in February, steaks down 17pcNew Zealand food prices fell by 1.3 per cent in February on the back of falls in fruit and vegetable costs, as well as lowered meat, poultry and fish prices.Additionally, Statistics New Zealand's food price index measured a February...Source: nzherald.co.nz - Business | 10 Mar 2010 | 6:30 pm US consumer protection deal nearConsumer protection, an issue that has led to gridlock in talks about financial regulatory reform, was closer to resolution in the Senate banking committeeSource: Financial Times - US homepage | 10 Mar 2010 | 5:23 pm CEO Of The Decade: Citigroup’s Vikram Pandit?It was less than two years ago that defunct business magazine Portfolio named Citigroup(C) CEO Vikram Pandit one of the twenty worst CEOs of all time. Pandit may be about to jump on the list of greatest turnaround CEOs, if his forecasts about the bank’s performance are correct. According to the FT, Pandit “will on Thursday raise [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Mar 2010 | 5:08 pm Japanese gaming to profit from child subsidiesJapan's gambling industry is expected to be an unlikely beneficiary of a national child subsidy scheme, which aims to shower parents with cash and encourage young couples to start families. Source: Latest Business News from Times Online | 10 Mar 2010 | 5:01 pm Shell name will stay, says InfratilInfratil, which is in advanced talks to acquire assets from Shell New Zealand, said there is substantial upside value in being an overtly New Zealand-owned dominant petrol company as the local oil industry restructures, according...Source: nzherald.co.nz - Business | 10 Mar 2010 | 5:00 pm Carlos Slim tops Bill Gates as world's richest manForbes magazine released its annual list of the world's richest people Wednesday, and for only the second time since 1995, Microsoft founder Bill Gates' name was not at the top.Source: Business and financial news - CNNMoney.com | 10 Mar 2010 | 4:58 pm Write-Offs: 03.10.10$$$ Wall Street Moves to Shape CDS Rules [WSJ] $$$ Sex Life Ends at 70 as Health Declines, Study Says [Bloomberg] $$$ Roubini: Economy ‘Far too Close’ to Double Dip [CNBC] $$$ Don’t forget: Harrah’s is raffling off a seat at its Stockings and Bonds poker tournament this weekend in AC. The winner will get: the buy-in, a room, and access to the Stockings & Bonds After Party at Dusk. Sign up here. $$$ World’s Top Billionaires: 1) Carlos Slim Helú 2) William Gates III 3) Warren Buffett 4) Mukesh Ambani 5) Lakshmi Mittal 6) Lawrence Ellison 7) Bernard Arnault 8) Eike Batista 9) Amancio Ortega 10) Karl Albrecht [Forbes] 
 Source: Dealbreaker | 10 Mar 2010 | 4:30 pm OCR stays at 2.5pc, rates steady till mid-yearOfficial interest rates have been left unchanged at a record low 2.5 per cent by the Reserve Bank this morning.Reserve Bank Governor Alan Bollard has re-confirmed his intention to start "removing policy stimulus" around the middle...Source: nzherald.co.nz - Business | 10 Mar 2010 | 4:30 pm Summary Box: Stocks rise after inventories fall (AP)AP - GOOD NEWS, MODEST MOVES: The Dow Jones industrial average tacked on only 3 points Wednesday after the government said that inventories at wholesalers fell in January while sales rose. That suggests that demand is strengthening.Source: Yahoo! News: Stock Markets News | 10 Mar 2010 | 4:29 pm Stocks rise after inventories fall and sales gain (AP)
Source: Yahoo! News: Stock Markets News | 10 Mar 2010 | 4:17 pm Marnin Discusses Risks of Workplace Relationships: BLAWSource: Bloomberg - All Podcasts | 10 Mar 2010 | 4:16 pm Twitter users not so social after allTwitter may be a fast-growing social network, but most of its 50 million accounts merely follow other users rather than posting their own messages.Source: Business and financial news - CNNMoney.com | 10 Mar 2010 | 4:15 pm Bank of America Will Steal Your Parrot And Then Make *You* Look Like The Crazy One No friends of Ken Lewis In its storied history, Bank of America has accidentally foreclosed on a few houses it wasn’t supposed to. There are a lot of deadbeats out there and really no good centralized system for keeping track of whose homes are supposed to padlocked and whose aren’t. Whatever, it’s bound to happen. Not really something we can hold against them. What we can shame those fuckers for, however, is, for instance, foreclosing on someone who actually wasn’t in default and then confiscating his/her beloved parrot. Except that wasn’t just a for instance, ladies, Bank of America really did that.
But maybe we’re being too hard on BofA? Maybe they took full credit for the mistake, apologized profusely and had Ken Lewis personally drive out to Ms. Iannelli’s house to bring her back her bird?
Nice. Real nice. You know the bird had PTSD, right?
He’s fine now, not that you care.
No thanks to the dicks who, at press time, didn’t even have the decency to send over a bag of seed and a nice note. Bank Sorry For Taking Parrot [WSJ via DI]
Source: Dealbreaker | 10 Mar 2010 | 4:15 pm Xerox CEO: Vision is 'overrated'Source: Business and financial news - CNNMoney.com | 10 Mar 2010 | 4:10 pm Geithner urges reform on housing finance marketWASHINGTON (Reuters) - Treasury Secretary Timothy Geithner said on Wednesday that "fundamental reform" of the government's role in the housing finance market is needed and it will be next year before proposals are ready for Congress.
Source: Reuters: Business News | 10 Mar 2010 | 4:10 pm Pandit sees revival of Citi’s fortunesVikram Pandit, Citigroup’s chief executive, will raise the prospect of the US bank earning as much as $20bn from its core business within a few years, a big increase from current levels that would mark a sharp revival in Citi’s fortunesSource: Financial Times - US homepage | 10 Mar 2010 | 4:02 pm How the major stock indexes fared on Wednesday (AP)AP - Scant buying lifted stocks for a second day Wednesday after the government reported a drop in companies' inventories. The Dow Jones industrials rose only 3 points as the market remained in a lull that began on Monday. Many investors stayed on the sidelines amid an absence of news that could influence trading.Source: Yahoo! News: Stock Markets News | 10 Mar 2010 | 4:01 pm Mexico’s Slim heads Forbes rich listCarlos Slim, the Mexican telecommunications billionaire with a net worth of $53.5bn, has been crowned the world’s richest person by Forbes magazine – the first time in 16 years the post has been held by a non-American.Source: Financial Times - US homepage | 10 Mar 2010 | 4:01 pm Bernard Hickey: Inflation to hit 5 per cent ?Inflation could hit 5 per cent by the end of the year, well outside the Reserve Bank's target range of 1-3 per cent, but it has decided to remain sitting on its hands. That's fair enough, given many of these increases are 'one...Source: nzherald.co.nz - Business | 10 Mar 2010 | 4:00 pm Buffett salary unchanged, but security costs upOMAHA, Nebraska- Warren Buffett brought home less pay than Berkshire Hathaway 's chief financial officer again last year, but the company is paying more to protect the billionaire these days.Source: nzherald.co.nz - Business | 10 Mar 2010 | 4:00 pm Alaska Air, Dell, Looking Back to Nasdaq at 5,000: Taking StockSource: Bloomberg - All Podcasts | 10 Mar 2010 | 3:52 pm Dick Bové Wants You To Get One Simple Thing Through Your Thick Skulls
Source: Dealbreaker | 10 Mar 2010 | 3:15 pm Your Devastating News Of The Day: The Fruits Of Shia LaBeouf’s Labor Have Been Put On Ice
Source: Dealbreaker | 10 Mar 2010 | 3:05 pm EU Backs A Tax On Financial TransactionsBy Alexander Hotz The financial crisis has given new legs to the idea of taxing financial transactions. The European Parliament voted today to develop a new "transaction tax plan" that would "ensure that the financial industry pays for the damage caused by the financial crisis," according to this statement. Paul Krugman, another backer of the idea, argued last fall that a small tax on financial transactions would discourage speculators (who trade frequently) without putting an undue burden on investors who buy for the long haul. Other big-name liberal economists (think Joseph Stiglitz and Jeffery Sachs) have backed the tax as well. Opponents argue that increasing the cost of financial transactions can make markets more volatile and distort prices. People can often find a way around the tax, by shifting to types of transactions that aren't targeted by the levy. And if a transaction tax is put in place in some countries but not others, people will simply move their transactions to avoid the tax. Sweden tried a tax on stock and bond trades, but dumped it after Swedish investors largely started doing their trading abroad, the Economist points out. Key political leaders are split. German Chancellor Angela Merkel, French President Nicolas Sarkozy and British Prime Minister Gordon Brown have all voiced their support. But Timothy Geithner rejected the idea at the G20 meeting last fall. Canada has opposed it as well. The subject will be up for discussion again at the G20 meeting in April, and Brown is still pushing the idea. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Mar 2010 | 2:25 pm Android gains on the iPhoneSource: Business and financial news - CNNMoney.com | 10 Mar 2010 | 2:22 pm Walmart: Sorry, We Stopped Selling Things We Couldn’t Make Money OnWal-Mart (WMT), the world’s largest retailer which has sales greater than the GDP of many countries, has decided it is so successful that it can stock products that no one wants. According to Reuters, Wal-Mart has put roughly 300 items back on its U.S. store shelves after the retailer said it “disappointed” customers by not stocking [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Mar 2010 | 2:21 pm Malcolm Calvert insider dealing trial shines a light on inner workings of the CityThe four-week insider trading trial of Malcolm Calvert, a 65-year-old former Cazenove partner, shone an often unflattering light on the inner workings of the City of London.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 10 Mar 2010 | 2:20 pm Charles Allen joins EMI Music after surprise departureEMI Music chief executive Elio Leoni-Sceti has stepped down just 18 months after joining the record label, to be replaced by former ITV boss Charles Allen.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 10 Mar 2010 | 2:08 pm Geithner warns of rift over regulationTim Geithner, US Treasury secretary, has delivered a blunt warning to the European Commission that its plans to regulate the hedge fund and private equity industries could cause a transatlantic rift by discriminating against US groupsSource: Financial Times - US homepage | 10 Mar 2010 | 1:50 pm Jeffrey Gundlach’s TCW Bosses Didn’t Expect So Many People To Side With “The Godfather”
By this point scores of former TCW have chosen the DP-friendly environment Gundlach created at his new firm, DoubleLine, as have many a former TCW client. Others may have sided with Gunds for his ability to consistently make it rain (though, really, the Weapons of Ass Destruction and Swallow My Pride 2 DVDS, which you can’t find anywhere anymore, were mostly the main draw). And the chance to be around a guy who tells stories like this.
Firing The $70 Billion Man [Fortune]
Source: Dealbreaker | 10 Mar 2010 | 1:37 pm Ex-Cazenove partner Malcolm Calvert found guilty of insider traderMalcolm Calvert has been found guilty in the largest case of insider trading brought by the Financial Services Authority.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 10 Mar 2010 | 1:29 pm HDFC Bank Raised to `Buy' at Goldman Sachs: AudioSource: Bloomberg - All Podcasts | 10 Mar 2010 | 1:21 pm Presented By:Source: Dealbreaker | 10 Mar 2010 | 12:30 pm Former Employees Bickering In The Wake Of Pali Capital’s Demise Fail To Remember The Good Times They Shared Those were the days. Pali Capital said good night last month after former Bear Stearns finance chief Samuel Molinaro terminated talks to buy the place. Today Reuters has a piece on co-founder and chief executive, Bradley Reifler, who former employees and clients blame for the company’s demise, claiming his “penchant for litigation helped destroy the bank he spent so many years building” (over the last ten years Reifler has apparently launched “dozens” of lawsuits against people and other companies). Those who used to work for the guy also seem to believe the fact that he could be a dick played a part in the firm’s downfall (“He could make your life miserable,” another former employee said. “He appointed himself head of everything, including compliance, and everyone reported to him,” he said, adding, “If you crossed him, you didn’t get a bonus”). And it is true that a hundred or so employees who left in the last year, which was cited as a “major reason” why Molinaro backed out of the deal. Many also believed Reifler spent too much money, and that the office and the firm in general “reeked of excess.” It’s all very sad! Reifler has apparently announced (on Twitter…) that he’ll be “launching a new firm with ‘non-criminal’ partners” but things will never be the same. Pali Poker Nights, which featured dancers from the Rockettes and the Knicks? Those are done and while everyone’s probably too angry to appreciate how good they had it, let us take two to remind you. Via some phenomenal pictures of PPNs past.
Pali Poker III [SheaSullivan]
Source: Dealbreaker | 10 Mar 2010 | 12:30 pm Fordham Law Dean on Prospects for Current Students: BLAWSource: Bloomberg - All Podcasts | 10 Mar 2010 | 12:19 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 | 10 Mar 2010 | 11:51 am Bank of America Stops Debit Overdrafts
Bank of America has become the first financial institution to stop overdrafts, not just overdraft fees, from debit cards. That means that the bank won’t let you withdraw more money than you have in your debit-linked bank account. The card simply won’t work. From the AP: But Bank of America is going a step further than the regulations require. It will simply no longer allow debit card purchases to go through if there isn’t enough money in the account. For ATM transactions, customers who try to withdraw more than their balance will have to agree to pay a $35 overdraft fee before they can get the money. Since the bank doesn’t have the ability to notify the customer when they’re at the register and give them the chance to agree to a fee, it will simply reject such transactions. Because overdraft fees have been a major source of revenue for banks, a move like this one may signal an end to free checking as we know it, according to a source in the article. Banks will have to find a way to recoup those lost fees. Interestingly enough, 14% of bank customers generate 93% of overdraft fees, according to the article. If banks can’t continue to target those individuals for revenue, they may have to devise a way to take a little more from everybody. I trust that they will.
Source: Business Pundit | 10 Mar 2010 | 11:28 am A $50 Billion Fund For Failing Finance FirmsBy Jacob Goldstein Some day, the Senate will finally unveil its big finance-reform bill. Until then, we'll have to survive on the endless stream of leaks about what's likely to be in it. Like, for example, the $50 billion trust fund that may be created to wind down big, failing financial institutions. The proposed pool, described in this WSJ story, would come from fees levied on financial firms. In the current system, there's no good way to deal with big financial institutions that are about to go bankrupt and don't fall under the umbrella of the FDIC, which oversees some banks. Exhibits A and B for why this is a problem are Lehman Brothers, whose bankruptcy sent the economy into panic, and AIG, which received a gargantuan government bailout. Of course, the Treasury and the Fed put more than $100 billion into the AIG bailout alone -- which makes a $50 billion safety fund look a bit paltry. But the Senate bill would also allow the government to collect more fees after a bailout, if $50 billion didn't cover it. The trust fund would be paid for by financial firms so big or so interconnected that their failure would pose broad risks to the economy. Under the Senate proposal, the Fed would decide which firms fit that description, Bloomberg News reports, and the FDIC would wind down big firms that are about to fail. The finance-reform bill the House passed late last year would create an even bigger fund -- -- up to $150 billion -- to deal with failing firms. We'll have more about the finance-reform bill on Friday's podcast. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Mar 2010 | 11:20 am Buying green, but not for the planetSometimes the real reason people buy green is not always Mother Earth, and the marketing for those products is starting to reflect that. Andrea Gardner reports.Source: Marketplace | 10 Mar 2010 | 11:00 am A change in priorities for Chile's PineraChile's President-elect Sebastian Pinera will soon take office in the aftermath of its huge earthquake. Professor Sebastian Edwards talks with Kai Ryssdal about how the quake has changed Pinera's platform of job creation and economic growth.Source: Marketplace | 10 Mar 2010 | 11:00 am U.S. public education needs a bailoutSoon the Obama administration is expected to announce billions in extra federal funds for under-performing public schools. Commentator Robert Reich says the administration needs to do a lot more.Source: Marketplace | 10 Mar 2010 | 11:00 am Germany says 'nein' to rescuing GreeceGreek Prime Minister George Papandreou says in the future eurozone countries would be able to act like the IMF when member states get into difficulty. But his remarks may not go over well in Germany. Stephen Beard reports.Source: Marketplace | 10 Mar 2010 | 10:59 am Antitrust issues put heat on MonsantoThe U.S. Justice and Agriculture departments are holding a workshop on agricultural antitrust issues, and it appears investigations of seed maker Monsanto are widening. Sarah Gardner reports.Source: Marketplace | 10 Mar 2010 | 10:59 am What Senate reform bill may leave outThe House passed its reform bill in December, but the Senate's version has been delayed for several weeks as senators haggle over what may or may not be in it. John Dimsdale reports.Source: Marketplace | 10 Mar 2010 | 10:59 am Standardization may boost publishersA group of state governors and education officials have announced a proposal for new common K-12 academic standards. The move could be a boon for the publishing industry. Amy Scott reports.Source: Marketplace | 10 Mar 2010 | 10:59 am FTSE 100 shares edge higher (AFP)
Source: Yahoo! News: Stock Markets News | 10 Mar 2010 | 10:39 am Unemployed Over 50: A View from the Groundby Diane Vacca After working for eight and a half years at IBM, Nancy Ikeda, 55, lost her job 13 months ago. She had lived in Binghamton, N.Y., since her daughters were in high school, but after spending most of the year looking in vain for another job, Ikeda decided she couldn’t stay any longer. “There’s just [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Mar 2010 | 10:17 am Buy The House Millions In Stolen Bonus Money From RBS Greenwich Capital Built Dreaming Big A few weeks ago, we had a little chat about James Glover, the RBSGC managing director who, being pretty ticked about the subpar compensation situation for the past few years, decided to help himself to a bonus (he did so by having junior employees submit wires that would normally go to a counterparty to pay for trades, and then approving them to, instead, go to his personal account). Unfortunately, G-Love’s genius plan, which went on for months, was found by the damn chippies running the place and their infernal “internal controls.” They escorted him out of the building and turned the matter over to “law enforcement.” A lot of people back at the ranch were pretty miffed about what happened, especially on the legacy Greenwich Capital side (where The Glove worked for many years), because they apparently felt like it gave the RBS people ammo to throw it back in their faces, and somehow hurt the argument that “GC employees are better than everyone else” at the palace on I-95. But they may have been judging too harshly! It turns out Jimbo had a really good reason for “stealing” the money (if you want to put that sheen on it). Beyond the fact that he was miffed about the bank taking away cash bonuses last year, Glover had just built a nine-bedroom, five-bath ski house in Windham, NY (we’d previously been told it was Vermont), which he could *exactly* really afford (but if one of you can, it’s now on the market for $1.1 million). The other reason G-Love made it rain without permission was that he had a dream. A dream to build ski houses for everyone. Greenwich Time reports:
Source: Dealbreaker | 10 Mar 2010 | 10:00 am 7 States Probe Monsanto for Anti-Competitive Business Practices
Seven US states are investigating market abuse by seed giant Monsanto. Attorneys general in Ohio, Texas, Virginia, Iowa, Illinois, and two more states are investigating Monsanto’s competitive practices. The US Justice Department is also investigating marketing at Monsanto. Bloomberg has more on Monsanto’s brewing storm: Monsanto rose to dominance via its genetically engineered Roundup Ready seed line, which was in 93 percent of the soybeans and 82 percent of the corn produced in the U.S. last year. The gene Monsanto adds to the seeds allows crops to withstand use of its Roundup weed killer. The states are probing whether Monsanto violated any laws by offering rebates to distributors for excluding rival seeds, imposing limits on combining the product with other genetic enhancements, or offering cash incentives to switch farmers to a more-expensive generation of seeds, according to one person involved in the probe who asked not to be named because he isn’t authorized to discuss it. The five states known to be part of the inquiry accounted for almost 39%, or $31 billion, of U.S. corn and soybeans last year, based on U.S. Department of Agriculture data. A state- level investigation, on top of the federal one, “can lengthen the lawsuit and potential settlements, and it can increase uncertainty and costs for Monsanto,” said Daniel Sokol, a law professor at the University of Florida in Gainesville who edits a blog on antitrust and competition policy. Of Monsanto’s $11.7 billion in revenue in the fiscal year ended Aug. 31, 2009, $7.3 billion came from sales and licensing of seeds and seed genes. Revenue grew by an annual average of 17% from 2004 to 2009, as earnings expanded eight-fold to $2.11 billion, driven by genetically engineered products and acquisitions of other seed companies. Monsanto will take part in a hearing on March 12, the first of a series of government-sponsored hearings on agriculture and competition, according to Bloomberg. The Monsanto hearings are part of a torrent of regulator activity on big agriculture. Monsanto CEO Hugh Grant (yes, you heard right) is accustomed to these kinds of investigations. According to the Ft. Wayne Journal Gazette, The legal and public relations fights are the latest battles for the Scotland native (Hugh Grant) who rose from demonstrating weed killer in barley fields to the company’s top executive in his 29 years with Monsanto. Grant resolved intellectual property disputes early in his tenure as CEO, settling patent lawsuits with Bayer, Syngenta and Dow Chemical by agreeing to cross-license technologies. The United States abandoned an antitrust probe focused on its herbicide in 2004. The company said it’s working to help double food production by 2050 as the planet’s population reaches 9 billion and portrays itself as a friend of farmers with its americasfarmers.com Web site. If history repeats itself, the Feds, state officials, farmers, and companies (mainly DuPont) supporting the latest wave of allegations are going to have a tough time getting anything out of Monsanto. If you’re like me and find Monsanto’s behavior both problematic and dangerous, I encourage you to sign a petition here.
Source: Business Pundit | 10 Mar 2010 | 9:38 am A decade later, lessons in the Nasdaq collapse (Reuters)Reuters - Ten years ago today, before the dot-com bubble burst, the Nasdaq composite index hit a record 5,132.52 points -- a peak that the technology-heavy market shows no sign of scaling again any time soon.Source: Yahoo! News: Stock Markets News | 10 Mar 2010 | 9:37 am The Below Average CEO: J. Raymond Elliott, Boston ScientificAverage: “an estimation of or approximation to an arithmetic mean”–Webster The smartest move that J. Raymond Elliot made in his career was to leave the Boston Scientific (BSX) board in 2009 after less than two years of service. The dumbest move was to rejoin the board and become the Boston Scientific CEO last July. The firm’s shares [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Mar 2010 | 9:25 am Miller Tabak’s Funtleyder: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 10 Mar 2010 | 9:00 am Wikipedia’s Wales: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 10 Mar 2010 | 8:59 am Nobel Laureate Spence: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 10 Mar 2010 | 8:58 am Bernstein’s Moffett: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 10 Mar 2010 | 8:57 am Nomura’s Goodwin: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 10 Mar 2010 | 8:56 am Arthur Levitt: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 10 Mar 2010 | 8:54 am Europe’s Hope To Build A New IMFBy Heather Horn of The Atlantic Wire In the past few days, plans have solidified for a new European version of the International Monetary Fund. Advocates, which include French and German politicians, say the institution could save the Eurozone from the crisis created by Greece’s debt woes. But is the new institution necessary, and would it [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Mar 2010 | 8:27 am Google Apps Marketplace Opens Its Virtual Doors
Google opened the Google Apps Marketplace, where businesses can install and purchase a variety of apps, last night. The beauty of the Google Apps Marketplace (not to be confused with the Andriod store) is that all apps integrate with the Google’s sign-on and universal navigation. Lifehacker has more: …the Apps Marketplace brings an entirely new set of potentially useful tools to your Google Apps account—everything from accounting and finance apps to project and customer management. And while the current set of offerings might seem like overkill unless you’re a business running on Google Apps, the integration that these tools provide with Google tools like Mail, Calendar, Docs, and Contacts might be well worth it for the right app, and in time, Apps Marketplace sets the stage for all kinds of awesome third-party integration that could potentially take place with any outside application and the Google applications you use every day. (Time will tell on that front.) Right now most of the apps look like they come with a recurring subscription fee, but we’ve found a few interesting looking options (some free), like: * Aviary, the web-based creative suite.
Source: Business Pundit | 10 Mar 2010 | 8:23 am Bank of America Ends (Some) Overdraft FeesBy Jacob Goldstein Bank of America says it's getting rid of overdraft fees on debit-card purchases. The move comes a few months before new federal rules will make it much harder for banks to charge the fees, which have become a big source of revenue. In the current system, when a customer doesn't have enough money in his account to cover a debit-card purchase, the purchase goes through and the customer gets charged an overdraft fee of $35 or so. In the new system, purchases will be denied if the customer doesn't have enough money in his account. Last fall, Bank of America started allowing customers to opt out of overdraft protection on their debit card -- to voluntarily change the settings on their account, so purchases are denied if there's not enough money in the account. But some people who wanted to change their account settings said B of A tried to talk them out of it. (B of A said it was just trying to explain the implications of opting out.) I wrote about this issue a couple weeks ago. Under the new changes B of A is announcing, customers who want overdraft protection can choose to link their debit card to a savings account or credit card. The changes won't affect old-fashioned checks. And customers who try to overdraw their account at the ATM will be given a warning that they're about to overdraw their account. Under new federal rules that will take effect this summer, banks won't be allowed to charge customers overdraft fees for debit-card purchases unless customers sign up for overdraft protection. For customers who don't sign up, debit card purchases that would overdraw the customer's account will be denied. Citigroup already denies debit-card purchases that would overdraw the customer's account, USA Today notes. Other banks say they're still working on new policies. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 10 Mar 2010 | 6:42 am OPEC: Oil Consumption Will Rise, Or It Won’tOPEC say that crude consumption will rise this year, but in the fine print of its statement, the cartel undercuts its own prediction. OPEC expects world oil demand to grow 900,000 barrels a day in 2010. That is an upward revision of 100,000 barrels a day from the previous forecast. “These stimulus plans have already done a great job [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 10 Mar 2010 | 6:40 am Would A Soda Tax Be A Big Deal?By Jacob Goldstein The recession has left some state and local governments desperate for new sources of money. That's giving a boost to an idea public-health types have been pushing for a while now: taxing sodas and other drinks with added sugar. New York's governor has called for a penny-per-ounce tax on sugar-sweetened beverages, and Philly's mayor wants one that's twice that high. Some public-health experts argue that taxes like these could slow the rise in obesity rates. The beverage industry has called it "a money grab, pure and simple," and says it's a "myth" that taxing one type of product will affect obesity rates. For both sides, there's a fundamental economic question here: How much would a tax drive down consumption? Economists call this issue "price elasticity of demand" -- how much demand goes down as price increases. Price elasticity of demand is different for different products. A study published this week in the Archives of Internal Medicine used data from a 20-year study to estimate that a 10% increase in the price of soda would lead to a 7% decrease in the amount of soda calories people consume. A recent paper in the American Journal of Public Health pooled results from 14 previous studies and concluded that for the broad category of "soft drinks," a 10% increase in prices would lead to an 8% decrease in consumption. Sodas, sports drinks and the like only cost a few cents per ounce. So a penny-per-ounce tax could lead to a price hike of about 20%. Price elasticity isn't totally linear -- a price hike of 20% wouldn't reduce demand by exactly twice as much as a hike of 10%. Still, those recent studies suggest that a penny-per-ounce tax could drive down consumption of sugary beverages by well over 10%. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 10 Mar 2010 | 5:35 am A Most Successful Crank Call
Source: Business Pundit | 10 Mar 2010 | 4:05 am
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