UK house sales 'slow' in 2010

The number of mortgages agreed with house buyers fell 49% in January from the month before, the Council of Mortgage Lenders says.
Source: BBC News | Business | World Edition | 12 Mar 2010 | 3:19 am

German minister: EMF aid would come with a price (AP)

AP - Germany's finance minister says a proposed European Monetary Fund could grant troubled countries emergency aid but only under strict conditions and with a "prohibitive price tag."
Source: Yahoo! News: Business News | 12 Mar 2010 | 3:12 am

BA union set to announce strikes

The union representing BA cabin crew plans to announce strike dates later this morning, the BBC understands.
Source: BBC News | Business | World Edition | 12 Mar 2010 | 3:02 am

Chinese minister insists Google obey the law (AP)

Li Yizhong, Chinese Minister of Industry and Information Technology, gestures during a press conference in Beijing Friday, March 12, 2010. Li, China's top Internet regulator, insisted Friday that Google must obey its laws or 'pay the consequences,' giving no sign of a possible compromise in their dispute over censorship and hacking. (AP Photo/Vincent Thian)AP - China's top Internet regulator insisted Friday that Google must obey its laws or "pay the consequences," giving no sign of a possible compromise in their dispute over censorship and hacking.



Source: Yahoo! News: Business News | 12 Mar 2010 | 2:59 am

London Markets: Banks outperform in steady session for U.K. stocks

Banks are broadly higher in a steady session for the top British share index on Friday, with the move helping to counterbalance losses for mining shares.



Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 2:58 am

Yara exits Terra battle, shares rise

OSLO (Reuters) - Norway's Yara International ASA shied away from raising its offer for Terra Industries Inc to top a rival bid, boosting its shares but scuppering its U.S. expansion plans.



Source: Reuters: Business News | 12 Mar 2010 | 2:54 am

Shares in BSkyB jump on rumour Rupert Murdoch will take company private

Shares in BSkyB rose in early trading on Friday as rumours swept the market that Rupert Murdoch will take the company private.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 2:51 am

Wall Street’s fresh high paints positive backdrop

Global Markets Overview: Many analysts had suggested that once the S&P breached 1,150, as it did on Friday, that would reinvigorate traders and help push stocks higher
Source: Financial Times - US homepage | 12 Mar 2010 | 2:49 am

Stock futures mixed ahead of retail sales data (Reuters)

The Wall Street sign is seen in front of the New York Stock Exchange, October 8, 2009 file photo. REUTERS/Chip EastReuters - Stock index futures pointed to a mixed open on Wall Street on Friday, with futures for the S&P 500 up 0.4 percent, Dow Jones futures down 0.01 percent and Nasdaq 100 futures up 0.01 percent.



Source: Yahoo! News: Stock Markets News | 12 Mar 2010 | 2:38 am

Stock futures mixed ahead of retail sales data

(Reuters) - Stock index futures pointed to a mixed open on Wall Street on Friday, with futures for the S&P 500 up 0.4 percent, Dow Jones futures down 0.01 percent and Nasdaq 100 futures up 0.01 percent.



Source: Reuters: Business News | 12 Mar 2010 | 2:38 am

The Disposable CEO

It is proxy season and as public companies put out the lists of compensations for their CEOs it is plain that the recession did not do much to damage chief executive pay packages in most cases. New research shows that the recession was unkind to some CEOs who have recently lost their job as part of [...]

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Source: 24/7 Wall St. | 12 Mar 2010 | 2:36 am

China hits back at Obama over currency policy

China on Friday hit back at an attack from US President Barack Obama over currency policy, saying the yuan's value was not a political one and was not the key to global trade imbalances.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 2:26 am

Asian stocks mixed as US data eyed; Europe gains (AP)

Traders work on the floor of the New York Stock Exchange, Tuesday, March 9, 2010.(AP Photo/Mark Lennihan)AP - Asian stocks were mixed Friday as investors held out for additional clues to the strength of economic recovery. European shares rose in early trade.



Source: Yahoo! News: Stock Markets News | 12 Mar 2010 | 2:14 am

Asian stocks mixed as US data eyed; Europe gains (AP)

Traders work on the floor of the New York Stock Exchange, Tuesday, March 9, 2010.(AP Photo/Mark Lennihan)AP - Asian stocks were mixed Friday as investors held out for additional clues to the strength of economic recovery. European shares rose in early trade.



Source: Yahoo! News: Business News | 12 Mar 2010 | 2:14 am

China fires back at US human rights criticisms (AP)

AP - China accused the United States of destabilizing the world economy and meddling on Friday — its standard response to Washington's annual review of Beijing's human rights record.
Source: Yahoo! News: Business News | 12 Mar 2010 | 2:12 am

Global oil demand seen higher in 2010 (AP)

AP - World oil demand will rise this year due to surging economic activity in Asian countries, especially China, the International Energy Agency said Friday as it bumped up its forecasts.
Source: Yahoo! News: Business News | 12 Mar 2010 | 2:10 am

Ernst & Young faces legal action over Lehman collapse

Ernst & Young could face legal action after a damning report into the collapse of Lehman Brothers accused the British accountancy firm of professional negligence over a number of years before the catastrophic downfall of the 158 year-old American bank in 2008.


Source: Latest Business News from Times Online | 12 Mar 2010 | 2:10 am

Corrections: Lehman examiner says legal claims possible

A March 12 MarketWatch report on the examination of Lehman Bros. misstated the amount of collateral demanded from Lehman just prior to its collapse. Lehman faced demands for about $16 billion in collateral, according to the examiner. See corrected story.



Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 2:10 am

Lehman examiner says legal claims possible

Bankrupt financial giant Lehman Bros.’ former top officers, its auditor and several rival brokers could face legal claims, a court-appointed examiner says.



Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 2:09 am

Media Digest 3/12/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters.   Obama will nominate Yellen to be Fed vice chair. Reuters:   China told Obama to leave yuan policy to its government. Reuters:   A Chineese minister said the nation could not keep up fast industrial growth Reuters:   Toyota (TM) says discounts are helping sales. Reuters:   Summers says the US is close to job growth. Reuters:   Democrates are closer to a healthcare [...]

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Source: 24/7 Wall St. | 12 Mar 2010 | 2:00 am

Europe Markets: Autos advance in mildly positive Europe

European shares make small gains on Friday, the final session in a choppy week.



Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 1:58 am

BRIEF-Statoil ups oil production from Oseberg field

* Modifications enabled increased recovery of additional 20 mln barrels
Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 1:44 am

Stocks finish in positive territory

Stocks gained Thursday, erasing earlier losses to lift the Nasdaq and S&P 500 to 18-month highs as investors eyed the day's jobs and trade news and the direction of the U.S. dollar.
Source: Business and financial news - CNNMoney.com | 12 Mar 2010 | 1:43 am

Lenovo says business will focus on mobile Internet (AP)

FILE - In this file photo taken Thursday May 25, 2006, a Chinese model uses a mobile phone to control a robot made by Chinese computer maker Lenovo at a high-tech exhibition in Beijing, China. Lenovo Group expects wireless Internet products to account for up to 80 percent of its sales within five years as it pursues expansion in faster-growing emerging markets, CEO Yang Yuanqing said Friday, March 12, 2010. (AP Photo, File)AP - Lenovo Group expects wireless Internet products to account for up to 80 percent of its sales within five years as it pursues expansion in faster-growing emerging markets, CEO Yang Yuanqing said Friday.



Source: Yahoo! News: Business News | 12 Mar 2010 | 1:38 am

FSA to clamp down on mis-selling

The head of the financial watchdog the FSA will announce plans to toughen up consumer protection.
Source: BBC News | Business | World Edition | 12 Mar 2010 | 1:38 am

Currencies: Dollar rises vs. yen on Hatoyama comments

The dollar slips against most rivals but gains against its Japanese counterpart in Asian trading Friday, after Japan’s leader had some harsh words against yen strength.



Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 1:34 am

Liberty considers sale after bid approaches

Liberty, the 135-year-old department store, confirmed today that it had received approaches from a number of bidders, eight months after beginning a strategic review of the business.
Source: Latest Business News from Times Online | 12 Mar 2010 | 1:33 am

Liberty considers sale after bid approaches

Liberty, the 135-year-old department store, confirmed today that it had received approaches from a number of bidders, eight months after beginning a strategic review of the business.


Source: Latest Business News from Times Online | 12 Mar 2010 | 1:33 am

Asia Markets And Europe Open (3/12/2010)

Markets in Asia were mixed. The Nikkei rose .8% to 10,751. The Hang Seng was down .1% to 21,208. The Shanghai Composite was down to 3,013 At the open in Europe, the FTSE rose .2% to 5,628. The Dax was higher by .2% to 5,943. The CAC was up .1% to 3,912. Data from MarketWatch and Reuters. Douglas A. McIntyre Filed under: [...]

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Source: 24/7 Wall St. | 12 Mar 2010 | 1:27 am

Greece will be saved, but what about Europe's other debtors?

The eurozone is not set up to bail out entire countries, but reform is full of pitfalls, writes Adrian Michaels.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 1:26 am

Report escalates Lehman ineptitude to new level

The forensic autopsy of Lehman Brothers appears to have found the many causes of death.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 1:23 am

Meet Carlos Slim, the richest man in the world

Mexican oligarch Carlos Slim Helú is wealthier than Bill Gates- and much more ruthless, says Tom Leonard.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 1:19 am

LG Display to spend $1.3billion to up output

PAJU, South Korea (Reuters) - Flat-screen maker LG Display will spend $1.3 billion to raise output and help meet robust customer demand and is betting on booming premium LCD TV sales to drive strong growth this year.



Source: Reuters: Business News | 12 Mar 2010 | 1:18 am

UPDATE 2-LG Display to spend $1.3bln to up output, H2 positive

* To invest $1.3bln to add new line making mainly TV panels
Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 1:17 am

Business Bullet: Japan, Oil, Hedge funds, AGA

The latest news on: Japan, Oil, Hedge funds, AGA
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 1:15 am

Daiichi Sankyo sees US lifting Ranbaxy bans by 2012

TOKYO, March 12 (Reuters) - Daiichi Sankyo , Japan's third-largest drugmaker, said on Friday it expects U.S. regulators to remove all import bans on generic drugs made by its Indian subsidiary Ranbaxy...
Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 1:12 am

Liberty International receives a takeover approach

Liberty, owner of the iconic London department store, said it was in the early stages of takeover talks with suitors and that it continued to trade well in 2010.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 1:09 am

Democrats pare differences over health overhaul (AP)

Senate Majority Leader Harry Reid of Nev. speaks during a health care news conference on Capitol Hill in Washington, Thursday, March 11, 2010. (AP Photo/Harry Hamburg)AP - Top Democrats say they are resolving disputes over President Barack Obama's health overhaul plan, but they face decisions on subsidizing coverage and are still hunting votes to push the vast package through Congress.



Source: Yahoo! News: Business News | 12 Mar 2010 | 1:06 am

UPDATE 1-Ipsen grants Rhythm obesity treatment licence

* Global licence includes two metabolic treatment programmes
Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 1:01 am

Lehman Bros. accounting trickery alleged

A court-appointed examiner's report also says that JPMorgan Chase & Co. and Ernst & Young could face legal claims over the investment bank's failure.

In the months before Lehman Bros. collapsed in late 2008, setting off the global financial crisis, the investment bank used an accounting trick to make it appear to have greater liquidity than it did, a court-appointed examiner alleges in a report unsealed Thursday.



Source: L.A. Times - Business | 12 Mar 2010 | 1:00 am

What?! Another Time Warner Cable rate hike?

It's time for cable and satellite subscribers to pay only for the channels they want, rather than the dozens that they don't.

There's definitely an art to informing customers that you're about to smack them upside the head.



Source: L.A. Times - Business | 12 Mar 2010 | 1:00 am

Barnes & Noble: A besieged giant

The world's largest book seller faces an unwelcome stock fight while trying to deal with radical market shifts. ...
Source: RSS feed - channel BNPaperBusiness | 12 Mar 2010 | 1:00 am

Barnes & Noble: A besieged giant

The world's largest bookseller faces an unwelcome stock fight while trying to deal with radical market shifts.

The story line for bookstore giant Barnes & Noble Inc. is growing ever more dramatic, with falling store sales, increasingly stiff competition and a fierce battle over the company's shares led by a billionaire Los Angeles investor.



Source: L.A. Times - Business | 12 Mar 2010 | 1:00 am

Leader defends NHTSA's response to Toyota complaints

The agency investigated sudden-acceleration reports but didn't find enough evidence to force a recall, Administrator David Strickland tells a House subcommittee.

Rebuffing criticism of slow action and underfunded efforts, the head of the National Highway Traffic Safety Administration said his agency acted properly in investigating complaints about sudden-acceleration problems in Toyota vehicles and has enough money and staff to oversee the auto industry.



Source: L.A. Times - Business | 12 Mar 2010 | 1:00 am

Toyota faces a growing number of probes in U.S.

The FBI, a U.S. attorney's office in New York, the SEC and even the L.A. city attorney have opened investigations of the Japanese automaker, adding to existing probes by Congress and regulators.

As if Toyota Motor Corp. hasn't had enough trouble, the automaker is now facing a new set of interrogators: federal and local law enforcement officials.



Source: L.A. Times - Business | 12 Mar 2010 | 1:00 am

Contrasting portraits of former KB Home chief as trial opens

The prosecution paints Bruce Karatz as a greedy man who manipulated stock option grant dates and lied about them. The defense says he was a hardworking leader who never intentionally violated laws.

The stock option backdating trial of former KB Home chief Bruce Karatz opened Thursday in Los Angeles with two vastly conflicting portraits of the man who steered the giant home-building company for decades.



Source: L.A. Times - Business | 12 Mar 2010 | 1:00 am

U.S. households slowly regaining wealth

Americans' net worth rose 1.3% in the fourth quarter to $54.2 trillion, the Federal Reserve says. It marked the third straight quarter of gains. ...
Source: RSS feed - channel BNPaperBusiness | 12 Mar 2010 | 1:00 am

Video game sales fall 15% in February

The drop occurred despite the release of three major titles last month. Demand for consoles tumbles 20%, according to an NPD Group report.

Video game sales in the U.S. plunged 15% in February as skittish consumers continued to ratchet back their spending.



Source: L.A. Times - Business | 12 Mar 2010 | 1:00 am

Trade deficit unexpectedly narrows in January

The drop to $37.3 billion, from December's $39.9 billion, is linked to declines in oil imports. U.S. exports fell slightly, highlighting a challenge for Obama's goal of doubling them in five years.

President Obama on Thursday launched an effort to rebuild the nation's long-term economic strength by sharply boosting exports, and he got a lift from government data showing that the trade deficit narrowed unexpectedly in January.



Source: L.A. Times - Business | 12 Mar 2010 | 1:00 am

Contrasting portraits of former KB Home chief as trial opens

The prosecution paints Bruce Karatz as a greedy man who manipulated stock option grant dates and lied about them. The defense says he was a hardworking leader who never intentionally violated laws. ...
Source: RSS feed - channel BNPaperBusiness | 12 Mar 2010 | 1:00 am

Plan to push financial reform bill forward could be giant step back

Sen. Christopher J. Dodd's vow to move ahead with a measure without Republican support could deal a devastating blow to Congress' efforts to pass a sweeping overhaul.

Congressional attempts to pass the most sweeping overhaul of financial regulations since the Great Depression suffered a potentially devastating blow Thursday as the lead senator working on the legislation vowed to move forward next week without Republican support.



Source: L.A. Times - Business | 12 Mar 2010 | 1:00 am

Stocks climb for 3rd day as financial shares rise

NEW YORK -- The stock market is up for a third day after a rally in financial shares helped offset concerns about rising inflation in China.
Source: RSS feed - channel BNPaperBusiness | 12 Mar 2010 | 1:00 am

China hits back at Obama on yuan

China has hit back at comments by US President Barack Obama that Beijing should change its currency strategy.
Source: BBC News | Business | World Edition | 12 Mar 2010 | 12:59 am

UPDATE 1-Japan's Willcom gets backing of state fund

* Softbank,Advantage to invest Y8 bln in next generation unit
Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 12:52 am

JPMorgan, Citigroup helped trigger Lehman collapse, report argues

The implosion of Lehman Brothers was in part triggered by excessive capital demands from JP Morgan Chase and Citigroup, official report finds.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 12 Mar 2010 | 12:47 am

Lehman bosses severely criticised

A report into the collapse of US bank Lehman Brothers criticises senior executives and auditor Ernst & Young for serious lapses.
Source: BBC News | Business | World Edition | 12 Mar 2010 | 12:42 am

Google welcome to expand its China market share -Minister

BEIJING, March 12 (Reuters) - Google , the world's largest search engine, is welcome to expand its market share in China, the country's Minister of Industry and Information Technology said on Friday.
Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 12:30 am

China may let yuan rise next month

China could allow its currency to begin appreciating against the U.S. dollar within the next month, as Beijing responds to growing pressure from Washington to allow its currency to trade more freely, according to analysts.



Source: MarketWatch.com - Top Stories | 12 Mar 2010 | 12:11 am

NZ market ends little changed again

The New Zealand sharemarket continued to reflect a patchy economy, ending today mixed on light volume.The Warehouse finished down 6c at 386, having risen to 402 after reporting a 17 per cent rise in half-year net profit to $57.4...
Source: nzherald.co.nz - Business | 12 Mar 2010 | 12:05 am

TABLE-Toell Co -9-mth group results

9 months ended 9 months ended Year to
Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 12:01 am

TABLE-Toell Co -2009/10 group forecast

CONSOLIDATED EARNINGS ESTIMATES (in billions of yen unless specified)
Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 12:00 am

Hyundai chairman's son gets seat on the board (AFP)

Chung Eui-Sun, the only son of Hyundai Motor chairman Chung Mong-Koo was on Friday appointed to the board of South Korea's top carmaker, fuelling speculation he is being groomed to succeed his 71-year-old father.(AFP/File/Jung Yeon-Je)AFP - The only son of Hyundai Motor chairman Chung Mong-Koo was Friday appointed to the board of South Korea's top carmaker, fuelling speculation he is being groomed to succeed his 71-year-old father.



Source: Yahoo! News: Business News | 12 Mar 2010 | 12:00 am

TABLE-Toell Co -2009/10 parent forecast

PARENT-ONLY EARNINGS ESTIMATES (in billions of yen unless specified)
Source: RSS feed - channel BNewsBusiness | 12 Mar 2010 | 12:00 am

UPDATE 1-Roche's Avastin prostate cancer study misses goal

* Some adverse effects seen, already noted in other trials * Avastin studies in other tumour types to continue (Adds details, background)
Source: RSS feed - channel BNewsBusiness | 11 Mar 2010 | 11:53 pm

Why BP is betting billions that God is Brazilian

President Lula declared "God is Brazilian," after the potential of Brazil's oil wealth began to emerge in 2007. BP agrees.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 11 Mar 2010 | 11:42 pm

Obama to tap Yellen for Fed vice chair: source

WASHINGTON (Reuters) - President Barack Obama plans to nominate San Francisco Federal Reserve Bank President Janet Yellen, a respected policy dove, to be vice chairman of the central bank, a source familiar with the process said on Thursday.



Source: Reuters: Business News | 11 Mar 2010 | 11:41 pm

NZ dollar drifts, ends around US70c level

The New Zealand dollar drifted lower for most of a quiet session but recovered to finish near where it started.The dollar was US69.98c at 5pm from US70.03c at 8am and US69.80c at 5pm yesterday. It had dropped to about US69.65c...
Source: nzherald.co.nz - Business | 11 Mar 2010 | 10:51 pm

Report: Obama to tap Yellen to be Fed vice chair (AP)

President Barack Obama speaks at the Export-Import Bank's Annual Conference in Washington, Thursday, March 11, 2010. (AP Photo/Charles Dharapak)AP - President Barack Obama is planning to nominate Janet Yellen, president of the Federal Reserve Bank of San Francisco, to take over as vice chairman of central bank in Washington, The Wall Street Journal reported.



Source: Yahoo! News: Business News | 11 Mar 2010 | 10:36 pm

Rising food prices may start with seeds

Farmers say consolidation in the industry means they're forced to buy more costly seeds. But Monsanto, the world's largest seed firm, says competition 'is alive and flourishing.'

For 40 years, farmer Todd Leake and his family have battled bitter cold, hungry pests and a short growing season to coax soybeans out of their fields in eastern North Dakota.



Source: L.A. Times - Business | 11 Mar 2010 | 10:14 pm

Asia Markets: China consumer stocks may be spared policy pain

With many classes of Chinese equities suffering from fears of likely policy tightening by Beijing, some analysts say consumer stocks could prove to be attractive alternatives.



Source: MarketWatch.com - Top Stories | 11 Mar 2010 | 10:09 pm

Strategic Finance goes into receivership

Perpetual Trust has announced it has put property financier Strategic Finance into receivership. The finance company that includes former All Black captain Jock Hobbs among its directors owes NZ$417 million to 13,000 investors. This...
Source: nzherald.co.nz - Business | 11 Mar 2010 | 10:06 pm

Now is a good time to buy stocks

Historically, on average there have been two particularly auspicious times to buy stock each year. Right now is one of those times, writes Kevin Marder.



Source: MarketWatch.com - Top Stories | 11 Mar 2010 | 10:01 pm

Jon Friedman's Media Web: Tom Hanks: Why did he merit Time's cover?

Jon Friedman thinks Time magazine made a bad call this week.



Source: MarketWatch.com - Top Stories | 11 Mar 2010 | 10:01 pm

Al Lewis: Looming collapse in Greece just a myth

With all this talk of Greece going to Hades it's time to brush up on Greek mythology, writes Al Lewis.



Source: MarketWatch.com - Top Stories | 11 Mar 2010 | 10:01 pm

Toyota discounts boost sales

DETROIT/WASHINGTON (Reuters) - Unprecedented discounts after a series of damaging recalls boosted Toyota Motor Corp's U.S. sales in early March, as U.S. regulators weighed new auto safety measures.



Source: Reuters: Business News | 11 Mar 2010 | 9:18 pm

Examiner sees accounting gimmicks in Lehman demise

NEW YORK (Reuters) - Lehman Brothers Holdings Inc used accounting gimmicks and had been insolvent for weeks before it filed for bankruptcy in September 2008, but there was not extensive wrongdoing, a court-appointed examiner has found.



Source: Reuters: Business News | 11 Mar 2010 | 8:11 pm

France and UK seek hedge fund deal

Gordon Brown and Nicolas Sarkozy are to try to hammer out a compromise deal over European Union reforms that the US and UK believe could damage the hedge fund and private equity industries
Source: Financial Times - US homepage | 11 Mar 2010 | 7:47 pm

U.S. "very close" to job growth: Summers

HOUSTON (Reuters) - White House economic adviser Larry Summers said on Thursday that the United States is "very close" to the point where job growth can begin. (Reporting by Chris Baltimore; editing by Carol Bishopric)



Source: Reuters: Business News | 11 Mar 2010 | 7:37 pm

Guest nights at record high in January

Overnight stays in commercial accommodation rose 4 per cent from a year earlier to a record high level in January, traditionally the peak month for guest nights, Statistics New Zealand (SNZ) says.The 4.4 million guest night were...
Source: nzherald.co.nz - Business | 11 Mar 2010 | 7:30 pm

Lehman report blames top executives

A one-year probe into the collapse of Lehman Brothers found ‘credible evidence’ that top executives, including the former chief Dick Fuld, approved misleading financial statements and used an ‘accounting gimmick’ to flatter results
Source: Financial Times - US homepage | 11 Mar 2010 | 7:26 pm

Summary Box: Regulators appeal on swaps (AP)

AP - WARNING ON DERIVATIVES: The head of the Securities and Exchange Commission is calling anew for Congress to impose new oversight on financial derivatives. Mary Schapiro warns that allowing risky instruments like credit default swaps to continue unfettered could bring further economic damage.
Source: Yahoo! News: Stock Markets News | 11 Mar 2010 | 7:09 pm

Summary Box: S&P 500 index closes at 17-month high (AP)

AP - JUST BY A HAIR: The Standard & Poor's 500 index inched just above its recent peak in January to set a new 17-month high. The achievement is a welcome sign for traders who were concerned the market would stall around the January levels.
Source: Yahoo! News: Stock Markets News | 11 Mar 2010 | 7:04 pm

Inside Money: Big money on the mend

Good news was released this week , we, the taxpayers, creamed almost $300 million out of financial institutions during the recently-forgotten global
Source: nzherald.co.nz - Business | 11 Mar 2010 | 7:00 pm

Twitter unveils new location tool

SAN FRANCISCO - Twitter can now let the world automatically know your whereabouts as well as your thoughts and activities.A new feature unveiled overnight gives Twitter users the option of including their location with the assorted...
Source: nzherald.co.nz - Business | 11 Mar 2010 | 6:54 pm

SEC head urges Congress to act on derivatives (AP)

FILE - In this June 22, 2009 file photo, U.S. Commodity Futures Trading Commission Chairman Gary Gensler testifies on Capitol Hill in Washington, before the Senate Banking Committee. Gensler criticized Wall Street's stance on proposed new oversight for the shadowy $600 trillion derivatives market Thursday, March 11, 2010. Derivatives have been blamed for hastening the 2008 financial crisis.(AP Photo/Susan Walsh, file)AP - The government's top securities regulator called Thursday for Congress to impose new oversight on financial derivatives, warning that allowing risky instruments like credit default swaps to continue unfettered could bring further economic damage.



Source: Yahoo! News: Stock Markets News | 11 Mar 2010 | 6:31 pm

House prices steady in February, sales recover

House prices are staying steady across New Zealand, says latest figures from the Real Estate Institute. Sales numbers during February recovered from their lowest level in nearly two decades, but the national median price stayed...
Source: nzherald.co.nz - Business | 11 Mar 2010 | 6:00 pm

State bank will allow pension funds to finance motorways

Civil servants are scrambling to put together proposals that will allow Britain’s pension funds to bankroll the building of motorways and power stations through a special state-controlled bank.


Source: Latest Business News from Times Online | 11 Mar 2010 | 5:51 pm

Swiss theft puts HSBC in spotlight over tax evasion

The theft of information about thousands of HSBC Private Bank customers and their accounts from a branch in Switzerland could put the bank into legal conflict with authorities pursuing tax evaders around the world.


Source: Latest Business News from Times Online | 11 Mar 2010 | 5:50 pm

Greece, Sovereign Debt, Oil Refineries: Taking Stock


Source: Bloomberg - All Podcasts | 11 Mar 2010 | 5:48 pm

Write-Offs: 03.11.10

$$$ AIG Workers Will Give Up $45 Million to Uncle Sam [WSJ]

$$$ Goldman’s Biggest Hedgie Departs [Barron's]

$$$ Warren Buffett and Lehman ‘Never Got Close‘ to Deal [CNBC]

$$$ Pandit: Citigroup Sees Return to Sustained Profitability [Reuters]

$$$ “The Eller College of Management is more stressful than the United States Marine Corps,” Finelli said. “The workload is enormous. Take away the possibility of getting killed or maimed, and the Eller school is more difficult than the Marines.” [Wildcat]

$$$ 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.

$$$ Wilton fund managers accused of misuse of investors money [CTNews]



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Warren Buffett - Eller College of Management - United States Marine Corps - CNBC - Citigroup
Source: Dealbreaker | 11 Mar 2010 | 5:45 pm

Antofagasta Raised to `Hold' at Deutsche Bank: Audio


Source: Bloomberg - All Podcasts | 11 Mar 2010 | 5:44 pm

ETF Securities Raises Commodity Focused ETFs: Audio


Source: Bloomberg - All Podcasts | 11 Mar 2010 | 5:42 pm

Stephen Roach: Surveillance With Prewitt and Keene


Source: Bloomberg - All Podcasts | 11 Mar 2010 | 5:38 pm

Wachovia's Silvia: Surveillance With Prewitt and Keene


Source: Bloomberg - All Podcasts | 11 Mar 2010 | 5:38 pm

IBM's Steven Mills: Surveillance With Prewitt and Keene


Source: Bloomberg - All Podcasts | 11 Mar 2010 | 5:37 pm

Daniel Clifton: Surveillance With Prewitt and Keene


Source: Bloomberg - All Podcasts | 11 Mar 2010 | 5:35 pm

Christopher Whalen: Surveillance With Prewitt and Keene


Source: Bloomberg - All Podcasts | 11 Mar 2010 | 5:34 pm

Jonathan Cole: Bloomberg On the Economy With Tom Keene


Source: Bloomberg - All Podcasts | 11 Mar 2010 | 5:31 pm

Buzz Aldrin outlines 2010 missions

The second man to walk on the moon has two new missions for 2010: convincing United States President Barack Obama to say "yes we can" to a programme aimed at manned flights to Mars, and out-dancing some fellow American celebrities.Buzz...
Source: nzherald.co.nz - Business | 11 Mar 2010 | 5:13 pm

NZ retail sales up a notch in January

Seasonally adjusted total retail sales rose 0.8 per cent or $42 million in January, pulled ahead by sales of automotive fuel and of vehicles.Publishing the data today, Statistics New Zealand (SNZ) said fuel sales gained 2.8 per...
Source: nzherald.co.nz - Business | 11 Mar 2010 | 5:07 pm

New York ties with London for finance crown

London has lost its crown as the pre-eminent home of banking and finance, as it tied for the first time with New York in the latest ranking of financial centres
Source: Financial Times - US homepage | 11 Mar 2010 | 5:03 pm

Warning on public sector pensions

The amount of money paid as public sector pensions could more than triple in the next 50 years, says the National Audit Office.
Source: BBC News | Business | World Edition | 11 Mar 2010 | 5:03 pm

New York banking gains on London

New York and London have been ranked as the joint-top global financial centres according to new research.
Source: BBC News | Business | World Edition | 11 Mar 2010 | 5:01 pm

Fast-speed trains are a chance to revive our stations

The railway had no precedent. Its arrival caused a mixture of mania and dismay. George Godwin, the Victorian architectural reformer, spoke of its “intrinsic goodness”, while Ruskin despaired because it destroyed nature. And a new building type was introduced: the station. At first they did not even have a name for it. The original was the Liverpool Railway Office.
Source: Latest Business News from Times Online | 11 Mar 2010 | 5:01 pm

BP may have a fight to keep $7bn deal on tap$

BP was last night preparing for a possible legal battle over a giant oilfield in the Caspian Sea as it announced a $7 billion ($£4.6 billion) deal designed to bolster its position in three of the world’s most promising oil provinces.


Source: Latest Business News from Times Online | 11 Mar 2010 | 5:01 pm

John Lewis bonus greeted with cheers

Staff at John Lewis’s flagship Oxford Street store cheered yesterday morning as they learnt the size of the bonus they and their colleagues have been awarded.


Source: Latest Business News from Times Online | 11 Mar 2010 | 5:01 pm

Business big shot: Mary Turner, AlertMe

Age: 50


Source: Latest Business News from Times Online | 11 Mar 2010 | 5:01 pm

How a taste of the unexpected pays off

Wm Morrison and Waitrose are embarking on journeys from opposite extremes of the retail spectrum to capture customers outside their core markets. And yesterday, Britain’s fastest-growing supermarkets reported soaring annual profits.


Source: Latest Business News from Times Online | 11 Mar 2010 | 5:01 pm

Pall fiscal 2Q profit falls short of expectations (AP)

AP - Pall Corp. on Thursday posted a 28 percent rise in its fiscal second-quarter profit, but still fell short of Wall Street estimates.
Source: Yahoo! News: Business News | 11 Mar 2010 | 4:51 pm

Fighting poverty

How Malawi hopes social enterprise will help
Source: BBC News | Business | World Edition | 11 Mar 2010 | 4:50 pm

SEC head prods Congress on derivatives rules (Reuters)

Reuters - The top U.S. securities regulator said market watchdogs need to supervise credit default swaps, securities blamed for exacerbating 2008's market meltdown and more recently the Greek debt crisis.
Source: Yahoo! News: Stock Markets News | 11 Mar 2010 | 4:46 pm

Some nurses make more than doctors

Despite the growing shortage of family doctors in the United States, medical centers last year offered higher salaries and incentives to specialist nurses than to primary care doctors, according to an annual survey of physicians' salaries.
Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 4:43 pm

Craft beers gain ground on Bud

Turns out booze isn't recession-proof.
Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 4:42 pm

GM dealer: 'I don't know what to expect'

The 661 axed auto dealers General Motors is offering to reinstate aren't ready to pop the champagne just yet. They're still waiting to find out about the terms they'll have to meet to regain their franchises.
Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 4:40 pm

Toxic Assets: Infrequently Asked Questions

foreclosure

Homestead, Fla. March, 2009. (J Pat Carter/AP)

By Jacob Goldstein

Planet Money, as you may have heard, bought a toxic asset. Besides serving as our team mascot, the asset -- a tiny sliver of a bond backed by home mortgages -- will give us an up-close look at what's happening with the bonds that fueled the housing boom, then fell apart in the bust. Here's a quick overview of the toxic-asset universe:

What are toxic assets?

"Toxic asset" is a loose term. But it often refers to bonds that were sold during the boom and were based, directly or indirectly, on home mortgages. In particular, it refers to bonds based on mortgages that didn't meet the criteria required by Fannie Mae and Freddie Mac, government-sponsored entities that guarantee lots of mortgages. If you want to sound fancy, you can call these bonds private-label RMBS (residential mortgage-backed securities).

Why are they toxic?

The bonds were sliced into different pieces, and many of the pieces were given high ratings by agencies such as Standard & Poor's and Moody's. This suggested they were safe investments. But once housing prices started to fall, it became clear that more people than expected wouldn't be able to pay their mortgages, and the bonds didn't seem so safe anymore. The ratings agencies began to downgrade many of the bonds, and their value fell. Nobody wanted to buy the things. Companies that owned them had to either sell them at a huge loss, or write down the bonds' value on their balance sheet.

What's happened to them since the crisis hit?

New issues of these bonds fell precipitously in mid-2007, and haven't really come back, Jerome Fons, a consultant who used to work at Moody's, told me. But the ratings agencies have continued to downgrade the bonds packaged and sold during the boom. In a report last month, S&P said it had downgraded 67% of U.S. RMBS issued between 2005 and 2007.

How liquid are toxic assets?

There was never much of a secondary market for these bonds, Fons said -- most people who bought them held onto them. Still, there is some trading. About $500 million of private-label RMBS trade in a typical day, according to the guys at Mission Peak Capital who helped Planet Money buy a toxic asset. That number may sound big, but there are about $4 trillion of these bonds outstanding. So only about $12 out of every $100,000 trades in a given day. By comparison, daily trading in a big company such as IBM amounts to about $500 for every $100,000 in stock, the Mission Peak crew said.

What does the future hold?

"At this point, given where most of the ratings are, we don't anticipate the types of severe rating changes that occurred in the recent past," an S&P spokesman told me in an email. "That said, we continue to observe deterioration in the performance of RMBS bonds across the board and continue to monitor our ratings."

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Source: NPR Blogs: Planet Money | 11 Mar 2010 | 4:40 pm

How the major stock indexes fared on Thursday (AP)

AP - A rally in financial stocks Thursday helped the market extend its grind higher to a third day.
Source: Yahoo! News: Stock Markets News | 11 Mar 2010 | 4:18 pm

Goldman star Pierre-Henri Flamand leaves to set up own fund

In a move that could see an exodus of its best proprietary trading talent, Goldman Sachs' top money maker has left the group to set up his own hedge fund in Geneva.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 11 Mar 2010 | 4:17 pm

Stocks climb for 3rd day as financial shares rise (AP)

In this March 8, 2010 photo, a sign for Wall Street is shown near the New York Stock Exchange. Stock futures fell slightly after the Labor Department said first-time claims for jobless benefits fell slightly less than expected.(AP Photo/Mark Lennihan)AP - A rally in financial stocks Thursday helped the market extend its grind higher to a third day.



Source: Yahoo! News: Stock Markets News | 11 Mar 2010 | 4:02 pm

Was It Dick Fuld’s Stupidity Or Flair For Fraud That ‘Cause Lehman To Bite The Big One?

According to the examiner’s report, a little bit of both. (Since Anton Valukas apparently has no interest in telling both sides of the story, it falls on us to remind you that Dick has his own theory for why LEH went under: the adoption of Casual Friday).

Fuld was warned months before the bankruptcy by Treasury Secretary Henry Paulson that Lehman might fail if it continued to report losses without finding a buyer or putting in place a survival plan, according to the report.

Lehman’s chief was “at least grossly negligent in causing Lehman to file misleading periodic reports” while its risks were rising because of long-term assets financed with short-term debt, Valukas said in the report.

Lehman’s executives engaged in conduct ranging from “non- culpable errors of business judgment” to “actionable balance sheet manipulation,” as they used “accounting gimmicks” to move assets off the balance sheet without disclosing that to the government, rating agencies, investors or Lehman’s board.

Also supposedly not helping matters was Pandit. That damn Pandit. And Jamie Dimon but he gets a pass because he can do whatever he wants.

“The demands for collateral by Lehman’s lenders had direct impact on Lehman’s liquidity pool,” said Anton Valukas, the U.S. Trustee-appointed examiner, in a 2,200-page report filed in Manhattan federal court. “Lehman’s available liquidity is central to the question of why Lehman failed.”

JPMorgan, Citigroup Helped Cause Lehman’s Collapse [Bloomberg]
Lehman Report [Jenner And Block]



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Manhattan - Lehman Brothers - United States - Jamie Dimon - Bankruptcy
Source: Dealbreaker | 11 Mar 2010 | 4:00 pm

Warehouse profits up 17pc to $57.4m

The Warehouse lifted half year net profit 17.3 per cent to $57.4 million as a recovery in overall retail spending remains "patchy".Revenue for the period from August 3 to January 31 slipped 0.5 per cent from the comparable period...
Source: nzherald.co.nz - Business | 11 Mar 2010 | 4:00 pm

Bank reform talks fail, Dodd to go solo

WASHINGTON (Reuters) - Chances of a broad overhaul of U.S. financial regulation dimmed on Thursday after bipartisan Senate talks collapsed, jeopardizing a top Obama administration priority and boosting bank share prices.



Source: Reuters: Business News | 11 Mar 2010 | 3:51 pm

Farewell, chicken catcher: 11 odd budget cuts

A Nevada town scrapped free coffee for seniors and Utah may make 12th grade optional. How cash-strapped cities are making do.
Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 3:44 pm

Natural gas retreats on US stockpile data

Trading in commodity markets appeared unusually subdued on Thursday as price volatility dropped amid concerns that China might have to tighten monetary policy to prevent its economy from overheating. ...
Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 3:43 pm

Exxon banks on pricey oil projects

Exxon Mobil outlined plans Thursday that rely heavily on oil from tough to reach places, extracting it from the depths of the ocean, the frozen Arctic and the tar sands in Canada's frozen tundra.
Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 3:31 pm

Markets mixed on China monetary jitters

22:15 GMT: Though China believes that inflation will be a "big problem" this year, according to the country's minister of commerce on Thursday, global markets were not so sure. Monetary tightening...
Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 3:28 pm

A look at global economic developments (AP)

AP - A look at economic developments and activity in major stock markets around the world Thursday:
Source: Yahoo! News: Stock Markets News | 11 Mar 2010 | 3:21 pm

Running The Planet

By Amy Stevens

After Planet Money burst upon the scene and proceeded to win nearly every major award in broadcasting, NPR figured this wildly successful team of brilliant reporters could use some.... supervision.

Really?

But I wasn't one to argue. Here was an opportunity to work at one of America's premier news organizations, with some of the finest journalists around. Plus, my job description would be running the planet. Or, more precisely, helping this multimedia project expand its reach. Building up the blog so we can deliver stories to readers that are as compelling as the ones we produce for listeners. Making sure the podcast and radio pieces for Morning Edition and All Things Considered keep getting better.

I'm an expat from print, having spent four-fifths of my career at the Wall Street Journal (the actual numerator is 16 -- I'm proud of that, but we try to avoid scary numbers around here).

At the the Journal I learned that it's impossible to understand the world without examining the role of business and economics. I started as a legal reporter, since I'd gone to law school before that, and went on to become deputy editor of Page One and editor of Weekend Journal. I left the Journal to become a deputy editor of Conde Nast Portfolio.

Since joining Planet Money in December, I've learned that editing stories for broadcast and podcast-especially the kind of narrative mini-documentaries that Planet Money has perfected - can be a lot like editing the best business stories I've worked on in print, which bring a sense of suspense, discovery and joy to the densest of subjects. Only now I need headphones.

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Source: NPR Blogs: Planet Money | 11 Mar 2010 | 3:18 pm

Strong growth outlook lifts Swiss franc

The Swiss franc rose to its highest level for a year against the euro on Thursday as the Swiss National Bank raised its growth forecast. The SNB, as expected, left interest rates at 0.25 per cent...
Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 3:16 pm

Tomato famine hits fast food

Fast food joints are scrambling to find alternate sources for one of America's favorite sandwich toppings after a winter freeze took a huge bite out of Florida's tomato harvest.
Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 3:12 pm

'No giveaway Budget' says UK

Chancellor Alistair Darling warns people not to expect a "giveaway" when he unveils his Budget later this month.
Source: BBC News | Business | World Edition | 11 Mar 2010 | 3:05 pm

Bratz doll maker considers public stock offering

The CEO of Van Nuys' MGA Entertainment says such a move will happen 'eventually.' One analyst believes investors will be interested. ...
Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 2:55 pm

Citigroup sees return to sustained profitability

NEW YORK (Reuters) - Citigroup Inc Chief Executive Vikram Pandit told investors on Thursday the bank is on track to return to sustained profitability and losses from some of its worst assets should be manageable if the economy does not deteriorate.



Source: Reuters: Business News | 11 Mar 2010 | 2:37 pm

Movie "Avatar" has few fans among mining execs

NEW YORK (Reuters) - It's enough to make a mining executive grit his teeth or his kids to give him the silent treatment.



Source: Reuters: Business News | 11 Mar 2010 | 2:36 pm

Hunker down for rising interest rates

Question: I'm 65, retired and have about 50% of my portfolio in a bond index fund. I'm thinking of switching to a short-term bond fund. Do you think that's a good idea? --Judy, Flowery Branch, Georgia
Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 2:31 pm

US takeover defences come tumbling down

Pressure from US corporate governance activists is forcing companies to dismantle poison pill measures designed to protect them from unwanted takeover attention
Source: Financial Times - US homepage | 11 Mar 2010 | 2:28 pm

Government may seek more authority on vehicle safety

WASHINGTON -- Government vehicle safety regulators may seek greater authority to investigate defects in cars and trucks following Toyota's recall of more than 8 million vehicles for safety problems.
Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 2:24 pm

Corker: 'The Big Piece That Was Not Going To Be Ready Was Derivatives'

By Jacob Goldstein

Derivatives reform doesn't get as much news play as other pieces of the financial-reform debate (I'm looking at you, CFPA). Maybe it should.

"The big piece that was not going to be ready was derivatives," Bob Corker said today, after Chris Dodd said he'd introduce a Senate bill without any Republican support.

And Brad Miller, a Dem who voted for the finance bill the House passed in December, told Planet Money's Alex Blumberg that the section on derivatives was "the part of the House bill that was weakest."

A type of derivative called a credit-default swap played a key role in the financial crisis. Like many other derivatives, credit-default swaps are traded over the counter -- there's no public exchange, no central clearinghouse, so it's hard to know what's going on in the market.

Democrats and Republicans agree more derivatives should be traded on public markets. But they disagree over some details, including what exclusions and exceptions businesses should get.

The Chamber of Commerce and other business groups have argued that certain businesses that use derivatives to protect themselves against risk, not to speculate on the markets, should be exempt from some new rules. But a key regulator reportedly said today that Wall Street is trying to get in on the exclusions as well, which could exempt a big chunk of the derivatives market from going through a central clearinghouse.

Corker said today that the debate over those exclusions was the key issue dividing Democrats and Republicans on regulation of derivatives.

Miller, for his part, explained why he thought the House bill did not include stronger derivatives regulation:

It's hard to go home to your districts and say, "I really think major swap participants should have to buy and sell derivatives on an exchange, not over the counter.' I haven't tried saying that to an audience in my district, but I'm sure if I did I would I would not see heads nodding ... I would just see very puzzled looks. So the only people who really understood it were against it. ... It was an issue that folks back home just were not going to have their minds around, unlike consumer protection.

On tomorrow's podcast, we'll have more from Alex's conversation with Miller, as well as his interview with Republican John Campbell, who voted against the House bill.

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Source: NPR Blogs: Planet Money | 11 Mar 2010 | 2:20 pm

Vikram Pandit To Remain Safely Ensconced In Hallowed Halls Of Citi

Watch the latest business video at video.foxbusiness.com
According to Charlie Gasparino, whose sources tell him VP’s job is safe, whether or not the bank starts earning $20 billion a year (as has been predicted by Count Vik). This is phenomenal news for us Vikula fans, and will no doubt thrill the CEO, who said just this morning that he’s trying his hardest to save the place, lest he come back in the next life as one of Meredith Whitney’s nipple clamps.

Pandit To Remain At Citi [FBN]
Vikram Pandit Is Doing Krishna’s Work [DI]



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Business - Citigroup - Charlie Gasparino - Fox Business Network - Financial Services
Source: Dealbreaker | 11 Mar 2010 | 1:52 pm

Google faces potential AdMob antitrust test

Google’s $750m acquisition of mobile advertising company AdMob faces a potential challenge by regulators concerned about the search company’s expanding reach
Source: Financial Times - US homepage | 11 Mar 2010 | 1:31 pm

Data theft hits 24,000 HSBC clients

An ex-employee of HSBC stole the details of 24,000 clients from a branch in Switzerland, in a hugely embarrassing theft of data for which the bank apologised unreservedly
Source: Financial Times - US homepage | 11 Mar 2010 | 1:25 pm

Trying to flunk banks out of college

President Obama has been waging a war with banks over who gets to dole out cheap student loans backed by the federal government.
Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 1:24 pm

Trust science on climate change

Those beating the global warming drum have sure taken a few lumps lately.
Source: Business and financial news - CNNMoney.com | 11 Mar 2010 | 1:08 pm

Lenny Dykstra May Be In A Little Bit Of Trouble

Now, before you get huffy and think: 'Big time baseball player touching boobs he's not supposed to,' just take a breather.

It’s not money trouble, so that’s a good thing but it is sexual harassment-type trouble, which is unfortunate, especially given Nails’ declaration earlier this week that he’s ready to “once again claim his role as a productive member of society.” In fairness to LD, the incident in question took place last May, which was before he decided to stop shitting on the floor. It’s also before he was thrown out of his house, so reading through the suit by Jacqueline Massaro, Dykstra’s former “Estate Manager/Personal Assistant,” has got to hurt (memories, whatnot).

A few days after getting the job, Massaro–who lived in San Diego–was summoned one night by Dykstra to drive three hours to his home. When Massaro arrived around midnight, Dykstra was not home, according to her February 19 complaint, a copy of which you’ll find below. When he got there, Dykstra, 47, yelled at her to get to work. Since it was nearly 1 AM, Massaro asked, “what he could possibly want her to do.” Dykstra, who played 12 Major League seasons and won a World Series championship with the New York Mets, then told Massaro to get the “fuck out of my house, it’s not going to work out, just leave.” Massaro contends that when she went to her room to pack for the return trip to San Diego, Dykstra came into the room and said, “So, you have nowhere to go, give me a blow job and you can stay the night.” Massaro claims that after she complained of being disrespected, Dykstra proceeded to put his hands on her breasts “while trying to push her onto the bed.” Massaro said that she screamed, escaped Dykstra’s clutch, and ran out of the house and drove away.

This is the second time (that we know of) that LD has been accused of touching someone he wasn’t supposed to. The last was the 17 year-old at the car wash. Most likely some stewardesses, too, but they haven’t said anything. Nails’ legal team has yet to respond to the charges though this incident, like Dykstra’s loss of $38 million and his house, will presumably be blamed on JPMorgan.

Update: I’m in no way making excuses for the guy, but if the allegations are true, it should be noted that they took place when he was going through a super tough time. His Gulfstream II had recently been impounded.

Lenny Dykstra, Head Case [TSG]



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San Diego - New York Mets - World Series - Baseball - Lenny Dykstra
Source: Dealbreaker | 11 Mar 2010 | 1:00 pm

Presented By:


Source: Dealbreaker | 11 Mar 2010 | 1:00 pm

India’s ONGC and Russia in energy pact talks

India’s Oil and Natural Gas Corp is in talks with Gazprom and Rosneft over taking equity stakes in oil and gas projects to help cement an energy partnership
Source: Financial Times - US homepage | 11 Mar 2010 | 12:48 pm

Dodd to revise regulatory reform bill

Chris Dodd, the Senate banking committee chairman, said that he would introduce a financial regulatory reform bill next week in a substantial move forward for one of President Barack Obama’s legislative priorities.
Source: Financial Times - US homepage | 11 Mar 2010 | 12:46 pm

Philips slides amid talk of Hologic bid

A late rumour linking Philips with a US purchase sent the Dutch conglomerate's shares lower. The talk suggested the group, known for making items from shavers to beauty products, might seek to...
Source: RSS feed - channel BNPaperBusiness | 11 Mar 2010 | 12:39 pm

'No decision yet' on BA strikes

The union representing BA cabin crew says there will be no immediate announcement about strike dates.
Source: BBC News | Business | World Edition | 11 Mar 2010 | 12:23 pm

A Sweet take on video game scores

Berklee College of Music's Michael Sweet talks with Kai Rysddal about creating scores for video games and how the market for composers is changing.
Source: Marketplace | 11 Mar 2010 | 12:03 pm

Social Security in trouble over long lives

The federal budget deficit for the month of February was almost $221 billion. There are wars to pay for and bailouts, but commentator Todd Buchholz says we ought to be paying attention to Social Security too.
Source: Marketplace | 11 Mar 2010 | 12:03 pm

A lack of plus-size professional clothing

Fashion magazines like Marie Claire and Glamour are hiring plus-size columnists and putting models who break the stick-figure mold on their covers in bathing suits. But professional women say they've been left behind. Sally Herships reports.
Source: Marketplace | 11 Mar 2010 | 12:03 pm

New tarmac rule may cost passengers

A new rule from the Department of Transportation that goes into effect next month would slap airlines with huge fines if they keep passengers on the tarmac for more than three hours without giving them a chance to get off. Stacey Vanek-Smith reports.
Source: Marketplace | 11 Mar 2010 | 12:03 pm

Is Carlos Slim good for Mexico?

Forbes Magazine has named Mexican businessman Carlos Slim the world's richest man, worth some $53 billion. It's the first time in almost two decades a billionaire outside the U.S. has topped the list. Jeff Tyler reports.
Source: Marketplace | 11 Mar 2010 | 12:02 pm

A conflict with Obama's trade pledge

President Obama has promised to double our exports through tough enforcement of trade agreements, and is calling for a new agency to help sell more goods and services overseas. John Dimsdale reports that may undermine his goal of cutting greenhouse gas pollution.
Source: Marketplace | 11 Mar 2010 | 12:02 pm

What's next after K.C. school closures?

Faced with a deficit and troubled school system, Kansas City's Board of Education voted to close 28 out of 61 schools. Barbara Shelley, columnist for the Kansas City Star, talks with Kai Ryssdal about what led to the decision and its impact.
Source: Marketplace | 11 Mar 2010 | 12:02 pm

Appetite for reform fading: NYSE Euronext CEO (Reuters)

Reuters - The appetite and sense of urgency for world financial reform have waned as markets have rebounded and the world economy has shown signs of recovering, the head of exchange operator NYSE Euronext said on Thursday.
Source: Yahoo! News: Stock Markets News | 11 Mar 2010 | 11:27 am

Let It Be Known, The CFA Will Not Have Its Name Tainted By Images Of Taints

I see your precious 3 letters and raise you 3 of my own: S a D

For those of you currently debating whether or not obtaining a CFA charter is worth flushing several years of your life down the toilet, I’d like you to consider one thing. When and if you finally do pass that third exam do you want the institute to own your ass? Budding pornographers, erotic novelists and really anyone with a taste for the finer things in life should think long and hard. Nickolas Keith Gustafsson (pictured) knows what we’re talking about. From the March/April CFA Magazine/Journal of Shame:



Since I’m always working for you, and realize that there are a sizable handful among us wondering right this second what they should be scrubbing from their own websites, I decided to check out NKG’s den of sin. Unfortunately it looks like he’s already pulled down all the images in question, which doesn’t help us. He did, however, save a list of his “Reality Thrillers” (GlamourSex, NoLimit, ANИA, InternetWar, PointRouge, NewYuppie!, Strong Attachment with Sexual Attraction, disruption @ 3G, LawMaker, PeaceMaker, euro @ RISK) and this bio:

Keith Nicklas Gustafsson MSc, CFA has a broad, international experience with an MSc in Industrial Engineering & Management as the base with a specialization in Industrial business-to-business marking from Chalmers University of Technology with part of the studies at University of California at Berkeley. He holds the Chartered Financial Analyst (CFA) designation and he has been active in industry and finance around the world. Past assignments include JDSU Photonic Power Systems in Palo Alto, Cellulose Marketing International in Westport, Ericsson and PricewaterhouseCoopers in Stockholm, Banc Boston Robertson Stephens and Mitsubishi Trust in London as well as Fortis Investments in Brussels/Paris. His experience ranges from global strategic marketing, industry analysis, strategic intellectual property management for 3G, industrial investment management, technology investment research and venture capital financed entrepreneurship, which has formed the basis for his Intellectual Capital. He has received support from celebrities all around the world to create the Reality Thrillers, ranging all the way from Madonna, Sharon Stone, Traci Lords, Britney Spears, The Sisters of Mercy, KISS, Depeche Mode, Nickelback, Kate Moss, Kim Wilde, Kate Bush to Condolezza Rice and Fist Lady Michelle Obama. Keith Nicklas Gusafsson has lived in Slottsbron, Göteborg, Stockholm, Palo Alto, Freiburg, Westport, Berkeley, Paris, Nice and Berlin as well as been a frequent visitor to Brussels. He has attended the World Economic Forum in Davos and is registered as an “important person” with the Prime Minister of Japan.



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Chartered Financial Analyst - Education - Products and Services - Test Preparation - Finance
Source: Dealbreaker | 11 Mar 2010 | 11:15 am

Book Review: “A Good Talk: The Story and Skill of Conversation”

A stranger in an airplane sparked a conversation with me the other day. Rather than the usual awkward seatmate dialogue, we ended up having a good conversation.

He told me about his time in Iraq and playing craps in Vegas. I told him about my visit to Laos, where he would be stationed next. Although our half-hour exchange may have felt like little more than a way to pass time, we were actually discovering connections, establishing common ground, and taking on roles.

I didn’t realize this until about a week later, when I read A Good Talk: The Story and Skill of Conversation, former New Yorker editor Daniel Menaker’s latest book. In his seven-chapter discourse on conversation, Menaker explains the evolution, mechanics, and benefits of human conversation. His entertaining new read offers a fresh perspective on how and why conversations play significant roles in our lives.

Inside the Book

Menaker has a tendency to elaborate and digress. He shows this habit right from the beginning, with 22 pages of opening remarks.

In his wordy, amusing style, he speculates on the origin and evolution of conversation. He makes points about the essence of conversation by referring to various social science studies. You leave those opening remarks with a clearer sense of why conversation is hard to study, what makes it unique, and where it probably came from. You also feel like Menaker has talked to you, a theme that continues throughout the book.

Next, Menaker explores the history of conversation, from Socrates to talk shows. He goes on to break down the components of a conversation, using a long transcribed conversation between himself and an acquaintance as a case study.

Through Menaker’s long, bantering example, you learn about the structure of conversation. For example, most conversations come in five parts: Survey, Discovery, Risks, Roles, and the ending of the talk. Menaker describes each. You also learn different approaches to take while engaging in one. This is one of the more instructive parts of the book, but it’s embedded in a whole bunch of, well, talk.

In the fifth chapter of the book, Menaker answers some frequently asked questions on conversation. How do address boredom? What about people who suddenly insult you? What about email manners? There are some useful tips here. Chapter 6 describes the three qualities any good conversationalists must possess: Curiosity, humor, and impudence. You learn not only what they are, but how to use them.

The final chapter of the book describes how conversation benefits people emotionally and physically (oxytocin has a role here). Menaker also reflects on conversation’s political and social roles, concluding with insights on how conversations can change our lives.

My Thoughts

Because I’m reviewing this book from a business angle, let me issue a qualifier. It’s not for everyone. As a New Yorker fan, writer, and admirer of the craft of writing, I probably land on the bull’s eye of this book’s target audience. When I read Menaker’s digressions, I was also taking note of his often boundary-pushing writing style. I enjoyed his use of big words. As for his references to New York’s literary elite, I thought: I should learn who these people are.

If I’d been looking for cut-and-dried advice on how to be good at conversation, and I didn’t happen to be a literary wonk, this book would have annoyed me. But if you can relate to me, do bring A Good Talk on your vacation or on the plane. The writing flows, engages, and inspires. It made me more interested in any conversation, and made me want to have more good ones.

In a sense, the book is written like a conversation: You have to sift through the chatter to see the glint of gems. This was especially apparent in Chapters 3 and 4, which covered a painfully long conversation as a case study. I would have preferred that Menaker chunked out the conversation into short bits, then defined his points after each excerpt.

Still, if you aren’t turned off by written rambling, Menaker does offer a truly fresh perspective on conversations. His book helped me appreciate conversations as a form, not just a necessity.

I’ll conclude by saying that if you want straightforward tips, this isn’t your tome. But if you like good writing, fresh perspectives, and the New Yorker for that matter, pick this book up.

Disclosure: We received a free copy of this book.



Source: Business Pundit | 11 Mar 2010 | 10:55 am

Push for clearing houses fails to move oil traders

Appetite for risk points to oil traders’ renewed faith in the strength of their trading counterparties
Source: Financial Times - US homepage | 11 Mar 2010 | 10:35 am

If Someone Asked Harry Markopolos To Chair The SEC, Yeah, He’d Take The Job


Marko believes he’s right for the gig because he “knows where the skeletons are buried on Wall Street.” David Weidner thinks he’s wrong for it because he’s “self-righteous,” “a little bit crazy,” and had the stones to say Tom Hanks, Matt Damon or Nicholas Cage should play him in a movie. These were securities law professor John “McEnroe” Coffee’s two cents: “He is what the commission needs only if the commission needs an emotionally unstable idiot savant. You cannot be serious.”



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Tom Hanks - Matt Damon - Wall Street - Nicolas Cage - Nicholas Cage
Source: Dealbreaker | 11 Mar 2010 | 10:20 am

The Below Average CEO: Olli-Pekka Kallasvuo Of Nokia (NOK)

Average: “an estimation of or approximation to an arithmetic mean”–Webster Among the public companies in the handset business which trade on US exchanges, Nokia  (NOK) has performed the most poorly over the last year. The firm’s shares are up a little over 30% while the DJIA is higher by 50%. Apple (AAPL), RIM (RIMM), and Motorola (MOT) have [...]

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Source: 24/7 Wall St. | 11 Mar 2010 | 9:49 am

Bank of America Apologizes for Seizing Parrot

Bank of America recently experienced a home seizure FAIL. The bank ransacked a woman’s home, padlocked her doors shut, and seized her parrot–by accident. The bank accidentally foreclosed on her home, even though her mortgage payments were up to date. She is rightfully suing them. ABCNews has the story:

Angela Iannelli returned home one day in October to find her house ransacked, doors padlocked and pet parrot Luke gone. But it wasn’t a burglar. It was Bank of America. The bank had repossessed her home even though the mortgage was up to date.

Iannelli, 46, is suing the bank, noting in court papers the serious destruction done to her house, including “cutting various water lines and electric wiring, damaging plaintiff’s furnishings and carpets.” Iannelli, who eventually recovered Luke, said it took her six weeks to get the bank to clean up the house she has owned for 20 years. Bank of America apologized, saying: “We will move quickly to review the allegations … and consider any hardship that resulted.”

As the number of foreclosures increases across the country, experts say, so do mistakes, such as mixing up names and addresses as they are passed from department to department.

“Bankster” is pretty cliched by now, but this story fits the term like a glove.



Source: Business Pundit | 11 Mar 2010 | 9:44 am

Princeton’s Budding Bankers Claim To Not Be Going Into Finance For The Money

The Daily Princetonian is running a very exciting 3-part series on “careers in investment banking and consulting.” The first article ran earlier this week. The topic was bull shit. Specifically the bull shit lies college students tell to make them feel better about their life choices.

Such as:

“Money is an attractive factor, but it’s not the real reason people go into an investment bank,” said Rebecca Yu ’11, a physics concentrator who applied for an internship at Goldman Sachs this summer. “I think — at least, I hope — that people do it because they’re genuinely interested in [investment banking].”


And:

“I mean, sure, if some people do it [for the chedder], fine — but that’s definitely not why I’m doing it,” Timothy Koby ’11 explained.

Also good:

Operations research and financial engineering professor Alain Kornhauser said the students he has known who entered these fields are generally genuinely interested in investment banking. “Who’s doing it just for the money?” he said. “To be perfectly frank, there aren’t that many that I have known.”



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Goldman Sachs - Investment Banks - Bank - Business - Financial Services
Source: Dealbreaker | 11 Mar 2010 | 9:37 am

Carlos Slim Richest Man on Forbes Billionaire List


Image: José Cruz/ABr

The 2010 Forbes billionaire list awarded Carlos Slim Helu its richest man in the world honor. The Mexican tycoon is worth $53.5 billion, beating out Bill Gates ($53 billion) and Warren Buffett ($47 billion). Here are the top 10 richest men in the world, summed up from Forbes’ excellent list:

1. Carlos Slim Helú
Mexican billionaire who owns the biggest mobile phone company in Latin America, American Movil. He also owns a construction conglomerate, as well as stakes in Saks, the New York Times Co., Bronco Drilling, Inbursa, and Independent News & Media.

2. William Gates III
American billionaire who now runs the Bill & Melinda Gates Foundation. Besides stakes in Microsoft, he also has large stakes in Televisa, Auto Nation, and the Four Seasons hotel chain.

3. Warren Buffett
Through Berkshire Hathaway, this famous American controls Geico, Dairy Queen, BYD (an electric carmaker), MidAmerican Energy, and now Burlington Northern Santa Fe.

4. Mukesh Ambani
This Indian petrochemical tycoon runs Reliance Industries, India’s leading oil, gas and chemical giant. He owns the Mumbai Indians cricket team, to boot.

5. Lakshmi Mittal
Mittal, who is from India, runs the worlds biggest steelmaking company, ArcelorMittal. He also owns part of a British soccer team and sits on the boards of Goldman Sachs and EADS.

6. Larry Ellison
The Oracle founder, from the US, isn’t doing too badly after recently buying Sun Microsystems. According to Forbes, he also “won America’s Cup in February, besting longtime rival billionaire Ernesto Bertarelli.” Those billionaires sure can race, can’t they?

7. Bernard Arnault
This Frenchman builds his fortune off defining the luxury lifestyle. He owns Louis Vuitton parent company LVMH, which is also developing high-end commercial property in Shanghai, runs a French tour operator, builds yachts, and built a French ski resort. He’s probably the kind of billionaire you want to hang out with.

8. Eike Batista
This Brazillian oil and mining tycoon also runs a shipbuilding business (OSX) that may raise $5.6 billion–the biggest IPO in the world this year (so far). He also lives it up, according to Forbes, which says he is a “onetime champion offshore powerboat racer; formerly married to Playboy cover girl.”

9. Amancio Ortega
Women around the world thank this Spanish fashion mogul for stores like Zara and Stradivarius. Like a proper tycoon, he also dabbles in real estate, soccer, horse-jumping, banks, tourism, and gas. Oddly, he is betting on real estate in Coral Gables, Fla.–does he know something we don’t?

10. Karl Albrecht
This German grocery entrepreneur founded Aldi. He also cultivates orchids. That’s about as much as anyone knows about him, writes Forbes.

Read the rest of the list here.

Overall, there are fewer Americans on the list, but more Chinese, Turkish, Taiwanese, Russian, Brazilian, and Indian billionaires. For a good analysis of the global members of the list, read this Christian Science Monitor article.



Source: Business Pundit | 11 Mar 2010 | 9:33 am

Hellmeyer, Gijsels Discuss Greece’s Economy: First Word


Source: Bloomberg - All Podcasts | 11 Mar 2010 | 8:51 am

Lindsay Lohan May Actually Have A Credible Claim Against E*Trade In Whore-Baby Case

Earlier this week, Lindsay Lohan filed a suit against E*Trade. The claim? That the baby in the brokerage’s latest commercial was based on her life. Lohan came to this conclusion because the character’s name is Lindsay, she’s referred to as a “milk-a-holic,” and there’s a suggestion that the young one is a man-stealing tramp (she also claimed that though the name “Lohan” is never mentioned, she’s attained first name recognition. Plus, the stuff about the baby being a strung out slut). For the grave offense, Lohan wants the spots pulled, and $100 million for the emotional distress they’ve caused her. Though not trained lawyers in the classical sense, our take was that while it seemed like Lindsay was being a little paranoid (/in need of money, and brilliantly tapping a new revenue stream), that whore-baby was definitely her. To that end, today the Post reveals how your loose Lindsay sausage got made.

The intimate glimpse into the Madison Avenue sausage-making process was provided by an Esquire magazine reporter, who was granted access to meetings at Grey Group as they hashed out the details for the spot. According to internal documents obtained by the magazine, workers at the Fifth Avenue ad company can be seen brainstorming on Sept. 10 about a cutting, but FCC-friendly, word to describe a trollop of a tyke named Deborah.

But less than three weeks later, in a document from Sept. 28, Deborah’s name is crossed out and replaced with “Lindsay,” according to the mag.

On the same page as Lindsay’s name is a slew of sleazy descriptors including “gutter hound,” “fish face,” “rug burn” and “skanky cake.”

When asked if the tramp baby was based on Lindsay, creative director Tor Myrhen said, “Not at all. I don’t think we even thought of it at the time.” Anyway! Let’s roll that tape again.



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Lindsay Lohan - etrade - Madison Avenue - Shopping - Children
Source: Dealbreaker | 11 Mar 2010 | 8:15 am

Google’s Vain Advice to Save Newspapers

By John Hudson, The Atlantic Wire On Tuesday, Hal Varian, Google’s top economist, delivered a keynote address on the economics of the newspaper industry. He’s a notable expert on the subject, in part because of his access to Google News traffic statistics and online ad revenues. Overall, Varian found that print publishing costs are untenable, and [...]

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Source: 24/7 Wall St. | 11 Mar 2010 | 8:03 am

Layoffs Watch ‘10: UBS

Dispatches from tax evasion HQ:

UBS US Wealth Management is laying off significant amounts of employees in the home office today and tomorrow. General estimates are around 300. I have already seen 5 of my friends in the group next to me leave (total group size of 15!) and its only 45 minutes since they began. Cuts are at all levels, mid-senior to analysts. Morale is extremely low.



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UBS AG - Tax avoidance and tax evasion - Wealth management - United States - Switzerland
Source: Dealbreaker | 11 Mar 2010 | 8:00 am

6 New Leveraged Direxion ETFs (BRIL, INDL, SOXL, BRIS, INDZ, SOXS)

Direxion is launching six new Direxion Shares Daily ETFs, making the leveraged ETF trading instruments now at 34 ETFs.  These will seek 200% of the daily performance or 200% of the inverse of the daily performance of the BNY Mellon BRIC Select ADR Index and the Indus India Index.  There is also a 300% bull [...]

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Source: 24/7 Wall St. | 11 Mar 2010 | 7:02 am

Why Hollywood May Start Complaining About Hedge Funds

By Jacob Goldstein

Don't be surprised if someday soon you hear an actor blame his latest box-office disaster on some secretive Greenwich hedge fund that shorted his movie.

Two companies are creating futures markets where investors will be able to bet on movies' U.S. box office performance. Stories in this morning's L.A. Times, FT and New York Times explain the details.

The markets will allow people in the movie business to hedge against the risk of big-budget flops. But they'll also let speculators who have no stake in the movies bet for or against their performance. And letting people bet against assets -- a stock, a pool of mortgages, a country's sovereign debt -- often doesn't sit well with the people who are being bet against.

Credit-default swaps, for example, are a like an insurance policy that pays off when a borrower defaults. The price of CDS insuring against a default by Greece shot up this year, as the country's debt problems became clear. Greek Prime Minister George Papandreou isn't happy about that.

"We wouldn't want Greece to be bet against or people with quite a bit of power in the market to be wanting to see Greece's failure," he said yesterday, according to Bloomberg News.

Buzz may be big in the sovereign-debt world. But it's huge in Hollywood. The cries of a producer whose next picture is getting pounded by the futures markets could make Papandreou's complaint sound tame by comparison.

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Source: NPR Blogs: Planet Money | 11 Mar 2010 | 6:50 am

Today’s Best Market Rumors (3/11/2010)

Updated throughout the day. Citigroup (C) may earn $20 billion in 2012 (FT) Macquarie Group, Australia’s largest investment bank, is on the hunt for more U.S. assets. (Bloomberg) Regulators have told Bank of America (BAC) management that the financial firm must become “much smaller” (Fox Business). Apple (AAPL) is still making changes to the iPad ahead of its April [...]

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Source: 24/7 Wall St. | 11 Mar 2010 | 6:48 am

Top Analyst Upgrades and Downgrades (AMLN, NLY, ARMH, BBBY, CO, DPS, LVLT, SANM, YHOO)

These are this Thursday’s top analyst upgrades, downgrades, and initiations seen from Wall Street morning research calls: Amylin Pharmaceuticals (NASDAQ: AMLN) Started as Buy at Merriman Curhan Ford. Annaly Mortgage (NYSE: NLY) Cut to Market Perform at JMP Securities. ARM Holdings (NASDAQ: ARMH) Cut to Hold ar RBS. Bed Bath & Beyond (NASDAQ: BBBY) Cut to Underperform at FBR [...]

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Source: 24/7 Wall St. | 11 Mar 2010 | 6:17 am

China’s Economic Rise Is Truly Glorious

By John Tamny of Forbes It’s very difficult to pick up any kind of financial publication these days without reading about China’s growing economy, and what this means for the economic health of the United States. While an enhanced division of labor has traditionally been viewed as bullish for all who participate in what is a [...]

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Source: 24/7 Wall St. | 11 Mar 2010 | 6:09 am

No Signs Of Intelligent Life At VW

Like GM and Toyota (TM) before it, VW aims to be the largest car company in the world within a few years with a huge lead over its competition. In the meantime, VW said that in the fourth quarter of 2009 net income dropped 73% from the year-earlier period to 257 million euros ($350.4 million). Revenue fell 1.2% [...]

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Source: 24/7 Wall St. | 11 Mar 2010 | 5:56 am

The Faces Behind Social Media



Source: Business Pundit | 11 Mar 2010 | 4:09 am