|
|
|
|
Winter 'cost small firms £7bn'The worst winter in decades has cost the UK's small and medium-sized companies about £7.3bn, a study says.Source: BBC News | Business | World Edition | 16 Mar 2010 | 4:11 am No room for error on U.S. debtThe United States isn't in jeopardy of losing its gold-plated credit rating, though by one measure America is closer to the ratings-downgrade danger zone than Spain.Source: Business and financial news - CNNMoney.com | 16 Mar 2010 | 4:06 am How 3 small firms battled bigger rivalsThe Little Clinic vs. CVS MinuteClinicSource: Business and financial news - CNNMoney.com | 16 Mar 2010 | 3:59 am EU ministers discuss standby plans for Greece (Reuters)Reuters - EU finance ministers on Tuesday discussed standby plans drawn up by countries using the euro to provide Greece with financial help if it becomes the first state in 11 years of monetary union to seek such aid.Source: Yahoo! News: Business News | 16 Mar 2010 | 3:59 am Markets cautious about EU aid pledge to Greece (AP)AP - European countries' pledge to help Greece with loans received a lukewarm welcome from markets on Tuesday as investors remained worried that the form and timing of the aid remains unclear.Source: Yahoo! News: Business News | 16 Mar 2010 | 3:57 am Walmart, The Banking Giant, Extends It ReachRestrictive state banking laws are not preventing Walmart (WMT) from extending its reach as a financial services presence which dwarfs many banks. The world’s largest retailer will extend its “Money Centers” this year to 1,500 stores up from 1,000. Walmart’s financial push has focused on the relatively poor who have not bank accounts or only have tangential relationships with other [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Mar 2010 | 3:57 am Shell to cut a further 1,000 jobsRoyal Dutch Shell says it will shed a further1,000 jobs by the end of next year as part of its cost cutting programme.Source: BBC News | Business | World Edition | 16 Mar 2010 | 3:57 am Dodd: Time to reform Wall Street is nowThe head of a key banking panel on Monday released a draft bill of sweeping regulatory changes aimed at warding off future collapses in the financial system.Source: Business and financial news - CNNMoney.com | 16 Mar 2010 | 3:56 am Walmart, The World’s Grocer, Lowers PricesWalmart (WMT) intends to use what its charges for groceries as a weapon against its competition. By lowering prices, it may have the dual effect of drawing new shoppers and helping the overall economy. Walmart has decided that the route to the heart of the cash starved consumer is through his stomach. Grocery prices are a [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Mar 2010 | 3:56 am China without Google: 'a lose-lose scenario' (AP)AP - China without Google — a prospect that looks increasingly likely — could mean no more maps on mobile phones. A free music service that has helped to fight piracy might be in jeopardy. China's fledgling Web outfits would face less pressure to improve, eroding their ability to one day compete abroad.Source: Yahoo! News: Business News | 16 Mar 2010 | 3:50 am Questions remain over Greece rescueGreece’s socialist government puts a brave face on a eurozone plan to help it out of its debt crisis in spite of lingering uncertainties over how much money might be offered and on what termsSource: Financial Times - US homepage | 16 Mar 2010 | 3:46 am IMF in EuropeWhat would a European Monetary Fund look like?Source: BBC News | Business | World Edition | 16 Mar 2010 | 3:46 am Petrol prices heading towards record high: AA (AFP)
Source: Yahoo! News: Business News | 16 Mar 2010 | 3:44 am Lehman Brothers 'sacked whistleblower after he raised concerns with auditors'Matthew Lee claims he was ousted by Lehman Brothers just weeks after he raised concerns over the bank's accounting practices with auditors Ernst & Young, according to a report in the Wall Street Journal.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Mar 2010 | 3:44 am Relief over Dodd proposals lifts equitiesEquity markets in Europe gain in early trading following a late rally on Wall Street as investors react positively to the proposals for financial reform from Chris Dodd, Democratic chairman of the Senate banking committeeSource: Financial Times - US homepage | 16 Mar 2010 | 3:43 am Bank Reform May Be Short The Votes It NeedsThe healthcare reform package, the center of the Obama presidency, never made it though Congress, at least not in the form the President would have liked. It will still struggle to be passed in any form. The legislation is now hung up in the House and the House and Senate bills are quite different from [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Mar 2010 | 3:41 am Champagne sales 'losing fizz' but UK is still top marketThe UK is still the world's largest export market for Champagne despite a fall in sales, industry figures say.Source: BBC News | Business | World Edition | 16 Mar 2010 | 3:39 am US plans high-speed net for allUS regulators have unveiled the nation's first plan to give every American super-fast broadband by 2020.Source: BBC News | Business | World Edition | 16 Mar 2010 | 3:36 am Stocks set for tepid openU.S. stocks were set for a lackluster open Tuesday, ahead of the Federal Reserve's decision on interest rates.Source: Business and financial news - CNNMoney.com | 16 Mar 2010 | 3:34 am Stocks advance, dollar steady ahead of FedLONDON (Reuters) - World stocks climbed on Tuesday while the dollar was corralled as investors bet the U.S. central bank will repeat its vow of keeping interest rates low for an extended period after its monthly meeting.
Source: Reuters: Business News | 16 Mar 2010 | 3:33 am Deutsche Bank confirms 2009 net income of $6.9B (AP)AP - Deutsche Bank AG says it made net income of euro5 billion ($6.9 billion) in 2009 and that it expects the banking market to progress slowly toward "a new form of normality" this year and next.Source: Yahoo! News: Business News | 16 Mar 2010 | 3:22 am Fed weighs how and when to signal higher rates (AP)
Source: Yahoo! News: Business News | 16 Mar 2010 | 3:20 am Tort Reform For The Bank BusinessThe legal actions against Lehman total, by some estimates, 62,000 plaintiffs which have a total of $785 million in claims against the failed bank. The restructuring of the firm had already cost $642 million as of last month. One law firm, Weil Gotshal, was paid $150 million. A court appointed investigator recently found, and described in a 2,200 page report, that [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Mar 2010 | 3:19 am Exonerated Rio close to $12bn deal with Chinalco$Rio Tinto and Chinalco are close to signing a $12 billion ($£8 billion) joint venture in Guinea after an official Chinese government report appeared to clear the Anglo-Australian group of blame for breaking off talks with the state-owned miner last year. Source: Latest Business News from Times Online | 16 Mar 2010 | 3:18 am EU urges faster cut of UK deficitGovernment plans to cut the UK's budget deficit are not ambitious enough, a European Commission report will warn this week.Source: BBC News | Business | World Edition | 16 Mar 2010 | 3:18 am Asia stocks mixed before Fed statement; Europe up (AP)
Source: Yahoo! News: Business News | 16 Mar 2010 | 3:07 am Asia stocks mixed before Fed statement; Europe up (AP)
Source: Yahoo! News: Stock Markets News | 16 Mar 2010 | 3:07 am The first steps of TOMS ShoesMy first venture was a door-to-door laundry business for students that I started while on a partial tennis scholarship at Southern Methodist University in Dallas. I wanted to do something that didn't depend on my hands to create value.Source: Business and financial news - CNNMoney.com | 16 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 | 16 Mar 2010 | 3:01 am Jackson estate in $250M record deal - reportsThe administrators of Michael Jackson's estate and Sony Music Entertainment have reached a recording deal valued at as much as $250 million, according to published reports.Source: Business and financial news - CNNMoney.com | 16 Mar 2010 | 2:57 am Tokyo down, Shanghai up before Fed, BoJ meetingsAsian shares ended mixed on Tuesday ahead of crucial policy meetings this week at the U.S. Federal Reserve and the Bank of Japan.
Source: MarketWatch.com - Top Stories | 16 Mar 2010 | 2:53 am 10 years to retirement - Are you ready?Question: I have about 10 years until I retire, and I'm wondering whether I should put my 401(k) savings back into high-risk stock funds or a moderate-risk stock fund like a Standard & Poor's 500 index fund. What do you think? -- Paul, Brockton, Mass.Source: Business and financial news - CNNMoney.com | 16 Mar 2010 | 2:49 am Google may leave China soonGoogle appears to be getting closer to shutting down its strictly monitored search engine in China, according to news reports.Source: Business and financial news - CNNMoney.com | 16 Mar 2010 | 2:48 am Record numbers of Chinese complain about inflationA record number of Chinese have complained that inflation is at an "unacceptable" level, as the Communist party warned that its very future depends on tackling rising prices.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Mar 2010 | 2:47 am Indications: U.S. stock futures inch up before Fed decisionU.S. stock futures inch higher Tuesday ahead of what could be the final time that the Federal Reserve promises to keep interest rates at low levels for an “extended period” of time.
Source: MarketWatch.com - Top Stories | 16 Mar 2010 | 2:43 am London Markets: Banks lead U.K. stocks higherU.K. stocks swing higher Tuesday in quiet trade, led by banks with markets awaiting language from the latest U.S. interest rate decision.
Source: MarketWatch.com - Top Stories | 16 Mar 2010 | 2:34 am Sterling plunges on EU warning over UK debtSterling plunged back below $1.50 today after the European Commission warned the British Government that it was not doing enough to curb the country's spiralling debt.$ Source: Latest Business News from Times Online | 16 Mar 2010 | 2:33 am Toyota dismisses Calif. man's runaway Prius report (AP)
Source: Yahoo! News: Business News | 16 Mar 2010 | 2:33 am Banker accused of defrauding US bail-out fundThe former president of New York's privately held Park Avenue Bank was arrested on Monday on fraud charges, the first person accused of attempting to steal US government bail-out funds in the financial crisis.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Mar 2010 | 2:22 am Hiscox heads for loss on $14bn disaster claims$Hiscox, the international specialist insurer, issued a profit warning today after admitting claims from the devastating earthquake in Chile and a windstorm in France that claimed more than 50 lives could reach as much as $14 billion ($£9.3 billion). Source: Latest Business News from Times Online | 16 Mar 2010 | 2:17 am China pushes back at currency criticismChina pushed back against mounting US criticism of its currency policy, saying that the country’s trade surplus was not the result of its exchange rate and warning the US not to ‘politicise‘ the issueSource: Financial Times - US homepage | 16 Mar 2010 | 2:17 am Health care fight reaches fever pitch - CNNSource: Business and financial news - CNNMoney.com | 16 Mar 2010 | 2:04 am Europe Markets: Autos, banks lead Europe higher; Bulgari slumpsEuropean stocks advanced on Tuesday, with early gainers such as Daimler and Renault rising on stake sale talk, and lenders including Deutsche Bank firmer as markets awaited economic data from the region and a U.S. interest rate decision.
Source: MarketWatch.com - Top Stories | 16 Mar 2010 | 2:04 am Business Bullet: US rates, China, Oil, DebenhamsThe latest news on: US rates, China, Oil, DebenhamsSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Mar 2010 | 2:00 am European new-car registrations up 3% in FebruaryRegistrations of new passenger cars in the European Union edged higher in February, as a steep decline in Germany was offset by gains in other major markets such as France, Italy and Spain, according to data released on Tuesday.
Source: MarketWatch.com - Top Stories | 16 Mar 2010 | 1:54 am Media Digest 3/16/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: The Fed is likely to keep interest rates low for some time. Reuters: China said the yuan in not behind the US trade gap. Reuters: A record number of Chinese are unhappy about inflation. Reuters: The recession left “walking wounded” workers according to a study. Reuters: Dodd will boost the power of the Fed in his financial reform [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Mar 2010 | 1:46 am Debenhams expects first-half profits to be ahead of forecastsDebenhams, Britain's second-largest department store group, said first-half profit would exceed the prior year's level as it posted a small rise in underlying sales along with better gross margins.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Mar 2010 | 1:43 am Debenhams snatches market share in reboundDebenhams, Britain’s second-biggest department store chain, this morning hailed the return of the Principles brand to its stores as its most successful launch. Source: Latest Business News from Times Online | 16 Mar 2010 | 1:35 am Rio eyes continued China demandMining firm Rio Tinto says China's demand for iron ore, copper and coal will increase dramatically during the next 15 years.Source: BBC News | Business | World Edition | 16 Mar 2010 | 1:28 am Petrol price 'to hit record high'Petrol prices in the UK could hit a record high of £1.20 a litre in the next few weeks, according the AA.Source: BBC News | Business | World Edition | 16 Mar 2010 | 1:17 am Jackson estate in record deal worth up to $250 mln (AP)
Source: Yahoo! News: Business News | 16 Mar 2010 | 1:16 am Lehman Brothers' whistle blower was ousted: report(Reuters) - Lehman Brothers Holdings Inc ousted whistle blower Matthew Lee just weeks after he had raised concerns with Lehman's auditor about the firm's accounting in 2008, the Wall Street Journal said, citing people familiar with the matter.
Source: Reuters: Business News | 16 Mar 2010 | 1:13 am Visteon files amended bankruptcy-revamp planThe proposal would enable the car-parts maker to emerge from bankruptcy proceedings nearly debt-free in the U.S.
Source: MarketWatch.com - Top Stories | 16 Mar 2010 | 1:03 am For CalSTRS, an investment bet that failedThe state's teachers retirement fund had hoped four years ago that a flourishing bull market would help make up for a big projected shortfall. Now the fund is $43 billion behind as of June.Four years ago, as the California State Teachers' Retirement System still was recovering from the dot-com bust at the turn of the decade, its leaders learned some troubling news. The pension fund was $20 billion short on money needed to pay retirees over the next 30 years.
Source: L.A. Times - Business | 16 Mar 2010 | 1:00 am Sony's timing tricky for God of War IIIThe highly anticipated, big-budget video game debuts Tuesday, but the PlayStation 3 console needed to play it on is in short supply.The opening scene for Sony Corp.'s God of War III video game shows a muscle-bound ancient Greek warrior named Kratos vowing, "My vengeance is now."
Source: L.A. Times - Business | 16 Mar 2010 | 1:00 am About 1 in 4 in California lack health insurance, a UCLA study findsThe jump in 2009 to 8.2 million adults and children from 6.4 million in 2007 stems largely from job cuts and the loss of employer-sponsored coverage amid the recession.Nearly 1 in 4 Californians under age 65 had no health insurance last year, according to a new report, as soaring unemployment propelled vast numbers of once-covered workers into the ranks of the uninsured.
Source: L.A. Times - Business | 16 Mar 2010 | 1:00 am Dodd unveils slimmed-down financial reform proposalAs expected, his latest measure lacks a stand-alone consumer protection agency. Still, it would give the U.S. greater control over financial markets.With memories of the financial crisis already fading, Senate Banking Committee Chairman Christopher J. Dodd tried to jump-start the stalled effort to pass a major regulatory overhaul this year that would protect the public from another economic meltdown.
Source: L.A. Times - Business | 16 Mar 2010 | 1:00 am Don't praise BofA for deciding to stop mistreating customersThe bank never should have been charging $35 overdraft fees for debit-card purchases in the first place.Lawmakers and consumer advocates have heaped accolades on Bank of America for its announcement that it will stop hitting customers with $35 overdraft fees any time they don't have enough cash to cover a debit-card purchase.
Source: L.A. Times - Business | 16 Mar 2010 | 1:00 am MannKind fails to win approval for inhaled diabetes drugThe Food and Drug Administration asks for more information about the Valencia company's Afrezza insulin.MannKind Corp., the biotechnology company run by billionaire inventor Alfred Mann, failed to win approval from U.S. regulators to market its inhaled insulin drug, Afrezza, for people with diabetes.
Source: L.A. Times - Business | 16 Mar 2010 | 1:00 am For CalSTRS, an investment bet that failedThe state's teachers retirement fund had hoped four years ago that a flourishing bull market would help make up for a big projected shortfall. Now the fund is $43 billion behind as of June. ...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2010 | 1:00 am Dodd unveils slimmed-down financial reform proposalAs expected, his latest measure lacks a stand-alone consumer protection agency. Still, it would give the U.S. greater control over financial markets. ...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2010 | 1:00 am FCC to propose nationwide expansion of high-speed InternetThe goal is to bring super-fast broadband to every corner of the U.S. over the next 10 years, giving the country 'the fastest and most extensive wireless networks of any nation.' ...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2010 | 1:00 am Frost & Sullivan Investigates the Impact of the Electricity Supply Crisis on South African MiningSource: RSS feed - channel BNewsBusiness | 16 Mar 2010 | 1:00 am About 1 in 4 in California lack health insurance, a UCLA study findsThe jump in 2009 to 8.2 million adults and children from 6.4 million in 2007 stems largely from job cuts and the loss of employer-sponsored coverage amid the recession. ...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2010 | 1:00 am Don't praise BofA for deciding to stop mistreating customersThe bank never should have been charging $35 overdraft fees for debit-card purchases in the first place. Lawmakers...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2010 | 1:00 am Gasoline prices rise slightly at pumpThe average cost of a gallon of regular increases 1.5 cents to $3.061 in California and 3.7 cents to $2.788 nationwide, Energy Department says. ...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2010 | 1:00 am Sony's timing tricky for God of War IIIThe highly anticipated, big-budget video game debuts Tuesday, but the PlayStation 3 console needed to play it on is in short supply. ...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2010 | 1:00 am FCC to propose nationwide expansion of high-speed InternetThe goal is to bring super-fast broadband to every corner of the U.S. over the next 10 years, giving the country 'the fastest and most extensive wireless networks of any nation.'Declaring expansion of broadband Internet access the nation's next great infrastructure challenge, federal regulators Monday unveiled an ambitious, decade-long project to make super high-speed connections available in every corner of the country.
Source: L.A. Times - Business | 16 Mar 2010 | 1:00 am Unmanned aircraft pioneer Thomas J. Cassidy Jr. retiresCassidy, considered the father of the remotely controlled Predator drone, steps down as president of General Atomics Aeronautical Systems Inc. in the San Diego area. ...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2010 | 1:00 am MannKind fails to win approval for inhaled diabetes drugThe Food and Drug Administration asks for more information about the Valencia company's Afrezza insulin. MannKind...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2010 | 1:00 am Pensioners' credit card debts average £9,000One in five pensioners releasing equity from their home has credit card debt.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Mar 2010 | 12:35 am Expats wait on pension rulingExpat pensioners to learn their fate over index linked pensions.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Mar 2010 | 12:33 am Lenders warned on mortgage fraudLenders were urged today to be on their guard against rising levels of mortgage fraud as the economy picks up.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Mar 2010 | 12:31 am Google says it's still censoring China Web siteGoogle China is cited in Chinese state media as saying it is still censoring its search results on its Google.cn Web site despite official concerns it may stop doing so.
Source: MarketWatch.com - Top Stories | 16 Mar 2010 | 12:31 am Telecom depresses NZ sharemarketA new low for Telecom, after the company outlined the cost of the latest government reforms, helped push the New Zealand sharemarket into the red in an otherwise quiet session.The benchmark NZX-50 index closed down 23.4 points,...Source: nzherald.co.nz - Business | 16 Mar 2010 | 12:26 am New national pension scheme to be shunnedNearly half of low-paid workers think they will opt out of their company pension scheme when auto-enrolment comes in from 2012.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Mar 2010 | 12:26 am House buyers at lowest level for a yearOnly 258 house-hunters registered with estate agents during February, the lowest level for a year.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Mar 2010 | 12:20 am Currencies: Dollar edges down vs. rivals ahead of FOMCThe dollar edges down against the yen and euro in Asian trading Tuesday, as investors await the results of the U.S. Federal Reserve’s policy meeting later in the session and the Bank of Japan policy decision on Wednesday.
Source: MarketWatch.com - Top Stories | 16 Mar 2010 | 12:11 am China denies yuan behind U.S. trade gapBEIJING (Reuters) - China on Tuesday shunned mounting U.S. demands for a stronger yuan, saying again that its currency is not the cause of its big trade surplus and vowing to keep the currency stable to shore up exports.
Source: Reuters: Business News | 16 Mar 2010 | 12:09 am Anthem Blue Cross should reimburse California man for transplant, jury saysThe insurer had refused to cover the liver surgery after Ephram Nehme decided to go out of state to face a shorter waiting list. Panelists in L.A. also say Blue Cross should pay Nehme's legal fees.A Los Angeles jury concluded Monday that Anthem Blue Cross should cover the cost of an out-of-state liver transplant that a California man paid for after the insurer balked.
Source: L.A. Times - Business | 16 Mar 2010 | 12:01 am Anthem Blue Cross should reimburse California man for transplant, jury saysThe insurer had refused to cover the liver surgery after Ephram Nehme decided to go out of state to face a shorter waiting list. Panelists in L.A. also say Blue Cross should pay Nehme's legal fees. ...Source: RSS feed - channel BNPaperBusiness | 16 Mar 2010 | 12:01 am Sawai Pharmaceutical -2009/10 div forecastPARENT-ONLY EARNINGS ESTIMATES (in billions of yen unless specified)Source: RSS feed - channel BNewsBusiness | 16 Mar 2010 | 12:00 am NZ dollar boosted by RBA remarksThe New Zealand dollar received a boost today after softer-than-expected words from Australia's central bank put the timing of the next rate rise across the Tasman in doubt.An optimistic Reserve Bank of Australia met market expectations...Source: nzherald.co.nz - Business | 15 Mar 2010 | 11:27 pm Prosecutors want Nacchio in court for new sentenceFederal prosecutors are objecting to former Qwest CEO Joe Nacchio's request to not be present in court when he is given a new sentence. The U.S. attorney's office said in a court filing...Source: RSS feed - channel BNewsBusiness | 15 Mar 2010 | 10:32 pm Samsung: no plans for now to change chip capexTAIPEI, March 16 (Reuters) - South Korea's Samsung Electronics has no plans for now to change its capital spending plans for memory chips this year, a top executive said on Tuesday.Source: RSS feed - channel BNewsBusiness | 15 Mar 2010 | 10:23 pm China Shenhua Energy still bidding for Mongolian projectHONG KONG, March 16 (Reuters) - China Shenhua Energy Co Ltd , the world's most valuable coal producer, said the company is still bidding for Mongolia's Tavan Tolgoi project.Source: RSS feed - channel BNewsBusiness | 15 Mar 2010 | 10:20 pm Jackson in record Sony music dealThe estate of Michael Jackson agrees a deal worth $200m (£160m) with the record label Sony, US reports say.Source: BBC News | Business | World Edition | 15 Mar 2010 | 10:16 pm Fed seen renewing low rates, extended period vowWASHINGTON (Reuters) - The Federal Reserve is expected to hold interest rates near zero at a meeting on Tuesday and renew its pledge to keep borrowing costs very low for a long time, but could note a brightening economic picture and hint at being closer to dropping the vow.
Source: Reuters: Business News | 15 Mar 2010 | 10:15 pm Financial reform efforts pit US against EuropeU.S. policymakers are struggling to agree on new rules to avoid another financial crisis. A global consensus? Even harder. Efforts are raging on three continents, with at least as...Source: RSS feed - channel BNewsBusiness | 15 Mar 2010 | 10:13 pm Financial reform efforts pit US against Europe (AP)
Source: Yahoo! News: Business News | 15 Mar 2010 | 10:13 pm Market Chatter -- Corporate finance press digestBANGALORE, March 16 (Reuters) - The following corporate finance-related stories were reported by media on Tuesday:Source: RSS feed - channel BNewsBusiness | 15 Mar 2010 | 10:12 pm Market Chatter -- Corporate finance press digestBANGALORE, March 16 (Reuters) - The following corporate finance-related stories were reported by media on Tuesday:Source: RSS feed - channel BNewsBusiness | 15 Mar 2010 | 10:12 pm Asia Markets: Outlook good for Japan's new commodity ETFsETF Securities says its planning the largest-ever commodity ETF launch in Asia, to take place in Japan this week. And based on the performance of other ETFs in Japan and elsewhere, they’ll likely be well received.
Source: MarketWatch.com - Top Stories | 15 Mar 2010 | 10:11 pm Summary Box: Fed debates how to signal rate hikesHIGHER RATES MONTHS AWAY: The Fed has said record-low rates are still needed to foster the recovery. But once the recovery is firmly rooted, the Fed will need to start bumping up rates toSource: RSS feed - channel BNewsBusiness | 15 Mar 2010 | 10:07 pm Asian shares firm, dollar holds ground before FedTOKYO (Reuters) - Asian shares rose modestly on Tuesday, with technology stocks nosing ahead, while the dollar held its ground ahead of a Federal Reserve policy meeting expected to...Source: RSS feed - channel BNewsBusiness | 15 Mar 2010 | 10:04 pm The Best Movie-Rental Options (Deal of the Day)Blockbuster adds late fees, Warner Bros. delays new releases. Where to rent now.
Source: SmartMoney.com | 15 Mar 2010 | 10:00 pm 5 New Rules for a Healthy Credit Score (Card Sharp)As card firms adapt to the CARD Act, here's how to manage your score.
Source: SmartMoney.com | 15 Mar 2010 | 10:00 pm 3 Stocks That Are Tumbling This Year (Screens)Shares are mostly off to a fine start in 2010. But not these.
Source: SmartMoney.com | 15 Mar 2010 | 10:00 pm Building a Lean, Mean Value MachineWhat the stewards of the MFS Value Fund like about Lockheed, Philip Morris, and Hasbro.
Source: SmartMoney.com | 15 Mar 2010 | 10:00 pm Credit Card Delinquency Rates Are Improving?One analyst who looked at the credit card delinquency rates for February noted that the figures appeared to be improving, but that they might be seasonal. It is another way of saying that they might not be improving at all. American Express tends to have more affluent customers than most other credit card firms, and its delinquency rates did [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Mar 2010 | 9:57 pm Congressional Faction Prepared To Risk Economic Ties With ChinaPresident Obama and Treasury Secretary Geithner have taken an extremely modest approach to what may experts believe is manipulative behavior by the Chinese vis-a-vis the value of the yuan. The peaceful method of negotiating began to fall apart when China’s senior political figures accused the US of keeping the dollar weak to improve its exports. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Mar 2010 | 9:41 pm Sen Dodd boosts Fed in new financial reformsWASHINGTON (Reuters) - The Federal Reserve would take on a greatly expanded role in financial regulation under new legislation unveiled on Monday by a top Senate Democrat, in a push to move ahead with the regulatory reform that has been a top priority of President Barack Obama.
Source: Reuters: Business News | 15 Mar 2010 | 9:24 pm Phillips-Van Heusen to buy Hilfiger for $3 billionNEW YORK/BANGALORE (Reuters) - Phillips-Van Heusen , owner of the Calvin Klein label, agreed to buy fashion brand Tommy Hilfiger from London-based Apax Partners in a $3 billion cash-and-stock deal to boost its presence in Europe and Asia.
Source: Reuters: Business News | 15 Mar 2010 | 9:24 pm HP iPAQ Contest: We Have a Winner!We’ve randomly selected a winner for our HP iPAQ Glisten smartphone/International Women’s Day contest! (Read more about it here). Our winner is Audrey H.–we’ve sent out an email with more details. Thanks to everyone who participated.
Source: Business Pundit | 15 Mar 2010 | 8:27 pm Sony in $250 million deal with Jackson's estate: reportNEW YORK (Reuters) - Sony Corp has reached a deal with Michael Jackson's estate that could be worth as much as $250 million, the Wall Street Journal reported on Monday, citing people familiar with the situation.
Source: Reuters: Business News | 15 Mar 2010 | 7:59 pm Doubts cast on US 'runaway Prius'Toyota casts doubt on claims one of its cars failed to stop, after a widely-publicised account of a "runaway" Prius in California.Source: BBC News | Business | World Edition | 15 Mar 2010 | 7:58 pm FDIC seizes New York's Park Avenue Bank and LibertyPointe BankThe CEO of Park Avenue is arrested and charged with embezzlement, bribery and fraud, partly related to the TARP program. LibertyPointe had failed under the weight of bad real estate loans.In the current wave of failures of federally insured banks, none occurred in New York City until late last week, when two small Manhattan financial institutions went under, with each collapse notable in its own way.
Source: L.A. Times - Business | 15 Mar 2010 | 7:04 pm Broadband plan will cut Telecom profit by $168mTelecom said the New Zealand government's plans to roll out high-speed broadband services to rural areas while overhauling how the phone company is compensated for uneconomic lines will slash earnings over the next three years.The...Source: nzherald.co.nz - Business | 15 Mar 2010 | 7:00 pm InfoGroup's ex-CEO paying $7.3M to settle with SEC (AP)AP - The founder and former CEO of database provider InfoGroup Inc. agreed Monday to pay more than $7.3 million to settle federal regulators' charges he siphoned off nearly $9.5 million from the company to finance a lifestyle that included jet travel to Africa and Europe, homes around the U.S. and 20 automobiles.Source: Yahoo! News: Stock Markets News | 15 Mar 2010 | 6:47 pm Results of Toyota's tests of runaway Prius 'inconsistent' with driver's accountThe carmaker says it failed to reproduce the stuck accelerator that a motorist says took him on a wild ride near San Diego last week.Toyota Motor Corp. said Monday that its preliminary investigation into a runaway Prius incident a week ago resulted in findings "inconsistent" with the driver's account.
Source: L.A. Times - Business | 15 Mar 2010 | 6:36 pm Craigs seeks to tap $125m for Public Infrastructure PartnersCraigs Investment Partners and Morrison & Co. have launched a $125 million fund to invest in the government's public-private partnership vehicle, Public Infrastructure Partners (PIP).Craigs and Morrison have established the New...Source: nzherald.co.nz - Business | 15 Mar 2010 | 6:30 pm Toyota takes aim at California runaway Prius storyToyota is expected to challenge a California driver's story of an out-of-control Prius at a press conference Monday afternoon in California.Source: Business and financial news - CNNMoney.com | 15 Mar 2010 | 6:24 pm Lehman plans to end bankruptcy, create new companyNEW YORK (Reuters) - Lehman Brothers Holdings Inc on Monday filed a plan with the U.S. bankruptcy court in Manhattan to wind down its remaining assets and operations -- and end the largest U.S. bankruptcy case in history.
Source: Reuters: Business News | 15 Mar 2010 | 6:07 pm French Connection holds £5m Nicole Farhi sale to tackle lossesFrench Connection is to sell Nicole Farhi, the fashion business that bears the name of its co-founder, to help to stem its widening losses. Source: Latest Business News from Times Online | 15 Mar 2010 | 6:01 pm FSA seeks first extradition for insider dealingA newly confident and aggressive Financial Services Authority is seeking its first extradition for insider dealing, hard on the heels of its highest-profile victory to date on such charges. Source: Latest Business News from Times Online | 15 Mar 2010 | 6:01 pm Curb your spending, Brussels tells Gordon BrownGordon Brown was dealt an embarrassing blow last night when Brussels gave warning that Britain must do more to curb its spiralling debt. Source: Latest Business News from Times Online | 15 Mar 2010 | 6:01 pm The problem of rising rents gives househunters a new challengeWould-be newcomers to the world of property are being confronted with an extra challenge before they try to buy their first home — a shrinking and more expensive rental market. Source: Latest Business News from Times Online | 15 Mar 2010 | 6:01 pm The problem of rising rents gives househunters a new challengeWould-be newcomers to the world of property are being confronted with an extra challenge before they try to buy their first home — a shrinking and more expensive rental market. Source: Latest Business News from Times Online | 15 Mar 2010 | 6:01 pm Apax sells Tommy Hilfiger for €2.47 billionIn the Nineties everyone from Snoop Dogg to President Clinton wore Tommy Hilfiger. The brand may have lost its edge in the following decade, but yesterday it proved that it was far from out of fashion, making more than €1.2 billion for Apax Partners. Source: Latest Business News from Times Online | 15 Mar 2010 | 6:01 pm Southern Travel Holdings revenue falls 27.5pcTravel and tourism services company Southern Travel Holdings has reported a $538,000 half year loss as it confronted the global financial crisis, impacts of swine flu, and foreign exchange movements.The result for the six months...Source: nzherald.co.nz - Business | 15 Mar 2010 | 6:00 pm Dodd injects momentum into reformChris Dodd, Democratic chairman of the Senate banking committee, proposed a tougher than expected curb on proprietary trading in a financial regulation bill that injected new momentum into reform effortsSource: Financial Times - US homepage | 15 Mar 2010 | 5:34 pm Barclays had eyes on UBS before LehmanSenior executives at BarCap presented UBS as a favoured option, ahead of Lehman, at a July 2008 board meeting, say current and former directorsSource: Financial Times - US homepage | 15 Mar 2010 | 5:33 pm Huljich Wealth Management appoints McEwan as new advisorHuljich Wealth Management has appointed Investment Research Group (IRG) chief investment officer David McEwen as an external consultant to its investment committee.As part of a Securities Commission probe, Huljich Wealth Management...Source: nzherald.co.nz - Business | 15 Mar 2010 | 5:30 pm Write-Offs: 03.15.10$$$ Goldman Sachs Squeezes Hedge Funds in $110 Billion `Collateral Arbitrage’ [Bloomberg] $$$ Julian Robertson Has Been Working on the Same Novel for 29 Years [DI] $$$ Finance Overhaul Sets Up Winners, Losers [WSJ] $$$ Dodd Targets Banker Influence Over New York Fed [BNET via Heidi Moore] 
Source: Dealbreaker | 15 Mar 2010 | 5:30 pm Aussie car industry in better shape than US, says reportSYDNEY - The Australian car industry weathered the global financial crisis better than its US counterpart because of the government stimulus and low interest rates, a report shows.New vehicle sales in Australia fell 7.4 per cent...Source: nzherald.co.nz - Business | 15 Mar 2010 | 5:00 pm Struggling firm looked after bossesStrategic Finance bosses continued to earn big pay even after the business was struggling and months into its moratorium.While 13,000 investors bucked and agreed to a debt scheme on December 22, 2008, Strategic's management earned...Source: nzherald.co.nz - Business | 15 Mar 2010 | 5:00 pm Euro ministers say have Greek aid plan if neededBRUSSELS (Reuters) - Finance ministers from the 16-country euro zone agreed on Monday to mobilize financial aid for Greece rapidly if needed but revealed little of how their standby plan for the debt-stricken nation would work.
Source: Reuters: Business News | 15 Mar 2010 | 4:52 pm NZ Refining shares up as margins improveNZ Refining Co shares rose 5c to $3.45 in early trading after reporting "significant" improvement in refinery margins in the first two months of 2010, after starting to show some recovery in December.Fletcher Building shares were...Source: nzherald.co.nz - Business | 15 Mar 2010 | 4:40 pm Harvard Undergrad Who Inspired The Big Short Hoping To Change Wall Street From The Inside A.K. Barnett-Hart says check yourselves. A word of advice to any asshats currently hard at work figuring out how to cause the next financial crisis: AK Barnett-Hart is watching you. In fact, you’re the reason the second year investment bank analyst, who wrote her senior thesis about the market for subprime mortgage-backed CDOs (which Michael Lewis called “more interesting than any piece of Wall Street research on the subject”), got into this line of work. To police you fuckers, and clean this place up. From Deal Journal:
Michael Lewis’s ‘The Big Short’? Read the Harvard Thesis Instead! [Deal Journal via BI]
Source: Dealbreaker | 15 Mar 2010 | 4:25 pm How the major stock indexes fared on Monday (AP)AP - Investors turned cautious Monday ahead of the Federal Reserve's meeting on interest rates.Source: Yahoo! News: Stock Markets News | 15 Mar 2010 | 4:13 pm Stocks end mixed ahead of Fed's rate meeting (AP)
Source: Yahoo! News: Stock Markets News | 15 Mar 2010 | 4:11 pm Lehman Brothers Is Ready To Start Anew
Lehman plans to end bankruptcy, create new company [Reuters]
Source: Dealbreaker | 15 Mar 2010 | 3:54 pm Neil Barofksy Is Going To “Hunt Down” Each And Every Bank That Committed TARP Fraud
Source: Dealbreaker | 15 Mar 2010 | 3:45 pm Summary Box: Stocks end mixed ahead of Fed meeting (AP)AP - THE WAITING GAME: Stocks moved only modestly and ended mixed ahead of the Federal Reserve's interest rate meeting Tuesday. Investors didn't want to make big moves before they got the latest snapshot of the economy from policymakers.Source: Yahoo! News: Stock Markets News | 15 Mar 2010 | 3:44 pm Phillips-Van Heusen, PepsiCo are big movers (AP)AP - Stocks that moved substantially or traded heavily Monday on the New York Stock Exchange and Nasdaq Stock Market:Source: Yahoo! News: Stock Markets News | 15 Mar 2010 | 3:44 pm Muni Funds, Health Care, Financial Reform, CSX: Taking StockSource: Bloomberg - All Podcasts | 15 Mar 2010 | 3:10 pm Jobs lost as dairy firm goes into receivershipTaranaki-based Organic Dairy Limited, owned by New Zealand Organic Dairy Farmers Co-operative, has gone into receivership owing an estimated $15 million and costing about 30 jobs.Receivers were appointed on Friday and the Okato...Source: nzherald.co.nz - Business | 15 Mar 2010 | 3:07 pm President would tap NY Fed chief under Dodd billNEW YORK (Reuters) - The New York Federal Reserve Bank's president would become a political appointee and bank chiefs like JPMorgan Chase's Jamie Dimon could no longer sit on the board of their regulator under a proposal unveiled by the head of the Senate Banking Committee on Monday.
Source: Reuters: Business News | 15 Mar 2010 | 3:01 pm Canadian dollar ends 11-day run higher, bonds firm (Reuters)Reuters - The Canadian dollar tipped lower against the U.S. currency on Monday as easing oil prices and lower stock markets caused investors to pause for the first time after an 11-day stretch of gains.Source: Yahoo! News: Stock Markets News | 15 Mar 2010 | 3:00 pm Lehman report raises derivatives clearing fearsDetails about the scramble at CME, the world’s biggest futures exchange, after the collapse of Lehman Brothers raise questions over how effectively clearing houses can process the growing volume of derivativesSource: Financial Times - US homepage | 15 Mar 2010 | 2:44 pm Wall Street ends flat as banks rebound late (Reuters)
Source: Yahoo! News: Stock Markets News | 15 Mar 2010 | 2:38 pm TSX ends lower on oils, materials (Reuters)Reuters - Toronto's main stock index ended lower on Monday as declines in its energy and materials sectors outweighed a rise in financial issues.Source: Yahoo! News: Stock Markets News | 15 Mar 2010 | 2:12 pm Prince Alwaleed’s Got His Fingers Crossed 2010 Will Be A Profitable Year At Citi Mr. Vikram is just one good quarter away from all this. Back in January, Prince Alwaleed informed Vikram Pandit that after “two years of leeway from shareholders,” 2010 is the year the Citi CEO must deliver. To that end, from here on out, the Prince said, Uncle Vik’s ass will ridden like Zorro, no if/ands/or buts about it. Alwaleed doesn’t typically enjoy getting so harsh on his li’l fella, but the tone was necessary. And so far, he’s pretty pretty pretty pleased with how things are going.
Saudi Alwaleed says happy with Citigroup stake [Reuters]
Source: Dealbreaker | 15 Mar 2010 | 2:00 pm The 'Hotel California' Clause: Finance Reform Meets Classic Rock
Chris Dodd: The sixth Eagle.(NPR Photo Illustration/AP photos) By Jacob Goldstein The finance-reform proposal Chris Dodd just put out has an unexplained classic rock allusion at the bottom of page three: No Evasion: Large bank holding companies that have received TARP funds will not be able to avoid Federal Reserve supervision by simply dropping their banks. (the Hotel California Provision) What's this mean? Goldman Sachs and other investment banks converted to bank holding companies during the financial crisis. This gave them access to funding from the Fed, but it also made them subject to greater oversight by the Fed. So what this part of the bill says is that, even if these institutions get rid of their bank holding companies, they'll still be subject to Fed oversight. Or, to paraphrase the Eagles: Goldman Sachs can check out any time it likes, but it can never leave. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 15 Mar 2010 | 1:57 pm Raxspace Raised to `Outperform' at RBC Capital: AudioSource: Bloomberg - All Podcasts | 15 Mar 2010 | 1:57 pm $4 billion yanked from stock funds in February (Reuters)Reuters - Investors in February pulled an estimated $3.7 billion from U.S. stock-focused mutual funds, dashing hopes of a rebound in demand for equities, while showering $19.7 billion on taxable bond funds, according to a report from Morningstar.Source: Yahoo! News: Stock Markets News | 15 Mar 2010 | 1:45 pm IPO FILING: MagnaChip (MX)MagnaChip Semiconductor Corporation is coming public. The maker of did not give formal terms of the offering but noted that it plans to sell up to $250 million in common stock. The maker of analog and mixed signal semiconductors for applications in mobile, PC, and TVs plans to trade under the ticker “MX” on the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Mar 2010 | 1:33 pm Presented By:Source: Dealbreaker | 15 Mar 2010 | 1:30 pm Raj Rajaratnam And Danielle Chiesi Request To Go It Alone
Source: Dealbreaker | 15 Mar 2010 | 1:30 pm Emerging market bond sales hit record highSovereign bond markets in developing countries have seen a record $129bn in new deals so far this year, a 42 per cent increase over the same period last yearSource: Financial Times - US homepage | 15 Mar 2010 | 1:21 pm Chris Dodd Tries To Make Everybody A Little UnhappyBy Jacob Goldstein Nobody's happy with the finance-reform bill Chris Dodd just is releasing today. Maybe that's the point. The Democrats need at least one Republican vote to pass a finance bill in the Senate; any bill that wins over all the Dems but none of the Republicans won't make it. So Dodd's trying to take ideas the Dems like and jimmy them a little bit to win over a few Republicans, without losing too many Democrats. Take, for example, what the bill does about consumer protection -- one of the most contentious parts of the debate. A press release Dodd just put out says the bill: Creates a new independent watchdog, housed at the Federal Reserve, with the authority to ensure American consumers get the clear, accurate information they need to shop for mortgages, credit cards, and other financial products, and protect them from hidden fees, abusive terms, and deceptive practices. The key word here is "housed." It's a weird word in this context, a little bit opaque. That's because a key point of debate has been whether the consumer-protection agency would be independent (as Democrats want), or part of an existing regulator. Republicans have argued that banks already have plenty of regulators, and that creating a new agency could cause more problems than it solves. With the "housed" thing, Dodd is going for a compromise that pleases almost no one. The consumer-protection agency will be part of the Fed, but with a director appointed by the president and with independent funding. So the Dems don't get their standalone agency, and the Republicans are still looking at more regulation. Many arguers on the left have been arguing that the Dems shouldn't compromise on this one -- that they should keep pushing for a standalone consumer-protection agency, and force Republicans to cast politically unpopular votes against it. But this post over at Economics of Contempt takes an interesting middle-ground position: (1) even a non-independent CFPA will provide some protection to consumers (whereas no CFPA will help consumers not a whit); and (2) it's much easier to strengthen an already-existing agency than it is to create a whole new agency. Measures to strengthen a CFPA can be inserted into larger legislative packages in a way that measures to create a whole new independent CFPA can't. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 15 Mar 2010 | 1:03 pm Final bonuses close chapter for AIG unitAIG, which is 80 per cent-owned by the US government, paid out $46m to about 70 mostly former executives who had agreed to stay on to help wind down the group’s book of credit derivatives and other complex positionsSource: Financial Times - US homepage | 15 Mar 2010 | 12:46 pm Deutsche Bank Plans Precious Metal Backed ETFs: AudioSource: Bloomberg - All Podcasts | 15 Mar 2010 | 12:40 pm Steve Liesman Will Not Grin And Bear Rick Santelli’s Ignorance
* Santelli, laughing of camera while Liesman is talking: “Oh, haha, oh god!” * Kernan: “Oh come on Steve, don’t get that look on your face.” * Liesman: “Joe, there’s a point in time when ignorance goes from being amusing to being dangerous and I think we crossed that point a long time ago.” * Santelli: “You know what Steve? Grow up. Grow UP” * Liesman: “Rick you’ve lost enough people enough money.” * Santelli: “Let’s put it to a referendum!! Let’s ask on our website right now! Who lost you more money, Santelli or Liesman?!” * Santelli: “What does our guest do for a living? Our guest who’s talking. What does he do. I can’t see him.”
Source: Dealbreaker | 15 Mar 2010 | 12:40 pm More Apparel Deals Coming? (PVH, WRC, VFC, RL, ARO, ANF, OXM, LULU, UA, COLM)Phillips-Van Heusen Corp. (NYSE: PVH) has traders and investors speculating about or pondering which other apparel companies may become acquisition targets or which could end up in ‘mergers of equals’ as companies aim to strengthen their market positions. The PVH bid to acquire Tommy Hilfiger from Apax Partners for about $3 billion is technically a [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Mar 2010 | 12:16 pm Israeli envoy admits ‘crisis’ in US tiesIsrael’s ambassador to Washington has privately conceded that his country’s relationship with the US is in “crisis”Source: Financial Times - US homepage | 15 Mar 2010 | 12:16 pm Shanghai hopes Bund will be a boonShanghai has restored its famous waterfront, known as the Bund, which has been at the center of its economy for 80 years. Officials are banking on it being a centerpiece for the future, too. Marketplace's Scott Tong tell Kai Ryssdal about it.Source: Marketplace | 15 Mar 2010 | 12:11 pm Toyota questions runaway Prius storySome analysts say it's about time Toyota got control of reports on its cars' acceleration problems and started reassuring customers. But, as Alisa Roth reports, that can be a tricky balance.Source: Marketplace | 15 Mar 2010 | 12:11 pm Pharma gets less than it bargained forPharmaceutical giants made a deal with President Obama last year to limit health care reform's spending cuts on prescription drugs to $80 billion over 10 years. But the bills in Congress will cost the industry more. Gregory Warner reports.Source: Marketplace | 15 Mar 2010 | 12:11 pm Ireland methodically slashes spendingFaced with mounting debt, Ireland's government has slashed nearly $6 billion from its budget -- a big adjustment for a country with just 4.5 million people. Christopher Werth reports on the end of the Celtic Tiger.Source: Marketplace | 15 Mar 2010 | 12:11 pm FCC shift may speed up Internet bizThe Federal Communications Commission's 10-year plan for dramatically increasing Internet speeds throughout the nation could intensify telecom competition and give start-ups new opportunities. Nancy Marshall Genzer reports.Source: Marketplace | 15 Mar 2010 | 12:10 pm Does finance reform bill go far enough?Harvard law and finance professor Hal Scott talks with Kai Ryssdal about the changes proposed in Sen. Dodd's financial-industry reform bill.Source: Marketplace | 15 Mar 2010 | 12:10 pm Dodd unveils financial reform billSenate Banking Committee chairman's legislation would create a council of regulators and broaden the Federal Reserve's oversight powers. Brett Neely reports.Source: Marketplace | 15 Mar 2010 | 12:10 pm The (Alleged) Secret To Barclays’ Success: Strict Enforcement Of Hiring Rule Generally Waived At Other Banks
* Making new hires work for it: “BarCap also will not take on a senior hire as a managing director – the ultimate sign of status in investment banking circles – if he or she has not already earned the title at their own institution. Those that have not yet made MD rank then have to make the cut through BarCap’s own internal vetting process. * Taking a page from Goldman’s playa-book: “Potential employees are frequently interviewed by as many as 15-20 different people, depending on job level. While perhaps less tortuous than the notoriously lengthy process at Goldman Sachs, where applicants can be subjected to more than 30 interviews, it is tougher than most other European institutions.” * Unofficially forcing employees to take either cabs or black cars to work lest they suffer intense ridicule: “One long-serving executive recounts the tale of a senior banker, brought in to build an important new business within BarCap’s booming fixed income operation in the early part of the decade, showing up in a limousine. ‘He didn’t last very long,’ the executive chuckles.” * Keeping it ridiculously real: “Other than those that must be submitted to regulators, there are no organisational charts at BarCap and no personalised stationery for senior bankers.” * Not sure how this jibes with the image they’re putting out there but go with it: “Perhaps one of the biggest status symbols at BarCap is the 24-carat gold cuff links awarded to every new MD, engraved with the Barclays Capital logo (female MDs are given a choice of a BarCap pendant). Like most things at the bank, the cufflinks were redesigned after an earlier version failed to meet executives’ exacting standards.”
Source: Dealbreaker | 15 Mar 2010 | 11:45 am China’s irregular recyclers face scrapheapChina is often accused of destroying its environment in the name of economic growth. But the same naked capitalism is hard at work in Shanghai, cleaning up the messSource: Financial Times - US homepage | 15 Mar 2010 | 11:39 am Dick Fuld Still Has A Friend In Charlie GasparinoSince Lehman Brothers bit the big one, many people have abandoned Dick Fuld. Former employees, friends, Erin– they all want nothing to do with him. There doesn’t seem to be much to gain in staying loyal to the ex-CEO, other than knowing you’ll never have to wonder whether or not you’re getting an honest answer to the question, does this outfit look like shit? (In fact, you won’t even have to bring it up– Dick will gladly broach that subject.) So when it was suggested last week that Charlie Gasparino owed David Einhorn and all the critics of Lehman Brothers an apology, for saying that those claiming the bank was in a bad way had no idea what they were talking about, and that, were it to come down to a fight, street or otherwise, he’d have his money Fuld smoking all these fools, some peole might’ve assumed CG would admit the error of his ways and go on record to state that he’d officially stopped returning Fuld’s calls. Unfortunately, these people failed to remember two things: 1) Charlie Gasparino neither makes mistakes nor admits to them and 2) he never, ever turns his back on a friend. For these reasons and more (DF has dirt on CG), Charlie poses an interesting theory in his latest Daily Beast column– the guy preparing the report on Lehman released last week had an interest in making Fuld and Co.’s actions look worse than they maybe were–, that all in all, in said report, Team Lehman didn’t come off that bad and the Dick Fuld? Charlie’s still got his back.
Source: Dealbreaker | 15 Mar 2010 | 10:55 am Hoyer Discusses Health-Care Bill: VideoSource: Bloomberg - All Podcasts | 15 Mar 2010 | 10:37 am Senator Gregg: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 15 Mar 2010 | 10:25 am 25 Inventions That Changed the Way We Do BusinessSince the halcyon days of clubs and mammoth hides, we’ve been assigning roles, trading services, and strategizing in some capacity. In other words, doing business. Thanks to centuries of human invention, we no longer spear hunt our groceries. Instead, we buy prepackaged protein using a magnetic strip linked to multinational virtual banking systems. It’s a different world. To illustrate what got us from mammoth to mega mart, we compiled a list of 25 inventions that changed the way we do business. Without them, commerce as we know it today would be a very different place. 25. The Stapler A Norwegian craftsman fashioned the first stapler for King Louis XV of France in the 18th century. Since then, organization freaks everywhere have found staplers indispensable. While these analog machines may not make it through the digital revolution, Milton and his red Swingline have given them a permanent place in history. 24. Telegraph
There was a time was when the telegraph ruled the business world. Mortimer, come to Chicago ASAP. Stop. Telegraphs were also the original stock tickers. Sell. Anaconda. 53-1/4. The telegraph led to the fax machine, which in turn made rapid information transfer commonplace in the business world. The telegraph, though not a conversational tool, also bears an ironic resemblance to today’s tweet. 23. Calculator
After comparatively clumsy devices like the abacus and the mechanical arithmometer made the rounds, Japanese inventors released the first commercial pocket calculator in the early 1970s. Pocket calculators soon infiltrated the world of commerce, from finance to state fairs. Engineers and other formula-dependent types also found a valuable work shortcut. Plus, legions of students never completely had to remember the formula for cosigns and tangents. 22. Television
Television and business are old bedfellows. An advertisement and product placement accompanied even the earliest broadcasts. When news became the driving force behind television, business news segments offered the average investor almost real-time stock information, gossip on mergers and acquisitions, and international business news in one place. The invention itself also became its own business, making networks and cable ubiquitous in our daily lives. 21. International Electronic Banking
International electronic banking gives anyone the ability to instantly transfer any amount of money, regardless of currency, in a seconds. Consumers can instantly buy and sell goods and services. Businesses can pay and accept money from hundreds of sources. Investors can make a living day trading from their computers. Foreign workers build fortunes back home through remittance services. The opportunities are just about limitless. Cash, meanwhile, has become something you tip with, or use under the table. 20. Bar Code
Some of us are old enough to remember price stickers on cans of beans and old clunker registers. Back then, tireless managers would rely on a human to count every item sold, then match that to the day’s till. The bar code changed all that. Known as a Universal Product Code or UPC, the bar code allowed registers to translate the data in the print pattern into an item’s price. It was first introduced to a widespread audience in 1974, starting with a 10-pack of Wrigley’s gum. Thanks to the UPC, those hardworking managers can accurately track what is on the shelves and purchases, streamlining ordering and distribution. 19. Mobile Phone
Mention DynaTAC to any burned out, 80’s-era former stockbroker and they will swoon. They remember the days when only they had a mobile phone. Now everyone has one (or two, or three). Mobile phones have also morphed from essential client and work communication devices to laptops in our pockets. You know a monumental shift has happened when you can see someone driving a 1976 Pinto while texting their friend in Brazil. 18. Laptop
The laptop is one of biggest recent developments to impact business. It lets you traverse great distances with all your information and enough computing power for applications and presentations. The laptop has probably sealed more recent business deals than any other tool. Thank Adam Osborne and the Osborne 1–circa 1981–for your shiny Macbook or netbook. While you type away on your airplane tray, remember the first laptop, which weighed 25 pounds, probably would have collapsed it. 17. Portable Data Storage
Back in the day, the record stored music, and the punch card stored directions. Devices with magnetic tape evolved from there, followed by CDs, DVDs, and finally digital byte storage. Being able to transfer data safely and, crucially, in the exact same form as it was created in and saved, has sped up the speed and efficiency of information transfer. That, in turn, has helped facilitate Information Age business as we know it today. 16. Airplane
Sure, the seats are uncomfortable. The food is subpar, even after your MasterCard buys you a $3 bag of chips. Then there are the screaming kids and the annoying guy in the middle seat. All of this is true. But can you imagine a day where it took months to cross the country to meet with someone to possibly sell your wares? Even the vaunted railroad system only cut it down to 7 days–and that only accounts for domestic travel. Imagine the journey on ships for traveling salespeople to Australia or India! Sure makes those 5-hour cross-country work commutes more appealing, doesn’t it? 15. Software
Software, in some form, operates even in the simplest things, like microwave clocks or the low gas warnings in cars. It basically bundles rules and instructions for an operating system. Early software consisted of printed 1|0 cards with different values for each set of 1 and each of 0. Today’s software provides the spreadsheets, word processors, web browsers, and PowerPoint slides without which most businesses meetings would be completely disoriented. 14. Trademarks and Copyrights
Trademarks: That’s hot ™. A trademark is basically a way to register ownership of your product or service. A copyright does the same thing for your original creation, be it a book, slogan, song, or design. Trademarks, copyrights, and patents–their intellectual property cousin–are the legal glue that keep the economy competitive. After all, who’d want 20 companies called ACME that sell left-handed anvils? 13. Portable Timepiece
The ancient science of measuring time got a leg up with portable timepieces. From the sundial to the watch, portable timepieces helped the world establish standard timezones and cross-lingual terms like AM and PM. Seafarers and long-distance travelers could better plan their time with such devices. Today, portable timepieces practically dictate our days, from planning commutes to catching a plane. Besides, how else would workers know when it’s time for lunch? 12. Books
Books have been made out of shells, bamboo, clay, parchment (vellum), woodblocks, wax tablets, and a whole lot of other stuff. The Gutenberg press of 1440 changed the game by introducing bookmaking to the public realm. No longer relegated to monks and aristocracy, the information-rich book became readily reproducible. This turned books into a separate enterprise. Since then, books have been the primary resource for the transfer of knowledge and business concepts (The Art of War or The Wealth of Nations). Even today, they’re still valuable marketing tools, mea culpas or horn-tooting tomes for titans of industry. 11. Patents
Ever seen a commercial and thought: “Hey, I thought of that!” The patent is the legal way for you to back that up, pal. The first U.S. one went to Samuel Hopkins in 1790, for an “improvement on the production of potash.” When they first came into usage, patents stopped the powers that be from exploiting and profiting off commoners’ ideas. In addition protecting an invention, patents are licensable pieces of intellectual property. As such, someone can claim or deviate for a patent, if the price is right. The true power of the patent was forcing inventors, and the businesses that employed them, to “standardize” an idea. Once you file a patent, you have describe it with words and pictures, allowing anyone (in your own company, hopefully) to replicate it. This has led to long-term wealth for many companies and individuals. 10. Paper
Stone tablets sure have evolved over the years. Papyrus and stretched sheep parts adapted through the years into the wood-pulp product we have today. Nowadays, anyone who can scribble slang can transfer knowledge. It should not be forgotten that the primary vessel of knowledge and history has been books, which, of course, contain paper. 9. Credit
Credit, which prehistorically involved traders lending for a larger return, actually predates currency. It is hard to discern where it all began. As long as someone with extra money will loan money to someone who wants it, in exchange for more money in the future, there will be credit. Credit has not only been used as a means to an end, but also an industry itself. It would be nearly impossible to find any business in the last century that has not participated in credit, either by receiving or extending it. 8. Telephone
The telephone didn’t catch on right away. A full two years after invention, only 50 people owned a phone. Now, almost everyone born in the last 100 years has used one. Long-form communication and contact became commonplace. People were finally able to have private conversations from hundreds of miles away without the intermediary of a telegraph operator. It has been postulated that the telephone was actually the driving force behind the railroad, coal, steel and banking monopolies of the late 19th century. 7. Gun
The business world and the gun have had a tumultuous relationship for centuries. Outlaws would shoot up trains and stagecoaches for goods in the American Old West. The East India Trading Company made some pirates quite wealthy. Today, the gun helps businesses with transfers of money, private security, crowd control, and, heck, protection from Yemeni pirates. The right to bear arms has also deterred government agencies from taking over businesses. And the business of guns themselves is, well, booming. 6. Internet
ARPAnet came online during the Summer of Love in 1969. That wild Department of Defense experiment–driven by the Cold War–eventually gave birth to the Internet. Today, it’s hard to imagine doing business without email, social media, a website, or electronic invoicing. The Internet also democratized the business world. Anyone can now become a merchant, commentator, or expert with minimal effort. Now that classifieds, formerly hard-to-find research sources, job sites, and payment services are all online, business has officially been revolutionized. 5. Light Bulb
The invention of the electric light meant that the business world was open well past the hours between sunrise and sundown. Allowing employees and factories to work during the dark hours, even if only a few more hours per day, increased production and “uptime” operation, which let companies earn more profit. Restaurants, trains, cars, motion pictures, and a slew of other everyday functions were also transformed by illumination. Besides, when you have a great idea, what appears above your head? A-Ha! 4. Computer
The computer has done a thing or two for just about everything related to commerce. If you don’t generalize the computer as a single item, like a laptop, but see it as a chip in a server connected to backend line infrastructure (and so on), the implications are mammoth. From storing information to systemizing business processes to communication, the computer in its many forms will continue to change business for as long as any of us walk this earth. 3. Steam Engine
Thanks to the steam engine, we were able to create the factories, transportation, and corporations that we know and love today. The steam engine had been around for centuries when British engineer Thomas Savery adapted one for industrial use in 1698. More advanced steam-powered engines soon followed Savery’s “mine drayining” device. The Industrial Revolution resulted. Steam engines radically transformed mining, farming, manufacturing, and transportation. Locomotives and canal systems increased the scope of trade. Cotton mills replaced hand-powered looms, creating the textile industry we know today. The modern assembly line, upon which we still base mass production, also came about during that time. Industry as we know it simply wouldn’t exist without the steam engine. 2. Wheel
Without the wheel, we’d all be riding horses. Without horses, we’d all be village tribespeople. You get the idea. The wheel most obviously changed transportation, but what about grind mills, looms, hard drives, CDs, and any other circular device whose motion we rely on? Seen in aggregate, the wheel is truly incomparable. 1. Electricity
From the Internet to transportation to staying warm in winter, electricity ties our economy together. People have known about the properties of static and electric shocks since antiquity. But it wasn’t until the late 1800s that inventors like Nikola Tesla and Thomas Edison harnessed it for mainstream use. Since then, just about everything we do relies on electricity, and will for the foreseeable future.
Source: Business Pundit | 15 Mar 2010 | 10:13 am Bank of Tokyo’s Halpenny: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 15 Mar 2010 | 9:34 am No Signs Of Intelligent Life At Boston ScientificVirtually nothing has gone right at Boston Scientific (BSX) since it bought rival Guidant in a bidding war with Johnson & Johnson (JNJ) in 2006. With a year of the transaction closing Guidant had to withdraw 50,000 medical devices from the market. Problems with the company’s stents plagued Boston Scientific for more than a year. Drug coated stents had [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Mar 2010 | 9:31 am Arthur Levitt: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 15 Mar 2010 | 9:30 am Trichet, Lipsky, Gale, Poterba, Becker: On the EconomySource: Bloomberg - All Podcasts | 15 Mar 2010 | 8:26 am Wheeldon on Stocks, Juckes on Greek Debt: First WordSource: Bloomberg - All Podcasts | 15 Mar 2010 | 8:11 am China's Currency, Chris Dodd's Bill & Goldman SachsBy Jacob Goldstein The two main econ stories in the news this morning are (1) China's currency and (2) Chris Dodd's financial-reform bill. Also in this morning's roundup is (3) a little Goldman candy for finance nerds. The yuan is not undervalued, China's Premier Wen Jiabao argued yesterday at his once-a-year press conference. China has been keeping its currency pegged to the dollar since mid-2008. This makes Chinese exports cheaper in foreign markets like the U.S. and Europe, which in turn makes it more difficult for manufacturers in other countries to compete. China keeps the value of the yuan constant by selling lots and lots of yuan and buying dollars and other foreign currencies. In his column today, Paul Krugman calls China's approach "the most distortionary exchange rate policy any major nation has ever followed. Chris Dodd will release his finance bill this afternoon. The Consumer Finance Protection Agency will be housed inside the Fed, according to the Washington Post. Liberal Dems won't like that. But the bill will allow states to pass tougher consumer-protection laws, a provision that liberals will like, Politico says. I'll have more on the Dodd bill after it's released this afternoon. In the meantime, Listen to Friday's podcast for more on finance reform. Goldman Sachs and JP Morgan use their strong position in the derivatives market to force their counterparties to put up lots of collateral. This gives the banks the use of lots of cash at very low interest. Bloomberg News explains. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 15 Mar 2010 | 8:08 am Phillips-Van Heusen Buys Tommy Hilfiger
Phillips-Van Heusen, whose brands include Kenneth Cole, BCBG, and Calvin Klein, will add Tommy Hilfiger to its stable starting today. Phillips-Van Heusen will buy Hilfiger for $3 billion in cash and stock. The New York Times has the story: The deal is only the latest to emerge from an active market for mergers and acquisitions, as corporate buyers feel more confident pursuing long-desired targets. The sale of Tommy Hilfiger would be a lucrative exit for its current owner, the British private equity firm Apax Partners. Apax has twice sought an initial public offering for the clothier, and Tommy Hilfiger’s chief executive, Fred Gehring, told Reuters in September that an I.P.O. was the most likely next step for the company. (After experiencing a downturn in sales, Hilfiger has) sought to reclaim its preppy heritage, slimming down its sizes and returning to an image of young American aristocrats at play. That has rejuvenated the company’s fortunes, first in Europe and then elsewhere. Tommy Hilfiger himself hasn’t managed the company in years, instead spending his time on activities like hitting Axl Rose. He remains a primary designer and public face for the company.
Source: Business Pundit | 15 Mar 2010 | 7:39 am Google’s China Withdrawal As Much Politics as Business
After stalled talks with China, Google is likely to close its operations there. It looks like Google won’t be able to operate in China without censoring results, so the search company, which won’t run a censored search engine, is poised to pull out. The Wall Street Journal has details: Chinese authorities on Friday told local news Web sites that Google’s Chinese site is likely to close and that, if it does, the news sites will be required to use only official accounts of the situation, rather than publish stories from anywhere else, according to a person familiar with the order. A person familiar with situation said on Saturday that Google is likely to take action within weeks. Google’s closure of Google.cn would leave the Internet in China—which has about 400 million users, more than any other country, and is adding about 250,000 more each day—almost entirely dominated by local companies. That helps the Chinese government’s efforts to control information, because it can more easily control local companies, but it means foreign participation in one of the fastest-growing parts of China’s economy will be limited, and it leaves Chinese users increasingly isolated. If (Google.cn) is closed, Google could still offer Chinese-language search to Chinese users from offshore, as it did for several years before it started Google.cn in 2006. Users could also theoretically continue to use other Google services, such as Gmail, that are based outside China. Google intends to keep some non-search business operations in China. Google has argued that China is violating World Trade Organization rules by censoring the Internet, and has urged Congress to look into the matter. The Chinese government maintains that it is not violating any rules. Google agreed to censor its search results in 2006 to gain a bigger Chinese market share. It changed its stance after being hit by cyberattacks originating in China earlier this year. By withdrawing from China, Google is taking a stand against censorship. Google, however, has been censoring for about 4 years already, has deep ties with the Obama administration, and doesn’t have a big market share in China anyway. The company’s move is also in sync with Hillary Clinton’s statement against the information curtain that Internet censorship represents. Meanwhile, China is already angry about US arms sales to Taiwan. There’s more to this story than freedom of information (Google’s spin) and the Chinese government’s adherence to its “Internet clean-up” campaign.
Source: Business Pundit | 15 Mar 2010 | 7:20 am Healthcare Around the WorldVisual Economics has a good infographic about global healthcare:
Source: Business Pundit | 15 Mar 2010 | 5:02 am
|
