Stocks poised to extend gains

U.S. stocks were poised to rise at Wednesday's open, as investors signaled optimism over the economy a day after the Federal Reserve, as expected, said it would keep rates low for an extended period.
Source: Business and financial news - CNNMoney.com | 17 Mar 2010 | 4:19 am

UK unemployment in further fall

The UK unemployment and claimant count totals both fall, but the number of long-term unemployed rises.
Source: BBC News | Business | World Edition | 17 Mar 2010 | 4:17 am

Lady Gaga, DNA and patents

When radio was invented in the late nineteenth century by the likes of Marconi, Edison, and Tesla, government and industry faced a conundrum. Who would own the limited band of electromagnetic frequencies that made this new invention possible?
Source: Business and financial news - CNNMoney.com | 17 Mar 2010 | 4:14 am

Blackberry Users Want An iPhone

Research-In-Motion (RIMM) shareholders have been concerned for some time that the Apple (AAPL) iPhone is such a good product that consumers would begin to switch to Jobs & Co. products. Those concerns have been exacerbated by the success of Google (GOOG) Android-powered smartphones. A new piece of research shows why RIMM should be unsettled. Crowd Science recently released a [...]

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Source: 24/7 Wall St. | 17 Mar 2010 | 4:12 am

Porsche shrinks debt ahead of VW takeover

German carmaker achieves double-digit operating margin in the first six months of its fiscal year as it reduces heavy debt load
Source: Financial Times - US homepage | 17 Mar 2010 | 4:09 am

China set to take control of London black cabs

China's largest independent carmaker is poised to take control of Manganese Bronze, maker of London's black taxi, after a sluggish economy hit sales of the world famous vehicle.


Source: Latest Business News from Times Online | 17 Mar 2010 | 4:06 am

Manganese Bronze cuts jobs, strengthens China links

Manganese Bronze, the manufacturer of London's black cabs, is to cut around 60 jobs in Britain as it strengthens links with China.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Mar 2010 | 4:04 am

Google partners call for clarity on China plans

BEIJING (Reuters) - Chinese firms selling advertising space on Google's search pages have demanded clarity about the search giant's plans in China, as speculation increases over Google's future in the world's largest Internet market.



Source: Reuters: Business News | 17 Mar 2010 | 4:03 am

Google China Partners Want Compenation If Search Firm Leaves

If Google (GOOG) closes its Google.cn Chinese search portal, it will be tough luck for the American company which looked forward to getting an increasing shares of its revenue from the People’s Republic’s 400 million internet users. It is also tough luck for Google’s partners, most of which use the Google search feature on their sites. [...]

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Source: 24/7 Wall St. | 17 Mar 2010 | 3:57 am

Tiger Woods' return: Ka-ching!

Tiger Woods announced on Tuesday that he would make his return to golf on April 8 for the 2010 Masters Tournament, and media analysts say the broadcasters covering the event have reason to be giddy.
Source: Business and financial news - CNNMoney.com | 17 Mar 2010 | 3:57 am

Beware these 'dirty dozen' tax scams

As the tax deadline draws near, the IRS wants you to beware of fraudulent tax preparers, hidden offshore bank accounts and offers that seem too good to be true.
Source: Business and financial news - CNNMoney.com | 17 Mar 2010 | 3:56 am

China court to begin Rio Tinto trial Monday (AP)

AP - A Shanghai court will Monday begin hearing China's case against four employees of mining giant Rio Tinto, including one Australian, on charges of stealing commercial secrets and bribe-taking.
Source: Yahoo! News: Business News | 17 Mar 2010 | 3:51 am

UK jobless total falls, gives government pre-Election boost

The Government was given a pre-Election boost on the jobs front when unemployment fell and there was a huge cut in the numbers claiming jobseeker's allowance.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Mar 2010 | 3:49 am

Porsche H1 profit skids 83 pct on VW merger costs (AP)

AP - A dip in sales and costs from its failed attempt to take over Volkswagen pushed sports car maker Porsche's six-month net profit down by 83 percent.
Source: Yahoo! News: Business News | 17 Mar 2010 | 3:48 am

Equities rally after Fed keeps rates low

The decision by the US Federal Reserve to keep interest rates low boosted investors’ appetite for risky assets as concerns about regulatory risk in Washington and sovereign debt fears in Greece eased
Source: Financial Times - US homepage | 17 Mar 2010 | 3:43 am

Signs Of The Apocalypse: Honda Recalls 410,000 Cars

Every car sold in America, and perhaps the rest of the world, is broken or dangerous to drive so it seems. Toyota (TM) has recalled more than eight million cars. Ford (F) says there are software issues with brakes on some of its new autos. Nissan recalled 540,000 vehicles because of brake pins. Now Honda (HMC), [...]

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Source: 24/7 Wall St. | 17 Mar 2010 | 3:42 am

Dole queue shrinks at fastest rate since 1997

The number of people claiming benefits in February fell at the sharpest rate since November 1997, just after Labour came to power, figures indicated today.


Source: Latest Business News from Times Online | 17 Mar 2010 | 3:41 am

Stock futures signal gains; Hartford in focus

(Reuters) - Stock index futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500, Dow Jones and Nasdaq 100 all up around 0.2 percent.



Source: Reuters: Business News | 17 Mar 2010 | 3:37 am

Stock futures signal gains; Hartford in focus (Reuters)

Traders work on the floor of the New York Stock Exchange, February 5, 2010. REUTERS/Brendan McDermidReuters - Stock index futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500, Dow Jones and Nasdaq 100 all up around 0.2 percent.



Source: Yahoo! News: Stock Markets News | 17 Mar 2010 | 3:36 am

Unite in US talks over BA strike

British Airways union Unite will meet with its US counterpart Teamsters to discuss the impending strike by cabin crew.
Source: BBC News | Business | World Edition | 17 Mar 2010 | 3:29 am

Suspect in poker heist surrenders to authorities (AP)

File photo of a player sorting his poker chips in Las Vegas. US casinos have run into a string of bad luck as the recession and other factors cut into gambling revenues, even as more states move to get a piece of the action.(AFP/File/Robyn Beck)AP - Berlin police says a 21-year-old man suspected of taking part in the storming of a poker tournament in which armed robbers made off with euro240,000 ($329,350) in jackpot money has surrendered to authorities.



Source: Yahoo! News: Business News | 17 Mar 2010 | 3:26 am

Taxi panels to be made in China

Black cab maker Manganese Bronze says the panels and chassis of its TX4 vehicles will now be made in China.
Source: BBC News | Business | World Edition | 17 Mar 2010 | 3:22 am

Sheffield Forgemasters gets £80m state loan to make parts for nuclear industry

Sheffield Forgemasters has received an £80m loan from the British government to build a massive steel press to supply components for the nuclear industry.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Mar 2010 | 3:19 am

China GDP 'to grow 9.5%'

The World Bank raises its forecast for economic growth in China during 2010 to 9.5% from an earlier estimate of 9%.
Source: BBC News | Business | World Edition | 17 Mar 2010 | 3:17 am

Who Really Wants Broadband?

The FCC has argued to Congress and the public that the US is well behind most of the rest of the civilized world in terms of its distribution of broadband and the speed of online connections. The agency issued a 376 page proposal called the National Broadband plan and then its chairman Julius Genachowski went up [...]

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Source: 24/7 Wall St. | 17 Mar 2010 | 3:16 am

Are genetic testing kits worth the price?

Worried that your genes predispose you to developing cancer, diabetes, or some other disease? Simply curious to unlock the secrets of your DNA -- say, whether you have better-than-average odds of living to 100?
Source: Business and financial news - CNNMoney.com | 17 Mar 2010 | 3:16 am

Intel, global chip shares jump

SAN FRANCISCO (Reuters) - Shares of Intel Corp jumped 4 percent to their highest in more than a year on expectations that robust Asian sales and a rebound in corporate spending will help the chipmaker beat current-quarter earnings estimates.



Source: Reuters: Business News | 17 Mar 2010 | 3:14 am

Asian stocks jump on Fed, BoJ accommodative stance

Major Asian markets got a boost Wednesday on the U.S. Federal Reserve pledge to keep interest rates low for an “extended period" and the Bank of Japan’s decision to ease monetary conditions further.



Source: MarketWatch.com - Top Stories | 17 Mar 2010 | 3:10 am

Saudi: no change in OPEC output (AP)

Angola's Oil Minister Jose Maria Botelho de Vasconcelos talks to journalists at the beginning of a meeting of OPEC oil ministers in Vienna March 17, 2010. OPEC ministers meet on Wednesday saying there is no need to change output targets they are already exceeding, as demand should pick up later in the year led by China. REUTERS/Heinz-Peter Bader (AUSTRIA - Tags: POLITICS ENERGY BUSINESS HEADSHOT)AP - The Saudi oil minister says OPEC will keep output levels unchanged later today because the market is enjoying "good demand, reliable supply, beautiful prices."



Source: Yahoo! News: Business News | 17 Mar 2010 | 3:07 am

Currencies: Dollar recovers from earlier dip vs. yen after BOJ

The dollar is higher against the yen in Asian trading Wednesday, recouping earlier losses it made against the Japanese currency after the Bank of Japan kept its key interest rate steady.



Source: MarketWatch.com - Top Stories | 17 Mar 2010 | 3:07 am

Trial date for Rio Tinto workers

China has set a trial date for four Rio Tinto employees on charges including bribery, the Australian government says.
Source: BBC News | Business | World Edition | 17 Mar 2010 | 3:04 am

Asia stocks up after US, Japan central bank moves (AP)

A television indicates that the Fed will keep interest rates unchanged on the floor of the New York Stock Exchange in New York, Tuesday, March 16, 2010. Stocks held on to modest gains Tuesday after the Federal Reserve gave a mildly more upbeat view of the economy. The Fed, which also said it will keep interest rates low for 'an extended period,' said businesses are spending 'significantly' more on equipment and software. The Fed also gave a marginally more upbeat assessment of the job market, though it said employers remain reluctant to hire.(AP Photo/Seth Wenig)AP - World stock markets pushed higher Wednesday as U.S. and Japanese central banks promised to maintain loose monetary policies, buoying hopes for recovery in the world's two largest economies.



Source: Yahoo! News: Stock Markets News | 17 Mar 2010 | 3:01 am

Asia stocks up after US, Japan central bank moves (AP)

A television indicates that the Fed will keep interest rates unchanged on the floor of the New York Stock Exchange in New York, Tuesday, March 16, 2010. Stocks held on to modest gains Tuesday after the Federal Reserve gave a mildly more upbeat view of the economy. The Fed, which also said it will keep interest rates low for 'an extended period,' said businesses are spending 'significantly' more on equipment and software. The Fed also gave a marginally more upbeat assessment of the job market, though it said employers remain reluctant to hire.(AP Photo/Seth Wenig)AP - World stock markets pushed higher Wednesday as U.S. and Japanese central banks promised to maintain loose monetary policies, buoying hopes for recovery in the world's two largest economies.



Source: Yahoo! News: Business News | 17 Mar 2010 | 3:01 am

H-P vs. Cisco: Rival CEOs have contrasting styles

Hewlett-Packard Co. and Cisco Systems Inc. are locked in the technology world’s hot new rivalry as they battle it out in the market for systems and gear in the corporate data center.



Source: MarketWatch.com - Top Stories | 17 Mar 2010 | 3:00 am

Blockbuster May Run Out Of DVDs

Blockbuster (BBI), the world’s largest movie rental chain, has all sorts of problems. It is nearly insolvent. Its model of renting DVDs from stores has been largely bypassed by online  operations such as NetFlix (NFLX). VOD services from cable companies and internet providers from Amazon (AMZN) to Apple (AAPL) make is easy for the consumer to get [...]

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Source: 24/7 Wall St. | 17 Mar 2010 | 2:59 am

Metro 2009 net income falls 7 percent (AP)

AP - German retailer Metro AG said Wednesday its 2009 net income fell 7 percent to euro519 million ($716 million) as the economic downturn cut into sales at most divisions, including its Kaufhof department stores and Cash & Carry wholesale outlets.
Source: Yahoo! News: Business News | 17 Mar 2010 | 2:58 am

UniCredit profit drops 27%, but beats expectations

Italian bank still comfortably beats market expectations, helped by higher fees and lower wholesale funding costs.



Source: MarketWatch.com - Top Stories | 17 Mar 2010 | 2:57 am

Pakistan, Iran sign deal on natural gas pipeline (Reuters)

Reuters - Pakistan has signed a deal with Iran paving the way for the construction of a much-delayed pipeline pumping Iranian natural gas to the energy-starved South Asian country, officials said on Wednesday.
Source: Yahoo! News: Business News | 17 Mar 2010 | 2:54 am

London Markets: Daily Mail, Kingfisher gain in mildly higher FTSE

Analysts focused on British companies on Wednesday, with gains from newspaper group Daily Mail & General Trust and home-improvement retailer Kingfisher supporting a mildly higher top share index in London.



Source: MarketWatch.com - Top Stories | 17 Mar 2010 | 2:51 am

Robert Peston

Should hedge funds be viewed as heroes?
Source: BBC News | Business | World Edition | 17 Mar 2010 | 2:50 am

6 foolproof ways to grow your business

For almost 30 years I've been organizing, advising, and just hanging with leaders of the world's top growth firms. Dubbed "gazelles," these companies continue to hire even as the economy stumbles.
Source: Business and financial news - CNNMoney.com | 17 Mar 2010 | 2:48 am

Economic Report: Bank of Japan expands loan program, holds rate

The Bank of Japan keeps its key interest rate unchanged, as widely expected, and also announces plans to double the scale of a lending program introduced in December.



Source: MarketWatch.com - Top Stories | 17 Mar 2010 | 2:46 am

Nomura picks first foreigner for its board

Nomura is to re-organise its non-retail operations and hand leadership of the global unit to a former top Lehman Brothers banker who had planned to leave the Japanese bank this month
Source: Financial Times - US homepage | 17 Mar 2010 | 2:45 am

Wow your audience - top tips from a pro

Mellody Hobson's defining moment as a public speaker came in the fifth grade when her teacher made her recite the poem "The Creation" by James Weldon Johnson.
Source: Business and financial news - CNNMoney.com | 17 Mar 2010 | 2:41 am

Madoff sons claim: 'We're victims too'

The sons of Bernard Madoff, who has been jailed for 150 years for operating a $65 billion Ponzi scheme, claim that they are victims of their father's crimes, according to court papers filed in a lawsuit against the fraudster$’s relatives.


Source: Latest Business News from Times Online | 17 Mar 2010 | 2:34 am

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.



Source: MarketWatch.com - Top Stories | 17 Mar 2010 | 2:31 am

Korea Life gains; buoys hopes for Samsung Life IPO

SEOUL (Reuters) - Korea Life Insurance Co shares closed up 8 percent in heavy trading on their debut on Wednesday, signaling keen demand ahead of bigger rival Samsung Life's planned $4 billion IPO in May.



Source: Reuters: Business News | 17 Mar 2010 | 2:28 am

Dubai World to offer full debt repayment: report

DUBAI (Reuters) - Dubai World will offer banks a single proposal to repay in full the $26 billion debt it is renegotiating, with interest likely linked to LIBOR, Al Arabiya reported on Wednesday.



Source: Reuters: Business News | 17 Mar 2010 | 2:27 am

Rio Tinto executives to face court in Shanghai

Four Rio Tinto executives, originally arrested in China last year on suspicion of espionage, are to face a trial hearing next week after more than seven months in custody.


Source: Latest Business News from Times Online | 17 Mar 2010 | 2:22 am

Korea Life gains; buoys hopes for Samsung Life IPO (Reuters)

Reuters - Korea Life Insurance Co (088350.KS) shares closed up 8 percent in heavy trading on their debut on Wednesday, signaling keen demand ahead of bigger rival Samsung Life's planned $4 billion IPO in May.
Source: Yahoo! News: Business News | 17 Mar 2010 | 2:21 am

Climate change's Hail Mary

The horse trading over climate change law is in full swing, and Senators are trying to appease interests on both sides of the aisle.
Source: Business and financial news - CNNMoney.com | 17 Mar 2010 | 2:11 am

Business Bullet: Miners, Gold, Hedge funds, Bank

The latest news on: Miners, Gold, Hedge funds, Bank
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Mar 2010 | 2:06 am

European Stocks to Watch: Insurers price in little growth amid capital fears

The share prices of insurers in Europe have been battered almost as hard as banks, and even after a recovery are pricing in almost no growth due to worries about the buffers they will need and the quality of the assets they hold. But to some analysts, investors are being overly cautious, particularly when insurers are stacked up against banks.



Source: MarketWatch.com - Top Stories | 17 Mar 2010 | 2:06 am

Madoff kin want $199 million suit dismissed


Source: Business and financial news - CNNMoney.com | 17 Mar 2010 | 2:05 am

HSBC may have another go at South Korea's KEB

SEOUL/HONG KONG (Reuters) - It's early days, but speculation is already building that HSBC may participate in the auction for a $3.9 billion stake in Korea Exchange Bank , South Korea's sixth-largest lender.



Source: Reuters: Business News | 17 Mar 2010 | 2:04 am

FACT CHECK: Premiums would rise under Obama plan (AP)

Rep. Louie Gohmert, R-Texas holds up a copy of the proposed Senate health care reform bill as he speaks at a health care rally by The American Grassroots Coalition and The Tea Party Express on Capitol Hill in Washington, Tuesday, March 16, 2010. (AP Photo/Gerald Herbert)AP - Buyers, beware: President Barack Obama says his health care overhaul will lower premiums by double digits, but check the fine print.



Source: Yahoo! News: Business News | 17 Mar 2010 | 2:03 am

Europe Markets: Europe stocks up for second time in three sessions

Investors key in on central bank pledges to keep interest rates at low levels and buy up shares in commodity firms and banks.



Source: MarketWatch.com - Top Stories | 17 Mar 2010 | 1:57 am

Media Digest 3/17/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   China took a hard position on the value of the yuan despite US pressure. Reuters:   Google’s (GOOG) ad partners in China expressed concerns about its plans. Reuters:   If banking laws change, Goldman Sachs (GS) may be unable to cope. Reuters:   China’s demand for natural gas may surprise global markets. Reuters:   Arrow will shortly reply to an offer from [...]

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Source: 24/7 Wall St. | 17 Mar 2010 | 1:50 am

Greece may need to default or leave the euro, warns former Reagan economist

Professor Martin Feldstein, Ronald Reagan's former chief economic adviser, has told Bloomberg that Greece's plans to cut its deficit seem like a "fantasy".
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Mar 2010 | 1:49 am

Inditex profit climbs 17% on international growth

Spanish retailing giant Inditex on Wednesday posted a 17% rise in fourth-quarter profit on a 13% rise in revenue as it saw strong growth in its international markets and opened its fiscal year with rapid sales growth.



Source: MarketWatch.com - Top Stories | 17 Mar 2010 | 1:40 am

World Bank raises China growth forecast, urges action on rising inflation

The World Bank raised its China growth forecast this year to 9.5pc from 9pc on Wednesday but said Beijing needs to cool inflation and possible bubbles in real estate prices.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Mar 2010 | 1:27 am

Senate poised to clear jobs bill for Obama (AP)

U.S. President Barack Obama is seen at the White House in Washington in this January 5, 2010 file photo. Obama on Thursday faced pressure to help create jobs in African-American communities and deliver an immigration overhaul even as he tried to push healthcare reform across the finish line. REUTERS/Kevin Lamarque/FilesAP - Companies that hire unemployed workers get a temporary payroll tax holiday under a bill headed for likely Senate passage Wednesday.



Source: Yahoo! News: Business News | 17 Mar 2010 | 1:21 am

Bank marks 50 years of the Queen's portrait

It's the 50th anniversary of the Queen's portrait first appearing on banknotes.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Mar 2010 | 1:13 am

Japan's central bank offers cheap loans to fight deflation

Japan's central bank is escalating the fight against deflation by offering more cheap loans to banks.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Mar 2010 | 1:09 am

Need for wood highlights US insect problems

Associated Press Writer COLUMBIA, S.C. International Paper Co. has had to look beyond its usual suppliers for wood for its central South Carolina mill and turn to places that are known to
Source: RSS feed - channel BNewsBusiness | 17 Mar 2010 | 1:03 am

Airplane propeller repair shop hits credit turbulence

Like other small businesses, Executive Propellers finds bank loans hard to get. Last year, banks made two-thirds fewer loans backed by the Small Business Administration than they did in 2007.

At a repair shop for airplane propellers near Van Nuys Airport, Keith Hironaka bends over a long metal blade, smoothing its mottled surface and preparing it for inspection. His brother Glenn works a few feet away.



Source: L.A. Times - Business | 17 Mar 2010 | 1:00 am

Southern California home prices rise 10% in February

Led by double-digit jumps in coastal areas, the median sales price for the region reaches $275,000. The number of homes sold was nearly flat, up only 0.8%.

Southland home prices jumped 10% in February compared with the same month last year as foreclosure sales dropped significantly. San Diego and Orange counties made particularly strong gains.



Source: L.A. Times - Business | 17 Mar 2010 | 1:00 am

Scott Rudin seeks to end production deal at Miramax Films

The man has supplied the Disney unit with movies including Oscar-winner 'No Country for Old Men,' 'The Queen,' and 'There Will Be Blood.'

With the recent demise of Miramax Films and its possible sale, the specialty label's biggest movie producer, Scott Rudin, is negotiating to end his lucrative production deal with the company's corporate parent, Walt Disney Studios.



Source: L.A. Times - Business | 17 Mar 2010 | 1:00 am

Maguire Properties sheds OC office complex for $90 million

The sale of the Griffin Towers office buildings in Santa Ana is the largest such transaction this year in Southern California and helps Maguire's badly unbalanced bottom line.

Embattled commercial landlord Maguire Properties Inc. has sold a Santa Ana office complex for $90 million as part of a long campaign to reduce debt and right itself financially.



Source: L.A. Times - Business | 17 Mar 2010 | 1:00 am

Many GM dealers still don't know whether they're staying open

The automaker is negotiating with some and not with others, and signs are that it is making concessions to keep showrooms open to avoid running afoul of a congressional deadline for arbitration.

Despite weeks of anticipation since General Motors Co. announced it would keep hundreds of dealers targeted for closure, it is still not clear which showrooms will be granted a reprieve.



Source: L.A. Times - Business | 17 Mar 2010 | 1:00 am

FCC needs Congress' help on broadband effort

The agency can adopt many of the 200 recommendations in the national plan it unveiled Tuesday, but others require legislation.

With the public release of its national broadband plan Tuesday, the Federal Communications Commission prepared to start the hard work of getting Congress to help the agency implement roughly 200 recommendations.



Source: L.A. Times - Business | 17 Mar 2010 | 1:00 am

Florida tax rebate plan could backfire

A proposed change in incentives offered to 'family friendly' film shoots may by discriminatory and prompt gay rights supporters to take their business elsewhere, critics warn.

Seeking to be family friendly, Florida may have learned a hard lesson in how not to be Hollywood friendly.



Source: L.A. Times - Business | 17 Mar 2010 | 1:00 am

Many GM dealers still don't know whether they're staying open

The automaker is negotiating with some and not with others, and signs are that it is making concessions to keep showrooms open to avoid running afoul of a congressional deadline for arbitration. ...
Source: RSS feed - channel BNPaperBusiness | 17 Mar 2010 | 1:00 am

FCC needs Congress' help on broadband effort

The agency can adopt many of the 200 recommendations in the national plan it unveiled Tuesday, but others require legislation. ...
Source: RSS feed - channel BNPaperBusiness | 17 Mar 2010 | 1:00 am

Lehman's collapse was all its own fault

The bankruptcy of Lehman Bros. in September 2008 is widely seen as the event that kicked the financial meltdown into high gear.
Source: RSS feed - channel BNPaperBusiness | 17 Mar 2010 | 1:00 am

Southern California home prices rise 10% in February

Led by double-digit jumps in coastal areas, the median sales price for the region reaches $275,000. The number of homes sold was nearly flat, up only 0.8%. ...
Source: RSS feed - channel BNPaperBusiness | 17 Mar 2010 | 1:00 am

Scott Rudin seeks to end production deal at Miramax Films

The man has supplied the Disney unit with movies including Oscar-winner 'No Country for Old Men,' 'The Queen,' and 'There Will Be Blood.' ...
Source: RSS feed - channel BNPaperBusiness | 17 Mar 2010 | 1:00 am

More homeowners are opting for 'strategic defaults'

Underwater on their mortgages and angry at banks, more borrowers are choosing to hand over the keys, even if they can afford the payments. ...
Source: RSS feed - channel BNPaperBusiness | 17 Mar 2010 | 1:00 am

More homeowners are opting for 'strategic defaults'

Underwater on their mortgages and angry at banks, more borrowers are choosing to hand over the keys, even if they can afford the payments.

Wynn Bloch has always dutifully paid her bills and socked away money for retirement. But in December she defaulted on the mortgage on her Palm Desert home, even though she could afford the payments.



Source: L.A. Times - Business | 17 Mar 2010 | 1:00 am

Lehman's collapse was all its own fault

The bankruptcy of Lehman Bros. in September 2008 is widely seen as the event that kicked the financial meltdown into high gear.



Source: L.A. Times - Business | 17 Mar 2010 | 1:00 am

Group of 29 governors seeks renewable-power standard

Schwarzenegger and others say a U.S. guideline would help spur job growth and economic development. They also say the current fragmented system is pushing investments abroad. ...
Source: RSS feed - channel BNPaperBusiness | 17 Mar 2010 | 1:00 am

YouTube sets its sights on independent musicians

The video website is expected to announce plans to entice musicians by offering to share ad revenues. YouTube...
Source: RSS feed - channel BNPaperBusiness | 17 Mar 2010 | 1:00 am

Airplane propeller repair shop hits credit turbulence

Like other small businesses, Executive Propellers finds bank loans hard to get. Last year, banks made two-thirds fewer loans backed by the Small Business Administration than they did in 2007. ...
Source: RSS feed - channel BNPaperBusiness | 17 Mar 2010 | 1:00 am

YouTube sets its sights on independent musicians

The video website is expected to announce plans to entice musicians by offering to share ad revenues.

YouTube wants to rock MySpace.



Source: L.A. Times - Business | 17 Mar 2010 | 1:00 am

Fed leaves benchmark short-term rate unchanged

Policymakers keep the rate at zero to 0.25% and vow to hold it low for an 'extended period.' They continue to appear relatively upbeat about the economy in their post-meeting statement. ...
Source: RSS feed - channel BNPaperBusiness | 17 Mar 2010 | 1:00 am

Oz stocks: Market enjoys strong finish

The Australian share market closed stronger today as resources stocks benefited from higher commodity prices and sentiment was buoyed by the strongest quarterly increase in new home starts in eight years.The benchmark S&P/ASX200...
Source: nzherald.co.nz - Business | 17 Mar 2010 | 12:59 am

NZ stocks: Telecom falls to new low

Telecom shares fell to a new all-time low today, making it difficult for the New Zealand sharemarket to keep up with other markets.The benchmark NZX-50 index closed down 6.837 points, or 0.213 per cent, at 3200.959. Turnover was...
Source: nzherald.co.nz - Business | 17 Mar 2010 | 12:55 am

Japan increases stimulus

Japan's central bank increases a stimulus measure aimed at encouraging financial institutions to lend more.
Source: BBC News | Business | World Edition | 17 Mar 2010 | 12:52 am

Mo. hog giant gets community backing at hearing

Supporters of Premium Standard Farms are urging a team of agricultural experts to give the northern Missouri company more time to control odors at its hog farms. More than 1,000 people...
Source: RSS feed - channel BNewsBusiness | 17 Mar 2010 | 12:48 am

NZ dollar pushes higher

The New Zealand dollar pushed on higher today, particularly against the Australian dollar.It was strong after the Federal Reserve kept United States interest rates unchanged and reiterated a pledge to keep rates "exceptionally...
Source: nzherald.co.nz - Business | 17 Mar 2010 | 12:45 am

China digs in heels on yuan as U.S. raises pressure

BEIJING (Reuters) - China said on Wednesday it "could not be any clearer" in its repeated commitment to a stable exchange rate after the U.S. Congress threatened to levy duties on some Chinese exports unless it revalues its currency.



Source: Reuters: Business News | 17 Mar 2010 | 12:42 am

The best Isas for growth

Are you ready to dip a toe in stock market-based Isas?
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Mar 2010 | 12:36 am

The best Isas for income

Ready to dip a toe in stock market-based Isas, here are some income recommendations.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Mar 2010 | 12:32 am

Arrow to soon respond on Shell, PetroChina offer: source

PERTH (Reuters) - Australia Arrow Energy Ltd has opened its books to Royal Dutch Shell and PetroChina for them to conduct due diligence for their joint takeover offer worth at least A$3.3 billion ($3.03 billion) sources said on Wednesday.



Source: Reuters: Business News | 17 Mar 2010 | 12:31 am

World Bank tells China to tighten policy

BEIJING (Reuters) - The World Bank raised its 2010 growth and inflation forecasts for China and recommended a tighter monetary policy as well as a stronger exchange rate to restrain inflation expectations and asset bubbles.



Source: Reuters: Business News | 16 Mar 2010 | 11:44 pm

Oil above $82 as traders eye US supplies, OPEC

Oil prices rose above $82 a barrel Wednesday in Asia after a report showed U.S. crude inventories grew less than expected last week. Benchmark crude for April delivery was up 38 cents to
Source: RSS feed - channel BNewsBusiness | 16 Mar 2010 | 11:31 pm

BoJ eases policy amid deflation pressure

The Bank of Japan has eased monetary policy slightly, expanding the size of a special lending programme but not extending its term, after two of its seven policy board members voted for no change
Source: Financial Times - US homepage | 16 Mar 2010 | 11:20 pm

Asia stocks up as Fed, Greece news buoy confidence

Asian stock markets pushed higher Wednesday after the U.S. central bank again pledged to hold interest rates low and gave a mildly optimistic assessment of the world's largest economy. ...
Source: RSS feed - channel BNewsBusiness | 16 Mar 2010 | 10:56 pm

Appeals court: OT laws don't cover seminarians

The 9th U.S. Circuit Court of Appeals has ruled that seminarians are not covered by overtime laws. The appeals court on Tuesday upheld a lower court ruling in the case of Cesar Rosas, a...
Source: RSS feed - channel BNewsBusiness | 16 Mar 2010 | 10:07 pm

Stimulus Gatekeepers: A Small-Town Troika

In Staunton, Va., a toy-store owner and two others parcel out aid.



Source: SmartMoney.com | 16 Mar 2010 | 10:00 pm

3 Stocks With Rising Estimates (Screens)

Forecasts recently jumped for these firms -- a promising sign for investors.



Source: SmartMoney.com | 16 Mar 2010 | 10:00 pm

Manufacturing Profits

Some industrial firms are ready to roll as the economy recovers.



Source: SmartMoney.com | 16 Mar 2010 | 10:00 pm

Snapple, Crackle and Pop

The maker of Dr. Pepper and other popular beverages is pouring out sweet returns.



Source: SmartMoney.com | 16 Mar 2010 | 10:00 pm

Hotels Compete for Loyal Guests (Deal of the Day)

A free night's stay is within reach. But you might be better off hoarding points.



Source: SmartMoney.com | 16 Mar 2010 | 10:00 pm

Hoyts buys Auckland's Berkeley Cinemas

Hoyts is buying Auckland-based Berkeley Cinema Group from Everard Entertainment for an undisclosed sum, increasing its presence in Auckland.Berkeley Group has 21 screens across four cinema complexes situated in Botany Downs, Mission...
Source: nzherald.co.nz - Business | 16 Mar 2010 | 9:32 pm

Facebook ousts Google in US popularity

Facebook has become the most visited website in the United States as millions of people turn to the social networking site to play online games.


Source: Latest Business News from Times Online | 16 Mar 2010 | 9:25 pm

Blue Chip probes continue - liquidators

Investigations continue into possible breaches by directors of Blue Chip companies of reckless trading and other breaches of provisions of the Companies Act, liquidators Meltzer Mazon Heath say.In the latest six-monthly updates...
Source: nzherald.co.nz - Business | 16 Mar 2010 | 9:12 pm

Product recalls: Tostachos corn chips, dip mix

___ Barcel USA is recalling certain lots of Tostachos. The recalled flavored corn chips come in 3.17-ounce packages and were sold in grocery and convenience stores nationwide. No...
Source: RSS feed - channel BNewsBusiness | 16 Mar 2010 | 9:01 pm

Firefighter who lied justifiably sacked - ERA

A firefighter who didn't tell his employer about his history of treatment for post-traumatic stress disorder was justifiably sacked, the Employment Relations Authority says.Marc Lidiard was employed by the New Zealand Fire Service...
Source: nzherald.co.nz - Business | 16 Mar 2010 | 8:27 pm

Govt isn't anti-Telecom, says Joyce

New Zealand's government isn't trying to undermine Telecom in measures such as bolstering rural broadband services, said Communications Minister Steven Joyce.Telecom stock sank 1.4 per cent to $2.14 on the NZX today, the second...
Source: nzherald.co.nz - Business | 16 Mar 2010 | 8:16 pm

Google partners call for clarity on China plans

BEIJING (Reuters) - Chinese firms selling advertising space on Google's search pages have demanded clarity about the Internet company's plans in China, warning they will demand compensation
Source: RSS feed - channel BNewsBusiness | 16 Mar 2010 | 7:31 pm

Super Fund makes positive return in Feb

The New Zealand Superannuation Fund produced a 1.88 per cent return in February even though the value of its holding in Telecom fell.Currently 7 per cent of the fund is invested in New Zealand equities and Telecom is its third-largest...
Source: nzherald.co.nz - Business | 16 Mar 2010 | 7:30 pm

Brown delays EU hedge fund reforms

London’s hedge fund and private equity industry won a last-minute reprieve from contentious new European regulations on Tuesday, after UK premier Gordon Brown pleaded that the issue be shelved until after the general election
Source: Financial Times - US homepage | 16 Mar 2010 | 7:27 pm

CIT Earnings… Sins of Thy Bankrupt Father (CIT)

CIT Group, Inc. (NYSE: CIT) is out of bankruptcy, has John Thain as its new CEO, and is trying to get on with life in ‘the new normal’ in a sector where making money is going to be more of a privilege than a right for some time.  After the closing bell, the turnaround financier [...]

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Source: 24/7 Wall St. | 16 Mar 2010 | 7:21 pm

Fed renews "extended period" low-rate vow

WASHINGTON (Reuters) - The Federal Reserve renewed its pledge on Tuesday to keep interest rates near zero for an "extended period" even as it sounded more upbeat about jobs.



Source: Reuters: Business News | 16 Mar 2010 | 7:17 pm

Senators back bill to pressure China on currency

A group of 14 U.S. senators are seeking to increase the pressure on China to allow its currency to rise in value against the dollar by introducing legislation that would raise the prospects
Source: RSS feed - channel BNewsBusiness | 16 Mar 2010 | 7:10 pm

Consumer confidence dips

Consumer confidence edged lower in the March quarter but optimists continued to outnumber pessimists, a new survey shows.The Westpac McDermott Miller consumer confidence index, published today, slipped slightly, to 114.7 from...
Source: nzherald.co.nz - Business | 16 Mar 2010 | 7:00 pm

Visteon judge won't halt benefits termination

A Delaware bankruptcy judge has refused to halt implementation of his order allowing auto parts supplier Visteon Corp. to terminate its retirees' health and life insurance benefits. An...
Source: RSS feed - channel BNewsBusiness | 16 Mar 2010 | 6:59 pm

Pfizer to make bid for Ratiopharm on Wed -source

FRANKFURT, March 17 (Reuters) - Pfizer will on Wednesday place an offer in the final round of bids for German generic drug maker Ratiopharm, a person briefed on the matter told Reuters on Wednesday.
Source: RSS feed - channel BNewsBusiness | 16 Mar 2010 | 6:51 pm

Call for Olympics tickets clarity

London 2012 organisers are urged to be up front about how many tickets will be available and how much they will cost.
Source: BBC News | Business | World Edition | 16 Mar 2010 | 6:38 pm

Benefit repayments 'must improve'

Benefit claimants owe £1.85bn in overpaid money but the government is recovering less than £300m a year, MPs say.
Source: BBC News | Business | World Edition | 16 Mar 2010 | 6:32 pm

Unite crosses the Atlantic for help in cabin crew strike

The Unite union will seek help in its British Airways cabin crew dispute from a powerful US trade union at a meeting in Washington today.


Source: Latest Business News from Times Online | 16 Mar 2010 | 6:21 pm

Indian paradox

Highly developed Kerala's economy is in a mess
Source: BBC News | Business | World Edition | 16 Mar 2010 | 6:21 pm

Facebook becomes bigger hit than Google

Social networking website Facebook has capped a year of phenomenal growth by overtaking Google’s popularity among US internet users, with industry data showing it has scored more hits than the search engine
Source: Financial Times - US homepage | 16 Mar 2010 | 6:10 pm

Cry havoc - and let slip the meerkat

The Tories unleashed their secret weapon against Charlie Whelan yesterday. The only problem? It was Michael Gove, who is more meerkat than rottweiler. Still, he did his best to turn himself into an “attack meerkat”, not entirely successfully. Forget the forces of Hell, this was more like the forces of pastel.
Source: Latest Business News from Times Online | 16 Mar 2010 | 6:01 pm

Dollar falls as Fed says interest rates stay low

The dollar fell yesterday after the Federal Reserve repeated its pledge to keep interest rates low for a long period and the White House warned that American unemployment was likely to remain high for some time.


Source: Latest Business News from Times Online | 16 Mar 2010 | 6:01 pm

Banker who turned down €8m sues for more

An investment banker who turned down a €7.9 million (£7.1 million) severance offer when he was dismissed from Société Générale is suing the bank for €10 million.
Source: Latest Business News from Times Online | 16 Mar 2010 | 6:01 pm

British Airways e-mailing flight information to avert strike chaos

Key operational staff will meet at Heathrow to hone contingency plans to keep Europe’s busiest hub airport running smoothly if the British Airways cabin crew dispute culminates with strike action this weekend.
Source: Latest Business News from Times Online | 16 Mar 2010 | 6:01 pm

How high will Treasury yields go? - The Buzz

The waiting, as Tom Petty once sang, is the hardest part. And fortunately for investors, who've been eagerly anticipating the latest take on the economy from the Federal Reserve, the waiting is almost over.
Source: Business and financial news - CNNMoney.com | 16 Mar 2010 | 6:00 pm

Fed holds rates at record lows to foster recovery

WASHINGTON - The US Federal Reserve has repeated its pledge to hold interest rates at record lows to foster the US economic recovery and ease high unemployment.But the Fed's assessment of the economy was a bit more upbeat. It...
Source: nzherald.co.nz - Business | 16 Mar 2010 | 5:30 pm

Fed signals optimism over US economy

The US central bank has given a slightly more upbeat outlook on the US economic recovery, saying that the labour market is “stabilising” and business spending on equipment has “risen significantly”
Source: Financial Times - US homepage | 16 Mar 2010 | 5:30 pm

House could bypass vote on US healthcare bill

Struggling to shore up support for US healthcare reform, Democratic leaders in the House of Representatives are considering using a complicated parliamentary manoeuvre to pass a bill without having to put it to a vote
Source: Financial Times - US homepage | 16 Mar 2010 | 4:35 pm

Write-Offs: 03.16.10

$$$ “He was dismissed for being too successful in that role because the provisions in his contract were considered by the bank to be too generous.” [FT]

$$$ Chris Dodd’s Financial Reform Bill Is A Road Map Leading Directly Into The Next Crisis [BI]

$$$ Jack Grubman to Sell Townhouse for $19.6 Million [NYO]

$$$ Hedge Funds Fail When ‘Rock Stars’ Are In Charge [Bloomberg]



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Hedge fund - Christopher Dodd - United States - Bloomberg L.P. - Bank
Source: Dealbreaker | 16 Mar 2010 | 4:30 pm

Summary Box: Stocks climb on upbeat Fed chatter (AP)

AP - FED RELIEF: Stocks rose Tuesday after the Federal Reserve said it would continue to hold its interest rate target at a record low. The central bank also said it is seeing the job market stabilize and business spending improve.
Source: Yahoo! News: Stock Markets News | 16 Mar 2010 | 4:10 pm

Stocks rise after Fed pledges to keep rates low (AP)

Traders work on the floor of the New York Stock Exchange, February 5, 2010. REUTERS/Brendan McDermidAP - The Federal Reserve's mildly upbeat take on the economy and its plans to hold interest rates low gave stocks a lift.



Source: Yahoo! News: Stock Markets News | 16 Mar 2010 | 3:59 pm

Commodities lead TSX to 17-month high (Reuters)

Reuters - Toronto's main stock index ended at its highest point since September 2008 on Tuesday, aided by stronger commodity prices and a renewed pledge by the U.S. Federal Reserve to keep interest rates very low for an extended period.
Source: Yahoo! News: Stock Markets News | 16 Mar 2010 | 3:36 pm

Michael Lewis Knows How To Fix Wall Street

One sick fuck.

“To put it in the crudest possible way, these firms have to be smaller and less profitable,” Lewis told Reuters. “If they were regulated properly and the rules of their game were sane, it would be less profitable to be a trader at a big Wall Street firm … It is really a war over money.”

Earlier: Michael Lewis: “No Intelligent Person Who’s Sitting On Wall Street Can Think Of Themselves As Anything But Overpaid”



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Wall Street - Michael Lewis - People - Youth - Streetkids
Source: Dealbreaker | 16 Mar 2010 | 3:30 pm

Market Liquidity, Shipping Stocks: Taking Stock


Source: Bloomberg - All Podcasts | 16 Mar 2010 | 3:26 pm

Onyx Pharmaceuticals Raised to `Buy' at Goldman Sachs: Audio


Source: Bloomberg - All Podcasts | 16 Mar 2010 | 3:16 pm

How the major stock indexes fared on Tuesday (AP)

AP - The Federal Reserve's mildly upbeat take on the economy and its plans to hold interest rates low gave stocks a lift Tuesday.
Source: Yahoo! News: Stock Markets News | 16 Mar 2010 | 3:14 pm

Podcast: In Haiti, A Prime Minister's Lament

Bellerive

Prime Minister Jean Max Bellerive (AFP/Getty Images)


On today's Planet Money:

Adam Davidson and Chana Joffe-Walt, who've been reporting in Haiti, talk to Prime Minister Jean Max Bellerive. He runs the government's day-to-day affairs; President Rene Preval is the head of state.

They interview Bellerive at his official residence, and while they're talking, a U.S. Army helicopter flies by. It's a reminder of the massive foreign presence in Haiti. And it's not just the military; all sorts of people from around the world looking at everything from Haiti's ports to its health-care system.

But as plans for what Bellerive calls Haiti's "refoundation" get hashed out, there's some tension between the Haitian government and the international community. Near the end of the interview, Adam asks:

With all the money coming in from the World Bank, from the U.S. ... Who gets to be in charge of the refoundation of Haiti?

"I am," Bellerive says. He goes on to explain how the Haitian government is working on its own proposals for how to use international funds. And he explains why:

... If you don't make a plan made by the Haitians and for the Haitians, it won't work. It didn't work the last 50 years, it's not going to work now. ... You have to put the Haitians at the center of what the Haitian needs.I believe we have some small comparative advantage to know what we need.

For more on Haiti, read our recent update on Yvrose Jean-Baptiste, the microentrepreneur who we first heard from in a February podcast. And read about blue jeans, Haiti's textile industry and high fashion.

Download the podcast, or subscribe. Music: Beethova Obas's "Kalot." Find us: Twitter/ Facebook/ Flickr.

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Source: NPR Blogs: Planet Money | 16 Mar 2010 | 3:00 pm

The Four Most Important Words In the Market Today

By Jacob Goldstein

The Fed just came out with one of those statements that everybody talks about and nobody finds surprising. Two key points from today's statement:

1. As expected, the Fed will stop purchasing mortgage-backed securities by the end of this month. It bought more than $1 trillion of these bonds as part of its massive intervention during the crisis.

2. There had been some question about whether the Fed would use the same language it's been using about keeping its key interest rate super low for a lot longer. That language did stay the same, including the key four words: "for an extended period." That drove up the price of stocks and commodities, which tend to do well when money is cheap, the WSJ notes.

The statement is from the Fed's Open Market Committee. Nine committee members (including Ben Bernanke) voted for the statement; a single member dissented, because he thinks keeping that "extended period" language in there could create another financial bubble and cause more trouble. Or, in Fedspeak, he believed that:

...continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted because it could lead to the buildup of financial imbalances and increase risks to longer-run macroeconomic and financial stability.

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Source: NPR Blogs: Planet Money | 16 Mar 2010 | 2:00 pm

Charlie Gasparino: Lloyd Blankfein Gets A Lotta Hate Mail

Charlie Gasparino reports that his sources are telling him Lloyd Blankfein and Goldman Sachs are so despised the world over that they get “75 to 100 pieces of hate mail in a single day.” Chaz wanted to give us a specific number, but doing so would’ve given away the fact that he himself has been the one faithfully clipping letters from newspapers and magazines each night to send LB variations on “you got some stugots not callin’ me back, Lloyd!” (“you better fuckin’ call me back, Lloyd!” and “do not test my patience Lloyd or I’m gonna make a bank holding company out of your stugots, LLOYD!”). So, a range of 75-100 it is.

Gaspo also reports, through gritted teeth, that Goldman has bigger things to worry about than his letters, namely “the future of Goldman given all the new regulations that are likely to come out of Washington in the coming months.” But don’t fooled: Goldman is indeed miffed about the shit they keep getting for doing nothing wrong, while other banks like, I don’t know, JPMORGAN could dispatch their CEO to teabag the homeless guy on Park and everyone would crow about what a great and generous guy that Jamie is, to share his balls with someone in need. That why Goldman, according to CG, is considering “launching an all-out media offensive including for the first time TV ads.” So! In what sort of scenarios would you like to see Lloyd placed in said ads? Obviously the commercials will have to demonstrate that GS gets it, so should LB be somber? Should he offer an on-air apology? Should he give the people what they really want, by which I mean film himself performing one of these four tasks? Everyone’s open to suggestions but I think the last one would go pretty pretty pretty far in ingratiating LB and GS to the people.



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Goldman Sachs - Lloyd Blankfein - Charlie Gasparino - Washington - Newspaper
Source: Dealbreaker | 16 Mar 2010 | 1:45 pm

Former Merrill Lynch trader banned in UK

A former Merrill Lynch proprietary trader has been banned from working in UK financial services for at least five years for ‘mismarking’ his trading positions amid the financial crisis
Source: Financial Times - US homepage | 16 Mar 2010 | 1:21 pm

China asks US groups to back currency stance

China urged US multinationals to lobby the Obama administration against taking protectionist measures over the renminbi, just as attitudes towards Beijing appear to be hardening in the US Congress
Source: Financial Times - US homepage | 16 Mar 2010 | 1:20 pm

As Google Nexus One Goes To AT&T, Lack Of Enthusiasm Goes With It

Google (GOOG) has created a version of its Nexus One Android-powered phone that will work on the AT&T (T) wireless network. That is a large step up from the T-Mobile network that Google used to launch the handset. T-Mobile has about 35 million subscribers in the US. AT&T Wireless has closer to 90 million. Google said “This [...]

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Source: 24/7 Wall St. | 16 Mar 2010 | 1:13 pm

Exxon & XTO Merger Approved: Energy Mergers Galore Coming? (XOM, XTO, BJS, BHI, SLB, SII)

When Exxon Mobil Corp. (NYSE: XOM) announced that it was going to acquire XTO Energy Inc. (NYSE: XTO)for  $31 billion in an all-stock transaction ($41 billion after debt assumption; with 0.7098 in the XOM/XTO ratio), the first thing that came to mind under the new administration was risks in antitrust issues.  The Obama administration was [...]

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Source: 24/7 Wall St. | 16 Mar 2010 | 1:05 pm

A look at global economic developments (AP)

AP - A look at economic developments and activity in major stock markets around the world Tuesday:
Source: Yahoo! News: Stock Markets News | 16 Mar 2010 | 12:48 pm

Judge freezes assets of accused account hackers (Reuters)

Reuters - A U.S. judge froze the assets of Russian hackers who allegedly hijacked online brokerage accounts and then placed unauthorized trades in order to manipulate markets.
Source: Yahoo! News: Stock Markets News | 16 Mar 2010 | 12:38 pm

FOMC Takes Its Sweet Time on Rate Hike

As expected, despite a belief that rates need to rise from here, the FOMC announced decision on interest rates leaves the 0.0% to 0.25% Fed Funds rate target unchanged.  A 9-1 vote, with Hoenig as the dissent vote, will leave the near-zero rate policy intact.  The note was there that Fed Funds Will Stay Exceptionally [...]

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Source: 24/7 Wall St. | 16 Mar 2010 | 12:27 pm

Health care costs can be hard to define

No issue has gotten more attention in the health care debate than cost. Are we spending too much? Not enough? Gregory Warner reports on why the subject of cost is easier to debate than define.
Source: Marketplace | 16 Mar 2010 | 11:57 am

Letters from our listeners

Marketplace listeners comment on Edward Demming, black colleges, our interview with novelist Lionel Shriver, and disrespect for a person's favorite car (Yugo girl!).
Source: Marketplace | 16 Mar 2010 | 11:57 am

Virginia commuters are in a capital jam

In Washington, D.C.'s Virginia suburbs, commutes of two hours each way are not uncommon. That puts a huge strain on local businesses, which are beginning to blame the state's Republican leaders. David Schultz reports.
Source: Marketplace | 16 Mar 2010 | 11:57 am

EU to help get Greece out of tough spot

European finance ministers have come up with a plan to help Greece avoid default, should its debt crisis reach that point. Marketplace's European correspondent Stephen Beard explains the details with Kai Ryssdal.
Source: Marketplace | 16 Mar 2010 | 11:57 am

Student loan biz not looking too healthy

Congress's health care overhaul includes a proposal to let the federal government hand out student loans directly, effectively eliminating the entire student loan industry. Nancy Marshall Genzer reports.
Source: Marketplace | 16 Mar 2010 | 11:57 am

Putting a price on rebuilding Haiti

Authorities in Haiti say post-quake reconstruction efforts over the next three years will cost $11.5 billion. What kind of a country can be built with that amount of money? Brett Neely reports.
Source: Marketplace | 16 Mar 2010 | 11:57 am

China's play with money seen as threat

Some members of Congress want stiff penalties levied against China for manipulating the value of its currency to boost its exports and make U.S. imports harder to sell. Bob Moon reports.
Source: Marketplace | 16 Mar 2010 | 11:57 am

Presented By:


Source: Dealbreaker | 16 Mar 2010 | 11:30 am

Do A Lot Of Hedge Funds Bounce Back From 86 Percent Losses?

Honestly, it's fine. Just relax. I know what I'm doing here. I bounce back from 86% losses all the time.

I’m not asking for myself, I’m asking for Ebullio Capital Management, and its founder, Lars Steffensen. In February the commodities fund took a 86 percent hit, after declining 70 percent in January, and YTD, is down 96 percent. Investors are forming a disorderly line for the exits. From the outside in, things look ass-bleedingly bad. But it’s cool! Lars is not stressing. People come back from this sort of thing all the time, Lars included.

“Extraordinary circumstances” forced the fund “to liquidate and/or cancel parts of the physical book and liquidate some long-held speculative positions, mainly in LME non-ferrous metals,” Ebullio founder Lars Steffensen wrote in the report, referring to the London Metal Exchange.

“We took the hit,” Steffensen, 42, said by phone today, confirming the contents of the letter and declining to elaborate. “I’ve always bounced back,” he said.

The fund is waiving its 2 percent management fee for 2010.

So, anyway, like I said, I’m polling the group so we can give Lars an accurate picture of whether or not this is feasible. Do bounce backs like this happen all the time? Looking for hard data and/or total guesstimates.

Ebullio Hedge Fund Fell 86% Last Month on Metals Loss [Bloomberg via BI]



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Hedge fund - Business - fund - Investing - London Metal Exchange
Source: Dealbreaker | 16 Mar 2010 | 11:30 am

FTSE 100 posts solid gains (AFP)

FTSE 100 shares posted solid gains on Tuesday ahead of a US Federal Reserve policy decision on interest rates, widely expected to remain at record lows.(AFP/File/Shaun Curry)AFP - FTSE 100 shares posted solid gains on Tuesday ahead of a US Federal Reserve policy decision on interest rates, widely expected to remain at record lows.



Source: Yahoo! News: Stock Markets News | 16 Mar 2010 | 11:24 am

Mark And Andy Madoff Would Like To Remind You Of A Couple Somethings

Ugh, this guy.

The first thing is please don’t forget to sign up for Mark’s daily newsletter. The second, which you’d think would be abundantly clear but apparently not: these guys are victims! Yeah, they were Bernie’s second and third in command at Ponzi Nation but victims! Victims “of their father’s terrible crimes.” Victims of his scam. Victims of the DNA he passed on their way. VIC-TIMS. Victims. Owing to their victim status, the boys have submitted a filing with the U.S. Bankruptcy Court, Southern District of New York, requesting that all complaints against them be dropped.

“Long on rhetoric, but short on legal or factual support, this is a case that as a matter of fairness never should have been brought, and as a matter of law should be dismissed,” the sons said in the filing.

In related news, Peter Madoff, bro of Berns, wants to tell you something too, via his lawyer.

Peter Madoff’s attorney, Charles Spada, said his client is “devastated” by the scandal. “Peter Madoff is not Bernard Madoff,” Spada writes, noting that the arrest of Bernard Madoff “abruptly terminated Peter Madoff’s successful career,” leaving him “mired in litigation.”

“The Trustee’s Complaint is a sensationalistic attempt to lump together members of the Madoff family and create liability by association,” the statement continued.



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Bernard Madoff - United States - Peter Madoff - Law - Charles Ponzi
Source: Dealbreaker | 16 Mar 2010 | 11:02 am

Michael Jackson Gets Biggest Recording Contract Ever

Even though the King of Pop has passed, Sony awarded the Michael Jackson estate the biggest recording contract in history. The deal will award the Jackson estate a guaranteed $200 million, though the contract may net as much as $250 million. In return, Sony will release 10 Jackson albums–a mix of new and old songs–over a period of 7 years. The Wall Street Journal has the story:

The dollar amount is especially striking against the backdrop of the music industry as a whole, in which U.S. album sales have plunged 52% in a decade. Superstar deals worth tens of millions of dollars per album were rare even at the peak of the CD-sales boom in the late 1990s. Yet it also underscores that the biggest acts are becoming even more essential to record labels, as individual fans purchase fewer albums each year.

Since Mr. Jackson’s death on June 25, Sony has sold an estimated 31 million of his albums globally. By the first anniversary of his death, his estate expects to have earned $250 million from sales of music, merchandise and tickets to the posthumous concert film “This Is It.”

The deal should give Mr. Jackson’s heirs plenty of breathing room with respect to the crushing debt load he had built up in his final years. With his album sales dwindling and concert touring ground to a halt, Mr. Jackson borrowed heavily to finance his lavish lifestyle

The estate is likely to pay off about $125 million in debt by the end of this year, including $35 million owed to AEG Live, the promoter that was to stage a series of concerts by Mr. Jackson in London. The estate is likely to refinance another $325 million backed by Mr. Jackson’s two biggest assets: Sony/ATV Music Publishing, his venture with Sony that owns copyrights to 251 Beatles songs; and his 2,600-acre Neverland Valley Ranch outside Santa Barbara, Calif.

Could Michael Jackson have made this much money while he was still alive, given his tendency to accumulate debt? The King’s death sounds like a windfall for Sony, as sad as that is.



Source: Business Pundit | 16 Mar 2010 | 10:41 am

Ace Greenberg Has Kept In Touch With Most But Not All Former Bear Execs


Hint: the one he hasn’t been trading emails with is the guy who tried to sell you some schwag in the alley behind 383 yesterday during lunch. Also, “We had 3 people who worked for us [at Bear]. We had Cy the Spy, one was called the ferret, and one was called, I think the weasel. And their job was to walk around without any notice, sit down with a trader and look at his book and query him. So constantly we were on guard against the one thing that could cause you into so much trouble, and that’s an employee burying trades, having something that went bad and not disclosing it, and of course it gets worse and he tries to cover up and then you have a loss of a billion dollars or in one case 7 billion dollars. Which you probably read about a few years ago. So that was always my big fear and we were particularly rough about that. And any trader that didn’t want to cooperate with those three people, I said “you’ll make my day, just let know about that.”

Earlier: “Does the couch smell like pot or not?”



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Trade - Business - Investing - Day Trading - Education and Training
Source: Dealbreaker | 16 Mar 2010 | 10:28 am

Tiger Woods to Return to Golf in April

Tiger Woods is returning to golf. One month after his public apology, Woods has announced he will compete at the Augusta National Golf Club’s Masters tournament this April. The Augusta site has Woods’ official statement:

“The Masters is where I won my first major and I view this tournament with great respect. After a long and necessary time away from the game, I feel like I’m ready to start my season at Augusta.

“The major championships have always been a special focus in my career and, as a professional, I think Augusta is where I need to be, even though it’s been a while since I last played.

“I have undergone almost two months of inpatient therapy and I am continuing my treatment. Although I’m returning to competition, I still have a lot of work to do in my personal life.”

Tiger Woods is returning to golf before salvaging or remaking his image, proving that he’s an athlete first, then a public figure. The New York Daily News quotes CBS president Sean McManus on what Woods’ return will mean for the media:

CBS News and Sports president Sean McManus can practically taste the ratings.

“I think the first tournament Tiger Woods plays again, wherever it is, will be the biggest media event other than the Obama inauguration in the past 10 or 15 years,” McManus told an SI.com reporter after the NCAA basketball tournament draw Sunday.

“It is hard to overestimate how much interest there will be,” McManus said. “Tiger Woods is the most famous, most recognized, most accomplished athlete in the world, and his celebrity and prominence is even larger than it was. When you look at the fact that he gave a very simple press statement with no questions and every broadcast and cable news network in America carried it with great interest, I think that is an indication that whatever he does has enormous interest. And whatever he does on the golf course for the first time since Thanksgiving will be of interest to almost every man and women in this country.”

Woods has also reportedly hired spin whiz and former Bush secretary Ari Fleischer to manage his new image. New York Magazine comments:

Fleischer worked with Mark McGwire after it was revealed that the baseball star had used steroids, and he’s helping Woods plan a strategy on how to rejoin the tour at the Arnold Palmer Invitational in Florida at the end of the month. “They were in his living room this week going over a strategy for how to handle Bay Hill in two weeks,” a spy told the Post.

It makes sense Woods would call on Fleischer — he did just launch a sports communications firm specializing in scandal management in 2008, and he did answer tough questions for several years in the Bush White House. Woods is probably worried about having to speak in front of cameras without the protection of a pre-written statement, and possibly having to field some stinging inquiries from reporters who have thus far been barred from speaking with him.

Luckily for Tiger, the sports press is even more soft on its stars than the White House press corps is on the press secretary.

It’s early for Tiger to be making a PR comeback, judging by the size of his scandal. He needs to do more for his image than just play more excellent golf games. My guess is that people will be wary of Woods for some time to come, until it’s clear what he is (A reborn family man? A playboy?). Time to get a move on, Ari.



Source: Business Pundit | 16 Mar 2010 | 9:54 am

Michael Lewis On Wall Street's Mass Delusion

optical illusion

By Jacob Goldstein

Michael Lewis is everywhere this week flogging his new book, The Big Short.

The book tells the story of the subprime mortgage collapse through the eyes of a few outsiders who bet against the market when almost the whole world was betting for it.In an interview yesterday on All Things Considered, Lewis compared the market to that old optical illusion pictured above:

... you look at a drawing and from one angle it looks like a gorgeous woman in profile. and from another angle actually what you're doing is staring into the face of a horrible old witch. 99.9 percent of the people in the financial system saw this beautiful woman in profile, and this .1 percent of the people saw this horrible old witch. And the question is, why did those people see this thing?
More often than not, the people at the center of the doomsday machine were deluded themselves. And the problem isn't criminal behavior. ... The story of American capitalism in recent history is not really the story of Bernie Madoff. It's a story of very bad incentives causing people to behave in very bad but probably perfectly legal ways. ... The failure so far in the response to the crisis has not been the failure to lynch a few people. It's been a failure to introduce a few rather obvious reforms.

In particular, Lewis points to credit-default swaps -- financial instruments that were central to the crisis and are still largely unregulated. There's more Lewispalooza at the Daily Show and 60 Minutes. And the WSJ's Deal Journal cleverly interviews the author of a Harvard senior thesis on the subprime CDO market that Lewis praises in the book.

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Source: NPR Blogs: Planet Money | 16 Mar 2010 | 9:54 am

12 Pervasive Myths About Starting a Small Business

Few subjects are as plagued by myths and falsehoods as starting a small business. Everywhere you turn, someone is making sweeping proclamations about small businesses – the difficulty of starting one, the risks involved, the odds of failure or what you “have to do” in order to make it. And unlike in some fields, myths about small business are not simply harmless old wives tales. Rather than leaving you to fend for yourself against business dogma, Business Pundit assembled – and debunked – this list of 12 pervasive myths about running a small enterprise.

“It Takes Money to Make Money”

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Like many of the myths we will examine, there is a grain of truth to this one. In other words, you probably cannot get up and running in any type of business without at least some up-front expenditures. That being said, “some” is a very loose term and varies widely depending on the type of small business you are looking to start. Starting a restaurant, for instance, is the epitome of a capital-intensive business. Day one cannot even begin until you have rented or acquired a building, hired a staff, purchased inventory and equipment, furnished the restaurant, and the like. No matter how you slice it, a substantial sum must be spent to start such a business. Other businesses, meanwhile, are far less capital intensive. Self-publishing is one such business. Harvard MBA and how-to author John T. Reed, for instance, writes that you can even refrain from publishing a single book until you secure an order from a customer. Reed actually goes so far as to say that “if someone gave me $100,000 and forced me to spend it on my publishing business, I would not know what to do with it.”

“You’re Sunk Without a Business Plan”

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Here, again, a grain of truth obscures a much larger point. Without question, it’s smart to have an overall strategy in mind before diving headlong into a business of any kind. That is to say, you should have some idea of the segment of customers you feel best suited to serve, and a general sense of what you bring to the table. But this is not what most people mean when they admonish others to have a business plan. More often, what is meant is that you should have a lengthy document spelling out in precise detail exactly how your business will advance from one stage to the next. “What’s wrong with that”, you might ask. The problem is that detailed plans work best when you are pursuing a fixed goal – such as losing weight or sticking to a budget. In these cases, a known sequence of steps has been proven time and time again to accomplish the goal. The goal in business, however, is meeting consumer demand – which is often a moving target. As evidence, look at all the businesses (like Google) that are now doing something radically different from their original plan. Instead of feeling like you must religiously adhere to a plan, resolve to be open-minded and react to opportunities as you see them emerge.

“It Takes a Great Idea”

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Perhaps the most pernicious myth of all is that business success (small, medium or large) depends on having a great idea. It is difficult to exaggerate how many books, articles and speakers have declared the monumental importance of starting out with an amazing idea. So universal is the appeal of “the great idea” that many now believe it is impossible to succeed with ordinary, proven business models like cleaning carpets or delivering pizza. In fact, there is very little truth to this at all. What counts far more than the idea you start out with is the speed and effectiveness with which you execute. At the time of the VCR’s emergence, for instance, many experts felt that Beta-Max was superior technologically for any number of defensible reasons. None of that matters, however, because most people have owned or used a VCR, but few have any personal experience with Beta-Max at all. The takeaway here is that the idea (no matter how groundbreaking) is always subservient to firm, relentless execution. Furthermore, it matters more that you are satisfying a genuine consumer demand than whether you are implementing the idea you personally wanted to implement.

“50% (or However Many) of Small Businesses Fail”

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We see such statistics reported constantly, painting a gloomy picture for any prospective small business owner. In light of such foreboding data, who but the most doggedly determined among us will even bother to try? Well, here’s the truth about this one. There is arguably no such thing as the rate of “small businesses” that fail. The phrase “small business” is scandalously vague, encompassing such wholly different and unrelated fields as restaurant operation, self-publishing, plumbing and web design. Given the endless and critical differences among these and other businesses (the types of customers being served, the prices being charged, the market forces that affect demand, etc.) it means practically nothing to proclaim that “small businesses”, categorically, have a set failure rate that you specifically should be swayed by. Far more important to your own decision making should be the unique factors relevant to your market, your customers and your products and services. If data is available on success or failure rates in your industry, these are far more meaningful than any generic statements about “small businesses.” BusinessWeek concurs, having concluded that the results of studies into small business failure rates are “often contradictory or vague.” Rather than getting preoccupied with broad failure rates, resolve to study in-depth the factors that determine success or failure in your line of work, so you can address the pertinent risks ahead of time and reduce your unique odds of failure.

“You Can Delegate All The Unpleasant Stuff”

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After years or decades of toiling under The Man’s thumb, small business owners are sometimes enamored with the idea of delegating unpleasant tasks to subordinates. If you have ever uttered the sentence “oh, I’ll just hire people to do that” in a dismissive tone of voice, you have fallen victim to this myth before. By now, however, you might be painfully aware of how far short it falls of the truth. The truth is that in most businesses, you will need to be a generalist who has at least some working knowledge of all the tasks needed to run the show. No, we don’t mean that you need to be an accounting expert to hire an accountant. However, if you literally know nothing about keeping the books, how can you know whether the accountant you hire is competent and ethical – or setting you up as his own miniature Enron? Beyond that, it is not always easy to simply “hire someone to do” whatever you need done. Good people are hard to come by, and generally expect to be compensated at market rates. In the early days, you may find yourself operating as a jack of all trades to keep costs down. Once and if you grow, it will then become feasible to hire some help in managing the expansion. In either case, abandon at once the notion that you can hire the functions you need and then wash your hands of them forever.

“I Call All The Shots”

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Hands down, the biggest draw of starting a small business is unshackling yourself from the control and oversight of a boss. And certainly, running your own company will accomplish this. Nonetheless, the whole truth in this case is, once again, messier and less appealing than we are at first led to believe. While you wont have a pointy-haired middle manager hawking over your shoulder about TPS reports, nor will you be able to just sit around and “do whatever.” In fact, it might be more accurate to say that you will have a boss (albeit an indirect one) – your competitors. In his essay How To Make Wealth, venture capitalist Paul Graham says that your competitors decide how hard you’ll have to work, “and they pretty much all make the same decision: as hard as you possibly can.” In other words, you can only run a relaxed ship insofar as the other pizza shops or financial planners or plumbers do the same. If they ramp up their efforts or capacity, chances are you will be forced by the market to do the same if you want to remain in business. Essentially, a boss provides in corporate America the discipline and structure that you must create for yourself as a small business owner.

“It Takes X Years for Small Businesses to Turn a Profit”

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Yet another in a long line of sweeping statements about “small businesses” is how long they take to turn a profit. We often hear discouraging estimates that it can take as long as 2-10 years for a small business to start putting money in the owner’s pocket. By now, however, you should know that such statements are too vague to mean anything. To use the restaurant example again, this is a business that you should probably expect to take its time in producing a profit. The likelihood there is that you had to take out a substantial loan to acquire your property, finance equipment, and the like. So now, the restaurant must not only cover the costs of operation, but also service one or more loans for years. A web design business, on the other hand, could theoretically be profitable on day one by charging the first client more than it costs to design their website. Ditto for a financial planner or other consultant. In short, the truth eludes generic estimates and depends largely on the nature of the business you are in.

“I’ll Have More Freedom to Live My Life”

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Once more, whether this hoped-for scenario actually pans out is largely a function the business you are in and how much time you devote to it up front. Early on, you will almost certainly not have more freedom. This goes down to the root differences between having a job and running a business. Many jobs, for all the disparaging remarks that can be made about them, permit you to invest little of your concern into it and mentally depart from it completely at the end of the day. A business, conversely, often demands your constant attention. Whereas a problem outside your job description can be dismissed as “somebody else’s problem”, when it’s your business, every unresolved problem is your problem. It is not enough to simply explain why there is a problem or prove to a higher-up that you did not cause it – all that will matter is swiftly resolving it. Furthermore, you will come to see your company (for better or for worse) as an extension of yourself, rather than something you passively do for money. None of this is to say that you will not ultimately have more freedom as a result of running your business. However, to expect a ton of it in the early days would be an exercise in self-delusion.

“Now I Can Write Everything Off”

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While it’s true that business owners can write off far more than employees can, there is great risk in taking this too far. Entrepreneur.com quotes New York-based CPA Philip C. Roventini admonishing small business owners to always ask, before attempting a write-off: “is this something I would have bought anyway if I were not in business?” Keeping this standard in mind, you probably will not get away with deducting 100% of your car payments, nor gas and repairs. Rather, your deductions must be limited to those things (or aspects of things) which pertain strictly to the operation of your business. In other words, you can write off the portion of auto expenses that you can document as being essential to your operations. Keeping good records is also critical. Basically, if you cannot document it and cite a clear connection between the write-off and the operation of your small business, your attempt at a write-off could trigger audits, fines or worse. Be mindful of the saying, “pigs get fed, but hogs get slaughtered.”

“If I Build It, They Will Come”

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If this is your approach to customer acquisition, you are setting yourself up for disappointment. Very simply, customers today have an endless array of choices – for everything. Where to shop, eat, rent a movie, take a vacation, you name it, there are a myriad of options to pick from. For our purposes, that means that simply “building it” is most certainly not going to bring anyone through your doors (or onto your website.) In order to succeed as a business owner, you will need to actively and ambitiously market yourself to consumers. Some businesses (like restaurants) often thrive on word of mouth promotion. That’s fine as far as it goes, but even this strategy depends on running your business in such a way as to be attractive to a specific segment of customers, and perhaps encouraging them to tell their friends. No matter what type of small business you choose to start, it will rarely – if ever – be sufficient to open up shop and idly wait for orders to start pouring in. Instead, consider your number one task after opening to be spreading the word as far and wide among your target market as often as possible.

“I Can Pay Myself Whatever I Want”

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There is no faster way than running a small business to forget the notion that salaries are just arbitrary numbers plucked out of thin air. While it’s true that having equity in a profitable business typically offers higher income potential than selling your time (which is what most jobs amount to), it is not true that you can pay yourself “whatever you want”, either. What you take out as income will be subject to input from various factors, such as product sales, your costs and whether you plan on expanding. Many small business owners, for instance, re-invest early profits back into the company to fuel its growth. Then again, others don’t, preferring instead to taste the fruits of their labor as early as possible. Neither approach is necessarily right or wrong, but it’s important to be aware that your income (even though it can certainly be high and rewarding) is not unlimited. You will be limited by the constraints of your business in how much salary you can take out, both in the beginning and throughout the life of the company.

“Small Business Success Requires Bold Risk-Taking”

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There is a romanticized stereotype of the entrepreneur as a “swashbuckling risk taker” (to quote Forbes) who throws caution to the wind, risking life and limb to get his or her doors open. However, detailed studies of specific entrepreneurs often show that far from embracing heedless risk-taking, they are actually masters at managing risk and insulating themselves from it whenever possible. While he admittedly isn’t a small business owner by anyone’s definition, the textbook example is Bill Gates. Tim Ferris, author of the Four Hour Work Week, has an excellent chronicle on his blog called Do You Really Know Bill Gates? The Myth of Entrepreneur As Risk Taker. In our opinion, this is required reading anyone who believes that major risk taking is needed to succeed in small business. In it, you will learn that Gates systematically and purposely protected himself from just about every risk that confronted him, being careful not to expose himself to any unnecessary threats. In short, the lesson here is to assess what risks you face and confront them head-on, rather than believing that you’re doing what “real” entrepreneurs do by taking them no matter what.



Source: Business Pundit | 16 Mar 2010 | 9:46 am

Hong Kong to Extend Stamp Duty Concession on ETFs: Audio


Source: Bloomberg - All Podcasts | 16 Mar 2010 | 9:39 am

Where Was Eliot Spitzer’s Hose When We Actually Needed It?

Thanks for nothing.

Just putting it out there:

Ashley Dupre learned that posing for Playboy is more dangerous than meeting strange men in hotel rooms. One of the Stephen Wayda photos in an eight-page spread in the May issue shows her lying on the ground nude surrounded by candles. “A few strands of her hair caught on fire at one point because of all the hairspray,” a source said.



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Playboy - Stephen Wayda - Shopping - Accessories - Home and Garden
Source: Dealbreaker | 16 Mar 2010 | 9:35 am

Facebook Plays With QR Codes

Facebook will likely let users create QR (Quick Response) codes for their profiles. QR codes are like personal bar codes, but they hold more information. When a mobile phone camera reads a QR code, it converts the QR code’s content (text, links, photos, and other media) into a readable format. TechCrunch has the scoop on Facebook’s experiment:

…we’ve gotten a number of tips in our inbox in the past 10 minutes so it’s safe to assume it’s not a hoax or anything: Facebook appears to have started enabling users to generate custom two-dimensional QR codes.

From the looks (our) screenshot, there are two types of QR codes: a personal barcode or a “status QR barcode”. This also seems to appear on Facebook Fan Pages.

Judging from the tweets about this, the QR codes don’t seem to actually function yet, and the links on pages appear to come and go.

Update – Facebook gave us the boilerplate response:

“We’re always testing various features on the site, but we have nothing more to share at this time.”

While status updates may not be the most fascinating use of QR codes, Facebook’s move does reflect a bigger trend. PCWorld has more on their overall use:

The QR Codes are just a simple bridge from the Internet to the “Outernet,” a concept that seems to be on many people’s minds here (at SXSW, where the article was written). They allow you to get Internet content about something that you are close to or looking at in the real world.

If the people I’m talking to here are correct, QR Codes — or something like them — might start showing up everywhere. Especially as mobile networks get faster and mobile devices get easier to use (think iPad). Stop me if you’ve heard this one before, but QR Codes are already quite common in Japan.

I can imagine a roomful of people wearing their QR Code T-shirts pointing their devices at each other, deciding who they want to meet, in a sort of augmented speed-dating ritual.

And don’t be surprised if you start seeing QR Codes as standard on business cards everywhere.



Source: Business Pundit | 16 Mar 2010 | 9:33 am

RenTec’s New CEO’s Mulling Over Shuttering RIEF And RIFF

One of these men has a gun and the other can bench 350. Consider not giving them shit about the returns.

Now that Jim Simons has officially retired (he announced his intent to do so last October but he’s been saying that since 2002 and every time he got his foot out the door they pulled him back in, like the siren song of a carton of Pall Malls), it’s time to introduce the world to the new team. Bob Mercer and Peter Brown (pictured) are running the good ship Renaissance now.

The duo, who have known each other since they met doing “code-breaking research for the Defense Department,” and came over to RenTec together in 1993, claim that in Jimbo’s day to day absence (he’s still chairman of the place but will be devoting more time to charity and his 219-foot yacht, Archimedes) they won’t be changing much out in East Setauket, though that’s not entirely true. Yes, the computer servers that run the trading operations will retain their nicknames– Laddersnake, Howler3 and Neon– and yes, the whole operation is still just a front for Long Island’s first tobacco farm. But Brown and Mercer are seriously considering getting rid of RIFF (Renaissance Institutional Futures Fund) and RIEF (Renaissance Institutional Equities Fund), on account of their knack for making a lot less money than Medallion.

Like, a lot less (the flagship has seen average returns of about 45% a year, after fees, since its inception in 1988 and has only lost money in one quarter since 1995, when it was down 0.5% in Q1 of 1999. RIFF and RIEF have fared significantly worse, and assets, which in 2007 were a combined $30 billion have dropped to $6 billion due to withdrawals). The fact that whereas Medallion is almost entirely employee money, and the shittier two funds (RIEF lost 6% last year and 16% in 2008) are open to outside investors has caused a bit of stress for new management. “Other people’s money is like a lever on your anxiety,” says Mr. Brown. So, yes, they’re probably going to put R ‘n R out to pasture but nothing’s for sure just yet. While we wait and see, we might as well get to know Brown and Mercer a bit better. Scott Patterson and Jenny Strasburg recently hopped on the LIRR and spent some time with the two. Here’s what they found out.

Bob is 63 and politically conservative. He got his Ph.D in computer science from the University of Illinois. He whistles during meetings and like other plays with model trains in his basement. He doesn’t talk to employees unless he absolutely has to, and he’s got a bag of SHHH with your name on it (“I’m happy going through my life without saying anything to anybody,” he says.) Zip the lip, or risk getting shot in the face (Bob is a card carrying member of the NRA).

Pete is 55 and has a Ph.D in computer science from Carnegie Mellon. When he first joined Team RenTec, he rode a unicycle around the workplace to save time. He’s politically liberal, loves to chat and is very competitive. Make sure to bring your Champion sweatshirt with the sleeves cut off because Pedro is known to challenge people to “feats of strength” in the office gym.

Pioneering Fund Stages Second Act [WSJ]



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Carnegie Mellon University - Long Island - Jim Simons - CarnegieMellon - United States Department of Defense
Source: Dealbreaker | 16 Mar 2010 | 9:15 am

Cumberland’s Eisenbeis: Surveillance With Prewitt and Keene


Source: Bloomberg - All Podcasts | 16 Mar 2010 | 9:01 am

Author Cohan: Surveillance With Prewitt and Keene


Source: Bloomberg - All Podcasts | 16 Mar 2010 | 9:00 am

Standard Chartered’s Smith: Surveillance With Prewitt and Keene


Source: Bloomberg - All Podcasts | 16 Mar 2010 | 8:59 am

CRT’s Ader: Surveillance With Prewitt and Keene


Source: Bloomberg - All Podcasts | 16 Mar 2010 | 8:57 am

Kenneth Fisher: Bloomberg On the Economy With Tom Keene


Source: Bloomberg - All Podcasts | 16 Mar 2010 | 8:56 am

Hughes on Stocks, Lee on Oil Prices: First Word


Source: Bloomberg - All Podcasts | 16 Mar 2010 | 8:53 am

Bonus Watch ‘10: Deutsche Bank

Most Deutsche Bank employees are still feeling pretty unappreciated for their suffering. Luckily, today, a hint from the inside has been communicated vis-a-vis how one might create a better situation for him or herself as it relates to pay next year. Take note:

Deutsche Bank AG, Germany’s biggest bank, paid 2.2 billion euros ($3 billion) in bonuses last year to employees who can conduct “high-risk” business.

The lender’s “risk-taker population,” or “employees who can create high-risk positions,” received 921 million euros in cash bonuses, 961 million euros in deferred equity awards and 317 million euros in restricted incentive awards, according to the company’s compensation report published today. The bank, which declined to identify how many employees are defined as risk takers, gave the group 367 million euros in fixed pay.



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Germany - Business - Deutsche Bank - Financial services - Banking Services
Source: Dealbreaker | 16 Mar 2010 | 8:30 am

European equities climb before Fed decision (AFP)

A stock broker trades at the stock exchange in Frankfurt in 2009. European stock markets advanced Tuesday after overnight gains on Wall Street, with investors awaiting the latest Federal Reserve monetary policy meeting and another crucial Brussels meeting on Greece.(AFP/DDP/File/Thomas Lohnes)AFP - European stock markets advanced Tuesday after overnight gains on Wall Street, with investors awaiting the latest Federal Reserve monetary policy meeting and another crucial Brussels meeting on Greece.



Source: Yahoo! News: Stock Markets News | 16 Mar 2010 | 6:30 am

How Do America's Schools Compare To Jamaica's?

After hearing our podcast about GDP and education in Jamaica and Barbados, listener Julie A. sent us this note:

I live in New York City and my children attend public school. I was very sad to realize that your description of the "poor" Jamaican schools could be mistaken for the very schools my children attend here in New York--a city with the greatest wealth in the world. I think this disproves your GDP analysis. I have listed a few points below ... (read the rest of the letter)

Alex Blumberg replies:

These are all very valid and excellent points. GDP is only part of the problem. There's also what the government chooses to do with the money. Here are two charts comparing the US and Jamaica.

Both countries actually spend about the same percentage of GDP on education.

In the U.S., however, that amounts to a far larger chunk of change per kid than it does in Jamaica. And the U.S. directs 14% of all government expenditures to education. Jamaica only spends about 9%. That's probably because Jamaica is so laden with debt. Nearly 50% of Jamaica's budget goes to making loan payments. So, it has a much smaller share of it's budget to use for other purposes.

So if the U.S. is spending a lot more per pupil, and a larger percentage of its total tax revenues, what is it getting in return? If you consider the population of the entire country, a typical student in the U.S. will probably have access to a better education than a typical student in Jamaica. The U.S. has much lower teacher/student ratios than Jamaica, for example, which you can see reflected in the two graphs. And the U.S. does manage to teach its citizens to read. Nearly 99% of the adult U.S. population is literate. When I talked to Andrew Holness, the Jamaican minister of Education, he estimated that in Jamaica the adult literacy level is about 80%.

That said, when you start looking into other statistics, the U.S. can't really be too proud of itself. We can read, but a lot of us can't read that well. The most extensive recent literacy survey in the U.S., done in 2003, breaks readers down into four categories with "below basic" as the lowest ranking. Below basic means you can read a basic children's book, but you can't comprehend much in a basic newspaper article. About 14% of Americans fall into that category. The other categories were basic, intermediate and proficient. Only 14% of Americans were rated "proficient."

And when you compare the U.S. to other developed countries, the GDP vs. education breaks down quite a bit. The best comparison of international reading ability is something called the PIRLS 2006 International Report. It compares 4th graders from around the world on a standardized reading test.

Almost all the countries surveyed are developed economies. And when it comes to the reading ability of our 4th graders, the US falls pretty squarely in the middle, above New Zealand, Poland and Spain, but below Germany, all of Scandanavia, and the country with the overall best readers, Russia. GDP per capita in the US is nearly four times what it is in Russia.

The upshot of all this is pretty simple. A lot of American school kids face the same realities as a lot of kids in Jamaica. They're stuck in bad, underfunded schools, and their prospects for future employment are very limited. The percentage of those kids is smaller here than there. But the US has 100 times the population of Jamaica. And so in purely raw numbers, we're leaving a lot more kids behind.

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Source: NPR Blogs: Planet Money | 16 Mar 2010 | 6:14 am

It Doesn’t Pay to be Too Friendly Online



Source: Business Pundit | 16 Mar 2010 | 5:42 am