Steelmakers agree new iron ore contracts

Global miners have agreed to a record increase in iron ore prices after they signed deals to replace the 40-year-old pricing system based on annual contracts with new short-term deals linked to the spot market
Source: Financial Times - US homepage | 30 Mar 2010 | 4:15 am

Business Bullet: Miners, RBS, House prices, Sterling

The latest news on: Miners, RBS, House prices, Sterling
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Mar 2010 | 4:09 am

Risk rally continues as shares near 11-week peak

Global Markets Overview: Investors continue to discount a global economic recovery, pushing many riskier assets higher as the end of the quarter approaches
Source: Financial Times - US homepage | 30 Mar 2010 | 4:08 am

Indications: U.S. stock futures inch up; Apple, Verizon in view

U.S. stock futures inched higher Tuesday, with markets retaining a recent rally on hopes jobs data later this week will feed into a growing view of an improving economy.

Source: MarketWatch.com - Top Stories | 30 Mar 2010 | 4:08 am

UK economic growth revised upwards

The UK economy grew by 0.4% in the last three months of 2009, faster than previously estimated, official figures show.
Source: BBC News | Business | World Edition | 30 Mar 2010 | 4:07 am

Apple expected to sell 6m iPads this year

Apple could sell more than six million iPads this year, analysts said as the company's share price hit an all-time high ahead of the US launch of the tablet computer.


Source: Latest Business News from Times Online | 30 Mar 2010 | 4:02 am

Obama signs health care reconciliation bill (AP)

AP - President Barack Obama is signing a bill Tuesday that finalizes his big health care overhaul and revamps the U.S. student loan system.
Source: Yahoo! News: Business News | 30 Mar 2010 | 4:00 am

No reply to your resume? Here's why

Dear Annie: What is going on in HR departments at big companies these days? The last time I looked for a job, which admittedly was quite a while ago, if you submitted a resume and cover letter to HR, you at least got some kind of response (even if it was a form letter saying "no thanks").
Source: Business and financial news - CNNMoney.com | 30 Mar 2010 | 3:58 am

Dell Tries To Buy Its Way Out Of Bad Sales

Dell has been losing ground in the PC market to arch-rival HP (HPQ). Asian manufacturers, especially Lenovo and Acer, are also picking up market share from the Texas-based company and Apple (AAPL) has had unusual success controlling the high-end of the market where PCs sell for $1,000 or more. Dell has not [...]

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Source: 24/7 Wall St. | 30 Mar 2010 | 3:55 am

World stocks gain as US economic outlook brightens (AP)

AP - World stocks rose Tuesday as the outlook for economic recovery brightened after upbeat consumer spending figures in the U.S. The euro also gained after Greece managed to raise money on capital markets, but worries about its debt load lingered.

Source: Yahoo! News: Stock Markets News | 30 Mar 2010 | 3:54 am

World stocks gain as US economic outlook brightens (AP)

AP - World stocks rose Tuesday as the outlook for economic recovery brightened after upbeat consumer spending figures in the U.S. The euro also gained after Greece managed to raise money on capital markets, but worries about its debt load lingered.

Source: Yahoo! News: Business News | 30 Mar 2010 | 3:54 am

Countdown to homebuyer tax credit expiration

Attention shoppers: You have barely a month left before the homebuyer tax credit expires. But depending on where you live, you might not want to rush out to buy.
Source: Business and financial news - CNNMoney.com | 30 Mar 2010 | 3:52 am

Axa Asia accepts takeover offer

Axa Asia Pacific agrees to a takeover bid by National Australia Bank and French parent Axa.
Source: BBC News | Business | World Edition | 30 Mar 2010 | 3:51 am

China's Geely to pump up to $900 million into Volvo

BEIJING/HONG KONG (Reuters) - Zhejiang Geely Holding Group, China's biggest private carmaker, said on Tuesday that it is prepared to pump up to $900 million into the Volvo unit it is buying from Ford , as part of its plan to return the Swedish carmaker to the black.

Source: Reuters: Business News | 30 Mar 2010 | 3:46 am

China's Geely to pump up to $900 million into Volvo (Reuters)

Reuters - Zhejiang Geely Holding Group, China's biggest private carmaker, said on Tuesday that it is prepared to pump up to $900 million into the Volvo unit it is buying from Ford , as part of its plan to return the Swedish carmaker to the black.
Source: Yahoo! News: Business News | 30 Mar 2010 | 3:46 am

China's Geely to pump up to $900 million into Volvo

BEIJING/HONG KONG (Reuters) - Zhejiang Geely Holding Group, China's biggest private carmaker, said on Tuesday that it is prepared to pump up to $900 million into the Volvo unit it is buying
Source: RSS feed - channel BNewsBusiness | 30 Mar 2010 | 3:46 am

Britain's economic growth revised up to 0.4%

The UK emerged from its 18-month recession at the end of last year more strongly than previously thought.


Source: Latest Business News from Times Online | 30 Mar 2010 | 3:45 am

Once Again, Boeing Proves What Can Go Wrong, Will Go Wrong

It is amazing that Boeing CEO W. James McNerney Jr. can keep his job. After years of problems of the assembly, testing, and commercial launch of the company’s flagship 787 Dreamliner, the project has been delayed again. Boeing has not begun the in-flight certification process with the Federal Aviation Administration. The [...]

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Source: 24/7 Wall St. | 30 Mar 2010 | 3:43 am

Fed's Evans very worried about U.S. unemployment

HONG KONG (Reuters) - The Federal Reserve's monetary policy is still appropriate because of high unemployment and minimal inflationary pressures in the United States, a Fed policymaker said on Tuesday.

Source: Reuters: Business News | 30 Mar 2010 | 3:42 am

RBS fined for giving confidential info to Barclays

The U.K.’s Office of Fair Trading fines the British bank $43 million for handing confidential information on loan pricing to rival Barclays.

Source: MarketWatch.com - Top Stories | 30 Mar 2010 | 3:36 am

MarketsandMarkets: Global Femtocell Market Worth US$4.6 Billion by 2014

Source: RSS feed - channel BNewsBusiness | 30 Mar 2010 | 3:30 am

Economic Report: Fourth-quarter British GDP growth revised higher

The British economy returns to growth in the final quarter at a slightly faster pace than previously estimated.

Source: MarketWatch.com - Top Stories | 30 Mar 2010 | 3:30 am

Election uncertainty stalls housing recovery

Political and economic uncertainty ahead of the upcoming general election has been blamed by the Nationwide Building Society for a muted rise in house prices.


Source: Latest Business News from Times Online | 30 Mar 2010 | 3:26 am

SEC probe into accounting tricks

The US financial regulator launches an investigation into accounting tricks by banks designed to mask heavy losses.
Source: BBC News | Business | World Edition | 30 Mar 2010 | 3:24 am

UBS fixed-income revenue reportedly hits $2.3 bln

Swiss bank's revenue marks a sharp turnaround for the division at the center of the group’s recent losses.

Source: MarketWatch.com - Top Stories | 30 Mar 2010 | 3:23 am

Toyota vows change as quality control panel meets

TOYOTA CITY, Japan (Reuters) - Toyota Motor Corp , reeling from a recall crisis, launched a task force on Tuesday aimed at regaining consumer trust and pledged to give more clout to its regional operations to speed up decisions on quality issues.

Source: Reuters: Business News | 30 Mar 2010 | 3:21 am

Taking Care When You're Out of the Country

Source: RSS feed - channel BNewsBusiness | 30 Mar 2010 | 3:20 am

Risk rally continues as shares near 11-week peak

09:30 BST: Investors continued to discount a global economic recovery on Tuesday, pushing many riskier assets higher as the end of the quarter approached. The FTSE All-World index climbed 0.4 per...
Source: RSS feed - channel BNPaperBusiness | 30 Mar 2010 | 3:19 am

The Yuan Debate Inside China Intensifies

The debate about the floating exchange rate of the yuan is becoming as intense inside China as it is in the US. Two  economists brought on to advise the central bank in the People’s Republic have recommended that the current policy be reversed. “(China) should resume the pre-crisis managed floating exchange rate as quickly as possible,” Xia [...]

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Source: 24/7 Wall St. | 30 Mar 2010 | 3:16 am

Aer Lingus' loss widens, but operations improve

Irish carrier posts a widening 2009 loss as ticket prices and cargo demand weaken.

Source: MarketWatch.com - Top Stories | 30 Mar 2010 | 3:15 am

London Markets: Miner BHP Billiton outpaces mildly higher FTSE 100

BHP Billiton gains ground after changing the terms of its contracts with many Asian customers.

Source: MarketWatch.com - Top Stories | 30 Mar 2010 | 3:02 am

Call for rules on letting agents

Letting agents should be regulated to protect both tenants and landlords, the Property Ombudsman says.
Source: BBC News | Business | World Edition | 30 Mar 2010 | 3:01 am

UK economy grows by 0.3 per cent

Britain's economy grew by 0.3 per cent in October to December last year, official figures confirmed today.


Source: Latest Business News from Times Online | 30 Mar 2010 | 2:57 am

Airlines climbing out of recession: IATA

GENEVA (Reuters) - Airlines are climbing out of recession with further strong increases for passenger travel and freight in February, industry association IATA said on Tuesday.
Source: RSS feed - channel BNewsBusiness | 30 Mar 2010 | 2:54 am

Airlines climbing out of recession: IATA

GENEVA (Reuters) - Airlines are climbing out of recession with further strong increases for passenger travel and freight in February, industry association IATA said on Tuesday.

Source: Reuters: Business News | 30 Mar 2010 | 2:54 am

Punch Taverns chief Giles Thorley quits

Giles Thorley, chief executive of Punch Taverns, Britain's biggest pub group, today said he was quitting after nine years at the helm.


Source: Latest Business News from Times Online | 30 Mar 2010 | 2:54 am

China warns Australia over criticism of Rio trial

CANBERRA/BEIJING (Reuters) - China warned Australia not to make "irresponsible" comments about the trial of four employees of mining firm Rio Tinto after Canberra said the trial had left questions about China's legal system.

Source: Reuters: Business News | 30 Mar 2010 | 2:50 am

Iron breakthrough lifts FTSE's miners

Miners were prominent at the top of London stock leaderboard on Tuesday after FTSE-listed BHP Billiton helped forge new iron ore pricing agreements with global steelmakers. The Australia-based...
Source: RSS feed - channel BNPaperBusiness | 30 Mar 2010 | 2:49 am

UK emerges from recession stronger than expected

Britain's economy grew a stronger-than-expected 0.4pc in the fourth quarter as emerged from 18 months of recession.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Mar 2010 | 2:49 am

Coca-Cola Hellenic: Conference Call Invitation for Investors and Analysts - First Quarter 2010 Results on Thursday, 29 April 2010

Source: RSS feed - channel BNewsBusiness | 30 Mar 2010 | 2:48 am

Treasury's Citi sale: TARP's last hurrah?

The government hit the jackpot with the Treasury's plan to sell its stake in Citigroup. Good thing, too, because the remaining bailed-out banks may be hard-pressed to pay taxpayers back this year.
Source: Business and financial news - CNNMoney.com | 30 Mar 2010 | 2:45 am

Don't foreclose! Do a short sale

Short sales are the hottest thing in the distressed-property market, and soon Uncle Sam will start handing out cash to encourage lenders to close these deals. For some borrowers, short sales offer a preferred solution to mortgage modifications, which often leave homeowners still unable to pay their bills.
Source: Business and financial news - CNNMoney.com | 30 Mar 2010 | 2:41 am

How Google plays the angles in D.C.

Google is barnstorming the nation's capital. Five years after it opened its Washington office, the tech giant is playing an increasingly powerful role in public policy debates over everything from patent reform to foreign policy.
Source: Business and financial news - CNNMoney.com | 30 Mar 2010 | 2:41 am

Aer Lingus full-year loss widens 18 pct (AP)

AP - Irish airline Aer Lingus Group PLC on Tuesday said its full year loss widened by 18 percent in 2009 to euro130 million ($176 million) as revenue declined amid a painful recession.
Source: Yahoo! News: Business News | 30 Mar 2010 | 2:39 am

Greece Pays High Credit Card APR On Sovereign Debt

Greece did not have to pay the 21.5% annual interest rate that most Walmart (WMT) credit cards holders do. But, it was close. The southern European nation, which some economists would argue is near to default on its debt, issued 5 billion euros in new bonds and paid coupon interest of 5.9% for seven-year paper. [...]

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Source: 24/7 Wall St. | 30 Mar 2010 | 2:39 am

Daimler expands commercial production in Brazil

German automotive group Daimler AG says it will expand commercial vehicle production through its Mercedes-Benz plant in Juiz de Fora in the state of Minas Gerais, Brazil, starting in 2011.
Source: RSS feed - channel BNewsBusiness | 30 Mar 2010 | 2:38 am

Sara Lee Launches New Espresso Capsule Compatible With Nespresso(R) Coffee Appliances

Source: RSS feed - channel BNewsBusiness | 30 Mar 2010 | 2:34 am

Japan plans targets to reduce debt level: media

TOKYO (Reuters) - The Japanese government will set incremental goals to reduce its heavy reliance on debt in its upcoming fiscal strategy, the Nikkei business daily said, but analysts doubted it would be enough to allay concerns about its massive borrowing.

Source: Reuters: Business News | 30 Mar 2010 | 2:31 am

Stocks ready for more gains

U.S. stocks were expected to start Tuesday with gains, continuing the recent trek upward, with reports on real estate and consumer confidence on tap.
Source: Business and financial news - CNNMoney.com | 30 Mar 2010 | 2:30 am

Royal Bank of Scotland fined for competition lapse

Royal Bank of Scotland PLC has been fined 28.6 million pounds ($43 million) for violating competition laws by sharing price data with rival Barclays PLC, the Office for Fair Trading said...
Source: RSS feed - channel BNewsBusiness | 30 Mar 2010 | 2:24 am

Toyota vows change as quality control panel meets

TOYOTA CITY, Japan (Reuters) - Toyota Motor Corp, reeling from a recall crisis, launched a task force on Tuesday aimed at regaining consumer trust and pledged to give more clout to its...
Source: RSS feed - channel BNewsBusiness | 30 Mar 2010 | 2:22 am

Ireland seen nationalizing more banks in new plan

Ireland's government prepared Tuesday to announce new steps to solve its banking crisis, with the effective nationalization of two or three more banks expected to be part of the process.
Source: RSS feed - channel BNewsBusiness | 30 Mar 2010 | 2:20 am

Stock futures signal rise; Apple, Verizon eyed (Reuters)

Reuters - Stock index futures pointed to a higher open on Wall Street on Tuesday, with futures for the S&P 500 up 0.14 percent, Dow Jones futures up 0.08 percent and Nasdaq 100 futures up 0.24 percent by 4.01 a.m. ET.

Source: Yahoo! News: Stock Markets News | 30 Mar 2010 | 2:19 am

Stock futures signal rise; Apple, Verizon eyed

(Reuters) - Stock index futures pointed to a higher open on Wall Street on Tuesday, with futures for the S&P 500 up 0.14 percent, Dow Jones futures up 0.08 percent and Nasdaq 100 futures up 0.24 percent by 4.01 a.m. ET.

Source: Reuters: Business News | 30 Mar 2010 | 2:19 am

Daimler plays down talk it could sell Maybach brand

FRANKFURT/SHANGHAI (Reuters) - German carmaker Daimler AG dismissed market talk on Tuesday it could divest its Maybach super luxury brand, after Chinese media reported that a Chinese firm was considering buying the brand.

Source: Reuters: Business News | 30 Mar 2010 | 2:17 am

Moscow mourns victims of metro attacks

Flags fly at half-mast on government buildings in Moscow and at the Kremlin as a day of national mourning for the victims of the metro suicide attacks begins
Source: Financial Times - US homepage | 30 Mar 2010 | 2:14 am

China economists urge renewed yuan rise

SHANGHAI/BEIJING (Reuters) - China should allow the yuan to resume its gradual appreciation, two new advisers to the central bank said on Tuesday, as Beijing faces intense U.S. pressure to let its currency rise.

Source: Reuters: Business News | 30 Mar 2010 | 2:09 am

US asks NASA for help in Toyota investigation

US car safety regulators are turning to NASA scientists for help in analysing Toyota's electronic throttles to see if they are behind unintended acceleration, said Ray LaHood, the US Transportation Secretary, on Tuesday.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Mar 2010 | 2:01 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 | 30 Mar 2010 | 2:01 am

RBS fined £28.6 million for price fixing

Royal Bank of Scotland, the lender 84 per cent-owned by the taxpayer, has agreed to pay a fine of almost £28.6 million for price fixing.


Source: Latest Business News from Times Online | 30 Mar 2010 | 1:57 am

Europe Markets: BHP Billiton, UBS help Europe shares extend gains

A stronger mining sector helps European stocks continue a recent run of good form.

Source: MarketWatch.com - Top Stories | 30 Mar 2010 | 1:56 am

Australian stocks: Mining trade boost

The Australian share market closed higher as gains among the major miners supported the local bourse.The benchmark S&P/ASX200 index added 19.5 points, or 0.4 per cent, to 4,916.8 points, while the broader All Ordinaries index...
Source: nzherald.co.nz - Business | 30 Mar 2010 | 1:54 am

Social care 'levy for all' plan

A compulsory levy will be introduced to help pay for social care for adults in England, under plans to be unveiled by ministers.
Source: BBC News | Business | World Edition | 30 Mar 2010 | 1:48 am

Apple may be working on iPhone for Verizon: report

HONG KONG/SAN FRANCISCO (Reuters) - A subsidiary of Taiwan netbook PC pioneer Asustek has won orders to manufacture Apple's iPhone to run on the CDMA standard, a source said on Tuesday.

Source: Reuters: Business News | 30 Mar 2010 | 1:47 am

Oil rises to near $83 as Asian equities gain (AP)

AP - Oil prices rose to near $83 a barrel Tuesday in Asia, extending gains from the previous day fueled by a U.S. dollar drop and surging equity markets.

Source: Yahoo! News: Business News | 30 Mar 2010 | 1:42 am

House price inflation 'slows'

The annual rate of house price inflation eased slightly in March but prices were up on the previous month, figures show.
Source: BBC News | Business | World Edition | 30 Mar 2010 | 1:39 am

Currencies: Dollar slips vs. rivals in Asian trading

The dollar continues to skid against most major rivals in Asian trading Tuesday, but its losses against the low-yielding yen are limited as investors take their cues from rising stock markets.

Source: MarketWatch.com - Top Stories | 30 Mar 2010 | 1:36 am

NASA will help probe Toyota acceleration problem (AP)

AP - NASA and the National Academy of Sciences are joining the government's effort to figure out what caused the sudden acceleration problems that led to Toyota's massive recalls.

Source: Yahoo! News: Business News | 30 Mar 2010 | 1:16 am

RBS fined £28.6m over rule breach

Royal Bank of Scotland has been fined £28.6m by the Office of Fair Trading after breaking competition law.
Source: BBC News | Business | World Edition | 30 Mar 2010 | 1:14 am

OFT fines RBS £28.5m for revealing loan pricing information to Barclays

Bailed-out bank, majority owned by the taxpayer, fined for revealing details of its loan pricing to rival Barclays.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Mar 2010 | 1:07 am

Obama to sign student loan legislation in Virginia (AP)

AP - President Barack Obama prepared Tuesday to sign the piece of his sweeping health care overhaul that makes the government the primary lender to students and strips banks of that power.

Source: Yahoo! News: Business News | 30 Mar 2010 | 1:07 am

Business Bullet: Asia, Miners, Bloomsbury, Domino's Pizza

The latest news on: Asia, Miners, Bloomsbury, Domino's Pizza
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Mar 2010 | 1:05 am

Commodities pull Asian stock markets higher (Reuters)

Reuters - Asian stock markets rose on Tuesday as the weak U.S. dollar spurred overnight gains in commodities, boosting commodity-linked stocks in the region.

Source: Yahoo! News: Stock Markets News | 30 Mar 2010 | 1:01 am

From bucolic bliss to 'gated ghetto'

Hemet's Willowalk tract was family-friendly. Then the recession hit.

The gated community in Hemet doesn't seem like the best place for Eddie and Maria Lopez to raise their family anymore.

Source: L.A. Times - Business | 30 Mar 2010 | 1:00 am

Shopzilla to stay in West L.A. offices

The Internet firm renews its lease after city officials back off a plan to raise taxes for online businesses. ...
Source: RSS feed - channel BNPaperBusiness | 30 Mar 2010 | 1:00 am

Australian exec gets 10 years in prison in Chinese bribery, theft case

Mining giant Rio Tinto's lead negotiator and three co-workers admitted taking about $13.6 million in bribes from private steel mills. Australia's foreign minister calls the sentence 'very tough.'

An Australian mining executive was sentenced to 10 years in prison Monday by a Shanghai court on charges of bribery and stealing commercial secrets.

Source: L.A. Times - Business | 30 Mar 2010 | 1:00 am

Ice included in seafood price

In some cases in California as much as 40% of the listed weight of seafood was from an ice glaze used to preserve the product, the National Conference on Weights and Measures finds.

Some California consumers may have been paying for a whole lot of ice, instead of seafood, according to an investigation that included inspections in 17 states.

Source: L.A. Times - Business | 30 Mar 2010 | 1:00 am

Jobless payments going plastic

The beleaguered state agency that administers unemployment benefits aims to have an electronic system operating within months. ...
Source: RSS feed - channel BNPaperBusiness | 30 Mar 2010 | 1:00 am

Lawyers soak up Tribune cash flow

Professional costs in the bankruptcy total $138 million. Some fees top $900 an hour.

U.S. Bankruptcy Court Judge Kevin Carey isn't likely to win any awards for reining in runaway bankruptcy fees. But he took a stab at it.

Source: L.A. Times - Business | 30 Mar 2010 | 1:00 am

Australian exec gets 10 years in prison in Chinese bribery, theft case

Mining giant Rio Tinto's lead negotiator and three co-workers admitted taking about $13.6 million in bribes from private steel mills. Australia's foreign minister calls the sentence 'very tough.' ...
Source: RSS feed - channel BNPaperBusiness | 30 Mar 2010 | 1:00 am

In Spain, Internet piracy is part of the culture

Illegal downloading of movies and TV shows is so prevalent that studios may give up selling DVDs in the country.

Picasso and bullfighting are cultural touchstones in Spain. Now add Internet piracy.

Source: L.A. Times - Business | 30 Mar 2010 | 1:00 am

Jobless payments going plastic

The beleaguered state agency that administers unemployment benefits aims to have an electronic system operating within months.

The beleaguered agency that provides unemployment insurance benefits to almost 1.5 million jobless Californians is streamlining its antiquated payment system by introducing electronic debit cards to replace printed checks.

Source: L.A. Times - Business | 30 Mar 2010 | 1:00 am

U.S. to sell its shares of Citigroup

The government could make a profit of $8 billion from its aid through TARP. The Treasury Department intends to...
Source: RSS feed - channel BNPaperBusiness | 30 Mar 2010 | 1:00 am

Lawyers soak up Tribune cash flow

Professional costs in the bankruptcy total $138 million. Some fees top $900 an hour. U.S. Bankruptcy Court Judge...
Source: RSS feed - channel BNPaperBusiness | 30 Mar 2010 | 1:00 am

Ice included in seafood price

In some cases in California as much as 40% of the listed weight of seafood was from an ice glaze used to preserve the product, the National Conference on Weights and Measures finds. ...
Source: RSS feed - channel BNPaperBusiness | 30 Mar 2010 | 1:00 am

Oil prices surge while gas drops

Analysts see oil rising above $90 a barrel because of a weak dollar and Moscow subway bombing. The average price of a gallon of regular gas falls 0.4 cent in California and 2.1 cents in U.S.

Oil prices jumped more than $2 a barrel Monday in the commodity's biggest surge in six weeks. A weak dollar, encouraging news about U.S. consumer spending, and fears about a terrorist bombing in Moscow were cited by analysts, who said that the market could soon top $90 a barrel.

Source: L.A. Times - Business | 30 Mar 2010 | 1:00 am

In Spain, Internet piracy is part of the culture

Illegal downloading of movies and TV shows is so prevalent that studios may give up selling DVDs in the country. ...
Source: RSS feed - channel BNPaperBusiness | 30 Mar 2010 | 1:00 am

Oil prices surge while gas drops

Analysts see oil rising above $90 a barrel because of a weak dollar and Moscow subway bombing. The average price of a gallon of regular gas falls 0.4 cent in California and 2.1 cents in U.S. ...
Source: RSS feed - channel BNPaperBusiness | 30 Mar 2010 | 1:00 am

Toyota to 'respond more quickly'

Toyota says it will listen more carefully to customers following the recall of millions of cars over safety fears.
Source: BBC News | Business | World Edition | 30 Mar 2010 | 12:46 am

Toyota to 'respond more quickly'

Toyota says it will listen more carefully to customers following the recall of millions of cars over safety fears.
Source: BBC News | Business | World Edition | 30 Mar 2010 | 12:46 am

Diary of a Private Investor: A Conservative victory will boost share prices

We are walking alongside a cliff and our proximity to the edge is worrying.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Mar 2010 | 12:23 am

House prices bounce back in March after fall

House prices bounced back in March after falling for the first time in 10 months in February, the Nationwide said.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Mar 2010 | 12:17 am

Cheung Kong's 2009 profit jumps 53% to $2.6 bln

Cheung Kong (Holdings) Ltd. says its 2009 net income jumped 53%, helped by buoyant property sales and contributions from its affiliate Hutchison Whampoa Ltd.

Source: MarketWatch.com - Top Stories | 30 Mar 2010 | 12:16 am

NZ stocks: Infratil continues to rise

The New Zealand sharemarket slipped a little today, despite a solid gain for top stock Telecom and continued support for infrastructure investor Infratil.Profit-takers pushed the benchmark NZX-50 index down 1.5 points to 3249.65,...
Source: nzherald.co.nz - Business | 30 Mar 2010 | 12:14 am

Japanese industrial output falls

Japan's factory output falls for the first time in a year while unemployment remains unchanged, figures show.
Source: BBC News | Business | World Edition | 30 Mar 2010 | 12:13 am

NZ dollar holds ground vs US

The New Zealand dollar held its ground against the US dollar as risk-takers remained at the table, but failed to match its overnight high in quiet trading today.By 5pm, the kiwi was at US71.05c, above its US70.72c level late yesterday...
Source: nzherald.co.nz - Business | 30 Mar 2010 | 12:10 am

Japan's factory output down, jobless rate steady (AP)

AP - Cautious Japanese companies laid off more workers and hit the brakes on production in February, sending factory output down for the first time in a year.
Source: Yahoo! News: Business News | 29 Mar 2010 | 10:59 pm

Toyota promises quicker response on quality issues (AP)

AP - Toyota promised Tuesday to respond faster to customer complaints as it held its first meeting of a committee of quality experts set up to help salvage a reputation battered by massive recalls and reports of runaway vehicles.

Source: Yahoo! News: Business News | 29 Mar 2010 | 10:56 pm

When Cherry Blossom Mobs Call for Reconciliation (Deal of the Day)

With D.C. packed for tourist season, bloom watchers might turn elsewhere.

Source: SmartMoney.com | 29 Mar 2010 | 10:00 pm

ITT's New Offense: Less Defense

ITT could profit by shifting its sights to commercial applications.

Source: SmartMoney.com | 29 Mar 2010 | 10:00 pm

When "Cheap" ETFs Aren't Really Cheap

Don't be fooled by ETFs that have super low fees. The real costs could add up.

Source: SmartMoney.com | 29 Mar 2010 | 10:00 pm

U.S. to sell its shares of Citigroup

The government could make a profit of $8 billion from its aid through TARP.

The Treasury Department intends to cash in its shares of Citigroup Inc. in a move that could result in an $8-billion profit for the government, based on the banking giant's closing price Monday.

Source: L.A. Times - Business | 29 Mar 2010 | 9:48 pm

Toyota's acceleration woes part of two new inquiries

A National Academy of Sciences investigation will scrutinize electronic controls in all vehicles.

The National Academy of Sciences will lead a broad investigation into unintended acceleration and electronic vehicle controls under a 15-month study expected to be announced by federal regulators Tuesday.

Source: L.A. Times - Business | 29 Mar 2010 | 9:44 pm

Fonterra to unveil farmer share trading plan

Fonterra says it will start talking with its farmer shareholders next week on the next stage of its proposed capital restructuring, which would allow farmers to trade co-op shares among themselves."The Fonterra Board and Shareholders'...
Source: nzherald.co.nz - Business | 29 Mar 2010 | 9:30 pm

Concern over orange roughy fishing

Orange roughy is being sustainably fished, says the Ministry of Fisheries, despite two international retailers stopping selling the fish due to concerns over its low numbers.Greenpeace had called for the Government to put a halt...
Source: nzherald.co.nz - Business | 29 Mar 2010 | 9:24 pm

US shoppers keep registers humming

WASHINGTON - Confidence is growing that the US economic recovery won't fizzle out. Americans kept cash registers humming last month at a decent pace, pointing to modest and steady economic gains ahead.The Commerce Department reported...
Source: nzherald.co.nz - Business | 29 Mar 2010 | 9:00 pm

Hacker gets 7 years for stealing credit card data (AP)

AP - A federal judge in Boston has sentenced a Florida man to seven years in prison for playing a key role in one of the largest theft of credit and debit card numbers in U.S. history.
Source: Yahoo! News: Business News | 29 Mar 2010 | 8:20 pm

Bolger removed from KiwiRail chair

Former National prime minister Jim Bolger is to be removed as KiwiRail chairman, State Owned Enterprises Minister Simon Power confirmed today.Wellington company director John Spencer has been appointed chairman from July, replacing...
Source: nzherald.co.nz - Business | 29 Mar 2010 | 8:00 pm

SEC asks others if used Lehman accounting gimmick (AP)

AP - The Securities and Exchange Commission is asking the biggest U.S. financial institutions for information on their use of a specific accounting device, as regulators investigate Wall Street's actions in the run-up to the financial crisis of 2008.
Source: Yahoo! News: Stock Markets News | 29 Mar 2010 | 7:45 pm

Building consents jump 10pc in Feb

Building consents issued in February jumped 10 per cent, after rising one per cent the month before.The number of houses authorised - excluding apartments - was at its highest level since May 2008.When the volatile apartment...
Source: nzherald.co.nz - Business | 29 Mar 2010 | 7:45 pm

Investor vote wins reprieve for Geneva

Almost every stakeholder in Geneva Finance voted in favour of a proposal yesterday to delay capital repayments to ensure the immediate survival of the company.But some investors had concerns about whether the company would be...
Source: nzherald.co.nz - Business | 29 Mar 2010 | 7:30 pm

Real estate confidence still weak, survey finds

Some extra weakness is showing up in the residential real estate and investment market, the latest BNZ confidence survey has found.According to the survey, published today, a net 42 per cent of respondents were confident about...
Source: nzherald.co.nz - Business | 29 Mar 2010 | 7:00 pm

China carmaker takes a big step with Volvo deal

Geely, No. 12 in the country, has luxury ambitions

For a carmaker best known for its cheap compact vehicles, China's Geely Automobiles has always operated with outsized ambitions. ¶ Its plucky chairman, Li Shufu, named one of its models King Kong. He pledged to storm American and European markets even though his own brand has failed to crack the top 10 in China. ¶ Last year the company unveiled a concept vehicle, a Rolls-Royce knock-off called the GE, which featured just one seat in the rear -- a massage chair, no less. ¶ But despite Geely's big aspirations, analysts reacted with a mixture of skepticism and surprise when the firm last year bid to buy Sweden's Volvo Cars from Ford Motor Co. Geely is a company, after all, whose leading foreign markets include Venezuela, Iran and Algeria. Even Li described the courtship of Volvo as being "like a poor country boy chasing a top international celebrity." ¶ But after a signing ceremony Sunday at Volvo headquarters in Sweden to complete the $1.8-billion deal, which is slated to close later this year pending regulatory approval, Geely now stands in the forefront in China's quest to become an international automotive player.

Source: L.A. Times - Business | 29 Mar 2010 | 6:39 pm

Apple 'developing an iPhone for Verizon'

The iPhone may be coming to mobile phone operator Verizon Wireless in the US this year, breaking Apple's exclusive deal with AT&T.


Source: Latest Business News from Times Online | 29 Mar 2010 | 6:07 pm

Ofcom proposes strict rules to tackle slow progress on broadband advice

Ofcom has threatened to introduce strict rules to bring internet companies into line after finding that customers were still not being told accurately which broadband speed they would receive when signing a contract.


Source: Latest Business News from Times Online | 29 Mar 2010 | 6:01 pm

Rio Tinto sacks four executives jailed in China for bribery

Rio Tinto dismissed four executives yesterday, shortly after a Chinese court sentenced them to jail terms ranging from seven to fourteen years for commercial espionage and taking bribes.


Source: Latest Business News from Times Online | 29 Mar 2010 | 6:01 pm

Ireland on the brink of full-scale bank nationalisation

The Republic of Ireland faced the prospect last night of having most of its banking system nationalised amid growing speculation that the Dublin Government would raise its stakes in both remaining private sector operators — Allied Irish Bank and Bank of Ireland.


Source: Latest Business News from Times Online | 29 Mar 2010 | 6:01 pm

Ex-IBM executive admits to Galleon tip-offs

Robert Moffat, a former senior vice-president at IBM, says he provided inside information to a person involved with the Galleon Group hedge fund insider-trading scandal
Source: Financial Times - US homepage | 29 Mar 2010 | 5:32 pm

Treasury hires M Stanley bankers to offload Citi stake

The US Treasury expects to sell its 27 per cent in stake in Citigroup before the end of the year in an “orderly and measured fashion”, as it tries to turn a profit from one of the most high-profile government investments of the financial crisis
Source: Financial Times - US homepage | 29 Mar 2010 | 5:31 pm

Google says China services partially blocked

Google has confirmed that China is blocking its mobile internet services on the mainland, in the first concrete sign that Beijing is stepping up pressure after the search engine last week ended its compliance with Chinese censors a week ago
Source: Financial Times - US homepage | 29 Mar 2010 | 5:21 pm

RWE and EON to build first nuclear plant on Anglesey

German utility giants RWE and EON are planning to build their first nuclear power plant on Anglesey, in Wales, by 2020 and a second plant in Gloucestershire by 2025, they will announce today.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Mar 2010 | 5:20 pm

Rio sacks staff jailed by China for bribery

Stern Hu, Rio Tinto’s former top iron ore salesman in China, and three Chinese colleagues are sentenced to seven to 14 years in jail after a Shanghai court finds them guilty of bribery and stealing commercial secrets in a closely watched case
Source: Financial Times - US homepage | 29 Mar 2010 | 5:12 pm

SEC launches ‘Repo 105’ probe

US regulators asked more than 20 financial groups whether they engaged in transactions along the lines of ‘Repo 105’ – an accounting device that helped Lehman Brothers conceal its high leverage ratio during the financial crisis
Source: Financial Times - US homepage | 29 Mar 2010 | 5:12 pm

As The iPad Leaves The Building, A New iPhone Takes The Stage

Apple (AAPL) has finally perfected its ability to be on the front page of the news every day. Not long after it announced better-than-expected earnings for its last quarter, Steve Jobs demonstrated the company’s new iPad tablet computer. Jobs even visited The New York Times to convince its staff that Apple’s latest product would be the next [...]

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Source: 24/7 Wall St. | 29 Mar 2010 | 4:20 pm

Smartphone boom poised to set tone in US

Sales of smartphones in the US such as the iPhone, BlackBerry and Motorola Droid will overtake sales of older-generation ‘feature phones’ by the end of next year, according to the Nielson research company
Source: Financial Times - US homepage | 29 Mar 2010 | 4:14 pm

Are City markets working for business and the economy?

Over the last three years the Office of Fair Trading has examined the personal current account market.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Mar 2010 | 4:11 pm

Rio Tinto hoping for better relations with China

Four men have been sent to prison in China for accepting bribes totalling about £9m, the evidence for which included pictures of piles of loot in their homes.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Mar 2010 | 4:09 pm

Summary Box: Higher consumer spending lifts stocks (AP)

AP - UPBEAT MOOD: The Dow Jones industrials rose 46 points to an 18-month high after a gain in consumer spending and a rise in commodity prices.
Source: Yahoo! News: Stock Markets News | 29 Mar 2010 | 3:52 pm

Stocks rise after increase in consumer spending (AP)

AP - Consumers are more willing to spend, and that's making investors more optimistic about the economy.

Source: Yahoo! News: Stock Markets News | 29 Mar 2010 | 3:44 pm

Presented By:

Source: Dealbreaker | 29 Mar 2010 | 3:30 pm

Write-Offs: 03.29.10

$$$ Citi Expands Hedge Fund Business [FT]

$$$ Robert Moffat Pleads Guilty in Galleon Group Case [BW]

$$$ Julie Mehretu’s Mural For Goldman Sachs [New Yorker]

$$$ The Masculine Mystique [WSJ

Hedge fund - Galleon Group - Business - Investing - Funds
Source: Dealbreaker | 29 Mar 2010 | 3:30 pm

How the major stock indexes fared on Monday (AP)

AP - Consumers are more willing to spend, and that's making investors more optimistic about the economy. Stocks climbed after the Commerce Department said consumer spending rose for the fifth straight month in February. The 0.3 percent gain was in line with economists' expectations and raised hopes that the biggest driver of the economy is continuing to rebound.
Source: Yahoo! News: Stock Markets News | 29 Mar 2010 | 3:24 pm

Commodity rally lifts TSX back above 12,000 (Reuters)

Reuters - The TSX closed higher on Monday for the first time in four sessions, jumping back above the 12,000 mark as commodity prices rallied on U.S. dollar weakness, propping up the market's heavyweight resource shares.
Source: Yahoo! News: Stock Markets News | 29 Mar 2010 | 3:13 pm

Electronic Arts reboots

The video game stock has been a laggard - but fund managers and analysts say it will bounce back soon.
Source: Business and financial news - CNNMoney.com | 29 Mar 2010 | 3:05 pm

Mary Schapiro Investigating Which Other Banks May Be Pulling A Fuld

Gird your loins.

Financial services - United States - Business - Mary Schapiro - U.S. Securities and Exchange Commission
Source: Dealbreaker | 29 Mar 2010 | 2:57 pm

No mail on Saturdays: The first step

Saturday mail could be one step closer to cancellation on Tuesday when the United States Postal Service (USPS) submits an official proposal to a government regulatory board to eliminate 6-day delivery.
Source: Business and financial news - CNNMoney.com | 29 Mar 2010 | 2:49 pm

Tim Geithner’s “Just One Of The Girls” Makeover Continues

As previously mentioned, Tim Geithner recently embarked on a pussy outreach program. He’s sick of trying to please you men and has moved on to the ladies. Vogue spreads, grocery shopping, recipe swaps, BJ tips, he’s doing it all. Clearly TG’s “just one of the girls” image would not be complete without some jokes at The Enemy’s expense. Consider it done.

In opening a Women in Finance Symposium that brought together top female government figures such as Sheila Bair and Mary Schapiro, Geithner said he recently read an article asking what it would be like if women ran the hyper-competitive money hub of the United States.

“It’s an excellent question. But kind of a low bar,” Geithner joked, eliciting laughs from the gathering in the historic Treasury Cash Room. “How, you might ask, could women not have done better?”

Nevermind that he didn’t actually answer the question– tomorrow, Cosmos with the girl’s and referring to Rahm and Larry “pigs.” Then he’s officially inducted into the club.

If Women Ran Wall Street? Geithner Likes The Idea [Reuters via Daily Intel]

United States - Timothy Geithner - Tim Geithner - Government - People
Source: Dealbreaker | 29 Mar 2010 | 2:30 pm

Progressive Raised to `Market Perform' at Oppenheimer: Audio

Source: Bloomberg - All Podcasts | 29 Mar 2010 | 2:27 pm

The Ghost Of Lehman Bros.

The SEC Corporate Financial Division sent letters to the CFOs of twenty financial firms today reqiesting extremely detailed information about their use of Repo 105 instruments. Bankruptcy examiner Anton Valukas recently wrote as part of a 2,200-page report on the Lehman bankruptcy that the failed firm used Repo 105s for off balance sheet transactions that were as high as [...]

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Source: 24/7 Wall St. | 29 Mar 2010 | 2:08 pm

Greenspan, Health Care, Toyota Lawsuits: Political Capital

Source: Bloomberg - All Podcasts | 29 Mar 2010 | 2:03 pm

GM unveils 40 mpg compact

The automaker's new Chevrolet Cruze ECO will get very high gas mileage without relying on any hybrid technology.
Source: Business and financial news - CNNMoney.com | 29 Mar 2010 | 1:58 pm

Ward on `The Devil's Casino': On the Economy With Kathleen Hays

Source: Bloomberg - All Podcasts | 29 Mar 2010 | 1:40 pm

Video Games, Not Better Grades: When Kids Get Free Computers

By Jacob Goldstein

Giving kids free computers makes them more likely to play video games and may improve cognitive ability. But it doesn't appear to help them get better grades.

At least, that's what a couple of economists found when they looked at a program in Romania to give computers to kids from low-income families. Their study was recently published online by the National Bureau of Economic Research.

They compared kids who got vouchers with kids who applied but did not get vouchers because their families were above the income threshold. Of course, this isn't a true randomized trial -- the kids who got vouchers were from poorer families than those who did not. But when you see a jump right when you cross the income threshold for getting a voucher, it suggests the program is having a noticeable effect.

Kids who got the voucher way more likely to play video games every day than kids who didn't. But they aren't more likely to use a computer to do their homework, nor are they more likely to use educational software every day.

Their grades are lower than the grades of kids who are above the threshold. But their computer skills are higher, and they score higher on a test of cognitive ability.

Hat tip: Marginal Revolution

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Source: NPR Blogs: Planet Money | 29 Mar 2010 | 1:30 pm

It's OK: Procrastinate on taxes

Scrambling to file your taxes before the April 15 deadline? Relax. There's a good chance it won't cost you a penny to submit your return late.
Source: Business and financial news - CNNMoney.com | 29 Mar 2010 | 1:29 pm

Jamie Dimon’s Dream Of So You Think You Can Dance Domination Inching Closer To Reality

In our last edition of “Things you thought you knew re: James Dimon but were in fact dead wrong about,” we told you that contrary to the belief of certain prosecutors, Dimon does not in fact have time to make bi-weekly runs to Atlanta, to dump used tires, illegally. Today it’s a matter of taste. Specifically that of TV. Most of you wrote in to say you took JD for a Jersey Shore kinda guy. Well you were wrong, fucksticks! If you know anything about the JPMorgan CEO, it’s that he loves a good fight and if he can throw down with his dancing feet as opposed to fisticuffs? ALL THE BETTER.

One Equity Partners, J.P. Morgan Chase & Co.’s private-equity arm, is nearing a deal to buy out CKX Inc., the owner of the blockbuster television enterprise “American Idol” and “So You Think You Can Dance,” for roughly $6 a share, according to people familiar with the matter. Robert F.X. Sillerman, chief executive of CKX, would retain his roughly 20.6% stake as part of the proposed deal.

Lest there be any confusion, Dimon thinks AI is shit, but sometimes you have to suck it up in order to get what you want. Having said that, if Ryan Seacrest thinks he’s pull his prima donna crap with JD, he’s got another thing coming.

One issue for the company is that it is costly to keep the talent happy. The company, for example, recently paid Ryan Seacrest to $15 million to retain him for future projects and for the rights to market his name and image, according to analysts.

He’ll take what Dimon pays him and he’ll like it or guess what? It’ll be live from the red carpet with the CEO of JPMorgan Chase.

What’s American Idol Really Worth? [WSJ]

JPMorgan Chase - One Equity Partners - Television - Ryan Seacrest - American Idol
Source: Dealbreaker | 29 Mar 2010 | 1:15 pm

A Hard Day For Las Vegas Sands

A bad day for Las Vegas Sands From Reuters. Douglas A. McIntyre Filed under: Casinos Tagged: LVS

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Source: 24/7 Wall St. | 29 Mar 2010 | 12:49 pm

SEC probes for use of Lehman accounting trick (Reuters)

Reuters - U.S. securities regulators are demanding detailed reports from major financial firms in an attempt to uncover any accounting tricks like the "Repo 105" method Lehman Brothers used to mask its losses.

Source: Yahoo! News: Stock Markets News | 29 Mar 2010 | 12:49 pm

China fund looks west for rapid expansion

China’s National Social Security Fund is looking at the US and European markets, with particular interest in direct investments in unlisted companies and global private equity funds
Source: Financial Times - US homepage | 29 Mar 2010 | 12:32 pm

Caption Contest Monday

[via Arabian Business]

Stockholm syndrome - Health - Conditions and Diseases - Genetic Disorders - Down Syndrome
Source: Dealbreaker | 29 Mar 2010 | 12:15 pm

New Upside Energy Targets (SE, RRC, DVN, XOM)

By Eric Chenoweth of Morningstar The energy sector has some key players trading at a discount to a longer-term fair value.  Morningstar highlights this with new updated price targets in the energy patch, and some of the highlighted stocks are Spectra Energy Corp. (NYSE: SE), Range Resources Corp. (NYSE: RRC), Devon Energy Corp. (NYSE: DVN), and [...]

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Source: 24/7 Wall St. | 29 Mar 2010 | 12:00 pm

Levy, Goodfriend: Bloomberg On the Economy With Kathleen Hays

Source: Bloomberg - All Podcasts | 29 Mar 2010 | 11:55 am

Schools prep low-income kids for work

One way to get high schools students ready for college and work is to make "working" part of the curriculum. A network of two dozen Catholic high schools has been doing that for more than a decade. Laurie Stern reports.
Source: Marketplace | 29 Mar 2010 | 11:53 am

Baseball cards take some big hits

Baseball cards used to be seen as promising investments, but not these days. Author Dave Jamieson talks with Kai Ryssdal about his new book, "Mint Condition," and the near death of baseball cards.
Source: Marketplace | 29 Mar 2010 | 11:53 am

Don't wait to buy that iPad

There are some products you should hold off on buying early because a cheaper version is always around the corner. But commentator Farhad Manjoo says even though Apple's iPad is untested, there's no reason to delay buying one.
Source: Marketplace | 29 Mar 2010 | 11:53 am

Inc. Magazine's case for virtual offices

The latest issue of Inc. Magazine was created from its employees' homes. The magazine's editor, Jane Berentson, talks with Kai Ryssdal about where the idea came from and whether it could work as a long-term strategy.
Source: Marketplace | 29 Mar 2010 | 11:53 am

Impact of China's Rio Tinto ruling on biz

A Chinese court has sentenced four Rio Tinto employees up to 14 years in prison for accepting bribes and stealing commercial secrets. Amy Scott reports on what the ruling means for multinationals doing business in China.
Source: Marketplace | 29 Mar 2010 | 11:53 am

Troubling signs in T-note rate increase

As the economy continues on the road to recovery, the rate on the 10-year T-note has gone from about 3.5% in February to almost 4% now. That means it's getting more expensive for the U.S. to borrow money. Jeremy Hobson reports.
Source: Marketplace | 29 Mar 2010 | 11:53 am

Why the rise in household spending?

The Commerce Department announced a 0.3% rise in household spending last month. But household incomes remained flat. Sarah Gardner reports.
Source: Marketplace | 29 Mar 2010 | 11:53 am

A look at global economic developments (AP)

AP - A look at economic developments and activity in major stock markets around the world Monday:
Source: Yahoo! News: Stock Markets News | 29 Mar 2010 | 11:53 am

Why Isn’t Goldman Advising On The Treasury’s Citi Stock Sale?

Ooo, ooo, Charlie Gasparino knows! It’s because of their image problem. According to Chaz, people at the Treasury were worried about Blankein running his mouth re: Hova (again), among other things.

For the past year, executives inside the image-challenged Goldman Sachs have debated whether the firm’s publicity problems will have an impact on its bottom line. The answer so far has been ‘no’ given the firm’s huge profits last year. Indeed, the big Wall Street firm has held off on plans for a major publicity plan designed to change public opinion. But times might be changing. The decision announced earlier Monday that the Treasury Department has chosen Morgan Stanley to advise it on unloading its massive stake in Citigroup– the largest stock offering in history and one of the most high-profile investment banking assignments in years — has given credence to the opinion of some senior executives inside the firm that Goldman’s image problems will impact its client related business. These executives worried that prospective investment-banking clients concerned about their association with the firm will simply hire other players rather than face the fallout of working with Goldman.

Morgan Stanley - Citigroup - Goldman Sachs - Wall Street - Business
Source: Dealbreaker | 29 Mar 2010 | 11:30 am

Shadow Banking! Liquidity! Bailouts!

By Jacob Goldstein

"Shadow banking" sounds secretive and risky. It is.

Basic commercial banking -- taking deposits and making loans -- is only one piece of the financial system. Trillions of dollars flow through other, largely unregulated channels known as the shadow-banking system. For example, during the boom, investment banks bought securities backed by home mortgages, then used those securities as collateral to borrow money.

During the crisis, the government made it clear it would bail out failing pieces of this shadow-banking system. So now the shadow bankers have a government guarantee, but still don't face the kind of regulation that applies to traditional banks.

A lot of the financial-reform debate in Congress right now is about how -- and how much -- to regulate the shadow banking system. But a few pieces out this week point to possible gaps in current reform plans.

The Economist says money-market funds should either make it clear that investors could lose money, or be required to set more money in reserve and pay for insurance against losses.

And Bloomberg News points out that just holding capital in reserve isn't enough -- financial institutions need to be holding capital they'll be able to sell even during a crisis.

A big problem during the recent crisis was that some companies -- like Bear Stearns -- were holding mortgage-related assets that they were unable to sell when things started to get crazy.If they had been holding cash or Treasuries instead, they would have made lower profits during the boom, but would have had a better shot at surviving the bust.

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Source: NPR Blogs: Planet Money | 29 Mar 2010 | 11:14 am

Greek Bond Auction Versus U.S. Bond Auctions (NBG)

We have been given the pricing of Greece’s seven-year benchmark note offering.  Frankly, the yield is rather surprising.  The 5 Billion Euro issue bears a 5.90% coupon for an April 20, 2017 maturity date,  The $99.43 pricing gives an effective spread of 310 basis points over the mid-swaps or about 334 basis points over bond [...]

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Source: 24/7 Wall St. | 29 Mar 2010 | 10:23 am

Mikhail Prokhorov’s Gonna Make The Nets The Best Damn Team In The NBA

Even if he has to dunk the damn balls himself. The billionaire also had this to say: “Do you remember the song of Frank Sinatra? ‘New York, New York.’ If I make it there I will make it anywhere.”

Frank Sinatra - Mikhail Prokhorov - New York - New York City - National Basketball Association
Source: Dealbreaker | 29 Mar 2010 | 10:01 am

Presented By:

Source: Dealbreaker | 29 Mar 2010 | 10:01 am

15 Classic April Fool’s Pranks You Can Do At The Office

April Fool’s Day 2010 could be the best workday of your life–if you plan your office pranks right. To help you strategize, we compiled 15 classic April Fool’s pranks that you can do at the office. See which one best suits the Dwights, Miltons and Lumberghs in your life.

15. Spilled Coffee

Know anyone who would lose it if they found spilled coffee on their desk? Feel like agitating the office neat freaks? Making your own spilled coffee can be a fun, easy prank. Construct your coffee lookalike about 3 days in advance for the best results.

14. Reset the Office Clocks

Arrive at the office before everyone else (or be the last to leave at night). Reset the office clocks one or two hours ahead. Savor the panic that results.

13. Who Taped My Conversation?

Stick a piece of Scotch tape on the mouthpiece of your coworkers’s phone. The people on the other end won’t be able to hear very well–but your coworker won’t know why.

12. My Pen’s on Fire!

Replace the head of a ballpoint pen with match material (the video above has specific instructions). Watch your victim’s face light up with shock as her pen catches fire.

11. Computer Malfunction

This will work especially well on Windows users. Go to Control Panel > Hardware and Sound > Mouse Properties > Pointers (these are instructions for Vista). Make the pointer’s default setting an hourglass. Your victim won’t know why his computer is “malfunctioning.” Bonus: You can also set his mouse pointer speed to slow on the Pointer Options tab.

10. The Avalanche

Collect a bunch of empty water bottles, empty soda cans, packing peanuts, ping pong balls, or anything else that can easily get all over the place. Open someone’s overhead cupboard or cabinet door a crack. Start piling stuff into the cupboard through the crack in the door. Use a box or piece of paper to keep smaller items like packing peanuts contained. Shove the cabinet door shut. When your officemate opens it, she’ll be in for a deluge.

9. Desk Mayhem

Image: Hank Ashby/Flickr

Remove and change around the desk drawer’s in your coworker’s desk. If your target has the right kind of desk–and you’re motivated–take all the drawers out of his desk. Turn it upside down. Put the drawers back in. Turn the desk right side up. When he opens his drawers, all his stuff will fall out.

8. Who Farted?

If you have an iPhone with the iFart app, try this easy, if juvenile, office joke. Put a dollar on the floor near your desk. When someone bends over to pick it up, let your iFart rip.

7. Broken Mouse

Cover your coworker’s optical mouse receiver (at the bottom) with tape. Watch as she struggles to get the mouse to work.

6. Faulty Desk Chair

Tape down the lever of your coworker’s adjustable desk chair, as shown in the video. When he comes to work in the morning (or comes back from lunch), he’ll think his chair is broken.

5. Detour

Image: Takeomabibelot/Flickr

If your building has two entrances, tape up official-looking signs saying “Please Use Other Door” on each door.

4. Stapler in Jell-O

The Office made this prank an instant classic. Pour Jell-O around a stapler. Let it set, then turn the mold upside down. Put it on a plate. Put the masterpiece on your coworker’s desk when she isn’t around. Watch her reaction at your leisure.

3. Auto-Corrected

Open your victim’s Miscrosoft Word or Outlook program. Go to Tools > AutoCorrect Options. Once here, you can do a few things. Replace their name with “Fruitcake” or some similar insult. Replace common words like “the” and “to” with misspellings like “thee” and “tough.” Or replace those common words with outlandish ones, like “banana.” There’s lots of room for fun here.

2. Who’s Calling, Please?

Image: William Hook/Flickr

This is another Office-inspired prank. Link your coworker’s cell and office phone to your Bluetooth headset. Proceed to confuse and aggravate said coworker.

1. Fridge Trouble

Image: d00d/Flickr

Popular Mechanics describes this priceless joke:

On most fridges (certainly the ones in most offices), you can flip the hinges from one side to the other, allowing you, for example, to open the door on either side for corner placement. Typically, one switches the handle as well, but if you don’t, the refrigerator becomes a nearly unsolvable puzzle as victims pull and pull on the handle. If no one’s watching, some will even dig in their foot against a nearby counter and pull in vain directly against the hinges.

Make the switch to your office fridge right before the lunch rush, and settle in with a sandwich to watch the fun. The beauty of this prank is that once someone knows the trick, they can’t wait to see someone else fall for it.

Source: Business Pundit | 29 Mar 2010 | 9:40 am

Draggin ‘Dragon’ vs. ‘Avatar’ and ‘Alice’, A 3D Sector Watch (DWA, NWS, DIS, IMAX, RGC, CNK)

DreamWorks Animation SKG Inc. (NYSE: DWA) is supposed to be the secondary winner off of the “Avatar” and “Alice in Wonderland” trend toward 3D movies.  This weekend was the launch of the 3D movie “How to Train Your Dragon” from DreamWorks and its $43.3 million box office unseated “Alice in Wonderland” as the top movie [...]

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Source: 24/7 Wall St. | 29 Mar 2010 | 9:15 am

How To Stay On Steve Cohen’s Good Side (Rule Number One: Don’t Be His Ex-Wife)

New York mag has a story today on the hedge fund ex-lover’s spat du jour: that of Steve Cohen and his former wife, Patricia, who last December sued Steve, accusing him of hiding “significant” marital assets from her when they were getting divorced (twenty years ago), insider trading and so on and so forth. The article starts off sweetly enough, with how the two met– “on a rainy summer evening in 1979,” at a bar on the Upper East Side. Patricia (she’s the one recounting this story to the author, BTW) was wearing “a white camisole and a pale, rain-soaked silk skirt that stuck to her lovely legs.” Stevie, then 22, a junior trader with “a trim waist” approached her, and while PC says he wasn’t her type, she found his eagerness endearing, and six months later they got married.

We then hear about the unhappy marriage and the even unhappier (twenty freaking) years since the two split, mostly from Patricia’s side (though we do get some of SC’s perspective, through his friends), plus all the stuff they said about each other in their divorce papers and subsequent other filings. It feels like we’re in couple’s counseling with these two and yeah, it’s as awkward as you can imagine that trust tree to be. He was obsessed with work and moody; she was unsympathetic, unappreciative. She thinks he’s tried to buy favor with their children; he thinks he’s being generous (when wasn’t giving them money she said he was treating them like cast-offs, while the kids with the new wife were spoiled). She feels he should’ve paid for her abode, but when he bought and renovated an apartment on Central Park West for her, claims to have felt like “a vassal of the wealthy lord,” because he kept it in his name (I’m not going to say it, because we’re not here to take sides but I am going to think it). Patricia says she’ll “never understand his anger [toward] me,” while Steve has told people, “She’s a terrorist on a mission to make my life a living hell.”

So, as previously stated, awk! And yet, from every insanely uncomfortable situation, wherein we’re hearing about Patricia withholding sex from her Steve, to the entitlement, to the yelling, the screaming and the pasta with anchovies, there’s a learning experience to be found. Namely, how to stay on the big guy’s good side. Current, future and past employees, perhaps hoping to learn from their mistakes, take note:

Don’t: be such a god damn nag.

In Steve’s view, it would have helped if Patricia sympathized with the strain on him. Instead, she seemed put out, as if his working so hard was self-centered. Steve understood how the market affected him; after the relationship collapsed, he went on Prozac for a time. But he could have used a little appreciation—after all, he was “going to war,” as he referred to his job, for her and their two children. But after work she’d meet him at the subway exit with the kids, as if to say, Okay, your fun time is over. As Steve experienced it, she didn’t want him to be happy.

Do: shut up about the damn pool. He doesn’t wanna go in the pool!.

Patricia comes from a fractured family, and she has her own ideas of the good life. She issued dramatic, “evangelical” speeches urging Steve to remember the simpler, family-centered pleasures, like trips to Disneyland or splashing in the pool with his children.

Don’t: ask him to change. Understand him. “Get” him. See what SC is all about.

“She pressed him to change. Somehow she’d missed a fundamental element of Steve’s character—she hadn’t realized how ambitious he was.”

Do: have sex with him (like this is such a hardship).

By 1988, things were almost over—though, of course, they weren’t. Patricia insisted on divorce, but Steve beat her to the punch, serving her with papers charging that she’d abandoned him and refused to have sex.”

Don’t: test him, woman.

At first Steve moved out, but then, partly on his attorney’s advice, he returned to their sprawling apartment, with the kind of explanation that would echo for the next two decades. “I had every right to do so,” he wrote in an affidavit. “I paid all the expenses.” Their romance had turned into its mirror image. Steve now took some pleasure in Patricia’s discomfort, though she pushed his buttons, too. As he wrote, “She well knows how to do [that].” There’d even been a fight; Steve hit her, she says. “The one physical confrontation we had during this entire period was provoked by [Patricia],” Steve wrote. “Although she called the police, it was not necessary that she do so.”

Do: get a damn job.

The divorce was a disaster, too. Steve gave Patricia $1 million in cash and their East End Avenue apartment, which he considered more than fair. He’d first declared his net worth at $16.9 million, according to a July 1, 1988, disclosure. Later, he wrote off $8.75 million of that as a bad real-estate investment—one focus of Patricia’s lawsuit—and recalculated his worth at $8.2 million. Thus, he later wrote, Patricia got more than half, a figure arrived at by valuing their East End apartment at $3.8 million. As for monthly support, he first agreed to $3,730 for the kids and household costs (plus he paid for camp and school and other expenses). All told, in 1990, he spent $125,619.30 on Patricia and the children. It’s a measly sum compared to his income—$4.3 million in 1989, according to a copy of his income-tax statement, and nearly $12 million the year before. But Steve thought that he had more than met his obligation. He wasn’t required, and he certainly wouldn’t volunteer, to pay for “spousal maintenance.” He suggested Patricia get a job, perhaps as a general contractor, for which she’d shown an aptitude in selling their seven other properties. Or maybe she should write that script she’d talked about.

Do: laugh at his jokes, or he’ll kill you (that was a joke: LAUGH.).

[Steve met his new wife,] Alexandra Garcia through a dating service—she was the only one of twenty women who responded to his invitation. “She’d always wanted to marry a millionaire,” a friend told BusinessWeek, though she also saw Steve’s other charms. She thought he was the funniest person she’d ever met. (Steve took note: Patricia had found his sense of humor stupid.) Alex didn’t want to change Steve; she wanted to be with him. “The day we met I knew I was going to marry him,” she later said.

Do: know his favorite foods.

These days, Alex helps give away millions to charity, shows up at events on Steve’s arm. Still, she wears Gap and drives to Costco, alert to bargains. And she takes care of her man. She doesn’t complain that he works too much; she lauds his devotion to their kids. If he has a bad day at work, she cooks his favorite meal, pasta with anchovies.

Don’t: ask him to buy you a place and then bitch about it.

[In 2002] he got Patricia a 2,340-square-foot three-bedroom on Central Park West, renovated it for her, whatever she wanted. But Patricia had to move out during the renovation, and she felt evicted. To add to her sense of injury, Steve and his new wife, Alexandra, whom he married in 1992, kept the title in their name, giving her a $1,471.49-a-month lease in perpetuity. In Steve’s mind, it was for her own good. That at least kept her from mortgaging the place and running through the money and ending up homeless. In Patricia’s eyes, it also kept her subservient, a vassal of the wealthy lord, where once they’d been equals. His so-called generosity enraged her.

Do: get yourself a BlockBuster membership.

In a March 22, 2002, letter from his attorneys Bronstein Van Veen, Steve told her that he will only pay for his kids’ “books required specifically in the course syllabus,” adding, “You will be expected to provide the syllabus.” His daughter, a film student at the time, was warned not to buy movies if they could be rented. And then, on June 24, 2002, a letter states, “Mr. Cohen has previously requested and wishes to reiterate that requests should not come directly to him from the children,” as if that would make him uncomfortable.”

Don’t: let your mother claim he’s not a Daddy Warbucks in his own right. He’s Warbucksing it up all over the place.

“There were years he gave Patricia’s daughter a $100,000 stipend—in 2005, it was $123,000. But a sense of deprivation is deeply ingrained in the kids. The daughter doesn’t even tell anyone that her father is a billionaire. She doesn’t have the money to show for it, so what’s the point?”

Don’t: take a bite of his hand, no matter how cute and nom-nom-nom-alicious it may be.

In March 2006, Patricia saw a 60 Minutes segment about her ex-husband that she says finally opened her eyes..And it launched her on an obsessive three-year search into Steve’s business past, involving dozens of calls and tracking down her former husband’s business associates. In short order, a warning came. Steve planned to continue paying Patricia $9,000 a month, though he would no longer legally owe her a thing. But her snooping had gotten back to him. In October 2007, Patricia says, a message was conveyed through her son: Patricia “should not bite the hand that feeds [her].”

Do: cut his face out of all the old photos you’ve saved, take up yoga, fuck a younger man, whatever you have to do to LET IT GO. [Wasn't mention in the story, just a suggestion]

Steve Cohen - Hedge fund - Divorce - Marriage - Upper East Side
Source: Dealbreaker | 29 Mar 2010 | 9:11 am

Moody’s Zandi: Surveillance with Prewitt and Keene

Source: Bloomberg - All Podcasts | 29 Mar 2010 | 9:09 am

Stephen Schork: Surveillance with Prewitt and Keene

Source: Bloomberg - All Podcasts | 29 Mar 2010 | 9:08 am

Arthur Levitt: Surveillance with Prewitt and Keene

Source: Bloomberg - All Podcasts | 29 Mar 2010 | 9:07 am

Government to Sell Citigroup Stake for $8bn Profit

The US Treasury will sell its 27% stake in Citigroup this year. The Treasury announced this morning that it will sell its 7.7 billion shares, netting an estimated profit of more than $8 billion. BusinessWeek has the story:

The sale would bring Citigroup a step closer to exiting the government’s Troubled Asset Relief Program and the Treasury nearer to President Barack Obama’s goal of recovering “every single dime” of taxpayer money. Citigroup, ranked third by assets among U.S. lenders, took a $45 billion infusion from the $700 billion bank rescue fund in late 2008 as waning confidence in the lender almost triggered a deposit run.

The potential gain from the Citigroup sale announced today would eclipse the amount raised in the auction of TARP warrants tied to Bank of America Corp.’s bailout, which generated $1.57 billion earlier this month. A similar sale of JPMorgan Chase & Co. warrants in December raised $950 million.

The Treasury has received $13.7 billion in interest and dividend payments through its rescue programs, according to a report from the Treasury this month. The eight biggest U.S. banks by assets have all repaid at least part of their TARP funds.

To avoid driving Citi’s stock prices down, the Treasury plans to sell the stock at 8-10% increments. The Treasury itself made more than 400% profit off the stock since buying last year, according to The Hill.

Source: Business Pundit | 29 Mar 2010 | 8:47 am

SEC to Review Use of Derivatives in ETFs: Audio

Source: Bloomberg - All Podcasts | 29 Mar 2010 | 8:31 am

Volvo: Now Part Of A Chinese Car Company

By Jacob Goldstein

Here's a lot about the recent history of the global car business, boiled down into a few sentences:

Ford paid $6.45 billion for Volvo in 1999. This weekend, Ford sold Volvo for $1.8 billion to a Chinese car company called Geely (motto: "Beyond Value").

As big auto makers in Europe and the U.S. have collapsed over the past decade, China has grown into the largest car market in the world. Volvo is the first big global auto brand to be purchased by a Chinese company.

Geely "intends to preserve Volvo Cars' existing manufacturing facilities in Sweden and Belgium," but may also build Volvos in new Chinese factories for sale in China, the company said in a statement. Volvo has been losing money, and building a Chinese market for the brand could help return it to profitability, an analyst told Reuters.

For Ford, the sale was part of a process of is paring its business down and paying off more than $20 billion in debt. Ford sold Jaguar and Land Rover to Tata Motors, a big Indian company, back in 2008, Time notes.

Auto Bonus: Listen to yesterday's This American Life, which told the story of a doomed joint venture between General Motors and Toyota.

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Source: NPR Blogs: Planet Money | 29 Mar 2010 | 8:29 am

First Persian Gulf ETF to Start Trading in Abu Dhabi (Correct)

Source: Bloomberg - All Podcasts | 29 Mar 2010 | 7:57 am

Gijsels on Greece, Cantor's Pope on U.K. Elections: First Word

Source: Bloomberg - All Podcasts | 29 Mar 2010 | 6:58 am

Airport Security FAIL

Source: Business Pundit | 29 Mar 2010 | 5:05 am