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The IMG And The Greek Chapter 11George Papandreou, the besieged prime minister of Greece told his parliament that the southern European nation is not bankrupt despite the fact that the IMF may have to zone Euroznen nations in a bailout. According to Reuters, Papandreou said “The EU’s decision to create such a mechanism implies the acknowledgement, in principle, that this is not just our problem. But [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 4:18 am Mattel posts surprise 1Q profit, helped by Barbie (AP)AP - Mattel posted a surprise first-quarter profit Friday on stronger sales of Barbie dolls and other toys, easily beating Wall Street's expectations.Source: Yahoo! News: Business News | 16 Apr 2010 | 4:14 am Stock futures signal losses; eyes on GE, BofA (Reuters)
Source: Yahoo! News: Stock Markets News | 16 Apr 2010 | 4:12 am Stock futures signal losses; eyes on GE, BofA(Reuters) - Stock index futures pointed to a lower open on Wall Street on Friday, with equities poised to reverse recent strong gains after Google's results, and ahead of General Electric and Bank of America earnings.
Source: Reuters: Business News | 16 Apr 2010 | 4:12 am Greece moves towards loan packageGreek Prime Minister George Papandreou says Greece is making "preparatory moves" to take advantage of a multi-billion euro rescue package.Source: BBC News | Business | World Edition | 16 Apr 2010 | 4:10 am Shares dip from 16-month highs; Greece weighsLONDON (Reuters) - Global shares softened from 16-month highs on Friday after an unexpected jump in U.S. jobless claims tempered optimism over the global economic recovery.
Source: Reuters: Business News | 16 Apr 2010 | 4:08 am Firms fined over tobacco pricingThe Office of Fair Trading fines two tobacco companies and nine retailers a total of £225m for "unlawful" tobacco pricing.Source: BBC News | Business | World Edition | 16 Apr 2010 | 4:08 am Stocks ready for early pullbackU.S. stock futures were lower Friday ahead of key corporate results and a report on the housing market.Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 4:05 am Who Put Consumer Reports In Charge Of Car Testing?The Consumer Union is a monopoly, but perhaps a benign one. But how did Consumer Reports, the Consumer Union to be technical, get the position as the all-important of reviewer of cars for safety? The organization found that Lexus 460 rolls over. It has, in years past, found problems with Jeeps and Firestone tires. The Consumer Union has 600 employees. Presumably only a small [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 4:03 am Twitter grows up: Take a peek insideWhat a week for Twitter.Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 4:01 am Earnings Outlook: Apple could dial up strong earnings with iPhoneApple Inc. is expected to make a strong showing for the March quarter even without its latest hot product -- the touch-screen iPad -- being reflected in the results.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 4:00 am Sharp jump in Singapore exportsSingapore reports a sharp rise in exports as shipments of electronic goods to the rest of Asia jump sharply.Source: BBC News | Business | World Edition | 16 Apr 2010 | 3:57 am Palin Rallies the Tea Party Ahead of Tax Day Protests (Time.com)Time.com - Before flooding the nation's capital, thousands of supporters of the burgeoning anti-government movement journeyed to this liberal redoubt -- which they invoked as its ancestral home -- for a raucous rally on the Boston Common.Source: Yahoo! News: Business News | 16 Apr 2010 | 3:55 am Eurozone ministers seek ways to stem debt crisis (AP)
Source: Yahoo! News: Business News | 16 Apr 2010 | 3:51 am Ash flight rightsPassengers rights if flights hit by the Icelandic ash cloudSource: BBC News | Business | World Edition | 16 Apr 2010 | 3:49 am Airports remain shuttered across Northern EuropeAirports remain shuttered across much of Northern Europe Friday, with widespread disruption expected to continue through the weekend after a volcanic eruption in Iceland blankets the continent in a huge ash cloud.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 3:47 am Europeans discuss Greek aid, PM says pain not overMADRID/ATHENS (Reuters) - European finance ministers discussed Greece's debt difficulties on Friday but said Athens was for now seeking to remove any obstacles to the rollout of emergency aid if needed, rather than requesting it officially.
Source: Reuters: Business News | 16 Apr 2010 | 3:44 am Precious metals prove white-hot for investorsGold has always been a favourite, but platinum, palladium and silver are also shining.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 3:44 am Exchange-traded funds: Q&AExchange-traded funds now hold more than $1 trillion worth of assets under management globally. But what exactly are ETFs?Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 3:44 am Indications: U.S. stock futures lose traction on GoogleFaded enthusiasm over earnings weighed on U.S. stock futures on Friday, as investors readied for even more results such as those of Bank of America and General Electric, along with a handful of economic data.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 3:43 am Earnings disappointments hurt stocksGlobal Markets Overview: Stocks and commodities fall after earnings from Google fail to impress and a crackdown on property speculation in China aggravates fears of further tighteningSource: Financial Times - US homepage | 16 Apr 2010 | 3:42 am U.K. Election: Clegg clear winner in first debateThe polls are nice, but the ability to move the British pound may be the most convincing sign that Nick Clegg and the Liberal Democrats have arrived.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 3:42 am Russian super-rich total 'jumps'The number of Russia's super-rich jumped to 62, while their combined fortune rose to $297bn, Forbes Russia magazine says.Source: BBC News | Business | World Edition | 16 Apr 2010 | 3:38 am Mortgage Rates At A CrossroadsMortgages rates fell to 5.07% last week for 30 year fixed loans. That cuts against the theory that the Treasury auctions will push up rates and that the Fed’s decision to stop the purchase of mortgage-backed securities will hurt home loan rates. Many experts believe that rates on home loans could top 6% by the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 3:36 am Economic Report: European new-car registrations rise 11% in MarchGrowth is driven by strong gains in Spain, the United Kingdom, Italy and France, as Germany posts another sharp decline.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 3:31 am S Korea suggests outside blast sank shipInvestigators say an external explosion is likely to have caused the sinking of a naval vessel as suspicion of Pyongyang’s involvement threatens to raise the issue of retaliationSource: Financial Times - US homepage | 16 Apr 2010 | 3:29 am Owners put Liverpool up for saleLiverpool owners Tom Hicks and George Gillett Jr confirm their intention to sell the Premier League club by appointing a new chairman.Source: BBC News | Business | World Edition | 16 Apr 2010 | 3:24 am At Last, A Ray Of Sunshine For Video Game SalesThe recession nearly ruined the video game business, pushing some publishers such as Take-Two Interactive (NASDAQ: TTWO) to the financial brink. Even Electronic Arts (NASDAQ:ERTS) reported huge losses and laid off more than 10% of its staff. It now appears that the industry has began to emerge from nearly two years of damaging losses and falling [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 3:20 am Flight block hits airline sharesShares in major European airlines fall as volcanic ash grounds flights for a second day.Source: BBC News | Business | World Edition | 16 Apr 2010 | 3:18 am Greece lays groundwork for possible EU-IMF aid: PM (AFP)
Source: Yahoo! News: Business News | 16 Apr 2010 | 3:18 am What If Germany Leaves Eurozone?It has only been a month since German Chancellor Angela Merkel suggested that the Eurozone needed a way to eject companies from the alliance if they persistently broke its financial rules. Greece was at the top of here target list as its deficit moved to 13% of GDP. Greece has had trouble raising money over the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 3:06 am BRICs call for emerging nations to have more sayLeaders of Brazil, Russia, India and China pledge closer cooperation and call for reform to the global financial system.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 3:06 am Pension transfers under scrutinyTransferring your pension to another provider might not be the best option.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 3:04 am Cost cuts help drive Sony Ericsson to Q1 profitSTOCKHOLM (Reuters) - Mobile phone maker Sony Ericsson swung to a surprise first-quarter profit as its push into the growing smartphone market and hefty cost cuts boosted margins.
Source: Reuters: Business News | 16 Apr 2010 | 3:00 am Ex-Morgan Stanley chief buys £3.2m stake in Zimbabwe bankJonathan Chenevix-Trench's African Century fund plans to use £3.2m NMBZ Holdings stake as a launch pad for further investment in Zimbabwe as its economy recovers.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 2:53 am Currencies: Dollar gains on rivals; pound slips after debateThe dollar got the upper hand against most major rivals in Asian trading Friday, getting a lift against the pound after the leaders of Britain's three major political parties met in the country's first-ever televised prime ministerial debate.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 2:53 am London Markets: Commodity producers pull British shares off highsLosses for commodity-sector firms pulled the top British share index lower on Friday, as the dollar gained against major rivals.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 2:51 am Bank of Ireland forced to sell off assetsBank of Ireland is preparing to sell off at least three flagship businesses, including its insurance and asset management arms, as a condition of receiving state aid. Source: Latest Business News from Times Online | 16 Apr 2010 | 2:43 am Building tech companies in the land of dialupLosing Internet access is a Web geek's worst nightmare. So when 19-year-old Felix Kitaka ran out of money to pay for the pricey dialup connection at his Kampala home last year, the young software developer was distraught. Without Web access he wasn't going to be able to finish the Facebook application he was working on -- and even if he were able to raise the money to pay his overdue bills, he wouldn't be reconnected for weeks.Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 2:42 am Bank of Ireland plans sales to seal E.U. approvalBank of Ireland said Friday that it expects to sell several businesses and to accept restrictions on payouts to shareholders and other investors in order to gain European approval for its state aid and restructuring plans.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 2:37 am Rebuilding Florida - one house at a timeFlorida's homebuilders are daring to put their hard hats back on.Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 2:31 am Google earnings soar 38%Google posted quarterly sales and profit that trumped Wall Street expectations Thursday, boosted by a rebounding advertising market.Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 2:29 am Cost cutting helps Sony EricssonSony Ericsson reports a surprise profit for the first quarter, boosted by new product launches and cost savings.Source: BBC News | Business | World Edition | 16 Apr 2010 | 2:29 am Who says the economy is improving?The economy has made a sharp U-turn in the past couple of months, and better days for American businesses and workers are around the corner.Source: Business and financial news - CNNMoney.com | 16 Apr 2010 | 2:23 am Media Digest 4/16/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: The Fed backed “extending language” on rates. Reuters: About 60% CDS could be cleared centrally according to experts. Reuters: Bank of America Corporation (NYSE: BAC) and Symphony will link up on a new collateralized loan obligation package. Reuters: Macarthur and Peabody Energy are in talks the may lead to a higher bid. Reuters: Congress voted to add $18 billion [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Apr 2010 | 1:59 am Australian markets end on sour noteThe Australian share market has finished the week on a sour note, after broad-based selling pushed the bourse lower on Friday.The benchmark S&P/ASX200 index closed down 17.2 points, or 0.34 per cent, at 4,984.7 points, while the...Source: nzherald.co.nz - Business | 16 Apr 2010 | 1:59 am Asian stocks fall on inflation, rate hike concerns (AP)
Source: Yahoo! News: Stock Markets News | 16 Apr 2010 | 1:54 am Europe Markets: Europe lower for first time in three sessionsEuropean shares pulled back from 18-month highs on Friday, as earnings optimism faded a bit and a volcanic ash cloud disrupted air travel for a second day.
Source: MarketWatch.com - Top Stories | 16 Apr 2010 | 1:54 am UK flight restrictions continue through SaturdayBritish civil aviation authorities say there will be no flights over England until Saturday morning at the earliest, as a huge ash cloud from Iceland's erupting volcano disrupts air trafficSource: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 1:48 am Earnings disappointments and tightening fears hurt stocks08:35 BST. Stocks and commodities fell on Friday after earnings from Google failed to impress and a crackdown on property speculation in China aggravated fears of further monetary tightening. The...Source: RSS feed - channel BNPaperBusiness | 16 Apr 2010 | 1:45 am Mobile phone maker Sony Ericsson posts Q1 profitMobile phone maker Sony Ericsson posted an unexpected net gain for the first quarter on Friday, reaching euro21 million ($29 million) in the black from a previous loss of euro293 million,...Source: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 1:44 am Mobile phone maker Sony Ericsson posts Q1 profit (AP)AP - Mobile phone maker Sony Ericsson posted an unexpected net gain for the first quarter on Friday, reaching euro21 million ($29 million) in the black from a previous loss of euro293 million, much thanks to new products focused more on the high-end market as well as continued efforts to shave off costs.Source: Yahoo! News: Business News | 16 Apr 2010 | 1:44 am Oil drops below $85 as Asian stocks slump (AP)
Source: Yahoo! News: Business News | 16 Apr 2010 | 1:44 am Eurocontrol: flights disrupted at least 1 more dayThe European air navigation agency says air traffic disruptions from the volcanic ash cloud will last at least another day. Eurocontrol says the cloud's impact "will continue for at...Source: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 1:40 am Supermarkets fined £225m for fixing tobacco pricesThe competition watchdog has imposed fines totalling £225 million on retailers including Asda, Morrisons and The Co-operative for fixing the price of tobacco with manufacturers. Source: Latest Business News from Times Online | 16 Apr 2010 | 1:37 am Eurozone ministers seek ways to stem debt crisisEurozone finance ministers gathered Friday to seek ways to halt a government debt crisis as Greece asks the European Union and the International Monetary Fund to step up work on a potentialSource: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 1:34 am Clegg victory hits pound on hung parliament fearsSterling retreated against major currencies overnight after Nick Clegg’s winning performance in the televised campaign debate between party leaders fanned fears of a hung Parliament. Source: Latest Business News from Times Online | 16 Apr 2010 | 1:27 am In anti-stimulus SC, money is making a differenceMost people in South Carolina didn't vote for Barack Obama and didn't want any part of his stimulus money, but it appears to be helping one hard-hit area fight through the recession. ...Source: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 1:16 am Business Bullet: China, Greece, Euro, BricsThe latest news on: China, Greece, Euro, BricsSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 1:08 am Around 60 percent CDS could clear centrally say expertsLONDON (Reuters) - Around 60 percent of the $24.8 trillion credit derivatives market can rapidly move to central clearing and reduce systemic risk, but moving much beyond that could be counterproductive, according to market experts.
Source: Reuters: Business News | 16 Apr 2010 | 1:06 am Dominos fall in pension probeSubjects of New York state and SEC probes, including a California lobbyist, agree to pay $17 million to settle allegations of influence peddling. ...Source: RSS feed - channel BNPaperBusiness | 16 Apr 2010 | 1:00 am California's median home price jumps 14.3% in MarchA decline in the number of foreclosures and the comeback of higher-priced coastal areas drive the increase. The San Francisco Bay Area sees a 31% median-price gain.The median price paid for a California home in March jumped 14.3% compared with the same month last year, reflecting a reduction in the number of foreclosure properties on the market and the comeback of higher-priced coastal areas.
Source: L.A. Times - Business | 16 Apr 2010 | 1:00 am Google's 37% profit increase not enough for investorsFirst-quarter earnings beat estimates but shares of the Internet giant slump about 5% in after-hours trading. ...Source: RSS feed - channel BNPaperBusiness | 16 Apr 2010 | 1:00 am March exports jump at Los Angeles, Long Beach portsExports rise 15.8% and 10.9%, respectively, helped by the dollar's weakness. Imports rise 10.8% at Long Beach but fall 2.9% at Los Angeles compared with March 2009.The ports of Los Angeles and Long Beach, which together make up the nation's busiest shipping container complex, showed gains in cargo traffic for the fourth straight month in March, boosting trade-related employment in Southern California.
Source: L.A. Times - Business | 16 Apr 2010 | 1:00 am Be wary of 'credit correction' companiesA couple who ran up about $100,000 on a dozen credit cards paid a Tehachapi firm $1,000 upfront but haven't seen any progress in half a year.Beverly Hills residents Andrea and Alan Rademan got hammered when the stock market collapsed in 2008, losing nearly all their retirement savings.
Source: L.A. Times - Business | 16 Apr 2010 | 1:00 am Satirical superhero film set to 'Kick' its way to the topThe Lionsgate movie is expected to bring in about $30 million this weekend as it opens in the U.S. and Canada.Lionsgate looks as if it will kick butt at the box office this weekend.
Source: L.A. Times - Business | 16 Apr 2010 | 1:00 am March exports jump at Los Angeles, Long Beach portsExports rise 15.8% and 10.9%, respectively, helped by the dollar's weakness. Imports rise 10.8% at Long Beach but fall 2.9% at Los Angeles compared with March 2009. ...Source: RSS feed - channel BNPaperBusiness | 16 Apr 2010 | 1:00 am Regulators did little to halt reckless practices at WaMuSerious problems at the bank were uncovered by federal examiners at least five years before its collapse, but supervisors showed little concern, a lengthy Senate investigation found. ...Source: RSS feed - channel BNPaperBusiness | 16 Apr 2010 | 1:00 am California's median home price jumps 14.3% in MarchA decline in the number of foreclosures and the comeback of higher-priced coastal areas drive the increase. The San Francisco Bay Area sees a 31% median-price gain. ...Source: RSS feed - channel BNPaperBusiness | 16 Apr 2010 | 1:00 am Dominos fall in pension probeSubjects of New York state and SEC probes, including a California lobbyist, agree to pay $17 million to settle allegations of influence peddling.Authorities probing pension-fund influence peddling on Thursday announced $17 million in settlements with targets of their investigations, including a high-profile California lobbyist and an investment firm founded by President Obama's former "auto czar."
Source: L.A. Times - Business | 16 Apr 2010 | 1:00 am Regulators did little to halt reckless practices at WaMuSerious problems at the bank were uncovered by federal examiners at least five years before its collapse, but supervisors showed little concern, a lengthy Senate investigation found.Federal banking examiners found serious problems at Washington Mutual Bank at least five years before its 2008 collapse, but their supervisors showed little concern, according to results of a lengthy Senate investigation released Thursday.
Source: L.A. Times - Business | 16 Apr 2010 | 1:00 am Carl Icahn increases Lions Gate hostile takeover offer to $7 a share from $6The investor's new bid values the Santa Monica-based independent studio at $825 million, up from $707 million.Carl Icahn has turned up the heat on Lions Gate Entertainment Corp.
Source: L.A. Times - Business | 16 Apr 2010 | 1:00 am Be wary of 'credit correction' companiesA couple who ran up about $100,000 on a dozen credit cards paid a Tehachapi firm $1,000 upfront but haven't seen any progress in half a year. ...Source: RSS feed - channel BNPaperBusiness | 16 Apr 2010 | 1:00 am Dip in DVD rental revenue a worrisome signal for HollywoodAfter a 4% increase in 2009 helped offset a drop in disc sales, the first quarter is cruel with declines in both rentals and sales. ...Source: RSS feed - channel BNPaperBusiness | 16 Apr 2010 | 1:00 am Satirical superhero film set to 'Kick' its way to the topThe Lionsgate movie is expected to bring in about $30 million this weekend as it opens in the U.S. and Canada. ...Source: RSS feed - channel BNPaperBusiness | 16 Apr 2010 | 1:00 am Dip in DVD rental revenue a worrisome signal for HollywoodAfter a 4% increase in 2009 helped offset a drop in disc sales, the first quarter is cruel with declines in both rentals and sales.DVD rentals have gone from silver lining for Hollywood's struggling home entertainment business to yet another rain cloud.
Source: L.A. Times - Business | 16 Apr 2010 | 1:00 am BRIC development banks agree to coordinate effortsDevelopment banks from the four BRIC countries -- Brazil, Russia, India and China -- signed a deal aiming at boosting financing cooperation and investment opportunities between them. ...Source: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 12:54 am OFT imposes record £225m fine over tobacco price-fixingCompetition watchdog fines tobacco manufacturers and retailers £225m after a seven-year investigation into the pricing of tobacco products in the UK.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Apr 2010 | 12:54 am Pickers want Fla. chain to pay more for tomatoes (AP)AP - After persuading McDonald's, Whole Foods and Subway that they should pay an extra penny per pound for tomatoes, a farmworkers group is taking on supermarket giant Publix.Source: Yahoo! News: Business News | 16 Apr 2010 | 12:53 am Thomas Cook raises $1 billion through bond issuesLONDON (Reuters) - Thomas Cook , Europe's second-biggest travel firm, said on Friday it had raised over $1 billion through new sterling and euro bond issues with the proceeds to be used for general corporate purposes.
Source: Reuters: Business News | 16 Apr 2010 | 12:50 am Pickers want Fla. chain to pay more for tomatoesAfter persuading McDonald's, Whole Foods and Subway that they should pay an extra penny per pound for tomatoes, a farmworkers group is taking on supermarket giant Publix. The Coalition...Source: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 12:45 am Tomato pickers to march over pay from Fla. chainA farmworkers group that persuaded several fast food chains and grocery stores to pay an extra penny per pound for tomatoes is taking on supermarket giant Publix. The Coalition of...Source: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 12:45 am UK firms fined $349 million for tobacco price fixingLONDON (Reuters) - Britain's consumer affairs watchdog has slapped a record 225 million pound ($349 million) fine on two tobacco firms and nine retailers for fixing prices of tobacco products between 2001 and 2003.
Source: Reuters: Business News | 16 Apr 2010 | 12:43 am UK remains no-fly zone for second dayThe UK and large parts of Europe will remain a no-fly zone after a vast cloud of volcanic ash from Iceland forced authorities to impose one of the most extensive bans on commercial flights since world war twoSource: Financial Times - US homepage | 16 Apr 2010 | 12:40 am NZ sharemarket ends lowerThe New Zealand sharemarket ended slightly lower with Telecom's price closing unchanged as a debate raged about its future prospects in an uncertain regulatory environment.Investors continued to smile on Restaurant Brands but...Source: nzherald.co.nz - Business | 16 Apr 2010 | 12:14 am NZ dollar ends the week on softer noteThe New Zealand dollar was weaker today, reflecting a rise in risk aversion and some profit-taking.The NZ dollar was at US71.07c at 5pm from US71.14c at 8am from US71.34c at 5pm yesterday. It is expected to find support around...Source: nzherald.co.nz - Business | 16 Apr 2010 | 12:13 am Coal miner Macarthur to talk takeover with PeabodyShares in Australia's Macarthur soared nine percent on Friday after the coal miner said it would begin talks with US suitor Peabody Energy over a possible 4.07 billion dollar (3.79 billion...Source: RSS feed - channel BNewsBusiness | 16 Apr 2010 | 12:12 am Asian stocks fall on inflation, rate hike concernsAsian stock markets fell Friday as investors mulled whether the region's strong economic growth so far this year could trigger inflation and higher interest rates. Japan's benchmark...Source: RSS feed - channel BNewsBusiness | 15 Apr 2010 | 11:50 pm Home entertainment Q1 sales off 8 percent: reportLOS ANGELES (Reuters) - Consumer spending on home entertainment products, including DVDs, Blu-ray discs and digitally distributed content, in North America fell 8 percent to $4.8 billion in the first quarter of 2010, said the Digital Entertainment Group (DEG) on Wednesday.
Source: Reuters: Business News | 15 Apr 2010 | 11:45 pm Seven days over deadline: Crafar stays putEmbattled dairy farm owner Allan Crafar remains on his family farm in the Waikato, a week after the deadline expired for him to vacate the land.The Crafar family owes more than $200 million to PGG Wrightson and banks after its...Source: nzherald.co.nz - Business | 15 Apr 2010 | 11:35 pm BofA Merrill Lynch, Symphony Asset team up for CLO: report(Reuters) - Bank of America Merrill Lynch and Symphony Asset Management have joined forces on a new $500 million collateralized loan obligation, the Wall Street Journal said.
Source: Reuters: Business News | 15 Apr 2010 | 11:05 pm Credit Suisse taps JPMorgan exec to head India i-bankingMUMBAI (Reuters) - Credit Suisse is hiring Vedika Bhandarkar, a veteran investment banker at rival JPMorgan , as head of investment banking for India, the Swiss investment bank said on Friday.
Source: Reuters: Business News | 15 Apr 2010 | 10:23 pm Venture-cap investments rise in 1Q, as optimism up (AP)AP - Venture capitalists invested more money in U.S. startups during the first three months of 2010 compared with a year earlier, a sign of increasing optimism that the economy is improving.Source: Yahoo! News: Business News | 15 Apr 2010 | 10:13 pm Google 1Q growth accelerates while stock reverses (AP)
Source: Yahoo! News: Business News | 15 Apr 2010 | 10:06 pm T. Boone Pickens' Gassy StockShareholders in Clean Energy don't have much chance of hitting pay dirt.
Source: SmartMoney.com | 15 Apr 2010 | 10:00 pm The Funny Thing About Lip Balm (Tough Customer)Kadet: Some personal-care products can be strangely addicting.
Source: SmartMoney.com | 15 Apr 2010 | 10:00 pm How One Fund Manager Weathers the Storm (Fund Manager Spotlight)VIDEO: Marc Heilweil, of the Marathon Value Portfolio Fund, on volatility.
Source: SmartMoney.com | 15 Apr 2010 | 10:00 pm Broker Talk: Is the Market Rally Sustainable? (Broker Talk)Stocks are up, but brokers disagree over whether the rally will continue.
Source: SmartMoney.com | 15 Apr 2010 | 10:00 pm Selling a House? Try to Avoid Zeros (By the Numbers)Hough: Numbers psychology can help lure buyers, a study suggests.
Source: SmartMoney.com | 15 Apr 2010 | 10:00 pm The Week in Business Tweets: iMusings (Twitter Beat)What's the iAd worth to Apple. And is Lady Liberty holding an iPad?
Source: SmartMoney.com | 15 Apr 2010 | 10:00 pm Procrastination and Your Tax Bill (Money and Your Mind)Did you put off paying your taxes to the last minute? It might have cost you $400.
Source: SmartMoney.com | 15 Apr 2010 | 10:00 pm Supreme Court allows appeal in cartel caseThe Supreme Court of New Zealand has knocked back a Commerce Commission action against an Australian businessman involved in a wood treatment chemicals cartel case.The cartel operated in New Zealand's wood preservative industry...Source: nzherald.co.nz - Business | 15 Apr 2010 | 8:40 pm Congress extends jobless benefitsLawmakers voted Thursday to push back the deadline to file for extended unemployment benefits until June 2, a measure President Obama promptly signed into law.Source: Business and financial news - CNNMoney.com | 15 Apr 2010 | 8:39 pm Twilight vampire is fiction's richest manAs the world recovers from the global financial crisis of 2008, the fortunes of the rich, famous and fictional have rebounded in a similar fashion. Forbes magazine has released its annual ranking of fiction's richest people,...Source: nzherald.co.nz - Business | 15 Apr 2010 | 8:30 pm Toyota delayed Venza recall in U.S. for six weeks, records showThe automaker had recalled the vehicle in Canada on Dec. 16 to address floor-mat and gas-pedal problems. It issued a similar recall in the U.S. on Jan. 27. The delay has caught regulators' attention. ...Source: RSS feed - channel BNPaperBusiness | 15 Apr 2010 | 8:30 pm Toyota delayed Venza recall in U.S. for six weeks, records showThe automaker had recalled the vehicle in Canada on Dec. 16 to address floor-mat and gas-pedal problems. It issued a similar recall in the U.S. on Jan. 27. The delay has caught regulators' attention.Toyota Motor Corp. recalled its Venza in Canada late last year because of floor mats that could entrap the gas pedal, but it did not launch a similar recall in the U.S. until six weeks later, records show.
Source: L.A. Times - Business | 15 Apr 2010 | 8:30 pm Toyota testing all of its SUVs in wake of Consumer Reports' warningTroubled carmaker says it will study the entire lineup for stability control. The move comes after the magazine's warning about the 2010 Lexus GX 460.Toyota Motor Corp. said Thursday that it had begun testing its entire lineup of SUVs after Consumer Reports magazine warned Lexus GX 460 owners that the vehicle could be prone to rolling over.
Source: L.A. Times - Business | 15 Apr 2010 | 6:43 pm House prices on the up and upHouse prices have risen to their highest March level in two decades, while the number of sales broke through the 6000 barrier last month after dropping at the end of last year.Latest figures from the Real Estate Institute of New...Source: nzherald.co.nz - Business | 15 Apr 2010 | 6:30 pm Skellerup boss quitsSkellerup managing director Donald Stewart has resigned after 18 years in the top job.He will remain in the role until June 30, but will continue with the company until a replacement was found.Stewart joined the Skellerup...Source: nzherald.co.nz - Business | 15 Apr 2010 | 6:27 pm Money Matters, Diamonds BeckonYields on money market funds continue to drop. They currently pay interest of about .01% per year. Gold looks more attractive as an investment, and so do, perhaps, diamonds. Read more… Filed under: Uncategorized[[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Apr 2010 | 6:20 pm New pressure on Greece amid doubt over German commitment to EU bailoutBorrowing costs for Greece rose again yesterday amid confusion over Germany’s commitment to the EU’s bailout package and a threat to challenge the plan in the German Constitutional Court. Source: Latest Business News from Times Online | 15 Apr 2010 | 6:19 pm Luxury goods are back in fashionThe age of austerity is over, as the well-heeled splash out on Porsches and Dom Pérignon champagne, according to retailers of luxury goodsSource: Financial Times - US homepage | 15 Apr 2010 | 6:13 pm Google profits jump on rebooted ad spendGoogle has reported double-digit gains in first-quarter profit and sales, indicating that it is an early beneficiary of the rebound in online advertising. Source: Latest Business News from Times Online | 15 Apr 2010 | 6:10 pm Demand Media enlists Goldman for IPODemand Media, a closely watched startup that mines online search engine data to generate thousands of videos and web stories a day, has hired Goldman Sachs to explore an initial public offeringSource: Financial Times - US homepage | 15 Apr 2010 | 6:09 pm Airlines set to lose more than £100m if chaos continuesShutting down Britain’s airspace could cost airlines more than £100 million if the disruption carries on into the weekend. Source: Latest Business News from Times Online | 15 Apr 2010 | 6:03 pm France gives boost for cleaner carsPSA Peugeot-Citroën will replace almost a third of the plastics used in its cars with green materials by 2015, to reduce the ecological footprint of the French company’s vehicles over their lifespan. Source: Latest Business News from Times Online | 15 Apr 2010 | 6:01 pm Who wants one of the finest film-makers known to humanity?Handmade, the troubled film company behind Life of Brian and Withnail & I, has received a takeover approach from Almorah Services after months of speculation over its future. Source: Latest Business News from Times Online | 15 Apr 2010 | 6:01 pm Red light in the cab will keep Stagecoach drivers green on the busesBus drivers are being told to ease off the gas, change gear less often and brake less violently. And a flashing light system in the cab will tell them how they are doing: green for safe and efficient; amber for less efficient; and red for poor driving. Source: Latest Business News from Times Online | 15 Apr 2010 | 6:01 pm Organisations supporting the NHS must improve screeningTwo years after a failure to check the language skills and clinical competence of the German locum Daniel Ubani resulted in a patient’s death, last week the Government called for enhanced procedures and uniformity in screening standards across the health service. This is necessary as the quality of induction and screening processes today can vary across the health service, by location and even within the various clinical departments of a single NHS trust. Source: Latest Business News from Times Online | 15 Apr 2010 | 6:01 pm U.S. judge sets newly merged Toyota suits in motion (Reuters)
Source: Yahoo! News: Business News | 15 Apr 2010 | 5:54 pm Sharemarket makes modest gainInvestors continued to smile on Restaurant Brands when the sharemarket opened today, with the stock rising a further 4c, to 230, as it climbs further away from its lowpoint of 57c in November 2008.The company, which has the KFC,...Source: nzherald.co.nz - Business | 15 Apr 2010 | 5:43 pm Bollinger Bands, Revaluing the Yuan, Best ETFs: Taking StockSource: Bloomberg - All Podcasts | 15 Apr 2010 | 5:32 pm Media : Music rights spark clash of the titansRadio bosses are tuning up to buy music rights directly from record companies if a claim to the Copyright Tribunal falls over.The Radio Broadcasters Association (RBA) says that is what will happen if a long-delayed tribunal case...Source: nzherald.co.nz - Business | 15 Apr 2010 | 5:30 pm Goldman real estate fund down to $30mWhitehall Street International, Goldman Sachs’ international real estate investment fund, has lost almost all of its $1.8bn of equity following soured property investments in the US, Germany and Japan, according to the fund’s estimatesSource: Financial Times - US homepage | 15 Apr 2010 | 5:02 pm Hold the linePartial sell-off aims to boost Zambia's state phone firmSource: BBC News | Business | World Edition | 15 Apr 2010 | 5:01 pm Housing market in 'spring bounce'The number of people trying to buy or sell homes has picked up in the past month, according to estate agents.Source: BBC News | Business | World Edition | 15 Apr 2010 | 5:01 pm General Election 2010: They still won't tell us where the money will come fromThe studios may have been fumigated for volcanic fog but there was still a haze of unreality over proceedings, says Edmund Conway.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Apr 2010 | 4:51 pm Write-Offs: 04.15.10$$$ Ex-Lehman Brothers Trader Eyes Six Figures For Fuld Painting [NYP] $$$ ‘Iron Man’ Bets Loom as CFTC Staff Backs Film Futures [BW] $$$ Roubini’s bad call: a Brazilian coup d’etat [FT] $$$ SEC proposes tracking large traders’ moves [WaPo] 
Source: Dealbreaker | 15 Apr 2010 | 4:45 pm Stocks edge higher on mixed reports, UPS outlook (AP)
Source: Yahoo! News: Stock Markets News | 15 Apr 2010 | 4:01 pm Skip the mortgage, pay the credit cardMillions of Americans are not only upside down on their mortgage, they also appear to be shunning that monthly payment in favor of meeting their everyday expenses.Source: Business and financial news - CNNMoney.com | 15 Apr 2010 | 4:00 pm Haven't filed your taxes yet? No rush.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 | 15 Apr 2010 | 3:58 pm Obamas Made $5.5 Million Last Year, Paid $1.8 Million In TaxesBy Jacob Goldstein The Obamas' tax return was posted this afternoon on the White House Blog. The key numbers you already know from the headline: $5.5 million in income, $1.8 million in taxes. Almost all of the income was from book sales. (Obama donated his Nobel Prize money to charity.) The Bidens' return was posted as well; they made $333,000 last year. I was going to call an accountant and ask if she saw any interesting details in the returns. Then I decided it would be ridiculous to try to get an accountant on the phone at 4:45 p.m. on April 15th. So I'll put the question to the tax mavens among our readers: Any interesting details in the presidential tax return? » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 15 Apr 2010 | 3:55 pm Summary Box: Stocks extend advance to 6th day (AP)AP - ANOTHER GAIN: Stocks rose for the sixth day Thursday after a stronger earnings forecast from UPS and improved reports on manufacturing raised expectations for the economy.Source: Yahoo! News: Stock Markets News | 15 Apr 2010 | 3:52 pm UPS, Apache, Continental Airlines are big movers (AP)AP - Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and Nasdaq Stock Market:Source: Yahoo! News: Stock Markets News | 15 Apr 2010 | 3:47 pm How the major stock indexes fared on Thursday (AP)AP - An encouraging earnings forecast from UPS and stronger manufacturing figures gave the stock market its sixth straight advance Thursday.Source: Yahoo! News: Stock Markets News | 15 Apr 2010 | 3:35 pm Paul Krugman And Andy Ross Sorkin Still Not Seeing Eye To Eye
Krugman and Sorkin told me that they talked Thursday. Sorkin said the conversation was “very cordial.” Krugman called it “not much fun.” They agreed that they disagree on the definition of nationalization. Earlier: “Andrew Ross Sorkin Owes Several People An Apology” Dueling Columnists [NYT]
Source: Dealbreaker | 15 Apr 2010 | 3:30 pm Presented By:Source: Dealbreaker | 15 Apr 2010 | 3:15 pm Goldman Sachs Would Like To Remind Noted Thespian/Former Client Of A Few Things, And Vice Versa
Almost immediately after the news that he’d pulled his bills from GS went out, the thespian received a note from on high suggesting that a) he’d forgotten something very important b) that he ought to put a sock in it and c) that even though he’d made a silly mistake, as actors are wont to do, that Goldman is willing to take his business again, in the event he’s still interested in watching Lloyd make it rain. Apparently, Cummings most certainly is not, but he is absolutely tickled by how easily the monkeys took the bait.
Goldman Sachs Pleads Alan Cumming to Continue to Take Their Filthy Lucre [Daily Intel]
Source: Dealbreaker | 15 Apr 2010 | 3:15 pm Top After-Hours Stock Movers (AMD, BSX, GOOG, LGF, NPSP, YHOO)There will start to become an obvious here in our after-hours movers… Earnings reports. That is not the entire case tonight, although earnings are impacting shares. Tonight’s after-hours move include Advanced Micro Devices Inc. (NYSE: AMD), Boston Scientific Corporation (NYSE: BSX), Google Inc. (NASDAQ: GOOG), Lions Gate Entertainment Corp. (NYSE: LGF), NPS Pharmaceuticals, Inc. (NASDAQ: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Apr 2010 | 3:04 pm Quadrangle to pay $12m to settle pension investigationQuadrangle, the US private equity group, disavowed the actions of co-founder Steven Rattner as it agreed to pay regulators $12m to settle a year-long “pay to play” pension investigation that ensnared the companySource: Financial Times - US homepage | 15 Apr 2010 | 2:59 pm 100 best money moves you can makeOur annual guide to the best stocks and funds, credit cards, career moves, retirement strategies, and much more.Source: Business and financial news - CNNMoney.com | 15 Apr 2010 | 2:52 pm Sorry, but your Icesave billions are in money heavenApologies have been all the rage for months.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Apr 2010 | 2:41 pm Pru's odd couple quietly building support for a very ambitious planShares in Prudential plunged when the insurer announced ambitious plans to buy the Asian business of AIG in a $35.5bn deal. Caught by surprise (and spooked by the prospect of the UK's largest ever rights issue) the City gave the deal the thumbs down.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Apr 2010 | 2:31 pm Google, When Good Isn’t Enough (GOOG)Google Inc. (NASDAQ: GOOG) delivered its earnings after the close, and earnings season for tech and internet companies may have just taken a turn (not for the better). The company reported earnings at $6.76 EPS on an adjusted basis and said revenues (ex-TAC) were $5.045 billion; Thomson Reuters had estimates of $6.60 EPS on $4.95 [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Apr 2010 | 2:19 pm Twitter builds on its characterThe micro-blogger is determined to prove its potential for making moneySource: Financial Times - US homepage | 15 Apr 2010 | 2:16 pm OFT to unveil findings on tobacco price fixingThe Office of Fair Trading will this morning unveil the findings of a seven-year investigation into alleged price fixing in the tobacco industry that has seen household names from Tesco to Shell face the threat of multi-million pound penalties.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Apr 2010 | 2:07 pm Government Wastes $130 million on Census Ad Campaign
This year’s Census cost the government $15 billion. That’s the most expensive Census ever. Perhaps one of the most promiscuous examples of budget bloat is the $130 million the government spent on Census advertising. The government uses potential cost savings to justify its ad campaign. When you factor in cheaper alternatives to ad campaigns, the inefficient ways the government is spending its money on ads, and the seeming lack of effect those ads are having on the US population, those savings just don’t add up. The Census helps politicians. It determines how many representatives each state receives in the House. The federal government is also offering $400 billion in federal aid. It allocates that aid based on the size and shape of legislative districts, according to CBS. What determines those factors? Head count. Your mayor, county commissioner, governor, and senator all want you to fill out that Census form, because they might get more money and representation. The Government’s Explanation If citizens fail to mail their Census forms by the April deadline, the government will send out around 700,000 workers in May to follow up. 67% of citizens filled out the US Census in 2000. It costs the government $56 per person to find and follow up with somebody who didn’t fill out the Census, according to the Christian Science Monitor. It costs them $0.42/person for everyone who does fill out the Census form on time. The government says it saves $85 million every time the Census mail response rate increases by 1%. That $85 million would otherwise go towards finding and counting people. Using that rationale, spending $2.5 million on a 30-second Superbowl ad that reached 100 million viewers actually saves the government money. That’s not to mention the additional millions spent on Winter Olympics ads, Daytona 500 spots, social media campaigns, radio spots, road tours, and other media. One source told me that the Census Bureau has been overpaying for Internet ads–putting money back into the economy, perhaps, but in an inefficient way. The Numbers In January, the House voted to increase the national debt to $14.3 trillion. That’s “over $40,000 for every man, woman and child the Census Bureau hopes to catch in its count,” writes CBS. If a company or individual procured that kind of debt, cutting costs would be the first priority. Instead, the government is adding another $130 million to that debt to encourage citizens to fill out a mandatory form. The encouragement strategy becomes particularly expensive when you consider the action the Census Bureau has already taken to increase response rates. The 2010 Census form has been drastically simplified since 2000. This makes it quicker and easier to fill out. In addition, the Bureau has implemented a “multiple contact” mailing strategy, where they first mail you a letter telling you a Census form is on the way, then they mail the Census form. They’ve found that this can increase response rates by up to 10%. Finally, there’s the fear factor. They fine you $100 if you don’t turn in your Census form. If the government finds out that you lied on your Census form, they charge you $500. If you don’t fill out the Census form because you object to it, that will set you back $5,000. The last thing anybody wants right now is to lose more money, especially to the Feds. But the government didn’t choose to play up those fines. If it had made the prospect of a fine more visible, eg. by printing “WARNING: WE WILL FINE YOU $100 FOR NOT FILLING OUT THIS FORM” on Census envelopes or forms–similar to the way an unpaid medical bill might look–a good number of people would be scared into filling out the forms. Will the Census ad campaign pay off? To be worth it, the government must report a 2010 Census response rate that is: a) High enough to justify the additional $130 million in expenditures I doubt that will be the case. I think the government would have had the same success rate using less expensive tactics. But, perhaps in an effort to invest in a friendly appearance (and thus garner that most valuable political currency, votes), it chose the ad route. Ironically enough, the greatest benefactor of the government’s ad campaign may be the businesses that it’s overpaying for ad spots.
Source: Business Pundit | 15 Apr 2010 | 1:57 pm Greece takes key step towards rescueGeorge Papaconstantinou, finance minister, says the government wants to discuss ‘a multi-year economic policy programme’ with the Commission, the ECB and IMFSource: Financial Times - US homepage | 15 Apr 2010 | 1:35 pm A look at global economic developments (AP)AP - A look at economic developments and activity in major stock markets around the world Thursday:Source: Yahoo! News: Stock Markets News | 15 Apr 2010 | 1:28 pm Let’s Bicker Over: B-School RankingsUS News has regaled us with its annual ranking of the top business schools. I know you want to bitch, so get it out here and now. 24. University of Minnesota– Twin Cities 24. Georgetown (McDonough) 23. Indiana University– Bloomington (Kelly) 21. UNC– Chapel Hill (Kenan-Flagler) 21. Ohio State (Fisher) 20. University of Southern California (Marshall) 19. Wash U. (Olin) 18. Cornell 16. University of Texas–Austin (McCombs) 16. Carnegie Mellon (Tepper) 15. UCLA (Anderson) 14. Duke (Fuqua) 13. UVA (Darden) 12. University of Michigan 11. Yale 9. Stern 9. Columbia 7. University of California-Berkely (Haas) 7. Dartmouth (Tuck) 5. Wharton 5. University of Chicago (Booth) 4. Northwestern (Kellogg) 3. MIT (Sloan) 1. Stanford 1. Harvard
Source: Dealbreaker | 15 Apr 2010 | 1:15 pm Rio Tinto Boosts Iron Ore Production But Faces Speed BumpsDuring the first quarter of 2010, Rio Tinto plc (NYSE:RTP) boosted production of iron ore by 39% compared with the same period last year. The primary driver, as expected, is China, where the still-booming economy can’t seem to satisfy its demand for steel. According to Rio Tinto’s operational review issued this morning, the company produced 41 million metric [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Apr 2010 | 12:58 pm How firm is our economic recovery?The national economic mood has brightened somewhat the past few months. There's real growth in the Gross Domestic Product, the labor market is on the mend, and the stock market is up. But then there are days like today. John Dimsdale reports.Source: Marketplace | 15 Apr 2010 | 12:47 pm Health law paves way to better livingThe new health care bill sets aside $15 billion to help create healthier communities. Gregory Warner reports on how that money could make a difference in New York City's South Bronx.Source: Marketplace | 15 Apr 2010 | 12:46 pm The end of Wall Street as we knew itAuthor Roger Lowenstein talks with Kai Ryssdal about his new book "The End of Wall Street," the roots of the financial crisis, and where we go from here.Source: Marketplace | 15 Apr 2010 | 12:46 pm Libraries adapt to help unemployedMore people are using their local libraries these days, and many of them are unemployed. They're using free computers and asking librarians for help. Zachary Barr reports on how librarians are coping.Source: Marketplace | 15 Apr 2010 | 12:46 pm How long can Google keep growing?Google announced that its revenues grew 23% in the first quarter of the year. Earnings beat Wall Street expectations, but shares still fell in after-hours trading. Bob Moon reports.Source: Marketplace | 15 Apr 2010 | 12:43 pm Insurers shift costs ahead of health lawThe Senate Commerce, Science and Transportation Committee released a report that says insurers are shifting administration costs to make it look like they're spending more on patient care. Nancy Marshall Genzer reports.Source: Marketplace | 15 Apr 2010 | 12:43 pm Volcanic ash halts European flightsAsh from an Icelandic volcano eruption has made it too dangerous for planes to fly. Britain shut down its airspace for the first time in its history and several other European nations followed suit. Stephen Beard reports.Source: Marketplace | 15 Apr 2010 | 12:43 pm Thinking Of Running Some Sort Of Financial Scam? Consider Bringing Your Wife In On The Gig Janette Stone So you’re thinking of running a Ponzi scheme are you? Or perhaps a classic pump and dump? Before you dive right in and start stealing people’s money, there’s probably one thing you haven’t thought of, and it’s the key to your success– adding your wife as a member of the team. I know what you’re thinking– women, not good with numbers and stuff and definitely not good at crime. And that’s exactly the point: no one will ever see them coming. Won’t suspect a thing. The experts are backing me up on this one. Apparently it’s become something of a trend (because it’s genius). Reuters’ Matt Goldstein reports:
It also works in the event you’re not so much slick but a bit rough around the edges. Not so refined. Have a goatee. Allow the words “We’re not out there pounding 1,000 shares up Uncle Joe’s ass” to exit your mouth while conversing with a reporter. The mere presence a woman can fix all that, and keep your scam going a lot longer than you’d be able to doing it alone, or with another dude. Jeff and Janette Stone (who sometimes goes by the name “Dillerstone) know what we’re talking about.  This really happened The former Greenwich residents and proprietors of the now-defunct New York investment firm Crescent Fund are living in Tokyo, and owe US regulators around half a mill for their five-year penny stock scam. A scam that never would’ve gotten off the ground if it weren’t for Janette making the whole thing look kosher. (She was named CEO of the firm, while her husband, a former Lehman executive who’d previously spent a year in prison for a different penny stock scam, was named a “subcontractor.”) The couple is currently running a new maybe-scam called the Wakabayashi Fund, and if the authorities think they’re going to get jack from J&J, they’re sorely mistaken.
As for their new venture, Stone had this to say:
Sweethearts In Crime [Reuters]
Source: Dealbreaker | 15 Apr 2010 | 12:30 pm Mathematicians must get out of their ivory towersBad maths are to blame for the financial crisis, not the discipline itselfSource: Financial Times - US homepage | 15 Apr 2010 | 12:21 pm Scott Gilbert Discusses Law Firms, Attorney Compensation: BLAWSource: Bloomberg - All Podcasts | 15 Apr 2010 | 12:04 pm Rattner Gets Rammed by Former Firm
After settling this morning with Andrew Cuomo and the SEC., Quadrangle issued a statement saying “we wholly disavow the conduct engaged in by Steve Rattner, who hired the New York State Comptroller’s political consultant, Hank Morris, to arrange an investment from the New York State Common Retirement Fund. That conduct was inappropriate, wrong, and unethical.” Damn that’s harsh. The firm agreed to pay $7 million to the Attorney General and $5 million to the SEC. Mr. Rattner was not part of the settlement, but he sure is part of the case. Referring to him as a “former Quadrangle executive,” the SEC says in its complaint that Rattner secured a $100 million investment from the New York State Common Retirement Fund by agreeing to help distribute a low-budget straight-to-DVD movie called “Chooch,” produced by former deputy comptroller David Loglisci and his brothers. Rattner also agreed to pay $1 million in “sham” finder fees to Morris, the top political adviser and chief fundraiser for former New York comptroller Alan Hevesi, according to the allegations. On March 19, 2009, Morris and Loglisci were charged with 123 counts of bribery, grand larceny, money laundering and fraud for taking kickbacks from investment firms for access to the pension fund. Carlyle Group and other firms have already reached settlements regarding their participation in the scheme. Loglisci has pleaded guilty and is cooperating with the investigation. Hevesi has not been charged with anything yet, but sources said he expects to be indicted “any day now.” It’s unclear what, if anything, will happen to Rattner. Dan Primack of PEHub.com live-blogged Cuomo’s press conference. Rattner has, ironically, been working out of the General Motors building in Manhattan, where he has an office within the office of Thomas H. Lee Capital. He is currently working on a book called “Overhaul” about his time as car czar. Update: A lawyer for Rattner tells the New York Times:
Source: Dealbreaker | 15 Apr 2010 | 11:56 am On Tax Day, A Look At The Very RichBy Jacob Goldstein Here, courtesy of the IRS, is some interesting data on how taxes of nation's top 400 earners each year have changed over the years. Between 2002 and 2007, the top earners' income went way, way, up -- from an average of $104 million to $345 million. (That's the most recent year available; we'll see when the IRS updates the data how things changed during the crisis.) Top earners also paid more taxes in absolute terms. But in percentage terms, the top earners' tax rate fell over the period. These two graphs tell the story of how these trends have emerged over the past few decades. Here's how the average income and average tax of the top 400 earners has changed: 
And here's how the average tax rate has changed for the top 400: 
Hat tip: The Big Picture/WSJ Real Time Economics. Graphs by Alexander Hotz. Correction: The numbers in the Y axis on the first graph were incorrectly labeled in an earlier version of this post. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 15 Apr 2010 | 11:37 am Bonus Watch ‘10: Macquarie
Tough break but let us not forget the trade-off. You knew that going into this.
Source: Dealbreaker | 15 Apr 2010 | 10:55 am Michael Holland Remains Bullish on China: AudioSource: Bloomberg - All Podcasts | 15 Apr 2010 | 10:47 am J.B. Hunt Raised to`Outperform,’ Sybase Cut to `Hold’: AudioSource: Bloomberg - All Podcasts | 15 Apr 2010 | 10:46 am Eliot Spitzer: “You’re Going To Think I’m Crazy, But…” 1 day, 2 thumbs, 3 prosties Here’s an excerpt and a claim from Peter Elkind’s “Rough Justice: The Rise and Fall of Eliot Spitzer,” that may or may not be real but I want to be true more than I’ve ever wanted anything in this world. Especially the quotes. Please let these be exact quotes.
Superman Spitzer Bedded Three Hookers In One Day: Book Claim [NYP]
Source: Dealbreaker | 15 Apr 2010 | 10:30 am FTSE 100 shares rise (AFP)
Source: Yahoo! News: Stock Markets News | 15 Apr 2010 | 10:11 am Mazda Recall: 90,000 Mazda3, Axelas Affected
Mazda has issued a recall affected almost 90,000 Mazda3 and Axela models in China and Japan. The cars have faulty oil hoses. Mazda may also repair an estimated 191,500 more vehicles. Reuters reports: In a filing with Japan’s transport ministry, Mazda said driving on rough roads for an extended time could cause the oil hose to rub against the radiator’s protective panel, causing oil to leak with wear. In the worst case, the car would be unable to start, it said. No accident or complaint had been reported in Japan from the defect, Mazda said. The Mazda3 model sold in the United States carries a different engine and is not subject to any repairs, a spokesman said. Mazda will decide how to repair the model in Europe and other markets according to safety regulations in each country, he said. Mazda’s recall isn’t as big as Toyota’s, nor is it for as dangerous a reason. Still, it puts yet another wrench in Japanese automakers’ reputation for quality.
Source: Business Pundit | 15 Apr 2010 | 10:06 am Complete List of Tax Day 2010 FreebiesRetailers around the country are offering tax day freebies to ease your April 15 pain. Here’s a complete list of all the nationwide tax day freebies we could find: Starbucks: You get a free coffee if you bring your own mug. (This is actually an Earth Day promotion, but you can’t argue with free coffee on tax day.) Cinnabon: 2 free bite-sized cupcakes between 6-8pm. Valid only at Cinnabon mall locations. IHOP: Kids eat free between 4-8pm. MaggieMoo’s: 1 free slice of ice cream pizza between 3-7pm. McCormick & Schmick’s: $10.40 dinner and drink specials. PF Chang’s: 15% off your meal. Boston Market: Buy 1 meal, get 1 free (with this coupon). Hydromassage: 1 free massage between today and Sunday. Book ahead. Whole Foods: No sales tax in Tennessee, North Carolina, South Carolina, Alabama and Georgia. Staples: Free copies of 30 pages of tax-related documents. Dairy Queen: 1 free mini blizzard in Washington, DC only (there’s a Blizzardmobile outside the IRS office).
Source: Business Pundit | 15 Apr 2010 | 9:54 am Credit Suisse’s Soss: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 15 Apr 2010 | 9:47 am Benchmark’s Moran: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 15 Apr 2010 | 9:46 am Stan O’Neal Speaks, Clarifies The Whole Destruction Of Merrill Situation, Explains What The CDO Problem Felt Like (“Being Punched In The Face…Kicked In The Balls”)
Now, before you jump down my throat, hear me out. This lesser known interpretation of facts comes from someone extremely familiar with the firm, and events that transpired during the O’Neal era. Someone who could tell us, definitively, if we’ve been wrong all along about the former CEO. Obviously, I’m talking about Stan O’Neal. Stanny, together with William Cohan, explains how contrary to what you’ve probably all thought, Mr. O’Neal is a hero. At least he tried to be, but was sadly cockblocked by a MER director named Alberto Cribiore. According to O’Neal, here’s what really went down. First off, all that shit he put on Merrill’s books? At first he didn’t realize how bad it was, but one day in late August 2007, when he was vacationing at his summer home on Martha’s Vineyard, it all became crystal clear. Once he got back to the city (no need to cut the weekend short), O’Neal told Cribiore that they had a “serious and deep problem,” and that he wanted to sell Merrill. The CEO took a meeting with Ken Lewis and told the Bank of America chief he wanted $100 a share. As E. Stan remembers it, Lewis said “I’m not saying no, but that just requires X amount more dollars of cost-cutting.” In Too Big To Fail Andrew Ross Sorkin recounts that O’Neal added that he wanted to make sure he’d still have a gig if the deal went through. TBTF additionally notes that Lewis thought Big Stan was a dick and the odds of a deal happening at that time were slim to none. Nevertheless! In O’Neal’s retelling of history this morning, he vividly remembers that “BofA wanted this deal.” Unfortunately, the noted golfer claims, Cribiore told him no dice.
Good question!
Oh, okay (BTW: Cribiore told Cohan he has “no recollection of discussing a possible sale.” Same diff, no diff). What happened next, thanks to Alberto’s pigheadedness and whatever Jedi mind tricks he played on Stan, was the disastrous quarterly earnings, and O’Neal’s canning. After the sale to BAC a year later, Stan apparently sent an email to Cribs that said: “My former friend, you should have helped me sell this business when we had the chance.” So, anyway! Whether or not you are buying this story, I think we can all just appreciate the fact that now that Stan O’Neal is speaking, we have stuff like this to appreciate:
Merrill Lynch’s $50 Billion Feud [Fortune]
Source: Dealbreaker | 15 Apr 2010 | 9:45 am BNP’s Coronado: Surveillance With Prewitt and KeeneSource: Bloomberg - All Podcasts | 15 Apr 2010 | 9:45 am Wallison and Skeel: Bloomberg On the Economy With Tom KeeneSource: Bloomberg - All Podcasts | 15 Apr 2010 | 9:43 am William Rochelle: Bloomberg On the Economy With Tom KeeneSource: Bloomberg - All Podcasts | 15 Apr 2010 | 9:42 am Why The Private-Equity Guys May Soon Pay More TaxesBy Jacob Goldstein Happy tax day! Let's talk about carried interest. In other words: Why is a lot of the money private-equity fund managers make taxed at 15 percent (as capital gains), rather than at 35 percent (as income)? Much to the chagrin of the private-equity industry, this question has become a perennial topic of discussion in Washington. The House keeps passing bills that would change the tax rules, so that private-equity managers would have to pay 35 percent. The Senate has yet to go along, but Bloomberg News reported yesterday that key Senators are showing more interest. The shift would raise about $25 billion over 10 years. The issue popped up a few years back, when a tax-law prof named Victor Fleischer wrote an academic paper arguing that "this quirk in the tax law allows some of the richest workers in the country to pay tax on their labor income at a low rate." Many private-equity managers are paid under a structure popularly known as "two and twenty": They get a paid a fee that's two percent of the assets under management, and they also get to keep 20 percent of the profits from their funds. That 20 percent is carried interest. Here's a wildly oversimplified example. Imagine that investors -- pension plans, endowments, whatever -- put $100 million into a private-equity fund. The fund turns a profit of $15 million. The people who run the fund would get $2 million as a management fee, plus $3 million as a share of the profits. The $2 million is taxed as income; the $3 million is taxed at the (much lower) capital gains rate. David Weisbach, a tax prof at the University of Chicago, argues that this is appropriate. If the private equity guys borrowed the money, invested it, and made a profit, everyone would agree that the profits should be taxed as capital gains -- that's what the capital gains tax is for, Weisbach told me this week. In private-equity funds, the investors' money is structured as equity, rather than debt. But that shouldn't make a difference for how the profits are taxed. "A fundamental economic idea is the type of financing should not affect the taxation," he said. (For more, see this Weisbach paper, which was funded by a private-equity industry group.) Fleischer comes at it from a different angle: Basically, he argues, carried interest is what private-equity managers are paid for doing their job. So it's income, and should be taxed as income. The only reason it's not, he argues, is because the relevant part of the tax code is out of date. "The tax rules were written in 1954, and we didn't even have significant private equity funds back then," he told me this week. "Now we've got billions of dollars flowing through." » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 15 Apr 2010 | 7:52 am TSX opens lower as resources, banks hit (Reuters)Reuters - Toronto's main stock index opened lower on Thursday, dragged down by resource and financial shares as commodity prices softened and concerns about Greece's debt woes resurfaced.Source: Yahoo! News: Stock Markets News | 15 Apr 2010 | 7:43 am CMC's Laidi on Greek Debt, Shaw on Economy: First WordSource: Bloomberg - All Podcasts | 15 Apr 2010 | 6:43 am The Home-Equity Hurt Ahead for Banks (BusinessWeek)BusinessWeek - Bank shareholders have reason to be pleased. On Apr. 14, JPMorgan Chase , the first major bank to report first-quarter earnings, beat analysts' estimates with a 55% gain. The 24-company KBW Bank Index jumped 22% in the first three months of this year, more than four times the 4.9% gain of the Standard & Poor's 500-stock index. Investors have pushed up the price of financial stocks in the belief that the biggest loan losses are in the past and banks will begin to restore dividend payments and buy back shares.Source: Yahoo! News: Stock Markets News | 15 Apr 2010 | 6:08 am Creative Phishing
Source: Business Pundit | 15 Apr 2010 | 5:35 am
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