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Watchdog launches formal investigation into GoldmanThe Financial Services Authority has opened a formal investigation into Goldman Sachs in a move which could further escalate allegations of fraud against the US investment bank. Source: Latest Business News from Times Online | 20 Apr 2010 | 4:59 am Trade Pressure On China From US Rushes AlongIf China is not going to be named a “currency manipulator” perhaps some other form of designation with a similar effect will do. The U.S. Commerce Department may soon begin an investigation into whether the People’s Republic has subsidized aluminum prices on metal exported to the US. The cause of the possible action is that China has kept [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Apr 2010 | 4:10 am UK launches formal probe into Goldman SachsLONDON (Reuters) - Britain's financial regulator started a formal enforcement investigation into Goldman Sachs on Tuesday, four days after U.S. regulators filed a fraud case against Wall Street's biggest investment bank.
Source: Reuters: Business News | 20 Apr 2010 | 4:06 am Europe Markets: Daimler leads autos, Europe stocks higherEuropean shares climbed on Tuesday, helped by a strong performance from Daimler, although banks were underperforming after the U.K. financial regulator said that it will start a formal investigation into Goldman Sachs International.
Source: MarketWatch.com - Top Stories | 20 Apr 2010 | 4:01 am UK to investigate Goldman SachsThe UK's Financial Services Authority is starting a formal investigation into Goldman Sachs in relation to fraud allegations.Source: BBC News | Business | World Edition | 20 Apr 2010 | 3:59 am Stocks set for mild startU.S. stocks were poised for a mild open Tuesday, as investors awaited earnings from Goldman Sachs and any further fallout from the fraud charges levied against it by the SEC.Source: Business and financial news - CNNMoney.com | 20 Apr 2010 | 3:55 am Indications: Stock futures edge up ahead of Goldman reportU.S. stock market futures were higher, but barely in a nervous market on Tuesday, as markets absorbed a fresh investigation into Goldman Sachs ahead of results from the vilified investment bank.
Source: MarketWatch.com - Top Stories | 20 Apr 2010 | 3:53 am SABMiller quarterly beer sales climb 2%Beer sales edge up in the most recent quarter, helped by a recovery in emerging markets, brewing giant SABMiller says.
Source: MarketWatch.com - Top Stories | 20 Apr 2010 | 3:50 am Pressure on interest rates after suprise inflation jumpRecord petrol prices pushed inflation above expectations in March, rising from 3 per cent in February to 3.4 per cent. Source: Latest Business News from Times Online | 20 Apr 2010 | 3:49 am Economic Report: British inflation acclerates faster than forecastBritish consumer prices rose 3.4% in March compared to the same month last year, the Office for National Statistics reported Tuesday, catching economists off guard with a stronger-than-expected jump.
Source: MarketWatch.com - Top Stories | 20 Apr 2010 | 3:41 am Apple worker leaves new iPhone in California barThe first time the public usually gets a glimpse of a new product from Apple it is in the hands of Steve Jobs at a heavily choreographed launch event. Source: Latest Business News from Times Online | 20 Apr 2010 | 3:41 am Daimler shares rally after it raises 2010 outlookThe German luxury-car maker raises its full-year outlook and reports better-than-expected pre-tax earnings for the first quarter.
Source: MarketWatch.com - Top Stories | 20 Apr 2010 | 3:39 am Economic Report: German investor sentiment jumps in AprilGerman investor sentiment posted a much stronger-than-expected jump in April, boosted by rising exports, the Mannheim-based Center for European Economic Research reports.
Source: MarketWatch.com - Top Stories | 20 Apr 2010 | 3:38 am India to take EU to WTO on generics seizures - source (Reuters)Reuters - India plans to take the European Union to the World Trade Organisation over the seizures of generic drugs, a trade ministry source said on Tuesday.Source: Yahoo! News: Business News | 20 Apr 2010 | 3:37 am Home Mortgage Modification Plan Gets Powerful EnemyThe Special Inspector General for the Troubled Asset Relief Program thinks that the Administration made a wrong turn on its path to help struggling American homeowners. Neil Barofsky said of the Home Affordable Modification Program that “Treasury should consider changes to better maximize its effectiveness,” according to Reuters. A very modest number of homeowners, 168,708, have received the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Apr 2010 | 3:37 am Earnings trump Goldman and Greek worriesA late rebound on Wall Street following the ‘Goldman wobble’ helped provide a slightly firmer tone to risky assets on TuesdaySource: Financial Times - US homepage | 20 Apr 2010 | 3:33 am Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.
Source: MarketWatch.com - Top Stories | 20 Apr 2010 | 3:31 am Minister 'conscience clear' over IPLIn his first comments since quitting over a cricket scandal, former minister Shashi Tharoor says he did nothing "improper".Source: BBC News | Business | World Edition | 20 Apr 2010 | 3:28 am UK regulator begins Goldman Sachs probe (AP)AP - Britain's financial regulator says it is launching a full-blown investigation into Goldman Sachs International after U.S. authorities filed civil fraud charges against the bank.Source: Yahoo! News: Business News | 20 Apr 2010 | 3:26 am Oil rebounds in Asian trade (AFP)
Source: Yahoo! News: Business News | 20 Apr 2010 | 3:23 am UK launches formal probe into Goldman SachsLONDON (Reuters) - Britain's financial regulator started a formal enforcement investigation into Goldman Sachs on Tuesday, four days after U.S. regulators filed a fraud case against Wall...Source: RSS feed - channel BNewsBusiness | 20 Apr 2010 | 3:17 am London Markets: SABMiller, AB Foods help U.K. shares to mild gainsBritish shares rise on Tuesday, moving higher for the first time in three sessions.
Source: MarketWatch.com - Top Stories | 20 Apr 2010 | 3:16 am UK inflation rate rises to 3.4%The UK CPI inflation rate rises to 3.4% in March from 3% the month before, official figures show.Source: BBC News | Business | World Edition | 20 Apr 2010 | 3:15 am Lockets, Photo-Lasered Mother's Day Jewelry Shines at www.PicturesOnGold.com(R)Source: RSS feed - channel BNewsBusiness | 20 Apr 2010 | 3:15 am Ash halts some Nissan productionNissan suspends production of three models in Japan because supply of parts has been disrupted by the volcanic ash.Source: BBC News | Business | World Edition | 20 Apr 2010 | 3:10 am GOLDMAN SACHS GETS GUILTY UNTIL INNOCENT TREATMENTGoldman Sachs Group (NYSE: GS) may have done several terrible things including an alleged sale of mortgage-backed securities to financial firm ACA. Goldman may have allowed Paulson & Co. to determine the mix of the underlying derivatives in this pool. Paulson then went short the mortgage market, supposedly, making money while another Goldman client suffered. That is, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Apr 2010 | 3:04 am Ash flight ban hits Zambia farmsZambia's flower and vegetable industry suffers big losses because of the volcanic ash that has grounded flights over Europe.Source: BBC News | Business | World Edition | 20 Apr 2010 | 2:56 am Vaccines, new drugs push Novartis profit up by 49%Strong vaccine sales, growing cancer-drug sales and newer products help push profit at Novartis up by 49% in the first quarter.
Source: MarketWatch.com - Top Stories | 20 Apr 2010 | 2:51 am Global markets mostly higher after US rebound (AP)
Source: Yahoo! News: Stock Markets News | 20 Apr 2010 | 2:49 am Global markets mostly higher after US rebound (AP)
Source: Yahoo! News: Business News | 20 Apr 2010 | 2:49 am Inflation jumps more than forecast as energy costs surgeRising petrol prices and the weakness of the pound helped drive inflation beyond 3pc in March.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Apr 2010 | 2:41 am Goldman readies for its close-upGoldman Sachs is likely to report a gaudy profit for the first quarter on Tuesday morning. Analysts currently expect Goldman to earn $2.4 billion, up 44% from a year ago.Source: Business and financial news - CNNMoney.com | 20 Apr 2010 | 2:40 am Earnings buoy shares; Greece weighs on euroLONDON (Reuters) - European shares rose on Tuesday, buoyed by corporate earnings optimism, while concerns over Greece's parlous fiscal situation weighed on the euro.
Source: Reuters: Business News | 20 Apr 2010 | 2:40 am The great debate: Are stocks pricey?Equities have soared more than 70% since last March, but they're still down 25% from their 2007 peak. Does that mean stocks are trading at a bargain, or has the recent rally made the market frothy again?Source: Business and financial news - CNNMoney.com | 20 Apr 2010 | 2:30 am Primark sees strong profit growthClothing chain Primark continues to perform strongly with profits up 18% in the past six months, owner AB Foods says.Source: BBC News | Business | World Edition | 20 Apr 2010 | 2:28 am Robert PestonHedge funds: Who paid for their profits?Source: BBC News | Business | World Edition | 20 Apr 2010 | 2:26 am Advice for a stock market first-timerQuestion: I'm a hard-working 23-year-old who wants to invest in stocks, but I have no clue where to start. So where do I begin? --Duane, Alachua, FloridaSource: Business and financial news - CNNMoney.com | 20 Apr 2010 | 2:22 am Tesco profit up 9%, helped by growth in AsiaTesco on Tuesday posted a 9.1% rise in its annual net profit, helped by growth in Asia, though the U.K. supermarket giant said comparable sales growth in its core U.K. business slowed in the second half of the year.
Source: MarketWatch.com - Top Stories | 20 Apr 2010 | 2:19 am New ash cloud prompts fresh flight fearsA fresh ash cloud from Iceland was reported to be heading in the direction of the UK and Ireland, causing uncertainty over plans to open some airspace on TuesdaySource: Financial Times - US homepage | 20 Apr 2010 | 2:18 am Flexible Office FurnitureSource: RSS feed - channel BNewsBusiness | 20 Apr 2010 | 2:17 am A job you hate, but it's a jobDear Annie: Please settle an argument. My husband has a management job that was stressful enough before the recession but, over the past year and a half, has gotten much worse. He is obviously miserable, and I think he should look for another position -- even in this rotten job market -- before his current situation damages his health and his career.Source: Business and financial news - CNNMoney.com | 20 Apr 2010 | 2:11 am AIG eyes action vs Goldman over CDOs: report (Reuters)
Source: Yahoo! News: Business News | 20 Apr 2010 | 2:11 am AIG eyes action vs Goldman over CDOs: reportLONDON (Reuters) - U.S. insurer AIG is considering pursuing investment bank Goldman Sachs over losses incurred on $6.0 billion of insurance deals on mortgage-backed securities, the Financial Times said.
Source: Reuters: Business News | 20 Apr 2010 | 2:11 am AIG eyes action vs Goldman over CDOs: reportLONDON (Reuters) - U.S. insurer AIG is considering pursuing investment bank Goldman Sachs over losses incurred on $6.0 billion of insurance deals on mortgage-backed securities, the...Source: RSS feed - channel BNewsBusiness | 20 Apr 2010 | 2:11 am SABMiller Q4 volumes beat forecasts, boosts sharesLONDON (Reuters) - Brewing giant SABMiller beat forecasts as it reported a 2 percent rise in fourth-quarter worldwide underlying beer volumes on Tuesday as emerging markets like Latin...Source: RSS feed - channel BNewsBusiness | 20 Apr 2010 | 2:04 am SABMiller Q4 volumes beat forecasts, boosts sharesLONDON (Reuters) - Brewing giant SABMiller beat forecasts as it reported a 2 percent rise in fourth-quarter worldwide underlying beer volumes on Tuesday as emerging markets like Latin America and Africa started to recover.
Source: Reuters: Business News | 20 Apr 2010 | 2:04 am IBM earnings jump 13%IBM reported strong earnings Monday and boosted its outlook for the rest of the year, citing a double-digit increase in software sales.Source: Business and financial news - CNNMoney.com | 20 Apr 2010 | 2:02 am Flu vaccine lifts Novartis profitProfits at Swiss drugmaker Novartis rise by almost a third, boosted by sales of its flu vaccine during the swine flu pandemic.Source: BBC News | Business | World Edition | 20 Apr 2010 | 2:01 am India raises rates for second monthReserve Bank raises interest rates again in a bid to contain consumer prices among the fastest rising in the world’s large economiesSource: Financial Times - US homepage | 20 Apr 2010 | 1:56 am Volcanic ash cloud costs BAA £6 million a dayThe closure of UK airports due to the volcanic dust cloud emanating from Iceland is costing BAA an estimated £6 million a day, the the airports operator said today. Source: Latest Business News from Times Online | 20 Apr 2010 | 1:56 am Media Digest (4/20/2010) Reuters, WSJ, NYTimes, FT, BloombergReuters: Google Inc.’s (NASDAQ: GOOG) password operation was hit by cyberattacks. Reuters: A leading political party in Germany is urging that the nation not deal with Goldman Sachs Group (NYSE: GS). Reuters: The fortunes of Asian car companies are improving. Reuters: Amazon (NASDAQ: AMZN) will try to block a request for information from North Carolina’s state government. Reuters: Asian [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Apr 2010 | 1:54 am Main Street still not out of the woodsThough the government's $700 billion Wall Street bailout package will be less of a financial burden than initially expected, plenty of big challenges remain for Main Street, a TARP watchdog said Tuesday.Source: Business and financial news - CNNMoney.com | 20 Apr 2010 | 1:48 am 6 biggest mistakes homebuyers makeBuying a home is the biggest purchase most people will ever make, yet many go into it blind. Here are the 6 most costly mistakes homebuyers make.Source: Business and financial news - CNNMoney.com | 20 Apr 2010 | 1:37 am Tesco profits soar 10.1% despite price pressuresTesco has weathered the recession to post a 10.1 per cent rise in pre-tax profits and pledged to create 16,000 new jobs this year. Source: Latest Business News from Times Online | 20 Apr 2010 | 1:32 am Issuance by Accor SA of 1,985,428 New Shares as Consideration for the Contribution of Shares in Societe d'Exploitation et d'Investissement Hotelier (SEIH) S.a.r.l.Source: RSS feed - channel BNewsBusiness | 20 Apr 2010 | 1:26 am Thorntons profits hit by icy weather, competitionThorntons, the British chocolate maker, issued a profit warning on Tuesday after bad winter weather and competition from supermarkets hit Easter sales, and gave a cautious outlook for the year.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Apr 2010 | 1:24 am Tesco profits boosted by expansion in banking, resilient UK and Asian dealsTesco, one of the world's largest retailers, met forecasts with an 8.7pc rise in annual profit, with acquisitions in Asia and financial services adding to a resilient performance in its main British market.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Apr 2010 | 1:24 am Ash chaos costing BAA £6m a dayAirports operator BAA says that the ban on flights as a result of the volcanic ash cloud is costing it between £5m and £6m a day.Source: BBC News | Business | World Edition | 20 Apr 2010 | 1:23 am Tesco overcoming ash disruptionSupermarket chain Tesco says it is getting around ash air disruption, as it announces annual profits of £3.18bn.Source: BBC News | Business | World Edition | 20 Apr 2010 | 1:20 am Accor: Demerger of the Two Businesses - Asset Contribution-Demerger Agreement Approved by the Board of DirectorsSource: RSS feed - channel BNewsBusiness | 20 Apr 2010 | 1:18 am Japan banking chief knocks capital proposalsThe head of Japan’s Bankers’ Association has hit out at bank capital rules being proposed by international regulators, saying greater self control by the profession was requiredSource: Financial Times - US homepage | 20 Apr 2010 | 1:12 am German bank man: Greece may need 80 billion eurosGerman central bank governor Axel Weber has said Greece may need up to 80 billion euros (108 billion dollars) in financial aid to avoid default, the Wall Street Journal reported on Tuesday.Source: RSS feed - channel BNewsBusiness | 20 Apr 2010 | 1:10 am Business Bullet: Australia, Oil, Tesco, BurberryThe latest news on: Australia, Oil, Tesco, BurberrySource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Apr 2010 | 1:08 am Market steady after inflation dataThe sharemarket regained some of the ground lost yesterday after rises in offshore markets, but failed to capitalise on a selloff in the kiwi after softer-than-expected inflation data today.The benchmark NZX-50 index closed up...Source: nzherald.co.nz - Business | 20 Apr 2010 | 1:00 am Google battle over Internet censorship goes far beyond ChinaAt least 25 nations have blocked access to the search giant over the last several years. Google Inc.'s fight with...Source: RSS feed - channel BNPaperBusiness | 20 Apr 2010 | 1:00 am Jerry Brown seeks to force Moody's to release evidence of role in housing meltdownThe state attorney general wants Moody's to respond to a subpoena in a probe of why the firm gave glowing ratings to shaky securities. Moody's says he's looking for documents that don't exist.California Atty. Gen. Jerry Brown said Monday that he was seeking a court order to force Moody's Investors Service to comply with a subpoena, claiming that the credit rating company was withholding evidence of its role in the housing meltdown and recession.
Source: L.A. Times - Business | 20 Apr 2010 | 1:00 am Business BriefingSource: RSS feed - channel BNPaperBusiness | 20 Apr 2010 | 1:00 am Jerry Brown seeks to force Moody’s to release evidence of role in housing meltdownThe state attorney general wants Moody's to respond to a subpoena in a probe of why the firm gave glowing ratings to shaky securities. Moody's says he's looking for documents that don't exist. ...Source: RSS feed - channel BNPaperBusiness | 20 Apr 2010 | 1:00 am CalPERS to alter dealings with ApolloAs part of the agreement, the giant pension fund will complete a $5-billion investment with the private equity firm. The company will stop using so-called placement agents to get business. ...Source: RSS feed - channel BNPaperBusiness | 20 Apr 2010 | 1:00 am Tribune, creditors agree to accept bankruptcy examinerThe court appointee will be able to inspect all aspects of the case, including Sam Zell’s leveraged buyout of the company in 2007. ...Source: RSS feed - channel BNPaperBusiness | 20 Apr 2010 | 1:00 am Google battle over Internet censorship goes far beyond ChinaAt least 25 nations have blocked access to the search giant over the last several years.Google Inc.'s fight with China over Internet censorship made headlines around the world, but it has been engaged in similar battles around the globe.
Source: L.A. Times - Business | 20 Apr 2010 | 1:00 am CalPERS 'disturbed' by fraud case against Goldman SachsThe giant government pension fund, which owns 1.8 million shares in the investment bank, says it intends to question executives at an upcoming meeting to discuss the way they operate. ...Source: RSS feed - channel BNPaperBusiness | 20 Apr 2010 | 1:00 am Obama and Democrats challenge GOP on Wall Street'Whose side are you on?' Sen. Christopher Dodd says as Democrats try to frame the vote on financial rules as a choice between Wall Street and Main Street. ...Source: RSS feed - channel BNPaperBusiness | 20 Apr 2010 | 1:00 am Knight Launches Oasis Small- and Mid-Cap Algorithm for European EquitiesSource: RSS feed - channel BNewsBusiness | 20 Apr 2010 | 1:00 am CalPERS 'disturbed' by fraud case against Goldman SachsThe giant government pension fund, which owns 1.8 million shares in the investment bank, says it intends to question executives at an upcoming meeting to discuss the way they operate.Officials at the country's largest government pension fund on Monday said they were "disturbed" about a federal lawsuit contending that investment bank Goldman, Sachs & Co. defrauded investors with mortgage-backed securities that allegedly were set up to fail.
Source: L.A. Times - Business | 20 Apr 2010 | 1:00 am Goldman Sachs case has makings of an epic legal showdownGoldman is trying to protect its standing among clients, while the Securities and Exchange Commission is hoping to buff its tarnished image as the regulator that couldn't catch Bernard Madoff.The civil fraud charges filed by government regulators last week against Goldman Sachs Group Inc. have put the investment bank and the Securities and Exchange Commission on opposite sides of a case that has all the makings of an epic legal showdown.
Source: L.A. Times - Business | 20 Apr 2010 | 1:00 am 390 People per Day Become InsolventSource: RSS feed - channel BNewsBusiness | 20 Apr 2010 | 1:00 am Judge throws out poker players' lawsuit against 5 Los Angeles County casinosTwo gamblers accused the casinos of improperly running jackpot games in which players can win thousands of dollars by losing. ...Source: RSS feed - channel BNPaperBusiness | 20 Apr 2010 | 1:00 am Tribune, creditors agree to accept bankruptcy examinerThe court appointee will be able to inspect all aspects of the case, including Sam Zell’s leveraged buyout of the company in 2007.Tribune Co. and its creditors agreed Monday to accept the appointment of an independent bankruptcy examiner in the Chapter 11 case, opening the door to further scrutiny of Tribune Chairman Sam Zell's controversial 2007 leveraged buyout of the Chicago-based media conglomerate.
Source: L.A. Times - Business | 20 Apr 2010 | 1:00 am Movie theaters turn to live event screenings to fill seatsTheaters open new revenue streams by beaming in live events such as ultimate fighting and opera. It's 7 p.m. on...Source: RSS feed - channel BNPaperBusiness | 20 Apr 2010 | 1:00 am Movie theaters turn to live event screenings to fill seatsTheaters open new revenue streams by beaming in live events such as ultimate fighting and opera.It's 7 p.m. on a recent Saturday and every seat in the 294-seat theater inside the AMC 16 Burbank is filled. The crowd isn't there to watch "How to Train Your Dragon" or "Alice in Wonderland," but a not-so-family-friendly kind of entertainment: mixed martial arts.
Source: L.A. Times - Business | 20 Apr 2010 | 1:00 am Rhum Barbancourt is recovering after Haiti earthquakeIt has survived 19 coups, military rule, hurricanes and even a three-year embargo.Source: RSS feed - channel BNPaperBusiness | 20 Apr 2010 | 1:00 am Judge throws out poker players' lawsuit against 5 Los Angeles County casinosTwo gamblers accused the casinos of improperly running jackpot games in which players can win thousands of dollars by losing.Two poker players have learned just how hard it is to beat the house — even in court.
Source: L.A. Times - Business | 20 Apr 2010 | 1:00 am Obama and Democrats challenge GOP on Wall Street'Whose side are you on?' Sen. Christopher Dodd says as Democrats try to frame the vote on financial rules as a choice between Wall Street and Main Street.Emboldened by the fraud allegations against giant Goldman Sachs & Co., the Obama administration and Senate Democrats will push for a showdown this week on their sweeping overhaul of financial regulations — a confrontation that echoes the epic battle over healthcare.
Source: L.A. Times - Business | 20 Apr 2010 | 1:00 am Business Briefing
Source: L.A. Times - Business | 20 Apr 2010 | 1:00 am Rhum Barbancourt is recovering after Haiti earthquakeIt has survived 19 coups, military rule, hurricanes and even a three-year embargo.
Source: L.A. Times - Business | 20 Apr 2010 | 1:00 am India raises key interest rates to curb inflationIndia's central bank on Tuesday raised two key short-term interest rates by 25 basis points in its second move in a month to rein in near double-digit inflation in Asia's third-largest economy.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Apr 2010 | 12:06 am Asian carmakers' results seen up; sales outlook eyedSEOUL/TOKYO (Reuters) - Quarterly earnings at Asian carmakers are set for a big improvement thanks to recovering demand and cost cuts, and analysts are turning their focus to how fast they can get back to sustained, pre-crisis growth.
Source: Reuters: Business News | 20 Apr 2010 | 12:05 am Asian carmakers' results seen up; sales outlook eyed (Reuters)
Source: Yahoo! News: Business News | 20 Apr 2010 | 12:05 am Soft inflation data takes kiwi's bounceSurprisingly soft inflation data put a dampener on the New Zealand dollar which gained, then lost, half a US cent this morning as the likelihood of an interest rate rise in June receded.The March quarter consumers price rise of...Source: nzherald.co.nz - Business | 19 Apr 2010 | 11:36 pm Toyota to fix 34,000 vehicles worldwide (AP)AP - Toyota will offer the same fix for stability control programming it has announced for the Lexus GX 460 in North America to vehicles in other regions, affecting 34,000 vehicles worldwide, the Japanese automaker said Tuesday.Source: Yahoo! News: Business News | 19 Apr 2010 | 11:21 pm Amazon files lawsuit to block North Carolina's data request (Reuters)Reuters - Online retailer Amazon.com has filed a lawsuit in a federal court to block the North Carolina state government's demand it disclose all transaction details, including names and addresses, involving state residents, court documents show.Source: Yahoo! News: Business News | 19 Apr 2010 | 11:21 pm Amazon files lawsuit to block North Carolina's data request(Reuters) - Online retailer Amazon.com has filed a lawsuit in a federal court to block the North Carolina state government's demand it disclose all transaction details, including names and addresses, involving state residents, court documents show.
Source: Reuters: Business News | 19 Apr 2010 | 11:21 pm Asian chipmakers see firm growth; Samsung capex eyedSEOUL (Reuters) - Asian chipmakers are set to deliver another set of strong results and cement growing views that the global technology sector's recovery is accelerating as an economic recovery boosts corporate and consumer spending.
Source: Reuters: Business News | 19 Apr 2010 | 11:17 pm Grand Cherokee is window on Chrysler turnaround (AP)
Source: Yahoo! News: Business News | 19 Apr 2010 | 11:16 pm AgResearch lays off at least 35 staffThe nation's biggest state science company, AgResearch today confirmed it is laying off 35 or 36 scientists, engineers, and technicians - many of them working in the blighted wool sector.In addition to wool biology, and textiles,...Source: nzherald.co.nz - Business | 19 Apr 2010 | 11:15 pm Mortgage aid program said more vulnerable to scams (AP)AP - Recent changes to the Obama administration's mortgage assistance program may make it more vulnerable to fraud, a government watchdog says.Source: Yahoo! News: Business News | 19 Apr 2010 | 11:13 pm Receivers preparing to oust CrafarThe receivers acting for the Crafar family farms say they are preparing to launch legal action against Allan Crafar in a bid to have him removed from the land.KordaMentha said it was in negotiations with its lawyers to start legal...Source: nzherald.co.nz - Business | 19 Apr 2010 | 10:43 pm White House should rethink loan write-downs: watchdogWASHINGTON (Reuters) - The Obama administration should consider forcing lenders to make principal reductions for struggling homeowners who owe more than their home is worth, the watchdog overseeing the $700 billion bank bailout said in a report released on Tuesday.
Source: Reuters: Business News | 19 Apr 2010 | 10:42 pm Thomson Reuters launches high-speed global networkLONDON (Reuters) - Thomson Reuters Corp launched a global, high-speed network on Tuesday for financial firms to access real-time data as well as share information with each other directly.
Source: Reuters: Business News | 19 Apr 2010 | 10:20 pm Former Lehman boss to defend accounting moves (AP)
Source: Yahoo! News: Stock Markets News | 19 Apr 2010 | 10:11 pm 3 Stocks With 'Expected' Earnings Surprises (Screens)Hough: These firms might beat forecasts again -- to the astonishment of no one.
Source: SmartMoney.com | 19 Apr 2010 | 10:00 pm Goldman Is Tarnished, but Don't Write It OffWhile the allegations are serious, Wall Street's reaction looks overblown.
Source: SmartMoney.com | 19 Apr 2010 | 10:00 pm Vacation Deals at National Parks (Deal of the Day)You can enjoy natural wonders at about the same price as last year.
Source: SmartMoney.com | 19 Apr 2010 | 10:00 pm AIG considers action on Goldman: report (AFP)
Source: Yahoo! News: Stock Markets News | 19 Apr 2010 | 9:51 pm Toyota recalls Lexus GX 460 worldwideToyota Motor Corp. has announced a recall of 2010 model year Lexus GX 460 SUVs related to an increased risk of rollover.Source: Business and financial news - CNNMoney.com | 19 Apr 2010 | 9:12 pm New Vodafone offer under scrutinyA new Vodafone offer allowing customers to call Vodafone mobiles or landlines for up to 200 minutes for a flat $12 a month on certain pre-pay plans could have implications for a Commerce Commission recommendation on mobile termination.In...Source: nzherald.co.nz - Business | 19 Apr 2010 | 9:00 pm Volcano cost to NZ: $2m per dayThe chaos caused by the Icelandic volcano could be costing the New Zealand economy up to $2 million per day, as the closure of airspace grinds air traffic to a halt.Millions of passengers are thought to have been affected by the...Source: nzherald.co.nz - Business | 19 Apr 2010 | 8:00 pm Overseas interests may grab up NZ farmsNew Zealand lenders' apparent lack of confidence is leaving the door open for overseas investors to capitalise on improving prospects for dairying, warns Real Estate Institute of New Zealand president Peter McDonald.McDonald said...Source: nzherald.co.nz - Business | 19 Apr 2010 | 7:00 pm ACC refers former staff member to SFOACC has referred a former staff member to the Serious Fraud Office (SFO) after the organisation discovered improprieties."While investigating a staff member's failure to follow internal policies and procedures other matters of...Source: nzherald.co.nz - Business | 19 Apr 2010 | 6:59 pm Business support for ETS slumpsBusiness support for the Emissions Trading Scheme has slumped ahead of its July 1 introduction, and many are in the dark over their eligibility for carbon credits, a new survey shows.The online survey, conducted by the Employers...Source: nzherald.co.nz - Business | 19 Apr 2010 | 6:55 pm Where Goldman really went wrong"Our assets are our people, capital and reputation. If any of these is ever diminished, the last is most difficult to restore." -- From Goldman Sachs Business Principle No. 2Source: Business and financial news - CNNMoney.com | 19 Apr 2010 | 6:44 pm AIG eyes action on Goldman over CDOsAIG, the US government-controlled insurer, is considering pursuing Goldman Sachs over losses incurred on $6bn of insurance deals on mortgage-backed securities similar to the one that led to fraud charges against the US bankSource: Financial Times - US homepage | 19 Apr 2010 | 6:09 pm You be the jury — join our bribery pollBritish companies are not doing enough to prepare for new laws that could lead to unlimited fines if their employees pay bribes, lawyers say. Source: Latest Business News from Times Online | 19 Apr 2010 | 6:01 pm Airlines and holiday firms count cost of volcano’s black cloud of ashThe blanket of ash lying over much of the Continent has cost the European economy at least £1.3 billion and the aviation industry a further £650 million. Source: Latest Business News from Times Online | 19 Apr 2010 | 6:01 pm Don’t count on easy answers in Abacus affairIt is too early to draw any but the most tentative conclusions about the Abacus affair. The US Securities and Exchange Commission’s case against Goldman Sachs is inevitably partial and selective, presenting only the juiciest e-mails and most damaging of facts. Goldman’s so-called rebuttal is nothing of the sort — as it is largely confined to generalities and fails to address the specifics. We still don’t really know what went on in those early months of 2007. And the complexity of the fatal investment product being designed and marketed makes the task no easier. Source: Latest Business News from Times Online | 19 Apr 2010 | 6:01 pm National Grid charges putting thousands of jobs at risk, claim electricity bossesElectricity industry leaders are demanding an end to “unfair” National Grid charges that they claim are putting tens of thousands of jobs at risk. Source: Latest Business News from Times Online | 19 Apr 2010 | 6:01 pm Carrefour leads the way into postwar IraqCarrefour is set to become the first multinational retailer to enter the Iraqi market since the war. The world’s second-largest retailer will open a two-storey store in Iraq’s Kurdish north in September. Source: Latest Business News from Times Online | 19 Apr 2010 | 6:01 pm Inflation rise lower than expectedThe consumers price index (CPI) rose 0.4 per cent in the March quarter, as petrol prices went up 6.9 per cent, fresh milk lifted 6 per cent, and university fees gained 6.1 per cent.The latest increase, which followed a 0.2 per...Source: nzherald.co.nz - Business | 19 Apr 2010 | 6:00 pm Hands raises EMI stakes by playing for timeTerra Firma boss plans to ask investors in his private equity firm to put a further £360m into the music group, three times the sum he had said would be needed to make up shortfalls against loan covenantsSource: Financial Times - US homepage | 19 Apr 2010 | 5:59 pm Fuld defends Lehman’s use of ‘Repo 105’Richard Fuld, the former chief executive of Lehman Brothers, will reject criticism for his role in the collapse of the bank and argue ‘Repo 105’, a controversial accounting technique, was legalSource: Financial Times - US homepage | 19 Apr 2010 | 5:28 pm Goldman Sachs implicated in shorting Lehman sharesEmbattled bank drawn into a fresh controversy as lawyers demand to know whether it was partly responsible for triggering Lehman's downfall.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Apr 2010 | 5:17 pm Politics is the one game at which Goldman Sachs will never be able to winThe prosecution being brought by the Securities and Exchange Commission (SEC) against Goldman Sachs looks far from an open and shut case.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Apr 2010 | 5:06 pm Questor share tip: Domino's boosted by Britain's Got Talent and World CupAnalysts' views on Domino's Pizza have started to diverge.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Apr 2010 | 5:00 pm Questor share tip: Northern Foods' dividend is still appetisingThe market as a whole is looking quite stretched. The near-80pc rise in the FTSE 100 since its low last March is unlikely to be repeated over the next 12 months. In fact, it's almost guaranteed not to happen.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Apr 2010 | 4:56 pm Goldman to pay Tourre bonus despite fraud chargeGoldman Sachs will pay Fabrice Tourre, the London-based banker at the centre of the alleged securities fraud, a large bonus this year if his performance justifies it.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Apr 2010 | 4:54 pm SEC's probe of Goldman could widen to other banks (AP)
Source: Yahoo! News: Stock Markets News | 19 Apr 2010 | 4:50 pm IBM raises outlook but shares retreatNEW YORK (Reuters) - IBM raised its full-year outlook and reported stronger-than-expected quarterly results as companies increased spending on software and IT consulting, but the news failed to excite investors who had already begun to price in a strong recovery.
Source: Reuters: Business News | 19 Apr 2010 | 4:46 pm Summary Box: Stocks end mixed on financial rebound (AP)AP - LATE REBOUND: Investors bought stocks Monday after some concerns eased about the government's case against Goldman Sachs. Stocks dropped Friday after the Securities and Exchange Commission announced charges related to mortgage investments.Source: Yahoo! News: Stock Markets News | 19 Apr 2010 | 4:31 pm Telefónica seeks to deepen Vivo tiesThe Spanish telecoms group is pursuing closer integration between its Brazilian fixed-line phone business and a São Paulo-based mobile operator that it jointly controls with Portugal TelecomSource: Financial Times - US homepage | 19 Apr 2010 | 4:18 pm Write-Offs: 04.19.10$$$ Citi Distances Itself From Goldman’s Troubles [NYT] $$$ Goldman Sachs Points to Magnetar Trades in Its Defense [ProPub] $$$ Gasparino: Blankfein In The Hot Seat [FBN] $$$ Team green: KKR, Carlyle partner with EDF [The Deal] $$$ Report Says SEC Missed Many Shots at Stanford [WSJ] $$$ Dick Bove: “There seems to be a concerted effort once again, by all supposed responsible parties, to prove to Americans that the financial system is corrupt, and that Americans cannot be treated fairly by dealing with it. No one has apparently learned that if all interested parties join together in condemning the financial system it will collapse. The stage is being set another bone chilling crisis.” [PDF] 
Source: Dealbreaker | 19 Apr 2010 | 4:12 pm Wal-Mart Top Management Made $65 Million As Shares FalteredThe top five officers at Wal-Mart Stores, Inc (NYSE: WMT) made $65 million in aggregate in the company’s fiscal year ending January 31. Shareholders did not do quite as well. Wal-Mart shares rose only 10% over the same period. The DJIA was up 40%, and the stock of Wal-Mart’s smaller competitor Target Corporation (NYSE; TGT) was higher by [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 19 Apr 2010 | 4:10 pm Walter Energy, BP, U.S. Steel, Goldman, Airlines: Taking StockSource: Bloomberg - All Podcasts | 19 Apr 2010 | 3:48 pm Stocks end mixed after financial stocks rebound (AP)
Source: Yahoo! News: Stock Markets News | 19 Apr 2010 | 3:38 pm How the major stock indexes fared on Monday (AP)AP - Investors snapped up financial stocks Monday after concerns eased about the government's case against Goldman Sachs.Source: Yahoo! News: Stock Markets News | 19 Apr 2010 | 3:31 pm Icelandic Volcano Hurts Kenyan Flower GrowersBy Jacob Goldstein Europe's volcano-related flight restrictions will start to ease up tomorrow. Airlines and tour operators have (obviously) been hammered by the radical slowdown in air traffic. The broader effects should be relatively mild, economists say, provided the slowdown doesn't go on for too long. That's largely due to the fact that almost all exports and imports travel by boat, rail or truck, rather than by air. But some producers of time-sensitive goods have been hit hard. Take Kenya's horticulture business, which consists largely of selling fresh-cut flowers to European buyers. It's the country's biggest industry, accounting for 20% of exports, and it's been slammed. More than 3,000 tons of flowers have already been thrown away because of the slowdown, the BBC reports. Exporters of flowers, fruits and vegetables are losing some $3 million per day. "There is no diversionary market," the head of the Fresh Produce Exporters Association of Kenya told the New York Times. "Flowers and courgettes are not something the average Kenyan buys." » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Apr 2010 | 3:25 pm Iran Sanctions Fail To Hurt Nation’s Oil OpportunitiesThere have been recent reports that demand for Iranian crude oil is faltering and that the country has begun filling VLCC tankers and having them sail around in circles on the Persian Gulf. Estimates of the amount of crude involved vary, but the high estimate is that 19 VLCCs and 1 Suezmax-class tankers are currently holding about [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 19 Apr 2010 | 3:09 pm Market lifted by profit hopes, Goldman jitters ease (Reuters)
Source: Yahoo! News: Stock Markets News | 19 Apr 2010 | 2:46 pm Goldman Sachs: SEC Commissioners Often Vote 3-2 Along Party LinesA look at important issues that have come before the Securities Exchange Commission in the last year indicate that the agency is heavily politicized. Republican Commissioners Kathleen Casey and Troy Paredes voted against making the charges against Goldman Sachs Group (NYSE: GS) announced on Friday. Elisse Walter and Luis Aguilar, both Democrats, joined SEC chair Mary Schapiro and voted in [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 19 Apr 2010 | 2:40 pm Caption Contest Monday
[via Dealbook]
Source: Dealbreaker | 19 Apr 2010 | 2:38 pm IBM Backlog Presides Over Earnings & Guidance (IBM)International Business Machines Corp. (NYSE: IBM) managed to beat earnings expectations, as most would have expected. The company reported earnings at $1.97 EPS and $22.9 billion in revenues, which compared to Thomson Reuters estimates of $0.93 EPS and $22.75 billion in revenues. This translates to earnings growth of about 16% and revenue growth of 5%, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 19 Apr 2010 | 2:33 pm Dick Fuld Has Never Heard of Repo 105
In his prepared testimony, a copy of which was obtained by Deal Journal, he said the press has “unfairly vilified” Lehman by claiming the Repo 105 transactions were meant to hide the firm’s toxic assets. Instead the accounting gimmick, which Fuld says was totally legal, involved highly-liquid investment grade securities, mostly Treasury bonds. Meanwhile, several hedge funds that supposedly shorted Lehman shares before the bankruptcy have been subpoenaed by investigators. They include SAC Capital, Och-Ziff Capital Management, Greenlight Capital and Citadel Investment Group. Full Text of Fuld’s Statement: (Courtesy of Deal Journal)
Source: Dealbreaker | 19 Apr 2010 | 2:15 pm Mohawk Raised to `Buy', Phase Forward Cut to `Neutral': AudioSource: Bloomberg - All Podcasts | 19 Apr 2010 | 1:57 pm John Bogle Sees ETFs Being Misused in Investing: AudioSource: Bloomberg - All Podcasts | 19 Apr 2010 | 1:56 pm American Capital: Proof Paulson Still Sought After (ACAS, GS)American Capital, Ltd. (NASDAQ: ACAS) had a big trading day, despite the news being perhaps a bit muted due to Friday’s SEC fraud charges filed against Goldman Sachs Group Inc. (NYSE: GS). We won’t bother telling you the news of the fraud that you have already read about dozens of times. American Capital priced a [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 19 Apr 2010 | 1:53 pm How Citigroup Saved Goldman SachsIn terms of financial performance of their respective firms, Vikram Pandit the CEO of Citigoup Inc (NYSE: C) has been a goat for the last two years and Lloyd Blankfein has been a hero. Today, the tables turned. Bank of America (NYSE: BAC) and JPMorgan (NYSE: JPM) turned in good quarterly results when they reported earnings last week. Today, Citi produced [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 19 Apr 2010 | 1:39 pm Millions Of Dollars Donated To Reduce The National DebtBy Jacob Goldstein I mentioned recently that anybody who wants to can make a donation to reduce the national debt. That raised an obvious question: How much money to people actually donate? It turns out donations have been climbing lately; in fiscal year 2009, people gave more than $3 million, according to the Treasury department. 
I'm trying to figure out who donates (really rich people?) and why (the principle of the thing? some kind of tax benefit?). I'll write a follow-up post if I find anything interesting. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Apr 2010 | 1:27 pm SEC Split 3-2 on Whether to Sue GoldmanLooks like the SEC is as divided as Congress. The decision to file charges against Goldman was split right down party lines with the two Republican commissioners voting against the SEC’s staff recommendation to file suit. Update: Goldman shares up nearly 2 percent on the news.
Source: Dealbreaker | 19 Apr 2010 | 1:07 pm Presented By:Source: Dealbreaker | 19 Apr 2010 | 1:07 pm Dinner parties help fund arts projectsPublic funding for the arts has been hurt by the downturn, so local groups have turned to small-scale private donors to offer micro-grants for starving artists. David Weinberg reports.Source: Marketplace | 19 Apr 2010 | 12:59 pm Volcanic ash hurts U.S. exports, importsThe volcanic ash that's wreaking havoc in Europe is having an economic impact in the U.S. Companies are reporting inventory levels falling to dangerously low levels as supplies sit in European airports. Mitchell Hartman reports.Source: Marketplace | 19 Apr 2010 | 12:59 pm Where the financial reform bill standsThe financial overhaul bill is expected to hit the Senate floor this week. But there's wrangling over what form a consumer protection agency might take, and whether to set up an industry fund to wind down failed banks. Nancy Marshall Genzer reports.Source: Marketplace | 19 Apr 2010 | 12:59 pm A look behind the scenes helps with adsCNN is trying product placement in one of its new shows. The camera on its "John King, USA" show will keep rolling right through the commercial breaks. Stacey Vanek-Smith reports.Source: Marketplace | 19 Apr 2010 | 12:59 pm Alternative master's path stirs debateThe state of New York is set to decide on a plan that would allow alternative groups like Teach for America to create their own master's programs for teaching. Amy Scott reports.Source: Marketplace | 19 Apr 2010 | 12:59 pm The business of doing more with lessCompanies don't usually spend a lot of time trimming the little things when the economy's humming along. But when it's not, every last nickel counts. Finding those nickels is a business opportunity in itself. Andrea Gardner explains.Source: Marketplace | 19 Apr 2010 | 12:59 pm Some college kids addicted to tanningA new study of college students says that about a third of those who used tanning beds might be addicted -- to tanning. Kerry Grens reports.Source: Marketplace | 19 Apr 2010 | 12:59 pm Doctors tackle health reform questionsDr. Winston Capel talks with Kai Ryssdal about how much time he's spending on explaining health care reform, and whether it has been hard to get educated on how the health overhaul will work.Source: Marketplace | 19 Apr 2010 | 12:58 pm Ashley Dupré On LoveA few months back, Eliot Spitzer gave us some Real Talk on love. Now the other half of the duo, Ashey Dupré, has weighed in on the topic. Sayeth Ash: “If you’re in love with someone, you want to treat them like the five year old. You want to cater to them and love them and hug them and like be emotionally there. Like you want to give them a blowjob! When you get married and, like, the wife doesn’t want to give a blow job anymore it’s like…[face].” Ashley Dupre Has A Boyfriend [Daily Intel] Earlier: This Is What Eliot Spitzer Paid $2,000 An Hour For (NOT SAFE FOR WORK)
Source: Dealbreaker | 19 Apr 2010 | 12:41 pm Regulation bill to hit Senate floor this weekA long-awaited US financial regulation bill is expected to hit the Senate floor as the fight for Barack Obama’s legislative priority enters its final stageSource: Financial Times - US homepage | 19 Apr 2010 | 11:54 am Sleep Where Shia LaBeouf (Pretended To) Hath Slept, For $13 Million
How turned on are you right now? What if the owner throws in the used pair of Gucci loafers ShiLa wore in the film and a script that was left behind with notes from Gary Cohn, who visited the thespian on set? Six to a twelve amiright? For those who need convincing, a closer look: Gecko’s Lounge
Source: Dealbreaker | 19 Apr 2010 | 11:51 am Citigroup earns $4.4bn in first quarterCitigroup says it has ‘turned the corner’ after reporting its best quarterly results in more than two years before damping hopes of a strong economic recovery in the USSource: Financial Times - US homepage | 19 Apr 2010 | 11:33 am CNBC: Fabrice Tourre “Taking Some Time Off”According to Goldman, this was totally voluntary. The bank would like it to be noted that His Fantabulousness made this decision himself, he was not suspended, and he remains an employee of the firm.
Source: Dealbreaker | 19 Apr 2010 | 11:01 am FTSE 100 shares decline (AFP)
Source: Yahoo! News: Stock Markets News | 19 Apr 2010 | 11:00 am Trading Bonds, Not Making Loans, Is Fueling Banks' ProfitsBy Jacob Goldstein The nation's three biggest banks -- Bank of America, JPMorgan Chase, and Citigroup -- all said in the past few days that they turned a profit in the first quarter of this year. One interesting detail: All of the banks made more of their profits from Wall Street-style trading and banking than from Main Street-style lending. It's striking that these giant banks, which have ATMs on every corner, aren't making most of their money by borrowing short and lending long -- the traditional (and traditionally safe, boring) way banks make money. Instead, they're playing in the more volatile world traditionally associated with investment banks. In its first-quarter earnings statement released this morning, Citigroup said its division that handles investment banking and trading contributed $3.2 billion of the bank's $4.4 billion in profits for the quarter. Most of that division's revenues came from the bond markets. B of A's profits were driven by what the bank called "record performance in sales and trading," with a key contribution from trading and sales of bonds, currencies and commodities. And JPMorgan Chase said $2.5 billion of its $3.3 billion in profits came from its investment banking division, which made a lot of money trading bonds. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 19 Apr 2010 | 10:51 am All About National Administrative Professionals’ Day 2010
Always be nice to secretaries. They are the real gatekeepers in the world. -Anthony J. D’Angelo National Administrative Professionals’ Day happens on April 21, 2010. This day celebrates the more than 4 million administrative assistants and secretaries working in the US, as well as the nearly 9 million people working in support roles. What is it? Formerly known as Secretary’s Day, National Administrative Professionals’ Day recognizes the work of the admins, receptionists, and other support staff in your office. It was founded in 1952 as a way to encourage more people to become secretaries. What gifts should I give? If you’re giving your admin a gift, here’s what the International Association of Administrative Professionals suggests: -A handwritten thank-you card.
Source: Business Pundit | 19 Apr 2010 | 10:35 am Is A London-Based Investment Banker About To Make A Few Million Pounds Off Lloyd Blankfein?
Source: Dealbreaker | 19 Apr 2010 | 10:30 am Obama to stump for financial overhaul in NY (AP)AP - President Barack Obama is heading to New York City later this week to push for a financial overhaul package in a venue rich with presidential history.Source: Yahoo! News: Stock Markets News | 19 Apr 2010 | 10:23 am Leaked: Apple’s Next iPhoneSomeone at Gizmodo picked up a lost iPhone prototype last week at a Silicon Valley bar. After intense tinkering, Gizmodo discovered that this really is the new iPhone. They give a rundown of the iPhone’s features and changes here. For a quick version of what’s to come, check out the video they made below.
Source: Business Pundit | 19 Apr 2010 | 10:01 am Goldman Issues Another Response, Sets Up Fab as Potential Fall Guy
While it appears the firm is digging in for a fight, don’t count out an eventual settlement of the suit, most likely right before it goes to court. Goldman would probably rather pay the fine and move on rather than have all of its emails and other internal correspondence aired in public. From the response, it appears Goldman is gearing up to make Fabrice Pierre Tourre, aka Fabulous Fab, the fall guy. The bank seems pretty confident that the official offering document for the Abacus deal never misled anyone about who was selecting the underlying mortgages. But, Goldman says, “were there to ever ever to emerge credible evidence” that one of its employees intentionally misled a client, “we would be the first to condemn it and to take all appropriate actions.” That means Goldman is hedging in case the SEC comes up with any incriminating correspondence from Fabulous Fab, or anyone else, which shows him intentionally misleading a client. If that’s the case, Goldman can pay a fine and chalk this one up to some rogue 31-year-old employee. The real question in the case is this: How involved was Paulson & Co. in selecting the underlying assets in the CDO and was that involvement represented accurately to investors both in the offering documents and in private correspondence. Here’s Goldman’s latest response (courtesy of Deal Journal)
Source: Dealbreaker | 19 Apr 2010 | 9:35 am Trading Revenue Gives Citi $4.4 billion Q1 Profit
Citigroup posted a $4.4 billion Q1 profit today, the bank’s biggest profit since the beginning of the financial crisis. Like Bank of America and JP Morgan Chase, Citi raked in profits by borrowing at rock bottom interest rates, then investing that money into higher-yielding bonds, commodities, and other securities. The New York Times has more: The earnings, which handily beat analyst expectations and were the bank’s best since the financial crisis began, were the result of the resurgence in the bond market and improvements in the economy, particularly overseas. Both play to Citigroup’s strengths as a major player in fixed income and emerging markets, and come as some of its rivals benefited from similar trends. JPMorgan Chase and Bank of America both reported big first-quarter earnings from hefty trading profits and from adding less money to their loan loss reserves. The bank is by no means out of the woods…New accounting rules forced the bank to bring billions of dollars of off-balance sheet assets back on its books, however. As a result, Citigroup’s asset levels grew about 8 percent this quarter to about $2 trillion. Citigroup executives said that had masked some of the progress that Mr. Pandit made reducing the size of Citigroup’s balance sheet. Citigroup must contend with tougher oversight from Washington, including new credit card regulations, and it is still seeking a coherent strategy for Citigroup’s North American consumer banking franchise, which has struggled for years. Losses in that business, during the first quarter, remain high. Perhaps his biggest challenge yet is figure out how to grow Citigroup’s earnings while its balance sheet shrinks. With nearly 28 billion shares outstanding — a side effect of the government’s extraordinary intervention — it will remain difficult to move the share price higher. Citigroup has also been in discussions with SEC regulators about mortgage issues, according to the Times. Nobody is certain whether the bank will also face charges, writes the Times. How serious the SEC threat is depends on how serious the SEC itself is (see Naked Capitalism for a good analysis of this).
Source: Business Pundit | 19 Apr 2010 | 9:18 am Toyota Fined $16.4 Million for Brake Pedal Fiasco
Toyota will pay the government a $16.4 fine for failing to disclose its cars’ pedal problems in a timely manner. Legally, automakers are required to recall a car five days after finding a defect. According to regulators, Toyota waited months. It’s the biggest automaker fine in US history. The New York Times reports: This penalty involves the “sticky pedal” and “slow to return pedal” defects that led to Toyota’s recall of about 2.3 million vehicles in the United States in late January. Some 8 million cars were recalled worldwide. The fine is the maximum amount allowed by law. If not for that cap, Toyota could have been ordered to pay $13.8 billion instead — $6,000 for each of 2.3 million vehicles sold with defective pedals — the agency’s chief counsel told the company in a letter this month. The letter also said the agency was considering a second $16.4 million fine against Toyota, based on evidence suggesting the pedals might have had two separate defects. An investigation into the company’s November recall of 5.4 million vehicles, to fix pedals that are susceptible to getting trapped under the floor mat, also could result in additional fines. In mid-January, five days before the sticking pedal recall began, an American Toyota executive sent an e-mail message to colleagues in Japan urging them to “come clean” about the defective pedals. The company issued a recall after meeting with federal regulators Jan. 19. Note to execs: It’s probably not the smartest move to send an email with the words “come clean” in it–ever. The fines are also just the beginning. Toyota also faces billions of dollars in civil suits from crash victims and their relatives, writes the Times. The SEC and Justice Department are also investigating the company. It will be some time before Toyota’s pain is over in the US.
Source: Business Pundit | 19 Apr 2010 | 8:36 am Gartman on Goldman Sachs Suit, Wood on Stocks: First WordSource: Bloomberg - All Podcasts | 19 Apr 2010 | 8:28 am What's Next In The Goldman Sachs Case?By Jacob Goldstein Here are the key developments in the Goldman Sachs fraud case the SEC announced on Friday: The SEC is looking into mortgage deals packaged by other banks, the WSJ reports. Deutsche Bank, UBS and Merrill Lynch (now owned by B of A) all put together mortgage-based investments that "soon went sour," the Journal says, but it isn't clear which deals the SEC is investigating. Several banks "helped market designed-to-fail investments on behalf of the hedge fund Magnetar, which was betting on that failure," Paul Krugman writes in his NYT column today. Krugman cites the reporting of Planet Money partner ProPublica; ProPublica's Web site has more on which banks were involved in these deals. The leaders of the U.K. and Germany called for investigations of Goldman. The biggest loser in the Goldman deal that's the focus of the SEC suit wound up being the Royal Bank of Scotland, which paid out roughly $841 million, according to the SEC's complaint. RBS was bailed out by the British government. The German bank IKB, which also received a bailout, lost nearly $150 million on the deal. Goldman made several arguments to rebut the SEC charges. In a statement, Goldman said the investors in the deal, who were "among the most sophisticated mortgage investors in the world," "were provided extensive information about the underlying mortgage securities." That allowed them to assess the risks those securities presented. Goldman denies the SEC's charge that it said Paulson & Co. was going to be a long investor in the deal. (Paulson took the short side of the deal.) And, Goldman says, it lost $90 million of its own money on the deal. Goldman is reporting its quarterly earnings tomorrow, by the way. Politicians rushed to tie the Goldman case to finance reform. If you Google "Goldman Sachs SEC," one of the ads that comes up is a headline that says "Help Change Wall Street." Click on it, and you're sent to barackobama.com, where you get a message about "accountability on Wall Street." The site is run by the Democratic National Committee, according to Politico, which wrote about the ad. We'll doubtless hear more about Goldman this week from the Senate, which is scheduled to debate the big finance-reform bill. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 19 Apr 2010 | 8:04 am The Philosophy of the Internet
Source: Business Pundit | 19 Apr 2010 | 5:03 am
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