Greece set to activate €45bn European rescue

Greece is today expected to issue a formal request for a bailout to help meet its massive debts after weeks of speculation which has seen its cost of borrowing spiral and the euro fall to a year low.


Source: Latest Business News from Times Online | 23 Apr 2010 | 4:43 am

European stocks buoyed by Greek bailout activation (AP)

Women walk past an electric stock price board flashing Thursday morning's Nikkei 225 stock average in central Tokyo, Japan, Thursday, April 22, 2010. After the morning session, Nikkei stock average lost 208.39 points from Wednesday to 10,881.66, in a broad retreat after strong gains Wednesday. (AP Photo/Shuji Kajiyama)AP - European stock markets and the euro rallied Friday as Greek Prime Minister George Papandreou confirmed that he is formally requesting bailout loans from the 15 other eurozone goverments and the International Monetary Fund.



Source: Yahoo! News: Business News | 23 Apr 2010 | 4:16 am

Greece Ready To Beg For Funds

Greece is ready to petition Eurozone nations and the IMF for the funds necessary to keep the nation solvent, according to several media sources. The Eurozone countries have made a “promise” to join the International Monetary fund to provide as much as $40 billion. It is not clear how much time that will buy for the southern European nation [...]

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Source: 24/7 Wall St. | 23 Apr 2010 | 4:15 am

Greece to activate EU-IMF loans

Greece will make use of a EU/IMF rescue mechanism to help pull the country's battered economy out of its debt crisis.
Source: BBC News | Business | World Edition | 23 Apr 2010 | 4:13 am

Greece to seek EU-IMF debt bailout: govt source (AFP)

A woman withdraws money from an ATM during a demonstration in central Athens on April 22. Greek Prime Minister George Papandreou is about to ask for activation of the EU-IMF debt rescue mechanism, a government source told AFP.(AFP/Aris Messinis)AFP - Greek Prime Minister George Papandreou is about to ask for activation of the EU-IMF debt rescue mechanism, a government source told AFP on Friday.



Source: Yahoo! News: Business News | 23 Apr 2010 | 4:11 am

Asian shares mostly down, exporters drag on Tokyo

Major Asian equity markets ended mostly down Friday amid fresh global concern over Greece, with Japanese exporters troubled by the yen’s rise and resource stocks hurt by the fall in commodity prices.



Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 4:09 am

Greece formally requests financial rescue: reports

Greek Prime Minister George Papandreou on Friday formally requested the activation of a joint European Union-International Monetary Fund rescue package, news reports said.



Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 4:06 am

Oil rig blast prompts environmental concerns (AP)

Fire boat response crews battle the blazing remnants of the off shore oil rig Deepwater Horizon, off Louisiana, in this handout photograph taken on April 21, 2010 and obtained on April 22. The oil drilling rig that had burned for 36 hours in the Gulf of Mexico sank Thursday as hopes dimmed for 11 missing workers and the risk of a major oil spill loomed, officials said. Picture taken April 21, 2010. REUTERS/U.S. Coast Guard/Handout (UNITED STATES - Tags: DISASTER ENERGY) FOR EDITORIAL USE ONLY. NOT FOR SALE FOR MARKETING OR ADVERTISING CAMPAIGNSAP - As hope dimmed for the lives of 11 crew members missing since a drilling rig exploded in flames in the Gulf of Mexico, authorities turned their focus to controlling an oil spill that could threaten the fragile ecosystem of the Louisiana and Mississippi coasts.



Source: Yahoo! News: Business News | 23 Apr 2010 | 4:04 am

Greek aid request bolsters risk appetite

News that Greece has ask for EU/IMF aid on Friday, helped the euro rebound off its lowest level in a year and gave a boost to European stocks
Source: Financial Times - US homepage | 23 Apr 2010 | 4:02 am

Athens to ask for activation of rescue package (AP)

Workers take part in a rally during a protest by the PAME Communist-affiliated union in central Athens on Thursday, April 22, 2010. Civil servants staged a 24-hour strike and protest march Thursday, and PAME held a separate demonstration, against austerity measures and expected job cuts by Greece's crisis-plagued government, while the EU's statistics agency added to the financially stricken country's woes, revising its budget deficit upwards. (AP Photo/Nikolas Giakoumidis)AP - Greece will ask for a joint eurozone-International Monetary Fund financial rescue on Friday, a Greek official said, as market pressure pushed the debt-ridden country's borrowing costs to unsustainable levels.



Source: Yahoo! News: Business News | 23 Apr 2010 | 4:02 am

Greek PM announces activation of EU/IMF aid package

ATHENS (Reuters) - Greek Prime Minister George Papandreou on Friday asked for the activation of an EU/IMF aid package aimed at pulling the euro zone member out of a debt crisis.



Source: Reuters: Business News | 23 Apr 2010 | 4:01 am

Greek PM announces activation of EU/IMF aid package (Reuters)

Reuters - Greek Prime Minister George Papandreou on Friday asked for the activation of an EU/IMF aid package aimed at pulling the euro zone member out of a debt crisis.
Source: Yahoo! News: Business News | 23 Apr 2010 | 4:01 am

G-20 officials convene for talks on global economy (AP)

World Bank President Robert Zoellick discusses the global economy during a news conference at International Monetary Fund headquarters in Washington, Thursday, April 22, 2010. (AP Photo/J. Scott Applewhite)AP - Finance officials from the world's major countries believe the global economy is in far better shape than it was a year ago, but they are worried that a growing debt crisis in Greece could cause the hard-won gains to unravel.



Source: Yahoo! News: Business News | 23 Apr 2010 | 3:58 am

European stocks buoyed by Greek bailout talk (AP)

Women walk past an electric stock price board flashing Thursday morning's Nikkei 225 stock average in central Tokyo, Japan, Thursday, April 22, 2010. After the morning session, Nikkei stock average lost 208.39 points from Wednesday to 10,881.66, in a broad retreat after strong gains Wednesday. (AP Photo/Shuji Kajiyama)AP - European stock markets rallied Friday amid mounting speculation that the Greek government will formally request bailout funds later from its 15 partners in the eurozone and the International Monetary Fund.



Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 3:58 am

Lehman Wind Down Costs Hit Three Quarters Of A Billion Dollars

How much does it cost to clean up the Lehman Bros. bankruptcy mess? Hundreds of millions of dollars, apparently. The firm that provides the liquidation service for the court, Alvarez & Marsal, made $262 million. The company also proves Lehman with its temp CEO Bryan Marsal. In all, the Lehman wind-down has cost $732 million [...]

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Source: 24/7 Wall St. | 23 Apr 2010 | 3:56 am

BP pledges to clean up Gulf of Mexico spill (AP)

In this photo provided by the U.S. Coast Guard, response boats work to clean up oil where the Deepwater Horizon oil rig sank Thursday April 22, 2010 in the Gulf of Mexcio. The mobile offshore drilling platform was engulfed in flames after an explosion April 20. The Coast Guard continues to search for the 11 missing workers. (AP Photo/U.S. Coast Guard)AP - BP PLC says it is doing everything it can to contain an oil spill from the drilling platform in the Gulf of Mexico that exploded into flames before sinking.



Source: Yahoo! News: Business News | 23 Apr 2010 | 3:55 am

European stocks rise on Greek aid talk

European shares rose early Friday amid encouraging economic data and talk that Greece may soon be getting the aid it so desperately needs.
Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 3:54 am

UK economic growth slows to 0.2%

The UK economy continued to recover from recession in the first three months of the year, according to official estimates.
Source: BBC News | Business | World Edition | 23 Apr 2010 | 3:54 am

Indonesia's Bayan Resources gets $300 mln loan

JAKARTA, April 23 (Reuters) - Indonesian coal miner PT Bayan Resources said on Friday it has agreed to borrow $300 million from a group of foreign banks in a club deal to refinance existing loans and...
Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 3:51 am

Greece to seek activation of EU/IMF aid

Markets were cheered by reports that George Papandreou, Greek prime minister, would request the activation of a €40bn EU/IMF rescue package on Friday after fears that the country would need to restructure its debt drove its borrowing costs even higher and battered the stock market
Source: Financial Times - US homepage | 23 Apr 2010 | 3:50 am

G20 plots post-crisis path

WASHINGTON (Reuters) - World finance leaders gather in Washington on Friday hoping to plot a course beyond the financial crisis but Greece's worsening debt woes served as a stark reminder the global economy remains vulnerable.



Source: Reuters: Business News | 23 Apr 2010 | 3:50 am

Volvo returns to profit, shares rally 11%

Shares of Volvo advance on Friday after the Swedish truck maker says it returned to profitability and grew its revenue in the first quarter as demand for its products rebounded.



Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 3:50 am

Chinese auto maker Chery signs Messi (AP)

Models pose near a Riich G5 car developed by the Chery Automobile Co. in front of an advertisement featuring Argentine soccer star Lionel Messi at the Beijing Auto China 2010 in Beijing Friday, April 23, 2010. China's biggest domestic auto brand signaled its ambition Friday to become a global player by signing Messi as an international ambassador to promote its brands. (AP Photo/Alexander F. Yuan)AP - China's biggest domestic auto brand signaled its ambition Friday to become a global player by signing Argentine football star Lionel Messi as an international ambassador to promote its brands.



Source: Yahoo! News: Business News | 23 Apr 2010 | 3:49 am

Ericsson reports 26 pct drop in Q1 profits (AP)

Ericsson CEO Hans Vestberg gestures during a news conference Friday April 23, 2010 in Stockholm. Swedish wireless equipment maker LM Ericsson AB on Friday reported a 26 percent drop in first-quarter net profits, with worse-than-expected sales and large restructuring costs weighing on the results.(AP Photo/Fredrik Sandberg) ** SWEDEN OUT **AP - Swedish wireless equipment maker LM Ericsson AB on Friday reported a 26 percent drop in first-quarter net profits, with worse-than-expected sales and large restructuring costs weighing on the results.



Source: Yahoo! News: Business News | 23 Apr 2010 | 3:41 am

Economic slowdown shifts election focus

UK GDP expanded by only 0.2pc in the first quarter of 2010, as the economy is set to be the key topic of final leaders' TV debate.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Apr 2010 | 3:40 am

Gordon Brown suffers blow as economy falters

Britain's economic recovery lost momentum in the first three months of the year, growing by just 0.2 per cent.


Source: Latest Business News from Times Online | 23 Apr 2010 | 3:40 am

Lagardere writes to watchdog over Wyser-Pratte

PARIS, April 23 (Reuters) - Lagardere has asked France's AMF stock market watchdog to examine whether activist shareholder Guy Wyser-Pratte was misleading investors in his campaign to change the group's...
Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 3:34 am

Stock futures point to higher start

(Reuters) - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 rose 0.3-0.4 percent, pointing to a slightly firmer start on Wall Street on Friday.



Source: Reuters: Business News | 23 Apr 2010 | 3:31 am

Stock futures point to higher start (Reuters)

Traders work on the floor of the New York Stock Exchange, April 22, 2010. REUTERS/Brendan McDermidReuters - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 rose 0.3-0.4 percent, pointing to a slightly firmer start on Wall Street on Friday.



Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 3:31 am

Indonesia's Rajawali buys 80 pct stake in $1.3bn rail project

JAKARTA, April 23 (Reuters) - Indonesia's Rajawali group has signed a deal to buy an 80 percent stake in a $1.3 billion Sumatra railway project from Transpacific Group, Rajawali's managing director, Darjoto...
Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 3:30 am

Pru to list in Hong Kong, Singapore on May 11

Prudential, the British insurer, said it planned to list in Hong Kong and Singapore on May 11 as it moves to tempt Asian investors to take part in a $21bn (£14bn) rights issue.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Apr 2010 | 3:30 am

The Cellular Market In The US Is Saturated

Among them, Verizon Wireless, AT&T (NYSE: T), Sprint (NYSE: S), and T-Mobile have almost 260 million wireless subscribers in the US. The population of the US is 305 million people and some of those are too young to need or use a phone. Others don’t want one. Quite simply, there are very few new subscribers to [...]

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Source: 24/7 Wall St. | 23 Apr 2010 | 3:30 am

UPDATE 2-Lenovo emerges as leading candidate for Palm -sources

* HTC not bidding for Palm after reviewing its numbers-source
Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 3:29 am

Ericsson Q1 margin helps shares despite sales slide

STOCKHOLM (Reuters) - Shares in mobile telecom gear maker Ericsson rose sharply on Friday, defying weak first-quarter results, as investors took heart from falling costs and prospects for a recovery.



Source: Reuters: Business News | 23 Apr 2010 | 3:21 am

Netflix shares soar past $100

Netflix's stock skyrocketed past $100 a share Thursday, a day after the company reported another phenomenal quarter, but many analysts are skeptical of the lofty share price.
Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 3:19 am

Ericsson posts 26% profit drop but margins rise

Ericsson AB, the world’s largest maker of wireless networks, on Friday posted a 26% drop in first-quarter profit as some emerging-market continued to hold back investment, but its margins improved significantly thanks to efficiency measures.



Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 3:19 am

Insurers: Brace for fast and furious costs

As the insurance industry prepares to adjust to reform, two big players say mandated changes that kick in soon could push up premiums faster and greater than before.
Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 3:15 am

London Markets: Banks, miners climb after U.K. GDP data

British shares gained sharply on Friday, led by gains for banks and miners, after data showed that the country managed to grow marginally in the first quarter of 2010.



Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 3:13 am

Imports make everyone's life better

I bet you're glad we have a National Export Initiative. It's going to help rebuild the economy. President Barack Obama says so.
Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 3:11 am

Economic Report: U.K. recovery slows pace in first quarter

Britain’s already-sluggish economic recovery slowed its pace in the first quarter, data showed Friday, providing unwelcome news to Prime Minister Gordon Brown as he struggles to hold on to power in a tight national election race.



Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 3:10 am

Rating agencies come under fire

US senators criticise the behaviour of two credit rating agencies in the run-up to the global financial meltdown.
Source: BBC News | Business | World Edition | 23 Apr 2010 | 3:06 am

SEC staffers spent hours watching porn - CNN


Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 3:05 am

UPDATE 2-Fornix close to allergy unit sale, super dividend

* Lost court appeal over rejected registration of product
Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 3:05 am

Euro, equities bounce, expect Greek aid call (Reuters)

A man looks at a stock market board at a business district in Tokyo April 19, 2010. REUTERS/Toru HanaiReuters - The euro clawed off a one-year low against the dollar on Friday on news that Greece will ask for financial aid while European stocks snapped a two-day fall, also helped by upbeat corporate earnings.



Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 3:04 am

Should Goldman Sachs Back Down?

Wall St. and legal experts have begun to question whether Goldman Sachs Group (NYSE: GS) should settle charges by the SEC that it defrauded investors by not disclosing its role in the sale of mortgage back securities to its clients. The SEC claims that these transactions cost the clients involved  more than $1 billion. Goldman [...]

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Source: 24/7 Wall St. | 23 Apr 2010 | 3:00 am

UPDATE 3-India's Wipro results lag rivals; tech demand improves

* Sees Q1 IT services revenue up as much as 4 pct from Q4
Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 2:59 am

UPDATE 2-S.Africa's MTN says in talks on potential deal

* Says talks may not lead to a transaction, gives no details
Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 2:51 am

Kia Motors says Q1 profit quadruples, sales rise (AP)

Kia Motors Corp. logo is seen on its car at a showroom in Seoul, South Korea, Friday, April 23, 2010. Kia, South Korea's second-largest automaker, said on Friday net profit quadrupled in the first quarter on stronger sales and equity gains from related companies.(AP Photo/Ahn Young-joon)AP - Kia Motors said net profit quadrupled in the first quarter on stronger sales and equity gains from affiliated companies.



Source: Yahoo! News: Business News | 23 Apr 2010 | 2:47 am

Another bad day for Greece

Moody's downgraded Greece's government bonds Thursday casting further doubt that the debt-laden country will be able to meet its May 19 deadline for refinancing 8.5 billion euros, or about $11.4 billion, in borrowings.
Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 2:45 am

Europe Markets: Volvo, Adidas, Ifo lift European shares to gains

Europe shares move higher on Friday, as well-received earnings from Adidas and Volvo offset more losses in the banking sector.



Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 2:43 am

Italy approves decree setting wholesale gas caps

ROME, April 23 (Reuters) - The Italian government on Friday approved a decree setting an antitrust cap that prevents any single operator from having over 40 percent of the Italian wholesale gas market,...
Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 2:39 am

Adidas hits 22-month high after lifting outlook

Shares in Adidas hit a 22-month high Friday after the German sportswear giant says its net profit surged to $222 million in the first quarter.



Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 2:39 am

Economic Report: German business climate best in nearly two years

German business climate improves in April, according to a key report released Friday, showing how Europe's largest economy hasn't been hurt -- and possibly even helped -- by the debt crisis in Greece.



Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 2:37 am

UK economic growth unexpectedly slows

UK's GDP expanded 0.2pc in the first quarter of 2010, underlining the fragility of the recovery as polling day looms.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Apr 2010 | 2:34 am

Amazon and Microsoft profits fail to impress

Online shoppers flocked to Amazon in the months after Christmas helping the online retailer to post a 68 per cent surge in profits.


Source: Latest Business News from Times Online | 23 Apr 2010 | 2:34 am

Euro slides to year-low on Greek downgrade

The euro continued to slide towards a one-year low overnight as the downgrade in Greece’s credit rating weighed heavily on financial markets.


Source: Latest Business News from Times Online | 23 Apr 2010 | 2:32 am

India now sees $11 bln rev from spectrum auctions-min

NEW DELHI, April 23 (Reuters) - India now expects its third-generation (3G) and broadband spectrum auctions to raise 500 billion rupees ($11.2 billion), much higher than the government's budget estimates...
Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 2:27 am

UPDATE 1-EU approves Novartis' Diovan for paediatric use

* Novartis hypertension drug approved for use in EU children
Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 2:15 am

GOP ramps up attacks on SEC over porn surfing (AP)

FILE- In this Dec. 17, 2008 file photo, the Securities and Exchange Commission (SEC) headquarters in Washington is shown. Senior staffers at the Securities and Exchange Commission spent hours surfing pornographic websites on government-issued computers while they were being paid to police the financial system, an agency watchdog said, Thursday, April 22, 2010. (AP Photo/File)AP - Republicans are stepping up their criticism of the Securities and Exchange Commission following reports that senior agency staffers spent hours surfing pornographic websites on government-issued computers while they were supposed to be policing the nation's financial system.



Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 2:10 am

Wall Street reform: The hang-ups

With President Obama pushing hard, the Senate is on the verge of taking up a hotly disputed Wall Street reform measure.
Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 2:00 am

Debt sale seen as triumph for Moscow

Russia staged a successful return to the sovereign debt market on Friday, raising $5.5bn in its first Eurobond since the country's 1998 default. The issue, which was over two times oversubscribed,...
Source: RSS feed - channel BNPaperBusiness | 23 Apr 2010 | 1:59 am

Banks in demand as London equities bounce back

London equities bounced higher on Friday after two sessions of heavy losses left financial and mining stocks looking like good value. The combined momentum from two of the FTSE 100's most heavily...
Source: RSS feed - channel BNPaperBusiness | 23 Apr 2010 | 1:54 am

Media Digest 4/23/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   The push for a stronger yuan has been modest at the G20 meetings. Reuters:   A Goldman Sachs Group (NYSE: GS) Director Rajat Gupta told hedge fund billionaire Raj Rajaratnam about a $5 billion investment in Goldman by Berkshire Hathaway (NYSE: BRK.B) Reuters:   Morgan Stanley (NYSE: MS) has gotten an extension on loans it made on hotels [...]

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Source: 24/7 Wall St. | 23 Apr 2010 | 1:54 am

BP sends flotilla to contain spill after rig sinks

Oil company sends 32 vessels to contain a potential major oil spill after a rig sank in the Gulf of Mexico following an explosion and fire.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Apr 2010 | 1:52 am

Prudential confirms Singapore listing plans

The Prudential said this morning it will push ahead with a secondary listing on the Singapore Stock Exchange.


Source: Latest Business News from Times Online | 23 Apr 2010 | 1:51 am

Euro drops on Greek fiscal concerns

08:05 BST. The euro fell to its lowest level in nearly a year as fears about Greece's fiscal position dominated traders' thoughts on Friday. The FTSE All-World equity index lost 0.2 per cent, commodities...
Source: RSS feed - channel BNPaperBusiness | 23 Apr 2010 | 1:49 am

Stocks mount comeback

Stocks ended higher Thursday, erasing a steep morning selloff sparked by Greek debt default worries, a spike in the dollar versus the euro and a plunge in commodity prices.
Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 1:48 am

How long should we help the jobless?

Two years of unemployment benefits just isn't enough for some jobless Americans.
Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 1:46 am

FTSE 100 opens higher ahead of GDP data (AFP)

Leading shares opened higher at the start of trading, recovering some of yesterday's losses, as investors awaited the latest figures on Britain's economic growth.(AFP/File/Shaun Curry)AFP - Leading shares opened higher at the start of trading on Friday, recovering some of yesterday's losses, as investors awaited the latest figures on Britain's economic growth.



Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 1:28 am

Goldman director in focus on Berkshire deal: report

(Reuters) - Goldman Sachs director Rajat Gupta told hedge fund billionaire Raj Rajaratnam about a $5 billion investment in Goldman by Berkshire Hathaway before the deal was made public, the Wall Street Journal said, citing a person close to the situation.



Source: Reuters: Business News | 23 Apr 2010 | 1:14 am

Earnings Watch: Updates, advisories and surprises

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



Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 1:01 am

Delays in financial reform hasten the next crisis

In the wake of the debacles at Lehman Bros., AIG and Washington Mutual, Obama calls out opponents of overhaul.

President Obama pulled no punches Thursday when he brought the case for financial reform to Wall Street's own backyard, the Cooper Union in Manhattan.



Source: L.A. Times - Business | 23 Apr 2010 | 1:00 am

Public employee pensions under pressure

State and local leaders see the growing cost as a threat to California's fiscal well-being. Efforts to reduce benefits are setting up a collision course with public employee unions.

— Across California, state and local leaders are moving to confront the cost of public employee retirement packages — an escalating financial burden that threatens to choke off funding for other government services.



Source: L.A. Times - Business | 23 Apr 2010 | 1:00 am

Bruce Karatz’s legal team shifts focus to keeping him out of prison

Defense attorneys say they intend to ask the judge to reverse the former KB Home CEO’s four felony convictions on charges related to the manipulation of executive stock options.

One day after he was convicted on felony charges related to the manipulation of stock options, former KB Home Chief Executive Bruce Karatz and his legal team shifted their focus Thursday to a new legal battle: trying to keep him out of prison.



Source: L.A. Times - Business | 23 Apr 2010 | 1:00 am

Tokyo's goal: Be the greenest

It’s been reducing solid waste, requiring factories and offices to cut carbon emissions, giving cash incentives to install solar panels, toughening building standards and planning more greenery...
Source: RSS feed - channel BNPaperBusiness | 23 Apr 2010 | 1:00 am

Online video site Hulu to test pay subscriptions

A $9.95 monthly fee would provide access to certain TV shows beyond the five most recent episodes, sources say.

Hulu, the popular online site for watching television shows, is preparing to execute the toughest maneuver in digital media: moving from free to pay.



Source: L.A. Times - Business | 23 Apr 2010 | 1:00 am

Lockyer says no irregularities found so far in probe of banks' swaps trading on California muni bonds

State treasurer says data and answers supplied by six big banks show no sign that they bet against the credit quality of state general obligation bonds.

A lot of big numbers — but no smoking gun.



Source: L.A. Times - Business | 23 Apr 2010 | 1:00 am

Senior SEC staffers spent hours at work looking at porn websites

Inquiries of 33 employees find one who was blocked more than 16,000 times in a month from visiting certain sites. He eventually found a way around the agency’s filter. ...
Source: RSS feed - channel BNPaperBusiness | 23 Apr 2010 | 1:00 am

Delays in financial reform hasten the next crisis

In the wake of the debacles at Lehman Bros., AIG and Washington Mutual, Obama calls out opponents of overhaul. ...
Source: RSS feed - channel BNPaperBusiness | 23 Apr 2010 | 1:00 am

Bruce Karatz’s legal team shifts focus to keeping him out of prison

Defense attorneys say they intend to ask the judge to reverse the former KB Home CEO’s four felony convictions on charges related to the manipulation of executive stock options. ...
Source: RSS feed - channel BNPaperBusiness | 23 Apr 2010 | 1:00 am

Lockyer says no irregularities found so far in probe of banks' swaps trading on California muni bonds

State treasurer says data and answers supplied by six big banks show no sign that they bet against the credit quality of state general obligation bonds. ...
Source: RSS feed - channel BNPaperBusiness | 23 Apr 2010 | 1:00 am

Home resales rise in March

A national Realtors group reports a 6.8% increase in sales of previously owned homes last month from February, ending a three-month skid. ...
Source: RSS feed - channel BNPaperBusiness | 23 Apr 2010 | 1:00 am

Home resales rise in March

A national Realtors group reports a 6.8% increase in sales of previously owned homes last month from February, ending a three-month skid.

Sales of previously owned U.S. homes jumped 6.8% in March, a bright spot for the struggling housing market after three consecutive months of decline.



Source: L.A. Times - Business | 23 Apr 2010 | 1:00 am

Online video site Hulu to test pay subscriptions

A $9.95 monthly fee would provide access to certain TV shows beyond the five most recent episodes, sources say. ...
Source: RSS feed - channel BNPaperBusiness | 23 Apr 2010 | 1:00 am

Senior SEC staffers spent hours at work looking at porn websites

Inquiries of 33 employees find one who was blocked more than 16,000 times in a month from visiting certain sites. He eventually found a way around the agency’s filter.

Senior staffers at the Securities and Exchange Commission spent hours surfing pornographic websites on government-issued computers while they were being paid to police the financial system, an agency watchdog says.



Source: L.A. Times - Business | 23 Apr 2010 | 1:00 am

Tokyo's goal: Be the greenest

It’s been reducing solid waste, requiring factories and offices to cut carbon emissions, giving cash incentives to install solar panels, toughening building standards and planning more greenery.

On a man-made island in Tokyo Bay, garbage is getting a makeover.



Source: L.A. Times - Business | 23 Apr 2010 | 1:00 am

G20 calls subdued so far for stronger yuan

WASHINGTON (Reuters) - Calls for a stronger Chinese currency have been muted among finance leaders gathering for talks among the Group of 20 rich and developing nations.



Source: Reuters: Business News | 23 Apr 2010 | 12:59 am

Telecom, Fletcher Building make modest gains

The New Zealand sharemarket rose modestly today, outperforming many markets in Asia, though volume was thin.The benchmark NZX-50 index closed up 14.2 points, or 0.432 per cent, at 3301.661. Turnover was worth $70.2 million. There...
Source: nzherald.co.nz - Business | 23 Apr 2010 | 12:49 am

Ericsson's profit and sales fall

Swedish telecoms equipment group Ericsson sees its profit and sales fall in the first quarter of the year.
Source: BBC News | Business | World Edition | 23 Apr 2010 | 12:42 am

DFS sold to private equity firm

Sofa retailer DFS has been sold to private equity firm Advent International for a reported £500m.
Source: BBC News | Business | World Edition | 23 Apr 2010 | 12:32 am

Two US airlines end merger talks

Merger talks between two large US airlines, United Airlines and US Airways, end without any agreement.
Source: BBC News | Business | World Edition | 23 Apr 2010 | 12:06 am

Etonian banker in Goldman scandal

An Eton and Oxford educated banker who wrote a book about the cash and sexual excesses of the City has emerged as one of the salesmen who worked on the deal at the heart of the Goldman Sachs scandal.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Apr 2010 | 11:37 pm

Morgan Stanley gets debt extension in Japan: sources

TOKYO (Reuters) - Morgan Stanley has won an agreement with creditors on a 60-day extension on 225 billion yen ($2.41 billion) in loans used for a troubled investment in hotels in Japan, two sources with knowledge of the deal said.



Source: Reuters: Business News | 22 Apr 2010 | 11:31 pm

UK expected to have avoided double-dip recession

The UK is expected to notched growth of 0.4pc in the first three months of the year.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Apr 2010 | 11:19 pm

Welfare state could be the real loser from Britain's debt crisis

Good news from the deficit front. It's not as bad as we thought, chaps. It's just the £163.4bn for 2009-10, rather than the £167bn we feared
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Apr 2010 | 11:18 pm

Daniels is proving to be the great survivor

Some people will get to have their say twice on May 6. That is if you are a shareholder in Lloyds Banking Group which holds its annual meeting on the same day as the general election.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Apr 2010 | 11:15 pm

Volcanic ash cloud: hedge funds bet on fallout

Hedge funds betting against the fortunes of companies hit hard by the effects of the Icelandic ash cloud have increased their short positions by 12pc, according to analysis by Data Explorers.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Apr 2010 | 11:09 pm

The Goldman Sachs Fraud Case: How Risky Business Worked (Time.com)

Time.com - The SEC charges that once golden Wall Street firm Goldman Sachs misled its investors. How the rise of traders over bankers led the firm to riskier business
Source: Yahoo! News: Stock Markets News | 22 Apr 2010 | 11:05 pm

Obama attacks bank reform critics

US President Obama attacks critics of his banking reforms, warning that without change the financial crisis will be repeated.
Source: BBC News | Business | World Edition | 22 Apr 2010 | 10:50 pm

Crafar properties could go for $200m

The Crafar dairy farms, once New Zealand's biggest private dairy operation, could be worth more than $200 million, based on current market trends.The estimate was calculated on sales of dairy farms and grazing land in the Central...
Source: nzherald.co.nz - Business | 22 Apr 2010 | 10:42 pm

Goldman's Effect on the Financial Sector (Fund Manager Spotlight)

VIDEO: Oliver Pursche of the GMG Defensive Beta Fund on banks.



Source: SmartMoney.com | 22 Apr 2010 | 10:00 pm

How the Feds Try to Trick You Into Spending (Money and Your Mind)

Which stimulates consumers more: One lump rebate -- or a bunch of small ones?



Source: SmartMoney.com | 22 Apr 2010 | 10:00 pm

Bridal Discount Etiquette (Deal of the Day)

Tactfully pointing out sales to the bride; plus, valuable weekend coupons.



Source: SmartMoney.com | 22 Apr 2010 | 10:00 pm

Do Political Citizens Get Facts Wrong on Purpose? (By the Numbers)

Hough: A new study looks at how party loyalty relates to ill-informed debate.



Source: SmartMoney.com | 22 Apr 2010 | 10:00 pm

The Virtues of Slow and Sturdy

Bank of New York Mellon & State Street have better-than-average growth prospects.



Source: SmartMoney.com | 22 Apr 2010 | 10:00 pm

This Week's Business Tweets: Drive-Bys (Twitter Beat)

GM's CEO toots his own horn, while one Tweeter touts Yahoo.



Source: SmartMoney.com | 22 Apr 2010 | 10:00 pm

Broker Talk: Looking Beyond Goldman (Broker Talk)

Fraud cases aside, market watchers weigh the outlook for stocks.



Source: SmartMoney.com | 22 Apr 2010 | 10:00 pm

Federal investigation boosts concerns over debt-relief firms

Government Accountability Office finds companies give exaggerated descriptions of success rates while many clients end up deeper in debt.

A new report by undercover government investigators bolsters longstanding concerns that companies promising to help consumers overwhelmed by credit card and other debts often turn out to be financial predators that charge high fees but deliver little or nothing in return.



Source: L.A. Times - Business | 22 Apr 2010 | 9:26 pm

A long drive to global dominance for China carmakers

HONG KONG (Reuters) - Chinese car makers may have the world's largest market to play in but face many hurdles including a shortage of original models, an overcrowded industry and a lack of overseas acquisition targets before they can challenge for global leadership.



Source: Reuters: Business News | 22 Apr 2010 | 8:43 pm

UAL, Continental in no-premium merger talks: source

NEW YORK (Reuters) - United Airlines parent UAL Corp and Continental Airlines Inc are considering a stock-for-stock merger with no premium, creating a company valued at roughly $6.6 billion, a person familiar with the matter said on Thursday.



Source: Reuters: Business News | 22 Apr 2010 | 8:39 pm

Big bonuses are back. Backlash isn't.

Whatever happened to bonus rage?
Source: Business and financial news - CNNMoney.com | 22 Apr 2010 | 7:51 pm

Goldman underwrote, invested in Lloyds refinance: report

NEW YORK (Reuters) - Goldman Sachs Group Inc was involved as an underwriter and an investor in Lloyds Banking Group Plc's 23.5 billion pound (US$36.1 billion) refinancing in late 2009, the Financial Times said on Thursday, citing four people involved in the capital raising.



Source: Reuters: Business News | 22 Apr 2010 | 7:40 pm

SEC staff surfed for porn as US economy crashed

WASHINGTON - Senior staffers at the Securities and Exchange Commission spent hours surfing pornographic websites on government-issued computers while they were being paid to police the financial system, an agency watchdog says.The...
Source: nzherald.co.nz - Business | 22 Apr 2010 | 7:34 pm

CenturyLink and Qwest unveil merger

CenturyLink and Qwest revitalised consolidation in the telecoms sector by agreeing to merge their businesses in an all-stock deal which values Qwest at $22.4bn, including debt
Source: Financial Times - US homepage | 22 Apr 2010 | 6:55 pm

Most farmers markets to open Anzac Day

Most farmers' markets will open this Sunday, but many of them will trade in the afternoon out of respect for our national day of remembrance.Trading laws prevent most businesses from opening before 1pm on Anzac Day, but do allow...
Source: nzherald.co.nz - Business | 22 Apr 2010 | 6:30 pm

Cloud Computing Makes Americans Anxious

Storing files on remote servers whether those files are e-mails or medical records in a bad idea. The security the protects the data may be poor. That risks personal records, financial information, and business files being pirated by hackers for mischievous or criminal purposes. The hack into Google’s (NASDAQ: GOOG) and later break-ins to government [...]

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Source: 24/7 Wall St. | 22 Apr 2010 | 6:28 pm

No appetite to lash out at Goldman Sachs

Broad political support for the Financial Services Authority’s decision to investigate the London operations of Goldman Sachs was tinged with some doubt about whether the bank should be barred from government work while the inquiry goes on.


Source: Latest Business News from Times Online | 22 Apr 2010 | 6:01 pm

Pollution disaster as Deepwater Horizon oil rig sinks into sea

A team of engineers using an underwater robot was struggling last night to control one of the world’s most challenging oil spills after an explosion ripped apart and sank a rig leased by BP in the Gulf of Mexico.


Source: Latest Business News from Times Online | 22 Apr 2010 | 6:01 pm

Manufacturers see better times ahead but costs hit profits

Profit margins are being squeezed by rising prices for oil and raw materials, but confidence among British manufacturers is surging at its fastest rate since the end of the last recession.
Source: Latest Business News from Times Online | 22 Apr 2010 | 6:01 pm

Nokia hurt by further delays to smartphones

More than £5 billion was wiped off Nokia’s value yesterday after it warned of delays to the launch of new smartphones that can better compete with the Apple iPhone and others based on Google’s Android system.
Source: Latest Business News from Times Online | 22 Apr 2010 | 6:01 pm

The brakes will stay on economic revival

A blizzard of data over the past few days gives little reason to change the prevailing view of Britain’s economic prospects. The country is still muddling through towards a recovery of sorts but the dire state of public finances and the nervousness of consumers will make it a feeble upturn.
Source: Latest Business News from Times Online | 22 Apr 2010 | 6:01 pm

Vodafone market share sinks as 2degrees grows

Vodafone New Zealand, the local subsidiary of the U.K. phone operator, saw its market share sink below 50 per cent last year as new kid on the block 2degrees mobile entered the market after a lengthy lead-in time.The country's...
Source: nzherald.co.nz - Business | 22 Apr 2010 | 6:00 pm

US Adults Still Despair About Their Financial Condition

The percentage of people who feel that believe their financial situations are “good” or “excellent” fell to a new low in a Gallup poll which has been since 2001. That means the attitudes on the issues from the two deep recessions of the in 1973/1974 and 1983 are not available. Only 41% of those surveyed would rate their financial prospects are [...]

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Source: 24/7 Wall St. | 22 Apr 2010 | 5:59 pm

E-mails detail role of ratings firms in crisis

According to a fairly typical Standard & Poor’s internal e-mail in 2006, the credit rating agency’s highly favourable rating for a structured deal that later went sour “makes us look like idiots”
Source: Financial Times - US homepage | 22 Apr 2010 | 5:52 pm

Sunday Times Rich List 2010: the 10 richest hedge fund managers

Billionaire Louis Bacon, of London-based Moore Capital, is the richest hedge fund manager in Britain, according to the Sunday Times 2010 Rich List.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Apr 2010 | 5:46 pm

Awareness of Wage Inequality Causes No Action

Most adults in the UK, US, Canada, and Australia are aware of pay inequality. The does not seem to help women get equal pay with men. Recent Census data shows that female workers in the US make at 77% of what men do to perform the same job. A new Argus Global Monitor poll shows [...]

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Source: 24/7 Wall St. | 22 Apr 2010 | 5:41 pm

Kiwis heading for Australia again

Long term migration from New Zealand to Australia is on the rise again as the West Island's stronger economy becomes increasingly attractive to the weak local recovery.Seasonally adjusted figures prepared by ASB chief economist...
Source: nzherald.co.nz - Business | 22 Apr 2010 | 5:30 pm

Cameron and Brown claw back ground

Lib Dem leader, delivered another assured debate performance, cementing his position as a serious player in the election
Source: Financial Times - US homepage | 22 Apr 2010 | 5:28 pm

Brazil state bans Toyota Corolla

One of Toyota's most popular cars, the Corolla, has been banned from sale in a Brazilian state, which says the model is a safety risk
Source: BBC News | Business | World Edition | 22 Apr 2010 | 5:27 pm

Microsoft profits lifted by Windows 7

Last year’s launch of the Windows 7 PC operating system kept Microsoft on a growth path in the first three months of this year, though it continued to await the more sustained rebound in business spending that would lift its prospects more broadly
Source: Financial Times - US homepage | 22 Apr 2010 | 5:22 pm

Goldman roles in Lloyds deal in spotlight

Goldman Sachs was both an underwriter and an investor in Lloyds Banking Group’s vast refinancing deal late last year, the FT has learned, highlighting the potential conflicts of interest at the heart of the investment bank’s business model
Source: Financial Times - US homepage | 22 Apr 2010 | 5:04 pm

Bollard to hold OCR as he weighs timing of hikes

Reserve Bank Governor Alan Bollard will hold the official cash rate at a record-low 2.5 per cent next week, economists say, with all eyes on the wording he uses for the timing of the resumption of interest rate hikes.Economists...
Source: nzherald.co.nz - Business | 22 Apr 2010 | 5:00 pm

Hobbling Watson: Skiing can be a danger

Eric Watson is "up and about" in a Swiss private hospital after fracturing his back in a skiing accident.Speaking to the Herald last night from Zurich's exclusive Hirslanden Clinic, the multi-millionaire co-founder of Hanover...
Source: nzherald.co.nz - Business | 22 Apr 2010 | 5:00 pm

Road to freedom

New Indian highway network seems heaven-sent
Source: BBC News | Business | World Edition | 22 Apr 2010 | 4:50 pm

Write-Offs: 04.22.10

$$$ Goldman’s Dirty Customers [TDB]

$$$ Dear Mr. President: Think Like A Trader [WSJ]

$$$ Orszag Weighing Obama’s Appeal to Stay On as Budget Director [Bloomberg]

$$$ Years ago, the investment world and its professionals believed in long-term relationships. That meant nurturing the economy and the companies and people in it. Two decades of cheap money, though, helped turn the Street over to the traders. That led to a very different way of doing business. “With a trader, the goal of every minute of every day is to make money,” says Philipp Meyer, who worked for UBS as a trader in the late 1990s and early 2000s before going on to write about his time there. “So if running the economy off the cliff makes you money, you will do it, and you will do it every day of every week.” [TIME]

$$$ Madoff’s old office nears foreclosure [NYP]



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Business - Philipp Meyer - Wall Street Journal - President - Bloomberg
Source: Dealbreaker | 22 Apr 2010 | 4:39 pm

Goldman Sachs may not be the only firm in SEC cross hairs

The agency’s fraud suit against the Wall Street giant may foreshadow similar cases against other financial firms and trigger a wave of private litigation.

The government's fraud lawsuit against Goldman, Sachs & Co. could portend cases against other financial giants that turned subprime mortgages into complex securities while also accelerating a surge in private litigation against Wall Street.



Source: L.A. Times - Business | 22 Apr 2010 | 4:32 pm

ACC privatisation only if proven benefits - Wilson

New Zealand's ACC model is among the best in the world and privatisation should only be allowed if there is evidence it will improve the system, former ACC chairman Ross Wilson says.He was replying to reports the Government looked...
Source: nzherald.co.nz - Business | 22 Apr 2010 | 4:30 pm

US issues signal hope for IPO market

Capital markets had their biggest day for floatation in almost three years, with seven issues raising a total $577m beginning trading
Source: Financial Times - US homepage | 22 Apr 2010 | 4:12 pm

TSX rebounds to end higher on commods (Reuters)

Reuters - Toronto's main stock index rose for the fourth straight session on Thursday, rebounding from early losses on the back of energy and mining stocks.
Source: Yahoo! News: Stock Markets News | 22 Apr 2010 | 4:12 pm

Fabrice Tourre Tried To Exploit The Housing Crisis…

…by convincing his landlord in London to lower the rent on the apartment his shared with his girlfriend in Myddelton Square, Clerkenwell.

“He tried to get the rent down,” his landlord, Julian Jones, said. He renegotiated because there was a housing crisis. He said: ‘I think you should bring the rent down in line with the 20 per cent drop in house prices.’ She worked there at Goldman Sachs, but I think she left because she was going to start a new career, go back to college or something. That’s one of the reasons they wanted to get the rent dropped.”

Also, about the whole “fabulous” thing? Jones begs to differ.

Mr Jones said: “He was a very mild-mannered kind of young man, not a Fabulous Fab. I went in there to fix the sink once. Very, very ordinary middle- class lifestyle it seemed to me.

“He was always very polite and a bit of your average square corporate guy to me. I think he went jogging. If he is very highly paid, that’s quite a surprise because our flat we were renting was nice, but not that nice.”

‘Goldman Sachs banker Fabrice Tourre tried to get rent down’ [Times Online via BI]



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London - Goldman Sachs - Landlord - Renting - Apartment
Source: Dealbreaker | 22 Apr 2010 | 4:04 pm

Presented By:


Source: Dealbreaker | 22 Apr 2010 | 4:04 pm

Overseas visitors up 7pc in March

The 243,300 visitors from overseas making short-term trips to this country last month was 7 per cent higher than in March 2009, Statistics New Zealand (SNZ) says.A boom in Australian visitors continued, rising 17,500 or 20 per...
Source: nzherald.co.nz - Business | 22 Apr 2010 | 4:00 pm

Amazon profits up but shares fall

Online retailer Amazon reports a 68% rise in net profits for the first quarter of the year to $299m with turnover up by 9%.
Source: BBC News | Business | World Edition | 22 Apr 2010 | 3:51 pm

Stocks recover after Obama speech, home sales data (AP)

Traders work at the New York Stock Exchange, Thursday, April 22, 2010. Stocks fell Thursday following renewed concerns about Greece's debt problems and a disappointing forecast from eBay Inc.(AP Photo/Mark Lennihan)AP - The stock market recovered from early losses and closed modestly higher Thursday after President Barack Obama's speech on financial reform contained no unpleasant surprises.



Source: Yahoo! News: Stock Markets News | 22 Apr 2010 | 3:43 pm

How the major stock indexes fared on Thursday (AP)

AP - The stock market recovered from early losses and closed modestly higher Thursday after President Barack Obama's speech on financial reform contained no unpleasant surprises.
Source: Yahoo! News: Stock Markets News | 22 Apr 2010 | 3:25 pm

Summary Box: Stocks rebound after Obama's speech (AP)

AP - BIG COMEBACK: The stock market bounced back Thursday after President Barack Obama's speech on financial reform didn't contain any unpleasant surprises. The Dow Jones industrials rose 9 points after being down 108.
Source: Yahoo! News: Stock Markets News | 22 Apr 2010 | 3:16 pm

California heightens scrutiny on CDS

California, the largest issuer of state debt in the US, said it would require the 86 firms that underwrite its bond sales to report quarterly with details on their activity in credit default swaps, potentially lifting the veil on a largely unregulated make
Source: Financial Times - US homepage | 22 Apr 2010 | 3:00 pm

Lloyd Blankfein Had A Little Chat With The Guy Who Signs Matt Taibbi’s Paychecks

When Lloyd Blankfein agreed to attend Obama’s speech this morning, only because he absolutely had to and not because he just has buckets of free time to mosey up to Astor Place, he knew there’d be some people there he didn’t want to see. Bob Diamond. Shmuck reporters. Obama’s favorite banker who can do no wrong (who actually turned out to be a no show, which rankled LB even more that his presence would have, because Fabio can do whatever he wants and nobody gives him shit for it).

Lloyd did not anticipate coming face to face with the guy who supported Matt Taibbi’s little attempts at fiction writing, because really, who the fuck invited the publisher of Rolling Stone? And yet, there he was. Jann Wenner. The guy who gave Taibbi-cat the green light to sit at his typewriter trying to come up with theories for how Goldman Sachs has been able to take over the world, pausing only to periodically make sure the Thermos of horse semen in the fridge hadn’t congealed.

In truth, when Blankfein first spied the guy across the room, he was stunned. Not because it was Taibbi’s boss but because, as he whispered to Gary Cohn, “Damn, Kurt Russel has put on weight.” After the GS president corrected him and yanked his arm back anticipating what was about to happen (reader poll: would it really have been that big a deal for LB to do a crotch grab in Wenner’s direction?), it was decided that Blanks would walk over and say hey.

The publisher said Blankfein, who he’d never met, approached him before the speech began and said, “I feel like I know you,” mentioning the vampire squid article.

Have to say, kind of disappointed Blankfein didn’t go with the best party trick ever, which is to walk up to someone in a crowded room and go “I feel like I know you…Oh, that’s right. I know how I know you. You raped me!” And also disappointed that we have no further details on the chat. Obviously, though, you guys know what LB is like and could probably figure it out. What shit in particular do we think was shot?



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Lloyd Blankfein - Goldman Sachs - Gary Cohn - Barack Obama - Matt Taibbi
Source: Dealbreaker | 22 Apr 2010 | 2:58 pm

Microsoft: Windows 7 A Winner, All Other Results Weak

Microsoft (NASDAQ: MSFT) traded within pennies of its 52-week high today, a sign of the optimism that the market has about the technology sector in general and especially the  strength of the adoption of Window 7. The failure of Vista is now only an unpleasant memory Analysts expected the software giant to report earnings of $.42  for the period ended [...]

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Source: 24/7 Wall St. | 22 Apr 2010 | 2:48 pm

ETFs Tracking Gold, Oil Fall in First Quarter 2010: Audio


Source: Bloomberg - All Podcasts | 22 Apr 2010 | 2:32 pm

Amazon.com New Highs Fizzle on Earnings (AMZN)

Amazon.com Inc. (NASDAQ: AMZN) was hitting new all-time highs today before earnings.  The online e-tail giant posted $0.66 EPS on $7.13 billion in revenues versus $0.61 EPS and $6.87 billion in revenues.  There was a $185 million favorable impact from forex changes, so revenues are up 42% on apple to apples basis. The operating cash [...]

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Source: 24/7 Wall St. | 22 Apr 2010 | 2:18 pm

Law tackles U.K. caste discrimination

With more than 2 million citizens of Indian extraction, there have been increasing complaints from lower caste Dalits about discrimination. A new law addresses the problem. Stephen Beard reports.
Source: Marketplace | 22 Apr 2010 | 1:06 pm

How the beverage industry's changed

Twenty-five years ago Coca-Cola launched a sweeter Coke as a direct challenge to Pepsi, but its launch was a disaster. BevNET.com President John Craven talks with Kai Ryssdal about whether corporate America has learned its lesson and if it's easier now to launch new products.
Source: Marketplace | 22 Apr 2010 | 1:06 pm

How Greek debt woes may affect U.S.

European statisticians say the Greek budget deficit is worse than expected, which sent the euro tumbling. Brett Neely reports on the odds of the Greek tragedy becoming an American one.
Source: Marketplace | 22 Apr 2010 | 1:06 pm

Expiring tax credits drive home buying

A new report says monthly sales of previously occupied homes increased 6.8%. With government tax credits about to expire, this may be the last good news the housing market gets for a while. Mitchell Hartman reports.
Source: Marketplace | 22 Apr 2010 | 1:06 pm

Should Goldman fight fraud charges?

Word is Goldman Sachs has hired major firepower to try and win any court cases after being charged with fraud by the SEC. But the question for shareholders is to fight or not? Jennifer Collins reports.
Source: Marketplace | 22 Apr 2010 | 1:06 pm

Obama pushes for financial regulation

During a speech in New York, President Obama made a push for Wall Street reform -- just as the Senate prepares to debate its overhaul package. Jeremy Hobson reports momentum appears to be on the president's side.
Source: Marketplace | 22 Apr 2010 | 1:06 pm

A British Reporter Gets Nada from Lloyd

Here’s The Guardian’s Andrew Clark on a peculiar encounter with Lloyd Blankfein at Obama’s speech today. Gary Cohn was more forthcoming.

From The Guardian:

“Mr Blankfein, I’m Andrew Clark from The Guardian,” I said. “What did you think of the speech?”

Without a flicker of acknowledgement, Blankfein, 55, stared ahead and continued walking.

Walking alongside him, I asked: “Mr Blankfein, has your company done anything wrong?”

The Goldman boss was having none of it, striding onward without a sound. I tried again: “Mr Blankfein, what do you think of the SEC’s charges against your company?”

Still no response.

Rather awkwardly, given the lack of small talk, we both then got trapped in a crowded stairwell for a good three minutes while waiting for the Secret Service to allow guests to leave Cooper Union. Although we were less than three feet apart, the Goldman boss, who got a $9m bonus last year, maintained his adamant silence, except to warn a photographer taking his picture from above: “Don’t hurt yourself.”



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Lloyd Blankfein - Gary Cohn - Goldman Sachs - Cooper Union - SEC
Source: Dealbreaker | 22 Apr 2010 | 1:00 pm

Complicated language made clearer

A lot of communication is hopelessly confusing. Annetta Cheek, director of the Center for Plain Language, talks with Kai Ryssdal about the how the nonprofit started and who the worst offenders are in corporate America.
Source: Marketplace | 22 Apr 2010 | 1:00 pm

How An Indian Entrepreneur Learned To Love Paying Bribes

Gagan Singh

Gagan Singh, photographed this month in Delhi. (David Kestenbaum/NPR)

Planet Money's David Kestenbaum just got back from India. This, the first of several stories he'll be filing, is airing today on All Things Considered. We'll have a longer version on the podcast tomorrow.

Gagan Singh was 22 years old when he started a small business in Delhi, India, delivering telephone and Internet service. To get the business going, he needed to string up some wires and get licenses from the government. To make that happen, he had to start bribing people.

The first time he walked into an official's office to pay a $200 bribe, the official was "ultracool," making small talk and calling for tea, Singh says. "And I'm like, 'You bastard. I know what you want.' "

Singh had to bribe, basically, everybody: the lineman, the junior engineer, the senior engineer, their bosses. He hated it it. He didn't even want to be a businessman; he wanted to be an artist. Paying bribes went against his principles, he says.

Sing's 34 now. And somewhere along the line, his principles changed.

"Now I will pay bribes as much as possible," he says. "I ... even enjoy the process of paying bribes."

This may be more rational than it seems. In some cases, bribes may make economies work better, says Rema Hanna, a Harvard economist.

"If they're able to pay a bribe and cut a lot of the red tape, get around a lot of the bad laws, it might actually make things in the economy move a lot smoother and you might actually see more growth because of it," Hanna says.

Singh says his principles now include: "Just get your things done." To that end, he recently bribed a building manager who was threatening to cut some of his cables. Now, after the bribe, the manager is looking out for Gagan.

"He's like, 'I'll make sure that nobody cuts them, and even if anybody touches them, I'll cut their balls off.' So It's like he starts working for you. What more do you want?"

Singh business has grown, and now employs about 40 people. He spends most of his time drawing.

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Source: NPR Blogs: Planet Money | 22 Apr 2010 | 12:58 pm

Chanos: Obama Speech was “Measured”



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United States - President - Barack Obama - History - China
Source: Dealbreaker | 22 Apr 2010 | 12:45 pm

Obama calls on banks to support reforms

President Barack Obama urged a Wall Street audience that included Lloyd Blankfein of Goldman Sachs to stop opposing financial reform, arguing it would only hurt banks ‘bilking people’ out of money
Source: Financial Times - US homepage | 22 Apr 2010 | 12:43 pm

Success Made Simple: An Inside Look at Why Amish Businesses Thrive



What do technology-averse, horse-carting craftspeople know about business? Quite a bit, it turns out.

The Amish, that famous religious community concentrated mostly in Pennsylvania, avoid technology and cars. They have an eighth-grade education. Yet they’ve mastered many of the business concepts it takes the rest of us years to understand.

Author Erik Wesner, who writes the excellent AmishAmerica blog, spent two years researching Amish businesses in Pennsylvania and Ohio. His new book, “Success Made Simple: An Inside Look at Why Amish Businesses Thrive” is the result.

Through stories, quotes, and detailed research, Wesner explores the Amish approach to business. By weaving together the Amish experience, common business knowledge, and quotes from mainstream business gurus, he derives business lessons for the rest of us. As the title suggests, the Amish remind us that business doesn’t have to be a complicated venture.

What’s Inside

Here’s a general summary of what’s in each chapter:

Chapters 1 & 2: You learn about how the Amish use vision and faith to build successful firms. Next, Wesner explores how Amish people become successful with only an eighth-grade education, standard in the culture.

Chapter 3 describes the Amish approach to sales and marketing, which emphasizes relationship-building and customer service.

Chapter 4 dives more deeply into relationships and customer service. You also learn how the Amish tend their reputations and difficult clients.

Chapter 5 & 6 cover Amish approach to team-building, managing, and hiring. Many Amish people have to keep community interests at heart when hiring, firing, and motivating employees.

In Chapter 7, you learn how the Amish stay competitive. This includes how to compete in a friendly, sustainable way with others in your community—not something that’s standard in so-called English (American) culture.

Wesner wraps up the book with the Amish definition of business and success, leading readers to ponder what community, success, and their overall goals mean to them.

Thoughts on Style

When I first started reading the book, I couldn’t figure out whether Wesner was describing the Amish or imparting general business wisdom. He’d weave Amish tales, business expert quotes, and general business wisdom into the same section. After a little hesitation, however, the style grew on me. I ultimately saw it as unique and quite seamless.

If one thing about the book caught me off-guard, it was Wesner’s gentle, respectful treatment of the Amish. Chock it up to bad media conditioning. I suppose I expect business books to dictate something to me, and this one didn’t. It didn’t assume wrong or right. It was respectful. (Hey, maybe we could use more of this.)

Wesner also has a knack for illustrating how the Amish operate in their day-to-day lives. His stories, anecdotes, quotes, and research made me feel like I knew the Amish. I could tell he spent a lot of time with them.

Thoughts on Content

If you read business books, you’ve probably already learned some of Success Made Simple’s business lessons, which cover general business topics like marketing and human resources. The lessons I found most useful, however, were those I hadn’t heard before. These include how the Amish use faith as a catalyst for business motivation and success. Or how Amish treat competition when everyone’s in the same community.

I was also fascinated to learn that the Amish don’t go to court. That shines a new light on how to sift out and treat difficult customers without threatening them with legal action. These unique lessons, the ones you don’t find everywhere else, made the book stand out.

A Worthy Read

Success Made Simple is one of those books everyone can benefit from. Its mellow style and interesting anecdotes make it a good commuting or poolside companion. I especially recommend this book for business students, anyone interested in general business lessons, or anyone interested in the Amish.

Full disclosure: We got our paws on a free copy.



Source: Business Pundit | 22 Apr 2010 | 12:36 pm

Hintz, Albertson, Hoffman: Bloomberg Surveillance


Source: Bloomberg - All Podcasts | 22 Apr 2010 | 12:30 pm

Why Isn’t John Mack at the Obama Speech?

Here’s a list of notable attendees, released by the White House via The Washington Post, among the 700 who were invited to President Obama’s speech this afternoon. Curiously absent was John Mack who, in a moment of candor, famously said “We cannot control ourselves. You have to step in and control the Street.”

To be fair, it’s worth mentioning that Vikram Pandit, Brian Moynihan, Jamie Dimon, John Stumpf and other big bank CEO’s also skipped out.

Also, here’s Floyd Norris’ quick take on the speech.

Here’s the list:

Bob Diamond, Barclays

Paul Calello, Credit Suisse

Deborah Wright, Carver Bancorp, Inc

Barry Zubrow, JP Morgan Chase

Tom Nides, Morgan Stanley

Ruth Porat, Morgan Stanley

Gary Cohn, Goldman Sachs

Lloyd Blankfein, Goldman Sachs

Bruce Thompson, Bank Of America

Arthur Levitt, former SEC member

Harvey Goldschmid, former SEC chair

Bob Greifeld, CEO, NASDAQ

Paul Volcker

Penny Pritzker

Mark Gallogly

Timothy Duncan, American Business Leaders for Financial Reform

Jerome Davidson, National Consumers League

James Fishman, National Association of Consumer Advocates

Evena Guerrier, NYPIRG

Michael Hudson, Center For Responsible Lending

Melanie Johnson, National Consumers League

Norman Silber, Consumers Union

Rich Trumka, AFL-CIO

Andy Stern, SEIU

Denis Hughes, NY AFL-CIO

Greg Floyd, Teamsters

Anna Burger, Change to Win

George Gresham, SEIU 1199

Rep. Carolyn Maloney (D-N.Y.)

New York Governor David Paterson (D)

New York Attorney General Andrew Cuomo (D)

New York Mayor Michael Bloomberg (I)

Ruben Diaz Jr., Bronx Borough President

Thomas DiNapoli, State Comptroller

John Liu, New York Comptroller

Christine Quinn, New York City Council Speaker

Scott Stringer, Manhattan Borough President

Bill DeBlasio, New York Public Advocate

Richard Neiman, State Banking Superintendent

Jim Wrynn, State Insurance Superintendent



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Morgan Stanley - United States - Goldman Sachs - JPMorgan Chase - New York
Source: Dealbreaker | 22 Apr 2010 | 11:44 am

A Bad Day For Greece

By Jacob Goldstein

Greece needs that bailout sooner rather than later. And it may not be enough.

The EU just raised (again) its estimate of Greece's 2009 deficit. And officials said they still have "a reservation on the quality of the data reported by Greece" and may come back with another revision that's higher yet.

Moody's just lowered its rating on Greek debt, and said further downgrades could follow.

Bond investors bolted.

The difference between what it costs Greece to borrow money and what it costs Germany to borrow money -- a key measure of investor confidence -- shot up to its highest level since 1998.

Five-year contracts that pay off if Greece is unwilling or unable to pay its debt got a lot more expensive; the market is now pricing in a 41% chance of default, according Bloomberg News.

Greece has spent half of its modern life in default, according to one recent estimate. And the bailout promised by the IMF and EU is unlikely even to cover Greece's borrowing costs for this year.

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Source: NPR Blogs: Planet Money | 22 Apr 2010 | 11:22 am

Obama’s Wall Street “Roast”

Thoughts? Opening reaction– disappointed in the lack of Blankfein shout-outs (especially since Gary Cohn canceled a lunch to make this thing) and not enough jokes.



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Gary Cohn - Goldman Sachs - Lloyd Blankfein - Wall Street - Chief executive officer
Source: Dealbreaker | 22 Apr 2010 | 10:15 am

Presented By:


Source: Dealbreaker | 22 Apr 2010 | 9:38 am

One Of The Foreclosed Owners John Paulson Made A Billion Off Of Gives The Hedge Fund Manager Props

In a fun little exercise today, the Wall Street Journal got in touch with a few of the people who John Paulson correctly bet couldn’t pay their mortgages, which resulted in him making $1 billion, and them having their homes foreclosed on. If you assumed that some of them wouldn’t be in the mood to offer kudos to Paulson and his team for coming up with such a sweet trade and killing it for their clients, betting on their demise, you assumed wrong! Jack Booket gives it up for JP this morning.

Mr. Booket, a 44-year-old heating and air-conditioning repairman, owed $300,000 on his three-bedroom home in Aberdeen Township. His house was one of thousands that wound up in a pool of mortgages that were referenced in the so-called collateralized debt obligation, or CDO, which Goldman created for Mr. Paulson. The hedge-fund manager invested heavily in a form of insurance that could yield huge gains if the borrowers grew unable to pay. In 2006, Mr. Booket got hit by a car while riding a motorcycle from a late-night party, was unable to find much work and couldn’t pay the bank. In October 2008, he lost the house to foreclosure and plans to move out by next week. He says he bears no grudge against Mr. Paulson and Goldman. “The man came up with a scheme to get rich, and he did it,” says Mr. Booket, who had refinanced his mortgage just months before the accident. “So more power to him.”

Aw, that’s pretty nice, especially considering that there are at least a handful of people who haven’t been kicked out of their homes trying to demonize JP for all this. And, just putting it out there to JP, do you what you want with it– a show of gratitude to Booket for the good press in the form of waving the minimum to get in on the action at P&Co probably wouldn’t be turned down at this time.



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John Paulson - Hedge fund - Wall Street Journal - Collateralized debt obligation - Business
Source: Dealbreaker | 22 Apr 2010 | 9:38 am

Loyola's Kolb, Paul Wilmott: Bloomberg on the Economy


Source: Bloomberg - All Podcasts | 22 Apr 2010 | 8:53 am

Buik on Financial Regulation, Schork on Oil Prices: First Word


Source: Bloomberg - All Podcasts | 22 Apr 2010 | 8:40 am

Things to Do During Take Your Child to Work Day 2010


Image: David Reber’s Hammer/Flickr

If you’re honoring Take Your Child to Work Day 2010 by having little John or Susie accompany you to work, you need to make sure boredom isn’t an issue. The Take Our Daughters and Sons to Work Foundation has some neat activities on its website that will keep your kiddies occupied and out of trouble:

Mad Libs: This online game lets your kid fill out nouns, adjectives, numbers, and a long list of other grammatically-oriented terms having to do with a day in their life. At the end, you click the “Here’s a day in my life!” button at the bottom. It generates a day in your child’s life. You fill it out, too, and compare notes.

Change the World: Help kids realize their full potential with this activities worksheet.

Kids Bank teaches kids to budget with a variety of colorful, interactive images and games.

This guide offers creative discussions, Take Your Child to Work Day bingo, and other interactive games. Another guide gives you even more group activities. Also see pages 13 and 14 of this Take Your Child to Work Day guide. They offer a list of tips.

If your child really doesn’t like your job (or you don’t, and you need a break), find a museum, movie, or other kid-friendly venue to take your child to during lunch or after work.



Source: Business Pundit | 22 Apr 2010 | 7:59 am

What Obama's Going To Say Today About Finance Reform

By Jacob Goldstein

President Obama's going to be in New York City today, talking about finance reform. Politico posted some parts of the speech that have already been given to the press.

There's going to be a little bit of I told you so:

I take no satisfaction in noting that my comments have largely been borne out by the events that followed.

Some Wall Street-Main Street linkage:

Some on Wall Street forgot that behind every dollar traded or leveraged, there is family looking to buy a house, pay for an education, open a business, or save for retirement. What happens here has real consequences across our country.

And a call for support of the House and Senate finance-reform bills:

Both bills represent significant improvement on the flawed rules we have in place today, despite the furious efforts of industry lobbyists to shape them to their special interests. I am sure that many of those lobbyists work for some of you. But I am here today because I want to urge you to join us, instead of fighting us in this effort. I am here because I believe that these reforms are, in the end, not only in the best interest of our country, but in the best interest of our financial sector.

Here's more on the speech from NPR, the NYT, the WSJ and the Washington Post

More on finance reform: A bill on derivatives regulation passed a Senate committee yesterday -- and it won the vote of one Republican, Chuck Grassley. Meanwhile, work continues on a broader finance reform bill that could have at least some bipartisan support. "I'm more optimistic than I've ever been," Richard Shelby, the Republicans' lead negotiator on the bill, told the Washington Post. Formal debate on the bill could begin next week.

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Source: NPR Blogs: Planet Money | 22 Apr 2010 | 7:40 am

A Complete List of Earth Day 2010 Freebies and Deals

April 22 is Earth Day 2010. Many companies want to inspire you to go green by offering tempting deals, discounts, and freebies. We compiled a list of every deal we could find below.

Starbucks: Free coffee if you bring your travel mug.

Babies ‘R’ Us: 25% off all the clothes you can fit into a reusable tote (with this coupon).

Burt’s Bees: Free Head-to-Toe Starter Kit if you spend $50 online.

Hanes will plant a tree in your honor and send you a free T-shirt if you buy three of their products.

The Disney Store: Free baseball cap for bringing in 6 empty soda cans or plastic water bottles.

The BBC: Download part of the Planet Earth series for free on iTunes, until April 26.

Safeway: Buy 2, get 1 free on Safeway’s Bright Green line.

Origins: Bring your empty container of skin care for them to recycle, and receive a container of Origin’s chemical-free cleanser.

Walgreens: A free printer cartridge refill on April 22 with a coupon. Also, 22% off select green items.

CVS: $1 off every fourth visit if you have a reusable bag with a green bag tote on it–and an ExtraCare card.

Wegmans will give a free reusable bag to customers who come in with used plastic bags on April 24.

Amazon is having an Earth Day Sale with 30% or more off products.

National Parks are offering free entrance during the week of Earth Day.

Pottery Barn Kids: Kids receive a free plant at 11am and 3pm on April 22.

Sports Authority, the Body Shop, Timberland, Better World Books, Shoes.com: Coupon Sherpa has Earth Day coupons for all these stores.



Source: Business Pundit | 22 Apr 2010 | 7:33 am

The Goldman Sachs Case: Who Knew What, When?

By Jacob Goldstein

There's this key question in the Goldman case that we've been hashing out on the blog and the podcast: Did Goldman lead ACA Management to believe that Paulson & Co. was going to be a long investor in Abacus, the CDO at the center of the deal?

Paulson, in fact, was a short investor in Abacus. The SEC says Goldman misled ACA about this; Goldman denies it.

Testimony that came to light yesterday suggests ACA may have known Paulson was going to be a short investor, not a long. That's good for Goldman.

CNBC reported that a guy named Paolo Pellegrini, who worked for Paulson, met with a woman from ACA named Laura Schwartz. Here's CNBC on what Pellegrini told SEC investigators about that meeting:

In one part of Pellegrini's testimony, a government official asked him: "Did you tell (Schwartz) that you were interested in taking a short position in Abacus?"
"Yes, that was the purpose of the meeting," Pellegrini responded.
"How did you explain that to her?" the government official said.
"That we wanted to buy protection on traunches of a synthetic RMBS portfolio." Pellegrini said.

More on the Goldman case: