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United and Continental confirm $3bn merger$United Airlines and Continental Airlines have announced a $3 billion merger later today that will create the world$’s largest airline. Source: Latest Business News from Times Online | 3 May 2010 | 4:39 am Muted reaction to Greece bail-outEuropean markets give a muted reaction to the bail-out package aimed at rescuing Greece's embattled economy.Source: BBC News | Business | World Edition | 3 May 2010 | 4:19 am Apple iPad 3G: A 300,000 Unit Weekend And Blow To CompetitionGene Munster of Piper Jaffray, a notorious Apple (NASDAQ: AAPL) bull, says he estimates 300,000 3G iPads were sold this last weekend, its first on the market. This can be added to the one million WiFi-only iPads that have been sold since its was launched. The strength of the iPad does several good things for the company and may cripple [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 May 2010 | 4:14 am US airlines confirm merger dealUnited Airlines and Continental Airlines sign a merger deal to create the world's largest carrier.Source: BBC News | Business | World Edition | 3 May 2010 | 4:14 am Continental, United to combine in $3 bln deal (AP)
Source: Yahoo! News: Business News | 3 May 2010 | 4:11 am Indications: Stock futures up with focus on deals, data, GreeceMADRID (MarketWatch) -- U.S. stock futures were moving higher on Monday, looking to shake off the big sell-off of the prior session, with the much-awaited merger between Continental and United Airlines, scheduled economic data and the Greek aid package in focus.
Source: MarketWatch.com - Top Stories | 3 May 2010 | 4:06 am In Alaska, gulf spill brings back painful memories (AP)
Source: Yahoo! News: Business News | 3 May 2010 | 4:05 am United and Continental will mergeSource: Business and financial news - CNNMoney.com | 3 May 2010 | 4:05 am Oil spill may cost BP $3 billionThere are a lot of uncertainties right now about the Gulf oil spill. But one thing is clear: In addition to the intangible loss of wildlife, it's going to cost BP a lot of money.Source: Business and financial news - CNNMoney.com | 3 May 2010 | 4:04 am Greece set for bailout, markets unimpressedATHENS/BRUSSELS (Reuters) - European nations aim to formally launch the biggest ever financial bailout of a country this week, hoping to calm markets wary that Greece's rescue may be the first of several, expensive measures to shore up other economies.
Source: Reuters: Business News | 3 May 2010 | 4:01 am Hong Kong, Sydney lead Asian shares lowerAsian equity markets decline Monday as Beijing’s move to tighten monetary policy over the weekend drags on Chinese banking and property stocks in Hong Kong, while Australian miners are hit hard by the government’s plans for a new tax on the resources industry.
Source: MarketWatch.com - Top Stories | 3 May 2010 | 4:01 am China And The Deepwater Horizon: Oil’s Inexorable Move To $100Oil trade up near $87 today, and it is bound to move toward $100 this month. The estimates for the Deepwater Horizon incident now range as high as 100,000 barrels a day if the pressure from crude moving from under the ocean floor breaks off another section of pipe. Some experts expect the slick to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 May 2010 | 4:00 am Mutual Understanding: How to tell if a mutual fund is doing a good jobDirectors play a crucial role in determining a fund's performance. How to tell if they are doing a good job.
Source: MarketWatch.com - Top Stories | 3 May 2010 | 4:00 am German lawmakers ponder $11 bln for Greece bailout (AP)
Source: Yahoo! News: Business News | 3 May 2010 | 3:59 am Turn-by-turn battle: Sync vs. OnStarThe fight between General Motors' OnStar and Ford's Sync is getting serious.Source: Business and financial news - CNNMoney.com | 3 May 2010 | 3:55 am UAL, Continental to form world's largest airlineCHICAGO (Reuters) - UAL Corp, parent of United Airlines, will buy Continental Airlines Inc for $3.2 billion, in a deal that forms the world's largest airline, the two carriers said on Monday.
Source: Reuters: Business News | 3 May 2010 | 3:51 am Australian house price spike has RBA 'worried'Australian nationwide house prices jump a record one-fifth in value during the past 12 months, igniting worries of an emerging asset price bubble, and making an interest-rate hike at Tuesday’s Reserve Bank policy meeting a near certainly.
Source: MarketWatch.com - Top Stories | 3 May 2010 | 3:49 am Egypt signs $2B refinery deal with China (AP)AP - Egypt's oil ministry says it has signed a memorandum of understanding with two Chinese companies to build a $2 billion refinery that would be the largest such plant in the Arab nation.Source: Yahoo! News: Business News | 3 May 2010 | 3:46 am Mining stocks fall on tax plansAustralian mining shares suffer sharp falls amid concerns over the effect a planned tax rise will have on mining companies' profits.Source: BBC News | Business | World Edition | 3 May 2010 | 3:41 am Markets at a turning pointThe Dow Jones industrial average broke its 8-week winning streak last week, ending its longest run of gains in six years and setting stocks up for what could be a bigger pullback.Source: Business and financial news - CNNMoney.com | 3 May 2010 | 3:35 am Stocks set for early gainsU.S. stocks were set for a higher open Monday, as investors mulled a major deal in the airline sector and awaited a batch of economic reports.Source: Business and financial news - CNNMoney.com | 3 May 2010 | 3:33 am Euro-zone April PMI data jump, led by GermanyManufacturing output in April across the 16-nation euro zone expanded at its fastest clip in nearly 10 years, driven by a record performance in Germany and Austria, though Greece again saw a contraction, a survey showed Monday,
Source: MarketWatch.com - Top Stories | 3 May 2010 | 3:31 am 24/7 Wall St.’s Corporate Power Rankings: Week 16The 24/7 Wall Street Corporate Power Rankings of the thirty-two most important companies in America are determined by earnings, analyst rankings, important corporate news, trends in each firm’s industry, product introductions, management strength and change, and credible rumors. It is, in effect, a new version of the DJIA. The Corporate Power Rankings are released at [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 May 2010 | 3:20 am Greece: rescue plan includes (EURO)10 billion for banks (AP)AP - Greece's deputy finance minister says a massive rescue plan announced Sunday will include (EURO)10 billion ($13.3 billion) in support for Greek banks that could be affected by the country's expected three-year recession.Source: Yahoo! News: Business News | 3 May 2010 | 3:18 am The Futility Of Oil Spill Cost EstimatesThe Wall St. estimates of the cost of the BP Deepwater Horizon oil spill catastrophe are these: Analysts at Morgan Stanley put the figure at $3.5 billion, while analysts at Citigroup, Evolution Securities and Panmure Gordon put cleanup costs at under $1.1 billion. The CEO of BP plc (NYSE: BP) said that his company will pay all the expenses [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 May 2010 | 3:13 am Automaker Audi's 1Q revenues rise 23.3 percent (AP)AP - Audi AG, the maker of luxury cars including the TT, A5 and A8, said Monday that its first-quarter operating profit and revenues rose on demand in the U.S., China and parts of Europe.Source: Yahoo! News: Business News | 3 May 2010 | 3:11 am Hewitt on EuropeEuro poker - how Merkel signed up to Greek bail-outSource: BBC News | Business | World Edition | 3 May 2010 | 3:06 am Asian stocks drop as China raises bank reserves (AP)
Source: Yahoo! News: Stock Markets News | 3 May 2010 | 3:05 am Europe Markets: European stocks drop after Greek aid dealEuropean equities posted modest losses on Monday, as the agreement of a historic aid deal for Greece failed to quell fears that the debt crisis will spread to other nations within the euro zone.
Source: MarketWatch.com - Top Stories | 3 May 2010 | 3:04 am U.S. business loan demand climbs in March: PaynetCHICAGO (Reuters) - Small and medium-sized businesses in the United States are taking out more new loans and keeping up better with repayments on existing loans, both signs the economic recovery is gaining pace, PayNet Inc reported on Monday.
Source: Reuters: Business News | 3 May 2010 | 3:01 am Hydro locks bauxite supply in $4.9 bln Vale dealNorsk Hydro, Europe’s third-largest steel producer, agreed to buy key mining assets from Brazil’s Vale SA, a $4.9 billion deal that secures its bauxite needs for the next century and reduces its reliance on mining companies to gain access to the key raw material.
Source: MarketWatch.com - Top Stories | 3 May 2010 | 2:50 am HSBC says Dubai World plan fair, resolution in weeksDUBAI (Reuters) - Dubai World's restructuring plan is "very fair" and could be signed by lenders in coming weeks, a senior executive at one of its major bank creditors said on Monday.
Source: Reuters: Business News | 3 May 2010 | 2:49 am HSBC says Dubai World plan fair, resolution in weeksDUBAI (Reuters) - Dubai World's restructuring plan is "very fair" and could be signed by lenders in coming weeks, a senior executive at one of its major bank creditors said on Monday.Source: RSS feed - channel BNewsBusiness | 3 May 2010 | 2:49 am The best outdoor jobs to tackle nowYou probably know that boosting your home's curb appeal is one of the most important ways to maximize its value. But that doesn't mean you need to take on a pricey job like replacing the windows or installing a blue-stone walk. In fact, you'll probably get a bigger bang for your buck with upkeep that costs a few hundred dollars at most -- like touching up the paint, mulching planting beds, and staining fences and decks. "A lot of buyers expect to invest in big projects to customize the house, but no one wants to deal with deferred maintenance," says Rick Wohlfarth, a realtor in Cundy's Harbor, Maine.Source: Business and financial news - CNNMoney.com | 3 May 2010 | 2:46 am Stock futures signal gains; eyes on airlines(Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Monday, with futures for the S&P 500 up 0.31 percent, Dow Jones futures up 0.16 percent and Nasdaq 100...Source: RSS feed - channel BNewsBusiness | 3 May 2010 | 2:43 am Stock futures signal gains; eyes on airlines (Reuters)
Source: Yahoo! News: Stock Markets News | 3 May 2010 | 2:43 am Stock futures signal gains; eyes on airlines(Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Monday, with futures for the S&P 500 up 0.31 percent, Dow Jones futures up 0.16 percent and Nasdaq 100 futures up 0.3 percent.
Source: Reuters: Business News | 3 May 2010 | 2:43 am Greece takes $146 billion bailoutGreece accepted a bailout deal including tough austerity measures, Finance Minister George Papaconstantinou announced Sunday.Source: Business and financial news - CNNMoney.com | 3 May 2010 | 2:31 am iPad 3G sold out in 49 of 50 storesSource: Business and financial news - CNNMoney.com | 3 May 2010 | 2:29 am Another week at least of unabated Gulf oil geyser (AP)
Source: Yahoo! News: Business News | 3 May 2010 | 2:26 am Bryant's AustraliaIs Kevin Rudd's new mining tax an election tactic?Source: BBC News | Business | World Edition | 3 May 2010 | 2:22 am Tee timeGolf boom as rich Indians take to the fairwaysSource: BBC News | Business | World Edition | 3 May 2010 | 2:12 am Why the 'rich' aren't feeling so richOn Tax Day, April 15th, I picked up the Wall Street Journal and was amazed to see an editorial titled "A Message from HENRY" by a California financial advisor. The author, Mike Donahue, condemned the big and growing tax burden shouldered by high-earners like himself, a group he identified as "the HENRYs," in words so scorching that steam practically rose from the page. "We may be only a small percentage of the population, but we pay a large portion of the taxes and employ many," Donahue concluded. "If you take the incentives away, you will lose the HENRYs."Source: Business and financial news - CNNMoney.com | 3 May 2010 | 2:08 am Goldman has a big legal problemGoldman Sachs' legal headaches don't start and end with the Securities and Exchange Commission.Source: Business and financial news - CNNMoney.com | 3 May 2010 | 2:04 am Frost & Sullivan Recognizes TeraRecon's Accomplishments in Innovating Advanced Visualisation ApplicationsSource: RSS feed - channel BNewsBusiness | 3 May 2010 | 2:00 am Media Digest 5/3/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: UAL (NASDAQ: UAUA) and Continental’s (NYSE: DAL) boards approved a merger. Reuters: Investors are concerned about the Greek rescue package. Reuters: Buffett of Berkshire Hathaway (NYSE: BRK.B) defended Goldman Sachs Group (NYSE: GS) and was optimistic about the economy. Reuters: Oil remained at about $86. Reuters: Apple (NASDAQ: AAPL) got a good response to sales of [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 May 2010 | 1:52 am Oil below $86 as traders eye Gulf crude spillOil prices fell below $86 a barrel Monday in Asia as traders eyed whether a massive crude spill in the Gulf of Mexico would slow imports to the U.S. Benchmark crude for June delivery wasSource: RSS feed - channel BNewsBusiness | 3 May 2010 | 1:36 am ECB extends lifeline to GreeceGreece is given an unprecedented lifeline by the European Central Bank that will boost the attractiveness of its crisis-hit government bond marketSource: Financial Times - US homepage | 3 May 2010 | 1:34 am A murky picture as seafood industry eyes oil slickAs a giant oil slick lapped at southeastern Louisiana's ecologically sensitive coast, chefs, restaurant owners and seafood dealers were certain it would squeeze the state's $2.4 billion...Source: RSS feed - channel BNewsBusiness | 3 May 2010 | 1:30 am German Cabinet takes up bailoutGerman Chancellor Angela Merkel's Cabinet is taking up legislation to provide Greece with billions of euros in aid as part of a European Union bailout plan. Merkel says she is...Source: RSS feed - channel BNewsBusiness | 3 May 2010 | 1:21 am German Cabinet takes up bailout (AP)
Source: Yahoo! News: Business News | 3 May 2010 | 1:21 am Greece rushes austerity cuts as anger buildsGreece's socialist government rushed on Monday to push through parliament a fresh round of spending cuts in the face of public anger at the price to pay for the 110-billion-euro...Source: RSS feed - channel BNewsBusiness | 3 May 2010 | 1:11 am SunPower Announces New, Maximum Efficiency Solar Panel Product LineSource: RSS feed - channel BNewsBusiness | 3 May 2010 | 1:05 am ECB suspends rating threshold for Greek debtThe European Central Bank suspends the minimum credit-rating threshold for all Greek government debt, a day after Athens agreed to stringent austerity measures in return for a 110-billion-euro bailout package from its euro-zone partners and the International Monetary Fund.
Source: MarketWatch.com - Top Stories | 3 May 2010 | 1:04 am Euro, stocks fall on Greece bailout fears (Reuters)
Source: Yahoo! News: Stock Markets News | 3 May 2010 | 1:02 am Feds doing 1st investigation of major meatpackersAn official representing beef producers says a first-ever investigation into whether large meatpackers are illegally or unfairly driving down cattle prices is under way. Bill Bullard is...Source: RSS feed - channel BNewsBusiness | 3 May 2010 | 1:00 am L.A. County program helps jobless and struggling firmsFederal stimulus money is being used to shift up to 10,000 people from unemployment to temporary jobs paying $10 an hour. The free workers are welcomed by hundreds of businesses.A little-known Los Angeles County jobs program is paying $10 an hour to several thousand workers at temporary jobs in businesses around Los Angeles, including hundreds of small firms.
Source: L.A. Times - Business | 3 May 2010 | 1:00 am L.A. County jobless program works for employers tooFederal stimulus money is being used to shift up to 10,000 people from unemployment to temporary jobs paying $10 an hour. The subsidized workers are welcomed by hundreds of businesses. ...Source: RSS feed - channel BNPaperBusiness | 3 May 2010 | 1:00 am European countries, IMF offer Greece $146 billion in loansEurozone members act to protect their currency. In exchange for the aid, debt-ridden Athens announces new austerity measures.Source: RSS feed - channel BNPaperBusiness | 3 May 2010 | 1:00 am J.D. Power survey finds more consumers are willing to switch banksThe firm's retail bank survey also breaks out results in California, where Bank of the West and Union Bank get the highest ratings.Like them or not, banks can be hard to leave. Who wants to transfer accounts, get used to new branch locations or master a different online banking system?
Source: L.A. Times - Business | 3 May 2010 | 1:00 am L.A. County program helps jobless and struggling firmsFederal stimulus money is being used to shift up to 10,000 people from unemployment to temporary jobs paying $10 an hour. The free workers are welcomed by hundreds of businesses. ...Source: RSS feed - channel BNPaperBusiness | 3 May 2010 | 1:00 am Can a new prison save a town?Many California towns welcome new correctional facilities — and the jobs that come with them — hoping they'll revive the local economy. But the results can be disappointing. ...Source: RSS feed - channel BNPaperBusiness | 3 May 2010 | 1:00 am Southwest Airlines chief is flying highGary Kelly's bold 'bags-fly-free' move is paying off with a strong first-quarter profit and big growth in its market share.Two years ago, Gary Kelly drew a competitive line in the sand when he decided not to charge passengers for their bags.
Source: L.A. Times - Business | 3 May 2010 | 1:00 am Can a new prison save a town?Many California towns welcome new correctional facilities — and the jobs that come with them — hoping they'll revive the local economy. But the results can be disappointing.Wanda Leung sits at her restaurant's cash register, flipping through a newspaper. It's lunchtime, but the turquoise stools at the counter are empty.
Source: L.A. Times - Business | 3 May 2010 | 1:00 am J.D. Power survey finds more consumers are willing to switch banksThe firm's retail bank survey also breaks out results in California, where Bank of the West and Union Bank get the highest ratings. ...Source: RSS feed - channel BNPaperBusiness | 3 May 2010 | 1:00 am L.A. County jobless program works for employers tooFederal stimulus money is being used to shift up to 10,000 people from unemployment to temporary jobs paying $10 an hour. The subsidized workers are welcomed by hundreds of businesses.A little-known Los Angeles County jobs program is paying $10 an hour to several thousand workers at temporary jobs in businesses around Los Angeles, including hundreds of small firms.
Source: L.A. Times - Business | 3 May 2010 | 1:00 am Southwest Airlines chief is flying highGary Kelly's bold 'bags-fly-free' move is paying off with a strong first-quarter profit and big growth in its market share. ...Source: RSS feed - channel BNPaperBusiness | 3 May 2010 | 1:00 am European countries, IMF offer Greece $146 billion in loansEurozone members act to protect their currency. In exchange for the aid, debt-ridden Athens announces new austerity measures.
Source: L.A. Times - Business | 3 May 2010 | 1:00 am Peter Brimelow: Head and shoulders vs. Dow TheoryStocks suffer their worst week since January, and bears are making interesting growls. But at least one key bull is unmoved. And his record is good.
Source: MarketWatch.com - Top Stories | 3 May 2010 | 1:00 am Noble Group to Report 1st Quarter 2010 Results on 6th May 2010Source: RSS feed - channel BNewsBusiness | 3 May 2010 | 12:30 am Mining shares hit by 40% tax in AustraliaThe shares of mining companies dropped in Australia on Monday after Canberra announced at the weekend that it would impose a new 40 per cent tax on profits generated by resource companies. Fears...Source: RSS feed - channel BNPaperBusiness | 3 May 2010 | 12:24 am Mining shares hit by 40% tax in AustraliaAustralia’s centre-left government infuriated the country’s mining industry on Sunday by announcing plans for a 40 per cent tax on profits generated by resource companiesSource: Financial Times - US homepage | 3 May 2010 | 12:24 am Sterling gold price hits new highThe gold price has hit a new all-time high in sterling terms as concerns about a hung parliament in Britain.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 May 2010 | 12:15 am NZ dollar closes highThe New Zealand dollar consolidated at higher levels today after surging above US73c against the greenback for the first time in more than three months overnight on Friday.The NZ dollar peaked around US73.25c and by 5pm today...Source: nzherald.co.nz - Business | 2 May 2010 | 11:32 pm Goldman Sachs reportedly 'tightening' practicesGoldman Sachs is reportedly planning to change the way it interacts with institutional clients, a move that could be part of a shift to help settle charges brought against the firm by U.S. securities regulators.
Source: MarketWatch.com - Top Stories | 2 May 2010 | 11:00 pm Growth? Sure. Expansion? Not So Fast. (Pundit Watch)Economists say hurdles remain before the next phase of recovery.
Source: SmartMoney.com | 2 May 2010 | 10:00 pm 10 Things Home-Security Firms Won't Tell You (10 Things)It doesn't take a pricey alarm system to deter most break-ins.
Source: SmartMoney.com | 2 May 2010 | 10:00 pm Personal Brokers: Now Just for the Wealthy?What to do if your broker wants to move you to a lower tier of service.
Source: SmartMoney.com | 2 May 2010 | 10:00 pm Changes to financial adviser regime proposedCabinet has decided to make changes to the financial adviser regime which Commerce Minister Simon Power says will make a big difference for industry members working to comply with it.Mr Power said the commerce select committee,...Source: nzherald.co.nz - Business | 2 May 2010 | 9:40 pm Australian miners slump on new tax (AFP)
Source: Yahoo! News: Stock Markets News | 2 May 2010 | 9:30 pm Sony has high hopes for DashThe onetime titan of consumer electronics is trying to rekindle its old magic with a new device that streams a variety of Web services. 'It's a dashboard for your online life,' one exec says.About two months ago, Rob Wiesenthal was sitting in bed at his home in New York, reading a magazine, when he noticed something out of the corner of his eye.
Source: L.A. Times - Business | 2 May 2010 | 9:01 pm Sony has high hopes for DashThe onetime titan of consumer electronics is trying to rekindle its old magic with a new device that streams a variety of Web services. 'It's a dashboard for your online life,' one exec says. ...Source: RSS feed - channel BNPaperBusiness | 2 May 2010 | 9:01 pm The United-Continental Merger: Airlines Are Still A 'Gruesome' BusinessBy Jacob Goldstein It costs tons of money just to keep an airline going, and even more to make it grow. Meanwhile, customers are always ready to bolt if they can save a few bucks with some other airline. A few years back, Warren Buffett called the economics of the industry "gruesome." The Continental-United merger, which will reportedly be announced tomorrow morning, may make things slightly less gruesome for the companies. But the picture will still be pretty ugly. Continental and United are both "legacy carriers" -- big airlines that have been around since before the industry was deregulated in 1978, and that still tend to have higher operating costs than their newer, cheaper competitors. And while the recession has certainly been hard on the legacy bunch, their problems run much deeper than the latest downturn. Between them, United and Continental have filed for bankruptcy three times in the past 30 years: Continental went into bankruptcy once in 1983 and again in 1990; United entered bankruptcy in 2002, and didn't emerge until 2006. The five big legacy carriers -- Delta, United, American, Continental and US Airways -- lost $29 billion over the past five years, the WSJ's airline columnist noted recently. "The economic rebound surely will help, but they can't keep flying if they make a little bit in the good times and lose a lot in the downturns," he wrote. The Continental-United merger would create the country's biggest airline, with a market share of about 20%. The combined airline (which would have to be approved by federal regulators) would be able to raise fares for some routes -- particularly those where there isn't much competition from low-cost airlines like Southwest. It would also allow the companies to cut some jobs. But it's not clear that the combined airline (which would be known as United) would be consistently profitable. For the moment, the nation's largest airline is Delta, whose 2008 merger with Northwest came with the typical promise of cost savings and revenue growth. Delta lost $256 million in the first three months of this year, but may turn a profit this quarter. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 May 2010 | 8:45 pm Cheaper flights tipped as Air NZ unveils Virgin Blue allianceA proposed alliance between Air New Zealand and Virgin Blue has both companies promising lower fares.Virgin Blue co-founder and chief executive Brett Godfrey said the alliance would deliver cheaper transtasman fares for travellers."At...Source: nzherald.co.nz - Business | 2 May 2010 | 8:00 pm Obama: Sombre oil leak outlookUS President Barack Obama says an oil slick in the Gulf of Mexico is a "potentially unprecedented" environmental disaster.Source: BBC News | Business | World Edition | 2 May 2010 | 7:42 pm China raises required reserves as inflation stirsBEIJING (Reuters) - China on Sunday raised the proportion of deposits that lenders must keep in reserve at the central bank, another step in its months-old campaign to mop up excess cash in the economy at a time when inflation is on the rise.
Source: Reuters: Business News | 2 May 2010 | 7:06 pm Berkshire Hathaway Shareholder Meeting 2010Berkshire Hathaway shareholder Curtis Joe Walker was back at the jamboree again this year, bringing Warren Buffett straight to you. Here are his stories. The Reception Knowing how this thing works, I come prepared. Rather than waiting 15 minutes for a lousy drink and having to face the crowd sober, I made a pit stop in the parking lot with some premium cannabis sativa. AK-47, for those taking notes. In addition to alleviating my social anxiety, it allows me to read the thoughts of others. A power I would otherwise have no grasp of around this many people. Mostly, people tend to be thinking about how awesome my mustache is. Or how they’re glad I’m not their son in law. As usual, the reception crowd is well-dressed and predominantly local. People are from all age groups, but with a trend towards middle age. Very few aren’t white. I only spotted two cowboy hats. Compared to the actual meeting, there are a lot more youngsters. Perhaps they should have an open bar at the meeting itself.
It occurs to me that Berkshire is a very good stock for people who aren’t too financially savvy and don’t have the temperament for day trading or even paying attention to stock prices. It works better than a mutual fund, because there’s no fund manager trying to validate his salary by seeking out career-building deals. Sure, Buffet does deals, but he only makes money on the good ones. The Berkshire Hathaway Annual Report is available here. There’s Nothing Like The Smell of Khaki’s In The Morning
Awating me inside are danishes, coffee and Coke. As the doors open, people lose all sense of decency. Cutting in line, scooting past people, etc. The prize at stake isn’t the free carbs, it’s seats. The Main Arena only holds about 20,000 people. Last year, there were 35,000. People want to avoid getting stuck in one of the satellite rooms. This year, it works a little differently: Instead of jockeying for nosebleed seats, many people now head straight for the ballroom to get the best seats available there. Latecomers, seeing the rush for ballroom seats figures the arena seats are already full. In short, the arena feels a little emptier, despite numbers that will probably rival last year’s. The Meeting
It starts off with a financially educational children’s show, Secret Millionaire’s Club. It’s cheesy, but better than some of the drek on PBS (I’m looking at you, Dinosaur Train). Plus, it teaches something that kids actually need to know about in order to survive (Still looking at you). Much of the rest of the program is all new material. Commercials from Coke, Geico, Garanimals. Some new comedy bits. One with Charlie and The Desperate Housewives and one with Warren pitching for the Red Sox and striking A-Rod out. Warren even edited himself into a supporting role in the new Wall Street movie. Overall, it’s good fun. This indicates it’s been a good year for Berkshire.
The meeting itself is a big Q&A session with an open mic to the world’s second richest man. Though Gates is also at the meeting, he doesn’t ever address the crowd. The questions fall within a range encompassing ass-kissing or self-serving to esoteric or insightful. The first, as a warm-up and to get the most common question out of the way, one of the press asked about Goldman Sachs. Turns out, Warren loves the situation. Right now, it’s paying back about $.15 per second, or $500mln per year. Goldman can do a buyout for $5.5bln, but TARP rules won’t let them, and BRK is in a much better position for income than it would be with the cash. Predicting this would be a big question, Buffet prepared a slide showing the investors in his original $5.5mln at Diversified Holdings in 1967. Goldman is on the list, though they preferred to keep this secret at the time. Wall St. Reform: Charlie and Warren agree that something needs to be done. Charlie even goes as far as blaming congress instead of the banks later in the day. Neither have read the current 1550 page bill, so they won’t comment on it specifically. Derivatives position: As he understands it, BRK’s investments in derivatives will not be subject to the collateral requirements set forth in the bill. Warren compared it to selling a house: $120k furnished or $100k unfurnished. Buyer takes the unfurnished one, then the gov’t comes back and says that furniture is required on the house you already sold and now you have to give the furniture to the guy for free. Charlie says the law could pull capital out of an operating company, just to be sent to Wall Street as a bond. The law, as Warren understands it, will only apply to businesses who’s future is critical to the nation like the bailout banks were. BRK carries only about 250 contracts and total investment is less than 1% of what the specialists carry. Harley Davidson: Someone asked why BRK didn’t buy stock. It was easy to figure out what 15% was going to make us. Buying stock would have required knowledge of the motorcycle industry and so forth. Junior securities may make you richer, but senior securities make you sleep better. Corporate Culture: It can’t be changed. Build your own company around the culture you want to cultivate. India: Hard to get into for insurance. Iscar should be opening there someday though. Inflation: Bet on it. Maybe even much higher inflation. -Charlie Munger College: McDonald’s is better at educating than colleges are. They successfully teach people discipline and responsibility. Later notes no formal apology from any business school for the current economic situation. Adds, “Your money can be inflated away. Your talent cannot.” Taxes: Guy asks Warren why, if he believes in higher taxes on the rich is he denying the gov’t any access to it. His move to bequeath nearly all of his estate to charity will keep it out of their hands. For society and humanity, he thinks his money will serve a higher purpose in the hands of a charity. On taking advice: If the problem doesn’t bother people more knowledgeable in the area than you, it shouldn’t bother you either. – Charlie Munger Stock tips: KRAFT was stupid to sell it’s pizza business and buy Cadbury. The company’s stock is now valued at less than the sum of its component parts. While the move seems stupid, he hasn’t discussed the reasoning behind it. Of course, BRK is always suggested buying. Charlie’s sales pitch goes something like this: Berkshire is a good stock. While we are stupid in many ways, we have avoided a small, but important, subset of stupidity. Long term investing: Look at a stock as a portion of a business you expect to do a certain amount of business each year and produce a predictable amount of profit. Think about it like buying a farm. Don’t look at day-to-day stock prices which are irrational and emotional. Look at the produce it will create at harvest. Predictions: Lowering the expectations is easier than delivering results. Energy: Charlie says he never misses an opportunity to put solar panels on his roof. Too expensive and he’s gotta think about the long term payoff since he’s 86. He does, however, believe that prices will fall and humans ingenuity will solve the future energy needs of the species through solar energy, enhanced power grids, and things we can’t imagine yet. The short, overall message is this: Be honest. Be logical. Do what you love. Invest with Berkshire. Fix the problems. SPENDING SPREE
I picked up a Geico Caveman T-shirt too. Why? I dunno. It seemed like a dumb idea last year. If anything, I’ve learned that most of the ideas from last year were themselves dumb. Therefore, last year’s dumb ideas must be this year’s good ones. Also, I’m hoping people will wonder what Ché has to do with Geico.
In the end, I only spent 2 shares of BRK.B. I could have gotten a house to put it in for a share of Class A though.
Until next year, Omaha. Keep it classy. 
Source: Dealbreaker | 2 May 2010 | 7:00 pm Rogue trader: 'I was only a prostitute in great banking orgy'The five-billion-Euro rogue trader Jerome Kerviel will claim in a book this week that he was merely a "prostitute" in the "great banking orgy" and should be treated leniently in his trial next month.Kerviel, 33, has broken a long...Source: nzherald.co.nz - Business | 2 May 2010 | 6:30 pm Oil Spill Comes AshoreThe oil spill has begun to reach shore according to NOAA maps. Douglas A. McIntyre Filed under: Oil & Gas[[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 May 2010 | 6:28 pm Feisty Buffett supports Goldman, high on economyOMAHA, Nebraska (Reuters) - Warren Buffett on Sunday intensified his feisty defense of a controversial mortgage transaction marketed by Goldman Sachs Group Inc, saying the investment bank's behavior does not warrant public fury.
Source: Reuters: Business News | 2 May 2010 | 6:20 pm Formula 1 and football stars dominate rich listThe bulk of the UK and Ireland's richest sportsmen are linked to football or motor racing, a report says.Source: BBC News | Business | World Edition | 2 May 2010 | 6:15 pm Obama flies in to disaster zone as currents drive slick around GulfA month ago President Obama opened large areas of US coastal waters to offshore drilling with the reassurance for the American people that “oil rigs today generally don’t cause spills”. Source: Latest Business News from Times Online | 2 May 2010 | 6:01 pm The Sage’s verdict on Goldman SachsIf senators had invited Warren Buffett to their hearing on Goldman Sachs last week, the event might not have dragged on for 11 agonising hours. Source: Latest Business News from Times Online | 2 May 2010 | 6:01 pm Amid the controversy surrounding Kraft’s takeover of Cadbury, one rival could say ‘been there, done that’It seems a little churlish to spend time talking about Kraft’s bid for Cadbury with the chief executive of Nestlé UK & Ireland, yet it is undeniably relevant. Kraft, for one thing, would not have been able to put £11.4 billion on the table if it hadn’t sold its frozen pizza business for $3.7 billion to Nestlé.$ Source: Latest Business News from Times Online | 2 May 2010 | 6:01 pm Branson’s big idea for cosmetics finally expiresThe remnants of Virgin’s retail cosmetics business, which was launched by Sir Richard Branson 13 years ago, have been liquidated. The administrator’s final report for Effective Cosmetics Retail — as the Virgin stores were renamed under new management — reveals that the company was liquidated owing £3.3 million. Source: Latest Business News from Times Online | 2 May 2010 | 6:01 pm Miners braced for plunge in earnings as Australia draws up fresh tax grabSome of the biggest companies listed in London face soaring tax demands after Australia said that it would press ahead with plans to further tap the profits of miners. Source: Latest Business News from Times Online | 2 May 2010 | 6:01 pm Business big shot: Michelle Feeney of St TropezBritain’s Wags may not have heard of her, but they surely owe Michelle Feeney a vote of thanks. Here is the woman, rightly or wrongly, who is credited with supplying the shade of amber that seems to be the skin colour of choice of the wives and girlfriends of footballers (and other celebs) that jostle for space in the tabloid gossip columns. Source: Latest Business News from Times Online | 2 May 2010 | 6:01 pm Sorting out immigrationThe economic hot topics in the general election have been the budget deficit and immigration. What are the economics of immigration? Britain has large inflows and outflows of people each year, and inflows have exceeded those leaving for some time. Thus the population is rising, with net immigration, rather than births and deaths, being the reason. This looks set to continue. Source: Latest Business News from Times Online | 2 May 2010 | 6:01 pm Sanctions on Iran have failed. The US must target its oilWhen Mahmoud Ahmadinejad walks up to the podium today in New York to deliver another blast of venom, the only proper response is for the US to hit Iran’s economy with much tougher sanctions than anyone has yet tried. That means targeting its oil industry, not just its leaders and its banks. Source: Latest Business News from Times Online | 2 May 2010 | 6:01 pm Staycations fail to save hotels as business travel slumpsThe number of hotel companies going bust jumped by 61 per cent to 122 last year as the benefits of the weak pound and the staycation summer were offset by the slump in business travel. Source: Latest Business News from Times Online | 2 May 2010 | 6:01 pm Ecoya debuts at issue price on NZXShares in home fragrance company Ecoya debuted on the New Zealand sharemarket today at the issue price of $1.Brokers said a trade of 1177 shares at $1 each went through the market late morning.It is the first initial public...Source: nzherald.co.nz - Business | 2 May 2010 | 6:00 pm United-Continental merger OKd by airlines' boards, sources sayThe air carriers are expected to announce that they are combining operations to form the world's largest airline. ...Source: RSS feed - channel BNPaperBusiness | 2 May 2010 | 5:58 pm United-Continental merger OKd by airlines' boards, sources sayThe air carriers are expected to announce that they are combining operations to form the world's largest airline.United and Continental airlines are expected to announce Monday morning that they are combining operations to form the world's largest airline, after their boards voted to approve the deal Sunday afternoon, sources said.
Source: L.A. Times - Business | 2 May 2010 | 5:58 pm Eyes on jobs, Greece and Goldman (Reuters)
Source: Yahoo! News: Stock Markets News | 2 May 2010 | 5:54 pm Australia government, miners dig trenches in tax battleCANBERRA (Reuters) - Australia's government girded on Monday for a battle with global miners over its plan to slap the industry with a new 40 percent profits tax, after two home-grown mining giants said the move would threaten investment.
Source: Reuters: Business News | 2 May 2010 | 5:44 pm Amputations spark meat plant probeThe Labour Department is investigating a Southland meat plant after claims 12 staff lost 13 fingers between them while using bandsaws in the past 18 months.Among those injured was one person who returned to working on the saws...Source: nzherald.co.nz - Business | 2 May 2010 | 5:22 pm Video clue in New York bomb huntNew York police disarmed a car bomb inside a sport utility vehicle parked in the city’s busy Times Square district, averting what officials say could have been a deadly act of terrorismSource: Financial Times - US homepage | 2 May 2010 | 5:16 pm Eurozone agrees €110bn Greece loansEurozone finance ministers approve a €110bn package of emergency loans aimed at averting a sovereign default by Greece and preventing a confidence crisis spreadingSource: Financial Times - US homepage | 2 May 2010 | 4:49 pm NZ sharemarket heads lower after Wall St tumbleThe New Zealand sharemarket headed lower in early trading, after a tumble by stocks in the United States at the end of last week.Around 10.20am today, the benchmark NZX-50 index was down 10.73 points to 3275.39, after a 3.9-point...Source: nzherald.co.nz - Business | 2 May 2010 | 4:49 pm Obama pledges to spare no effort in oil clean-upHigh winds and heavy seas off the US Gulf coast hindered efforts to hold back an expanding offshore oil spill as the first traces of crude pumping from a fractured deep-sea well reached fragile barrier islandsSource: Financial Times - US homepage | 2 May 2010 | 4:38 pm Euro partners agree on massive Greek bailoutBRUSSELS - European governments and the International Monetary Fund have committed to pull Greece back from the brink of default, agreeing on ?110 billion in emergency loans on the condition Athens make painful budget cuts and tax...Source: nzherald.co.nz - Business | 2 May 2010 | 4:30 pm Small-Business In Box: How to research the competitionAlso: Getting payments faster and identifying profitable ideas. Dear Karen: How can I research my competitors?Source: RSS feed - channel BNPaperBusiness | 2 May 2010 | 4:26 pm Small-Business In Box: How to research the competitionAlso: Getting payments faster and identifying profitable ideas.Dear Karen: How can I research my competitors?
Source: L.A. Times - Business | 2 May 2010 | 4:26 pm UAL and Continental to announce mergerThe parent of United Airlines along with Continental Airlines are expected to announce a merger of the two US carriers, creating the world’s largest airlineSource: Financial Times - US homepage | 2 May 2010 | 4:19 pm Travel Briefcase: Iceland volcano hit business travel hardAlso: Fines for stranding passengers on a delayed plane are serious, Transportation secretary says. And Los Angeles' visitors bureau is courting groups that have canceled their conventions in Arizona.The Icelandic volcano Eyjafjallajokull, whose name no one can seem to pronounce (it's ay-yah-FYAH-lah-yer-kuhl ), made a pronounced impact on business travel last month.
Source: L.A. Times - Business | 2 May 2010 | 4:05 pm Goldman plans to overhaul practicesGoldman plans to change some of its practices in dealing with institutional clients, a step that could help it settle charges filed by US securities regulatorsSource: Financial Times - US homepage | 2 May 2010 | 4:01 pm RWC rental alert - tell your insurer firstHomeowners who use their property to make a quick buck during the Rugby World Cup could be forced to pick up the tab if their home is damaged or property stolen.Insurance Council of New Zealand chief executive Chris Ryan said...Source: nzherald.co.nz - Business | 2 May 2010 | 4:00 pm Rural Portfolio preference shares suspendedRural Portfolio Capital Ltd, the investment vehicle of Baird McConnon and Craig Norgate, has asked the NZX to delist its preference shares because it has run out of cash and can't meet the terms of its Trust Deed.The securities...Source: nzherald.co.nz - Business | 2 May 2010 | 4:00 pm General election 2010: Next Government has 90 days to prove it is seriousJust days before voters go to the polls, business leaders have set the next Government a 90-day challenge to prove it is serious about fixing the economy.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 May 2010 | 3:06 pm Buffett stands by defense of Goldman transaction (Reuters)Reuters - Warren Buffett on Sunday stood by his feisty defense of a controversial mortgage transaction marketed by Goldman Sachs Group Inc, saying the investment bank's behavior did not warrant public opprobrium.Source: Yahoo! News: Business News | 2 May 2010 | 3:03 pm The next government must convince industry it is up to the jobSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 May 2010 | 3:02 pm FTSE miners to be hit by 40pc Australian 'super-tax'Shares in London-listed miners - including BHP Biliton and Rio Tinto - are expected to fall sharply when trading resumes on Tuesday, following the introduction of a 40pc "super-tax" by the Australian government.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 May 2010 | 2:40 pm Goldman's Blankfein says could support Volcker Rule: reportNEW YORK (Reuters) - Goldman Sachs Group Inc Chief Executive Lloyd Blankfein could support the Volcker Rule depending on its details, he said during an interview with CNN's Fareed Zakaria on Sunday.
Source: Reuters: Business News | 2 May 2010 | 2:40 pm Warren Buffett: Cadbury deal was 'dumb'Warren Buffett, Kraft Foods' largest shareholder, has branded the food group's £11.9bn acquisition of Cadbury as "dumb".Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 May 2010 | 2:09 pm Obama turns up heat on BP to halt spillBP came under even greater pressure from the US administration on Sunday to step up efforts to control the Gulf of Mexico environmental disaster.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 May 2010 | 2:03 pm Rally has junk trading at close to face valuePrices of junk bonds have rallied so strongly over the past year that a key market benchmark suggests that they are collectively trading at near 100 per cent of face valueSource: Financial Times - US homepage | 2 May 2010 | 1:36 pm Warren Buffett's wonderful world of investingJames Quinn travels to Omaha to investigate the cult of Warren BuffettSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 May 2010 | 1:26 pm Buffett warns on derivatives legislationWarren Buffett has stepped up his warnings over the impact of any move by the US Congress to bring in retroactive rules on the use of derivatives contractsSource: Financial Times - US homepage | 2 May 2010 | 1:06 pm UK pension deficits deepen despite FTSE's sharp riseThe pension deficits of Britain's biggest companies have deepened over the past 12 months despite the sharp rise in stock markets, new research shows.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 May 2010 | 1:04 pm Huge Greece bail-out deal agreedEurozone members and the IMF agree an historic 110bn-euro ($146bn) bail-out to rescue Greece's ailing economy.Source: BBC News | Business | World Edition | 2 May 2010 | 12:55 pm Greece faces 'big sacrifices' as £95bn bail-out agreedGreece committed to make swingeing budget cuts as it clinched support from eurozone finance ministers for a €110bn (£95bn) bail-out.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 May 2010 | 12:36 pm Furniture stores struggle, adapt through recession (AP)AP - Richard Sexton's small furniture store has survived the recession by focusing on online sales. Steve Travers, meanwhile, is still in business because he fired four employees and renegotiated his lease. And Tad Lanford is trying a no-frills approach to selling sofas.Source: Yahoo! News: Business News | 2 May 2010 | 12:22 pm Prudential to sell business in UK after Asian dealPrudential, a household name in Britain for more than a century, is considering the sale of its UK and US businesses should it pull off its multi-billion pound Asian expansion.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 May 2010 | 12:13 pm Norsk Hydro in $4.9bn Vale dealNorsk Hydro agrees to buy the aluminium assets of Vale, the Brazilian metals and mining group, in a $4.9bn deal that will secure the Norwegian company’s raw material supplies for decadesSource: Financial Times - US homepage | 2 May 2010 | 11:55 am Norsk Hydro in $4.9bn Vale dealNorway's aluminium producer Norsk Hydro agrees to buy a majority stake in the aluminium operations of Brazilian miner Vale.Source: BBC News | Business | World Edition | 2 May 2010 | 11:10 am Peace would make Israel a top global economyJERUSALEM (Reuters) - Bank of Israel Governor Stanley Fischer said on Sunday Israel could become a leading economy globally if a Middle East peace deal is reached but that the key challenges for now were to accelerate growth and cut poverty.
Source: Reuters: Business News | 2 May 2010 | 10:02 am The Best & Worst of Buffett’s Weekend in Omaha (BRK-B, BRK-A, GS, KFT, MCO)This weekend came both the Annual Meeting of Shareholders for Berkshire Hathaway Inc. (NYSE: BRK-B, NYSE: BRK-B) and the quarterly earnings report. So you have seen the stock market’s massive run up from the March 2009 lows. Things are definitely better at Berkshire, and Buffett was definitely in a better mood than a year ago. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 May 2010 | 9:45 am Greek Bailout Set, Papandreou Faces Challenges To Remain PremierThe Eurozone nations and IMF have bailed out Greece to the tune of more than $146 billion dollars, and Greece faces budget cuts of $40 billion over the next three years as it attempts to bring its deficit as a portion of GDP from nearly 14% to 3% by 2014. At an emergency meeting in Brussels, the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 May 2010 | 7:24 am New Technology May Cut Oil Leak As Legal Actions Against BP GrowExperts attempting to slow the flow of oil from the Deepwater Horizon rig collapse may have found a way to slow the pace at which oil reaches the surface of the Gulf of Mexico. The NOAA reports that oil continues to flow into the Gulf of Mexico at an estimated to 5000 barrels (210,000 gallons) [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 May 2010 | 5:25 am
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