Wireless users opt for service without commitment (AP)

AP - For wireless subscribers, commitment is out and short-term relationships are in.

Source: Yahoo! News: Business News | 14 May 2010 | 4:14 am

Iconic Ambassador reaches end of the road as sales slump

The build quality is dubious, the fuel consumption high and the handling dire. Nevertheless, the news that India’s iconic Ambassador car may have reached the end of the road has dismayed the nation.


Source: Latest Business News from Times Online | 14 May 2010 | 4:14 am

Euro hits 18-month dollar low (AFP)

AFP - The euro slumped to 1.2447 dollars on Friday, striking the lowest point for 18 months, as the single currency was slammed by concerns about the eurozone financial crisis, dealers said.

Source: Yahoo! News: Business News | 14 May 2010 | 4:07 am

Deepwater Horizon Spill Hits More Gulf Coast Shores

More oil moved ashore from the leak of the wreck of the Deepwater Horizon rig. Some scientists believe that the amount of crude being released each day-5,000 by NOAA estimates–is undermeasured by five or six times. The agency said all ports in the area are open. Winds are expected to continue into the weekend with scattered [...]

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 24/7 Wall St. | 14 May 2010 | 3:55 am

World stocks down on worries debt will slow growth (AP)

AP - World stock markets and the euro fell Friday on worries that Europe's fiscal austerity measures and stubbornly high unemployment in the U.S. will slow down the global economic recovery.

Source: Yahoo! News: Business News | 14 May 2010 | 3:55 am

World stocks down on worries debt will slow growth (AP)

AP - World stock markets and the euro fell Friday on worries that Europe's fiscal austerity measures and stubbornly high unemployment in the U.S. will slow down the global economic recovery.

Source: Yahoo! News: Stock Markets News | 14 May 2010 | 3:55 am

London stocks drop at open (AFP)

AFP - Shares in London slid at the start of trade on Friday amid concerns over the Greece debt crisis and Europe's economic health in general.

Source: Yahoo! News: Stock Markets News | 14 May 2010 | 3:54 am

Mizuho swings to $2.6B profit on economic recovery (AP)

AP - Mizuho Financial Group, Japan's No. 2 bank, posted a 239.4 billion yen ($2.6 billion) profit for the year through March, returning to the black and beating its forecast.

Source: Yahoo! News: Business News | 14 May 2010 | 3:53 am

Europe aid package boosts bonds, not euro

Efforts by the European Union to put a halt to a financial market crisis stop a steep drop in government bond prices, but do little to shore up the value of the euro.

Source: MarketWatch.com - Top Stories | 14 May 2010 | 3:53 am

Wolseley in profit upgrade boost

Shares in building and heating materials group Wolseley jump 8% after it says it is set to beat profit expectations.
Source: BBC News | Business | World Edition | 14 May 2010 | 3:52 am

Insurance sale ban gets go-ahead

Plans to restrict the sale of the controversial payment protection insurance (PPI) are set to go ahead.
Source: BBC News | Business | World Edition | 14 May 2010 | 3:49 am

Nike park hits problems in Japan

US sportswear firm Nike faces objections over its plans to create a "Nike Park" in Shibuya area of Tokyo.
Source: BBC News | Business | World Edition | 14 May 2010 | 3:48 am

Signs Of The Apocalypse: Euro Below $1.25

The euro dropped below $1.25 for the first time in 14 months. It may have happened because Paul Volcker said that “You have the great problem of a potential disintegration of the euro.” according to Bloomberg.  Or, it may be because of a statement by the CEO of Deutsche Bank, Josef Ackermann,  that Greece will [...]

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 24/7 Wall St. | 14 May 2010 | 3:41 am

Swiss retreat helps Transocean save millions (AP)

AP - In the foothills of the Swiss Alps four new steel-gray towers rise from what used to be a grassy field. One of them is home to Transocean Ltd., the world's biggest offshore drilling contractor and owner of the Deepwater Horizon rig that exploded in the Gulf of Mexico, leading to one of the worst oil spills in history.

Source: Yahoo! News: Business News | 14 May 2010 | 3:40 am

Two Japanese banks cancel merger

Japan's Shinsei and Aozora banks call off a deal which would have formed the country's sixth-biggest commercial bank.
Source: BBC News | Business | World Edition | 14 May 2010 | 3:40 am

Manager suspension cost Gartmore $1.8 bln outflow

U.K. fund manager Gartmore says the suspension of star manager Guillaume Rambourg helped drive over $1.8 billion of net outflows from its funds in April and early May.

Source: MarketWatch.com - Top Stories | 14 May 2010 | 3:36 am

Students could pay more for loans

Graduates may have to pay higher interest rates on their student loans, the UK's top universities suggest.
Source: BBC News | Business | World Edition | 14 May 2010 | 3:34 am

Lawyers bid to lead Toyota action

About 60 lawyers are trying to persuade a California judge that they should play a key role in a giant court case against Toyota.
Source: BBC News | Business | World Edition | 14 May 2010 | 3:33 am

Lawyers bid to lead Toyota action

About 60 lawyers are trying to persuade a California judge that they should play a key role in a giant court case against Toyota.
Source: BBC News | Business | World Edition | 14 May 2010 | 3:33 am

Currencies: Euro's Asian gains against dollar come undone

The euro’s Asian session gains unravel in late trading Friday, as the European unit broke below the $1.2500 level.

Source: MarketWatch.com - Top Stories | 14 May 2010 | 3:31 am

BP hopes tube will siphon oil to tanker (AP)

AP - Undersea robots were trying to thread a small tube into the jagged pipe that is pouring oil into the Gulf of Mexico in BP's latest attempt to cut down on the spill from a blown-out well that has pumped out more than 4 million gallons of crude.

Source: Yahoo! News: Business News | 14 May 2010 | 3:30 am

Spanish deflation fears hit euro

The euro hits a fresh 18-month low against the dollar and banking stocks across the continent tumble as prices in Spain turn negative for the first time in nearly a quarter of a century
Source: Financial Times - US homepage | 14 May 2010 | 3:30 am

Taylor Wimpey appoints Kevin Beeston as non-executive chairman

Taylor Wimpey has appointed Kevin Beeston, former head of the services company Serco, as its new non-executive chairman.


Source: Latest Business News from Times Online | 14 May 2010 | 3:30 am

Ladbrokes hit by cautious punters

UK betting firm Ladbrokes sees its revenue fall by 6% in the first four months of 2010 and says conditions are "challenging".
Source: BBC News | Business | World Edition | 14 May 2010 | 3:25 am

Sony paces Tokyo losses; most Asian markets lower

Most Asian markets declined Friday, with Japanese shares pulling back as Sony Corp.’s poor earnings outlook and the euro’s weakness against the yen damped sentiment toward exporters.

Source: MarketWatch.com - Top Stories | 14 May 2010 | 3:22 am

US Transport Sec wraps up train tour in China (AP)

AP - U.S. Transportation Secretary Ray LaHood took a spin in a General Motors Co. electric concept vehicle during a visit Friday to the World Expo in Shanghai, wrapping up an Asian trip that has focused heavily on high-speed trains.

Source: Yahoo! News: Stock Markets News | 14 May 2010 | 3:16 am

4 ways to stop the oil spill

As oil continues to gush into the Gulf of Mexico, BP and an assortment of other engineers are racing to stop the spill.
Source: Business and financial news - CNNMoney.com | 14 May 2010 | 3:14 am

U.S. stock futures point to lower Wall Street open (Reuters)

Reuters - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 fell 0.2 to 0.3 percent at 4:54 a.m. ET, pointing to a weaker start on Wall Street on Friday.

Source: Yahoo! News: Stock Markets News | 14 May 2010 | 3:13 am

U.S. stock futures point to lower Wall Street open

(Reuters) - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 fell 0.2 to 0.3 percent at 4:54 a.m. ET, pointing to a weaker start on Wall Street on Friday.

Source: Reuters: Business News | 14 May 2010 | 3:13 am

Main Street wins one against banks

Retailers are poised for a major victory in the Wall Street reform bill currently pending in Congress. The Senate adopted an amendment late Thursday that will slap sharp restrictions on the fees issuers levy every time a buyer pays with a debit card.
Source: Business and financial news - CNNMoney.com | 14 May 2010 | 3:13 am

Video Game Sales Get Crushed, iPhone May Be Culprit

Video game sales in the US were decimated in April. It is not clear whether this is due to the growth of free games, especially online and on social network sites, or a pullback in consumer spending. The fall-off was the biggest since July 2009 Sales of games and consoles dropped 26% last month compared to [...]

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 24/7 Wall St. | 14 May 2010 | 3:07 am

Stocks finish lower

Stocks slumped Thursday, with the Dow losing 114 points, as investors stepped back after propelling markets 5% higher in just three days.
Source: Business and financial news - CNNMoney.com | 14 May 2010 | 3:05 am

Nickel and dimed by Obama's microtaxes

Woven throughout President Barack Obama's health care reform act are a variety of new taxes on high earners: a 3.8% tax on interest and dividends, a 0.9% increase in the Medicare payroll tax, a $2,500 cap on pretax contributions to flexible savings accounts. Then there are new taxes on the most expensive health insurance plans and on sales of medical equipment like bedpans and catheters. The President's proposed budget is laden with assorted other goodies, including a limit on deductions for mortgage interest and charitable contributions, and a capital gains hike.
Source: Business and financial news - CNNMoney.com | 14 May 2010 | 3:03 am

After Europe, Economy Back in Focus (Broker Talk)

Two market watchers weigh in on the importance of upcoming data.

Source: SmartMoney.com | 14 May 2010 | 3:01 am

Apple May Soon Be the U.S.'s Largest Company (By the Numbers)

Hough: What the chic tech firm's comeback says about consumers.

Source: SmartMoney.com | 14 May 2010 | 3:01 am

What Europe's Bailout Means for Your Portfolio (Global Recovery Watch)

Stocks with exposure to the debt-battered market could still be in danger.

Source: SmartMoney.com | 14 May 2010 | 3:01 am

Retirement Math Is Best Done in Pencil

Keeping a retirement plan on track can require check-ups and changes.

Source: SmartMoney.com | 14 May 2010 | 3:01 am

Office of Fair Trading to conduct pioneering competition review

A new list of who owns and controls businesses that support essential economic infrastructure in the UK could lead to further competition investigations this year, the Office of Fair Trading said today.


Source: Latest Business News from Times Online | 14 May 2010 | 3:01 am

It's Time to Check Out of Hotel Stocks

Shares of chains like Starwood reflect a bit too much optimism.

Source: SmartMoney.com | 14 May 2010 | 3:00 am

Adobe shouldn't give a $&*# about Apple

Despite Apple's public denouncement of Flash, its creator is about to have a banner year
Source: Business and financial news - CNNMoney.com | 14 May 2010 | 2:50 am

The Further Weakening Of Housing

Mortgage rates hit their 2010 low on April 13 at 4.93%. At the same time, RealtyTrac announced that homes which were repossessed hit an all-time high of 92,432 in April. The figure for the year will be more than one million if the April pace keeps up. Historically low home loan rates should, in a [...]

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 24/7 Wall St. | 14 May 2010 | 2:41 am

Spain's Iberia trims its losses

Spanish airline Iberia, which is merging with British Airways, cuts its quarterly losses by 44% after a rise in its passenger revenues.
Source: BBC News | Business | World Edition | 14 May 2010 | 2:40 am

London Markets: Copper miners weigh in lower FTSE 100

Losses for Xstrata, Kazakhmys and Antofagasta all weigh on the U.K.'s top share index as investors fret about demand trends.

Source: MarketWatch.com - Top Stories | 14 May 2010 | 2:38 am

Greece may never be able to pay off debts, says Deutsche Bank chief Ackermann

Deutsche Bank's Josef Ackermann said it would require "incredible efforts" to allow crisis-hit Greece ever to pay back its debt in full.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 May 2010 | 2:36 am

World Cup bids

The nations bidding for the 2018 and 2022 World Cups will tell Fifa why they have the expertise and infrastructure to host the events
Source: BBC News | Business | World Edition | 14 May 2010 | 2:34 am

World stocks down as US, Europe prick growth hopes

World stock markets mostly fell Friday as Europe's fiscal austerity measures and stubbornly high unemployment in the U.S. undermined faith in the global economic recovery. Investors...
Source: RSS feed - channel BNewsBusiness | 14 May 2010 | 2:27 am

EADS Q1 net down 39 percent (AP)

AP - Airbus parent company EADS NV on Friday reported that first quarter net profit fell 39 percent as its planemaker unit struggled with the "challenges" of producing its A380 superjumbo.
Source: Yahoo! News: Business News | 14 May 2010 | 2:24 am

Coalition Government: Pound tumbles on fears of Tory splits

Sterling lost ground on Friday on concerns over potential political tensions in the new coalition Government.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 May 2010 | 2:24 am

Freddie, Fannie won't pay down your mortgage

Pressure is mounting on loan servicers and investors to reduce troubled homeowners' loan balances...but the two largest owners of mortgages aren't getting the message.
Source: Business and financial news - CNNMoney.com | 14 May 2010 | 2:19 am

BIH Corporation Announces Progress Regarding Merger Negotiations

Source: RSS feed - channel BNewsBusiness | 14 May 2010 | 2:15 am

BP hopes tube will siphon oil to tanker

The company planned to move the 6-inch tube into the leaking 21-inch pipe _ known as the riser _ on Thursday night. The smaller tube will be surrounded by a stopper to keep oil from...
Source: RSS feed - channel BNewsBusiness | 14 May 2010 | 2:14 am

Euro and shares struggle on debt worries (Reuters)

Reuters - The euro languished near a 14-month low versus the dollar and European shares fell on Friday on speculation that fiscal austerity in some euro zone countries may stifle economic growth.

Source: Yahoo! News: Business News | 14 May 2010 | 2:13 am

CEO Ventures Unveils the Market Acceleration Center (MAC), a New Venture Model in Seed Stage Investing

Source: RSS feed - channel BNewsBusiness | 14 May 2010 | 2:13 am

Competition Commission to call time on ‘unfair’ payment protection insurance

The Competition Commission has pressed ahead with its plan to ban the sale of payment protection insurance (PPI) alongside credit cards and personal loans.


Source: Latest Business News from Times Online | 14 May 2010 | 2:12 am

Bill in Congress could limit direct wine shipments

Wineries nationwide are worried a bill before Congress could roll back gains they've made in shipping wine directly to consumers. The bill would reinforce states' rights to regulate...
Source: RSS feed - channel BNewsBusiness | 14 May 2010 | 2:00 am

Street battles break out in Bangkok

US and Britain close their embassies in the Thai capital as anti-government protesters remain barricaded behind stockades of tyres and bamboo stakes after a night of violence that left at least one person dead
Source: Financial Times - US homepage | 14 May 2010 | 1:59 am

Iberia narrows net loss on falling fuel costs

Iberia on Friday reported that its losses nearly halved in the first quarter, helped by fuller planes and a 21% fall in fuel costs.

Source: MarketWatch.com - Top Stories | 14 May 2010 | 1:58 am

Europe Markets: European shares decline as debt jitters linger

European shares lose ground on the last trading session of a volatile week as nervous investors sell out of banks.

Source: MarketWatch.com - Top Stories | 14 May 2010 | 1:53 am

Samsung to unveil chip spending plan Monday

SEOUL (Reuters) - Samsung Electronics, the world's largest memory chip maker, plans to unveil on Monday a much-awaited semiconductor investment plan, a source said, joining a growing list of firms raising spending on global economic recovery.

Source: Reuters: Business News | 14 May 2010 | 1:52 am

Samsung to unveil chip spending plan Monday

SEOUL (Reuters) - Samsung Electronics, the world's largest memory chip maker, plans to unveil on Monday a much-awaited semiconductor investment plan, a source said, joining a growing list...
Source: RSS feed - channel BNewsBusiness | 14 May 2010 | 1:52 am

SKorea: Economy can withstand NKorea tensions (AP)

AP - South Korea's economy is strong enough to withstand ongoing tensions with rival North Korea and a recent ratings upgrade proves the point, a top Seoul finance mandarin says, as his country prepares to host high-profile meetings on the global financial system.

Source: Yahoo! News: Business News | 14 May 2010 | 1:48 am

Media Digest 5/14/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   The Senate backed restrictions on credit rating agencies and credit card fees. Reuters:   Oil dropped to a three-month low based on demand. Reuters:   Facebook will hold a staff meeting on privacy. Reuters:   Video game sales plunged in April. WSJ:   The Goldman Sachs Group (NYSE: GS) is trying to help a Chicago group that loans [...]

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 24/7 Wall St. | 14 May 2010 | 1:47 am

ECB's Trichet dismisses inflation fears

The president of the European Central Bank has dismissed suggestions that its decision to buy government bonds might stoke inflation and urged nations to implement programs that will put...
Source: RSS feed - channel BNewsBusiness | 14 May 2010 | 1:44 am

Dragons' Den stars warn coalition over capital gains tax 'betrayal'

Theo Paphitis and Deborah Meaden, two of the Dragons from the BBC's Dragons' Den, have warned the Government that any increase in capital gains tax on business assets would be a "betrayal" and would cost jobs.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 May 2010 | 1:41 am

EADS net drops 39% on currency hedges, A380 costs

European Aeronautic Defense & Space Co. says as a hit from deteriorating currency-hedging rates more than offsets savings from its Power8 restructuring program and more plane deliveries.

Source: MarketWatch.com - Top Stories | 14 May 2010 | 1:34 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 | 14 May 2010 | 1:31 am

NZ dollar falls after retail data

The New Zealand dollar fell today after retail sales data for the March quarter was weaker than expected.The value of seasonally adjusted total retail sales rose by 0.2 per cent in the quarter.Pundits were expecting a slightly...
Source: nzherald.co.nz - Business | 14 May 2010 | 1:28 am

NZ sharemarket eases slightly

The New Zealand sharemarket closed lower on a day in which other markets were even weaker as investors beaten up by recent market volatility remained cautious.The benchmark NZX-50 index closed down 4.796 points, or 0.15 per cent,...
Source: nzherald.co.nz - Business | 14 May 2010 | 1:27 am

Mark Prisk appointed small business minister

Mark Prisk has become the small business minister within Vince Cable's Department for Business, Innovation and Skills.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 May 2010 | 1:02 am

Major makeover is in store for Baldwin Hills Crenshaw Plaza

Owners of the South L.A. mall plan a two-phase project. First is a $30-million effort to fast-forward the center from the 1980s to the present. After that come homes, a hotel and an office building. ...
Source: RSS feed - channel BNPaperBusiness | 14 May 2010 | 1:00 am

CalPERS board member Priya Mathur is fined $4,000

California's Fair Political Practices Commission increases a $3,000 fine against Mathur, saying she evaded efforts to reach her over a missed financial filing.

The state's political watchdog panel fined public pension board member Priya Mathur $4,000 for not submitting a required statement of economic interests on time, and state Treasurer Bill Lockyer proposed that directors be barred from carrying out their official duties if they fail to file financial disclosure papers.

Source: L.A. Times - Business | 14 May 2010 | 1:00 am

Roamware CEO Bobby Srinivasan Named Ernst & Young Entrepreneur Of The Year(R) 2010 Award Finalist for Northern California

Source: RSS feed - channel BNewsBusiness | 14 May 2010 | 1:00 am

'Robin Hood' is unlikely to stop 'Iron Man 2' from getting richer

Director Ridley Scott's version of the classic British tale is expected to take in $40 million to $45 million at the box office this weekend, not enough to dethrone last week's No. 1 movie. ...
Source: RSS feed - channel BNPaperBusiness | 14 May 2010 | 1:00 am

Major makeover is in store for Baldwin Hills Crenshaw Plaza

Owners of the South L.A. mall plan a two-phase project. First is a $30-million effort to fast-forward the center from the 1980s to the present. After that come homes, a hotel and an office building.

Long-awaited work to modernize Baldwin Hills Crenshaw Plaza in South Los Angeles and jettison its static 1980s vibe will begin by the end of the year, the mall's owners said Thursday.

Source: L.A. Times - Business | 14 May 2010 | 1:00 am

Insurers shun California's request to stop investing in Iran-related companies

Industry groups contend the state insurance commissioner lacks the authority to impose such a policy.

Source: L.A. Times - Business | 14 May 2010 | 1:00 am

Mortgage rates drop for fifth consecutive week

Interest rates hit their lowest level this year, mortgage company Freddie Mac says. The average rate for a 30-year fixed loan is 4.93%. The European debt crisis is helping to drive down rates. ...
Source: RSS feed - channel BNPaperBusiness | 14 May 2010 | 1:00 am

Wall Street inquiry expands beyond Goldman Sachs

New York's attorney general subpoenas eight banks and three ratings firms on their actions involving mortgage-backed securities.

The investigation that has been focused on Wall Street titan Goldman Sachs Group Inc. is widening to include questionable business practices of several other major banks.

Source: L.A. Times - Business | 14 May 2010 | 1:00 am

'Robin Hood' is unlikely to stop 'Iron Man 2' from getting richer

Director Ridley Scott's version of the classic British tale is expected to take in $40 million to $45 million at the box office this weekend, not enough to dethrone last week's No. 1 movie.

It's never a great sign when a summer "event film" is poised to open at No. 2 at the box office.

Source: L.A. Times - Business | 14 May 2010 | 1:00 am

CalPERS board member Priya Mathur is fined $4,000

California's Fair Political Practices Commission increases a $3,000 fine against Mathur, saying she evaded efforts to reach her over a missed financial filing. ...
Source: RSS feed - channel BNPaperBusiness | 14 May 2010 | 1:00 am

Wall Street inquiry expands beyond Goldman Sachs

New York's attorney general subpoenas eight banks and three ratings firms on their actions involving mortgage-backed securities. ...
Source: RSS feed - channel BNPaperBusiness | 14 May 2010 | 1:00 am

Mortgage rates drop for fifth consecutive week

Interest rates hit their lowest level this year, mortgage company Freddie Mac says. The average rate for a 30-year fixed loan is 4.93%. The European debt crisis is helping to drive down rates.

Interest rates on mortgages have declined for a fifth straight week, with 30-year fixed-rate loans dropping below 5% to the lowest level of the year, Freddie Mac said in its weekly survey of lenders.

Source: L.A. Times - Business | 14 May 2010 | 1:00 am

Insurers shun California's request to stop investing in Iran-related companies

Industry groups contend the state insurance commissioner lacks the authority to impose such a policy.
Source: RSS feed - channel BNPaperBusiness | 14 May 2010 | 1:00 am

Business Bullet: Miners, China, Euro, Ladbrokes

The latest news on: Miners, China, Euro, Ladbrokes
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 May 2010 | 12:56 am

Adobe strikes back at Steve Jobs in war with Apple

Adobe has hit back at Steve Jobs and Apple over his refusal to allow the company’s widely used Flash video product to run on the iPhone and iPad.


Source: Latest Business News from Times Online | 14 May 2010 | 12:46 am

Oil can rise to more than $100 per barrel: Ambani

MUMBAI, May 14 (Reuters) - Crude oil prices can rise to more than $100 a barrel due to sluggish refinery growth and high costs of new discoveries and production, the chairman of Indian energy major Reliance...
Source: RSS feed - channel BNewsBusiness | 14 May 2010 | 12:44 am

TABLE-P and P -2009/10 group forecast

CONSOLIDATED EARNINGS ESTIMATES (in billions of yen unless specified)
Source: RSS feed - channel BNewsBusiness | 14 May 2010 | 12:43 am

Senate Votes to Limit Interchange Fees (Card Sharp)

The amendment would cap card networks' charges. Consumers could benefit -- or lose.

Source: SmartMoney.com | 14 May 2010 | 12:30 am

Toyota to halt output at 1 of its Thai plants (AP)

AP - Toyota said Friday it will halt production at one of its four auto plants in Thailand and transfer the workers to the other factories in a move the carmaker says is unrelated to political unrest in the Southeast Asian country.

Source: Yahoo! News: Business News | 14 May 2010 | 12:26 am

BP oil leak worse than previously thought

Scientists and environmentalists reportedly believe the U.S. government’s estimate of the oil flow from the leaking Deepwater Horizon rig in the Gulf of Mexico is unrealistically low.

Source: MarketWatch.com - Top Stories | 14 May 2010 | 12:18 am

Jones awarded $104,000 in defamation case

Property tycoon Sir Robert Jones has been awarded $104,000 for the hurt he suffered over a critical article which suggested he had inflated his investment company's assets to increase his management fee.Sir Robert today won his...
Source: nzherald.co.nz - Business | 13 May 2010 | 10:47 pm

Prudential to outline Asia asset sales: source

HONG KONG (Reuters) - Britain's Prudential Plc is expected to outline divestments of some Asian assets in its upcoming rights offering prospectus in an effort to appease shareholder concerns about its planned AIA acquisition, a source familiar with the process told Reuters on Friday.

Source: Reuters: Business News | 13 May 2010 | 10:42 pm

SEC investigates Wall Street selling of muni bonds: report (Reuters)

Reuters - The U.S. Securities and Exchange Commission (SEC) is investigating whether Wall Street banks used their own money to bet in financial markets against municipal bonds that they had sold, the Wall Street Journal said.
Source: Yahoo! News: Stock Markets News | 13 May 2010 | 10:32 pm

SEC investigates Wall Street selling of muni bonds: report

(Reuters) - The U.S. Securities and Exchange Commission (SEC) is investigating whether Wall Street banks used their own money to bet in financial markets against municipal bonds that they had sold, the Wall Street Journal said.

Source: Reuters: Business News | 13 May 2010 | 10:32 pm

Natural Dairy eyes far North property

The company at the centre of a large scale bid to buy New Zealand dairy farms has earmarked land in the far North to buy, should the plan to purchase the Crafar dairy empire fall through.Representatives for Natural Dairy have...
Source: nzherald.co.nz - Business | 13 May 2010 | 9:39 pm

Bernanke concerned about swaps ban

Federal Reserve Chairman Ben Bernanke said Wednesday he has concerns about a signature piece of Senate Democrats' Wall Street reform package that cracks down on complex financial products.
Source: Business and financial news - CNNMoney.com | 13 May 2010 | 8:07 pm

War of 'wimpy' muscle cars

The Ford Mustang and Chevrolet Camaro offer performance for the economy-minded. But which model is better?
Source: Business and financial news - CNNMoney.com | 13 May 2010 | 8:06 pm

Net neutrality and you

Your Internet bill will go up $50 a month! You won't be able to access your favorite Web site! Your Internet connection is going to slow to a crawl!
Source: Business and financial news - CNNMoney.com | 13 May 2010 | 7:52 pm

Video game sales drop 26% in April from previous year

Sales of video games plunged 26% in April, the fourth-largest percentage drop ever, as players had fewer new games to choose from and ardor cooled for Nintendo Co.'s new hand-held DS game console.
Source: RSS feed - channel BNPaperBusiness | 13 May 2010 | 7:42 pm

Video game sales drop 26% in April from previous year

Sales of video games plunged 26% in April, the fourth-largest percentage drop ever, as players had fewer new games to choose from and ardor cooled for Nintendo Co.'s new hand-held DS game console.

Source: L.A. Times - Business | 13 May 2010 | 7:42 pm

Battle over financial reform pits auto dealers vs. military

Car sellers say they should be exempt from new consumer protections while a Pentagon official says service members are particularly vulnerable to loan scams. ...
Source: RSS feed - channel BNPaperBusiness | 13 May 2010 | 7:39 pm

Battle over financial reform pits auto dealers vs. military

Car sellers say they should be exempt from new consumer protections while a Pentagon official says service members are particularly vulnerable to loan scams.

The debate over the Senate's financial reform bill is setting up an unusual battle on Capitol Hill between two powerful groups: automobile dealers and the military.

Source: L.A. Times - Business | 13 May 2010 | 7:39 pm

New-home buyers reemerge in Southern California

Sales have been helped by tax credits and by builders' offering simpler, cheaper housing. Location is also key — buyers don't want extremely long commutes, analysts say. ...
Source: RSS feed - channel BNPaperBusiness | 13 May 2010 | 7:38 pm

New-home buyers reemerge in Southern California

Sales have been helped by tax credits and by builders' offering simpler, cheaper housing. Location is also key — buyers don't want extremely long commutes, analysts say.

The modest house has yet to be shingled and a stack of drywall sits on the bare concrete floor, but Karame Adesko and her fiance, Pablo Garcia, can envision their future in this developing Corona cul-de-sac.

Source: L.A. Times - Business | 13 May 2010 | 7:38 pm

Bollocks! says Air NZ to Virgin criticism

A magazine editor has said she is unwilling to engage in a "slanging match" with Air New Zealand over its unusual approach to refuting claims that its transtasman alliance plan with rival Virgin Blue will mean its services will be...
Source: nzherald.co.nz - Business | 13 May 2010 | 7:00 pm

Car dealers fight lending clampdown

The Senate could vote as soon as Thursday to shield auto dealers from a package of proposed financial rules aimed at protecting consumers.
Source: Business and financial news - CNNMoney.com | 13 May 2010 | 6:59 pm

Homeless again: 'Little Orphan Annie' loses syndication deal after 85 years

Tribune Media Services announced Thursday that it will cease syndication of the "Annie" strip on June 13.
Source: RSS feed - channel BNPaperBusiness | 13 May 2010 | 6:52 pm

Criminal probe targets 6 Wall Street firms: source

WASHINGTON/NEW YORK (Reuters) - Prosecutors are conducting a broad criminal investigation of six major Wall Street banks, including JPMorgan Chase & Co and Citigroup Inc, to determine if they misled investors, a person familiar with the matter said on Thursday.

Source: Reuters: Business News | 13 May 2010 | 6:36 pm

Government liable for $7.3m in failed finance co

The Government says it will guarantee $7.3 million, or the bulk of investors' deposits, in failed Auckland finance company Viaduct Capital.Viaduct Capital put itself into receivership yesterday. McDonald Vague has been appointed...
Source: nzherald.co.nz - Business | 13 May 2010 | 6:30 pm

Senate backs curbs on credit raters, card fees

WASHINGTON (Reuters) - The Senate on Thursday voted to limit fees charged on credit and debit card transactions, and separately moved to overhaul the credit-rating business as part of a widening Wall Street reform bill.

Source: Reuters: Business News | 13 May 2010 | 6:29 pm

The Thirteen Housing Markets That Will Never Recover

New RealtyTrac numbers show that in April there were well over 300,000 foreclosures and the figure in on track to be higher in 2010 than in 2009. Several research firms say that underwater mortgages have moved above 11 million. The National Association of Realtors found that “in the first quarter, 91 out of 152 metropolitan [...]

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 24/7 Wall St. | 13 May 2010 | 6:15 pm

Loyalty cards provide advantage, says Sainsbury's chief Justin King

Supermarkets without loyalty schemes are being forced to throw promotions at customers in an attempt to keep up with J Sainsbury and Tesco, Sainsbury’s chief executive said yesterday.


Source: Latest Business News from Times Online | 13 May 2010 | 6:01 pm

Repossessions fall but lack of certainty holds back market

The number of repossessions fell below 10,000 in the first three months of the year as low interest rates and support from mortgage lenders helped to keep struggling homeowners in their properties.
Source: Latest Business News from Times Online | 13 May 2010 | 6:01 pm

BT bullish about Global Services

BT shares gained 11 per cent after the company restored confidence that it had turned around its Global Services unit and reassured investors that it expected to start growing again within three years.


Source: Latest Business News from Times Online | 13 May 2010 | 6:01 pm

Osborne faces EU defeat on hedge funds

David Cameron’s fledgling coalition Government faced its first major test in Europe last night as European regulators looked set to push through controversial new hedge fund and private equity regulations despite fierce opposition from the new administration.
Source: Latest Business News from Times Online | 13 May 2010 | 6:01 pm

Pound pays as weak exports hit recovery fears

Sterling plunged yesterday after worse than expected trade figures dented hopes that the economic recovery was gaining traction.
Source: Latest Business News from Times Online | 13 May 2010 | 6:01 pm

Retail sales lag forecasts, supermarket sales slip

New Zealand retail sales rose less than expected in the first quarter, indicating a tepid level of consumer activity that's unlikely to spur the central bank into an early increase in interest rates.Retail sales volume rose 0.2...
Source: nzherald.co.nz - Business | 13 May 2010 | 6:00 pm

Tourism welcomes $30m top-up

Extra funding still has to be used cleverly to be effective, warns expert The tourism industry has welcomed the Government's $30 million funding boost but a marketing expert warns it is not big money and it will need to be spent...
Source: nzherald.co.nz - Business | 13 May 2010 | 6:00 pm

Property prices, sales down in April

Property prices and sales fell in April, but the New Zealand residential property market is holding steady, says Real Estate Institute of New Zealand president Peter McDonald.REINZ's Monthly Housing Price Index for April, released...
Source: nzherald.co.nz - Business | 13 May 2010 | 5:30 pm

Video game sales plunge in April: NPD

SAN FRANCISCO (Reuters) - Sales of video game hardware and software plunged 26 percent in April, industry tracker NPD said on Thursday, one of the largest declines over the past decade.

Source: Reuters: Business News | 13 May 2010 | 5:23 pm

Senate votes on new rules for credit rating agencies

Credit rating agencies faced a growing threat to their business model after the US Senate voted to establish a government-appointed panel to decide who rates an individual asset-backed security
Source: Financial Times - US homepage | 13 May 2010 | 5:20 pm

Fixes needed for L.A. public transit system

Among them: Adopt a regional approach, make transit more convenient and create more online resources.

I knew Tuesday's column on public transportation would get a big reaction from frustrated commuters. But I wasn't expecting the message that was waiting for me that afternoon on my voice mail:

Source: L.A. Times - Business | 13 May 2010 | 5:10 pm

Late Selloff Sinks ETFs and Stocks (Daily ETF Wrap-Up)

Investors back away as session ends, leaving major indexes lower.

Source: SmartMoney.com | 13 May 2010 | 5:03 pm

New Zealand sharemarket down

The New Zealand sharemarket opened slightly down this morning, failing to build on yesterday's gains.The benchmark NZX-50 index closed yesterday up 1.26 per cent at 3195.803, helped by a recovery in Fletcher Building shares.However,...
Source: nzherald.co.nz - Business | 13 May 2010 | 4:52 pm

Trading Halts Hurt the Market (Tradecraft)

Hoenig: How setting more limits on trading hurts investors.

Source: SmartMoney.com | 13 May 2010 | 4:51 pm

Housing Is Still Very Ugly

By Jacob Goldstein

The number of houses in foreclosure fell in April, RealtyTrac said today.

But that figure includes houses that are in the early stages of the foreclosure process, when owners might still start making payments again.

The number of houses in the last stage of the process -- repossession -- is worse than ever. Lenders repossessed more than 92,000 houses last month, the highest of any month during the crisis, RealtyTrac said.

Here's a month-by-month look at repossessions over the past few years:

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 13 May 2010 | 4:31 pm

Stocks fall after drop in retail, financial shares (AP)

AP - A late-day slide left stocks lower Thursday following a disappointing forecast from department store chain Kohl's and a drop in financial shares.

Source: Yahoo! News: Stock Markets News | 13 May 2010 | 4:29 pm

Blankfein comes to Chicago bank’s aid

The chief executive of Goldman Sachs is playing a personal role in helping to arrange a $125m rescue for a Chicago community bank known for providing loans to lower-income communities
Source: Financial Times - US homepage | 13 May 2010 | 4:17 pm

Summary Box: Stocks fall late when euro drops (AP)

AP - LATE SHIFT: Traders revealed that they remain skittish after stocks dropped in the final hour of trading Thursday as the euro fell. The Dow Jones industrial average ended down 114 points after making modest moves for much of the day.
Source: Yahoo! News: Stock Markets News | 13 May 2010 | 4:14 pm

Write-Offs: 05.13.10

$$$ Millennium seeks aid from regulatory insiders [Reuters]

$$$ Jon Corzine Is Working at MF Global. Say What? [BW]

$$$ CEO’s: The Most Beautiful People In The World? [Deal Journal]

$$$ Circuit Breaker Rules To Be Unveiled Next Week [CNBC]

$$$ Here’s What Critics Of Goldman’s ABACUS Deal Don’t Understand [BI]

Source: Dealbreaker | 13 May 2010 | 4:01 pm

Dave Ramsey: Greece Needs To 'Break The Orbital Pull Of Stupid'

Dave Ramsey -- host of the personal finance show where "debt is dumb, cash is king and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice" -- has a few words of advice for Greece.

David Kestenbaum talks to him today on All Things Considered.

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 13 May 2010 | 3:50 pm

Vote on hedge funds threatens EU-US rift

European countries led by France and Germany plan to push through controversial hedge fund regulations next week after turning down British pleas to defer a vote in Brussels
Source: Financial Times - US homepage | 13 May 2010 | 3:43 pm

Vitran, Metabolix, Market Myths, Hiring Trends: Taking Stock

Source: Bloomberg - All Podcasts | 13 May 2010 | 3:39 pm

IPO prices cut to get deals done in shaky market (AP)

AP - Companies are offering shares of initial public offerings at lower prices than had been expected because investors are demanding discounts as stock markets trade wildly.
Source: Yahoo! News: Stock Markets News | 13 May 2010 | 3:20 pm

Jobless claims signal unemployment to remain high

WASHINGTON (Reuters) - The number of workers filing for jobless benefits fell only slightly last week, suggesting the unemployment rate will remain elevated even as recovery in the labor market builds steam.

Source: Reuters: Business News | 13 May 2010 | 3:15 pm

Sharp Selloff Hits Stocks at Close (Market Update)

Jobless claims recede, meeting modest expectations. Major indexes drop at session end.

Source: SmartMoney.com | 13 May 2010 | 3:04 pm

Fed officials say low rate vow depends on outlook

OTTAWA (Reuters) - The Federal Reserve's promise to hold interest rates ultra low for an extended period depends on economic conditions and could change if the recovery picks up, central bankers said on Thursday.

Source: Reuters: Business News | 13 May 2010 | 3:03 pm

How the major stock indexes fared on Thursday (AP)

AP - A late-day slide left stocks lower Thursday following a disappointing forecast from department store chain Kohl's and a drop in financial shares. The Dow Jones industrial average ended down about 114 points after shooting up by nearly 149 on Wednesday. Stocks mostly made modest moves for much of the day but fell in the final hour.
Source: Yahoo! News: Stock Markets News | 13 May 2010 | 2:55 pm

Oliver Stone: Give It Up For RBC

Also, while you’re giving them props, feel free to inform Goldman Sachs and RBS that shouldn’t hesitate to S a D.

Because his 1987 hit attacked the personal ethics of financiers — and the director is pals with Hugo Chavez — it’s not surprising that several banks didn’t want Stone to shoot scenes inside their New York offices. The director notes that the “conservative banks would not deal with us. Goldman sealed their floors to us.” But an unlikely knight saved the day: “Our biggest break came when the Royal Bank of Canada called back, and they were extremely gracious, they said, ‘By all means, we’d love you to shoot here.’ The Royal Bank of Canada was one of the few banks that behaved impeccably in this period and made a profit and continued on. And everyone applauded Canada’s behavior because they had different rules. Europe was going down, the whole world was affected. But here was the Royal Bank of Canada — unlike the Royal Bank of Scotland, which was a disaster — the Royal Bank of Canada was impeccable!

Oliver Stone Praises Royal Bank Of Canada [CBC]

Source: Dealbreaker | 13 May 2010 | 2:50 pm

Nordstrom: Value & Reality Catch the Stock (JWN, KSS)

Nordstrom, Inc. (NYSE: JWN) may serve a different tier of the retail market than Kohl’s Corp. (NYSE: KSS), but it is sharing the same trend: selling off after earnings as valuations caught up to the stocks.  Nordstrom said that net earnings were $116 million, translating to $0.52 EPS.  Same-store sales were up 12% in Q1, [...]

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 24/7 Wall St. | 13 May 2010 | 2:47 pm

Blockbuster, Staggered, Loses Its Footing

Blockbuster, Inc (NYSE: BBI), nearly ruined by the high cost of its store network and withering from competition from NetFlix (NYSE: NFLX) and the kiosk operator Redbox, posted another quarter of dismal results. The rental chain’s net loss for the first quarter of 2010 was $65.4 million, or $0.33 per share, compared to net income of $27.7 million, or $0.12 [...]

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 24/7 Wall St. | 13 May 2010 | 2:32 pm

Area Buffalo Woman Reveals How To Get On Obama’s Good Side

You want him to just flush the financial reform bill down the toilet? Shut it about bonuses, unless he’s telling Main Street how deserved they are? Take note: plying him with Duff’s wings and compliments on his ass will get you far.

Obama surprised a crowd of about 100 when he visited Duff’s Famous Wings in Cheektowaga, N.Y., outside of Buffalo today, White House pool reporter Sheryl Stolberg of the New York Times reports. Obama ordered his chicken wings medium, but was persuaded by the regulars to get them extra spicy. He compromised: half medium, half extra spicy.

As he did his meet and greet, Luann Haley, a 45-year-old Department of Education contractor who works next door to Duff’s, spoke just the right words to get a big hug from the president. “You’re a hottie with a smokin’ little body,” she said.

President Obama gets saucy reception at Buffalo chicken wings shop [NYDN]

Source: Dealbreaker | 13 May 2010 | 2:23 pm

Greece Finally Gets Something Right

Tonight, Jim Chanos is being named the Hellenic American Bankers Association 2010 Executive of the Year. Baby steps!

Source: Dealbreaker | 13 May 2010 | 2:15 pm

Will Hulu Be the Death of TV? (On the Street)

How online video might upend the business model for TV networks.

Source: SmartMoney.com | 13 May 2010 | 2:04 pm

Government chases Topland over rental 'conspiracy'

The Government has launched legal proceedings potentially worth £22.8m against Topland, the property company led by billionaire brothers Sol and Eddie Zakay.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 13 May 2010 | 1:57 pm

BT storms back to £1bn profit after historic losses

BT has stormed back to profit after 20,000 job cuts helped the former state-owned telecoms monopoly recover from its second-ever full-year loss.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 13 May 2010 | 1:54 pm

Europe enters era of belt-tightening

A new age of austerity has arrived in Europe. As governments across the eurozone impose cuts on a scale unseen in decades there is growing concern that such displays of public anger will become more widespread
Source: Financial Times - US homepage | 13 May 2010 | 1:49 pm

The Most Important Announcement Of The Day

I’d like a show of hands– who among us is looking to throw her/her office the best holiday party ever? I know what you’re thinking– we’re quite a long ways away from the holiday party season. Which is a good thing, because what I’m about to tell you needs to be dealt with months in advance. In fact, I’m slightly worried that it’s too late but if you get on the horn now it might be salvageable. To those of you who answered my question in the affirmative, nod along with me as we all agree that while food is important, as are celebrity waiters on the catering staff, music is essential to a successful soiree. You can’t just have any old shit DJ or band. You need the finest talent money can buy, and for those of you on your ways to an extremely profitable year, I’m advising you now– stop what you’re doing and book this guy today.

Source: Dealbreaker | 13 May 2010 | 1:45 pm

Bianco Discusses Gold Rise on Currency Speculation: Audio

Source: Bloomberg - All Podcasts | 13 May 2010 | 1:38 pm

Oliver Stone: People Are Shelling Out $10,000 A Ticket To See Shia LaBeouf’s Gucci Loafers

At least that’s what he claimed to Vulture on the eve of Money Never Sleeps premiering at Cannes.

What are you doing to relax before your movie premieres tomorrow?
[Laughs.] I’m trying to get tickets for people. “Friends.” It’s insane here. You know what a ticket’s going for here on this film, on the black market? 8,000 Euros! That’s about $10,000, I think … which is approximate, but still, amazing for a movie ticket.

It’d be kind of ironic if this film in particular sparked a dangerously volatile futures market.
It’s a scalping thing. I heard we were the highest ticket at the festival. I had 25 “friends” call on the last day [before the film screened] to get in. That’s a dilemma you can’t get out of.

Stone also told the interviewer that though he had the chance to get Lloyd Blankfein’s notes on the flick, he declined to screen it for the li’l fella, assuming he wouldn’t like it, due to the criticism of “the banking class.” Which I think it unfair! Would LB have opened the doors of 85 Broad and allocated multiple partner managing directors to give Shia an insider look at what life is like at GS (and what it takes to get hired at the place) if he wasn’t looking forward to this thing?!

Have you shown the sequel to, say, Timothy Geithner or [Goldman Sachs CEO] Lloyd Blankfein?
No. I could have shown it to ‘em, but I don’t think that would be the crowd [to vet the film]. I’m talking about guys who work on the Street. You’re talking about the elite of the elite. They’re not going to like it. Blankfein is fighting for his life right now. They have a lot at stake here. Any kind of criticism — and he’s obviously implicitly criticized in this, because the banking class is criticized, and criticizeable — he’s not gonna go for it.

Source: Dealbreaker | 13 May 2010 | 1:34 pm

Supertex Raised to `Buy,' ATS Medical Cut to `Hold': Audio

Source: Bloomberg - All Podcasts | 13 May 2010 | 1:34 pm

Greek woes hit Thomas Cook holiday bookings

Greece's economic crisis has hurt holiday bookings to the country, tour operator Thomas Cook said, as reports of strikes and riots in Athens make Turkey and Spain more appealing to tourists.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 13 May 2010 | 1:28 pm

Big borrower California won't slip like Greece

That's the broadly held view in the $2.8 trillion municipal bond market, which is puzzled by analysts, columnists, cartoonists and bearish investors comparing Greece's fiscal floundering and $1 trillion bailout to hard-pressed states such as California and Illinois.

Source: Reuters: Business News | 13 May 2010 | 1:27 pm

Inchcape escapes shareholder pay revolt

Car dealer Inchcape has managed to hold off a shareholder revolt over pay after Andre Lacroix, chief executive, gave up share options worth approximately £1.12m
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 13 May 2010 | 1:25 pm

Coalition government may have to impose £50bn tax rise

Coalition Government may have to impose £50bn of tax rises only months into its tenancy, with a VAT rise only the start.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 13 May 2010 | 1:13 pm

S&P cuts credit ratings on NYSE Euronext (AFP)

AFP - Standard & Poor's on Thursday cut its credit ratings on NYSE Euronext and warned of more downgrades after the world's largest stock exchange moved to end business with a major clearing house.

Source: Yahoo! News: Stock Markets News | 13 May 2010 | 1:07 pm

Presented By:

Source: Dealbreaker | 13 May 2010 | 1:05 pm

Don’t Freak out Over that Subpoena from the U.S. Securities and Equities Administration

Apparently the SEC has discovered fraudsters trying to impersonate their own intrepid investigators, using fake email addresses containing .gov in the domain. Most of these characters are fishing around on tranny porn web sites (likely running into real SEC officials) for naive investors who will pay them fees to remove restrictions on sales of stock they own.

SEC Issues Alert About Entity Calling Itself “U.S. Securities and Equities Administration”

The staff of the United States Securities and Exchange Commission (SEC) is issuing this Investor Alert about an entity calling itself the “U.S. Securities and Equities Administration” and other similar names, including the “U.S. Securities Administration” or the “U.S. Securities Bureau.” In conversations with members of the public, the entity may have represented that its address is 225 Franklin Street, Boston, Massachusetts. The entity also claims to operate a website at www.gov.ussea.us. It appears that this entity may be requesting up-front fees to remove purported restrictions on shares of stock that investors own, or to release funds purportedly being held by the U.S. government on investors’ behalf.

Source: Dealbreaker | 13 May 2010 | 1:05 pm

Stores offer less so we can spend more

Retailers worried that shoppers are still skittish about spending money are trying harder than ever to get consumers into their stores to flex their buying power. And what they're finding is that many of us will spend more when they offer us less. Adam Allington goes shopping to explain.
Source: Marketplace | 13 May 2010 | 1:02 pm

Waiting For Jamie Dimon To Do The Right Thing

When I think of JPMorgan CEO James Dimon, a few things come to mind. His (devastatingly good) looks. His charm. His jokes. His (alleged) illegal tire dumping. I also think of a guy who takes pride in his roots, which the Dimon family can trace back to a little European country going through a rough patch at the moment. And so I must ask–where the hell is the love? I’m not the only one wondering these things. I was out with some people who are paid to think about such matters last night and they were aghast at the notion hat JD has yet to use JPMorgan to bless Greece with his Croesus touch. People sincerely want to know why he hasn’t offered to buy the place for 1/100th of what it’s worth.  For the love of Jimmy Cayne’s roach clip, he did it for Bear’s trailer park of hemp and now, when it’s about family, JD is nowhere to be found? He needs to do something, show some freaking support for C’s sake, and if it’s not the suggestion I just made (which is should be), these are the options he must choose from:

a) Buy the Acropolis, get the original cast of Rent to perform on the steps (with Charlie Gasparino playing Angel), auction off the tickets

b) appear in a series of 30-second commercials defending Greece’s fiscal ’strategy’ that conclude “Just like in life, all of Greece’s successes depend on me. I’m the man who has the brass balls, I’m the man who can push Lehman into bankruptcy with a collateral call faster than fuck. So that is why I am better than everyone in the world, and you should listen to every damn word I have to say. Kiss my ass and suck my dick. Everyone.”

c) Break out your tear gas masks- it’s time for another protest

d) Wildcard- you tell us

Source: Dealbreaker | 13 May 2010 | 1:02 pm

Restoring the heart of Sissinghurst

Author Adam Nicolson grew up in Sissinghurst Castle, a popular tourist destination in England. He talks with Kai Ryssdal about his new book, "Sissinghurst, An Unfinished History," and his quest to restore a farm at his family home.
Source: Marketplace | 13 May 2010 | 1:02 pm

Young Greeks worry over spending cuts

In Greece, the unemployment rate for people between 18-30 is more than 25% -- more than twice the rate in the general population. Joanna Kakissis reports that austerity measures are going to bring a lot of pain.
Source: Marketplace | 13 May 2010 | 1:02 pm

'Hurt Locker' producers go after pirates

Producers of the Oscar-winning movie "The Hurt Locker" say they've identified thousands of people who illegally grabbed their film online. They say they'll sue if download thieves don't settle out of court. Eve Troeh reports.
Source: Marketplace | 13 May 2010 | 1:02 pm

Governor may cut home health care

To reduce their budgets, states have tried to cut health programs, like home care for the elderly. Legal obstacles have made it impossible. But California Governor Arnold Schwarzenegger is unveiling a new tactic: cutting the programs entirely. Jeff Horwich reports.
Source: Marketplace | 13 May 2010 | 1:02 pm

Bill may not transform energy economy

The climate and energy bill recently introduced in the U.S. Senate is aimed at cutting global warming emissions 17 percent by 2020. But the legislation won't help us break our fossil-fuel habit any time soon. Sarah Gardner reports.
Source: Marketplace | 13 May 2010 | 1:00 pm

Banks focus on closing out foreclosures

A new report says foreclosures are down 2% from a year ago. That's good news, right? But that same report says the number of houses being repossessed is up 45%. Alisa Roth breaks down the numbers and what it means for the housing market.
Source: Marketplace | 13 May 2010 | 12:59 pm

More Subpoenas for Big Banks, This Time from Cuomo

After filing suit earlier this week against Ivy Asset Management for feeding pension fund money to Bernie Madoff, NY Attorney General Andrew Cuomo is turning his attention back to the big banks, which will obviously score many more political points when he runs for governor in November.

The latest probe from Cuomo involves the banks’ efforts to mislead the ratings agencies on structured products. His office is looking into whether Moody’s, S&P and Fitch tinkered with their models so banks could get higher ratings on CDOs and other products.

Subpoenas recently went out to Goldman Sachs, Morgan Stanley, UBS, Citigroup, Credit Suisse, Deutsche Bank, Crédit Agricole and BofA/Merrill Lynch, according to the New York TImes.

Cuomo is also looking into former rating agency employees who left to join the mortgage operations of big banks during the boom. The Times cites a former Fitch Ratings employee named Shin Yukawa, who was recruited by Goldman in 2005.

At the height of the mortgage boom, companies like Goldman offered million-dollar pay packages to workers like Mr. Yukawa who had been working at much lower pay at the rating agencies, according to several former workers at the agencies.

Around the same time that Mr. Yukawa left Fitch, three other analysts in his unit also joined financial companies like Deutsche Bank.

In some cases, once these workers were at the banks, they had dealings with their former colleagues at the agencies. In the fall of 2007, when banks were hard-pressed to get mortgage deals done, the Fitch analyst on a Goldman deal was a friend of Mr. Yukawa, according to two people with knowledge of the situation.

Source: Dealbreaker | 13 May 2010 | 12:29 pm

Adobe hits back at Apple in Flash war

Adobe Systems has returned fire at Apple in the technology companies’ war over web video formats, with a new advertising campaign and a letter from its founders
Source: Financial Times - US homepage | 13 May 2010 | 12:25 pm

Israel to curb leading business families

The Israeli government plans to crack down on the country’s leading business families, amid growing concern that the private sector is falling under the sway of powerful oligarchs
Source: Financial Times - US homepage | 13 May 2010 | 12:24 pm

The Responsibility Revolution: How the Next Generation of Businesses Will Win

Companies have been quietly embracing sustainability for years. Organic Valley ditched Wal-Mart as a customer in 2004 to maintain a livable wage for its farmers. Nike welcomes criticism of its offshore factories–and uses it as a catalyst to change factory conditions. IBM uses online crowdsourcing for its innovations.

The Responsibility Revolution: How the Next Generation of Businesses Will Win is full of engaging case studies like the ones above. Written by Seventh Generation CEO Jeffrey Hollender and veteran business writer Bill Breen, The Responsibility Revolution examines corporate responsibility in real world terms.

Through company stories, the book shows you what companies have done to successfully foster corporate responsibility (CR) and sustainability. You learn the six principles that work, as well as some that don’t (greenwashing, for example).

Rather than detailing CR’s “marketing pap,” as some books do, the Hollender and Breen show you what it takes to create an authentic, sustainable, collaborative corporation. Companies can use the principles mentioned above as guiding lights for the journey from profit monger to conscious corporation.

Inside the Book

The Responsibility Revolution starts by defining exactly what its namesake, the responsibility revolution, actually is. Then, the book dives into six “core principles” that it claims are the best way to help evolve responsibility. These are mission, collaboration, transparency, authenticity, community, and consciousness.

Each chapter covers a core principle. First, you learn why mission is important, and what a mission-driven company looks like. Next, the book covers how to build a community inside of your company.

The meaning and implementation of transparency follow, courtesy of Timberland, Patagonia, and Novo Nordisk case studies. After that, you learn how to cultivate authenticity instead of greenwashing. Next come collaboration and crowdsourcing, with an emphasis on how turning consumers into contributors gives companies a competitive advantage.

At the end, a lengthy Seventh Generation case study shows you what a corporate consciousness is, and how to create it. They bring the term “conscious corporation” down to earth, insofar as that’s possible. The book leaves you with a provocative question: “What does the world most need that you are uniquely able to provide?”

Thoughts

The Responsibility Revolution’s diverse, insightful company stories are its real strength. Each helps you comprehend the factors influencing a company’s actions. They make the book feel effortless.

The authors give a good high-level overview to help you understand corporate responsibility (CR). Clearly, CR isn’t as cut-and-dried as some “experts” might have you believe. The authors’ real life CR experience, especially Hollender’s, gives the book an authentic quality not found in some other books on the topic.

Hollender and Breen also do an excellent job of communicating the fact that CR involves many variables. They don’t shirk ambiguity, but instead endeavor to incorporate it into CR’s fold. That’s a realistic approach. But it takes patience and an open mind to really absorb that kind of content as a reader.

I’d recommend this book for business types, particularly high-level thinkers like executives and consultants. It’s not an entry-level read on CR. If you’re new to the topic, or you want an easy overview, I’d suggest starting somewhere else. If you want more intimacy with CR, and a progressive look at the topic, do pick up this book.

Disclosure: We received a free copy of The Responsibility Revolution.

Source: Business Pundit | 13 May 2010 | 11:52 am

Cov-lite Revival, Visteon: Bloomberg Law Bankruptcy Review

Source: Bloomberg - All Podcasts | 13 May 2010 | 11:27 am

Hatoyama written off as lame duck premier

An inability to make decisions, funding scandals and a political train wreck over plans to move a US marine base are prompting many analysts to write off Yukio Hatoyama as a lame duck less than a year after his Japanese general election triumph
Source: Financial Times - US homepage | 13 May 2010 | 10:53 am

Pond, Asper, Durbin, Bandholz, Lipsky, El-Erian: Surveillance

Source: Bloomberg - All Podcasts | 13 May 2010 | 10:32 am

Cato’s Taylor, William Frey: Bloomberg On the Economy

Source: Bloomberg - All Podcasts | 13 May 2010 | 10:27 am

Leucadia Holdings More Like Buffett’s Alter Ego (LUK, BRK-B, ACF, CSWC, ENWV, IAAC, JEF, SMCG, TA)

Leucadia National Corp. (NYSE: LUK) is generally touted as one of the baby Berkshires…. meaning it is treated along the same lines as Berkshire Hathaway Inc. (NYSE: BRK-B) and Warren Buffett.  The problem is that Leucadia has a far, far different mix of holdings.   AmeriCredit Corp. (NYSE: ACF) and Jefferies Group Inc. (NYSE: JEF) are [...]

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 24/7 Wall St. | 13 May 2010 | 10:17 am

Alibaba Earnings Rise as Chinese Government Ponders New Regulations

Alibaba.com is the Hong Kong-listed unit of Alibaba Group, a Chinese B2B e-commerce company that is 39%-owned by Yahoo! Inc. (NASDAQ:YHOO). Alibaba.com reported better-than-expected earnings and revenues this morning, but saw its share price fall more than 5% on what most observers believe was normal profit-taking. The company’s net income for the full year was [...]

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 24/7 Wall St. | 13 May 2010 | 9:57 am

You Should Walk Out On More Movies. An Economist Said So.

By Jacob Goldstein

Tyler Cowen -- economist, blogger, good eater -- thinks you should quit wasting time at the movies.

Not that you shouldn't go. Just that you shouldn't stay if you're not into it. The ticket's a sunk cost, and your time is valuable.

"People should be more willing to walk out of movies," he tells the Washington Post. "Most movies -- they grab you or they don't, and if they don't, just leave. Just go. You have already lost money. Why lose the time?"

Here are three other life lessons that emerge from profile of Cowen in today's WaPo:

Nearly all stories take one of seven forms.

They are: monster, rags to riches, quest, voyage and return, comedy, tragedy and rebirth.

Nobody's ever really on time.

You're either a little bit early or a little bit late. Early is better.

Avoid restaurants where people look too happy.

You want a place where eaters go for the food, not for the vibe. "You want people to be grim or screaming at each other." (He's kidding on this one. Maybe. Sort of.)

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 13 May 2010 | 9:41 am

10 Celebrity Tax Evaders Who Didn’t Get Away With It

With the April tax deadline having safely passed, most law-abiding citizens will have fought their way through the forms and ever-changing rules once more and somehow made it – yet again – just in time. Phew! But there are some – quite a few celebrities actually – who don’t even bother. Whether claiming to not reside at their residence, living in a different state or being a legal alien altogether, many celebrities come up with weird excuses when it comes to evading taxes.

1. Wesley Snipes

Actor Wesley Snipes was sentenced to three years in prison for failing to file his taxes for five years, from 1999 to 2004. Unlike some celebrities below who simply claimed to have “forgotten” about paying taxes, Snipes tried to make the IRS believe he’s a resident alien (as if they don’t have to pay tax, just by the way) but being born in Florida, that’s hard to do. Snipes appealed and is free on bail for the time being but still needs to pay $17 million in taxes, plus interest and penalties. A truly alien tale.

2. Willie Nelson

Singer Willie Nelson, instead of coming up with lame excuses when being slapped with a charge of $16.7 million in back taxes in 1990, decided to do what he does best to get out of this sticky situation: sing. After the IRS had seized most of his assets to cover the amount and Nelson still fell short, he released the double album The IRS Tapes: Who’ll Buy My Memories? Needless to say, all proceeds went straight to the IRS and Nelson eventually paid off his tax debts. Most of Nelson’s stuff that the IRS auctioned off also came back to him: Most were purchased by fans who were only too happy to help the singer out and return his things back to him. What a happy ending.

3. Nicolas Cage

As of 2009, actor Nicolas Cage owed more than $6.6 million in back taxes from 2007. Claiming to be “just a victim,” the actor put the blame on his financial manager’s negligence. He in turn blamed the actor’s “reckless spending habits”. But all the excuses and mudslinging didn’t help – the IRS and the state of Nevada foreclosed on Cage’s multimillion-dollar home in Las Vegas in November of last year. Far from being homeless, Cage simply moved into one of his other homes. Oh, celebrity problems!

4. Annie Leibovitz

Compared to those stately sums, photographer Annie Leibovitz’s outstanding federal tax amount of $2.1 million doesn’t seem that much, given that she probably makes that much taking just a few pictures of the rich and famous. She also owes $250,000 in New York state taxes.

5. Sinbad

Professionally, we haven’t really heard much from comedian Sinbad, aka David Atkins, who was all the rage in the ‘80s and ‘90s. He’s been in the news though for owing the state of California $2.5 million in personal income tax. We’re sure that’s not the kind of publicity he was looking for.

6. Marc Anthony

Also in the $2.5-million-range of tax debts is singer Marc Anthony. He got slapped with that amount for failing to pay taxes from 2000 to 2004, a time period when his earnings were $15.5 million. Anthony feigned ignorance, claiming that he thought his accountant had filed taxes. Because Anthony paid up promptly and no intention to cheat could be proven, all charges were dropped. Back to la vida loca then for the singer and his wife Jennifer Lopez?

7. Dionne Warwick

Adding further to California’s budget deficit is singer Dionne Warwick who owes the state $2.2 million in personal income tax. At least she can claim to be in the Top Ten – of California’s 250 worst tax debtors that is.

8. Snoop Dogg

Singer Snoop Dogg, known for his antics, can add another title to his repertoire: tax evader. That too the second time in a row. Last year, the rapper owed the state of California $284,000; now the amount has grown to $598,000. No sign of payment yet.

9. Pamela Anderson

The busty Baywatch-star recently got busted for not paying her personal income tax in California. The amount in question: $493,000. We’re sure a few photo shoots or ad revenues should cover that in no time.

10. Prince

Rounding up our Top Ten is Prince. The singer formerly known as Prince is now also known as a tax evader. At least his management company is – it owes the state of Minnesota around $450,000 in state taxes. We’re sure releasing some of the songs in his vault would cover this small sum – compared with the previous ones – very quickly.

Source: Business Pundit | 13 May 2010 | 9:27 am

Cantor's Pope on Stocks, Stretch on Currencies: First Word

Source: Bloomberg - All Podcasts | 13 May 2010 | 8:13 am

BP CEO Admits Mistakes, Defends Company

Image: World Economic Forum/Flickr

BP CEO Tony Hayward has admitted that BP made mistakes early on in dealing with the Gulf Coast oil spill. But he defended BP’s overall response to the crisis. The Guardian has more:

…in a bullish interview with the Guardian at BP’s crisis centre in Houston, Hayward promised that BP would “fix” the disaster, which is on course to eclipse the 1989 Exxon Valdez oil spill as the worst US oil spill in history. Hayward said that BP was “increasingly confident” that progress was being made in trying to find ways to seal the faulty blow-out preventer, which failed to shut down the well, and stem the flow of oil.

“We will fix it. I guarantee it. The only question is we do not know when.”

Hayward said it was “unwise” to speculate about the direct causes of the accident before investigations had been completed. “There is a lot of speculation, red herrings and hearsay.” Asked if he felt his job was under threat, he replied: “I don’t at the moment. That of course may change. I will be judged by the nature of the response. Investors have so far been very supportive.”

(Hayward) admitted that BP had made mistakes in its early response to the crisis. BP initially refused to compensate fishermen who were unable to produce written proof of their normal earnings even though most keep no such record. He also said BP had made a mistake when fishermen signing up to help with the relief effort were required to sign agreements limiting their receipt of any future damages from BP. “It was a bit bumpy to get it going. We made a few little mistakes early on.”

BP’s Alaska and Texas City disasters set the stage for the previous CEO, John Browne, to be shown the door. I doubt Hayward’s job is as safe as he claims.

BP has spend $450 million on the oil spill so far, according to the Wall Street Journal–and it still hasn’t figured out a workable solution. Let’s hope the company works out its kinks quickly.

Source: Business Pundit | 13 May 2010 | 7:31 am

Everybody's Investigating Banks' Mortgage Deals

By Jacob Goldstein

It's starting to feel like every bank is being investigated by everybody over mortgage-related securities issued during the boom.

To put a finer point on it: JPMorgan Chase, Citigroup, Deutsche Bank and UBS are all under "early-stage criminal scrutiny" from federal prosecutors, and they've received civil subpoenas from the SEC, the WSJ reports this morning. The paper has already reported on early-stage criminal probes of Goldman Sachs and Morgan Stanley.

And Goldman, Morgan Stanley, UBS, Citigroup, Credit Suisse, Deutsche Bank, Credit Agricole and Merrill Lynch (now owned by Bank of America) are being investigated by New York Attorney General Andrew Cuomo, this morning's NYT reports.

In the criminal probes reported by the WSJ, prosecutors want to know whether banks misled investors in mortgage-backed securities known as CDOs. No criminal charges have been filed against any of the banks.

The SEC filed a civil case against Goldman a few weeks back; Goldman says it didn't mislead investors.

Cuomo, meanwhile, is looking into whether the banks provided misleading information to the big ratings agencies in order to get inflated ratings on mortgage-backed securities. Lots of AAA-rated (supposedly super-safe) mortgage investments got clobbered in the housing bust.

Defenders of the ratings say that's because the large, widespread declines in housing prices were unprecedented and couldn't have been predicted. And, they argue, the agencies had access to all the information they needed to make their own decisions about what ratings to assign to the securities.

But it's also the case that it was in the banks' interest to get the highest rating possible on the securities.

The dance between the banks and the ratings agencies was described in The Watchmen, a Planet Money/This American Life episode that aired last year. It starts on p. 15 of the transcript.

One former Bear Stearns employee said in the show that eking the highest rating out of every deal was just part of the business.

"I knew I was doing things to get around the rules," she said. "I wasn't proud of it, but I did it anyway."

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 13 May 2010 | 7:25 am

TV groups tune in to emerging markets

Television makers forecast a dramatic increase in shipments this year as the global economy recovers, 3D sets go on sale, and flat-panel TVs become cheap enough for emerging countries
Source: Financial Times - US homepage | 13 May 2010 | 6:28 am

In Some Industries, Size Does Matter

Source: Business Pundit | 13 May 2010 | 4:44 am