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Germany’s DespairThe Center for European Economic Research said its May economic expectations index for Germany fell to 45.8 from 53.0 in April. Coupled with that the German 10-year government bonds dropped. The DAX suffers a sharp drop in early May from which it is just recovering. All of these are early signs that German oppositions to a Greek bailout may have [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 18 May 2010 | 4:19 am BA union files appeal against banThe Unite union is planning an appeal against Monday's UK court ruling declaring planned British Airways cabin crew strikes illegal.Source: BBC News | Business | World Edition | 18 May 2010 | 4:16 am Home Depot profit tops Wall Street viewNEW YORK (Reuters) - Top home-improvement chain Home Depot Inc reported a higher-than-expected quarterly profit, boosted by demand for gardening products and energy-efficient appliances.
Source: Reuters: Business News | 18 May 2010 | 4:15 am RBS executive forced out of CityA former senior executive at RBS is forced to agree he will not undertake any senior or full time work in the financial services industry.Source: BBC News | Business | World Edition | 18 May 2010 | 4:15 am EU ministers in hedge fund talksEU finance ministers meet in Brussels later to discuss hedge fund regulation after Euro MPs backed greater supervision.Source: BBC News | Business | World Edition | 18 May 2010 | 4:13 am Greece gets $17.9 billion EU aid, to repay bondATHENS (Reuters) - Greece received a 14.5-billion euro ($17.9 billion) emergency loan from the European Union on Tuesday and will use some of the money to fully repay an 8.5-billion euro bond maturing the next day, officials said.
Source: Reuters: Business News | 18 May 2010 | 4:01 am UK inflation hits 17-month highUK inflation accelerated again in April to hit 3.7%, official figures show, the highest rate for 17 months.Source: BBC News | Business | World Edition | 18 May 2010 | 3:59 am Indications: U.S. futures edge up before Wal-Mart earningsU.S. stock futures edge up Tuesday as traders eye inflation, housing and earnings reports from Wal-Mart and Home Depot.
Source: MarketWatch.com - Top Stories | 18 May 2010 | 3:58 am Online budgeting tools may not cover fraudBank customers who use popular online budgeting tools may be left high and dry if their accounts are emptied by fraudsters.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 May 2010 | 3:57 am City shocked as inflation rises to 3.7 per centThe headline rate of inflation jumped to a 17-month high of 3.7 per cent in April — a bigger increase than expected — it was revealed this morning. Source: Latest Business News from Times Online | 18 May 2010 | 3:56 am Boeing Wastes More Money As 787 Delay ContinueIt is hard to imagine that the launch of the Boeing (NYSE: BA) 787 Dreamliner could fall further behind than it already has. The number of delays is now nearly a dozen and the date on which the aerospace firm was supposed to deliver the plane to customers is two years late. The delays have been caused by [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 18 May 2010 | 3:50 am Vodafone to lift dividend as profit nearly treblesVodafone Group Plc plans to boost future dividend payments as significant cost cuts help it post forecast-beating annual results.
Source: MarketWatch.com - Top Stories | 18 May 2010 | 3:50 am Greece to receive EU part of bailout loan (AP)
Source: Yahoo! News: Business News | 18 May 2010 | 3:48 am Shanghai stocks lead as most of Asia reboundsAsian markets end mostly higher Tuesday as a recovery in the euro and prices of some commodities spur risk appetite.
Source: MarketWatch.com - Top Stories | 18 May 2010 | 3:45 am Brett Arends' ROI: Apple's Jobs blunders on options swapYou’ve already heard about “the greatest trade ever” - hedge fund manager John Paulson’s giant score betting against subprime mortgage bonds. But no one's ever told you about the dumbest trade ever, writes Brett Arends.
Source: MarketWatch.com - Top Stories | 18 May 2010 | 3:38 am Jupiter aims to raise £220m in London flotationJupiter Asset Management announced its intention today to list on the London Stock Exchange in a move that will raise expectations of a wave of post-election initial public offerings. Source: Latest Business News from Times Online | 18 May 2010 | 3:33 am Chinese appliance tycoon jailed for 14 years (AP)
Source: Yahoo! News: Business News | 18 May 2010 | 3:32 am Futures Movers: Oil futures rebound after steep lossesOil futures rise above $71 a barrel on Tuesday after five straight sessions of losses, as traders bet that crude’s recent decline may have been overdone.
Source: MarketWatch.com - Top Stories | 18 May 2010 | 3:31 am The Government’s Role In Hiring May Be On The Way DownThe most stinging criticism of the federal government’s unemployment figures is that some of the improvement in recent months is based on hiring for the process of completing the Census. By some estimates, this contribution was a quarter of the April jobless number. It appears that jobs creation may be moving to the privates sector, which [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 18 May 2010 | 3:30 am Nu Skin Enterprises Declares Quarterly Dividend of $0.125Source: RSS feed - channel BNewsBusiness | 18 May 2010 | 3:30 am Economic Report: German investor confidence slides in MayInvestor confidence in Germany took a hit this month amid rising worries over the impact of the debt crisis in Southern Europe, according to a closely-watched survey.
Source: MarketWatch.com - Top Stories | 18 May 2010 | 3:30 am TradersRoom Selects SpotOption's Trading PlatformSource: RSS feed - channel BNewsBusiness | 18 May 2010 | 3:30 am Top 10 Travel Essentials You Can Find in the TrashSource: RSS feed - channel BNewsBusiness | 18 May 2010 | 3:30 am German investor confidence drops in May: ZEWGerman investor confidence has fallen sharply in May, as financial experts see eurozone public debt as a major risk for German business, the ZEW economic research institute said on Tuesday.Source: RSS feed - channel BNewsBusiness | 18 May 2010 | 3:27 am Stock futures rise; eyes on Wal-Mart results(Reuters) 0 U.S. stock index futures pointed to a higher open on Wall Street on Tuesday, with futures for the S&P 500 up 0.5 percent, Dow Jones futures up 0.4 percent and Nasdaq 100 futures up 0.4 percent at 0810 GMT (4:10 a.m. ET).
Source: Reuters: Business News | 18 May 2010 | 3:26 am Stock futures rise; eyes on Wal-Mart results (Reuters)
Source: Yahoo! News: Stock Markets News | 18 May 2010 | 3:26 am Unite union in court to challenge BA strike rulingLONDON (Reuters) - The union for British Airways cabin crew is in London's High Court to challenge a ruling that blocked a new wave of walkouts by the airline's staff as peace talks...Source: RSS feed - channel BNewsBusiness | 18 May 2010 | 3:24 am Protesters expected for Massey annual meetingShareholders for Massey Energy are scheduled to vote on three directors among other things at the troubled coal company's annual meeting Tuesday in Virginia. The meeting comes six weeks...Source: RSS feed - channel BNewsBusiness | 18 May 2010 | 3:22 am British Land’s value rises by a quarterBritish Land has reported its first full-year increase in the value of its portfolio since the property crash more than two years ago. Source: Latest Business News from Times Online | 18 May 2010 | 3:20 am Economic Report: U.K. inflation hits 17-month high, triggers letterConsumer price inflation in Britain accelerates to an annual rate of 3.7% in April, rising from 3.4% in March and forcing Bank of England Governor Mervyn King to write a letter to the government explaining why inflation missed the 2% annual target.
Source: MarketWatch.com - Top Stories | 18 May 2010 | 3:19 am Euro ministers to fix details of anti-contagion planBRUSSELS (Reuters) - Euro zone finance ministers are working on ironing out wrinkles in the 750 billion euro ($925 billion) plan they hatched a week ago to calm markets and stem fears of serial Greek-style debt crises in the currency area.
Source: Reuters: Business News | 18 May 2010 | 3:17 am GM sees first profit since 2007US car giant General Motors made $865m in the first three months of 2010, its first quarterly profit in nearly three years.Source: BBC News | Business | World Edition | 18 May 2010 | 3:17 am GM sees first profit since 2007US car giant General Motors made $865m in the first three months of 2010, its first quarterly profit in nearly three years.Source: BBC News | Business | World Edition | 18 May 2010 | 3:17 am Electric motoringHow much will it cost and is it profitable?Source: BBC News | Business | World Edition | 18 May 2010 | 3:16 am EU nations push for deficit cuts to tame crisis (AP)
Source: Yahoo! News: Business News | 18 May 2010 | 3:15 am Japan banking group Mitsubishi UFJ back in profit (AFP)
Source: Yahoo! News: Business News | 18 May 2010 | 3:15 am An aggressive saver who can't save enoughQuestion: I'm 27 and have had a Roth IRA since I was 16 years old. I've been maxing out that account since I graduated college, and I now also max out my 401(k). But this year my income will be too high to allow me to contribute to either a Roth IRA or traditional deductible IRA. I still have money I want to save, so I'm wondering whether I should just open a regular taxable account and invest in muni bonds, annuities or something else. Any suggestions? --Donald J.Source: Business and financial news - CNNMoney.com | 18 May 2010 | 3:13 am Chinese tycoon jailed for briberyChinese tycoon and businessman Huang Guangyu is sentenced to 14 years in prison on bribery charges, state media reports.Source: BBC News | Business | World Edition | 18 May 2010 | 3:10 am The Largest Private Equity MENA Deal of the Year to Close in IraqSource: RSS feed - channel BNewsBusiness | 18 May 2010 | 3:10 am Stocks poised for gainsU.S. stocks looked set for early gains Tuesday, as investors turned their focus away from Europe's debt woes and looked ahead to economic data and corporate earnings in the retail sector.Source: Business and financial news - CNNMoney.com | 18 May 2010 | 3:06 am HAMP Program A Failure Or Success?The Treasury Department released its April report on the progress of HAMP, a program to modify mortgages so that people can stay in their homes. The first reaction by the media and most analysts is that the effort is a failure. The program has posted 295,348 permanent mortgage alterations. But, many of the 1,214, 805 trial loans [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 18 May 2010 | 3:06 am Recession hits personal pensionsThe amount of money paid into personal and stakeholder pension plans fell by £1.1bn during the recession, official figures show.Source: BBC News | Business | World Edition | 18 May 2010 | 3:01 am Are Charity Fundraisers Spying on You?To find big donors, nonprofits gather a startling amount of personal data.
Source: SmartMoney.com | 18 May 2010 | 3:01 am Your Charity's Junk-Mail StrategyThe science behind those fundraising appeals that fill your mailbox.
Source: SmartMoney.com | 18 May 2010 | 3:01 am Patient Satisfaction Declines at Hospitals (Consumer Action)Customer satisfaction is up for many services -- but not health care.
Source: SmartMoney.com | 18 May 2010 | 3:01 am 3 Small Tech Firms With Soaring Sales (Screens)Hough: Companies seeing a rush of orders after two years of lean demand.
Source: SmartMoney.com | 18 May 2010 | 3:01 am A Sweeter Future for Kraft FoodsFortified by its Cadbury acquisition, Kraft is set to start growing again.
Source: SmartMoney.com | 18 May 2010 | 3:01 am Yemen court sentences six Somali pirates to death (AFP)
Source: Yahoo! News: Business News | 18 May 2010 | 3:00 am Very Few Americans Find Statements by Financial Institutions Completely BelievableSource: RSS feed - channel BNewsBusiness | 18 May 2010 | 3:00 am Smartphones double Vodafone's profitsSoaring demand for smartphone, such as the iPhone, has helped Vodafone more than double its pre-tax profits, despite a £2.3bn charge against its fast-growing Indian business.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 May 2010 | 2:54 am London Markets: Smith Group, miners help U.K. stocks advanceBritish shares climb, helped by earnings-related gains from Smiths Group and British Land as well as an advance for mining firms.
Source: MarketWatch.com - Top Stories | 18 May 2010 | 2:53 am Greece receives EU bail-out moneyGreece has received the first tranche of a huge loan intended to rescue the nation's embattled economy, the EU says.Source: BBC News | Business | World Edition | 18 May 2010 | 2:51 am Earnings reports fuel London shares rallyLondon equities rose on Tuesday, with well-received earnings news helping FTSE 100 companies improve the mood. The benchmark index rose 60 points to 5,322.31, a rise of 0.9 per cent, with improving...Source: RSS feed - channel BNPaperBusiness | 18 May 2010 | 2:47 am UK inflation jumps to 17-month highBig rise in tax on alcohol and tobacco adds to consumers' woes as inflation hits 17 month high of 3.7pc.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 May 2010 | 2:44 am Euro remains under pressure despite paring lossesTuesday 09:20 BST. Up or down, tick by tick, the market remains in thrall to the euro. Another dip in the single currency during Asian trading put pressure on the region's stock markets, but many...Source: RSS feed - channel BNPaperBusiness | 18 May 2010 | 2:42 am UPDATE 1-BP siphoning off 40 pct of Gulf of Mexico oil leak* Oil spill costs it $625 million so far, vs $450 mln May 13Source: RSS feed - channel BNewsBusiness | 18 May 2010 | 2:37 am Stock futures rise; eyes on Wal-Mart results(Reuters) - Stock index futures pointed to a higher open on Wall Street on Tuesday, with futures for the S&P 500 up 0.5 percent, Dow Jones futures up 0.4 percent and Nasdaq 100 futures...Source: RSS feed - channel BNewsBusiness | 18 May 2010 | 2:35 am World stocks up, growth hopes offset Europe fears (AP)
Source: Yahoo! News: Business News | 18 May 2010 | 2:34 am World stocks up, growth hopes offset Europe fears (AP)
Source: Yahoo! News: Stock Markets News | 18 May 2010 | 2:34 am Oil rises above $71 after 2-week sell-off (AP)
Source: Yahoo! News: Business News | 18 May 2010 | 2:30 am Jupiter plans London IPO in JuneU.K. fund manager Jupiter Investment Management plans to list on the London Stock Exchange before the end of June in a move that will raise around $325 million.
Source: MarketWatch.com - Top Stories | 18 May 2010 | 2:24 am Yell chiefs to quit after earnings slumpYell’s long-running chief executive and finance director both announced their departure today after it reported a 26 per cent fall in annual underlying earnings. Source: Latest Business News from Times Online | 18 May 2010 | 2:21 am 7 great road-trip carsIt's almost summer-vacation season. If you're planning on a long, long trip, here are the best new cars you could take.Source: Business and financial news - CNNMoney.com | 18 May 2010 | 2:15 am 5 secrets of successful career changersTolstoy wrote that unhappy people are each unhappy in their own way. The same can be said of American workers today.Source: Business and financial news - CNNMoney.com | 18 May 2010 | 2:14 am Why Treasurys aren't always so safePeople often ask me how they can go wrong buying U.S. Treasury bonds. After all, they say, no matter how bad our fiscal problems get, the government can always print the dollars it needs to redeem its bonds. So what's the problem?Source: Business and financial news - CNNMoney.com | 18 May 2010 | 2:06 am When the boss doesn't defend youDear Annie: I'm the supervisor of a customer service team. Most of our transactions are with long-term clients who depend on our products and our advice to run their businesses, so that our connection with them is almost a consulting relationship. About 99% of our interactions are friendly and professional, but occasionally my team members suffer verbal abuse from irate and unreasonable people at a client company. When this happens, I usually go to a manager one level above me and ask him to call the customer and sort out the problem.Source: Business and financial news - CNNMoney.com | 18 May 2010 | 2:06 am Vine Talk: Chinese speculators seen stocking up on '09 Bordeaux (Reuters)Reuters - Speculators, not drinkers, are likely to be the biggest Chinese buyers of Bordeaux 2009.Source: Yahoo! News: Stock Markets News | 18 May 2010 | 2:04 am Macarthur rejects Peabody’s A$3.8bn takeoverPeabody Energy’s plan to acquire Macarthur Coal for A$3.8bn has collapsed after the Australian group said it could not recommend a revised takeover offer that was unlikely to win support from its two largest shareholdersSource: Financial Times - US homepage | 18 May 2010 | 2:00 am Go ahead and default, Greece!Greece must be feeling a little like Sisyphus these days. Saddled with mountains of debt and a 14% budget deficit, its path to recovery seems arduously steep, slippery and out of reach. But like Sisyphus, the king in Greek mythology who ends up getting to the summit only to see his cumbersome load slide back down again, Greece seems mired in problems even with a $145 billion bailout package.Source: Business and financial news - CNNMoney.com | 18 May 2010 | 1:55 am Britvic to buy France's Fruite for €237mBritvic, the British soft drinks company that makes Tango and Robinsons fruit juices, plans to buy France's Fruite Enterprises for €237m (£202m).Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 May 2010 | 1:55 am Media Digest (5/18/2010) Reuters, WSJ, NYTimes, FT, BloombergReuters: The US is going to probe the causes of the spill in the Gulf. Reuters: Blackstone is dropping it bid for Fidelity National. Reuters: The US and Ireland set a new fly zone to get around volcanic ash. Reuters: Euro ministers will set details of an anticontagion plan. Reuters: Oil hit a five month [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 18 May 2010 | 1:55 am Europe Markets: Europe rises for first time in three sessionsInvestors welcome results from telecom giant Vodafone and buy into the banking sector as the focus turns back to corporate performance.
Source: MarketWatch.com - Top Stories | 18 May 2010 | 1:50 am Vodafone profits double to £8.7bn despite price war in IndiaVodafone said today that annual profits more than doubled to £8.7 billion despite taking a hit on its key Indian business. Source: Latest Business News from Times Online | 18 May 2010 | 1:48 am Senate pushes for free credit scoresPeople who are denied credit or a job because of their credit history may soon be able to get their credit score free of charge, thanks to an amendment passed by the Senate Monday evening.Source: Business and financial news - CNNMoney.com | 18 May 2010 | 1:40 am Why Europe may kill the U.S. recoveryThe euro is falling. Low. Way low. The important questions are: How low will it go? And what does its fall mean to us?Source: Business and financial news - CNNMoney.com | 18 May 2010 | 1:27 am Yell chief executive, finance director to leaveYell, the British yellow pages company, said its chief executive and chief financial officer would both step down by next May, after steering the company past the threat of insolvency over the past two years.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 May 2010 | 1:26 am FTSE climbs at open (AFP)
Source: Yahoo! News: Stock Markets News | 18 May 2010 | 1:25 am Security must be No 1 for Apple with the iPhoneThe iPhone’s growing popularity among consumers hungry for its intuitive software has been putting pressure on corporate IT departments. Standard Chartered’s move to offer the iPhone as an option is another sign that companies are caving in. Source: Latest Business News from Times Online | 18 May 2010 | 1:19 am Business Bullet: Greece, Hedge funds, Jupiter, VodafoneThe latest news on: Greece, Hedge funds, Jupiter, VodafoneSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 May 2010 | 1:14 am Jupiter staff in cash in on £220m London floatJupiter, a leading British fund manager, has announced plans for a £200m flotation on the London Stock Exchange, giving staff a chance to cash in shares.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 May 2010 | 1:13 am Obama administration faces questions on oil spill (AP)
Source: Yahoo! News: Business News | 18 May 2010 | 1:06 am Lions Gate, Icahn begin settlement talksThe entertainment firm and the activist investor are trying to end their long-running battle for control of the company. ...Source: RSS feed - channel BNPaperBusiness | 18 May 2010 | 1:00 am Estee Lauder to buy L.A.'s Smashbox Beauty CosmeticsAnalysts say privately held Smashbox would help give Estee Lauder — whose brands include Clinique, Aveda and MAC — a more youthful appearance. No purchase price was given for the deal.In a move to attract new and younger customers, cosmetics behemoth Estee Lauder Cos. said Monday that it had agreed to acquire Los Angeles makeup brand Smashbox Beauty Cosmetics Inc.
Source: L.A. Times - Business | 18 May 2010 | 1:00 am GM earns $865 million in first quarter for its first profit in nearly three years.The automaker's bottom line is bolstered by a massive restructuring that allowed it to shed vehicle brands, factories and workers.General Motors Co. posted a profit for the first time in nearly three years, surprising Wall Street and increasing political pressure on the automaker to launch a public stock offering so the federal government can recover billions of dollars it spent on GM's bailout.
Source: L.A. Times - Business | 18 May 2010 | 1:00 am Fixing public transit in L.A. requires both a carrot and a stickHow to get Southern Californians out of our cars? Give us convenient, timely and reasonably priced transit lines, and fund them with higher gas taxes, parking fees and car-registration fees. ...Source: RSS feed - channel BNPaperBusiness | 18 May 2010 | 1:00 am Motorcycle dealers still scrambling to find customersSales fall 4.6% in the first quarter compared with a year earlier. There are signs the economy is getting better,...Source: RSS feed - channel BNPaperBusiness | 18 May 2010 | 1:00 am Fixing public transit in L.A. requires both a carrot and a stickHow to get Southern Californians out of our cars? Give us convenient, timely and reasonably priced transit lines, and fund them with higher gas taxes, parking fees and car-registration fees.The tough economy has taken its toll on Altadena resident Efrain Rojas. The freelance graphic artist has put his car in storage to save money and now takes public transportation everywhere.
Source: L.A. Times - Business | 18 May 2010 | 1:00 am Google to debut Internet TV software in joint initiativeThe Web search giant, through an effort with Sony, Intel and Logitech, is expected to showcase technology enabling users to flip seamlessly among shows, YouTube videos and home videos on their sets. ...Source: RSS feed - channel BNPaperBusiness | 18 May 2010 | 1:00 am Lions Gate, Icahn begin settlement talksThe entertainment firm and the activist investor are trying to end their long-running battle for control of the company.Lions Gate Entertainment and activist investor Carl Icahn have begun settlement talks to end their long-running fight for control of the company.
Source: L.A. Times - Business | 18 May 2010 | 1:00 am NBC, in recovery mode, returns to a more traditional ad sales eventThe network offers previews of its new shows in New York after dealing in recent years with such disruptions as a writers strike and the fiasco of moving Jay Leno to prime time. ...Source: RSS feed - channel BNPaperBusiness | 18 May 2010 | 1:00 am CalPERS board to consider disciplining member Priya MathurRob Feckner, president of the pension giant, will explain recommendations to the board at a special meeting Wednesday. Mathur had failed to file financial disclosure reports on time. ...Source: RSS feed - channel BNPaperBusiness | 18 May 2010 | 1:00 am NBC, in recovery mode, returns to a more traditional ad sales eventThe network offers previews of its new shows in New York after dealing in recent years with such disruptions as a writers strike and the fiasco of moving Jay Leno to prime time.When NBC unveiled its new fall schedule to advertisers in New York on Monday, it did something different this time: It previewed clips from new shows.
Source: L.A. Times - Business | 18 May 2010 | 1:00 am Economic recovery will be rapid, San Francisco Fed researchers sayDefying many analysts' predictions, economists Justin Weidner and John C. Williams say the rebound 'is likely to be faster than from the two previous recessions.' ...Source: RSS feed - channel BNPaperBusiness | 18 May 2010 | 1:00 am Google to debut Internet TV software in joint initiativeThe Web search giant, through an effort with Sony, Intel and Logitech, is expected to showcase technology enabling users to flip seamlessly among shows, YouTube videos and home videos on their sets.Google Inc. will make an ambitious bid to extend its reach into the living room when it debuts its Internet television software this week.
Source: L.A. Times - Business | 18 May 2010 | 1:00 am Motorcycle dealers still scrambling to find customersSales fall 4.6% in the first quarter compared with a year earlier.There are signs the economy is getting better, but not when it comes to motorcycles and scooters.
Source: L.A. Times - Business | 18 May 2010 | 1:00 am Estee Lauder to buy L.A.'s Smashbox Beauty CosmeticsAnalysts say privately held Smashbox would help give Estee Lauder — whose brands include Clinique, Aveda and MAC — a more youthful appearance. No purchase price was given for the deal. ...Source: RSS feed - channel BNPaperBusiness | 18 May 2010 | 1:00 am After 'Iron Man,' Marvel hopes its other characters follow suitThe comic book publisher is hoping that Tony Stark and his red and gold super suit — once unknown outside comic book circles — show how second-tier superheroes can become billion-dollar franchises.Walt Disney Co. Chief Executive Bob Iger got right to the point in a conference call last week to discuss the company's financial performance with Wall Street analysts.
Source: L.A. Times - Business | 18 May 2010 | 1:00 am Permanent home-loan modifications under Obama program jump 30% in AprilBut nearly a quarter of trial modifications have been canceled, largely because they had been granted without verifying the homeowners' income. A verification requirement takes effect June 1.The Obama administration said Monday that its program to prevent foreclosures gained ground in April as more homeowners won permanently reduced monthly payments. But in a new sign of trouble, nearly a quarter of temporary reductions offered since last year have been canceled.
Source: L.A. Times - Business | 18 May 2010 | 1:00 am Economic recovery will be rapid, San Francisco Fed researchers sayDefying many analysts' predictions, economists Justin Weidner and John C. Williams say the rebound 'is likely to be faster than from the two previous recessions.'Defying some analysts' predictions of a slow and subpar U.S. recovery, researchers at the Federal Reserve Bank of San Francisco are predicting a rapid economic rebound.
Source: L.A. Times - Business | 18 May 2010 | 1:00 am Euro dips on persistent fears, stocks shaky (Reuters)
Source: Yahoo! News: Stock Markets News | 18 May 2010 | 12:56 am NZ sharemarket lacklustre, closes down 17 pointsThe New Zealand sharemarket took the lead from Australia today, opening stronger before easing into the end of the session.The benchmark NZX-50 index closed down 19.07 points, or 0.6 per cent, at 3151.68."Global concerns weighing...Source: nzherald.co.nz - Business | 18 May 2010 | 12:28 am Asian markets cautious after erratic day on Wall StreetAsian stock markets were mixed on Tuesday as investors stayed cautious after an erratic session on Wall Street.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 May 2010 | 12:12 am China jails Gome tycoon Huang for 14 yearsHuang Guangyu, an appliance dealer who became China's richest businessman, has been sentenced to 14 years in prison after being convicted of insider trading and other offenses, the government announced.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 May 2010 | 11:58 pm SEC, exchanges mull tight circuit breakers: sources (Reuters)Reuters - U.S. regulators and exchanges are considering market-wide circuit breakers that would temporarily stop trading when it falls five percent, two sources familiar with the talks said on Monday.Source: Yahoo! News: Stock Markets News | 17 May 2010 | 11:52 pm SEC, exchanges mull tight circuit breakers: sourcesNEW YORK/WASHINGTON (Reuters) - U.S. regulators and exchanges are considering market-wide circuit breakers that would temporarily stop trading when it falls five percent, two sources familiar with the talks said on Monday.
Source: Reuters: Business News | 17 May 2010 | 11:52 pm George Osborne expected to get his first Bank of England 'inflation misses target' letterBank of England Governor Mervyn King will have to explain himself to the new Chancellor today as rising petrol costs push up the cost of living.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 May 2010 | 11:45 pm Dollar gains little ground on greenbackThe New Zealand dollar bounced back a little today, but failed to make much headway after hitting 2-1/2 month lows against the US dollar overnight.By 5pm, the kiwi was at US69.55c, down from US70.11c late yesterday afternoon,...Source: nzherald.co.nz - Business | 17 May 2010 | 11:41 pm Calpers votes for splitting chairman, CEO roles at JPMorgan(Reuters) - Calpers, the largest U.S. public pension fund, has voted for a shareholder proposal to separate the roles of chairman and chief executive at JPMorgan Chase & Co , roles currently held by veteran banker Jamie Dimon.
Source: Reuters: Business News | 17 May 2010 | 10:22 pm Increase in online job advertsThe number of jobs advertised online increased by 8.6 per cent in the past three months, Employment Minister Paula Bennett says.The figures, collected by the Department of Labour, showed the number of skilled jobs advertised increased...Source: nzherald.co.nz - Business | 17 May 2010 | 9:56 pm Telecom CFO Russ Houlden resignsTelecom has announced the resignation of its chief financial officer Russ Houlden. In its announcement to the stock exchange Telecom says Houlden has resigned "to become CFO of a FTSE 100 company". This would allow him to...Source: nzherald.co.nz - Business | 17 May 2010 | 9:30 pm The Net Worth Of The American Presidents: Washington To ObamaIn the case of each president we have taken into account hard assets like land, estimated lifetime savings based on work history, inheritance, homes, and money paid for services, which include things as diverse as the Collector of Customs at the Port of New York to membership on Fortune 500 boards. Royalties on books have [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 17 May 2010 | 9:13 pm Farm sales stay in the doldrumsThe rural property market remains subdued with one third of the number of farms being sold during the first three months to April, than in the same period two years ago.Real Estate Institute of New Zealand (REINZ) president Peter...Source: nzherald.co.nz - Business | 17 May 2010 | 9:00 pm Blackstone consortium drops Fidelity Nat bid: sourcesNEW YORK (Reuters) - A consortium bidding for Fidelity National Information Services Inc on Monday pulled out because of disagreement over price, derailing what would have been the biggest buyout since the credit crisis, three sources familiar with the situation said.
Source: Reuters: Business News | 17 May 2010 | 8:19 pm NZ investors' love affair with property fadesNew Zealand investor confidence in rental property has cooled in the past three months, and the popularity of other investment classes is gaining momentum, according to the latest ASB Investor Confidence Report.The 2010 first...Source: nzherald.co.nz - Business | 17 May 2010 | 8:14 pm Treasury takes $1.6 billion loss on Chrysler loan (AP)
Source: Yahoo! News: Business News | 17 May 2010 | 7:25 pm Broadband speeds lag outside Auckland, says new reportNew Zealand's broadband speeds are improving, but response times are still lagging in some of our major cities, a report prepared for the Commerce Commission shows.Tests showed web browsing speeds are good in Auckland, but response...Source: nzherald.co.nz - Business | 17 May 2010 | 7:00 pm Sina posts 1Q profit surge on equity gain (AP)AP - Chinese Internet portal operator Sina Corp. said Monday its first-quarter net profit surged 150 percent, helped by a gain related to its investment in a real estate information company.Source: Yahoo! News: Business News | 17 May 2010 | 6:57 pm Australia should also probe Goldman: SEC informant (Reuters)Reuters - An informant for U.S. regulators probing fraud claims against Goldman Sachs has urged Australia's markets watchdog to also investigate the U.S. bank, a newspaper said on Tuesday.Source: Yahoo! News: Stock Markets News | 17 May 2010 | 6:35 pm Australia should also probe Goldman: SEC informantMELBOURNE (Reuters) - An informant for U.S. regulators probing fraud claims against Goldman Sachs has urged Australia's markets watchdog to also investigate the U.S. bank, a newspaper said on Tuesday.
Source: Reuters: Business News | 17 May 2010 | 6:35 pm Offshore drilling official to retire early - CNNSource: Business and financial news - CNNMoney.com | 17 May 2010 | 6:17 pm Prudential chief eats humble pie to boost appetite for takeoverTidjane Thiam apologised to Prudential shareholders yesterday for the way he had handled the insurer’s Asian adventure, as he renewed his efforts to win their support for the $35 billion takeover of AIA.$ Source: Latest Business News from Times Online | 17 May 2010 | 6:01 pm Man Group sale nets hedge fund trio $500m$The three principals of GLG Partners will receive shares worth $500 million after selling the hedge fund to its larger rival Man Group.$ Source: Latest Business News from Times Online | 17 May 2010 | 6:01 pm ECB emergency operation to shore up euroThe European Central Bank said yesterday that it had spent €16.5 billion buying government bonds of Greece and other financially weakened eurozone states. Source: Latest Business News from Times Online | 17 May 2010 | 6:01 pm Boots back in profit but float is years offAlliance Boots is still at least five years away from a flotation, its executive chairman and part-owner said yesterday. Source: Latest Business News from Times Online | 17 May 2010 | 6:01 pm NZX clearing house up by July, says WeldonNZX chief executive Mark Weldon says the company's long discussed clearing house should be up and running and by late July.After it begins operation, only those brokers who become officially credited to the clearing house will...Source: nzherald.co.nz - Business | 17 May 2010 | 6:00 pm Henry Kaufman resigns from Lehman board: SEC filingNEW YORK (Reuters) - Prominent Wall Street economist Henry Kaufman has resigned from the board of directors of bankrupt Lehman Brothers Holdings Inc , a regulatory filing showed on Monday.
Source: Reuters: Business News | 17 May 2010 | 5:32 pm Henry Kaufman resigns from Lehman board: SEC filing (Reuters)Reuters - Prominent Wall Street economist Henry Kaufman has resigned from the board of directors of bankrupt Lehman Brothers Holdings Inc , a regulatory filing showed on Monday.Source: Yahoo! News: Stock Markets News | 17 May 2010 | 5:32 pm Warehouse sales slip - says no profit growth this yearWarehouse Group reiterated its forecast for no growth in full-year earnings while posting a drop in third-quarter sales because of weak demand for music, DVDs and winter items.Full-year 'adjusted' profit would be similar to 2009's...Source: nzherald.co.nz - Business | 17 May 2010 | 5:30 pm US Senate to drive regulatory reformThe US Senate will vote as early as Wednesday on regulatory reform, calling time on months of congressional wrangling over the response to the financial crisisSource: Financial Times - US homepage | 17 May 2010 | 5:21 pm NZ sharemarket strongerThe New Zealand sharemarket opened lower, but quickly rose this morning despite ongoing worries over European sovereign debt.At around 10am, the benchmark NZX-50 index opened down 3.264 points, but shortly after went up 5.238...Source: nzherald.co.nz - Business | 17 May 2010 | 5:11 pm Iran agrees to send uranium to TurkeyIran sought to derail the US drive for new economic sanctions by agreeing to export most of its low-enriched uranium to Turkey in exchange for nuclear fuelSource: Financial Times - US homepage | 17 May 2010 | 4:45 pm Northwest Pipe gets Nasdaq delisting notice (AP)AP - Shares of Northwest Pipe Co. could be delisted by the Nasdaq Stock Market because the company's financial reports have been delayed by an accounting investigation.Source: Yahoo! News: Stock Markets News | 17 May 2010 | 4:31 pm Google set for probes on data harvestingAuthorities on both sides of the Atlantic moved towards investigating Google following the internet group’s disclosure that it had recorded communications sent over unsecured wireless networks in people’s homesSource: Financial Times - US homepage | 17 May 2010 | 4:27 pm Write-Offs: 05.17.10
$$$ John Paulson Hedge Fund Added to Bank of America Holding in First Quarter [Bloomberg] $$$ Analyst: Arby’s performance ‘amongst the worst in modern restaurant history‘ [NYDN] $$$ Meredith Whitney: Investors Should Avoid Banks ‘At All Costs’ [CNBC] 
 Source: Dealbreaker | 17 May 2010 | 4:26 pm Waddell & Reed says not cause of May 6 flash crashOVERLAND PARK, Kan (Reuters) - U.S. money manager Waddell & Reed Financial Inc said an internal analysis of trading activity indicates it was not the cause of the "flash crash" that briefly wiped out $1 trillion in market capital earlier this month.
Source: Reuters: Business News | 17 May 2010 | 4:12 pm NASDAQ to delist TierOne stock (AP)AP - TierOne Corp.'s stock will soon be delisted, the NASDAQ Stock Market said on Monday.Source: Yahoo! News: Stock Markets News | 17 May 2010 | 4:05 pm Buffett & Berkshire Hathaway Latest Stock Holdings S to Z (BRK-B, BRK-A, SNY, TIF, TMK, USB, USG, UPS, WMT, WPO, WFC, WSC, STI, TRV, UNH, WLP)Berkshire Hathaway Inc. (NYSE: BRK-B, BRK-A) has shown its latest holdings as of the close on March December 31, 2010 after the close. These have been broken down into 3 groups of ‘A to G’ and ‘H to R’ and ‘S to Z’ so it is more concise and clear to see the path of [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 17 May 2010 | 3:56 pm Buffett & Berkshire Hathaway Latest Stock Holdings A to G (BRK-B, BRK-A, AXP, BAC, BDX, KMX, KO, CMCSA, CDCO, COP, COST, XOM, GCI, GE, GS, GSK)Berkshire Hathaway Inc. (NYSE: BRK-B, BRK-A) has now shown its latest holdings as of the close on March December 31, 2010. These are Warren Buffett’s most recent holdings, even though some may have changed slightly since the end of March. These have been broken down into 3 groups of ‘A to G’ and ‘H to [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 17 May 2010 | 3:38 pm Buffett & Berkshire Hathaway Latest Stock Holdings H to R (BRK-B, HOG, HD, IR, IRM, JNJ, KFT, LOW, MCO, NLC, NKE, PG, PG, RSG)Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK-B, BRK-A) has shown its latest holdings as of the close on March December 31, 2010 after the close. These are Buffett’s most recent holdings, even though some may have changed slightly since the end of March. These have been broken down into 3 groups of ‘A to G’ [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 17 May 2010 | 3:36 pm Wal-Mart, Amazon, EBay, HP, Dell, U.S. Consumers: Taking StockSource: Bloomberg - All Podcasts | 17 May 2010 | 3:23 pm Here’s the Three Top Traders Under 30
Here they are: #3 Jan Sramek, Goldman Sachs. Age: 23 Sramek makes his fortune as a trader on the Emerging market s desk at Goldman’s London Office. At the tender age of 23, he’s already published the book Racing Towards Excellence, founded and sold a social media website and has the ear of most of London’s major hedge fund managers.
Know these guys? Feel free to vocally agree/disagree.
Source: Dealbreaker | 17 May 2010 | 3:09 pm Ad spending finally on the riseJill Barshay reports TV execs and others are finally feeling more optimistic about attracting those ad dollars.Source: Marketplace | 17 May 2010 | 3:03 pm Wild Stock Swing Ends Upward (Daily ETF Wrap-Up)Big plunge salvaged at end of trading session. Euro dips and rises.
Source: SmartMoney.com | 17 May 2010 | 2:53 pm Surprise! Wall Street Analysts Are Too OptimisticBy Jacob Goldstein Wall Street analysts -- the ones who predict how stocks will perform -- are habitually overconfident. Everybody knows this. Still, this graph that Harvard Business Review published today, based on data from McKinsey Quarterly, is worth a look. It shows that analysts' projections almost always overestimate the growth of corporate profits. On average, over the past 25 years, analysts predicted that the earnings of companies in the S&P 500 would rise by 13% per year. Instead, they rose by 7% per year. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 May 2010 | 2:51 pm Reversal of Misfortune for Stocks (Market Update)Selloff swings back up as indexes end nearly flat. Euro bounces off four-year low.
Source: SmartMoney.com | 17 May 2010 | 2:46 pm Ex-Morgan Stanley Employee Running Wall Street “Walk of Shame Tour”
The part of the Citi building Jamie D took a piss on after Sandy Weill made the worst decision of his career, the alley on Vanderbilt where Jimmy Cayne would buy his shit, and the massage parlor Alan Greenberg would frequent when he was in town, including an introduction to his favorite girl, who has agreed to discuss the fact that post HJ, she would send McG’s spunk to Goldman Sachs, which would in turn have chemists analyze the samples to determine how elevated his testosterone levels were and if it would influence his policy-making. As jumping off points.
Source: Dealbreaker | 17 May 2010 | 2:20 pm Municipal Bonds: DerailedThe scale is small, but more muni bonds are running into trouble. Make sure your investment is safe.
Source: SmartMoney.com | 17 May 2010 | 2:19 pm Geithner Discusses European Debt Crisis: Political CapitalSource: Bloomberg - All Podcasts | 17 May 2010 | 2:15 pm If You Don’t Like Playing Poker, Consider Re-Thinking This Career On Wall Street Thing
Source: Dealbreaker | 17 May 2010 | 2:00 pm Presented By:Source: Dealbreaker | 17 May 2010 | 1:55 pm Charlie Gasparino Not Convinced Of ‘Fat-Finger’ Theory Re: 998-Point Drop
Source: Dealbreaker | 17 May 2010 | 1:55 pm Will banks continue derivative dealing?Derivatives, you recall, have gotten much of the blame for the financial meltdown, but as Bob Moon reports, banks are hoping to stay in the business.Source: Marketplace | 17 May 2010 | 1:44 pm Arki Busson Once Again Off The Market
Now, I am not saying Davidson, who profiled Ark over the weekend is interested in Busson romantically, though if he was, no one would blame him (nary a man, woman, or barnyard animal can resist the appeal of this Arki “fund of funds dime piece” Busson). What I am saying is that, by his own admission, Davidson was hoping that by the end of his interview, he and B would be friends. BEST FRIENDS. The type of friends who spend all their time together. Who do EVERYTHING together. Who don’t let girlfriends, wives, random pieces of tail or any of that kind of stuff get in the way of what they have. And it actually looked like that’s the direction things were going until Andy found out, right before they finished, that guess what? The bitch is back in the picture and Busson’s precious time is going to be sucked up doing things with Uma. Funny how Arki didn’t mention that until he’d already gotten Andy to fall for him, isn’t it? Oh, Andy was mad something fierce but after regaining his composure, he decided not to piss all over their time together and write a damning, slanderous profile, citing unknown sources in the hedge fund community noting that AB is “known to wear lifts,” and “4 inches, max, and I’m not talking about the extra height he gets while wearing Timberlands.” Instead Andy chose to go forward and recount what was a wonderful day together, the seeds of which will grow into a beautiful friendship, and stick another pin in the voodoo doll he’d fashioned in the likeness of “that stupid fucking whore.”
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I’d go on, but this is a family publication.
Source: Dealbreaker | 17 May 2010 | 1:40 pm Kumar pays $2.8m to settle in Galleon caseA former McKinsey director who has already pleaded guilty to insider trading in the Galleon hedge fund probe agreed to pay $2.8m to settle civil charges stemming from his actions, according to documents filed in federal court on MondaySource: Financial Times - US homepage | 17 May 2010 | 1:33 pm Pabrai’s Newest Stocks (ATSG, BRK-B, BPO, GS, HNR, ZINC, IBKR, ICO, LUK, PNCL, POT, TCK, TEX, WFC)Mohnish Pabrai is often thought of as a Warren Buffett-like investor when it comes to some investment philosophies. The fact that he has won the bidding for lunch with Warren Buffett has helped to add in that state of mind by the public. But Pabrai is also a value investor in much of his efforts [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 17 May 2010 | 1:31 pm Paulson Recovery Fund Up 17 Percent for the Quarter
Here’s the returns in the firm’s other funds for Q1: Credit Opportunities: +7.5 percent Paulson Advantage: +0.8 percent Merger Arb Fund: +4.4 percent
Source: Dealbreaker | 17 May 2010 | 1:19 pm ECB reveals €16.5bn bond purchasesEuropean Central Bank says it has bought €16.5bn worth of eurozone government bonds so far as part of the eurozone rescue plan announced last week, and pledges to counter any inflationary side effectsSource: Financial Times - US homepage | 17 May 2010 | 1:16 pm Man Dies At Bahamas Home Owned By Louis Bacon
Source: Dealbreaker | 17 May 2010 | 12:40 pm Presented By:Source: Dealbreaker | 17 May 2010 | 12:40 pm Eurozone woes boost UK and US sovereignsInvestors sought refuge from the sovereign debt crisis in Greece by buying $80.2bn of Treasury bonds and notes and $29.36bn in UK gilts in the quarter from January to MarchSource: Financial Times - US homepage | 17 May 2010 | 12:28 pm Levitt, Malvey, Schilit, Ruskin, Ilves, Monks: SurveillanceSource: Bloomberg - All Podcasts | 17 May 2010 | 12:23 pm Vito Tanzi, Jens Nordvig: Bloomberg On the EconomySource: Bloomberg - All Podcasts | 17 May 2010 | 12:22 pm Last Year Aside, GM's Sales Are Still DownBy Jacob Goldstein Yes, GM's sales in the first quarter of this year were way up from last year's catastrophic first quarter. And the company, which went through bankruptcy last year, turned a profit for the first time since 2007. But its sales are still lower than they were for most of the past decade:  (Source: GM filings) GM sales are important for taxpayers, because the U.S. Treasury owns 61% of GM. And the U.S. is unlikely to recover its investment in the company unless sales rise a lot more. The ownership stake in GM cost taxpayers about $39 billion. For the Treasury to break even on the investment, GM would have to be worth roughly $64 billion. By comparison, when the company's stock hit an all-time high back in 2000, GM's market cap was about $56 billion. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 May 2010 | 12:10 pm Japan to launch solar-powered spacecraftVisionaries have dreamed of using light as a form of space propulsion at least since Jules Verne broached the idea in an 1865 novel. Japan will seek to make the idea a reality with the launch of a “space yacht” powered by a solar sailSource: Financial Times - US homepage | 17 May 2010 | 12:09 pm Racial wealth gap worse today?A new study finds the wealth gap between whites and African Americans in this country has expanded dramatically. John Dimsdale reports.Source: Marketplace | 17 May 2010 | 11:49 am Will Thailand spark another collapse?Thirteen years ago, events in Thailand led to the Asian financial crisis, and today much of it is under a state of emergency after two months of anti-government protests that have left dozens dead. Rob Schmitz reports.Source: Marketplace | 17 May 2010 | 11:49 am The future of Wall StreetMichael Lewis, author of "Liar's Poker" and "The Big Short," talks with Kai Ryssdal about his hopes for financial reform on Wall Street.Source: Marketplace | 17 May 2010 | 11:49 am The new generation of electric carsTwo big auto companies are nearly ready to launch electric vehicles for the American market: GM's Chevy Volt debuts in November, Nissan's Leaf rolls out a month later; but is American ready to make the transition from gasoline-fueled cars to ones powered by electric batteries? Sarah Gardner reports.Source: Marketplace | 17 May 2010 | 11:48 am Venezuelan politics hot on the InternetVenezuela's socialist government and its opponents are spending millions of dollars to win over Internet users, with President Hugo Chavez Twittering to over 234,000 fans. Reese Erlich reports.Source: Marketplace | 17 May 2010 | 11:48 am Thai rivals look to broker ceasefireThe Thai government has said it is trying to broker a ceasefire agreement with the leaders of the protest movement that has occupied key parts of Bangkok for the past nine weeks raising hopes of a halt to clashes that have so far claimed 37 livesSource: Financial Times - US homepage | 17 May 2010 | 11:30 am What the Eurozone Crisis Means for the World
The euro hit a 4-year low today, making stock markets around the world dip. Clearly, the Eurozone crisis isn’t just limited to Athenians protesting and European Central Bankers scratching their heads. We gathered a set of links to describe how the European recession will affect the US, China, and other countries around the world. A weak Euro eats up European importers’ margins, putting Chinese, American, and Japanese exporters at a disadvantage. (New York Times) Germany is the fourth biggest US trade partner; France is the second biggest. The US risks losing millions if these valuable trading partners won’t buy. (US Census) Plunging into the red with fiscal policies led to Greece’s collapse. Is the US next? (Business Insider) The Big 5 US banks are heavily exposed to Europe, especially Germany and France. If PIIGS (Portugal, Ireland, Italy, Greece, Spain) debt makes those countries restructure their debt, US banks will face a second shock. (Wall St. Journal) A contagion effect will make banks freeze loans and cripple central EU banks, sending a ripple effect through the world. (New York Times) The Eurozone is responsible for about 15% of profits in the S&P 500. A lower Euro will eat up an estimated 4% of S&P profits next year; 3.5% this year. (Zero Hedge) Investors are dumping euros and flocking to gold. Goldbugs are singing. (Seeking Alpha) Countries like Poland that receive EU structural funds will get their loans cut, resulting in fewer improvement projects. (Wall St. Journal) Another recession in Europe will increase social unrest there. It has already increased nationalism. (Wall St. Journal, Guardian) The EU’s rescue package created a European Central Bank overhaul that will herald inflation in Europe. (Spiegel) The Eurozone may well shed some of its members or restructure itself. (Christian Science Monitor) Maybe the Euro will even fall apart within the year. Or not. (Bloomberg)
Source: Business Pundit | 17 May 2010 | 10:37 am 10 Things Fitness Clubs Won't Tell You (10 Things)Gym attendance is up; expect longer lines at the treadmill and overtaxed staff.
Source: SmartMoney.com | 17 May 2010 | 10:23 am Neff Corp.: Bloomberg Law Bankruptcy ReviewSource: Bloomberg - All Podcasts | 17 May 2010 | 10:20 am Energy Funds Lose Their Luster (Screens)Controversy has hurt the returns of this once-hot fund category.
Source: SmartMoney.com | 17 May 2010 | 10:09 am Aluminum ETFs Could Raise Price to $500 Per Metric Ton: AudioSource: Bloomberg - All Podcasts | 17 May 2010 | 9:40 am GM Pushes Around Gov. Money, Earns First Profit Since 2007
General Motors reported a Q1 2010 profit of $865 million, its first profit in three years, today. GM paid back $8.2 billion in loans from the US and Canadian governments last month. The automaker is still 61% owned by the US Treasury, but expects to buy it out later this year when it goes public again. The New York Times has more: From July to December, G.M. lost $4.3 billion, mostly because of the cost of settling with the United Automobile Workers union over retiree health benefits, but it had positive cash flow of $1 billion. Prior to bankruptcy, G.M. was rapidly depleting its cash reserves and could have run out of money within months had the government not stepped in. G.M. said revenue was up 40 percent, to $31.5 billion, and it had positive cash flow of $1 billion. The results show that G.M. is on track to become a public company again as soon as the fourth quarter, allowing the government to recover more of the billions of dollars it spent preventing G.M.’s collapse. BusinessWeek has a good overview of GM’s loan repayment: …the majority of the government’s $50 billion investment is tied up in the Treasury’s 61% ownership in the company…GM won’t be able to pay the remaining $40 billion of the government’s investment until the company launches its planned initial public stock offering, which could happen in the fourth quarter. The $8.4 billion was just the debt portion. The other critical point is that the $50 billion investment in GM was, in retrospect, more than the company needed. The Treasury Department gave GM a big slug of cash in case there was a double dip in the recession or if wary consumers really fled the company’s brands. As the car market got a boost and some of GM’s new models sold well, it was clear that GM didn’t need all of that cash. So GM just paid back the $8.4 billion in debt with government money. In GM’s case, profit equates to cleverly pushing money around. The more important point here, however, could be that GM is once again gaining traction in the public mind. If that happens, GM has a better chance of basing its profits on more traditional means–sales–once it goes public again later this year.
Source: Business Pundit | 17 May 2010 | 9:25 am BA Strike, Ash Ensure Bad Day for UK Airlines
British Airways’ cabin crew is set to strike starting tonight. The BA strikes, associated with the cabin crew’s union, will last five days. The crews plan to institute four separate five-day strikes unless the airline and the union come to an agreement. The BBC has more: At Heathrow, its most important hub, BA has said it intends to operate more than 60% of long-haul flights and more than 50% of short-haul flights in the first strike period. For the later strike dates, BA plans to operate a “substantial” part of its long-haul schedule and says there will be “a number of flights to every destination across our short-haul network”. The airline will give further details nearer the time. In November, BA reduced the number of cabin crew on long haul flights from 15 to 14 and introduced a two-year pay freeze from 2010. The airline also proposed new contracts for fresh recruits and newly-promoted staff. These included a single on-board management grade, no seniority, promotion on merit, and pay set at market rate plus 10%. This would still see new recruits paid significantly less than current staff. Unite now says it has reached an agreement in principle with the airline on these changes, but the stumbling blocks are now travel concessions and disciplinary action. When cabin crew last went on strike in March, the airline said that staff who took part in the strike would lose their travel perks permanently, including no longer getting the right to buy heavily discounted tickets. The union is fighting for the restoration of these perks and has also condemned the airline for disciplinary action being taken against more than 50 union members. BA made the changes after heavy losses forced it to restructure. The airline needs to restructure its pricing to compete with budget carriers, to whom it lost many business passengers, according to the BBC. Meanwhile, volcanic ash has caused the closure of major airports in England, grounding hundreds of flights. It’s a bad day for aviation in the UK.
Source: Business Pundit | 17 May 2010 | 9:02 am Marijuana Economics: Wholesale Prices Plummet In CaliforniaBy Jacob Goldstein California's medical marijuana law makes for an interesting economics case study. A new, legalized trade in the drug has increased competition. That, in turn, has driven down wholesale prices for growers in the "emerald triangle," the region in Northern California produces more marijuana than any other part of the country. But it's not just about quantity. Prices are now well below $2,000 a pound for growers in the region, down from a peak of $5,000 decades ago, when a government crackdown limited supply, NPR reports. Quality, as well as quantity, plays a role. Increasingly, dispensaries want marijuana that's grown indoors, for its potency and consistency, according to the story. This form of the drug can cost twice as much as what's grown outside. "What's happening is the people that don't have quality product aren't selling it," one grower tells NPR. "So they're the ones that are creating this panic. So it really comes back down to that, just like in every other agricultural industry. When you get too many vineyards and too many people growing vines out there, then only the good ones make it." More on marijuana economics: Here's a post on how retail prices for drugs vary around the country. Here's our podcast on the economics of legalization. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 17 May 2010 | 8:12 am GM reports first profit in three yearsDetroit carmaker’s turnround due mainly to sharp improvement in its North American operations, which swung to a $1.2bn operating profit, from a loss of $3.4bn in previous quarterSource: Financial Times - US homepage | 17 May 2010 | 7:48 am Buik on European Debt Crisis, Waser on Stocks: First WordSource: Bloomberg - All Podcasts | 17 May 2010 | 7:46 am The Senate's Almost Done With The Finance BillBy Jacob Goldstein The Senate's big finance bill could come up for a final vote as soon as this week. A few key pieces: Some important provisions are still in play, the FT reports. One is whether banks will be forced to spin off their derivatives businesses into separate entities. Another is whether there will be new limits on banks that use their own money to make bets on the market, a practice known as proprietary trading. The banks are seeing the bill grow tougher as it moves through debate -- the opposite of what usually happens, Politico reports. Last week's passage of amendments to regulate debit-card transaction costs and change how asset-backed securities are rated are both signs that the banks aren't getting what they want. For the most part, the Fed got what it wanted out of the bill, the Washington Post reports. The much-reported-on audit of the central bank will be limited to the Fed's lending to banks during the crisis -- and won't include discussions of monetary policy. The Senate bill would also allow the Fed to continue overseeing small banks. But Fed officials oppose a provision that would make the president of the New York Fed a presidential nominee, arguing that it would politicize a job that requires technical expertise. The position is currently appointed by the board of the New York Fed, with approval from the Fed's governors. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 17 May 2010 | 7:37 am If Browsers Were Transportation
Source: Business Pundit | 17 May 2010 | 4:37 am
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