Bank of England calls for stronger medicine to cut deficit

The Bank of England piled more pressure on the Government over its emergency budget today, saying that a more “demanding” plan to cut the deficit would be needed to prevent interest rates rising.


Source: Latest Business News from Times Online | 19 May 2010 | 4:54 am

Signs Of The Apocalype: Thailand Stock Exchange On Fire As Euro Collapses

Protesters in Thailand, retreating from the army, have set the stock exchange on fire. The euro is about to break below $1.21 after Angela Merkel of Germany set new short sales rules which were savaged by French officials. Douglas A. McIntyre Filed under: International Markets Tagged: France, Germany, Thailand

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Source: 24/7 Wall St. | 19 May 2010 | 4:17 am

Germany declares solo war on speculators as markets sag

BERLIN (Reuters) - Germany declared war on speculators on Wednesday, stunning investors with a ban on naked short selling of certain financial instruments and wrongfooting its European partners who said they were not consulted.



Source: Reuters: Business News | 19 May 2010 | 4:14 am

Europe Markets: Europe shares down after German short-sale ban

Europe stocks slammed as German introduced short ban on some financial instruments. Miners rattled as commodity futures slump.



Source: MarketWatch.com - Top Stories | 19 May 2010 | 4:10 am

World stocks slide on German trading curbs (AP)

In this May 17, 2010 photo, a trader uses his hand held device as he works on the floor of the New York Stock Exchange. Stock futures rose Tuesday, May 18, as investors kept a close eye on the movement of the euro, which also climbed.(AP Photo/Richard Drew)AP - World markets slid Wednesday while the euro hovered near four-year lows against the dollar after Germany announced new curbs on traders in a unilateral attempt to shore up the ailing single European currency and prevent the continent's debt crisis from getting out of control.



Source: Yahoo! News: Business News | 19 May 2010 | 4:05 am

World stocks slide on German trading curbs (AP)

In this May 17, 2010 photo, a trader uses his hand held device as he works on the floor of the New York Stock Exchange. Stock futures rose Tuesday, May 18, as investors kept a close eye on the movement of the euro, which also climbed.(AP Photo/Richard Drew)AP - World markets slid Wednesday while the euro hovered near four-year lows against the dollar after Germany announced new curbs on traders in a unilateral attempt to shore up the ailing single European currency and prevent the continent's debt crisis from getting out of control.



Source: Yahoo! News: Stock Markets News | 19 May 2010 | 4:05 am

Business Bullet: Markets, US dollar, ICAP, BP

The latest news on: Markets, US dollar, ICAP, BP
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 May 2010 | 4:02 am

Indications: U.S. stock futures slump on day one of German ban

U.S. stock futures drop Wednesday, the first day of the hastily-drawn-up German short-sale ban, which served to reinforce rather than dispel worries over the health of European governments and the lenders that possess their debt.



Source: MarketWatch.com - Top Stories | 19 May 2010 | 4:01 am

Investor confidence takes a hit

U.S. futures and European shares fell sharply early Wednesday after Germany announced restrictions that prevent traders from betting against some government debt securities and financial shares.
Source: Business and financial news - CNNMoney.com | 19 May 2010 | 4:00 am

Merkel Protests Too Much: Are German Banks Short The Euro?

“A failure of the euro means a failure of Europe,” German Chancellor Angela Merkel said today, according to Dow Jones. This is after she banned naked shorting in some financial stocks and supported curbs on speculation in the euro and certain sovereign debt issued by Eurozone members. Merkel has yet to get approval for her [...]

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Source: 24/7 Wall St. | 19 May 2010 | 4:00 am

EU cohesion questioned after German ban, euro hit

Germany’s surprising decision to go it alone and impose a ban on naked short-selling of euro-zone government debt and to prohibit traders from buying default protection against government bonds they don’t own will mean even more pressure for the hard-hit euro, strategists said Wednesday.



Source: MarketWatch.com - Top Stories | 19 May 2010 | 3:57 am

Germany moves against short sellers

Bafin, Germany’s financial regulator, said the ban was needed because of the ‘exceptional volatility’ in eurozone bonds and the considerable widening of spreads on credit default swaps
Source: Financial Times - US homepage | 19 May 2010 | 3:53 am

Scammers' 'suckers list' found

The Financial Services Authority says it has found the biggest ever "suckers" list of potential targets for share fraudsters.
Source: BBC News | Business | World Edition | 19 May 2010 | 3:52 am

Asian markets hammered on euro fall

Asian markets ended broadly lower Wednesday as Germany’s decision to ban naked short-selling in certain financial instruments damped investor confidence.



Source: MarketWatch.com - Top Stories | 19 May 2010 | 3:49 am

European Stocks to Watch: Bank drop before ban comparatively muted

Germany’s latest ban on short-selling has been put in place despite relatively little pressure on financial stocks in recent weeks, prompting worries of more bad news to come and a further regulatory crack-down on the banking sector.



Source: MarketWatch.com - Top Stories | 19 May 2010 | 3:46 am

German ban adds to eurozone worries

Global Market Overview: Berlin’s ban on ‘naked’ short-selling adds to concerns about the health of the eurozone economy, sending the euro to a fresh four-year low
Source: Financial Times - US homepage | 19 May 2010 | 3:45 am

Merkel urges 'new stability culture' for Europe (AFP)

german=AFP - Chancellor Angela Merkel called on Wednesday for a radical overhaul of Europe's fiscal rules along German lines, warning of "incalculable consequences" for the European Union if the euro were to fail.



Source: Yahoo! News: Business News | 19 May 2010 | 3:41 am

Bank unanimous on rates decision

The Bank of England's rate-setting committee was unanimous in keeping interest rates on hold in May, minutes show.
Source: BBC News | Business | World Edition | 19 May 2010 | 3:38 am

Australia's consumer mood worsens

Australian consumer confidence falls sharply as the recent run of interest rate rises start to take their toll, a survey indicates.
Source: BBC News | Business | World Edition | 19 May 2010 | 3:34 am

Handsets: Google Android Crushes Microsoft Windows Mobile

Microsoft (NASDAQ: MSFT) has been in the mobile software business for over a decade. Its Windows Mobile operating system has never done well. That may be because the Nokia Symbian OS has dominated the industry. But, the rise of new operating systems has made Microsoft’s position in the field even worse. New research from Gartner [...]

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Source: 24/7 Wall St. | 19 May 2010 | 3:34 am

Loan insurance 'leads complaints'

Controversial payment protection insurance (PPI) has dominated the list of complaints to the financial ombudsman service.
Source: BBC News | Business | World Edition | 19 May 2010 | 3:33 am

Threat to euro has 'incalculable' consequences, Angela Merkel warns

Stock markets across Europe fell sharply this morning after Germany declared war on speculators, including a surprise ban on "naked" short-selling.


Source: Latest Business News from Times Online | 19 May 2010 | 3:32 am

Germany clamps down on 'naked' short sales

The spotlight was on Germany Wednesday, as investors awaited more details on the surprise ban of certain trading practices that regulators believe have generated excessive volatility and threatened the stability of financial markets.



Source: MarketWatch.com - Top Stories | 19 May 2010 | 3:28 am

Record number of complaints to ombudsman

The Financial Ombudsman Service handled a record number of complaints in the past year as its workload continued to be increased by payment protection insurance disputes, figures showed today.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 May 2010 | 3:27 am

Futures point to weak Wall St on regulation worries

(Reuters) - Stocks were set to open lower on Wednesday, adding to the previous sessions losses and mirroring weakness in Europe as worries over tighter financial regulation put pressure on equities.



Source: Reuters: Business News | 19 May 2010 | 3:25 am

Futures point to weak Wall St on regulation worries (Reuters)

Trader Luigi Muccitelli works on the floor of the New York Stock Exchange, May 17, 2010. REUTERS/Brendan McDermidReuters - Stocks were set to open lower on Wednesday, adding to the previous sessions losses and mirroring weakness in Europe as worries over tighter financial regulation put pressure on equities.



Source: Yahoo! News: Stock Markets News | 19 May 2010 | 3:25 am

Shares hit by German rule change

Shares in Europe and Asia fall after Germany introduces a ban on short-selling of some financial products - spooking markets.
Source: BBC News | Business | World Edition | 19 May 2010 | 3:23 am

Let the Wall Street talent wars begin

Wall Street's long-standing fight for talent is starting to get nasty again.
Source: Business and financial news - CNNMoney.com | 19 May 2010 | 3:19 am

Stock markets in tailspin after German selling ban (AFP)

A concerned investor looks at a screen showing falling share prices at the Australian Stock Exchange in Sydney. European stock markets have slumped and the euro hit another four-year dollar low in reaction to new German trading controls and persistent concern about the state of the eurozone economy.(AFP/Torsten Blackwood)AFP - European stock markets slumped on Wednesday and the euro hit another four-year dollar low in reaction to new German trading controls and persistent concern about the state of the eurozone economy, analysts said.



Source: Yahoo! News: Stock Markets News | 19 May 2010 | 3:15 am

Thai protest leaders surrender

The leadership of Thailand’s anti-government protesters surrendered after troops and armoured vehicles forced their way into their main protest site, ending nine weeks of demonstrations that cost almost 70 lives
Source: Financial Times - US homepage | 19 May 2010 | 3:13 am

German shorting ban unsettles London shares

The prospect of tighter regulation across European markets undermined sentiment in London on Wednesday after German authorities moved to curtail short selling. The ban on naked short sales of euro-denominated...
Source: RSS feed - channel BNPaperBusiness | 19 May 2010 | 3:12 am

Hewlett-Package: The Benefits Of Being Diverse

A chart of the shares of the large diversified tech companies’ stocks- IBM (NYSE: IBM), Hewlett-Packard (NYSE: HPQ), Cisco (NASDAQ: CSCO) and Oracle (NASDAQ: ORCL)– against monoline tech companies Dell (NASDAQ: DELL), VMware (NYSE: VMW), and Intel (NASDAQ: INTC) – shows that the companies with many product lines have sharply outperformed the DJIA over the [...]

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Source: 24/7 Wall St. | 19 May 2010 | 3:11 am

German ban adds to eurozone worries

Wednesday 09:20 BST. Risk aversion remains in fashion after regulatory uncertainty in the eurozone was added to worries about the health of the region's economy. The FTSE All-World equity index...
Source: RSS feed - channel BNPaperBusiness | 19 May 2010 | 3:11 am

Icap upbeat despite 13 per cent fall in profits

The interdealer broker Icap, which issued a surprise profit warning in February, posted a 13 per cent drop in full-year pre-tax profits and said that it had learnt some valuable lessons in the past year.


Source: Latest Business News from Times Online | 19 May 2010 | 3:08 am

3 Stocks With P/E Ratios in Single Digits (Screens)

Hough: These companies trade at a deep discount to the broad U.S. market.



Source: SmartMoney.com | 19 May 2010 | 3:01 am

Arizona's Immigration Law and Its Colleges (Education and Your Money)

The new law is having an impact on Arizona's college students.



Source: SmartMoney.com | 19 May 2010 | 3:01 am

How to Find Cheap Stocks to Buy Now

A strategy called GARP spots stock deals in a market with few bargains.



Source: SmartMoney.com | 19 May 2010 | 3:01 am

A Bond Fund That Beats the Pack

How one bond-fund manager turns incremental gains into long-term profits.



Source: SmartMoney.com | 19 May 2010 | 3:01 am

7 Tips to Cut Remodeling Bills (Deal of the Day)

Cut costs now on home-improvement projects that add to its value later.



Source: SmartMoney.com | 19 May 2010 | 3:01 am

The Double Dip Back On The Table

It has been a long time, at least as time has passed during the financial crisis, since economists regularly discussed the possibility of a double dip recession. The 2008 credit catastrophe is viewed as being in another age when banking was underregulated and consumers had infinite access to credit. The March 2009 market crash, much [...]

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Source: 24/7 Wall St. | 19 May 2010 | 2:48 am

BoE decision to hold rates steady in May unanimous

The Bank of England's Monetary Policy Committee voted unanimously to make no changes to its ultra-loose policy stance this month.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 May 2010 | 2:42 am

London Markets: Miners lead U.K. share losses after German ban

British shares fell on Wednesday, with miners down sharply after a German ban of naked short selling of certain financial instruments curbed broad investor appetite.



Source: MarketWatch.com - Top Stories | 19 May 2010 | 2:35 am

Euro and stocks shaken by German moves (Reuters)

Pedestrians are reflected on an electronic board showing a graph of market data displayed outside a brokerage in Tokyo in this May 10, 2010 file photo. REUTERS/Yuriko NakaoReuters - The euro hit another four-year low on Wednesday and stocks slumped after Germany's move to ban some naked shorting and German Chancellor Angela Merkel said the euro was in danger.



Source: Yahoo! News: Stock Markets News | 19 May 2010 | 2:29 am

Merkel: Europe faces historic test in euro crisis (AP)

AP - Europe faces an "existential" test in its effort to shore up the euro, German Chancellor Angela Merkel said Wednesday, as she pushed for tougher regulation of markets and tighter public finances across the region.
Source: Yahoo! News: Business News | 19 May 2010 | 2:27 am

Australia miner's tax plan threat

Australian iron ore miner Fortescue Metals threatens to abandon $15bn of new projects over plans for a mining tax.
Source: BBC News | Business | World Edition | 19 May 2010 | 2:25 am

Gold may fall to $800, analysts say

When gold prices turn skyward, like they did for the past two weeks before some recent flattening, some mix of greed, fear and uncertainty are likely ruling the market. What better time to remember what really drives prices over the long-term: market fundamentals. Through that lens, gold might not be such a hot investment.
Source: Business and financial news - CNNMoney.com | 19 May 2010 | 2:24 am

Chinese inflation might be out of control

One of the most popular debates in global macro circles currently relates to China and whether its economy is in a bubble. One the side of the bubble callers is one of the more successful short sellers of our generation, James Chanos. Admittedly, Chanos is usually on the right side of these big calls and, for the time being, I'm not going to debate him. Great Chinese bubble debate aside for now, how does Chanos's theory hold up in light of the data we've been reviewing?
Source: Business and financial news - CNNMoney.com | 19 May 2010 | 2:23 am

Land Securities in talks to restart work on Walkie Talkie skyscraper

Land Securities is in talks with potential joint venture partners to restart building its “Walkie Talkie” skyscraper on Fenchurch Street in the City of London.


Source: Latest Business News from Times Online | 19 May 2010 | 2:21 am

Mitchells & Butlers profits rise 50%

Mitchells & Butlers, the pub group which owns All Bar One and Harvester, said that food sales had helped to increase its half-year profits by more than 50 per cent.


Source: Latest Business News from Times Online | 19 May 2010 | 2:19 am

Oil falls near $68 to 8-month low on Europe fears (AP)

Qatar's energy minister has blamed the uncertainty over eurozone debt problems for the volatility in the oil market and the slide in crude prices.(AFP/File/Behrouz Mehri)AP - Oil prices fell to near $68 a barrel Wednesday in Asia, extending losses to an eight-month low as mixed U.S. crude supply figures failed to stem a two week sell-off.



Source: Yahoo! News: Business News | 19 May 2010 | 2:13 am

Germany to ban some short-selling

Germany's market regulator is poised to ban some forms of short-selling at 10 important financial institutions.
Source: BBC News | Business | World Edition | 19 May 2010 | 2:11 am

Euro drops after German short-selling ban (AFP)

A man checks stock prices in the window of a security company in Tokyo. The euro has fallen to a new four-year low against the dollar as the European debt crisis led to new trading restrictions by Germany and spooked markets.(AFP/File/Toshifumi Kitamura)AFP - European stock markets slumped at the start of trading on Wednesday, as traders reacted to new German trading restrictions and the euro hit a fresh four-year low on eurozone economic fears.



Source: Yahoo! News: Stock Markets News | 19 May 2010 | 2:04 am

Media Digest 5/19/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   Senate Democrats are fighting over financial reform. Reuters:   Fishing bans are growing in the Gulf. Reuters:   GM will stop paying union employees who quit. Reuters:   The euro fell after Germany banned certain types of short selling.Reuters:   Oil dropped below $68. Reuters:   Google Inc.’s (NASDAQ: GOOG) smartphone share topped Microsoft’s (NASDAQ: MSFT) in the first [...]

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Source: 24/7 Wall St. | 19 May 2010 | 2:03 am

Greece meets debt deadline ahead of strikes

Greece insisted it had enough money to pay a nine billion euro debt on Wednesday and other creditors after a last minute EU loan transfer but the government faces a new general strike...
Source: RSS feed - channel BNewsBusiness | 19 May 2010 | 2:03 am

Business Bullet: Germany, Euro, BA, Land Securities

The latest news on: Germany, Euro, BA, Land Secs
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 May 2010 | 2:03 am

The Conference Board France Business Cycle Indicators(SM)


Source: RSS feed - channel BNewsBusiness | 19 May 2010 | 2:00 am

SEC's plan to stop another flash crash

The Securities and Exchange Commission proposed new rules Tuesday that would pause trading in certain stocks that experience extreme swings.
Source: Business and financial news - CNNMoney.com | 19 May 2010 | 1:57 am

More savers embrace their 401(k) plans

Even as volatility continues to roil the markets, two studies show more U.S. savers started to push greater amounts of their money into 401(k) plans.



Source: MarketWatch.com - Top Stories | 19 May 2010 | 1:56 am

European stocks tumble after German trading ban

European stock markets slumped at the start of trading on Wednesday, as traders reacted to new German trading restrictions and the euro hit a fresh four-year low on eurozone economic fears.
Source: RSS feed - channel BNewsBusiness | 19 May 2010 | 1:55 am

European stocks tumble after German trading ban (AFP)

European stock markets fell sharply at the start of trading on Wednesday, as traders reacted to Germany's new trading restrictions.(DDP/AFP/Mario Vedder)AFP - European stock markets slumped at the start of trading on Wednesday, as traders reacted to new German trading restrictions and the euro hit a fresh four-year low on eurozone economic fears.



Source: Yahoo! News: Stock Markets News | 19 May 2010 | 1:55 am

Google beats Microsoft in smartphones: Gartner

PARIS (Reuters) - Google Inc's Android took fourth place in the first quarter in the number of smartphones sold which use it, research showed on Wednesday, showing the increasing success of the search group's push into cellphones.



Source: Reuters: Business News | 19 May 2010 | 1:54 am

Intercoil Appointed Exclusive Licensee for Simmons in the Middle East


Source: RSS feed - channel BNewsBusiness | 19 May 2010 | 1:51 am

Twitter expects hundreds of advertisers

SAN FRANCISCO (Reuters) - Twitter, the rapidly expanding microblogging service, plans to have hundreds of advertisers using its new ad system in the fourth quarter as the company ramps up plans to become a self-sustaining, profitable business.



Source: Reuters: Business News | 19 May 2010 | 1:50 am

Twitter expects hundreds of advertisers

SAN FRANCISCO (Reuters) - Twitter, the rapidly expanding microblogging service, plans to have hundreds of advertisers using its new ad system in the fourth quarter as the company ramps up...
Source: RSS feed - channel BNewsBusiness | 19 May 2010 | 1:50 am

Harvester owner sees higher sales

The owner of the Harvester and All Bar One chains, Mitchells & Butlers, reports a 55% rise in half-year profits.
Source: BBC News | Business | World Edition | 19 May 2010 | 1:43 am

U.S. official on Gulf spill: 'Heads will roll'

Ken Salazar, Secretary of the Interior Department, pledged Tuesday to reform how the government does business with the oil industry, and to hold BP accountable for the massive oil spill in the Gulf of Mexico.
Source: Business and financial news - CNNMoney.com | 19 May 2010 | 1:42 am

Coe insists 2018 bid will survive

Lord Coe says England's bid for the 2018 World Cup can survive despite the recent controversies involving Lord Triesman.
Source: BBC News | Business | World Edition | 19 May 2010 | 1:41 am

Thai protest leaders surrender to end bloodshed

Some of Thailand's anti-government protest leaders surrender and call off rallies to prevent a further loss of life after security forces, equipped with armored vehicles, launch an assault on the "Red Shirt" protesters camping in central Bangkok, according to reports.



Source: MarketWatch.com - Top Stories | 19 May 2010 | 1:37 am

Lisa Twaronite's This Week in Japan: Now is not the time to sell Japan

Based on Japan's fundamentals, it's probably wise to prepare for the possible scenario of rising interest rates and a falling currency. But in the short run, there are definitely worse places to park funds right now than Japanese government bonds.



Source: MarketWatch.com - Top Stories | 19 May 2010 | 1:31 am

Big Tobacco cutting contracts with US farmers

Cigarette makers are cutting contracts with tobacco farmers as smoking continues to decline in the U.S. University of Kentucky economist Will Snell says his state, the nation's top...
Source: RSS feed - channel BNewsBusiness | 19 May 2010 | 1:29 am

Oil hits new low for year as eurozone debt weighs

Oil prices tumbled to a new low for the year in Asian trade Wednesday due to a stronger dollar and persistent concerns about the eurozone debt crisis, analysts said. New York's main...
Source: RSS feed - channel BNewsBusiness | 19 May 2010 | 1:28 am

Oil hits new low for year as eurozone debt weighs (AFP)

Oil prices have tumbled to a new low for the year in Asian trade due to a stronger dollar and persistent concerns about the eurozone debt crisis, analysts have said.(AFP/File/Daniel Sannum-Lauten)AFP - Oil prices tumbled to a new low for the year in Asian trade Wednesday due to a stronger dollar and persistent concerns about the eurozone debt crisis, analysts said.



Source: Yahoo! News: Business News | 19 May 2010 | 1:28 am

Negative sentiment drives NZ dollar below US69c

The New Zealand dollar fell to its lowest level since February today as nervous investors continued to get out of investments they regarded as risky.The NZ dollar fell as low as US68.27c but found support and was US68.55 by 5pm....
Source: nzherald.co.nz - Business | 19 May 2010 | 1:26 am

NZ shares sink as investor fear prevails

The New Zealand sharemarket tumbled nearly 1 percent as fear again gripped financial markets and investors headed to safe havens. It was a grim backdrop for tomorrow's Government budget.Investors "smelt fear" in a move by Germany...
Source: nzherald.co.nz - Business | 19 May 2010 | 1:24 am

Merkel: Europe faces historic test in euro crisis

Chancellor Angela Merkel is telling German lawmakers that Europe faces an "existential" test as it works to shore up the euro. Merkel said Wednesday as she addressed the lower house of...
Source: RSS feed - channel BNewsBusiness | 19 May 2010 | 1:23 am

SEC unveils trading rules shakeup

The largest US shares face new trading restrictions as regulators seek to avoid a repeat of the plunge in values on 6 May.
Source: BBC News | Business | World Edition | 19 May 2010 | 1:19 am

Senate readies for end game on Wall Street rules (AP)

The Parthenon is reflected in a tourist's sunglasses on Acropolis hill in Athens May 18, 2010. Greece's tourism revenues are likely to fall 7-9 percent this year, making it even harder for the debt-choked country to pull itself out of a crisis that has rocked markets worldwide, a senior industry official said. REUTERS/Pascal Rossignol (GREECE - Tags: TRAVEL POLITICS BUSINESS IMAGES OF THE DAY)AP - An exhausted, occasionally cranky Senate is turning into the home stretch on a weekslong effort to pass a massive financial regulation bill.



Source: Yahoo! News: Business News | 19 May 2010 | 1:14 am

Senate readies for end game on Wall Street rules

Tired, occasionally cranky senators are turning into the home stretch on a weekslong effort to pass a massive financial regulation bill. Senators were scheduled to vote Wednesday to end...
Source: RSS feed - channel BNewsBusiness | 19 May 2010 | 1:13 am

Scientists watching where oil spill headed next

Scientists are anxiously awaiting signals about where a massive oil slick in the Gulf of Mexico may be heading next. And federal officials acknowledge the government could have been more...
Source: RSS feed - channel BNewsBusiness | 19 May 2010 | 1:04 am

On Location: 'Captain America' will be filmed in … London

The Marvel Studios project was originally to be shot in L.A., but an executive says it made economic sense to go to London, where the story is partly set. A tax incentive helped too.

Few comic book characters are as homespun as Captain America, who uses his superhuman powers to fight the Nazis during World War II while draped in the colors of Old Glory.



Source: L.A. Times - Business | 19 May 2010 | 1:00 am

Hewlett-Packard profit rises 28% to $2.2 billion

Hewlett-Packard Co., the world's largest personal computer maker, reported fiscal second-quarter earnings and sales that beat analysts' estimates.
Source: RSS feed - channel BNPaperBusiness | 19 May 2010 | 1:00 am

SEC proposes new circuit-breaker mechanism to prevent another 'flash crash'

In an attempt to prevent a repeat of this month's rapid market plunge, the Securities and Exchange Commission on Tuesday proposed a new circuit-breaker mechanism that would briefly halt trading in individual stocks that experience a 10% price change over a five-minute period.



Source: L.A. Times - Business | 19 May 2010 | 1:00 am

A customer who felt duped by bank feels let down by regulators

When his CD rolled over to a 'prevailing rate' of less than 1%, Daniel J.B. Mitchell sought help from regulators but got none. It raises questions about federal agencies' ability to protect consumers...
Source: RSS feed - channel BNPaperBusiness | 19 May 2010 | 1:00 am

Truck sales pick up as home building increases

Residential contractors are buying more full-size vehicles from the likes of Ford and Chevrolet to meet work demands as the housing market gains steam.

Randy Shepherd figured it was time.



Source: L.A. Times - Business | 19 May 2010 | 1:00 am

California's global warming law could cause businesses to flee state, report says

The Legislative Analyst's Office says 'economic leakage' could occur as firms move to states with lower regulatory costs. But a boost in green jobs could offset some of the damage.

A state law that requires power plants, factories and other businesses to cut greenhouse gas emissions could cause energy prices to rise and prompt businesses to delay expansion or flee California, according to a study by the state Legislative Analyst's Office.



Source: L.A. Times - Business | 19 May 2010 | 1:00 am

Southern California housing market holds its ground

Sales volume falls 1% in April compared with a year earlier, the first drop in 22 months, but the region's median sale price is unchanged from March.

Southern California's housing market held its ground in April, data released Tuesday show, with prices rebounding off their year-earlier lows but sales slipping for the first time in nearly two years as the number of fast-selling foreclosure properties dwindled considerably.



Source: L.A. Times - Business | 19 May 2010 | 1:00 am

California's global warming law could cause businesses to flee state, report says

The Legislative Analyst's Office says 'economic leakage' could occur as firms move to states with lower regulatory costs. But a boost in green jobs could offset some of the damage. ...
Source: RSS feed - channel BNPaperBusiness | 19 May 2010 | 1:00 am

CalPERS plans to seek $700 million more from state, school districts

Hike in contributions is intended to meet future retiree obligations after steep investment losses in the 2008-09 fiscal year. It's likely to heighten pressure from the governor to cut pension costs.

California's biggest public pension fund is likely to give California taxpayers an extra $700-million bill Wednesday to meet future obligations for retirees, whose benefits have been threatened by steep investment losses.



Source: L.A. Times - Business | 19 May 2010 | 1:00 am

A customer who felt duped by bank feels let down by regulators

When his CD rolled over to a 'prevailing rate' of less than 1%, Daniel J.B. Mitchell sought help from regulators but got none. It raises questions about federal agencies' ability to protect consumers.

Over the years, Daniel J. B. Mitchell has consulted for many economic institutions at the national level, including the Congressional Budget Office and the Federal Reserve.



Source: L.A. Times - Business | 19 May 2010 | 1:00 am

SEC proposes new circuit-breaker mechanism to prevent another 'flash crash'

In an attempt to prevent a repeat of this month's rapid market plunge, the Securities and Exchange Commission on Tuesday proposed a new circuit-breaker mechanism that would briefly halt trading in individual...
Source: RSS feed - channel BNPaperBusiness | 19 May 2010 | 1:00 am

Senators grapple with derivatives rules in financial overhaul

Provisions aim to limit the complex investments that were a major factor in spreading toxic mortgage-backed securities deep into the global economy. But lawmakers also tread a fine line. ...
Source: RSS feed - channel BNPaperBusiness | 19 May 2010 | 1:00 am

Agreement halts timber harvest in large swaths of Canadian forest

Largely ending a long-running dispute between environmentalists and lumber interests, the pact will preserve wildlife habitat while giving the industry assurances of future supply. ...
Source: RSS feed - channel BNPaperBusiness | 19 May 2010 | 1:00 am

CalPERS plans to seek $700 million more from state, school districts

Hike in contributions is intended to meet future retiree obligations after steep investment losses in the 2008-09 fiscal year. It's likely to heighten pressure from the governor to cut pension costs. ...
Source: RSS feed - channel BNPaperBusiness | 19 May 2010 | 1:00 am

On Location: 'Captain America' will be filmed in … London

The Marvel Studios project was originally to be shot in L.A., but an executive says it made economic sense to go to London, where the story is partly set. A tax incentive helped too. ...
Source: RSS feed - channel BNPaperBusiness | 19 May 2010 | 1:00 am

Agreement halts timber harvest in large swaths of Canadian forest

Largely ending a long-running dispute between environmentalists and lumber interests, the pact will preserve wildlife habitat while giving the industry assurances of future supply.

In one of the largest forest conservation agreements ever negotiated, a logging moratorium was announced Tuesday that will suspend timber harvests on more than 111,000 square miles of Canada's northern forests.



Source: L.A. Times - Business | 19 May 2010 | 1:00 am

Wal-Mart issues muted outlook despite higher quarterly earnings

First-quarter profit rises 10% from a year ago, but U.S. same-store sales fall 1.4%, the retailer's fourth straight quarter of such declines.

Wal-Mart Stores Inc.'s first-quarter profit rose more than expected, but an important measure of U.S. sales fell again and the discount giant issued a muted outlook for the second quarter.



Source: L.A. Times - Business | 19 May 2010 | 1:00 am

Senators grapple with derivatives rules in financial overhaul

Provisions aim to limit the complex investments that were a major factor in spreading toxic mortgage-backed securities deep into the global economy. But lawmakers also tread a fine line.

Senators hoping to pass a sweeping overhaul of financial regulations this week are frantically trying to resolve tough — and controversial — provisions limiting, regulating and shedding light on the largely hidden world of complex investments known as derivatives.



Source: L.A. Times - Business | 19 May 2010 | 1:00 am

Mitchells & Butlers profits jump as food boosts sales

Mitchells & Butlers, the British pubs and restaurants group, reported better-than-expected first-half pretax profit as strong demand for food led to an increase in overall sales and operating margin.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 May 2010 | 12:56 am

GM to stop paying union employees to quit: report (Reuters)

US auto giant General Motors reported Monday a post-bankruptcy quarterly profit for the first time in three years of nearly 900 million dollars.(AFP/File/Stan Honda)Reuters - Carmaker General Motors Co told the United Auto Workers (UAW) it will no longer pay union employees to leave the company, the Wall Street Journal said.



Source: Yahoo! News: Business News | 19 May 2010 | 12:51 am

GM to stop paying union employees to quit: report

(Reuters) - Carmaker General Motors Co told the United Auto Workers (UAW) it will no longer pay union employees to leave the company, the Wall Street Journal said.



Source: Reuters: Business News | 19 May 2010 | 12:51 am

Insurer braces for tax increases

The country's largest life insurer says it plans to mitigate impending tax increases by shaving as much as 15 per cent from the commissions received by advisers.The changes, which will come into force on July 1, are expected to...
Source: nzherald.co.nz - Business | 19 May 2010 | 12:45 am

Pakistan receives $1.13 billion from IMF (Reuters)

Reuters - Pakistan has received a fifth tranche, amounting to $1.13 billion, of a $10.66 billion International Monetary Fund (IMF) loan, a central bank official said on Wednesday.
Source: Yahoo! News: Business News | 19 May 2010 | 12:01 am

European shares, euro skid on German ban, Merkel

European shares and euro tumble as investors react to German ban on short-selling and Angela Merkel's warning on the single currency.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 May 2010 | 11:58 pm

How to play China’s growth - buy fertiliser

Investment managers from over 400 of the world’s largest pension, hedge and sovereign wealth funds were yesterday told how to play the long-term growth of China, recurring water shortages and Beijing’s dread of social unrest: buy fertiliser.


Source: Latest Business News from Times Online | 18 May 2010 | 10:24 pm

Senate Democrats clash over Wall St reform endgame

WASHINGTON (Reuters) - Senior U.S. Senate Democrats clashed on Tuesday over the last disputed pieces of a sweeping Wall Street reform bill headed for final passage within days.



Source: Reuters: Business News | 18 May 2010 | 10:16 pm

Rules proposed for avoiding another 'flash crash' (AP)

FILE - In this May 11, 2010 file photo, Securities and Exchange Commission Chairman Mary Schapiro testifies at a hearing on the May 6 stock market plunge, on Capitol Hill in Washington. Regulators and market players still don't know exactly what caused the hair-raising 'flash crash' on Wall Street earlier this month but they've already come up with some new rules they hope will avoid a repeat. (AP Photo/Evan Vucci, File)AP - Regulators and market players still don't know exactly what caused the hair-raising "flash crash" on Wall Street but they've already come up with new rules they hope will avoid a repeat.



Source: Yahoo! News: Business News | 18 May 2010 | 10:11 pm

Rules proposed for avoiding another 'flash crash' (AP)

FILE - In this May 11, 2010 file photo, Securities and Exchange Commission Chairman Mary Schapiro testifies at a hearing on the May 6 stock market plunge, on Capitol Hill in Washington. Regulators and market players still don't know exactly what caused the hair-raising 'flash crash' on Wall Street earlier this month but they've already come up with some new rules they hope will avoid a repeat. (AP Photo/Evan Vucci, File)AP - Regulators and market players still don't know exactly what caused the hair-raising "flash crash" on Wall Street but they've already come up with new rules they hope will avoid a repeat.



Source: Yahoo! News: Stock Markets News | 18 May 2010 | 10:11 pm

10 Most Hilarious Abuses of the McDonalds Logo


via nighthawksforever

Love them or hate them, big fast food chains are here to stay and influence our dietary habits and lives. McDonald’s, as one of the globally most recognized companies, has had to endure some ad spoofs over the years. But as you’ll see, the golden arches and the company’s ever chirpy (yet a bit creepy) mascot Ronald lend themselves to some good-natured mockery.

Advertisers have had a field day with McDonald’s, coming up with creative mock-ads. Here are some recent examples from Adbusters Magazine.

The Big Mac attack doesn’t really need an explanation:

via canadiandesignresource

Nice use of Ronald McDonald and the golden arches – the silenced clown:

via canadiandesignresourcec

The early fry will get the burger…

via canadiandesignresource

UK designer Jonathan Barnbrook has worked closely with Adbusters Magazine on the above creations. This next one is titled “Rosama McLaden”.

via dinca

T-shirts are a great way to mock anything and to carry your message if not on your sleeve then on your chest.

This t-shirt mocking McDonald’s slogan “I’m lovin’ it” has been around for a while but it’s a good one nonetheless.

via ebay

Also popular is this one, mocking the company’s slogan “one billion served”:

via musicmoviereviews

And speaking of billions – here’s something about the McDonaldization of MySpace – ‘shopped but we get the point:

via oddcoup

A beautiful artsy spoof and homage to Edward Hopper’s 1942 painting “Nighthawks” is the Mc Hopper’s diner below. All guests being replaced by Ronald McDonalds is a bit creepy though.

via nighthawksforever

Poor post-war icon Rosie the Riveter has been abused for many things but this transformation into Ronald the Riveter is among the most striking.

via turbulence

Indicating a holy debate between late Pope John Paul and Pope Benedict about the USP of McDonald’s fries, our last image is a cheeky look at a potential McDonald’s advertising campaign. If only the company could ever get permission for this – sales might skyrocket.

via slapper



Source: Business Pundit | 18 May 2010 | 10:09 pm

Fran O'Sullivan: Mrs Hotchin shows the wrong attitude

Auckland socialite Amanda Hotchin has clearly never heard - or possibly even cares about - the Marie Antoinette syndrome.But my betting is that the first image that sprang to the minds of quite a few Kiwis who read the extraordinary...
Source: nzherald.co.nz - Business | 18 May 2010 | 10:09 pm

Volcker: Europe's debt crisis shows risks for U.S.

STANFORD, California (Reuters) - Europe's debt crisis shows the risks for the United States if it does not get its budget deficits under control, former Federal Reserve Chairman Paul Volcker said on Tuesday.



Source: Reuters: Business News | 18 May 2010 | 9:51 pm

Tea Party gets boost from Kentucky win

Tea Party activists upset the Republican establishment with their candidate winning the party's nomination for a Kentucky senate seat in one of a slew of closely watched polls across the US
Source: Financial Times - US homepage | 18 May 2010 | 9:36 pm

Google to fight government if AdMob deal blocked

NEW YORK (Reuters) - Google Inc Chief Executive Eric Schmidt said on Tuesday his company is prepared to fight the U.S. government "very hard" if regulators block the search leader's acquisition of mobile advertising firm AdMob.



Source: Reuters: Business News | 18 May 2010 | 9:16 pm

Arizona sales tax increase ahead in early results (AP)

AP - Early returns have Arizona voters approving a temporary 1 cent sales tax increase designed to stave off drastic cuts to schools, health care and law enforcement.
Source: Yahoo! News: Business News | 18 May 2010 | 9:14 pm

Geoff Brown resigns from NZX

Geoff Brown is leaving sharemarket operator NZX.Brown is head of market products at NZX. His resignation is effective today."In his eight years with NZX, Geoff has been a tireless advocate for New Zealand companies, and an...
Source: nzherald.co.nz - Business | 18 May 2010 | 8:48 pm

Toyota to recall LS Lexus models

TOKYO - Toyota says it will recall 4,500 Lexus vehicles in Japan to fix a steering problem, with another 7,000 overseas also likely affected. It's the latest recall woe for the world's biggest automaker.Toyota said that it has...
Source: nzherald.co.nz - Business | 18 May 2010 | 8:43 pm

Hewlett-Packard raises outlook

SAN FRANCISCO (Reuters) - Hewlett-Packard Co's quarterly results beat expectations and it raised its full-year earnings outlook on demand for personal computers and servers as well as a resurgence in its printing business.



Source: Reuters: Business News | 18 May 2010 | 8:22 pm

SEC to pilot ‘circuit breakers’ on stocks

US regulator has proposed rules to introduce “circuit breakers” for all stocks in the S&P 500 index, marking the most dramatic regulatory response yet to this month’s so-called ‘flash crash’
Source: Financial Times - US homepage | 18 May 2010 | 7:27 pm

Derivatives ban may be softened

Wall Street is poised to score a victory in its efforts to beat back a crackdown on banks that trade the complex financial products known as derivatives.
Source: Business and financial news - CNNMoney.com | 18 May 2010 | 7:10 pm

South Canterbury Finance recovers $202m

South Canterbury Finance Ltd reported today a $202 million recovery of outstanding loans since January 1.The Timaru-based finance company said it had cashed up about 10 per cent of total assets since the beginning of the year,...
Source: nzherald.co.nz - Business | 18 May 2010 | 7:05 pm

Yell shares sink after chiefs do the walking

Shares in the publisher of Yellow Pages lost more than a fifth of their value yesterday after its chief executive and finance director said that they planned to leave within a year.


Source: Latest Business News from Times Online | 18 May 2010 | 6:01 pm

Former trader Anjam Ahmad pleads guilty to insider dealing in FSA case

A former hedge fund trader pleaded guilty to insider dealing yesterday in a landmark deal under which he may testify against his suspected co-conspirators, if they are charged, in the hope of receiving a lighter sentence.


Source: Latest Business News from Times Online | 18 May 2010 | 6:01 pm

Asda retreats from promotions as sales slide

Asda has suffered its first decline in sales in four years in what the company has called one of the toughest markets it has faced since the Nineties.


Source: Latest Business News from Times Online | 18 May 2010 | 6:01 pm

Weak pound and tax rises lift inflation to 17-month high

George Osborne has had his first exchange of letters with the Governor of the Bank of England just days after becoming Chancellor, as inflation surged to its highest level since 2008.


Source: Latest Business News from Times Online | 18 May 2010 | 6:01 pm

SFO reveals Bridgecorp charges

Rod Petricevic, the managing director of failed financier Bridgecorp, is to face charges relating to the fraudulent acquisition of a $1.8 million luxury boat and another matter, the Serious Fraud Office (SFO) said today.It said...
Source: nzherald.co.nz - Business | 18 May 2010 | 6:00 pm

U.S. still at loss on market plunge, wants new rules

By Christopher Doering, Rachelle Younglai and Jonathan Spicer



Source: Reuters: Business News | 18 May 2010 | 5:48 pm

U.S. still at loss on market plunge, wants new rules (Reuters)

Activity in individual stocks can be seen on a chart above the floor of the New York Stock Exchange in this May 6, 2010 file photo. REUTERS/Lucas JacksonReuters - Regulators still have not been able to pinpoint the cause of the market's recent plunge, but charged ahead with new rules to restrict trading when markets are in free-fall.



Source: Yahoo! News: Stock Markets News | 18 May 2010 | 5:48 pm

Euro credit crisis looms over NZ stability: Bollard

Reserve Bank Governor Alan Bollard says Europe's credit crisis looms over New Zealand's financial stability, which has benefited from the sharp recovery in Australia and emerging Asian economies. "As an external debtor country,...
Source: nzherald.co.nz - Business | 18 May 2010 | 5:30 pm

Ryman Healthcare posts record profit

Retirement village Ryman Healthcare reported a record 16 per cent increase in realised profit for year ended March 31.The Christchurch-based resthome operator had a profit of $61 million. When unrealised gains are included,...
Source: nzherald.co.nz - Business | 18 May 2010 | 5:27 pm

Proposal gives regulators discretion in derivatives ban

The US reform of financial regulation will go to a final vote in the Senate as early as Wednesday as big banks engaged in a last-ditch effort to change it
Source: Financial Times - US homepage | 18 May 2010 | 5:18 pm

PC sales spike drives HP profit growth

Hewlett-Packard, the world's largest technology company, used its heft to push sales and income higher last quarter as both consumers and businesses upped their spending on HP's computers and printers.
Source: Business and financial news - CNNMoney.com | 18 May 2010 | 5:03 pm

US proposes rules shakeup after mystery stocks plunge (AFP)

people=AFP - US authorities proposed Tuesday a rules revamp to prevent a repeat of a mysterious stock market free-fall experienced on May 6 that saw the key Dow index drop a record 1,000 points.



Source: Yahoo! News: Stock Markets News | 18 May 2010 | 4:41 pm

There's no bundle of joy in Prudential delivery

Not in my back yard, is the cry of those who want change but not anywhere near them.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 May 2010 | 4:41 pm

Capital gains tax rise is a pill we must swallow for good of UK economy

Not in my back yard, is the cry of those who want change but not anywhere near them.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 May 2010 | 4:37 pm

Jupiter unlikely to find many backers

Edward Bonham Carter, chief executive of Jupiter, is desperate to get something straight from the start. Jupiter is not Gartmore.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 May 2010 | 4:27 pm

Gulf of Mexico oil spill: Let's hope BP's Hayward won't regret his 'modest' prediction

Oh dear. The initial success of BP's do-it-yourself siphon appears to have gone to Tony Hayward's head.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 May 2010 | 4:25 pm

Santander steps up US expansion effort

Disagreement over who should ultimately control a possible enlarged US unit, which would contain about $150bn in assets and more than 1,500 branches in the north-east of the US
Source: Financial Times - US homepage | 18 May 2010 | 4:23 pm

Summary Box: Exchanges to impose new trading rules (AP)

AP - PLUNGE PROTECTION: U.S. exchanges have agreed to temporarily freeze trading of stocks in the Standard & Poor's 500 index that have big price swings in a bid to prevent a repeat of the May 6 market plunge.
Source: Yahoo! News: Stock Markets News | 18 May 2010 | 4:19 pm

Write-Offs: 05.18.10



$$$ Aussie Fund Director’s Goldman Claims Get Traction [Reuters]

$$$ The irony is that going by the votes, Dimon appears less popular than Lloyd Blankfein, the man who infamously said his firm does “God’s work.” Only 19% of Goldman Sachs (GS) investors, after all, backed a proposal earlier this month that would have split the chairman and CEO jobs there. [Fortune]

$$$ Geithner Will Seek `Level Playing Field‘ for U.S. Companies in China Visit [Bloomberg]

$$$ FYI, the west village is crawling with hookers. [NYM]



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Source: Dealbreaker | 18 May 2010 | 4:02 pm

Top After-Hours Movers (PLAB, CECO, IMOS, WSTL, NYX, HAFC)

The after-hours session tonight is not exactly littered with the largest and most liquid companies out there.  We are seeing moves in Photronics Inc. (NASDAQ: PLAB), Career Education Corporation (NASDAQ: CECO), ChipMOS TECHNOLOGIES LTD. (NASDAQ: IMOS), Westell Technologies Inc. (NASDAQ: WSTL), NYSE Euronext, Inc. (NYSE: NYX), and Hanmi Financial Corporation (NASDAQ: HAFC).  We have shown [...]

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Source: 24/7 Wall St. | 18 May 2010 | 3:44 pm

Stocks, ETFs Sag at Session End (Daily ETF Wrap-Up)

German regulator sparks selloff in financials, while the euro drops.



Source: SmartMoney.com | 18 May 2010 | 3:34 pm

The Tuesday Podcast: Inside A Payday Loan Shop

payday loans

(Ross D. Franklin/AP)


On today's Planet Money:

During the credit boom, lots of payday loan stores sprang up in Mansfield, Ohio.

Chris Brown, a long-time manager at one payday lending outlet in the town, says a bunch of the new stores opened up right next to her shop. "If I was a good golfer, I could put a golf ball through the window of three other companies," she says.

You'd expect that all those companies would have competed with each other, driving down interest interest rates for borrowers, But that didn't happen; they all charged, basically, the same price.

The lack of competition may have been the unintended consequence of a law that was supposed to protect borrowers.

Ohio, like most states, has a ceiling on the interest rates payday lenders can charge. But price ceilings have often "acted as magnets for prices," says Robert DeYoung, an economist at the University of Kansas.

DeYoung did a study on rates at payday lenders in Colorado, after the state put a rate ceiling in place. Right after the cap was created, there was a range of prices; a few years later, over 95% of the payday loans in Colorado carried the maximum interest rate.

"Everything else equal, suppliers of goods would rather collude with each other to set a high price," DeYoung says. The cap basically does that for them, DeYoung says. "The government has handed them a tool for colluding."

Also on the podcast: We talk to a Planet Money listener who is working at a payday loan shop to pay his way through college. (He wants to be a financial advisor.) And we hear from Gary Rivlin, author of a forthcoming book about the business of lending money to poor people.

Download the podcast, or subscribe. Music: V V Brown's "Shark in the Water." Find us: Twitter/ Facebook/ Flickr.

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Source: NPR Blogs: Planet Money | 18 May 2010 | 3:30 pm

Presented By:


Source: Dealbreaker | 18 May 2010 | 3:20 pm

Germans Ban on Naked Short-Selling Just Fueling More Fear



Germany said “auf Wiedersehen” to naked short selling, but it appears the ban is doing nothing but raising fears that Europe is in the midst of a financial crisis of its own. Traders are already clamoring to close out open positions, but who knows if the ban will really prevent a financial calamity.

Germany’s BaFin financial services regulator said it instituted the ban because “exceptional volatility” in euro-area government bonds and credit-default swaps, massive short-selling was leading to excessive price movements which “could endanger the stability of the entire financial system.”

The ban on naked short-selling of CDS and European government bonds takes place starting at midnight on lasts until March 31, 2011. It also applies to naked short-selling in shares of 10 banks and insurers.

They include: Aareal Bank AG, Commerzbank AG, Deutsche Bank AG and Deutsche Postbank AG, insurer Allianz SE; reinsurers Hannover Re AG and Munich Re AG; Generali Deutschland Holding AG, MLP AG, and Frankfurt stock exchange operator Deutsche Boerse AG.




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Source: Dealbreaker | 18 May 2010 | 3:20 pm

GM may be worth $67 billion. Really.

What's GM worth? The answer will help determine if taxpayers are able to make a profit from the automaker's bailout.
Source: Business and financial news - CNNMoney.com | 18 May 2010 | 3:15 pm

Boeing, Peak Oil, Goldman, Transocean, GM: Taking Stock


Source: Bloomberg - All Podcasts | 18 May 2010 | 3:13 pm

Iran faces fresh economic sanctions

Hillary Clinton, US secretary of state, turned the diplomatic tables on Iran when she announced agreement among the world’s major powers on fresh sanctions against Tehran
Source: Financial Times - US homepage | 18 May 2010 | 3:13 pm

Yahoo's big content 'game-changer'

Yahoo announced Tuesday that it has agreed to buy media network Associated Content.
Source: Business and financial news - CNNMoney.com | 18 May 2010 | 3:12 pm

Gird Your Loins, Jim Chanos



This Memorial Day in Bridgehampton, Kynikos founder Jim Chanos will be honored for his contributions to Miracle House, a charity “a charity that helps caregivers and patients who come to New York in search of medical treatment.” This is lovely and Jim is very generous. That’s not what we’re here to talk about. What we’re here to talk about is the host, LuAnn de Lesseps. The artist formerly known as “The Countess” is a cast member of the New York edition of Real Housewives. Except that LuAnn is no housewife, having divorced her husband, THE COUNT (pictured at left with his former lady), last year. (I’m not proud that I watch this show but I’m not embarrassed either.) LuAnn started off this season on the prowl and now she is getting desperate. Last week she went on a date with a guy named Courte who has who has highlights. She’s also looking for a place to bunk in NYC, having lost the UES townhouse in the settlement and being relegated to the Hamptons home. And, and I feel terrible for judging a reality show housewife by her cover, but I’m thinking she might be looking to land a rich guy. Finally, and most importantly, she’s trying to get her music career off the ground. Jim, we’re warning you because we care.

This chick is going to be on you like white on rice. If you’re feeling yourself get weak, our advice is to play this segment over and over in your head:



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Source: Dealbreaker | 18 May 2010 | 2:40 pm

Was There Really a Trading Glitch? (Common Sense)

The May 6 market plunge was extreme, but it didn't seem to do lasting harm.



Source: SmartMoney.com | 18 May 2010 | 2:40 pm

Google looks to make peace with Murdoch

Eric Schmidt, chief executive of Google, said the internet company had had talks with Rupert Murdoch and other newspaper proprietors about helping run subscription services for their online sites
Source: Financial Times - US homepage | 18 May 2010 | 2:39 pm

H-P, Fade to Black (HPQ, CSCO, IBM, DELL)

Hewlett-Packard Company (NYSE: HPQ) keeps beating and raising estimates.  The PC and technology giant just reported earnings of $1.09 in non-GAAP EPS on revenues of $30.85 billion.  Thomson Reuters had estimates at $1.05 EPS and $29.82 billion in revenues.  Unfortunately, it looks like some of the whispers and unofficial expectations might have even been higher [...]

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Source: 24/7 Wall St. | 18 May 2010 | 2:39 pm

Does More Transparency in 401(k) Fees Matter? (On the Street)

Putnam will go public with its fees. How investors might benefit.



Source: SmartMoney.com | 18 May 2010 | 1:57 pm

CBOE IPO Terms Becoming More Clear (CBOE)

The initial public offering for the CBOE is coming closer.  CBOE Holdings, Inc. had an amended filing today.  While some of the terms are still outstanding, we now know how much is being sold by exchange members (selling holders) and how much will actually go into the company coffers.  The size of this underwriting offering [...]

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Source: 24/7 Wall St. | 18 May 2010 | 1:47 pm

Pesky Shareholder Asks John Mack if He Actually Used Foul Language



We couldn’t help notice that some clueless shareholder had the audacity to ask John Mack at the Morgan Stanley annual meeting whether he really told Tim Geithner to go fuck himself in the midst of the financial crisis. Mack has admitted several times that Andrew Ross Sorkin’s account of him in the book “Too Big To Fail” was accurate. Mack’s actual words, according to the book, were, “tell him to get fucked,” or something along those lines.

One shareholder asked Mack whether his portrayal in the book “Too Big To Fail,” New York Times reporter Andrew Ross Sorkin’s chronicle of the financial crisis, was accurate — and whether bank executives really used such foul language during tense moments of the crisis.

“The language was probably stronger than what was in the book,” Mack joked.




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Source: Dealbreaker | 18 May 2010 | 1:45 pm

Morgan Stanley’s Gorman: What Investigation?



James Gorman, aka “Jimmy G,” is sick and tired of all these reporters suggesting his firm is under some kind of investigation by the Feds. Just because Goldman has been charged by the SEC, doesn’t mean Morgan Stanley, which lost a lot more money than GS during the crisis, also bet against its own shitty CDO deals. All the noise surely points to a conspiracy of short-sellers. And he knows who you are and he will hunt you down. Quick, back to watching Miss USA pole dancing before he catches you.

From Reuters:

He told reporters again on Tuesday that Morgan Stanley had not been notified of an investigation and that the firm had not received a Wells Notice from the Securities and Exchange Commission indicating the likelihood of civil charges.

Morgan Stanley has not initiated an internal review stemming from the investigation as the company was not aware of it, Gorman said.

Gorman is also still trying to figure out why people are so pissed off at Wall Street.

“As an industry, I think it’s important that we acknowledge the mistakes that were made in recent years,” Gorman said at Morgan Stanley’s annual shareholder meeting. “We need to understand why people are so angry at Wall Street.”



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Source: Dealbreaker | 18 May 2010 | 1:23 pm

Profits in Oil Spill Clean Up (BP, PG, ASH, EMN, NLC, CLH, NR, ARJ, MOPN)

Cleaning up messes has grown into a big business since the 1970s. There are a lot of small and medium-sized businesses that get involved in environmental remediation for everything from cleaning up EPA-designated Superfund sites to washing noxious weed seeds off fire trucks used to battle forest fires.  The disaster that destroyed the Deepwater Horizon [...]

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Source: 24/7 Wall St. | 18 May 2010 | 1:10 pm

WaMu, Movie Gallery: Bloomberg Law Bankruptcy Review


Source: Bloomberg - All Podcasts | 18 May 2010 | 1:06 pm

Construction: Not Good, But Getting Better

By Jacob Goldstein

Here's this theme again: The economy's getting better, but it's still pretty bad.

It's true for jobs: The economy's adding jobs every month, but there are still far fewer jobs than there were before the recession, and unemployment is still high.

It's true for the overall economy: GDP is growing, but it's still below where it was two years ago.

And it's true for the construction business, a key source of jobs that rose with the boom and fell with the bust.

Construction crews broke ground on 672,000 houses and apartment buildings in April, the government said today. That was the most for any month since October, 2008.

But things have been very bad indeed since October, 2008; starts fell to an all-time low last year, and the level of construction activity is still very low by historical standards. (This chart from Calculated Risk shows starts going back to the 1970s.)

What's more, the number of building permits issued for new housing units actually fell between March and April.

Housing starts are a measure of actual construction work, which comes after builders get the permits they need. So the decline in permits suggests that the growth in housing starts may falter in the coming months.

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Source: NPR Blogs: Planet Money | 18 May 2010 | 12:49 pm

Thin, Achuthan, Weil, Coffey: Bloomberg Surveillance


Source: Bloomberg - All Podcasts | 18 May 2010 | 12:46 pm

Adam Frisch, Christopher Low: Bloomberg On the Economy


Source: Bloomberg - All Podcasts | 18 May 2010 | 12:45 pm

Confidential To Random Macquarie Employee: Miranda Kerr’s Still Thinking About You!



Back in February, Macquarie employee David Kiely got in a little trubs with his employer for looking at some topless shots of Miranda Kerr on his computer. It should’ve been no big deal but unfortunately his floor was being filmed on live TV at the time and as the Aussies couldn’t be perceived as condoning that sort of thing, they put him on a time-out. He was ultimately allowed to keep his job but probably won’t be promoted any time soon and now has to live with a 9-5 sans nudes, as his computer was most likely equipped with the child-lock. Sans tits to look at over the course of the day (the secret to many a financial services hack’s success), David is probably going through a bit of an existential funk. Well take heart, buddy boy! We have some news sure to brighten your afternoon right up and perhaps offer some JO&C material for later tonight.

“It was a huge deal,” Kerr told GQ recently over tea in New York City. “I wasn’t offended. I just felt sorry for the poor guy.” Posing near naked for a living can give you a certain perspective on such things. Kerr considers the scandalized Aussie banker with whom she’ll be forever intertwined. “I wonder if he’ll get into trouble if we send him this cover,” she asks. “We should send him a signed cover! He can read the magazine at home instead of at work on the Internet.” A brilliant idea.

You hear that, guy?! MIRANDA HASN’T FORGOTTEN YOU. In fact, SHE TALKS ABOUT YOU. TO PEOPLE. And speaking of brilliant ideas, try this one on for size. All this guy had to do to get Miranda Kerr to think about him, talk about him, feel bad for him in such a way that she might even feel like she owes the guy something was to get caught looking at pics of her on his computer. Since I am always working for you, all I’m going to say is there are shots of MK from the June issue after the jump. Do what you want with them.

Dirty Angel [GQ]



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Source: Dealbreaker | 18 May 2010 | 12:01 pm

EU ministers back new hedge fund rules

There will have to be potentially difficult negotiations between the member states, parliamentarians and eurocrats at the European Commission over details of the controversial new rules
Source: Financial Times - US homepage | 18 May 2010 | 12:00 pm

Some Banks Slash Their Overdraft Fees (Bank Notes)

To get customers to choose overdraft coverage, banks reduce fees.



Source: SmartMoney.com | 18 May 2010 | 11:46 am

TNT NV Raised to `Neutral,' BB&T Cut to `Hold': Audio


Source: Bloomberg - All Podcasts | 18 May 2010 | 11:41 am

Credit Scores: Leveling the Playing Field (Consumer Action)

Consumers may be able to get to their scores for free. How to boost yours.



Source: SmartMoney.com | 18 May 2010 | 11:30 am

The place for good business karma

Some of the biggest and fastest-growing businesses in the world got their start in the heart of Silicon Valley, on University Avenue, in a little two-story building that locals call the "karma building." Steve Henn reports.
Source: Marketplace | 18 May 2010 | 11:13 am

Is going green more than a fad?

Dan Esty, professor of environmental law at Yale Law School, talks with Kai Ryssdal about what he calls the sustainability mega trend.
Source: Marketplace | 18 May 2010 | 11:13 am

Some don't buy Arizona boycotts

Yesterday Seattle city council became the latest to boycott Arizona over their controversial immigration law, but as Marketplace's Janet Babin reports, there's an equally powerful backlash against the backlash: that is, companies and citizens buying Arizona products in support of the new law.
Source: Marketplace | 18 May 2010 | 11:13 am

Living in a foreclosed apartment

A foreclosure is never easy for the owners of the residence, but what if there's a renter involved? Marketplace's Alisa Roth reports on life in a foreclosed apartment.
Source: Marketplace | 18 May 2010 | 11:13 am

Big banks to ShoreBank's rescue

Chicago-based ShoreBank, lender to middle and low-income people, appears like it might have sufficient private capital to survive, thanks to help from the likes of Goldman Sachs and JPMorgan. Marketplace's Jeremy Hobson reports.
Source: Marketplace | 18 May 2010 | 11:13 am

IMF lending habits get a little tighter

In a 94-0 vote today, the Senate opted to oppose International Monetary Fund bailout packages to nations unlikely to repay them. Marketplace Stacey Vanek-Smith has the story.
Source: Marketplace | 18 May 2010 | 11:13 am

SEC aims to prevent another plunge

The Securities and Exchange commission is expected to come out with their take on that unexpected market tumble from a couple weeks ago, and a few key recommendations on how to prevent a repeat. Marketplace's Nancy Marshall Genzer has more.
Source: Marketplace | 18 May 2010 | 11:13 am

Retailers still cautious about future

Big box retailers like Wal-Mart and Home Depot posted fantastic earnings for this past quarter, but those commercial giants aren't too optimistic about the future. Marketplace's Bob Moon reports.
Source: Marketplace | 18 May 2010 | 11:13 am

Small Hedge Funds Pained By New Regulations



Hedge funds have bounced back in a big way from the financial calamity of 2008, but that hasn’t stopped regulators, especially in Europe, from trying to hit the industry with a bevy of new rules.

The Managed Funds Association, the industry’s main lobbying group, was recently forced to turn over information about its 2,600 members to the Financial Crisis Inquiry Commission. The info could be used to force hedge fund managers to register with the SEC and provide the agency with information about their leverage and trading positions. Regulators in the European Union recently passed even more onerous rules that critics say will cause funds to relocate from their current hub in London.

The costs involved with complying with the proposed regulations aren’t that costly for big funds with billions under management, but smaller firms will feel the pain, according to John Carney at CNBC.com. That could spur even more consolidation along the lines of Man Group/GLG deal yesterday.

Hedge Fund Inquiry Will Slam Small Funds [CNBC.com]



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Source: Dealbreaker | 18 May 2010 | 11:05 am

Area Bank Employees To Strengthen Morale One Piece Of Deep Fried Chicken At A Time



The very first time we wrote about a Food Eating Challenge (FEC), it was a a postmortem congratulations to a man named Oyster Boy. He’d consumed 244 oysters in 1 hour at Ulysses and he’d thrown the gauntlet down for one of you to pick up, vis-a-vis goring yourself for sport. We continued to chronicle them for reasons that don’t take Wall Street’s greatest minds to figure out: they’re fun and if they’re not mentioned on this here site well, it’s like they never happened. We are also big believers in positive reinforcement, and on the rare occasions in which you people actually succeed at completing the task at hand, we like to give you props (alternatively, we believe in the value of telling you that you suck and sicken us when you fail, because we care). Mostly, though it’s because they’re just fun. It’s fun to watch you gorge yourself for sport, and it’s fun for your colleagues to offer obnoxious running commentary throughout the event, especially that one guy (you know who you are, and let me just say, you get it). The challenges are not typically used to pull financial services employees out of their existential funks but that doesn’t mean they can’t be. This week, one bank looks to the FEC.

Bess–

As you know, morale here is extremely low. In an attempt to raise beaten spirits, on Friday, a colleague of ours is going to attempt to eat 85 Wendy’s nuggets in 30 minutes with a 30 minute “no puke” clause at the end. With your help, we’d like to show Wall Street that we are far more than just guys who look at Miranda Kerr screen shots during inopportune times. The participant is a junior associate and will be draped in as much company swag as we can find.

Sure, Oyster Boy would probably do 100 but it’s been made pretty obvious that no one can soar to the heights of OB (prove me wrong). But that’s fine, futile attempts to pick up the gauntlet thrown down by OB is not what this is about, or what’s important. What’s important is that the (successful) sight of this kid literally shoving fried food in his mouth, as fast he an chew and swallow or maybe just swallow is going to make his colleagues feel really good about themselves. On Friday who will join them? (Please be advised making this about “feelings” is not required for participation.) Do it an I might even consider bringing back The Sandwich Fairy.



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Source: Dealbreaker | 18 May 2010 | 11:00 am

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Source: Dealbreaker | 18 May 2010 | 11:00 am

Would You Trust Goldman Sachs With Your 401(k)?

By Jacob Goldstein

Goldman Sachs is a bit player in the business of managing middle class workers' retirement savings. The bank is looking to change that, but the timing is a bit awkward.

Goldman is designing target-date funds that would provide guaranteed income in retirement. And it's promoting funds that invest in alternative asset classes such as commodities and real estate.

Both moves are part of a push to get more companies to include Goldman funds among employees' 401(k) investment options, Bloomberg News reports.

The $2.7 trillion 401(k) market is growing as companies continue to move away from traditional pension plans. Goldman currently manages less than $20 billion in 401(k) savings. Fidelity Investments, the biggest player, manages about $350 billion.

Of course, this may not be the most opportune moment for Goldman to sell itself as the guardian of workers' nest eggs -- what with the SEC lawsuit, criminal probe and Senate hearing into allegations that the company misled investors.

Goldman says it did nothing wrong. And it draws a bright line between its work as a market maker, where it allows clients to buy and sell whatever they want, and its asset management business, where it has a duty to manage investors' money in the most prudent manner possible.

But the general public may be skeptical of that distinction.

On the other hand, people may want to tap into Goldman's proven ability to make money. "We understand risk and we understand asset allocation," a Goldman exec tells Bloomberg. "We're looking to leverage that for the 401(k) market."

Planet Money Question of the Day: Would you invest your retirement savings in a fund managed by Goldman Sachs?

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Source: NPR Blogs: Planet Money | 18 May 2010 | 10:35 am

Pfizer Begins Post-Merger Layoffs, Consolidation

After merging with Wyeth last year, Pfizer announced that it would cut 19,000 jobs. The first round of 6,000 job cuts was announced today, as well as plans to close plants. BusinessWeek reports:

Pfizer said it has spent the past six months reviewing how to reduce the combined company’s manufacturing operations. Pfizer is trimming costs as it braces to lose patent protection next year on the company’s top-selling Lipitor cholesterol pill, which generated $11.4 billion in sales last year.

The drugmaker plans to shut manufacturing operations over the next five years at plants in Puerto Rico, Ireland, and Rouses Point, New York. Operations at plants in Germany, Ireland, Puerto Rico, the U.K. and U.S. will be cut back, the New York-based company said in a statement today.

The plants that will be closed include those in Caguas, Puerto Rico; Carolina, Puerto Rico; Dublin; Loughbeg, Ireland; Shanbally, Ireland; Rouses Point, New York; Richmond, Virginia; and Pearl River, New York.

The jobs cuts affect 18% of Pfizer employees, according to Reuters. When Pfizer bought Wyeth, it added more than 36 manufacturing facilities on top of its existing 40. This kind of streamlining is necessary to avoid operational overlap and inefficiencies.

Still, Pfizer has to choose where it withdraws carefully. If it withdraws from New York City, for example, it could face $24 million in government penalties.

Meanwhile, Pfizer is scrambling to find revenue streams to offset its loss of the Lipitor patent. It struck a new deal with universities to find new uses for its existing drugs (if you soon learn that Viagra also cures migraines, this partnership could be behind it). Pfizer is striking other partnerships to expand its footprint in generics.

In a sense, for Pfizer, it’s consolidation and patent cliff preparation as usual.



Source: Business Pundit | 18 May 2010 | 9:34 am

Gold Leads ETF Commodities Growth, BlackRock Reports: Audio


Source: Bloomberg - All Podcasts | 18 May 2010 | 8:41 am

Warner Chilcott Raised to `Buy,' Netlogic Cut to `Hold': Audio


Source: Bloomberg - All Podcasts | 18 May 2010 | 8:39 am

FDIC May Jump Into CDO Lawsuit

By Jacob Goldstein

In the past couple weeks, everybody's been rushing to investigate how Wall Street banks handled the debt-backed securities called CDOs.

Now, the FDIC may wind up as the plaintiff in a CDO-related lawsuit that names ratings agencies and Wall Street firms as defendants.

The FDIC recently seized Riverside National Bank of Florida, a community bank that bought a lot of CDOs that turned toxic when the market crashed, the WSJ reports.

This particular flavor of CDO is packed with "trust preferred securities" -- a financial instrument that is a combination of debt and equity.

During the boom, banks sold trust preferred securities as a way to raise capital. Wall Street firms repackaged the securities into CDOs. Then they sold the CDOs to (wait for it) community banks, among others. Community banks bought some $12 billion of trust preferred CDOs between 2000 and 2008.

Between 2005 and 2007, Riverside National Bank bought CDOs with a book value of $211 million, the WSJ says. The ratings on the CDOs got whacked during the crisis, and their value fell by 60%.

The bank sued the Wall Street firms that sold it the CDOs, as well as the agencies that rated them, arguing that there were "inflated investment-grade ratings" and "undisclosed material conflicts of interest."

Now, the FDIC is stuck with the CDOs. And it's asked the court for permission to replace Riverside as the plaintiff in the case.

The defendants include Moody's, S&P and Merrill Lynch (which is now owned by B of A).

They've argued in court documents that the Riverside's losses "result from the risks it knowingly assumed and from the unprecedented market cataclysm, rather than any flaw in the specific CDOs at issue here," the WSJ says.

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Source: NPR Blogs: Planet Money | 18 May 2010 | 8:02 am

Private Equity Titans Look To Beat New Tax Rule

By Jacob Goldstein

Remember carried interest? It's the way private-equity bosses make most of their money -- and it's taxed at a relatively low tax rate. The Senate may soon change the law so that the money is taxed at a higher rate.

Perhaps inevitably, the private-equity folks are already looking for ways to beat the proposed new rules.

Private equity firms typically get paid a flat fee, plus a percentage of the profits that their funds make. The percentage of the profits is what's known as carried interest. It's taxed as a capital gain (at 15 percent) rather than as ordinary income (which is taxed at 35 percent for the highest earners).

The House has repeatedly passed bills that would change this; now the Senate may pass a similar bill as well.

That's prompting people in the industry to look for new deal structures that would allow them to keep the lower tax rate, this morning's NYT reports.

The basic gist is that the private equity people want their profits to be treated like those of investors, even though they're not putting their own money at risk.

A few possibilities for how they might achieve this:

  • Private equity execs might sell their 'carried interest' rights in exchange for cash, then use the cash to invest directly in the deal.

  • Investors in a private-equity fund might make a loan to the private-equity firm, which the firm would use to buy a stake in the deal.

  • Rather than use the current partnership structure, private-equity firms might structure deals so they get "founders' shares" in the companies they invest in -- like the equity shares that people who start new companies get. When founders sell their shares,the profit is treated as a capital gain.

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Source: NPR Blogs: Planet Money | 18 May 2010 | 7:20 am

Marta on Stocks, Schenker on Oil: First Word


Source: Bloomberg - All Podcasts | 18 May 2010 | 7:17 am

Court Rules Against British Airways Strike

Today’s planned British Airways strike won’t happen, thanks to a British High Court injunction against it.

The court said that Unite, the cabin workers’ union planning the strike, hadn’t informed its members how many ballot papers were spoiled in the last dispute with BA. As such, the union technically violated its trade rules, judges said, making the injunction valid. The Guardian has more:

The High Court has granted an injunction for the second time in six months against a strike planned by British Airways cabin crew, scheduled to begin today. Those who had trips planned will be delighted, but the Unite trade union who represented the workers have called the decision a “landmark attack on free trade unionism and the right to take industrial action” and are to appeal the judgment.

The union argued that a recent series of similar injunctions against strike action ran foul of the Human Rights Act 1998. Article 11 of the European Convention on Human Rights grants the right to freedom of assembly. However, the right can be restricted in certain limited circumstances, as it was in this case.

Standing in the way of Unite’s argument on human rights was the powerful recent judgment in Metrobus Ltd v Unite the Union (31 July 2009), where the Court of Appeal held that the statutory requirements relating to ballots and strike notification…do not unduly restrict the exercise of the right to strike; that the legislation has been carefully adapted over many years, in order to balance the interests of employers, unions and members of the public; and that its provisions are therefore proportionate

(Unite) are likely to argue in the coming appeal that Metrobus has resulted in a disproportionate restriction on the rights to freedom of assembly by opening the door for employers to prevent strikes as a result of relatively small breaches of trade union rules. British Airways will say that the rules are there for good reason and the strictness of application is proportionate to the enormous cost and disruption that strikes can cause.

Meanwhile, British Airways is no longer facing a strike, and the dispute is relegated to the courtroom. Somebody at BA is breathing a sigh of relief.



Source: Business Pundit | 18 May 2010 | 6:44 am

When Following Established Protocol Makes You Look Stupid



Source: Business Pundit | 18 May 2010 | 4:49 am