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Auto Loan Delinquency Plunges, Silver Lining For Car CompaniesCar loan delinquencies dropped over 18% from the fourth quarter of 2009 to the first quarter of this year, according to credit agency TransUnion. The news is good for US car companies which are pushing their way back into the car financing business after the default disasters of the recession cause large losses. Auto loan [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 25 May 2010 | 4:20 am BA flights hit as strike goes onDisruption to British Airways flights has continued, with a strike by the companies cabin crew now in its second day.Source: BBC News | Business | World Edition | 25 May 2010 | 4:16 am UK's economic growth revised upThe UK economy grew slightly faster than initially estimated in the first three months of the year, official figures show.Source: BBC News | Business | World Edition | 25 May 2010 | 4:15 am Marks & Spencer remains cautious, profit rises 4%U.K. bellwether retailer reports a 3.6% rise in its annual profit, helped by an improving market share in clothing and a return to growth in food sales.
Source: MarketWatch.com - Top Stories | 25 May 2010 | 4:11 am Obama urges help for small businesses (AP)AP - President Barack Obama has invited small business owners to the White House to help persuade Congress to pass legislation to help them grow.Source: Yahoo! News: Business News | 25 May 2010 | 4:10 am Tanker and carrier collide off Singapore (Reuters)
Source: Yahoo! News: Business News | 25 May 2010 | 4:08 am World stock markets see big fallsGlobal stock markets fall heavily on fears about the debt problems in the eurozone and tensions around North Korea.Source: BBC News | Business | World Edition | 25 May 2010 | 4:07 am Pru's Asian shares fall on debutPrudential's shares fall on their debut on the Hong Kong and Singapore stock markets as global equity prices slide.Source: BBC News | Business | World Edition | 25 May 2010 | 4:07 am Dell Slate To Challenge iPadDell Computer (NASDAQ: DELL), usually late to market with new products such as handsets and netbooks, will challenge Apple Inc. (NASDAQ: AAPL) with a new tablet PC. It is called the Streak. The fist version of the product will have a 5-inch screen, but a 1o- inch version will be offered later this year. The [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 25 May 2010 | 4:02 am Obama renews push for $30 billion small business planWASHINGTON (Reuters) - President Barack Obama is to renew a push on Tuesday to persuade the U.S. Congress to approve a $30 billion plan to spur lending to small businesses and trigger job creation.
Source: Reuters: Business News | 25 May 2010 | 4:01 am Don't expect Wall Street perp walksDon't expect Wall Street to give up their tasseled loafers and French cuff dress shirts for orange jumpsuits anytime soon.Source: Business and financial news - CNNMoney.com | 25 May 2010 | 3:58 am Indications: Futures slammed, point to sub-10,000 Dow indexKorean tensions, Spanish bank health worries and inter-bank lending woes slam U.S. stock futures on Tuesday.
Source: MarketWatch.com - Top Stories | 25 May 2010 | 3:55 am EU warns Europe needs major economy reforms (AP)
Source: Yahoo! News: Business News | 25 May 2010 | 3:54 am UK GDP rises on industrial reboundThe British economy grew by 0.3 per cent in the first three months of this year, official figures showed this morning, an improvement on the 0.2 per cent first estimated. Source: Latest Business News from Times Online | 25 May 2010 | 3:54 am British economy grows 0.3% in first quarter (AFP)
Source: Yahoo! News: Business News | 25 May 2010 | 3:53 am How much insurers really spend on youConsumers spend thousands of dollars on health insurance each year, which is why the new health care law aims to regulate just how much of that money is actually spent on medical costs.Source: Business and financial news - CNNMoney.com | 25 May 2010 | 3:52 am Asia stocks get a black eye on Korea, Europe fearsAsian markets fell sharply Tuesday, with South Korea’s shares and the currency taking a beating on rising geopolitical tensions, while exporters and financials around the region were hammered on renewed worries about Europe’s debt problems.
Source: MarketWatch.com - Top Stories | 25 May 2010 | 3:50 am World stocks sag on renewed Europe fears (AP)
Source: Yahoo! News: Business News | 25 May 2010 | 3:49 am World stocks sag on renewed Europe fears (AP)
Source: Yahoo! News: Stock Markets News | 25 May 2010 | 3:49 am European stocks and euro slump on banking fearsLONDON/ROME (Reuters) - European stocks and the euro slumped on Tuesday and German bonds hit a record high as investors worried about the fate of euro zone banks and the impact of austerity measures on economic growth fled risk.
Source: Reuters: Business News | 25 May 2010 | 3:49 am European stocks and euro slump on banking fears (Reuters)
Source: Yahoo! News: Stock Markets News | 25 May 2010 | 3:49 am BP had a key role in the Exxon Valdez disaster (AP)
Source: Yahoo! News: Business News | 25 May 2010 | 3:46 am Economic Report: British GDP gets small upward revisionBritain’s economy grows slightly faster than initially estimated in the first three months of the year, with gross domestic product expanding at a 0.3% quarterly pace.
Source: MarketWatch.com - Top Stories | 25 May 2010 | 3:43 am New death at China iPhone plantAn employee falls to his death at Taiwan iPhone maker Foxconn, the tenth suicide at the firm this year.Source: BBC News | Business | World Edition | 25 May 2010 | 3:42 am Stock index futures signal sharply lower open (Reuters)
Source: Yahoo! News: Stock Markets News | 25 May 2010 | 3:39 am Stock index futures signal sharply lower open(Reuters) - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were down 2.2 to 2.5 percent at 0915 GMT (5:15 a.m. ET) on Tuesday, pointing to a steep decline on Wall Street.
Source: Reuters: Business News | 25 May 2010 | 3:39 am The 4G iPhone: Wal-Mart (WMT) Cuts Price Of Current iPhone 3GS By HalfWal-Mart (NYSE: WMT) will cut the price of the Apple (NASDAQ: AAPL) iPhone 3GS, the top of the company’s smartphone line, by over half to $97 if customers commit to a two-year subscription. Analysts see the action as a confirmation that Apple is about to come out with a 4G-ready phone and needs to clear [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 25 May 2010 | 3:33 am Stocks set for big selloffU.S. stocks were poised to fall sharply at Tuesday's open as a selloff in global markets rattled confidence.Source: Business and financial news - CNNMoney.com | 25 May 2010 | 3:30 am M&S profits rise as boss bows outHigh Street retailer Marks and Spencer reports a rise in profits in its last set of results under outgoing boss Sir Stuart Rose.Source: BBC News | Business | World Edition | 25 May 2010 | 3:26 am Political and euro crises spook investorsGlobal Market Overview: The ‘havens’ of the dollar and Treasuries are in demand as traders scurry away from risk, with shares, commodities and the euro all fallingSource: Financial Times - US homepage | 25 May 2010 | 3:20 am Mixed Messages: Administration Asks For More StimulusIt was only last week that Treasury Secretary Tim Geithner said that the US economy was strong enough to weather the threat of a slowdown in Europe. That seemed improbable because of the size of US exports to the region and the Eurozone sovereign debt holdings of US banks. The Administration changed its message yesterday, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 25 May 2010 | 3:17 am Marks & Spencer reports annual profit gain (AFP)
Source: Yahoo! News: Business News | 25 May 2010 | 3:11 am World stock markets slump on eurozone, Korea fears (AFP)
Source: Yahoo! News: Stock Markets News | 25 May 2010 | 3:08 am Going, going, gone: Boom in house auctionsGoing, going, gone: An increasing number of homes are now being sold at auction -- rather than through real estate brokers -- in an effort to dump properties more quickly and efficiently.Source: Business and financial news - CNNMoney.com | 25 May 2010 | 3:03 am London Markets: British shares fall through key levelThe FTSE 100 falls below the 5,000 level for the first time since late last year on Tuesday, pulled down by heavy losses for banks and miners.
Source: MarketWatch.com - Top Stories | 25 May 2010 | 3:03 am 5 Ways to Curb Bank Overdraft Fees (Bank Notes)New federal rules won't kill these charges. Here's how to avoid them.
Source: SmartMoney.com | 25 May 2010 | 3:01 am 3 Stocks for Growth and 3% Income (Screens)Hough: These companies should reward investors whether markets soar or stall.
Source: SmartMoney.com | 25 May 2010 | 3:01 am Asian Stocks: Bubbles or Bargains?Robert Horrocks, investment guru at the Matthews Asia funds, offers his outlook.
Source: SmartMoney.com | 25 May 2010 | 3:00 am M&S profit rise lags rivalsLONDON (Reuters) - Marks & Spencer, Britain's No.1 clothing retailer, said it was cautious about the outlook for consumers ahead of expected tax rises, as it posted a smaller rise in annual profit than most of its major rivals.
Source: Reuters: Business News | 25 May 2010 | 2:59 am Are $50 Billion In Budget Cuts By EU Members Too Little?Many EU nations have disclosed plans for budget cuts as part of the trend toward austerity that has swept the region. The frugality is understandable. In the eyes of the world, Europe has gone from a period of prosperity a few years ago to being close to broke. It seems the trouble was not apparent [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 25 May 2010 | 2:46 am Share plunge 2.75% as fears grow for Spain's economyLondon’s leading share index fell below the psychologically important 5,000-level today, prompted by fears that Europe’s sovereign debt crisis will cause more turmoil across the global financial sector. Source: Latest Business News from Times Online | 25 May 2010 | 2:46 am UK GDP growth revised up as manufacturing reboundsBritain's economy grew slightly faster than initially estimated in the first three months of this year after a strong rebound in industrial production and business services, official data showed on Tuesday.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 25 May 2010 | 2:38 am OFT targets web abuse of customer dataThe Office of Fair Trading has called for a clampdown on online retailers who gather data on potential customers’ web activities and use it to target them with advertising and to determine the price charged for goods. Source: Latest Business News from Times Online | 25 May 2010 | 2:34 am Stocks hit 8-1/2 month low (Reuters)
Source: Yahoo! News: Stock Markets News | 25 May 2010 | 2:31 am British Airways hit by 2nd day of crew strike (AP)
Source: Yahoo! News: Business News | 25 May 2010 | 2:29 am Times websites redesign unveiledDetails of plans by the Times and Sunday Times newspapers to charge for access to their websites in June are announced.Source: BBC News | Business | World Edition | 25 May 2010 | 2:26 am FTSE 100 plunges at opening trade (AFP)
Source: Yahoo! News: Stock Markets News | 25 May 2010 | 2:24 am BP offers $500m for damage studyBP seek to deflect criticism over its handling of the Deepwater Horizon oil spill in the Gulf of Mexico by offering up to $500m for research into the incident’s environmental effectsSource: Financial Times - US homepage | 25 May 2010 | 2:24 am News International launches paid-for Times sitesLONDON, May 25 (Reuters) - News Corp's News International launched new paid-for websites for the Times of London and the Sunday Times on Tuesday, the first major consumer newspapers to charge readers...Source: RSS feed - channel BNewsBusiness | 25 May 2010 | 2:22 am Sovereign debt fears, Europe's banks and a double-dip recessionFears that European banks will be crippled by their sovereign exposure are increasing their borrowing costs.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 25 May 2010 | 2:17 am BP cuts checks for workers' lost wagesThe scope of the damage from the Gulf Coast oil spill is still hard to calculate, but here's a grim tally: More than 23,000 workers and business owners along the Gulf Coast have filed claims so far for lost income.Source: Business and financial news - CNNMoney.com | 25 May 2010 | 2:07 am AIA chief in threat to quit over Pru dealAIA’s chief executive has told friends and industry executives he would quit if the UK’s Prudential succeeded in its $35.5bn takeover of the Asian businesses of AIGSource: Financial Times - US homepage | 25 May 2010 | 2:05 am Oil drops to near $68 as stock markets, euro fallOil prices fell to near $68 a barrel Tuesday in Asia as plunging regional stock markets and a weaker euro rattled the confidence of commodity investors. Benchmark crude for July deliverySource: RSS feed - channel BNewsBusiness | 25 May 2010 | 2:03 am Pru chairman says confident of shareholder approval (Reuters)Reuters - Harvey McGrath, chairman of British insurer Prudential plc , said on Tuesday that he was confident of gaining shareholder approval for its proposed $35.5 billion takeover of American International Assurance, the Asian life insurance business of AIG .Source: Yahoo! News: Business News | 25 May 2010 | 2:00 am Pru chairman says confident of shareholder approvalHONG KONG (Reuters) - Harvey McGrath, chairman of British insurer Prudential plc , said on Tuesday that he was confident of gaining shareholder approval for its proposed $35.5 billion takeover of American International Assurance, the Asian life insurance business of AIG .
Source: Reuters: Business News | 25 May 2010 | 2:00 am Freehold Capital Partners Announces $40,000,000.00 New York ProjectSource: RSS feed - channel BNewsBusiness | 25 May 2010 | 2:00 am Pru chairman says confident of shareholder approvalHONG KONG, May 25 (Reuters) - Harvey McGrath, chairman of British insurer Prudential plc , said on Tuesday that he was confident of gaining shareholder approval for its proposed $35.5 billion takeover...Source: RSS feed - channel BNewsBusiness | 25 May 2010 | 1:59 am Markets Collapse Across Asia And EuropeConcerns about finances in the Eurozone, a further sell-off of the euro, and worries about a new war on the Korean peninsula drove down stocks across Asia. Indices in China and Japan were down about 3%. Shares in London, Frankfurt, and Paris fell by about the same amount. JPMorgan Chase (NYSE: JPM) downgraded a number [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 25 May 2010 | 1:56 am Thai stocks fall 3 pct to 5-week lowBANGKOK, May 25 (Reuters) - Thailand's benchmark stock index fell 3 percent to its lowest in five weeks on Tuesday amid political risk at home plus global market weakness due to concerns about euro zone...Source: RSS feed - channel BNewsBusiness | 25 May 2010 | 1:53 am “Wall Street Reform: A Viewer’s Guide to the Debate”Well, the Senate finally voted last week, and from the headlines one might think it’s all over but the shouting and signing. Certainly that’s what the President implied when he said in his remarks on the May 20 vote that “Because of Wall Street reform, we’ll soon have in place the strongest consumer protections in [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 25 May 2010 | 1:52 am Europe Markets: Spanish, Korean fears slam Europe stocksEuropean shares fell sharply on Tuesday, with banks and miners taking the brunt of the selling as investors fretted over tensions in Korea as well as problems with debt burdens and bank balance sheets closer to home.
Source: MarketWatch.com - Top Stories | 25 May 2010 | 1:49 am Media Digest 5/25/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: Stocks around the world continue to fall on euro concerns. Reuters: The bailout of Spanish banks is not over. Reuters: S&P says a “herd” mentality could drive European stocks down. Reuters: The IMF says that Spain must make further reforms. Reuters: Rep Frank will help craft the final version of the financial reform bill.Reuters: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 25 May 2010 | 1:48 am Steel giant Evraz vows to cooperate with abuse probeSteel giant Evraz, part owned by Chelsea football club's billionaire owner Roman Abramovich, has vowed to cooperate with a Russian monopoly probe into alleged competition abuse. "Evraz...Source: RSS feed - channel BNewsBusiness | 25 May 2010 | 1:48 am Germany suspends purchase of EADS helicopter-ministryBERLIN, May 25 (Reuters) - Germany's Defence Ministry has suspended the planned purchase of the EADS Tiger attack helicopter due to technical problems with the aircraft.Source: RSS feed - channel BNewsBusiness | 25 May 2010 | 1:47 am FTSE 100 joins in sharp falls across European stock markets as debt fears dominateFTSE falls almost 3pc within minutes of market opening as investors fail to see quick fix to Europe's debt crisis.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 25 May 2010 | 1:45 am Summers: Deficit 'cannot be ignored'The U.S. government must find a balance between supporting the economic recovery and reducing long-term budget deficits, White House economic advisor Lawrence Summers said Monday.Source: Business and financial news - CNNMoney.com | 25 May 2010 | 1:42 am Day 2 of crew strike disrupts British AirwaysA strike by cabin crew is disrupting British Airways flights for a second day, mainly at Heathrow airport. The airline is struggling to operate as many flights as possible during the...Source: RSS feed - channel BNewsBusiness | 25 May 2010 | 1:41 am Another Foxconn employee dies in China: mediaA 19-year-old employee of Taiwanese technology giant Foxconn fell to his death Tuesday at the company's plant in southern China -- the 10th such death this year, state media reported. ...Source: RSS feed - channel BNewsBusiness | 25 May 2010 | 1:39 am Rose marks M&S swansong with profit riseMarks & Spencer today reported full-year operating profit growth of 4.6 per cent, meeting analysts’ expectations in its last year under the leadership of Sir Stuart Rose. Source: Latest Business News from Times Online | 25 May 2010 | 1:38 am UPDATE 1-Indonesia's Bukit Asam sees profit flat this yearJAKARTA, May 25 (Reuters) - Indonesian coal miner PT Tambang Batubara Bukit Asam Tbk on Tuesday said net profit is expected to remain flat this year while revenue is forecast to increase 5-10 percent...Source: RSS feed - channel BNewsBusiness | 25 May 2010 | 1:31 am Marks & Spencer staff to share £81m after profits rise 4.6pcMarks & Spencer staff share £81m bonus after profits rise but the retailer is cautious ahead of austerity Budget.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 25 May 2010 | 1:14 am Underinsured AsiaWhy Prudential is gambling on Asian growthSource: BBC News | Business | World Edition | 25 May 2010 | 1:07 am Business Bullet: Korea, EU bank tax, M&S, CiderThe latest news on: Korea, EU bank tax, M&S, CiderSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 25 May 2010 | 1:03 am Toyota halts sales of Lexus LS 460 and LS 600h sedansThe company recalls 11,500 of the 2009-10 vehicles, including 4,000 sold in the U.S., after reports of the steering wheel falling out of alignment. No remedy is expected until late June.Toyota Motor Corp. stopped the sales of 2009-10 high-end Lexus LS 460 and LS 600h sedans Monday because of an electronics problem that can cause steering wheels to fall out of alignment, the company said.
Source: L.A. Times - Business | 25 May 2010 | 1:00 am Victorville campus to unveil high-efficiency solar projectVictor Valley College's new 1-megawatt plant uses technology known as concentrator photovoltaics. The $4.5-million facility will be the largest of its kind in North America.The sprawling solar installations gobbling up California's deserts have a new competitor, one that claims to generate more energy at lower costs while using less open space.
Source: L.A. Times - Business | 25 May 2010 | 1:00 am Tony Blair joins California green technology venture capital firmThe former British prime minister will help shape public policy for companies in Khosla Ventures' $1.1-billion tech portfolio. ...Source: RSS feed - channel BNPaperBusiness | 25 May 2010 | 1:00 am Sales of previously owned homes up 7.6% in AprilCompleted purchases rose in every region but the West, where they fell 6.2% as California buyers delayed closing deals to take advantage of a tax credit.Fueled by federal incentives for home shoppers, the U.S. housing market gained ground in April with sales of previously owned dwellings jumping 7.6% from March, the National Assn. of Realtors said Monday.
Source: L.A. Times - Business | 25 May 2010 | 1:00 am Supreme Court rules 9-0 against NFL in antitrust caseThe justices, in reviving a case that challenged an NFL marketing deal for team caps, rule that the league can be sued if team owners conspire to stifle competition. ...Source: RSS feed - channel BNPaperBusiness | 25 May 2010 | 1:00 am Customer stuck with counterfeit money from the post officeAfter cashing a postal money order, David Lipin tried using one of the eight $100 bills at the gas station and was nearly arrested. Even the Secret Service couldn't help him replace the bogus bills.A business inadvertently gives you counterfeit money — are you stuck with it? In most cases, yes. But what if that business happens to be a branch of the federal government?
Source: L.A. Times - Business | 25 May 2010 | 1:00 am Shopping center industry expected to improve this yearThe number of centers nationwide grew only slightly last year, but the pace is picking up, a trade group reports.The nation's shopping center industry grew only slightly last year, reaching nearly 105,000 centers in operation, but appears poised to pick up the pace, the International Council of Shopping Centers said Monday.
Source: L.A. Times - Business | 25 May 2010 | 1:00 am Auto dealers' exemption from new financial rules gains supportSenate conferees negotiating the final details of the financial overhaul bill are instructed to exclude car dealers from oversight by new consumer protection agency.Reporting from Washington
Source: L.A. Times - Business | 25 May 2010 | 1:00 am Auto dealers' exemption from new financial rules gains supportSenate conferees negotiating the final details of the financial overhaul bill are instructed to exclude car dealers from oversight by new consumer protection agency. ...Source: RSS feed - channel BNPaperBusiness | 25 May 2010 | 1:00 am Positive cash flow through hits and misses makes Focus Features an attractive assetThe indie film company and subject of takeover rumors has been consistently profitable, parent Universal Pictures says.Focus Features remains one of the rare specialty film companies tied to a major studio. And at the moment, it has more to brag about than its parent Universal Pictures.
Source: L.A. Times - Business | 25 May 2010 | 1:00 am 2 Southland men targeted Latinos in Ponzi scheme, U.S. allegesCommodity Futures Trading Commission says in a lawsuit that Ruben Gonzalez and Jose C. Naranjo of New Golden Investment Group defrauded 165 investors of about $3.65 million. ...Source: RSS feed - channel BNPaperBusiness | 25 May 2010 | 1:00 am Supreme Court rules 9-0 against NFL in antitrust caseThe justices, in reviving a case that challenged an NFL marketing deal for team caps, rule that the league can be sued if team owners conspire to stifle competition.The National Football League is not a single business shielded from U.S. antitrust laws, the Supreme Court ruled Monday, dealing a setback to sports leagues that seek to closely control the marketing of their teams and their spin-off merchandise.
Source: L.A. Times - Business | 25 May 2010 | 1:00 am Toyota halts sales of Lexus LS 460 and LS 600h sedansThe company recalls 11,500 of the 2009-10 vehicles, including 4,000 sold in the U.S., after reports of the steering wheel falling out of alignment. No remedy is expected until late June. ...Source: RSS feed - channel BNPaperBusiness | 25 May 2010 | 1:00 am Customer stuck with counterfeit money from the post officeAfter cashing a postal money order, David Lipin tried using one of the eight $100 bills at the gas station and was nearly arrested. Even the Secret Service couldn't help him replace the bogus bills. ...Source: RSS feed - channel BNPaperBusiness | 25 May 2010 | 1:00 am Victorville campus to unveil high-efficiency solar projectVictor Valley College's new 1-megawatt plant uses technology known as concentrator photovoltaics. The $4.5-million facility will be the largest of its kind in North America. ...Source: RSS feed - channel BNPaperBusiness | 25 May 2010 | 1:00 am Surge in LIBOR, a key bank loan rate, is sign of financial system stressThe rate now has nearly doubled since mid-March and has surged from 0.31% just since early May, when Europe's sovereign-debt crisis began to balloon.
Source: L.A. Times - Business | 25 May 2010 | 1:00 am Positive cash flow through hits and misses makes Focus Features an attractive assetThe indie film company and subject of takeover rumors has been consistently profitable, parent Universal Pictures says. ...Source: RSS feed - channel BNPaperBusiness | 25 May 2010 | 1:00 am Standard Chartered in India offerStandard Chartered Bank begins selling its shares in India, in the first initiative of its type there by an overseas firm.Source: BBC News | Business | World Edition | 25 May 2010 | 12:56 am Microsoft to shake up phone, Xbox unit: reportSEATTLE (Reuters) - Microsoft Corp is set to overhaul management of its division focused on mobile phones, videogames and other consumer devices, the Wall Street Journal said on Monday, citing people familiar with the matter.
Source: Reuters: Business News | 25 May 2010 | 12:51 am Emerging Markets Report: Korean stocks, currency fall as tensions riseSeoul’s Kopsi taps its lowest level in more than three months while its currency falls sharply, as tensions between North and South Korea intensify.
Source: MarketWatch.com - Top Stories | 25 May 2010 | 12:42 am Irwin Kellner: Inflation expectations have come undoneInflation expectations are no longer well anchored, at least according to one key measure of market thinking, reports Irwin Kellner.
Source: MarketWatch.com - Top Stories | 25 May 2010 | 12:36 am Telecom sets new low as shares tumbleTelecom's share price plumbed new lows on low volume as a renewed rout of equity markets globally overwhelmed positive news like a hike in dairy co-operative Fonterra's payout for next year.The benchmark NZX-50 index closed down...Source: nzherald.co.nz - Business | 25 May 2010 | 12:14 am Asian shares tumble on euro fears, Korean tensionsMarkets across Europe tumble as fears of European debt crisis dominate.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 25 May 2010 | 12:09 am NZ dollar slips as markets tumbleThe New Zealand dollar closed near its session lows after fear again gripped equity and currency markets.The euro fell in Asian trading and so too did the Australian dollar. Both trends were negative for the New Zealand dollar...Source: nzherald.co.nz - Business | 25 May 2010 | 12:05 am Currencies: Yen benefits in Asian trading; Aussie pressuredThe yen gets a lift in Asian trading, with risk-averse investors seeking the safe-haven U.S. unit as Asian equities sell off against a backdrop of rising tension on the Korean peninsula.
Source: MarketWatch.com - Top Stories | 25 May 2010 | 12:05 am Asia Markets: China property shares sink but analyst positiveShares of mainland Chinese property developers sink on policy concerns, although at least one brokerage turns positive on the sector. Meanwhile, Hong Kong developers also suffer drops, though in this case a land auction is to blame.
Source: MarketWatch.com - Top Stories | 24 May 2010 | 10:54 pm Prudential dives in Hong Kong listing debutPrudential’s market debut in Hong Kong fizzled this morning as shares dived by more than 2.5 per cent in the first half hour of trading over fresh concerns for the prospects of its planned $35 billion takeover of AIA.$ Source: Latest Business News from Times Online | 24 May 2010 | 10:42 pm Mercury Energy hikes prices to reflect ETSMercury Energy is blaming the Emissions Trading Scheme (ETS) for its planned increase in energy prices from July 1.The ETS is a government-imposed cost on all electricity and gas production that emits greenhouse gases, reflecting...Source: nzherald.co.nz - Business | 24 May 2010 | 10:12 pm Pru shares debut in Hong Kong and SingaporePrudential made its trading debut on the Hong Kong and Singapore stock exchanges on Tuesday, in a move designed to raise the British insurer's profile in Asia ahead of its planned $35.5bn takeover of the...Source: RSS feed - channel BNPaperBusiness | 24 May 2010 | 9:35 pm Yahoo and Nokia in mobile web dealYahoo and Nokia, two companies under pressure from increasingly forceful competitors Google and Apple, have struck a broad alliance to strengthen their mobile internet offerings, particularly in emerging marketsSource: Financial Times - US homepage | 24 May 2010 | 9:31 pm Major U.S. airlines impose peak travel fees on most summer flightsPassengers will have to pay surcharges of $10 to $30 per seat on 74 of the 98 days from Memorial Day to Labor Day. Low-cost carriers such as Southwest and Alaska don't plan to follow suit.Cashing in on an expected increase in summer air travel, the nation's largest airlines are charging passengers a "peak travel surcharge" of up to $30 per seat for flights most days this summer.
Source: L.A. Times - Business | 24 May 2010 | 9:21 pm Major U.S. airlines impose peak travel fees on most summer flightsPassengers will have to pay surcharges of $10 to $30 per seat on 74 of the 98 days from Memorial Day to Labor Day. Low-cost carriers such as Southwest and Alaska don't plan to follow suit. ...Source: RSS feed - channel BNPaperBusiness | 24 May 2010 | 9:21 pm JPMorgan's Dimon broadly optimistic on reformNEW YORK (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon is broadly optimistic financial reform is headed in the right direction, he said on Monday at the Japan Society's Annual Dinner in New York.
Source: Reuters: Business News | 24 May 2010 | 8:53 pm Fonterra's next payout may top $1 million per farmerFonterra farmers waiting on their second-highest payout in the season just ending have been told their average cheque for next season may soar to record heights - around $1 million each - as the earnings available for payout surges...Source: nzherald.co.nz - Business | 24 May 2010 | 8:13 pm Calif. Democrats propose nearly $5B in new taxes (AP)
Source: Yahoo! News: Business News | 24 May 2010 | 8:01 pm Nikkei slides over 2 percent (Reuters)
Source: Yahoo! News: Stock Markets News | 24 May 2010 | 7:33 pm Shareholders sue BP for spill liabilityWILMINGTON, Delaware (Reuters) - Shareholders have sued the board of BP Plc for failing to monitor safety and exposing the company to potentially enormous liability related to the Deepwater spill disaster in the Gulf of Mexico, according to court documents.
Source: Reuters: Business News | 24 May 2010 | 7:31 pm US toughens talk over Gulf spillThe US toughens its stance on BP, with one official pledging to "keep our boot on their neck" until the Gulf oil leak is stopped.Source: BBC News | Business | World Edition | 24 May 2010 | 7:19 pm Americans Walk Away From DrivingThe economy has gotten markedly better over the last year, but the driving habits of Americans don’t reflect that. It may be because gas prices began to move up in the last few months, and regular now sells for about $2.80 a gallon, according to the widely followed Lundberg Survey. The other possibility is that [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 24 May 2010 | 6:50 pm Blair joins green venture capital firmTony Blair has been signed up as an adviser by a Silicon Valley venture capital firm specialising in green technology. Source: Latest Business News from Times Online | 24 May 2010 | 6:26 pm US legislators seek changes to telecoms rulesTop lawmakers in Congress announced they want to rewrite the law that regulates the communications industry, a move that could complicate efforts by the Obama administration to issue its own rules on broadband providers such as AT&T and ComcastSource: Financial Times - US homepage | 24 May 2010 | 6:14 pm AIA bosses predict ‘disastrous’ Pru takeoverPrudential’s $35.5 billion takeover of AIG$’s Asian insurance business will be a disaster, according to senior executives at AIA, the Hong Kong-based company that the Pru is struggling to acquire. Source: Latest Business News from Times Online | 24 May 2010 | 6:07 pm Merging Virgin ‘may be only way to survive’Sir Richard Branson has spoken of merging Virgin Atlantic with another airline to keep it big enough to compete with rival carriers. Source: Latest Business News from Times Online | 24 May 2010 | 6:01 pm Chloride waits for suitor’s next moveChloride, the British group paid by big electricity users worldwide to keep the lights on, was in the dark last night about whether its unwanted American raider would launch a full-blown takeover attempt. Source: Latest Business News from Times Online | 24 May 2010 | 6:01 pm Bank chief says savers should lose too in failureDepositors could lose money if their bank fails, under proposals by one of Britain’s most prominent banking chiefs. Peter Sands, chief executive of Standard Chartered, said that people with savings above any sum guaranteed by law — £50,000 in the UK — should be hit with other providers of capital if a bank fails. Source: Latest Business News from Times Online | 24 May 2010 | 6:01 pm NZ volcano claims top $500,000Insurance claims from people whose travel plans were disrupted by the Iceland volcanic ash have topped half a million dollars, according to figures compiled by one of New Zealand's biggest travel insurance companies.Southern Cross...Source: nzherald.co.nz - Business | 24 May 2010 | 5:55 pm Obama adviser calls for new ‘mini-stimulus’Lawrence Summers’ plea to Congress to pass up to $200bn in spending measures comes at the same time as the US president asks Capitol Hill to grant him powers to cut ‘unnecessary spending’Source: Financial Times - US homepage | 24 May 2010 | 5:41 pm Wal-Mart slashes iPhone price to $97Wal-Mart, the world's largest retailer, plans to slash the price of Apple's 16GB 3GS iPhone to $97 beginning Tuesday.Source: Business and financial news - CNNMoney.com | 24 May 2010 | 5:40 pm Wall Street critic Frank to shepherd final reform billWASHINGTON (Reuters) - U.S. representative Barney Frank, a fierce critic of Wall Street and close ally of the Obama administration, will head a House-Senate committee to hammer out a final bill on financial regulation reform.
Source: Reuters: Business News | 24 May 2010 | 5:32 pm Carter unaware Crafar deal had been struckAgriculture Minister David Carter's remarks about a Chinese dairy farm investment were an "outrageous abuse" of the overseas investment process, a spokesperson for the Chinese company said.David Carter told a National Party conference...Source: nzherald.co.nz - Business | 24 May 2010 | 5:30 pm Capital+Merchant directors remandedFive directors of failed finance firm Capital+Merchant were today remanded at the Auckland District Court at large to reappear in court on August 4.Neal Nicholls, Owen Tallentire, Colin Ryan and Robert Sutherland, together with...Source: nzherald.co.nz - Business | 24 May 2010 | 5:12 pm Property pundits at odds over BudgetA property seminar promoter says the Budget will not force out landlords and drive down house prices.Arron Davis, who runs Investments and Projects, disagrees with SuburbWatch's Kieran Trass who predicts house prices will fall...Source: nzherald.co.nz - Business | 24 May 2010 | 5:00 pm Auto dealers close to escaping consumer rulesAuto dealers are a step closer to escaping increased oversight from a new consumer financial protection regulator that will be created by the Wall Street reform push.Source: Business and financial news - CNNMoney.com | 24 May 2010 | 4:52 pm A look at stock market corrections, comebacks (AP)AP - The stock market has now undergone its 18th "correction" — a decline of 10 percent to 19.9 percent — since 1946.Source: Yahoo! News: Stock Markets News | 24 May 2010 | 4:48 pm State assets assessed for sale to investorsWork will begin soon on assessing which state assets, if any, will be put on National's for-sale list going into the next election, says the Prime Minister.John Key indicated yesterday that any part-sale of Kiwibank would be a...Source: nzherald.co.nz - Business | 24 May 2010 | 4:30 pm Libor rises on fears over European debtThe cost of borrowing dollars in the London inter-bank lending market rose to its highest level for nearly 10 months amid fears of the banks' exposure to the European debt crisis.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 24 May 2010 | 4:22 pm Geothermal power station opens earlyContact Energy's $100 million geothermal power station Tauhara One, near Taupo, has been finished three weeks ahead of schedule.Contact managing director David Baldwin today said the 23-megawatt (MW) station, which would provide...Source: nzherald.co.nz - Business | 24 May 2010 | 4:19 pm Write-Offs: 05.24.10
$$$ Meet the Brother of BofA’s Brian Moynihan: A Catholic Missionary $$$ Texas Rangers File For Bankruptcy, Owe A-Rod $25 Million [Bloomberg] $$$ Where In The World Is Larry Summers? [Fortune] 
 Source: Dealbreaker | 24 May 2010 | 4:16 pm Presented By:Source: Dealbreaker | 24 May 2010 | 4:16 pm Summary Box: Financial stocks pull market lower (AP)AP - LATE SLIDE: The Dow Jones industrials ended with a loss of about 127 Monday after sliding 80 points in the final 15 minutes of trading.Source: Yahoo! News: Stock Markets News | 24 May 2010 | 4:15 pm Late slide in financial stocks hits stock market (AP)
Source: Yahoo! News: Stock Markets News | 24 May 2010 | 4:12 pm Jumping on the Alternative BandwagonInvestors are pouring billions into alternative funds. Do they know what they're doing?
Source: SmartMoney.com | 24 May 2010 | 4:01 pm States face hurdles in cutting worker benefitsNEW YORK/SAN FRANCISCO (Reuters) - State governors working to close yawning deficits are again eyeing a tempting target -- the billions of dollars in benefits and wage hikes that public workers won in boom times.
Source: Reuters: Business News | 24 May 2010 | 3:52 pm What Does A Poor Person Look Like?Here are two pictures of Bauleni Banda, a subsitence farmer who lives in rural Malawi. They were taken by Duncan McNicholl, a Canadian engineer who works on water and sanitation projects in Malawi. He lived with Banda and his family for three months in 2008. McNicholl's working on a photo project inspired by the standard photos we see of poor people in Africa -- torn clothes, look of despair, etc. He asks people if he can take one photo of them dressed up, and another of them dressed very poorly. Read more about it on his blog, Water Wellness.  (Duncan McNicholl/Water Wellness) Hat tip: Poor/Not Poor via NYT » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 24 May 2010 | 3:51 pm Financials Weigh on Dow; Euro Falls (Market Update)A late selloff left the benchmark index at its lowest close since Feb. 10.
Source: SmartMoney.com | 24 May 2010 | 3:36 pm Bernanke: The taxpayer's best friendSource: Business and financial news - CNNMoney.com | 24 May 2010 | 3:22 pm Texas Rangers bankrupt; Nolan Ryan to buy teamBaseball great Nolan Ryan and a group of investors announced plans Monday to buy the Texas Rangers in a bankruptcy deal valued at $575 million.Source: Business and financial news - CNNMoney.com | 24 May 2010 | 3:21 pm Harley-Davidson, Health Care, Turkey's Mercen: Taking StockSource: Bloomberg - All Podcasts | 24 May 2010 | 3:20 pm Savers with Northern Rock lose 100pc Government guaranteeThousands of savers with nationalised bank Northern Rock have lost the 100pc Government guarantee on their deposits.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 24 May 2010 | 3:18 pm Lloyds' Antler deal raises 'conflict of interest' questionsThe sale of Antler to the private equity arm of Lloyds Banking Group has raised questions about potential conflicts of interests - the state-owned bank was also the business' main lender.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 24 May 2010 | 3:09 pm EU plans upfront levy on lendersUnder the proposals, countries will be required to impose an upfront levy on banks, with the proceeds to be paid into national funds to insure against future financial failuresSource: Financial Times - US homepage | 24 May 2010 | 3:03 pm Battle for Landry’s Restaurants Not Over Yet
But, it appears the battle between Landry’s and its shareholders isn’t over yet. The stock is trading through the current bid by about 50 cents a share and some shareholders are still miffed at what they see as a weak go-shop provision in the merger agreement. According to sources, the go-shop provision gives Fertitta the right to match or beat any competing offers that come in during the 45-day go-shop. While “matching rights” are common in certain go-shop provisions, some studies suggest they can chill the market for any competing offers. Look for some of Landry’s shareholders, including Bill Ackman’s Perhsing Square Capital Management, to take issue with both the go-shop provision and Fertitta’s price. Pershing owns about 23 percent economic interest in Landry’s, but controls about 10 percent of the vote. Fertitta owns about 55 percent of the voting shares. Still, the merger agreement requires a majority of the minority of Landry’s shareholders to approve the deal. Fertitta’s first bid for the company came in June 2008, but later that year, the board said Fertitta was having trouble financing the deal. The credit markets have improved since then, so Fertitta may not have a problem financing the deal these days. Today’s deal is also a partial victory for Ackman, which bought the stock around $18 a share, but was accumulating shares when it was trading as low as $11. But, just because Bill is up on the investment doesn’t mean he won’t put up a fight. Stay tuned.
Source: Dealbreaker | 24 May 2010 | 2:48 pm Gulf fishing industry tries to stay afloatSome of the rodeos around the Gulf Coast have been canceled due to the oil slick, including the annual International Women's Fishing Rodeo in Venice, La. Susan Gros of Reel Louisiana Adventures talks with Kai Ryssdal about how the spill is impacting the region's rodeos.Source: Marketplace | 24 May 2010 | 2:44 pm The Harvard Premium: $1.4 MillionBy Jacob Goldstein Sure, people who get Harvard MBAs make a lot of money. What's striking is how much more money they make than people who get MBAs from other fancy business schools. In the 20 years after they graduate, Harvard MBAs make $3.9 million on average, according to an analysis by Businessweek. Grads from the University of Pennsylvania's Wharton school, second on the list, average $3.5 million over 20 years; for Columbia MBAs, the figure is $3.3 million. The average 20-year pay for grads of the top 45 business schools is $2.5 million. The scale of the figures is a reminder that most MBAs don't wind up making millions of dollars a year on Wall Street. The numbers include salary and bonus, but not compensation that comes as stock. The figures are based on a database of 23,000 MBA grads that includes salary information on people who have recently graduated and on those who are 5, 10, 15 and 20 years out. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 24 May 2010 | 2:44 pm Strategic planning is the key to Dewhirst's overseas drive"Do not be frightened to look at the future," advises David Witt, the long-standing chief executive of Dewhirst Group, one of Marks & Spencer's main clothing suppliers.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 24 May 2010 | 2:15 pm Oil Rises to $70 After a 20% Decline in May: AudioSource: Bloomberg - All Podcasts | 24 May 2010 | 1:52 pm Abbott Raised to `Hold,' Genoptix Cut to `Sell': AudioSource: Bloomberg - All Podcasts | 24 May 2010 | 1:50 pm How to cure the euro’s illsEU leaders’ management of the crisis has been faltering; their understanding of its nature inadequate. If Europe fails, then the euro failsSource: Financial Times - US homepage | 24 May 2010 | 1:45 pm Sex.com, GM, WaMu: Bloomberg Law Bankruptcy ReviewSource: Bloomberg - All Podcasts | 24 May 2010 | 1:26 pm New U.K. leaders have upper class edgeFor the first time in almost 50 years, the U.K. is being governed by members of the upper crust, people that the Brits call "TOFFS". Stephen Beard reports.Source: Marketplace | 24 May 2010 | 1:08 pm Financial reform fails on 'too big to fail'The Senate recently passed a sweeping financial reform bill that's 1,700 pages -- making it "too big to read." Commentator Glenn Hubbard worries that the bill paid little attention to "too big to fail."Source: Marketplace | 24 May 2010 | 1:08 pm College grads weigh costs of educationThe rising cost of college has some people wondering if it's worth it. Amy Scott reports.Source: Marketplace | 24 May 2010 | 1:08 pm It's not so peachy for Georgia banksGeorgia is the state that's seen the most bank failures since the beginning of the financial crisis. You'd think this would be good news for regulators, at least they've got plenty of business right now. But Georgia's been cutting back on the folks who keep the banks in line. Jeff Horwich reports.Source: Marketplace | 24 May 2010 | 1:08 pm Good and bad news from Europe's crisisOver the weekend, Spain bailed out a small savings bank. The IMF says Spain is doing OK, but still needs to make big reforms. Meanwhile, the head of the European Commission told Germany its proposals for solving the crisis are naive. So far, the U.S. has been mostly unscathed by the crisis in Europe, but there are places where we're feeling it. Alisa Roth reports.Source: Marketplace | 24 May 2010 | 1:08 pm FDA tip line tackles bad drug marketingThe FDA has set up an anonymous tip line for doctors to report when they get a misleading pitch from a drug representative. So far, doctors seem to like the idea. Nancy Marshall Genzer reports.Source: Marketplace | 24 May 2010 | 1:07 pm The $310 to $400 Apple Stock Call (AAPL, T, VZ, MSFT, XOM)Apple Inc. (NASDAQ: AAPL) is trading up better than the broad market’s current losses and far better than the nominal gains seen at NASDAQ today. The reason is an aggressive analyst call from Morgan Stanley. The upgrade is on estimates, target and even in name as the stock is now on the firm’s Best Ideas [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 24 May 2010 | 1:01 pm Theories why Pyongyang sank warshipSeven suggested theories on why a North Korean submarine torpedoed a South Korean warship on March 26, killing 46 sailorsSource: Financial Times - US homepage | 24 May 2010 | 12:40 pm Tim Geithner Buries a Three in This Chinese Dude’s Face
Source: Dealbreaker | 24 May 2010 | 12:19 pm Why It's So Hard to Sell Losing Investments (Tradecraft)Hoenig: Taking a stock loss can be an exceptionally painful experience.
Source: SmartMoney.com | 24 May 2010 | 12:02 pm Goldman Sachs Still Bullish, Despite Recent Plunge
From the firm’s latest Kickstart report:
Goldman is also out with its latest Hedge Fund Trend Monitor report, which tracks 629 hedge funds with $701 billion in long equity assets and $400 billion of short equity positions. The performance of hedge fund positions during the recent pullback has only solidified the firm’s position on the market.
Source: Dealbreaker | 24 May 2010 | 11:56 am IBM in $1.4bn move for software unitIBM mounted its biggest acquisition since 2007 as it reversed course and moved back into business-to-business software six years after quitting the marketSource: Financial Times - US homepage | 24 May 2010 | 11:55 am Attention, Mortgage Shoppers!Are low rates tempting you to jump into the market? What you need to qualify.
Source: SmartMoney.com | 24 May 2010 | 11:55 am Why Did Obama Get Distant With Warren Buffett?
As Obama wasn’t man enough to give it to Buffett straight from the get-go, we’re probably never going to get an answer out of him. Still, in an effort to provide some sort of closure to Buffs, so he can finally move on, and maybe one day trust another president again, let’s give it our best guess. Did Obama drop off the face of the earth because of: a) the Goldman taint b) the fear he was going to have to make good on the Lincoln bedroom promise, and the realization that the costs associated with wiping that place down once WB was done with it were too great to bear, especially in this economy c) Things were perfect, he knew he’d met his match, and that terrified Obama, so he fled d) There was someone else (name: James Dimon) e) you tell us
Source: Dealbreaker | 24 May 2010 | 11:44 am Did I Pay Too Much for Lady Gaga Tickets? (Deal of the Day)How to avoid rip-offs when buying tickets to concerts this summer.
Source: SmartMoney.com | 24 May 2010 | 11:34 am Obama Makes Fun Of Larry Summers For His Sleeping, Sweating Problems
Maybe this is the real reason Larry Boy’s been threatening to quit? Is someone a little sensitive?
Source: Dealbreaker | 24 May 2010 | 11:16 am 'A Sexually Unbalanced Model'By Jacob Goldstein People in China save much higher percentage of their income than people in the U.S. There are lots of possible reasons for this -- there's less of a government safety net in China, there's more of a culture of saving, etc. A new study suggests another reason: the surplus of men in the marriage market. The ratio of men to women has risen significantly in China in recent years; it's largely the product of gender-specific abortion, as The Economist explained in this recent piece. The trend has been growing for many years. Between 2000 and 2005, there were more than 120 baby boys born in China for every 100 baby girls. In a society where monogamy is the norm, this means you wind up with a lot of unmarried men. This, in turn, makes parents anxious to to maximize their sons' appeal to the opposite sex. One way to do this is to save a lot of money. Earlier this year, one of the authors of the paper discussed the research at Vox. The evidence he cited included this: First, in panel regressions across 30 Chinese provinces during 1990-2007, the local savings rate tends to be higher in regions and years in which the local gender ratio is higher. This continues to be true after we control for local income level, income inequality, the enrollment in the social security system, the age profile of the local population, and the province and year fixed effects. Of course, it's still possible that this sort of thing is just a coincidence. Still, the savings imbalance between China and the U.S. is an important piece of the global economic picture. And, the authors say, their models suggest that increased savings due to China's growing gender imbalance plays a significant role in this savings imbalance. The authors, Qingyuan Du and Shang-Jin Wei, are professors at Columbia University. Their paper is called "A Sexually Unbalanced Model of Current Account Imbalances." » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 24 May 2010 | 11:00 am John Brynjolfsson, John Ryding: Bloomberg On the EconomySource: Bloomberg - All Podcasts | 24 May 2010 | 10:46 am Levitt, Clarida, Faber, Slok, Feroli, Cook: SurveillanceSource: Bloomberg - All Podcasts | 24 May 2010 | 10:45 am Presented By:Source: Dealbreaker | 24 May 2010 | 10:45 am Jamie Dimon, Lloyd Blankfein Moving Up In The (MBA) World
 You like him! You really like him! Kind of! The president may not appreciate them but you know what? Screw that guy. JD and LB don’t need him when they’ve got the votes of MBA Candidates. CNN Money’s annual ranking of the top companies business students want to work for is out and apparently these kids want a piece of James D and his li’l buddy more than ever before, clocking in at 7 and 3 respectively, moving up one and two slots each, with the extra love for GS being attributed to the gluttons for punishment at GS just dying to have Matt Taibbi throw scalding hot coffee in their faces (the school even added a class to prepare its graduates for that exact scenario this year). Also making progress with the business leaders of tomorrow was Citi, which jumped from the 59th to the 51st slot, just losing out in popularity to UBS. Still beat HSBC (76) though, so, something to be happy about. 1. Google (last year’s ranking: 1) And here’s what those who snubbed the CFA route are, on average, expecting to make the first year out of school: * All students 2010: $94,376 (2009: $98,403) * Women 2010: $87,983 (2009: $87,599) * Men 2010: $98,310 (2009: $99,142) 100 Top MBA Employers [CNN Money]
Source: Dealbreaker | 24 May 2010 | 10:45 am Culture Clash Coming at GLG-Man Group?
Man purchased GLG earlier this month for $1.6 billion, netting Lagrange and his partners $500 million worth of Man shares. For that kind of dough, you’d expect anyone to put up with the staid quant traders at Man butting in on your sense of superstardom. But, you know how finicky these young hotshots can be. A culture clash seems inevitable.
GLG’s Lagrange Bring Superstar Culture to Man [Reuters]
Source: Dealbreaker | 24 May 2010 | 9:42 am Mark Zuckerberg Writes Op-Ed on Privacy
The Washington Post published an op-ed on privacy by Facebook CEO Mark Zuckerberg this morning. In it, Zuckerberg acknowledges that users need to be able to control their privacy settings more easily. Among the highlights: Facebook has been growing quickly. It has become a community of more than 400 million people in just a few years. It’s a challenge to keep that many people satisfied over time, so we move quickly to serve that community with new ways to connect with the social Web and each other. Sometimes we move too fast — and after listening to recent concerns, we’re responding. The biggest message we have heard recently is that people want easier control over their information. Simply put, many of you thought our controls were too complex. Our intention was to give you lots of granular controls; but that may not have been what many of you wanted. We just missed the mark. We have heard the feedback. There needs to be a simpler way to control your information. In the coming weeks, we will add privacy controls that are much simpler to use. We will also give you an easy way to turn off all third-party services. We are working hard to make these changes available as soon as possible. We have also heard that some people don’t understand how their personal information is used and worry that it is shared in ways they don’t want. I’d like to clear that up now. Many people choose to make some of their information visible to everyone so people they know can find them on Facebook. We already offer controls to limit the visibility of that information and we intend to make them even stronger. Here are the principles under which Facebook operates: – You have control over how your information is shared. – We do not share your personal information with people or services you don’t want. – We do not give advertisers access to your personal information. – We do not and never will sell any of your information to anyone. – We will always keep Facebook a free service for everyone. I believe Zuckerberg when he says that rapid growth (and the resultant steep learning curve) led the company to make mistakes. I also think, however, that rapid growth made executives prioritize other factors, like scaling effectively, over privacy. The privacy issue came as a PR firefight, and rightly so–without a public uproar, management would have gone on its happy way, scaling and monetizing, and privacy would have been left on the backburner. The interesting thing is that people keep using Facebook despite having problems with the way it’s set up. Why? Because, at least if you’re in the States, there are no viable alternatives with the scope and reach of Facebook. Nowhere else can you find as many friends, colleagues, and acquaintances in one place. It’s not ideal–heck, it’s not even that great in many ways–but you use it anyway. If this sounds something like using Comcast or AT&T because you lack other alternatives, read this post by danah boyd about Facebook as a utility. It may make you think differently about Facebook as a choice, as well as the future of social media regulation.
Source: Business Pundit | 24 May 2010 | 9:12 am A Mixed Bag for the Housing Market (Market Update)Mortgage rates drop, but new foreclosures are expected, too.
Source: SmartMoney.com | 24 May 2010 | 8:50 am 1 Week Later, BA Cabin Crew Walks Out
One week after planning a massive walkout–but having it forestalled by British courts–British Airways cabin crews are starting their planned 5-day striking. The BBC has the story: The Unite union is demanding the restoration of travel concessions to staff who took part in the last series of stoppages in March. Unite’s joint general secretary Tony Woodley told the BBC that the strike would have been suspended if those perks had been reinstated. But BA said it had already agreed to do so once its deal was accepted in full. Mr Woodley also accused BA boss Willie Walsh of wanting “regime change” at Bassa, the Unite branch representing crew. Talks were brought to an abrupt end on Saturday evening when left-wing protesters gatecrashed the venue where negotiations were being held. On Sunday, BA issued a statement calling on Mr Woodley to call off the strike and return to the negotiating table. “We had agreed to a request from [conciliation service] Acas to meet this afternoon and are surprised that Unite did not take advantage of this,” it said. “We have already offered to reinstate travel concessions to cabin crew once all elements of our offer have been implemented. “Of more concern to us is Tony Woodley’s comment to the media that he wants to revisit certain proposals in our offer, when previously he had indicated that these were agreed.” The statement went on to again blame Bassa for the failure to reach an agreement. BA is still operating about 60% of flights, according to the BBC. Unite has two more walkouts planned, one starting May 30, the next starting June 5. Because of the strikes and this year’s Iceland eruptions, BA has posted its biggest annual loss ever. As a fan of the airline, I hope that it can create a workable business model without shedding the perks–like a polite, responsive cabin crew–that differentiate it from other carriers.
Source: Business Pundit | 24 May 2010 | 8:33 am Wheeldon on European Debt Crisis, Schork on Oil: First WordSource: Bloomberg - All Podcasts | 24 May 2010 | 8:24 am Gentiva, Odyssey Merger Creates Home Health Care Giant
Home health care provider Gentiva is buying hospice company Odyssey HealthCare for $912 million. The merger will create the largest home health care/hospice company in the nation. The New York Times has more: The companies said the deal will create a hospice care provider with an average daily patient census of about 14,000 and operations in 30 states. They anticipate the combination will create a company with more than $1.8 billion in annual revenue. Gentiva, based in Atlanta, said it would pay $27 a share for Odyssey stock. Based on Odyssey’s 33.8 million shares outstanding at March 31, the deal is valued at $912.3 million. Odyssey is based in Dallas. The boards of both companies have approved the acquisition, which is expected to close in the third quarter, pending approval by regulators and Odyssey stockholders. Last week, Gentiva acquired the United Home Care Group, a home health and hospice service company based in Louisiana. Terms of the deal were not disclosed, but Gentiva said it can now provide services to about 85 percent of the state of Louisiana. The Wall St. Journal provides some more background:
Source: Business Pundit | 24 May 2010 | 8:12 am IBM Buys Sterling Commerce
IBM will buy B2B software company Sterling Commerce from AT&T for $1.4 billion. Bloomberg Businessweek has more: IBM Chief Executive Officer Sam Palmisano has said he plans to spend $20 billion on takeovers in the next five years as he aims to bolster the software business, IBM’s most profitable. Profit margins in software amounted to 84.6 percent last quarter, more than twice as big as in the hardware business. The transaction will likely close in the second half of 2010, the companies said. AT&T probably will record a pretax gain of $750 million on the transaction once it’s completed. MarketWatch adds: (Sterling’s) “business-to-business” software is used to automate processes such as the purchase or raw materials or the replenished of depleted inventory. About 80% of the Fortune 500 companies are clients, though revenue is less than $1 billion annually. AT&T’s forerunner company, SBC Communications, bought Sterling at the height of the dot-com bubble in 2000 for $3.9 billion in stock. That puts the sale price to IBM 64% lower compared to what AT&T /quotes/comstock/13*!t/quotes/nls/t (T 24.54, -0.31, -1.25%) paid for the company a decade ago. The two companies expect the deal to be completed in the second half of the year, with 2,500 Sterling employees to be transferred to IBM. The Sterling unit will be “integrated” into IBM’s WebSphere organization in the parent company’s software group.
Source: Business Pundit | 24 May 2010 | 7:37 am The Markets Are Nervous. But Mortgages Are Cheap!By Jacob Goldstein As stock prices fell last week, lots of people bought U.S. Treasury bonds -- that's what investors do when they get nervous and want to park their money their money in a safe place. One interesting side effect: Mortgage rates fell in the U.S. The interest rate on 10-year Treasurys fell to 3.2 percent on Friday. Mortgage rates are typically about 1.5 percentage points above the rate on 10-year Treasurys, this morning's WSJ notes in a front-page story on mortgage rates. The average interest rate for 30-year fixed mortgages is 4.84 percent, the lowest its been all year, according Freddie Mac's latest weekly mortgage survey. The average rate for 15-year fixed mortgages is 4.24 percent -- the lowest it's been since 1991, when the survey started tracking that type of loan. The decline is somewhat surprising, given the fact that the Fed recently ended its massive effort to keep mortgage rates low by buying more than $1 trillion in mortgage-backed securities. Lots of people thought the end of that program would lead to higher mortgage rates. Lower mortgage rates make it cheaper to buy a house. But at the same time, the WSJ notes, lenders' standards for who gets a loan remain relatively strict. So lots of people may not qualify. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 24 May 2010 | 7:30 am What Really Inspires Creativity
Source: Business Pundit | 24 May 2010 | 4:39 am As Stocks Plunge, Economy Inches Ahead (Pundit Watch)Even as traders mourn heavy losses, economists cite progress.
Source: SmartMoney.com | 24 May 2010 | 3:01 am
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