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AP source: Obama extends stop on deepwater wells (AP)
Source: Yahoo! News: Business News | 27 May 2010 | 4:14 am Visa barriersIs it easy to do business with the EU in Russia?Source: BBC News | Business | World Edition | 27 May 2010 | 4:09 am Apple now bigger than MicrosoftThe latest share price changes have pushed the total value of Apple past its rival Microsoft for the first time since 1989.Source: BBC News | Business | World Edition | 27 May 2010 | 4:09 am Free iPhone to iPad Upgrade
Source: Business Pundit | 27 May 2010 | 4:06 am China says Europe key market (Reuters)Reuters - Europe remains a key investment market for China's foreign exchange reserves, the Chinese central bank said on Thursday, helping to soothe markets unnerved by a report that it was reviewing its euro-zone bond holdings.Source: Yahoo! News: Business News | 27 May 2010 | 4:03 am China says Europe key marketBEIJING (Reuters) - Europe remains a key investment market for China's foreign exchange reserves, the Chinese central bank said on Thursday, helping to soothe markets unnerved by a report that it was reviewing its euro-zone bond holdings.
Source: Reuters: Business News | 27 May 2010 | 4:03 am No split on capital gains - CableBusiness Secretary Vince Cable insists the coalition government is not split over planned rises in non-business capital gains tax.Source: BBC News | Business | World Edition | 27 May 2010 | 3:51 am Oil well plug 'going as planned'BP says a bid to plug its leaking oil well in the Gulf of Mexico is going to plan, but it is too early to know if it will work.Source: BBC News | Business | World Edition | 27 May 2010 | 3:50 am Minimal impact expected from oil line shutdown (AP)
Source: Yahoo! News: Business News | 27 May 2010 | 3:50 am Euro’s rebound adds to positive moodGlobal Market Overview: Shares rise, commodities prices are higher and high-yielding currencies are seeing a bid, as hopes for a broader global recovery trump fears about the eurozoneSource: Financial Times - US homepage | 27 May 2010 | 3:49 am Indications: U.S. stock futures rally as China denies bond saleU.S. stock market futures were sharply higher on Thursday, lifted by China’s denial that it was mulling sales of holdings in European bonds.
Source: MarketWatch.com - Top Stories | 27 May 2010 | 3:49 am Asda buys Netto's British storesAsda has bought Netto's 193 British stores for £778m, strengthening its position as the country's second biggest food retailer.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 3:48 am Stock futures signal strong bounce(Reuters) - Stock index futures pointed to a strong rebound on Wall Street on Thursday, with futures for the S&P 500 up 2.5 percent, Dow Jones futures up 2 percent and Nasdaq 100 futures up 1.9 percent at 0930 GMT (5:30 a.m. ET).
Source: Reuters: Business News | 27 May 2010 | 3:47 am Stock futures signal strong bounce (Reuters)
Source: Yahoo! News: Stock Markets News | 27 May 2010 | 3:47 am Strike stalls production at Honda's China plants (AP)AP - Honda's four auto assembly plants in China have ground to a halt after workers at a parts maker went on strike demanding better wages.Source: Yahoo! News: Business News | 27 May 2010 | 3:47 am Costco: The Resurrection Of The American Consumer?Costco (NASDAQ: COST) announced very impressive earnings for the quarter ending May 9. Revenue rose from $15.5 billion to $17.4 billion. Net income jumped from $210 million to $306 million. Same-store sales were up 6% in the US for the period and 26% overseas for a total weighted average of 10%Costco’s earnings continue a trend [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 27 May 2010 | 3:46 am Spanish Parliament to vote on economic measures (AP)AP - Spain's finance minister has pleaded with lawmakers to vote in favor of emergency economic measures saying they are harsh but necessary to reduce the country's bloated deficit.Source: Yahoo! News: Business News | 27 May 2010 | 3:45 am Asian markets make U-turn to clinch gainsAsian markets erase early session losses to end higher Thursday, as bargain-hunters scooped up recently battered shares.
Source: MarketWatch.com - Top Stories | 27 May 2010 | 3:44 am Asda to take over UK Netto storesSupermarket giant Asda announces plans to buy the UK stores of Danish discount retailer Netto for £778m.Source: BBC News | Business | World Edition | 27 May 2010 | 3:42 am Fed's Bullard: exit strategy poses risks but not in EuropeSTOCKHOLM (Reuters) - The Federal Reserve's James Bullard said on Thursday he did not expect the fiscal crisis in Europe to create problems for the U.S. economy, but said the Fed's vow to keep rates low for a long time could, if misread, create risks.
Source: Reuters: Business News | 27 May 2010 | 3:42 am Apple finally bigger than MicrosoftApple has overtaken Microsoft as the world’s biggest technology company as it prepares to launch the iPad in Britain tomorrow. Source: Latest Business News from Times Online | 27 May 2010 | 3:39 am Tate & Lyle mothballs Iowa plant, profit drops 77%U.K. sugar producer Tate & Lyle scrapsplans for a new milling plant in Iowa and takes a charge of 217 million pounds ($314 million) on the project.
Source: MarketWatch.com - Top Stories | 27 May 2010 | 3:35 am China Says It Is Not Selling EuroThe market panicked yesterday on rumors that China was selling euros due to the instability of the EU region. China denied it. “Europe has been, and will be one of the major markets for investing China’s exchange reserves,” the State Administration of Foreign Exchange said. China’s statement means that a story by the FT, claiming [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 27 May 2010 | 3:33 am World stocks rise on Asian, US growth hopes (AP)
Source: Yahoo! News: Stock Markets News | 27 May 2010 | 3:33 am Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.
Source: MarketWatch.com - Top Stories | 27 May 2010 | 3:31 am Growing boomBrazil's farmers eye global markets for their goodsSource: BBC News | Business | World Edition | 27 May 2010 | 3:29 am Europe Markets: European shares extend gains into second dayEuropean shares Thursday extend sharp gains made in the previous session, with miners advancing after China denied that it's considering reducing European bond holdings.
Source: MarketWatch.com - Top Stories | 27 May 2010 | 3:26 am Ash hits airline traffic numbersInternational airline traffic fell by 2.4% in April as cancellations caused by the volcanic ash cloud from Iceland led to fewer flights.Source: BBC News | Business | World Edition | 27 May 2010 | 3:23 am Wal-Mart's Asda buying Netto U.K. for $1.1 billionWal-Mart Stores’ Asda unit on Thursday said it reached a deal to buy the British operations of deep discounter Netto in a deal valued at $1.1 billion (778 million pounds).
Source: MarketWatch.com - Top Stories | 27 May 2010 | 3:17 am What could hurt metal maniaMetal prices have made spectacular rebounds since the start of the year on growing optimism about the world economy. It's not even midway through 2010 and Caterpillar has sold out of some of its largest mining vehicles because of rising commodity prices, and is now taking orders for 2011 delivery.Source: Business and financial news - CNNMoney.com | 27 May 2010 | 3:16 am FCC Claims Mobile Phone Bills Are Too ComplexAmerica has produced a generation of people who cannot read instructions. They have trouble operating cars with new electronic devices, GPS systems, TV entertainment systems for the home, and even new PC operating systems. In many cases, Americans cannot even assemble a simple wooden chair made up of two or three parts. Is it any [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 27 May 2010 | 3:16 am Currencies: Euro up as China denies shunning bondsThe European single currency rebounded Thursday, rising against a broadly weaker dollar as China’s foreign-exchange-reserves manager denied a news report that it was considering the sale of some of its holding of euro-denominated bonds.
Source: MarketWatch.com - Top Stories | 27 May 2010 | 3:11 am Cameron offers no comfort on Capital Gains TaxThe Prime Minister this morning gave no immediate reassurance to hundreds of thousands of stock market speculators and second home owners who are scrambling to offload their assets to avoid the threat of higher Capital Gains Tax. Source: Latest Business News from Times Online | 27 May 2010 | 3:09 am 6 Apps for Your Next Road Trip (Deal of the Day)Phone apps to stay safe, be entertained and find the nearest clean bathroom.
Source: SmartMoney.com | 27 May 2010 | 3:01 am Investing in the Loan BusinessBusiness-development firms are making loans when many banks won't.
Source: SmartMoney.com | 27 May 2010 | 3:01 am The Case for European Bank StocksEurope's biggest banks have been punished more than they deserve.
Source: SmartMoney.com | 27 May 2010 | 3:01 am Dow below 10,000Stocks erased gains by the close Wednesday, with the Dow ending below 10,000 for the first time in three months, as worries about global growth and a slide in the euro overshadowed upbeat economic news.Source: Business and financial news - CNNMoney.com | 27 May 2010 | 3:00 am Oil rises above $72 as euro gains (AFP)
Source: Yahoo! News: Stock Markets News | 27 May 2010 | 3:00 am Chuck Jaffe: Advice leaves investors hungryFinancial advisers use licenses and designations to market themselves to you. Oh, they'll say that they got the credential in order to be more qualified to handle a specific financial task or job, but they know that the more credentials they have, the more they can impress potential customers.
Source: MarketWatch.com - Top Stories | 27 May 2010 | 3:00 am JJB Sports losses treble to £68mLosses more than trebled at JJB Sports last year as the retailer endured the most difficult year in its history.Source: BBC News | Business | World Edition | 27 May 2010 | 2:57 am London Markets: Miners lead second day of gains for U.K. sharesBritish shares climb on Thursday, helped by strong gains for miners after China signals support for the euro zone.
Source: MarketWatch.com - Top Stories | 27 May 2010 | 2:56 am JJB losses treble in its ‘hardest year’Shares in JJB Sports fell sharply after the announcement that annual losses more than trebled last year. Source: Latest Business News from Times Online | 27 May 2010 | 2:55 am The Gulf Awash In Crude, Arctic Drilling Gets A Bad NameThe future of offshore drilling in US coastal waters may be determined by how much financial and ecological damage is done by the Deepwater Horizon catastrophe. At this point, the reaction against future drilling is bound to be savage among some groups who think that the BP plc incident could be duplicated anywhere that drilling [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 27 May 2010 | 2:52 am Housing Market: U.S. Home Prices Show Signs of Revival (Time.com)Time.com - For the first time in years, it appears, now is actually a good time to buy a houseSource: Yahoo! News: Business News | 27 May 2010 | 2:50 am Diary of a Private Investor: how the pros make money from turbulenceUnfortunately there is no foolproof system to deal with these sort of situations. When a panic occurs, it is usually right to buy.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 2:49 am Investment advice: Where next for the FTSE?Fidelity's Tom Stevenson: how to find value in FTSE 100 shares, despite market volatility.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 2:47 am Man assets stabilise, shares jumpMan, the listed hedge fund group, said client assets had stabilised after a year of outflows, helped by a rebound in its flagship fund's returns.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 2:40 am MarketWatch First Take: Why isn't BP halted during 'top-kill' procedure?It’s been murky trading BP during the Gulf of Mexico oil spill at the best of times. There's a case to be made for halting the trade of its shares.
Source: MarketWatch.com - Top Stories | 27 May 2010 | 2:39 am Euro up as stocks gain on China FX comments (Reuters)
Source: Yahoo! News: Stock Markets News | 27 May 2010 | 2:38 am Man Group says assets have stabilizedLONDON (Reuters) - Hedge fund firm Man Group said client assets had stabilized after a year of outflows, helped by a rebound in its flagship fund's returns, indicating the firm may be benefiting from the wider industry's upturn.
Source: Reuters: Business News | 27 May 2010 | 2:36 am Spanish PM faces tight austerity voteSpain’s minority Socialist Government was today facing a difficult political battle to force through a tough range of cuts intended to cut its ballooning deficit and to restore market confidence. Source: Latest Business News from Times Online | 27 May 2010 | 2:35 am Money runs out for small biz - againIn the middle of the federal government's National Small Business Week, two of the most successful Small Business Administration programs are about to run out of money -- again.Source: Business and financial news - CNNMoney.com | 27 May 2010 | 2:25 am Apple topples Microsoft's throneMicrosoft's dominance as the tech industry's most valuable player has ended. In Tuesday trading, Apple's market capitalization edged past its longtime rival's as investors made official what consumers have long suggested: Microsoft isn't the industry's alpha dog any longer.Source: Business and financial news - CNNMoney.com | 27 May 2010 | 2:23 am Too scared to invest in stocksQuestion: I'm a 32-year-old mom and the breadwinner in my family. I have no stomach for the stock market, as I feel it is akin to gambling. Can I still have a comfortable retirement without investing in stocks? --Kristen, Oxford, New JerseySource: Business and financial news - CNNMoney.com | 27 May 2010 | 2:22 am BA talks adjourned until FridayBritish Airways and the Unite union have put their latest talks on hold until Friday as the cabin crew strike enters its fourth day.Source: BBC News | Business | World Edition | 27 May 2010 | 2:13 am Tate & Lyle refocuses as profits crumbleTate & Lyle, the British sugar refiner and Splenda sweetener group, reported a 73pc fall in profits as it announced a restructuring and plans to refocus the business on speciality food ingredients.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 2:11 am U.S. says it's doing all it can on oil spillInterior Secretary Ken Salazar reiterated Wednesday that the U.S. government is doing all it can to put an end to the oil spill in the Gulf of Mexico, and to enforce ethics requirements in the federal agency responsible for inspecting oil wells.Source: Business and financial news - CNNMoney.com | 27 May 2010 | 1:58 am FTSE 100 climbs at open (AFP)
Source: Yahoo! News: Stock Markets News | 27 May 2010 | 1:52 am Tenth suicide prompts Foxconn ‘hysteria’The spate of suicides at the world’s biggest factory moved closer towards epidemic levels late on Wednesday night as a 23-year-old man became the tenth worker to leap to his death at the same Foxconn plant. Source: Latest Business News from Times Online | 27 May 2010 | 1:51 am Image-conscious youth rein in social networking (AP)
Source: Yahoo! News: Business News | 27 May 2010 | 1:49 am Media Digest 5/27/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: The US will suspend Arctic drilling. Reuters: Lehman sued JPMorgan Chase (NYSE: JPM) for billions of dollars. Reuters: The Fed’s Bullard said that promises of low rates for long periods have risks. Reuters: Facebook improved its privacy controls. Reuters: Apple Inc. (NASDAQ: AAPL) overtook Microsoft Corporation (NASDAQ: MSFT) as the largest tech company by [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 27 May 2010 | 1:49 am China boosts euro while Geithner lobbies GermansBEIJING/BERLIN (Reuters) - The euro rebounded on Thursday after China reaffirmed its long-term aim of diversifying currency holdings away from the dollar and denied it was reviewing its holdings of euro sovereign bonds.
Source: Reuters: Business News | 27 May 2010 | 1:49 am US Treasury chief to meet German finance minister (AP)
Source: Yahoo! News: Business News | 27 May 2010 | 1:44 am Paint for road stripes running outHighway construction could come to a screeching halt this summer due to a shortage of paint.Source: Business and financial news - CNNMoney.com | 27 May 2010 | 1:42 am Dems scale back bill to woo votes for jobless aid (AP)
Source: Yahoo! News: Business News | 27 May 2010 | 1:37 am Japan exports up on car demandNew Japanese finance ministry trade figures show exports from the country in April were up 40% from a year earlier.Source: BBC News | Business | World Edition | 27 May 2010 | 1:25 am China's anti-bubble moves turn bull market bearishShanghai has Wall Street-size ambitions for its financial markets, and this month, it got a charging bronze bull to match those aspirations. Symbolically, the timing was a tad off. AfterSource: RSS feed - channel BNewsBusiness | 27 May 2010 | 1:08 am Volcanic ash cloud hurts airline recovery: IATAInternational passenger traffic slumped 2.4 percent in April as flight cancellations due to a volcanic ash cloud from Iceland slammed the brakes on recovery, airline association IATA said...Source: RSS feed - channel BNewsBusiness | 27 May 2010 | 1:01 am New home sales jump 14.8% in AprilThe surge is attributed to the expiring federal tax credit for buyers. Without the popular incentive, the volume of deals is expected to drop. Sales were up 21.7% in the West.Sales of new homes surged 14.8% in April from March, the Commerce Department reported Wednesday, as an expiring federal tax credit for buyers helped fuel activity. Without the popular incentive, many analysts are expecting sales to slump in months to come.
Source: L.A. Times - Business | 27 May 2010 | 1:00 am Bank fails and goes about its businessRuined lives and public disgrace were staples of the classic 1930s narrative when local institutions went under. But today, hardly anyone notices until it's over.They arrived one day in November as Santa Ana winds pounded downtown Redlands. The dozen or so men and women walked into the red-brick headquarters of 1st Centennial Bank on State Street, then marched up the stairs to the executive offices.
Source: L.A. Times - Business | 27 May 2010 | 1:00 am Global expansion adds life to Trojan BatteryThe Santa Fe Springs company known for keeping golf carts moving has branched out to solar, bringing electric power to homes in Bangladesh. Sales growth has enabled it to rehire 100 workers. ...Source: RSS feed - channel BNPaperBusiness | 27 May 2010 | 1:00 am Hypersonic aircraft shatters aviation recordsThe Air Force tests an unmanned X-51 WaveRider off the coast near Point Mugu. Launched from a B-52 bomber, it hits 3,500 mph and travels for 200 seconds before plunging into the ocean as planned. ...Source: RSS feed - channel BNPaperBusiness | 27 May 2010 | 1:00 am Bank fails and goes about its businessRuined lives and public disgrace were staples of the classic 1930s narrative when local institutions went under. But today, hardly anyone notices until it's over. ...Source: RSS feed - channel BNPaperBusiness | 27 May 2010 | 1:00 am Global expansion adds life to Trojan BatteryThe Santa Fe Springs company known for keeping golf carts moving has branched out to solar, bringing electric power to homes in Bangladesh. Sales growth has enabled it to rehire 100 workers.For 85 years, Trojan Battery Co., now the top U.S. provider of batteries for electric golf carts, has had a quiet existence as a family-owned and operated company.
Source: L.A. Times - Business | 27 May 2010 | 1:00 am Auto safety bill heads to full HouseThe legislation, which cleared the Energy and Commerce Committee on a 31-21 vote, would give regulators more power to force recalls and create standards to prevent unintended acceleration. ...Source: RSS feed - channel BNPaperBusiness | 27 May 2010 | 1:00 am Hypersonic aircraft shatters aviation recordsThe Air Force tests an unmanned X-51 WaveRider off the coast near Point Mugu. Launched from a B-52 bomber, it hits 3,500 mph and travels for 200 seconds before plunging into the ocean as planned.An aircraft resembling a large bodyboard detached from a flying B-52 bomber and then shot across the Pacific on Wednesday at more than 3,500 mph, shattering aviation records and reigniting decades-long efforts to develop a vehicle that could travel faster than a speeding bullet.
Source: L.A. Times - Business | 27 May 2010 | 1:00 am New home sales jump 14.8% in AprilThe surge is attributed to the expiring federal tax credit for buyers. Without the popular incentive, the volume of deals is expected to drop. Sales were up 21.7% in the West. ...Source: RSS feed - channel BNPaperBusiness | 27 May 2010 | 1:00 am Business Bullet: Miners, Bank tax, Pru, JJB SportsThe latest news on: Miners, Bank tax, Pru, JJB SportsSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 12:58 am US to suspend Arctic drilling until 2011The Obama Administration is expected to announce today that it is suspending exploratory drilling in the Arctic Ocean until next year as BP faces a defining day in its oil spill disaster with an attempt to plug the leak in the Gulf of Mexico with mud. Source: Latest Business News from Times Online | 27 May 2010 | 12:31 am SFO dropped investigation into AIG's UK armThe Serious Fraud Office has dropped an investigation into the UK operations of AIG Financial Products - part of the insurance giant that received a $150bn (£105bn) bailout from the US taxpayer.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 12:28 am NZ shares: Poor performers punishedThe New Zealand sharemarket fell to its lowest level in 10 months during a mixed session in which companies reporting disappointing results were punished.The benchmark NZX-50 index recovered to close up 23.646 points, or 0.785...Source: nzherald.co.nz - Business | 27 May 2010 | 12:28 am Apple and Dell investigate Foxconn plantCustomers of the Taiwanese technology manufacturer evaluate working conditions at factory in southern China after raft of suicidesSource: Financial Times - US homepage | 27 May 2010 | 12:16 am Japan's exports surge for fifth monthJapan's April trade surplus soared as exports rose for the fifth straight month to drive a tentative recovery in the world's second-largest economy, official data showed Thursday.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 12:06 am JJR and Kingsway announce proposed acquisition of US specialty commercial auto insurance divisions by JJR VI Acquisition Corp.Source: RSS feed - channel BNewsBusiness | 27 May 2010 | 12:05 am Asian markets higher on growth hopesAsian stock markets rose on Thursday on optimism that strong regional economic growth will likely withstand financial turmoil in Europe.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 26 May 2010 | 11:56 pm Asian stocks rise as traders eye strong GDP growthAsian stock markets rose Thursday on optimism that strong regional economic growth will likely withstand financial turmoil in Europe. Oil prices, meanwhile, headed to $72 a barrel and...Source: RSS feed - channel BNewsBusiness | 26 May 2010 | 11:44 pm Strikes halt Honda production in ChinaHonda’s car manufacturing ambitions in China have been plunged into chaos by a series of labour disputes that have brought all four of its factories to a halt. Source: Latest Business News from Times Online | 26 May 2010 | 11:37 pm NZ dollar mixed in a narrow rangeThe New Zealand dollar spent a mixed session trading in a narrow range and dealers continue to say the currency is reflecting movements in the euro and Australian dollar rather than economic fundamentals.By 5pm today the NZ dollar...Source: nzherald.co.nz - Business | 26 May 2010 | 11:32 pm Oil hovers near $72 as traders mull Europe impactOil prices rose to near $72 a barrel Thursday in Asia as investors mulled the impact slower European economic growth could have on global crude demand. Benchmark crude for July delivery...Source: RSS feed - channel BNewsBusiness | 26 May 2010 | 11:00 pm Syngenta Acquires Maribo Seed Sugar Beet Business From Nordic SugarSource: RSS feed - channel BNewsBusiness | 26 May 2010 | 11:00 pm Japan's exports jump 40 percent in AprilJapan's exports expanded for a fifth straight month in April, fueled by brisk overseas demand for cars and high-tech goods in a fresh sigh of a recovery in the global economy, Exports inSource: RSS feed - channel BNewsBusiness | 26 May 2010 | 10:53 pm Strike halts Honda's production in ChinaJapan's Honda Motor said Thursday production at all four of its vehicle manufacturing plants in China had halted after workers at an auto parts factory went on strike. The shutdown was...Source: RSS feed - channel BNewsBusiness | 26 May 2010 | 10:47 pm Australia treasurer says mine tax won't curb investmentThe architect of Australia's 40 percent mining "super tax" Thursday denied it would deter investment or increase sovereign risk and hosed down reports there would be concessions on its...Source: RSS feed - channel BNewsBusiness | 26 May 2010 | 10:46 pm Japan's exports surge but Europe casts shadowJapan's April trade surplus soared as exports rose for the fifth straight month to drive a tentative recovery in the world's second-largest economy, official data showed Thursday. ...Source: RSS feed - channel BNewsBusiness | 26 May 2010 | 10:41 pm Health insurance rate hikes hitting California small businesses could hurt state's economic recoverySmall firms say they are curtailing plans for hiring and expansion amid rising insurance bills.Small businesses in California are being hit this year with double-digit hikes in health insurance costs that could hurt the state's economic recovery as companies curtail plans for hiring and expansion to pay their insurance bills.
Source: L.A. Times - Business | 26 May 2010 | 9:47 pm Hebrew University sues GM for People's Einstein ad (AP)AP - An Israeli university that holds rights to Albert Einstein's image is asking General Motors Co. to pay for putting the physics pioneer in a magazine ad.Source: Yahoo! News: Business News | 26 May 2010 | 9:40 pm Auckland tops economic scoreboardAuckland is taking its supercity title literally, while Northland is struggling on most fronts, a scoreboard measuring economic performance during the last quarter shows.The ASB/Main Report Regional Economic Scoreboard lists Auckland...Source: nzherald.co.nz - Business | 26 May 2010 | 9:20 pm Whitcoulls launches NZ's first eBook platformCustomers can now download whole books from the Whitcoulls website, to be read on their personal devices such as iPhones, BlackBerrys, PCs or laptops.Managing Director Peter Kalan says two million book titles are on the new database...Source: nzherald.co.nz - Business | 26 May 2010 | 9:13 pm Disney employee and boyfriend arrested in alleged insider trading schemeA secretary — who works for Walt Disney Co.'s head of corporate communications — and her boyfriend are accused of sending anonymous letters to hedge funds offering advance notice of the company's earnings reports.A secretary to a high-ranking Walt Disney Co. executive thought she and her boyfriend were about to pull off an alleged insider-trading scheme — and she wanted to celebrate with a Stella McCartney handbag from Neiman Marcus.
Source: L.A. Times - Business | 26 May 2010 | 8:43 pm Disney employee and boyfriend arrested in alleged insider trading schemeA secretary — who works for Walt Disney Co.'s head of corporate communications — and her boyfriend are accused of sending anonymous letters to hedge funds offering advance notice of the company's...Source: RSS feed - channel BNPaperBusiness | 26 May 2010 | 8:43 pm Some Prudential investors set to oppose AIA deal: reportLONDON (Reuters) - Shareholders holding up to 15 percent of British insurer Prudential Plc's shares plan to write to the chairman saying they oppose the company's $35.5 billion takeover of AIG's Asian arm, the Times reported in its Thursday edition.
Source: Reuters: Business News | 26 May 2010 | 8:31 pm Telecom's Reynolds floats de-merger optionTelecom New Zealand could be split into two listed companies giving shareholders exposure to the fortunes of both Telecom's retail business and its fibre business, chief executive Paul Reynolds has suggested this morning at an investor...Source: nzherald.co.nz - Business | 26 May 2010 | 8:30 pm AIG chief says the firm is on 'clear path' to repaying bailoutsMembers of the Congressional Oversight Panel, however, are skeptical because the insurance giant hasn't paid dividends on stock owned by the federal government. It owes taxpayers $132.3 billion. ...Source: RSS feed - channel BNPaperBusiness | 26 May 2010 | 8:17 pm AIG chief says the firm is on 'clear path' to repaying bailoutsMembers of the Congressional Oversight Panel, however, are skeptical because the insurance giant hasn't paid dividends on stock owned by the federal government. It owes taxpayers $132.3 billion.American International Group Inc., the much-derided prime example of Wall Street excesses during the financial crisis, could end up doing what many thought was impossible: repaying most, and maybe all, of the $132.3 billion in taxpayer funds used so far to bail it out.
Source: L.A. Times - Business | 26 May 2010 | 8:17 pm Facebook simplifies privacy settingsThe change would offer more privacy to people who want it. It's an effort to ease the concerns of lawmakers, regulators and others who say the website is reckless with users' personal information. ...Source: RSS feed - channel BNPaperBusiness | 26 May 2010 | 8:03 pm Facebook simplifies privacy settingsThe change would offer more privacy to people who want it. It's an effort to ease the concerns of lawmakers, regulators and others who say the website is reckless with users' personal information.Facebook Inc. simplified its privacy settings Wednesday in an effort to assuage lawmakers, regulators and privacy watchdogs who have criticized the world's most popular social networking site for being reckless with the personal information of its more than 500 million users.
Source: L.A. Times - Business | 26 May 2010 | 8:03 pm California court cases against Toyota consolidatedLOS ANGELES (Reuters) - A judge has ordered the pretrial merger of at least 40 California state court lawsuits filed against Toyota over cars that have raced out of control, including a case stemming from the fatal crash that sparked the automaker's recall crisis.
Source: Reuters: Business News | 26 May 2010 | 8:01 pm Investor Ackman buys 150 million shares of CitigroupNEW YORK (Reuters) - Activist investor William Ackman said on Wednesday that his firm recently bought 150 million shares of Citigroup Inc , but didn't provide his reason or an investment thesis for the purchase.
Source: Reuters: Business News | 26 May 2010 | 8:00 pm Two charged with Disney insider trading plotLOS ANGELES/NEW YORK (Reuters) - A Walt Disney Co employee and her boyfriend have been charged with a "brazen" insider trading scheme in which they said the media conglomerate was in advanced talks to sell its ABC TV network.
Source: Reuters: Business News | 26 May 2010 | 7:30 pm VIXed up? Arm the dejitterizer"Everything was going OK until this damn Greek thing happened," a financial adviser muttered to me at a conference.Really, I was just asking after his personal health but the recent market 'jitters' (as journalists are required...Source: nzherald.co.nz - Business | 26 May 2010 | 7:30 pm Car review: Subaru Outback crosses a magical divideOn the outside, the 2010 Outback is a ho-hum wagon. But climb inside and — presto, change-o — it's a roomy and rugged SUV. ...Source: RSS feed - channel BNPaperBusiness | 26 May 2010 | 7:21 pm Car review: Subaru Outback crosses a magical divideOn the outside, the 2010 Outback is a ho-hum wagon. But climb inside and — presto, change-o — it's a roomy and rugged SUV.Magic. The word itself is thrilling. It promises surprises (good ones). Mystery. And if you're lucky, a little humor.
Source: L.A. Times - Business | 26 May 2010 | 7:21 pm Volcano insurance cover still troubling NZ travellersNew Zealand travellers could potentially find themselves out of pocket if volcanic ash causes authorities to close airspace again.Some insurance companies are refusing to pay out on future claims against disruption to travel from...Source: nzherald.co.nz - Business | 26 May 2010 | 7:00 pm Apple knocks off Microsoft as most valuable tech companyCulminating a resurgence that began with the introduction of the iPod in 2001, the Macintosh maker is now the second-largest company in the U.S. by stock value.For the first time in a decades-long fight that has defined personal computing, the one-time underdog Apple Inc. overtook Microsoft Corp. on Wednesday to become the world's biggest technology company by stock market value.
Source: L.A. Times - Business | 26 May 2010 | 6:57 pm Apple knocks off Microsoft as most valuable tech companyCulminating a resurgence that began with the introduction of the iPod in 2001, the Macintosh maker is now the second-largest company in the U.S. by stock value. ...Source: RSS feed - channel BNPaperBusiness | 26 May 2010 | 6:57 pm First NZ annual trade surplus since 2002New Zealand recorded its first annual trade surplus in nearly eight years in the year to April, Statistics New Zealand (SNZ) says.The surplus of $161 million, or 0.4 per cent of exports, was the first annual trade surplus recorded...Source: nzherald.co.nz - Business | 26 May 2010 | 6:30 pm 'Cautious optimism' returns to fund raisingNew Zealand companies have been on a rough ride in the past two years but many have raised capital and are starting to look outside their own businesses for opportunities again.Last year close to $4 billion in new equity was raised...Source: nzherald.co.nz - Business | 26 May 2010 | 6:30 pm Who Gave $1.5 Million To Pay Down The National Debt? Click on the graphic to see a full-size version. (Irwin Chen/Redub LLC) Every year, people give the government millions of dollars in gifts to reduce the national debt. The government reports the total value of the contributions, but it doesn't say anything about the size of each donation, or how many gifts there are. We wanted to learn more, so we submitted a Freedom of Information Act to the Treasury Department asking for details; they responded with a spreadsheet listing the amount of every donation they've received for the past five years. The details are pretty interesting. As the graphic above shows, more than 1,500 people gave gifts of $100 or less (including a bunch of jokers who donated one cent). But there were some big donations as well -- 17 gifts were for more than $100,000. The biggest donation was for more than $1.5 million. Still, as that giant red circle on the right shows, the sum total of the gifts -- just over $11 million -- is a microscopic dot compared to the national debt, which is nearly $13 trillion. The full graphic doesn't fit on the blog -- that's just a thumbnail above. Click here, or on the graphic itself, to see a full-size version. The Treasury didn't provide us any information about who these gifts came from. If you've given (whether it was $1.5 million or one cent) please let us know in the comments section below. Here's the spreadsheet that has all the data. If you see any interesting trends in there -- or come up with a clever way to graph the numbers -- send us an email. For more on gifts to reduce the debt, listen to our story on Thursday's Morning Edition. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 26 May 2010 | 6:26 pm Apple’s market value overtakes MicrosoftPersonal triumph for a chief executive who has consistently defied conventional wisdom and taken huge risks in new industriesSource: Financial Times - US homepage | 26 May 2010 | 6:11 pm Scramble to escape capital gains taxAnxious investors are preparing to offload second homes and shares in an attempt to avoid a government tax raid that is causing growing fury among Conservative ranks. Source: Latest Business News from Times Online | 26 May 2010 | 6:01 pm Furious investors revolt over 200% bonus limit for Rio Tinto chiefsRio Tinto suffered one of the biggest rebellions over investor pay this year, sparked by potential bonus payments for executives. Source: Latest Business News from Times Online | 26 May 2010 | 6:01 pm City dismisses call for sharp rise in ratesThe Bank of England should raise interest rates this year and push them as high as 3.5 per cent by the end of next year to stave off the threat of rising inflation, the Organisation for Economic Co-operation and Development said yesterday. Source: Latest Business News from Times Online | 26 May 2010 | 6:01 pm Lehman sues JPMorgan for billions in damagesNEW YORK (Reuters) - Lehman Brothers Holdings Inc on Wednesday sued JPMorgan Chase & Co , accusing the second-largest U.S. bank of illegally siphoning billions of dollars of desperately-needed assets in the days leading up to its record bankruptcy.
Source: Reuters: Business News | 26 May 2010 | 5:56 pm Obama warns on ‘risky’ fossil fuelsPresident Barack Obama said the US would not be able to sustain the kind of ‘risky’ exploitation of fossil fuels that caused the Gulf of Mexico oil spill, as he prepared to announce sweeping new regulations for offshore drilling.Source: Financial Times - US homepage | 26 May 2010 | 5:55 pm Super Fund shops for Kiwi businessesThe NZ Super Fund is "going hard" on the acquisition trail for stakes in prime New Zealand assets like rural land, state-owned enterprises, smaller high-growth companies and iwi businesses.A "request for information" - or RFI...Source: nzherald.co.nz - Business | 26 May 2010 | 5:30 pm Investor warnings over Prudential's AIA dealPrudential's controversial plan to buy AIA has been given an "amber-top" warning by the Association of British Insurers, as a group of influential investors looked set to challenge the $35bn (£24.5bn) deal.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 26 May 2010 | 5:04 pm Write-Offs: 05.26.10
$$$ Goldman Sachs Girds for Battle With the SEC Over Fraud Case [CNBC] $$$ Managers Prefer European Stocks Without Much Europe [Bloomberg] $$$ Ken Langone still not feeling good about Spitzer but can appreciate Ashley Dupree [NYO] 
 Source: Dealbreaker | 26 May 2010 | 5:01 pm Lehman sues JPMorgan over its collapseLehman Brothers' bankruptcy estate filed suit against JPMorgan Chase Wednesday, alleging that the bank demanded billions of dollars more than it needed in the firm's final days contributing to Lehman's ultimate demise.Source: Business and financial news - CNNMoney.com | 26 May 2010 | 4:47 pm AIG looks to offload struggling unitAIG is eyeing a sale of its consumer finance unit American General Finance in an effort to raise funds to repay the US government and divest a non-core business that suffered badly duringSource: Financial Times - US homepage | 26 May 2010 | 4:45 pm Bacchus Sees Global `Hunger’ For Limited Resources: BLAWSource: Bloomberg - All Podcasts | 26 May 2010 | 4:37 pm Summary Box: Stocks give up gains after euro drops (AP)AP - LATE REVERSAL: A slumping euro upended a stock market advance Wednesday. The drop in the currency came after a report that China might re-examine its holdings in European government debt.Source: Yahoo! News: Stock Markets News | 26 May 2010 | 4:20 pm Stocks fade late as euro sinks; Dow ends under 10K (AP)
Source: Yahoo! News: Stock Markets News | 26 May 2010 | 4:14 pm How the major stock indexes fared on Wednesday (AP)AP - A drop in the euro set off a late-day slide in stocks Wednesday and sent the Dow Jones industrial average to its first close below 10,000 in nearly four months.Source: Yahoo! News: Stock Markets News | 26 May 2010 | 4:10 pm Another Milestone For Apple: Passing MicrosoftBy Jacob Goldstein Apple passed Microsoft today to become the world's biggest technology company, as measured by market cap. Market cap moves with stock price, so the two companies could easily trade places again. Microsoft still makes more money than Apple -- $4 billion in profit in the first quarter of this year, compared to $3 billion for Apple. But Apple's profits have been growing much, much faster than Microsoft's over the past several years. And Apple's higher market cap ($223 billion, compared to $219 billion for Microsoft) suggests investors are betting the rapid growth will continue. Here's a chart from Google Finance that compares the performance of the stocks over the past few years: 
Sill, Apple does have some troubles of its own. There has been a recent string of suicides at a factory in China that assembles electronics for Apple and other major technology brands. Apple said today that it's "saddened and upset" and is investigating, Bloomberg News said. The executive director of a New York-based group called China Labor Watch said the factory is a sweatshop that "tramples" workers' personal values, according to Bloomberg. The factory has denied this. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 26 May 2010 | 4:07 pm CNN bolsters profits even as ratings slumpThe cable news channel aims to deliver its most profitable year in its 30-year history in 2010 even as the network suffers its worst US ratings in memorySource: Financial Times - US homepage | 26 May 2010 | 4:06 pm Quadrangle calls in bankers to weigh optionsQuadrangle, the US private equity firm co-founded by former Obama administration car tsar Steven Rattner, is considering options that could include a saleSource: Financial Times - US homepage | 26 May 2010 | 4:03 pm How to Secure Your Facebook Account (Consumer Action)The social media site's new privacy settings fall short, experts say.
Source: SmartMoney.com | 26 May 2010 | 3:53 pm Q&A: Procter & Gamble CEO Bob McDonaldThe consumer goods giant wants a billion new customers in five years.
Source: SmartMoney.com | 26 May 2010 | 3:44 pm 3 Stocks That Gained While Others Fell (Screens)Hough: U.S. shares have tumbled recently, but these have done well.
Source: SmartMoney.com | 26 May 2010 | 3:37 pm Highfields’ Jacobson Worried About the “Clowns” in Washington
Via Barron’s: “I’m worried,” Jacobson said. Not about Euro contagion, or China, etc. “what I’m actually worried about are both the clowns and the climate in Washington. There’s no leadership on either side of the aisle. States are bankrupt, they’re the US equivalent of Greece, Spain, and Italy.” Washington is kicking can down the road with public finances, thinks Jacobson.
Source: Dealbreaker | 26 May 2010 | 3:35 pm Disney worker arrested in insider trading schemeThe FBI has arrested a Disney employee and her boyfriend Wednesday on charges that the couple tried to sell inside information about the company to hedge funds, federal regulators said.Source: Business and financial news - CNNMoney.com | 26 May 2010 | 3:23 pm The Euro, Solar, NYC Tourism, U.S. Home Sales: Taking StockSource: Bloomberg - All Podcasts | 26 May 2010 | 3:23 pm Summary Box:: Uniform 'audit trail' proposed (AP)AP - A NEW SYSTEM FOR TRACKING ORDERS: Federal regulators are moving toward requiring a uniform system for tracking all securities orders on U.S. exchanges. The aim is to make it easier to monitor trading and investigate market disruptions like the May 6 "flash crash."Source: Yahoo! News: Stock Markets News | 26 May 2010 | 2:55 pm Presented By:Source: Dealbreaker | 26 May 2010 | 2:50 pm Blanche Lincoln’s Derivatives Provision All But Dead Now
In a briefing for reporters today, Assistant Treasury Secretary Michael Barr said the derivatives rules were not part of the administration’s four “core objectives” for financial reform. Translation: The Lincoln legislation can die a slow death for all we care.
Both the House and Senate have approved the overall package of financial reform legislation. The two bills will be reconciled in a conference between the two chambers starting in early June. They hope to deliver a final bill to President Obama before July 4.
Source: Dealbreaker | 26 May 2010 | 2:50 pm Some Days, The Lucky Brass Balls Don’t Even Work
Also, Balls has a $27 price target on on BAC. Related: David Tepper’s Lucky Charm(s)
Source: Dealbreaker | 26 May 2010 | 2:48 pm Dow Falls; First Close Below 10K Since Feb. (Market Update)New home sales data and a brighter global forecast could not sustain early gains.
Source: SmartMoney.com | 26 May 2010 | 2:45 pm VeriFone Winning Back Confidence (PAY)Winning back the confidence of investors is no easy task after accounting irregularities or after scandals involving the books. However, winning back investor confidence is what VeriFone Systems Inc. (NYSE: PAY) seems to be doing. With its old blow-up woes behind it, VeriFone has just beaten its earnings expectations for what looks to be the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 26 May 2010 | 2:42 pm Treasury whittles away at its Citi stakeSource: Business and financial news - CNNMoney.com | 26 May 2010 | 2:38 pm Demand Picks Up for University Endowments (Education and Your Money)Should colleges entrust endowments to outside financial services companies?
Source: SmartMoney.com | 26 May 2010 | 2:28 pm Gov't balances BP punishment, clean upBP is trying yet another maneuver to plug the leaking oil well in the Gulf of Mexico. In the meantime, the government is under pressure to punish BP, but doesn't want to distract the company from the clean-up effort. Jeff Tyler reports.Source: Marketplace | 26 May 2010 | 1:18 pm Facebook's privacy vs. biz challengeFacebook is balancing privacy expectations with the need to make money. Recent changes to the social-networking site have left many users feeling exposed. Today, Facebook rolled out new privacy controls meant to stem the controversy. Jeff Horwich reports.Source: Marketplace | 26 May 2010 | 1:18 pm Will Facebook's privacy changes work?Facebook users have become increasingly concerned about the website's privacy settings. Slate tech columnist Farhad Manjoo talks with Kai Ryssdal whether Facebook's new privacy system will divert people from walking away and what the site needs to grow as a business.Source: Marketplace | 26 May 2010 | 1:18 pm New Yorker eyes flat rate for all accessWith so many new platforms -- Kindles, iPads and smartphones -- publishers are facing a whole new discussion about how to charge for content. The New Yorker said it's planning to offer a flat-rate subscription for its content across all platforms. Alisa Roth reports.Source: Marketplace | 26 May 2010 | 1:18 pm U.S. spending pile up will lead to crashThe American labor market is still shaky. We've started adding jobs, but more than 8 million jobs have disappeared over the past two and a half years. A news story the other day got David Frum thinking about jobs and the economy, and where we might be headed.Source: Marketplace | 26 May 2010 | 1:18 pm Cleveland mayor's lighting plan fizzlesCleveland's mayor wants to find a company to supply energy-efficient lighting across the city. But he also wants that company to set up shop in the city to create jobs. Dan Bobkoff reports his first attempt didn't quite work out.Source: Marketplace | 26 May 2010 | 1:17 pm Small banks worry over financial reformBig investments banks like Goldman Sachs are keeping an eye on the financial reform bill, but so are small banks. Sarah McCammon reports many community banks are just as worried about how the bill could affect them.Source: Marketplace | 26 May 2010 | 1:17 pm Disney pair charged with insider tradingA Walt Disney employee and her boyfriend have been arrested and charged with offering to sell price- sensitive information about the US media group to hedge fundsSource: Financial Times - US homepage | 26 May 2010 | 1:17 pm Goldman Sachs Not Only Wall Street Firm To Get In On Icing Phenom
Not even going to comment on Raymond James, which we figured has been doing this thing since before it had a name. What we are going to harp on is that this is an embarrassment, for the rest of the hedge fund community. YOU’RE GOING TO LET DE SHAW BE THE ONLY ONE?! Unacceptable. You people need to rectify this and fast. Citadel, Tudor, Kynikos, Appaloosa, RenTec, Harbinger, Ping Capital, SAC– you should have a bottle down your pants and be ready to whip it out on a colleague stat. Make this happen and remember that if there aren’t pictures it didn’t happen at all. Update: Points system is as follows: • 1 point for doing this period Feel free to offer more point-based suggestions for consideration (do you get more points for icing a CFA or MBA? And so on and so forth).
Source: Dealbreaker | 26 May 2010 | 1:15 pm Goldman’s High Borrowing Costs (GS)Back in the liquidity bubble, corporate bond spreads were tight. Very tight. Sometimes as little as 50 or 75 basis points for those deemed a solid investment grade, and sometimes even tighter than that. The credit crunch and then the financial meltdown changed all that, probably for years and years. Goldman Sachs Group Inc. (NYSE: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 26 May 2010 | 1:03 pm Joe Perella Wants You to Stop Whining About Higher Taxes
Perella Sounds Off On Taxes [NYT]
Source: Dealbreaker | 26 May 2010 | 1:00 pm Changes to U.S. taxing after deathBoston College Professor Ray Madoff talks with Kai Ryssdal about her new book "Immortality and Law," and why dead doesn't really mean dead anymore -- financially speaking -- because states have started extending to some of the dead permanent control over their trusts and estates.Source: Marketplace | 26 May 2010 | 12:49 pm Facebook acts to appease critics on privacyFacebook introduced drastically simplified privacy controls in an effort to appease regulators and advocacy groups who have criticised the world’s largest social network for taking liberties with user dataSource: Financial Times - US homepage | 26 May 2010 | 12:44 pm Kraft censured over Cadbury dealUS group Kraft Foods has been censured by the UK mergers watchdog for making promises it could not keep during its £11.7bn takeover bid for Cadbury this yearSource: Financial Times - US homepage | 26 May 2010 | 12:39 pm Eddie Lampert Takes 15 Percent Beating This Month
Here’s some other results. Viking Global – down 4.9 percent Shumway Capital – down 10 percent Millennium – down 1.5 percent though May 20 SAC – down 2.9 percent Third Point – down 4.5 percent through May 19 For Investors, May Looks to Be Cruel Month [Hedge Fund Alert]
Source: Dealbreaker | 26 May 2010 | 12:39 pm Apple briefly becomes largest tech company (Reuters)Reuters - Apple Inc briefly became the largest tech company in the world by market capitalization on Wednesday, after surpassing Microsoft Corp's market value, according to Reuters data.Source: Yahoo! News: Stock Markets News | 26 May 2010 | 12:30 pm L'Oreal Raised to `Buy,' Dreamworks Cut to `Hold': AudioSource: Bloomberg - All Podcasts | 26 May 2010 | 12:27 pm Rangers, WaMu, Chemtura: Bloomberg Law Bankruptcy ReviewSource: Bloomberg - All Podcasts | 26 May 2010 | 12:24 pm Blockbuster Can’t Reduce Debt, Faces Bankruptcy (BBI, NFLX, WMT, NCR)When Blockbuster Inc. (NYSE:BBI) filed its 2009 annual report in March, it included the dreaded “going concern” sentence, indicating that it needed to boost its operating income and restructure its debt. Its first quarter report released on May 13th showed the company’s operating income was not positive and the debt restructuring didn’t happen although total [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 26 May 2010 | 12:22 pm Pabst Blue Ribbon: $250 Million In Hipster Gold (Scott via Flickr) By Jacob Goldstein Three things to know about Pabst Brewing Company, of Pabst Blue Ribbon fame: 1. The guy who used to own Pabst died, and left the company to a charitable foundation. The IRS isn't happy about that. 2. Sales have been rising (thank you, Williamsburg), and the company may soon be bought for $250 million. 3. Pabst is a "virtual brewer" -- it pays other companies to make its beer. The Pabst Brewing Company actually owns lots of brands, including Old Milwaukee, Colt 45 and Schlitz. A guy named Paul Kalmanovitz owned the company back in the day. Kalmanovitz was a Polish immigrant who came to this country, got rich, and once offered to donate $15 million to erect a Statue of Justice in San Francisco Bay. (Like the Statue of Liberty, only for justice.) When he died in 1987, he left Pabst Brewing to a charitable foundation. But charitable foundations aren't supposed to own for-profit companies; the IRS initially gave the foundation a 2005 deadline for selling the company, but that got pushed back when a buyer couldn't be found, according to the Milwaukee Journal Sentinel. In the meantime, sales of Pabst's namesake beer, Pabst Blue Ribbon, have been strong: Retail sales rose 30% in a year, Fortune said last December. The beer is cleverly marketed, and hipsters like beer. Pabst contracts out its brewing to other companies, including MillerCoors, Fortune says. But a Pabst brewmaster oversees the recipes. Last fall, the company hired Bank of America/Merrill Lynch to explore a sale -- somewhere in the neighborhood of $300 million. Now, the company has reached a deal to sell itself for $250 million, this morning's WSJ reports. The buyer is C. Dean Metropoulos, a food magnate who built consumer brands including Vlassic Pickles and Bumble Bee Tuna. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 26 May 2010 | 11:39 am Joshua Shapiro, Mark Swartzenberg: Bloomberg On the EconomySource: Bloomberg - All Podcasts | 26 May 2010 | 11:33 am Levitt, Gartman, Baker, Kasman, Chandler: SurveillanceSource: Bloomberg - All Podcasts | 26 May 2010 | 11:30 am Honda Looks to China for Battery-Powered Autos (HMC, TM, F, BRK-A, BYDDF)Without specifying a partner, the CEO of Honda Motor Co., Ltd. (NYSE:HMC) said yesterday that he hopes that his company can work with China to develop batteries for an all-electric vehicle . Of all the major auto makers, Honda has shown the least interest in building an EV. Toyota Motor Corp. (NYSE:TM) currently holds the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 26 May 2010 | 11:18 am Trader Takes Road Less Traveled When Breaking Into Mistress’s Apartment
 Tim...and on some occasions, "Kim" You’re a married trader carrying on an affair with a receptionist who’s only seeing you because you’ve promised to leave your wife. She wants a committed relationship so she breaks it off with you and starts seeing a new man, one who’s not married. You’re the jealous type and not happy at all about this. You want to do something, but what? For the purposes of this scenario, it should be noted that on good days you’re a little nuts and on bad you are a full on psycho. Do you a) send her a few messages, lie to her and swear that this time, you’re really going to break it off with your wife? b) confront the guy and settle things mano y mano c) break into her apartment and trash the place, knowing full well she’ll assume it’s you and maybe be scared into taking you back or d) break into her apartment, trash the place but in such a way that those examining the scene would think that you were 1) a woman and 2) the piece on the side of the guy your girl just started seeing? If you’re Timothy Evans, you’d answer D, D, a thousand times D!
Married trader ‘daubed graffiti over girlfriend’s walls and cut up clothes’ [Telegraph via BI]
Source: Dealbreaker | 26 May 2010 | 11:15 am CEO’s No One Gives A Rat’s Ass About Bravely Gave The Finger To 2009’s Compensation Trend
With all due respect of course. You want 20 mill? Sure, take it. Fill these garbage bags with as many unmarked hundos as you can cram in there. Whatever you want, no one cares. No one’s even paying attention, and that includes the Comp Cop, who was just happy to be able to cross “annoy the fuck out of Lloyd Blankfein, Jamie Dimon and that other one” and proclaim mission accomplished when they announced they’d each be taking home bupkus relative to previous years. JD’s pay dropped 96%, Blankfein dropped from the highest paid CEO in ‘08 to the 48th in ‘09, right next to Warren Buffett (who famously awards himself a mere 6 figures each year, which doesn’t seem like much until you factor in that he still pays prosties, his biggest expense, at 1955 rates), and Vikram got $1 (+ $128,750, compesation he earned before he boldly pledged to not take anything until Citi turned a profit). Naturally, Feinberg would like to give credit where credit is due (to himself), for these changes.
Source: Dealbreaker | 26 May 2010 | 11:08 am Big Unexpected Dividend Hikes (UNH, DE)The stock market’s recent sell-off and snap-back recovery have not stopped dividend hikes. There were two big ones this morning. The unexpected dividend hike came from UnitedHealth Group (NYSE: UNH). An unexpected, but manageable dividend hike came from Deere & Company (NYSE: DE). With the political world being extremely hard on health insurance providers, this [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 26 May 2010 | 10:57 am Stock Picks: Toll Brothers Up, TiVo Down (Market Movers)Home-buying trends lift Toll Brothers; TiVo falls on another quarterly loss.
Source: SmartMoney.com | 26 May 2010 | 10:03 am The World’s Most Lucrative Business MarketsWhat global business markets make people the most money? It depends. If following the law and paying taxes plays a role, oil, weapons, and alcohol are decent bets. For those who prefer the black market side of things, however, you can’t beat illegal products like drugs and counterfeits. We’ve combined the best of the world’s legal and black markets to provide a list of the world’s most lucrative business markets. Note: We determined this list based on the size of the market (hundreds of billions to trillions), the proportion of profits to revenues, and industry growth. Some markets have matured, but have the market size necessary for this list; others are still smallish, but growing so rapidly and profitably that we included them, too. Drugs
Two words best describe the global drug market: Insanely large. According to UNODC (The UN Office on Drugs and Crime), the global market for illicit drugs is worth more than $300 billion annually. If the drug black market were a country, its GNP would rank 21st in the world, after Sweden. Marijuana alone has a market value of $141.8 billion, according to the black-market research organization Havocscope. Add to that a $70 billion cocaine market, a $65 billion market for heroine and prescription drugs, respectively, and a $28 billion heroine market, and you just have the beginning. One can only marvel that governments are missing out on the taxation opportunity. Defense
Governments spend trillions per year on tanks, artillery, armored vehicles, aircraft, motor gunboats, missiles, and other defense goodies. Global military spending was $1.14 trillion in 2007. That number is only going up. Global defense industry profits increased 12.6% during 2007-8, according to Fortune. Global military spending is expected to increase 34% to $1.15 trillion by 2012. Who’s the biggest, baddest military spender of them all? That honor goes to the US, which spent $623 billion on defense in 2008. We’re also the world’s biggest military weaponry supplier. 9 of the 10 biggest profiteers of last year’s global war spend were US companies. Hey, at least we have one market that the recession hasn’t dry up. Prostitution
If you’ve ever slipped a sex worker money for sweet-tasting deeds, congratulations. You just contributed to a $108 billion market. Enslavement contributes to those high returns: Globally, a single woman sex slave earns her pimp up to $250,000/year. Who needs business school when you can build an empire of prostitutes? Although prostitution is more common in poor countries and around military bases, rich countries like the US certainly get their share. Here, prostitutes charge an average of up to $50 for oral sex, $100 for intercourse, and have 3-5 clients per day. If nothing else, the prostitution market is productive. Oil
The oil market, like its product, is vast, slippery and opaque. Nobody’s even sure what the market size is. According to one estimate, it’s worth a whopping $2.5 trillion. Underhanded deals and collusion play no small part in this (read this article for more), but even the legitimate numbers are impressive. Crude oil production profits increased 16.2% in 2007-8 alone. The 6 most profitable oil companies in the world—Exxon Mobil, Gazprom, Shell, Chevron, BP, and Brazil’s Petrobras—netted a total profit of $156 billion in 2008. Add to that peak oil’s potential supply shortages, OPEC’s ongoing legal collusion, a $12.5 billion oil smuggling black market, and shady commodities deals, and you have oil barons swimming in profits for the foreseeable future. Counterfeits
Counterfeiting continues to burgeon, especially with regards to technology and drugs. Check out these Havocscope market size numbers: • Counterfeit technology products: $100 billion The list above doesn’t include other lucrative counterfeit markets like clothing, shoes, and pirated music. Or fake medical devices, which make up a $7 billion market. Even more scarily, counterfeit airline parts are a $2 billion market. Cheapness, it seems, has no rational limits. Sports
Image: Shine 2010/Flickr No matter what country you’re in, you have a home team. You may own merchandise, like a baseball cap or mug, related to that team. You probably watch your team’s games on TV. You may even place the occasional bet on your team (unless you’re a Cubs fan). Around the world, there are millions, perhaps billions of people just like you. Thanks to your fandom, savvy merchants are cashing in big on TV rights, sponsorships, merchandise, hospitality, and the hundreds of other ways sports can make money. According to Plunkett Research, in the US alone, the “Big 4″–NFL, NBA, NHL and MLB–bring in $17 billion in annual revenue. “That’s just the tip of the iceberg,” says Plunkett: U.S. sporting equipment sales at retail sporting goods stores are roughly $41 billion yearly, according to U.S. government figures. A reasonable estimate of the total U.S. sports market would be $400 to $425 billion yearly. However, the sports industry is so complex, including ticket sales, licensed products, sports video games, collectibles, sporting goods, sports-related advertising, endorsement income, stadium naming fees and facilities income; that it’s difficult to put an all-encompassing figure on annual revenue. That’s the US alone. Now add in soccer, rugby, handball, table tennis, muay thai, and all those other sports the rest of the world loves. Sprinkle in global events for good measure–this year’s FIFA World Cup is expected to bring in about $3.4 billion in revenue–and sports is always in the running for the world’s most lucrative market. Gambling Last year, gross legal gaming revenues in the US were about $33 billion. Nevada alone was responsible for more than $10 billion of that. If you add other global gambling centers, such as Macau (which brought in $1.7 billion this February alone), Monte Carlo, Estonia, other legal global casinos bring that amount up substantially. Virtual venues also rake in returns. The American Gaming Association says that “Internet gambling revenue for offshore companies was estimated to be $5.9 billion in 2008 from players in the United States and $21.0 billion from players worldwide.” Take away the taxes, and gambling becomes a sea of profit. In the US alone, illegal sports wagers are worth as much as $380 billion annually, according to one National Gambling Impact Study Commission estimate. (About 92% of those earnings go to organized crime groups.) How big is illegal gambling? Perhaps Roger Dunstan sums it up best in this government report: “We are ignorant about the full extent of it.” Suffice to say, it is very lucrative. Banking
The recent global liquidity crisis brought down the pre-tax profits of the world’s top 1,000 banks to a measly $115 billion. Still, those same banks hold $800 trillion in assets. If those asset numbers go much higher, they’re going to be the first industry to introduce us to the concept of quadrillion. Investment banking fees alone made banks $66 billion in 2009. Nearly half of those revenues came from US banks, followed by Europe. That said, the world’s most profitable bank today is the Industrial & Commercial Bank of China, which made $16 billion in profits in 2008. Alcohol
The combined market cap of the world’s five biggest alcohol companies is $227 billion. Nearly 200 billion liters of alcohol were sold in 2004; that number has since gone up, thanks in large part to developing countries in Eastern Europe and Asia. Still, “the leading alcohol marketing companies are nearly all headquartered in developed nations, rank among the world’s largest transnational corporations, and rely on large marketing budgets to dominate the market and extract oligopoly profits,” according to the World Health Organization. They profit heavily off those addicted to their products. In the US, for example, the “top top 5% of drinkers consume about 42% of the alcohol sold,” according to Corporations and Health. Add in minors, who consume about 17.5% of total alcohol sold, and binge drinkers, and you have an ongoing lucrative proposition. Pornography How big is porn? Well, how big do you want it to be, baby? Porn sales statistics are notoriously hard to get your hands on. Everyone seems to have a size estimate, but nobody has an accurate measuring stick to see how big the industry really is. One 2006 estimate has the global porn industry at $97 billion in revenues. Although piracy is eating into the profits of more traditional outlets like paid online subscriptions and DVDs, underpaid porn stars and nearly infinite distribution channels ensure that the industry remains strong. Everyone from Verizon (smartphone porn) to Marriott (pay-per-porn) profits off the stuff. According to one estimate, 28,000 Internet users are watching porn every second. Adult-oriented video games, magazines, anime and manga also diversify porn’s income channels. Even though the economies of porn market leaders Great Britain, South Korea, and the US have have slumped, peoples’ sex drive hasn’t. Pharmaceuticals
Yet patent expirations threaten the pharma industry’s profit engine. The US, which boasts some of the world’s most profitable pharma companies, has a big patent cliff coming in 2012. Pharma companies are scrambling to find new drugs, redefine old ones, and sell to new markets to retain their bite of the profit pie. Entertainment Combating boredom has always been good business. Whether it’s paying $20 for a 3-D Shrek movie or being one of 11 million people to buy a copy of Halo 3, consumers always seem to have entertainment money on hand. The US is the biggest entertainment market in the world, raking in an estimated $726 billion this year (PWC projection). The lowly TV, it turns out, still has a lot of cash-cow power. TV ads are estimated to make more than $200 million of that. Hollywood movie studios will make most of their profits from come from TV licensing. Computer and video game software, meanwhile, made $11.7 billion in 2008. The number of games sold worldwide continues to grow. On the international stage, Asia is catching up, with a projected $425 billion entertainment market this year. China is leading the pack; some say the Chinese film industry will be bigger than the US’s by 2050. Even if we’re all watching movies on our iPads in a few years, entertainment in its many forms will continue to be one of the most lucrative markets around. Human Trafficking
Human trafficking could be the ultimate organized crime. Essentially, people are tricked or stolen away from their homes and turned into slaves. Girls and women become prostitutes, children are trafficked for adoptions purposes, still others are forced into bondage as laborers. Human trafficking is worth a relatively paltry $32 billion today, but it’s the fastest growing organized crime in the world. At least 27 million people around the world were slaves in 2008, according to American Public Radio. That number will only go up. In Europe and North America, sex trafficking alone generated as much as $9 billion in 2004. When you consider the low overhead involved, human trafficking could be one of the most profitable businesses around.
Source: Business Pundit | 26 May 2010 | 9:00 am Space Shuttle Landing Has Scary Implications
The space shuttle Atlantis landed in Florida one last time today, after its final scheduled mission. Atlantis is part of an aging fleet that the Obama administration will retire this year. The Discovery and Endeavour shuttles are expected to make their last trips this year as well. Atlantis may be used in rescue missions in the next couple of years. After that, the space shuttle will probably retired to a museum. Bloomberg Businessweek has more: The space shuttle program was canceled under President George W. Bush’s Constellation plan, which envisioned a return to the moon in a new spacecraft as a steppingstone to further exploration of the solar system. President Barack Obama in February announced a plan for the National Aeronautics and Space Administration that would scrap Constellation and direct the agency to focus instead on developing rocket systems that might eventually take humans into deep space. Private companies would build vessels to carry astronauts into orbit, especially to the space station, under that program. Some astronauts are opposing the Obama plan, as are the states where NASA operations are based, particularly Texas and Florida, according to Bloomberg Businessweek: (Astronaut Neil) Armstrong and NASA Administrator Charles Bolden are among witnesses scheduled to testify today during a hearing on the president’s plan before the House Committee on Science and Technology in Washington. Senator Kay Bailey Hutchison of Texas, the ranking Republican on the Commerce, Science and Transportation Committee, introduced a bill in March that would extend funding for the shuttle as work continues on the next generation of space vehicles. Texas is home to the Johnson Space Center in Houston, which serves as mission control for U.S. human space flight. States defending their NASA bases isn’t the only economic reason we should be concerned about the space shuttle program going dormant. Space exploration is a powerful symbol, especially when it’s visible to the public. From the looks of it, America’s space program won’t be visible, at least for a little while. That’s scary, especially in a time of economic decline. If our program appears to go dormant, we’re giving other countries room to take our leadership position. China, India, and Russia all have active space programs, and they’re not saving a seat for us. The New York Times’ Freakonomics has a great post on additional reasons we should take space exploration seriously as an economic force: …our future scientific and technological leadership depends on exciting creativity in the younger generations. Nothing does this better than manned space exploration. There is now a national urgency to direct the creative interests of our youth towards careers in science and engineering. Economic, scientific and technological returns of space exploration have far exceeded the investment. … Royalties on NASA patents and licenses currently go directly to the U.S. Treasury, not back to NASA. Right now, all of America’s human space flight programs cost around $7 billion a year. That’s pennies per person per day. In 2006, according to the USDA, Americans spent more than $154 billion on alcohol. We spend around $10 billion a month in Iraq. And so on…Money alone is not a way to gauge the worthiness of the cost of exploring space. Asking if space exploration — with humans or robots or both — is worth the effort is like questioning the value of Columbus’s voyages to the New World in the late 1490s. The promise at the time was obvious to some, but not to others. Is manned space exploration worth the cost? If we Americans do not think so, then why is it that nations such as China and India — nations with far greater social welfare issues to address with their limited budgets — are speeding up their space exploration programs? I agree that space exploration should be a visible priority. It would be an especially powerful morale booster during today’s recession. It’s the one area where I wouldn’t mind if politicians spent a lot of money just to do something symbolic.
Source: Business Pundit | 26 May 2010 | 8:33 am Brzeski on Europe, McKee on China: First WordSource: Bloomberg - All Podcasts | 26 May 2010 | 8:03 am John Cornyn Discusses Richard Blumenthal: Political CapitalSource: Bloomberg - All Podcasts | 26 May 2010 | 7:48 am Gold Rising as Weaker Euro Spurs Speculation: AudioSource: Bloomberg - All Podcasts | 26 May 2010 | 7:44 am Boost Continues For 'Too Big To Fail' BanksBy Jacob Goldstein The biggest banks in America get a boost to their credit ratings because everybody knows the government will bail them out if they get into trouble. Standard & Poor's even says exactly how big the too-big-to-fail boost is: three notches each for Citigroup, Bank of America and Morgan Stanley, and two notches for Goldman Sachs. The banks have said that a downgrade of even one notch would force them to post billions of dollars in collateral, Bloomberg News notes. That in turn would leave them less money for making potentially profitable bets. The financial-reform bill passed by the Senate explicitly bans government bailouts for failing banks. But, for now at least, the banks still have the implicit backing of the government, according to S&P. The Senate bill still has to be reconciled with the House bill and signed into law, so it's still unclear what the final details will be, and how they'll affect banks' too-big-to-fail status. "We do not expect [the bill's] effect, if any, on the ratings of financial institutions to be clearer until more information is available concerning implementation details and transition issues," S&P analysts wrote yesterday, according to the WSJ. "This assessment could take several months, even after the bill is passed into law." Meanwhile, the ratings agencies themselves may also face some big changes under the new law. For more on that, see this post from earlier this month. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 26 May 2010 | 7:35 am Korean Crisis Trips Up the Recovery (Market Update)WHAT'S HAPPENING NOW: As tensions mount, markets could go into another tailspin.
Source: SmartMoney.com | 26 May 2010 | 5:19 am How to Ruin Indie Cred
Source: Business Pundit | 26 May 2010 | 4:59 am
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