Markets reflect on month of high drama

As the curtain prepares to come down on a month of high drama in the markets, investors close positions ahead of long weekends in the UK and US
Source: Financial Times - US homepage | 28 May 2010 | 4:14 am

Gulf Coast awaits word that oil flow has stopped (AP)

This image made from video released by British Petroleum (BP PLC) early Friday morning, May 28, 2010 shows drilling mud escaping from the broken pipe on the gushing oil well in the Gulf of Mexico. BP started pumping heavy mud into the leaking Gulf of Mexico well Wednesday and said everything was going as planned in the company's boldest attempt yet to plug the gusher that has spewed millions of gallons of oil over the last five weeks. (AP Photo/BP PLC) NO SALESAP - It could be late Friday or over the Memorial Day weekend before the world knows if BP's latest effort has succeeded in stopping the surge of oil in the Gulf of Mexico that has already surpassed the Exxon Valdez disaster as the biggest oil spill in U.S. history.



Source: Yahoo! News: Business News | 28 May 2010 | 3:59 am

Prudential in fresh talks on AIA

Prudential has confirmed it is in talks to renegotiate its deal to take over the AIG's Asian business AIA.
Source: BBC News | Business | World Edition | 28 May 2010 | 3:54 am

Crowds gather for UK iPad launch

Hundreds of people gather at Apple's flagship London store as the company's high-profile iPad goes on sale around the world.
Source: BBC News | Business | World Edition | 28 May 2010 | 3:52 am

Shell agrees to buy US rival for $4.7bn$

Royal Dutch Shell has agreed to buy East Resources, the US natural gas explorer, for $4.7 billion ($£3.2 billion).


Source: Latest Business News from Times Online | 28 May 2010 | 3:50 am

Indications: U.S. stock futures edge higher as May winds down

U.S. stock futures leaned higher Friday, with markets looking set for a quiet finish to a volatile week ahead of the release of several economic indicators.



Source: MarketWatch.com - Top Stories | 28 May 2010 | 3:50 am

The iPad Goes To Asia

Apple Inc (NASDAQ: AAPL) has begun to sell its highly successful iPad in Asia. The company shipped one million units in the first month it was sold  in the US. There was a shortage of the tablet in some Apple stores, and the overseas debut of the computer was delayed because the company underestimated demand. [...]

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Source: 24/7 Wall St. | 28 May 2010 | 3:49 am

BP 'top kill' resumes as Gulf of Mexico oil spill clean-up costs near $1bn

Too early to tell if its "top kill" operation to plug biggest oil spill in US history has worked, says oil group as disaster costs rise.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 28 May 2010 | 3:48 am

Apple strikes again: Lines form for the new iPad (AP)

People queue outside an Apple store in Zurich when the sale of the iPad started in Switzerland on Friday, May 28, 2010. (AP Photo/Keystone, Steffen Schmidt)AP - Shoppers are mobbing Apple's flagship store in London in hopes of getting the gadget of the moment — the iPad.



Source: Yahoo! News: Business News | 28 May 2010 | 3:40 am

Shell buys US company East Resources for $4.7B (AP)

AP - Royal Dutch Shell PLC says it has agreed to buy East Resources Inc., a major owner of shale gas holdings in the United States, for $4.7 billion from private investors.
Source: Yahoo! News: Business News | 28 May 2010 | 3:38 am

Why Verizon isn't getting the iPhone

It's that time of year again: The weather is getting warmer, Apple's annual Worldwide Developers Conference is just around the corner, and rumors about the iPhone coming to Verizon are sprouting up.
Source: Business and financial news - CNNMoney.com | 28 May 2010 | 3:36 am

Shell pays $4.7 billion for strategic natgas play

AMSTERDAM (Reuters) - Royal Dutch Shell said it would pay $4.7 billion cash to buy privately held East Resources Inc, giving it substantially more exposure to crucial shale gas plays in North America.



Source: Reuters: Business News | 28 May 2010 | 3:35 am

China Workers Strike, Labor Issues Move Beyond Europe

China’s financial sovereign interests are worried about Europe, and there are rumors that they may sell debt from the region if it does not stabilize. Part of the trouble in the Eurozone is that public employees are striking to resist the pay cuts that come with austerity. That, in turn, could undermine future GDP growth. [...]

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Source: 24/7 Wall St. | 28 May 2010 | 3:32 am

World Cup 'to hit' 888's profits

Online gaming company 888 Holdings warns on profits as it says weak trading to be hit further by the World Cup.
Source: BBC News | Business | World Edition | 28 May 2010 | 3:30 am

Stocks poised to rise

U.S. stocks were set for a positive start Friday, as investors set their sights on extending the previous session's big rally.
Source: Business and financial news - CNNMoney.com | 28 May 2010 | 3:28 am

£30m sits unused on travel cards

Almost £30m has has been left unused on Oyster pay-as-you-go (PAYG) for at least a year, the BBC learns.
Source: BBC News | Business | World Edition | 28 May 2010 | 3:27 am

European stocks climb after big Wall Street gains (AP)

Traders work on the floor at the New York Stock Exchange Thursday, May 27, 2010, in New York. (AP Photo/Seth Wenig)AP - European stock markets rose Friday after big gains on Wall Street as China's expression of confidence in Europe's ability to restore its financial stability eased worries about the region's government debt crisis.



Source: Yahoo! News: Stock Markets News | 28 May 2010 | 3:25 am

European stocks climb after big Wall Street gains (AP)

Traders work on the floor at the New York Stock Exchange Thursday, May 27, 2010, in New York. (AP Photo/Seth Wenig)AP - European stock markets rose Friday after big gains on Wall Street as China's expression of confidence in Europe's ability to restore its financial stability eased worries about the region's government debt crisis.



Source: Yahoo! News: Business News | 28 May 2010 | 3:25 am

Japanese car output sees increase

Japanese car makers saw strong growth in sales and production in April, thanks to increased demand abroad.
Source: BBC News | Business | World Edition | 28 May 2010 | 3:23 am

The French Question Euro Bailout

The German’s are known for being sticklers about rules. The French not so much. But, Pierre Lellouche, France’s European minister, told the Financial Times that the bailout of Greece and the $1 trillion safety net fund, which have made it difficult for weak nations like Spain to raise money, violate the EU’s rules. He said [...]

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Source: 24/7 Wall St. | 28 May 2010 | 3:17 am

BP's spill costs hit $930 million

LONDON (Reuters) - BP Plc still does not know whether its "top kill" operation designed to plug the biggest oil spill in United States history will be successful and puts the cost of tackling the disaster so far at $930 million.



Source: Reuters: Business News | 28 May 2010 | 3:17 am

Work resumes to plug US oil well

BP resumes its operation to plug the Gulf of Mexico oil leak as US President Barack Obama defends his handling of the disaster.
Source: BBC News | Business | World Edition | 28 May 2010 | 3:14 am

AccountNow Strikes Gold With New Visa(R) Prepaid Card


Source: RSS feed - channel BNewsBusiness | 28 May 2010 | 3:14 am

Taiwan's Foxconn raising pay for workers (AP)

Members of a Taiwan labor group stage a rally outside Hon Hai Precision Industry, the Taiwanese parent company of Foxconn, on Friday, May 28, 2010, in Taipei, Taiwan, following a series of suicide deaths of Foxconn employees in China. A Foxconn Technology worker tried to kill himself Thursday, becoming the 13th person to commit suicide or attempt to do so this year at the company, which makes high-tech products for industry giants such as Apple, Dell and Hewlett-Packard, state media said. The banner in front bottom reads: 'What's the Price of the Human Body?' (AP Photo/Chiang Ying-ying)AP - The Taiwanese electronics company buffeted by a spate of suicides at its China factories said Friday it will raise the pay of workers by an average of 20 percent.



Source: Yahoo! News: Business News | 28 May 2010 | 3:12 am

Prudential, AIG in talks about AIA sale (AP)

Harvey McGrath, left, chairman of Prudential and Hong Kong Exchanges & Clearing Limited Chairman Ronald Arculli toast during the ceremony of the listing of Prudential in the Hong Kong Stock Exchange Tuesday, May 25, 2010. McGrath said Tuesday he's confident the British insurer can secure shareholder approval for its planned $35.5 billion takeover of Asia-based AIA Group from bailed-out U.S. insurer AIG. (AP/Kin Cheung)AP - Prudential PLC said Friday it is talking with U.S. insurer AIG about the terms for the proposed sale of AIG's Asian unit, AIA, a deal which faces strong resistance from Prudential shareholders.



Source: Yahoo! News: Business News | 28 May 2010 | 3:11 am

Seoul to lobby Beijing over North Korea

Wen Jiabao is to hold talks on Saturday with the leaders of South Korea and Japan, who will try to persuade him not to block action against Pyongyang at the UN Security Council
Source: Financial Times - US homepage | 28 May 2010 | 3:08 am

TARP's tiniest failures add up

It might seem that the banking sector's bailout saga is nearing its close, leaving room to focus on other catastrophes like the European debt crisis or the Gulf oil spill, but some small banks across the country that benefited from TARP are still struggling to stay afloat, and many more will likely fail.
Source: Business and financial news - CNNMoney.com | 28 May 2010 | 3:06 am

Prudential Purchase Of AIA: US Taxpayers Don’t Offer Bargains

Prudential plc, anxious to buy the AIA unit of American International Group (NYSE: AIG), can’t raise the money. So, the firm wants a better price than the $35.5 billion it agreed to pay. AIA is the huge Asian unit of AIG. Prudential agreed to buy it and then tried to raised the money. Investors thought [...]

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Source: 24/7 Wall St. | 28 May 2010 | 3:01 am

Profiting When Growth Meets Value

Arthur Moretti sees opportunity in the convergence between growth and value.



Source: SmartMoney.com | 28 May 2010 | 3:01 am

Where Have All the IPOs Gone? (Broker Talk)

Market volatility has created a hostile environment for going public.



Source: SmartMoney.com | 28 May 2010 | 3:01 am

More Money or More Friends? Pick One (Money and Your Mind)

When it comes to happiness, money matters -- but not the way you think.



Source: SmartMoney.com | 28 May 2010 | 3:01 am

4 Tips for Renting Out Your Vacation Home

How to snag your piece of the $24 billion vacation-rental market.



Source: SmartMoney.com | 28 May 2010 | 3:01 am

The Week in Business Tweets: Pain & Profit (Twitter Beat)

Is Sumner Redstone squeezing the life from CBS and Viacom?



Source: SmartMoney.com | 28 May 2010 | 3:01 am

Currencies: Dollar gains on yen in Asian trading

The dollar gained against the yen in Asian trading Friday, getting a lift from a spate of weak Japanese data.



Source: MarketWatch.com - Top Stories | 28 May 2010 | 3:00 am

London Markets: Mining-sector gains help FTSE notch advance

Miners gained in British share trading on Friday, helping the FTSE 100 index advance for the third straight session.



Source: MarketWatch.com - Top Stories | 28 May 2010 | 2:59 am

Modifying your mortgage: Forms galore

Attention delinquent borrowers: If you want to get into the Obama administration's mortgage modification program, you'd better have your paperwork ready.
Source: Business and financial news - CNNMoney.com | 28 May 2010 | 2:57 am

Housing Market: U.S. Home Prices Show Signs of Revival (Time.com)

A sold sign is posted in front of a new home in a housing development in Pacifica, California. Sales of existing US homes rose more than expected in April as homebuyers rushed to meet a federal tax credit deadline and the economy showed signs of recovery, an industry group said Monday.(AFP/Getty Images/Justin Sullivan)Time.com - For the first time in years, it appears, now is actually a good time to buy a house



Source: Yahoo! News: Business News | 28 May 2010 | 2:55 am

Pru seeks to slash $35bn AIA price tag

Some shareholders remain concerned about the costs of the deal and the length of time it would take for them to obtain an acceptable return on their investment
Source: Financial Times - US homepage | 28 May 2010 | 2:54 am

Daimler's Mercedes-Benz unit sees higher earnings

Daimler AG’s Mercedes-Benz Cars unit said Friday it expected a higher operating profit in the second quarter than in the first, fuelled by ongoing strong growth in sales, particularly in China, the car maker’s third-biggest market.



Source: MarketWatch.com - Top Stories | 28 May 2010 | 2:37 am

Apple’s iPad in international debut

Apple’s iPad hit overseas store shelves, with buyers storming Japanese and Australian shops to be among the first outside the United States to snap up the long-awaited tablet PC
Source: Financial Times - US homepage | 28 May 2010 | 2:35 am

BP clean-up costs approach $1bn$

BP has spent $930 million on attempts to contain what is now officially the worst oil spill in US history.$


Source: Latest Business News from Times Online | 28 May 2010 | 2:35 am

2011 Ford Explorer gets domesticated

Rule number one in any industry is "adapt or die." That's why Ford Motor Co. is making some once-unthinkable changes to its next-generation version of the Ford Explorer SUV.
Source: Business and financial news - CNNMoney.com | 28 May 2010 | 2:34 am

Stock index futures mixed

(Reuters) - Stock index futures pointed to a mixed start for Wall Street on Friday, with futures for the Dow Jones, S&P 500 and Nasdaq trading flat to 0.3 percent lower by 0808 GMT (3:08 a.m. ET).



Source: Reuters: Business News | 28 May 2010 | 2:30 am

Stock index futures mixed (Reuters)

A trading specialist on the floor of the New York Stock Exchange, May 25, 2010. REUTERS/Brendan McDermidReuters - Stock index futures pointed to a mixed start for Wall Street on Friday, with futures for the Dow Jones, S&P 500 and Nasdaq trading flat to 0.3 percent lower by 0808 GMT (3:08 a.m. ET).



Source: Yahoo! News: Stock Markets News | 28 May 2010 | 2:30 am

Stock index futures mixed

(Reuters) - Stock index futures pointed to a mixed start for Wall Street on Friday, with futures for the Dow Jones, S&P 500 and Nasdaq trading flat to 0.3 percent lower by 0808 GMT...
Source: RSS feed - channel BNewsBusiness | 28 May 2010 | 2:30 am

Prepaid Card Industry Innovator Becomes CEO for Transact Network Limited


Source: RSS feed - channel BNewsBusiness | 28 May 2010 | 2:29 am

20 biggest CEO pay windfalls

Many executives were awarded options when the market tumbled in 2009. As stock prices have revived, these CEOs have seen the biggest gains.
Source: Business and financial news - CNNMoney.com | 28 May 2010 | 2:25 am

After foreclosure: When can you buy again?

Walking away from a mortgage you can still afford to pay has consequences; everyone knows that. Your credit score is shot and it can be impossible to get credit.
Source: Business and financial news - CNNMoney.com | 28 May 2010 | 2:22 am

Shell acquires shale assets in $4.7 billion deal

Oil giant Royal Dutch Shell said Friday that it’s bought the operations of closely-held natural gas exploration company East Resources in a $4.7 billion deal as part of a plan to grow its North American gas assets.



Source: MarketWatch.com - Top Stories | 28 May 2010 | 2:22 am

Pru halts trading to confirm AIA talks

The Prudential suspended trading on its Hong Kong shares this morning just three days after their launch.


Source: Latest Business News from Times Online | 28 May 2010 | 2:14 am

Prudential renegotiating $35.5 billion AIG deal

U.K. life insurer Prudential says Friday that it’s renegotiating its $35.5 billion deal to acquire the Asian operations of American International Group.



Source: MarketWatch.com - Top Stories | 28 May 2010 | 2:06 am

Highlights of House and Senate spending bills (AP)

AP - A $58.8 billion measure funding the president's Afghanistan troop surge passed the Senate on Thursday. But a $143 billion package of spending and tax cuts was being rewritten by House leaders after rank-and-file protests about the budget deficit.
Source: Yahoo! News: Business News | 28 May 2010 | 1:56 am

Media Digest 5/28/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   Ford Motor (NYSE: F) may kill the Mercury  brand. Reuters:   Apple Inc. (NASDAQ: AAPL) is finding a flood of Asian buyers for the iPad. Reuters:   Prudential plc is in talks with American International Group Inc (NYSE: AIG) to cut the price of AIA. Reuters:   The euro dropped again as short covering stopped.Reuters:   Gold fell [...]

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Source: 24/7 Wall St. | 28 May 2010 | 1:56 am

Pru confirms talks to renegotiate AIA deal

HONG KONG/LONDON (Reuters) - Prudential said it was trying to negotiate a cut in the $35.5 billion it has agreed to pay for AIG's Asian unit, AIA, amid fears its shareholders might block the deal as too expensive.



Source: Reuters: Business News | 28 May 2010 | 1:53 am

Bling's the thing

How the euro crisis is boosting luxury goods sector
Source: BBC News | Business | World Edition | 28 May 2010 | 1:53 am

Markets reflect on month of high drama

Friday 08:00 BST. And, relax! A less febrile mood than of late is enveloping markets, as major financial centres prepare to put a painful and frenetic May behind them. The FTSE All-World equity...
Source: RSS feed - channel BNPaperBusiness | 28 May 2010 | 1:49 am

Europe Markets: European shares up for third straight session

European shares advance Friday for the third day in a row although gains aren’t as strong as in recent sessions with oil firms and Prudential dragging.



Source: MarketWatch.com - Top Stories | 28 May 2010 | 1:46 am

Car plant closure 'not shelved'

Jaguar Land Rover denies reports it will shelve plans to close one of its plants in the West Midlands.
Source: BBC News | Business | World Edition | 28 May 2010 | 1:45 am

Apple launches iPad in Japan; Softbank shares rise

Apple's iPad goes on sale in Japan, resulting in long lines of Apple devotees and boosting shares of Softbank, which markets the device.



Source: MarketWatch.com - Top Stories | 28 May 2010 | 1:45 am

Bargain hunters support FTSE momentum

London stocks opened higher for the third consecutive session on Friday as concerns over the eurozone faded into the background, bringing forward investors keen to seek bargains after the sell-off during...
Source: RSS feed - channel BNPaperBusiness | 28 May 2010 | 1:42 am

Prudential, AIG in talks about AIA sale

Prudential PLC said Friday it is talking with U.S. insurer AIG about the terms for the proposed sale of AIG's Asian unit, AIA, a deal which faces strong resistance from Prudential...
Source: RSS feed - channel BNewsBusiness | 28 May 2010 | 1:37 am

Foxconn to raise factory wages by 20%

The world’s largest electronics contract manufacturer is planning to raise wages for its workers by about 20 per cent following a spate of suicides at its southern China plant
Source: Financial Times - US homepage | 28 May 2010 | 1:36 am

Shell swoops on East Resources for $4.7bn to tap US gas reserves

Europe's largest oil producer has bought the majority of East Resources for $4.7bn (£3.2bn), expanding the scale of its unconventional gas deposits in the US.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 28 May 2010 | 1:35 am

FTSE 100 climbs at open (AFP)

The stock exchange climbed in opening trade on Friday, building on the strong rebound seen the previous day.(AFP/File/Carl de Souza)AFP - The leading stock exchange climbed in opening trade on Friday, building on the strong rebound seen the previous day.



Source: Yahoo! News: Stock Markets News | 28 May 2010 | 1:33 am

Plans to shake up UK boardrooms

Plans for directors to face annual re-election form part of an overhaul of the code of conduct for the UK's top companies.
Source: BBC News | Business | World Edition | 28 May 2010 | 1:30 am

Shell buys US natural gas firm

Oil giant Royal Dutch Shell agrees to buy US natural gas explorer East Resources for $4.7bn (£3.2bn).
Source: BBC News | Business | World Edition | 28 May 2010 | 1:26 am

NZ shares close higher but off best session peak

The New Zealand sharemarket started the day with a burst which fizzled out as the day progressed and a mixed bag of profit results were reported.The strong start followed gains by global equities, as investor worry was eased after...
Source: nzherald.co.nz - Business | 28 May 2010 | 1:17 am

Oakland to license, tax indoor marijuana growers

Pot-friendly Oakland is taking a unique approach to medical marijuana growers. While other cities in California and the West are cracking down, Oakland is talking about licensing and taxing
Source: RSS feed - channel BNewsBusiness | 28 May 2010 | 1:16 am

TABLE-Indian Oil Corp March qtr net falls 16 pct

(Versus the same period a year earlier, in billion rupees unless stated)
Source: RSS feed - channel BNewsBusiness | 28 May 2010 | 1:13 am

Obama heading to Louisiana for oil spill update

President Barack Obama is heading to coastal areas of Louisiana for an update on the latest efforts to stop the devastating spill of crude oil into the Gulf of Mexico. Obama was to get a
Source: RSS feed - channel BNewsBusiness | 28 May 2010 | 1:10 am

Nippon Seiro -6-month parent forecast

PARENT-ONLY EARNINGS ESTIMATES (in billions of yen unless specified)
Source: RSS feed - channel BNewsBusiness | 28 May 2010 | 1:00 am

Village Roadshow secures $1 billion to finance films through 2015

Warner Bros.' longtime co-financing partner restructures its $900-million facility that was set to expire in September.

Amid a drought for new outside money in the movie business, Warner Bros.' longtime co-financing partner Village Roadshow Pictures Group has restructured its $900-million facility that was set to expire in September, extending it to 2015 and increasing it modestly to $1 billion.



Source: L.A. Times - Business | 28 May 2010 | 1:00 am

Money manager to stars accused of fraud

Kenneth Starr, a New York investment adviser to celebrities such as movie director Martin Scorsese and actor Uma Thurman, was arrested by U.S. agents on Thursday on charges of running an alleged investment...
Source: RSS feed - channel BNPaperBusiness | 28 May 2010 | 1:00 am

Stocks surge on news from China, Spain

The Dow rises 284 points after China reaffirms its commitment to support Europe's economy and Spain approves spending cuts. But will the rally hold?

Reporting from Los Angeles and New York —



Source: L.A. Times - Business | 28 May 2010 | 1:00 am

Financial advisor to celebrities is arrested in fraud case

Kenneth I. Starr is accused of using at least $30 million in clients' money to fund his extravagant lifestyle. ...
Source: RSS feed - channel BNPaperBusiness | 28 May 2010 | 1:00 am

30-year fixed mortgage rate falls to near record lows

The debt crisis in Europe that has unhinged global stock markets also has helped push U.S. mortgage rates back toward record lows, prompting a surge in refinancing.



Source: L.A. Times - Business | 28 May 2010 | 1:00 am

Alfred Villalobos strongly denies wrongdoing in CalPERS fraud case

'Not a penny' of commissions paid to him from 2002 to 2008 came from the California Public Employees' Retirement System, the investment go-between says in court papers. ...
Source: RSS feed - channel BNPaperBusiness | 28 May 2010 | 1:00 am

California drivers don't need to go without auto insurance

Low-cost liability coverage is available through a state program for those who qualify. With more than 2 million...
Source: RSS feed - channel BNPaperBusiness | 28 May 2010 | 1:00 am

Financial advisor to celebrities is arrested in fraud case

Kenneth I. Starr is accused of using at least $30 million in clients' money to fund his extravagant lifestyle.

A financial advisor to the rich and famous, including such Hollywood stars as Sylvester Stallone and Wesley Snipes, was arrested Thursday on suspicion of using at least $30 million in clients' money to fund his extravagant lifestyle — including a recently purchased $7.5-million condominium.



Source: L.A. Times - Business | 28 May 2010 | 1:00 am

Stocks surge on news from China, Spain

The Dow rises 284 points after China reaffirms its commitment to support Europe's economy and Spain approves spending cuts. But will the rally hold? ...
Source: RSS feed - channel BNPaperBusiness | 28 May 2010 | 1:00 am

Alfred Villalobos strongly denies wrongdoing in CalPERS fraud case

'Not a penny' of commissions paid to him from 2002 to 2008 came from the California Public Employees' Retirement System, the investment go-between says in court papers.

Investment intermediary Alfred R. Villalobos, seeking to overturn a judge's freeze on his assets, said he did nothing illegal and did not harm California's largest public pension fund when he brokered investment deals that netted him more than $47 million in commissions.



Source: L.A. Times - Business | 28 May 2010 | 1:00 am

30-year fixed mortgage rate falls to near record lows

The debt crisis in Europe that has unhinged global stock markets also has helped push U.S. mortgage rates back toward record lows, prompting a surge in refinancing.
Source: RSS feed - channel BNPaperBusiness | 28 May 2010 | 1:00 am

Healthful sweets: Treats of the future?

At a snack makers' convention, promises of fewer calories, less sugar and more social responsibility.

Hawking the latest treats at the Sweets & Snacks Expo in Chicago this week, confectioners made promises that seemed too sweet to believe.



Source: L.A. Times - Business | 28 May 2010 | 1:00 am

'Prince of Persia' may not get a royal welcome

The big-screen adaptation of the video game could be the third consecutive big-budget disappointment. It's expected to trail 'Sex and the City 2' and 'Shrek Forever After' at the box office. ...
Source: RSS feed - channel BNPaperBusiness | 28 May 2010 | 1:00 am

Ford might consider dropping Mercury brand

The decision would follow previous moves in recent years to shrink the number of brands Ford produces. Ford Motor...
Source: RSS feed - channel BNPaperBusiness | 28 May 2010 | 1:00 am

'Prince of Persia' may not get a royal welcome

The big-screen adaptation of the video game could be the third consecutive big-budget disappointment. It's expected to trail 'Sex and the City 2' and 'Shrek Forever After' at the box office.

Just four weeks into the crucial summer movie season, Hollywood is bracing for what could be its third consecutive big budget disappointment.



Source: L.A. Times - Business | 28 May 2010 | 1:00 am

California drivers don't need to go without auto insurance

Low-cost liability coverage is available through a state program for those who qualify.

With more than 2 million Southern Californians expected to hit the freeways this holiday weekend, it's a good time to note that there are believed to be millions of uninsured drivers statewide, and officials say the number is almost certainly growing because of the gasping-for-breath economy.



Source: L.A. Times - Business | 28 May 2010 | 1:00 am

Ford might consider dropping Mercury brand

The decision would follow previous moves in recent years to shrink the number of brands Ford produces.

Ford Motor Co. may be considering dropping the struggling Mercury brand as part of a move to focus the automaker's design and sales efforts on its Ford and Lincoln lines.



Source: L.A. Times - Business | 28 May 2010 | 1:00 am

Shell buys East Resources for $4.7 billion

AMSTERDAM (Reuters) - Royal Dutch Shell said it would pay $4.7 billion cash to buy privately held East Resources Inc, giving it substantially more exposure to natural gas plays in North...
Source: RSS feed - channel BNewsBusiness | 28 May 2010 | 12:55 am

UPDATE 1-Shell buys East Resources for $4.7 billion

* Closing subject to regulatory approvals (Adds detail)
Source: RSS feed - channel BNewsBusiness | 28 May 2010 | 12:54 am

Japan automakers see higher sales, output in April (AP)

Nissan Motor Co. Ltd President and CEO Carlos Ghosn stands next to an all-electric Nissan Leaf, Wednesday, May 26, 2010, in Smyrna, Tenn. Nissan North America, Inc. held its ground-breaking ceremony for a lithium-ion battery plant as part of its plan to start building electric cars and eventually create up to 1,300 jobs in Tennessee. (AP Photo/Mark Humphrey)AP - Japan's biggest automakers posted major production and sales gains in April, as robust growth in China and elsewhere in Asia continued to fuel demand.



Source: Yahoo! News: Business News | 28 May 2010 | 12:44 am

NZ dollar surges as risk appetite returns

The New Zealand dollar was sharply higher today but it ended off its best levels ahead of a long weekend in both the United States and United Kingdom markets.The NZ dollar surged higher on Thursday as a global stocks rally buoyed...
Source: nzherald.co.nz - Business | 28 May 2010 | 12:00 am

Caixin Online: China's AgBank gets preferential treatment

Soon-to-list Agricultural Bank of China will receive preferential treatment compared to other commercial banks in terms of taxes, fees and reserve requirements, Caixin Online reports.



Source: MarketWatch.com - Top Stories | 27 May 2010 | 11:55 pm

US Congress deals blow to EADS over tankers

The Pentagon may have to consider the role of illegal subsidies in the multibillion-dollar contest between Boeing and EADS to sell refuelling aircraft to the US Air Force, which could give the US group an edge
Source: Financial Times - US homepage | 27 May 2010 | 11:49 pm

US House votes to overturn gay ban in military

The US Congress passed measures to scrap the ban on gays serving openly in the military, taking the most concrete steps yet to overturn the military’s ‘don’t ask, don’t tell’ policy
Source: Financial Times - US homepage | 27 May 2010 | 11:49 pm

Chinese premier in Seoul for talks about North

Chinese Premier Wen Jiabao is due to meet with South Korean President Lee Myung Bak, with talks likely to focus on heightened military tensions on the Korean peninsula.



Source: MarketWatch.com - Top Stories | 27 May 2010 | 11:39 pm

CVS overcharged some prescription care customers: report

NEW YORK (Reuters) - CVS Caremark Corp has been charging some customers of its SilverScript Medicare prescription-drug programs higher prices than they were promised when they signed up for the plans in late 2009, the Wall Street Journal reported.



Source: Reuters: Business News | 27 May 2010 | 9:14 pm

Spain passes austerity plan by one vote (AFP)

Spain's Prime Minister Jose Luis Rodriguez Zapatero (R,down) attends a parliament session in Madrid. Spanish deputies passed an austerity plan by just one vote, saving the Socialist government from probable collapse and easing markets' fears that the financial crisis would engulf its economy.(AFP/Dominique Faget)AFP - Spanish deputies passed an austerity plan by just one vote, saving the Socialist government from probable collapse and easing markets' fears that the financial crisis would engulf its economy.



Source: Yahoo! News: Business News | 27 May 2010 | 9:07 pm

Housing consents soar 15pc in April

The trend for new housing consents jumped 15.5 per cent in April, to reach the highest level in two years, says Statistics New Zealand.The numbers, which exclude the volatile apartment sector, follow an 8.6 per cent fall during...
Source: nzherald.co.nz - Business | 27 May 2010 | 9:00 pm

Apple: No. 2 U.S. e-retailer


Source: Business and financial news - CNNMoney.com | 27 May 2010 | 8:33 pm

Google stalls Germans

Yesterday, Google dropped the ball on a deadline to turn over a hard drive full of illegally collected data to the German government. The misstep, it's fair to say, makes Google watchers wonder: does the Internet giant answer to anyone?
Source: Business and financial news - CNNMoney.com | 27 May 2010 | 8:31 pm

Investors due finance company refunds, says Commission

The Securities Commission says its investigations into finance companies show that many investors are entitled to refunds on their investments.Where individuals and companies had broken the law by offering securities to the public...
Source: nzherald.co.nz - Business | 27 May 2010 | 8:30 pm

Telecom variation approved

A third variation of Telecom's operational separation undertakings has been approved, Communications and Information Technology Minister Steven Joyce said today.Telecom requested the variation so it could support ultra-fast broadband...
Source: nzherald.co.nz - Business | 27 May 2010 | 8:21 pm

Ford weighs plan to drop Mercury brand: source

DETROIT (Reuters) - Ford Motor Co is considering a plan to drop Mercury, a brand developed in the 1930s that has seen sales and investment plunge in recent years, a person familiar with the discussions said.



Source: Reuters: Business News | 27 May 2010 | 8:12 pm

Accused adviser to wealthy hid from U.S.

NEW YORK (Reuters) - Kenneth Starr, an investment adviser to celebrities and other wealthy New Yorkers, was coaxed from a darkened suit closet by U.S. agents at his apartment on Thursday to face charges of running a fraud of at least $30 million, prosecutors said.



Source: Reuters: Business News | 27 May 2010 | 8:00 pm

Fisher & Paykel reveals $83m full year loss

Fisher & Paykel Appliances reported a full year loss of $83.3 million, but said the appliances business had recovered in the second half despite a continuation of difficult trading conditions in the United States.The result for...
Source: nzherald.co.nz - Business | 27 May 2010 | 7:00 pm

L.A. Times Media Group promotes three entertainment advertising executives

Responding to the changing media landscape, the Los Angeles Times Media Group is creating a new position for digital and custom-published products and is restructuring the entertainment division of its advertising department with the promotion of sales executives to head up its film and media and live-entertainment groups.



Source: L.A. Times - Business | 27 May 2010 | 6:46 pm

Financial adviser to the stars charged with $44m fraud

NEW YORK - A financial adviser to celebrities including Wesley Snipes and Sylvester Stallone was arrested yesterday on charges that he carried out a US$30 million (NZ$44m) fraud on his clients, using some of their money to purchase...
Source: nzherald.co.nz - Business | 27 May 2010 | 6:30 pm

Falling retail sales dampen recovery hopes

Retail sales plunged to a 14-month low in the early part of this month after unusually cold weather and the biggest price rises in two years deterred shoppers.


Source: Latest Business News from Times Online | 27 May 2010 | 6:01 pm

Moulton back in game as he snaps up headhunter

Britain’s best-known venture capitalist has mounted an audacious swoop to secure one of the City’s leading headhunters.


Source: Latest Business News from Times Online | 27 May 2010 | 6:01 pm

Losses mount but World Cup cheers JJB

JJB Sports capped its “most difficult” year by reporting yesterday that annual losses had trebled.


Source: Latest Business News from Times Online | 27 May 2010 | 6:01 pm

Prudential tries to renegotiate AIA price

The Prudential was frantically renegotiating its $35 billion bid for AIA last night in the face of growing shareholder opposition to the deal.$
Source: Latest Business News from Times Online | 27 May 2010 | 6:01 pm

Divident frozen as Qinetiq boss condemns the 'revenue chasers'

The new chief executive of QinetiQ launched a scathing attack on the company’s “insufficiently commercial” culture as he suspended the dividend for the next 12 months.


Source: Latest Business News from Times Online | 27 May 2010 | 6:01 pm

Asda picks up Netto in £778 million sale

Asda is to buy Netto Foodstores in a £778 million deal that it hopes will arrest five months of declining market share and give it a foothold in smaller stores for the first time.
Source: Latest Business News from Times Online | 27 May 2010 | 6:01 pm

Will Prudential make the cut?

With just over a week to the vote, it is clear that Prudential’s only hope of getting shareholders’ backing for its acquisition of AIG’s giant Asian business is to cut the price. Investors accounting for more than 15 per cent of the shares have indicated that the price, which is equivalent to about 1.6 times the so-called embedded value of the business, is simply too high.
Source: Latest Business News from Times Online | 27 May 2010 | 6:01 pm

David Cameron to unveil strategy to 'transform' economy

David Cameron will outline the Government's strategy to "transform" the economy on Friday, saying it has been "heading in the wrong direction" for years under Labour.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 5:55 pm

Firm fined for false NZ-made claim

A second company in a month has been convicted and fined for falsely claiming its royal jelly was New Zealand made.The product was sold in Auckland souvenir stores and the company, Shim's International Ltd, trading as Royal Deer...
Source: nzherald.co.nz - Business | 27 May 2010 | 5:43 pm

This Week In Ponzi Schemes

By Jacob Goldstein

The Ponzi scheme never gets old:

Tell anybody who'll listen that you've got an investment that's guaranteed to earn a nice, steady return. When investors give you their money, use it to buy something nice for yourself!

Then get some other investors to give you their money. Spend some of it on yourself. Give the rest to your original investors, and tell them it's interest on their investment.

Keep this up for as long as you can!

Kenneth Starr, financial advisor to the stars, allegedly ran a Ponzi scheme and used his clients' money to buy himself a $7.6 million condo, the U.S. attorney and the SEC said today.

(This is a different Kenneth Starr than the special prosecutor in the Clinton-Whitewater case, by the way.)

This story is getting lots of play because of the celebrity angle -- Sylvester Stallone, Annie Leibovitz and Uma Thurman are all current or former clients.

But what's remarkable about Ponzi schemes is how common they are. They're so common, in fact, that usually you don't hear much about them.

Yesterday, for example, a former city commissioner in Delray Beach, Florida, was arrested for defrauding investors out of nearly $2 million in a Ponzi scheme, the AP reported. She allegedly gave some of the money to the "future home of the Museum of Lifestyle and Fashion History," run by her daughter.

Also yesterday, a former Chamber of Commerce president in Hayward, California was sentenced to 17 years in prison for embezzling $1.7 million in a Ponzi scheme, according to the Contra Costa Times. His victims included some elderly people who'd known him since he was a boy.

And on Tuesday, a Denver-area financial adviser was sentenced to 15 years in prison for running a $32 million Ponzi scheme, the Denver Post reported.

"I just want to say how sorry I am for the pain and suffering I've caused everyone in this courtroom," the man said before he was sentenced. "Nothing I did was with malicious intent, but I made a lot of mistakes."

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Source: NPR Blogs: Planet Money | 27 May 2010 | 5:35 pm

Obama halts deepwater drilling in Gulf

The US president ordered all 33 deepwater oil rigs in the Gulf of Mexico to halt drilling and extended a moratorium on new deepwater wells, as BP temporarily suspended its latest effort to contain the US’s biggest oil spill
Source: Financial Times - US homepage | 27 May 2010 | 5:33 pm

Geithner talks up stability deal

The US and Europe are in broad agreement on implementing more conservative rules for financial institutions and are ‘in a very good position to reach agreement on a global framework’, Tim Geithner, US Treasury secretary, said after talks with Wolfgang Schäuble, his German counterpart
Source: Financial Times - US homepage | 27 May 2010 | 5:18 pm

Goldman seeks settlement with SEC

Goldman Sachs is hoping to avoid the SEC’s charge of fraud by reaching a settlement on a lesser offence and agreeing to a fine of hundreds of millions of dollars
Source: Financial Times - US homepage | 27 May 2010 | 5:11 pm

NZ sharemarket starts strongly

The New Zealand sharemarket started the day with a burst after strong gains by global equities, as investor worry was eased after China rejected a report it was reviewing its euro-zone bond holdings due to the region's debt crisis.Around...
Source: nzherald.co.nz - Business | 27 May 2010 | 5:11 pm

Kiwi drug treatment ready for the big stage

A drug co-invented by a University of Auckland researcher and part funded by a New Zealand venture capital company is about to take the next step on the path to gaining a foothold in the global 'wound-healing' market.The drug...
Source: nzherald.co.nz - Business | 27 May 2010 | 5:01 pm

Summary Box: Pequot pays $28M to settle case (AP)

AP - SETTLEMENT OF A LONG-RUNNING CASE: The investment firm Pequot Capital Management and its founder and chairman, Arthur Samberg, have agreed to pay a total $28 million to settle regulators' charges of insider trading in Microsoft shares.
Source: Yahoo! News: Stock Markets News | 27 May 2010 | 4:35 pm

Markets up on China eurozone bond denial

Stock markets on both sides of the Atlantic were buoyed yesterday as China quashed fears that it was about to offload its eurozone sovereign bond holdings.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 4:21 pm

Stocks jump after China shows confidence in Europe (AP)

A traders works on the floor at the New York Stock Exchange in Thursday, May 27, 2010, in New York. (AP Photo/Seth Wenig)AP - Stocks had another turnaround Thursday and rocketed higher after China reassured investors it doesn't plan to sell the European debt it holds.



Source: Yahoo! News: Stock Markets News | 27 May 2010 | 4:19 pm

After refusing, Buffett is forced to testify

When Warren Buffett testifies before the Financial Crisis Inquiry Commission next Wednesday, it will be because he was subpoenaed. If you don't know how a subpoena works, this one begins with capital letters, "YOU ARE HEREBY COMMANDED to appear and give testimony."
Source: Business and financial news - CNNMoney.com | 27 May 2010 | 4:08 pm

Pequot, Samberg paying $28M to settle SEC case (AP)

AP - An investment firm and its founder and chairman, Arthur Samberg, have agreed to pay a total of $28 million to settle regulators' charges of insider trading in Microsoft shares, in a long-running case that prompted scrutiny in Congress and by an agency watchdog.
Source: Yahoo! News: Stock Markets News | 27 May 2010 | 4:08 pm

Write-Offs: 05.27.10



$$$ JP Morgan Official on Lehman Suit: ‘Total Waste of Time‘ [FBN]

$$$ Warren Buffett to testify under FCIC subpoena after resisting commission’s request [Fortune]

$$$ John Carney reports: Two Top BofA Executives Get Along Just Fine [CNBC]

$$$ US Probes Goldman’s Timberwolf Deal, Alleged Victim Says ‘Whole Thing Was Fraudulent Concoction’ [HP]

$$$ Obama: BP Will Pay For ‘Every Dime Owed‘ In Oil Spill [Guardian]

$$$ Private Equity: Winners in financial reform [Fortune]



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Oil Spill - BP - CNBC - Private Equity - Subpoena
Source: Dealbreaker | 27 May 2010 | 4:01 pm

Summary Box: Confidence about Europe lift stocks (AP)

AP - SWING HIGHER: Stocks jumped Thursday after China said it didn't plan to dump its European debt holdings. That increased confidence that the debt crisis in countries like Greece can be contained.
Source: Yahoo! News: Stock Markets News | 27 May 2010 | 4:00 pm

Nasdaq to delist shares of Frontier Financial (AP)

AP - The Nasdaq Stock Market on Thursday said it will delist the common stock of Frontier Financial Corp., a month after the bank was seized by regulators.
Source: Yahoo! News: Stock Markets News | 27 May 2010 | 3:37 pm

How the major stock indexes fared on Thursday (AP)

AP - Stocks had another turnaround Thursday and rocketed higher after China reassured investors it doesn't plan to reduce its holdings of European government bonds. China's show of confidence in Europe let the market resume a rally that stalled late Wednesday following a report that the Chinese government was considering cutting its European debt holdings. The agency that manages China's $2.5 trillion in foreign reserves denied the report.
Source: Yahoo! News: Stock Markets News | 27 May 2010 | 3:36 pm

BP’s Future, LED Technology, SallieMae, Travel: Taking Stock


Source: Bloomberg - All Podcasts | 27 May 2010 | 3:14 pm

Nasdaq warns INX as it gets finance company waiver (AP)

AP - INX Inc. on Thursday said it was warned that its stock may be delisted for falling short of Nasdaq rules on filing financial reports.
Source: Yahoo! News: Stock Markets News | 27 May 2010 | 3:12 pm

Presented By:


Source: Dealbreaker | 27 May 2010 | 3:04 pm

Kenneth Starr’s $7.5 Million Ponzi Palace



Prosecutors said Starr recently used $7.5 million from clients to buy a lavish Upper East Side condo complete with 5-bedrooms, 6.5 baths, an indoor 32-foot lap pool, a rec room with a wet bar, and “spa like baths and walk in closets.”



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Kenneth Starr - Baylor University - Pepperdine University - Bill Clinton - Lawyer
Source: Dealbreaker | 27 May 2010 | 3:04 pm

Storm over J&J's child drug recall only grows

WASHINGTON (Reuters) - Johnson & Johnson <JNJ.N was blasted by lawmakers on Thursday for its massive recall of children's medicines, as regulators said a string of recent manufacturing lapses could lead to civil or criminal charges.



Source: Reuters: Business News | 27 May 2010 | 2:56 pm

1st-quarter growth lowered, jobless claims fall

WASHINGTON (Reuters) - The U.S. economy grew at a slightly slower pace than previously estimated in the first quarter but the recovery still appeared solid, suggesting the economy could withstand fallout from the European debt crisis.



Source: Reuters: Business News | 27 May 2010 | 2:54 pm

Former Scores Stripper Took Cash in Ponzi Scheme



In the land of mini-Madoff’s, Kenneth Starr isn’t the biggest one out there. But, he did have a list of A-list clients that rivals only Bernie himself. Plus, his wife was a stripper at Scores, which is a lot more than you can say for Ruth Madoff.

Starr is charged with running a $30 million Ponzi scheme, along with an associate, Andy Stein, the former Manhattan borough president. Starr’s son, and his wife, former Scores stripper and pole dancer Diane Passage (left) are also accused of taking cash from clients to feed their lavish lifestyles. Starr’s wife actually runs Pole Superstar, a group promoting pole dancing as good exercise.

Here’s a list of Starr’s clients we have collected so far:

  • Wesley Snipes
  • Annie Leibowitz
  • Henry Kissinger
  • Caroline Kennedy
  • Denise Rich
  • Martin Scorsese
  • Uma Thurman
  • Robert Ziff
  • Marvin Rosen, a one-time finance chairman for the Democratic National Committee
  • Sylvester Stallone
  • an “elderly heiress” who is nearly 100 years old, believed to be Rachel “Bunny” Mellon
  • Jacob Arabov — known as “Jacob the Jeweler”
  • Steven Brill
  • Jim Wiatt, former head of William Morris Agency

Manhattan Investment Guru to the Stars Busted in Alleged Ponzi Scheme [NBC NY]



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Ponzi scheme - Wesley Snipes - Sylvester Stallone - Manhattan - Bernard Madoff
Source: Dealbreaker | 27 May 2010 | 2:54 pm

Capital gains tax rise to punish prudent savers

The Daily Telegraph launches a campaign against the increases and invites readers to lobby the Chancellor to reverse his plans.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 2:49 pm

Stocks Rebound, Dow Returns Above 10K (Market Update)

Traders shrug off disappointing economic data after China soothes concerns over Europe.



Source: SmartMoney.com | 27 May 2010 | 2:47 pm

Asda thinks small with Netto stores

It is the business equivalent of Hamlet doing the Asda bottom-tap. In a move that surprised the retail world on Thursday, US-owned supermarket Asda bought the UK stores of Danish supermarket chain Netto for £778m.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 2:21 pm

Vikram Gets In On The Action



From the mailbag: “2 analysts at Citi were iced. No pics but let’s give them a hand for stepping up to the plate.”

Related: Goldman Sachs Not Only Wall Street Firm To Get In On Icing Phenom



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Goldman Sachs - Wall Street - Citigroup - Africa - Business
Source: Dealbreaker | 27 May 2010 | 2:20 pm

An Unlikely Star in an Ugly Market (Tradecraft)

Hoenig: A once-shunned satellite company is taking off.



Source: SmartMoney.com | 27 May 2010 | 2:17 pm

Spain orders banks to come clean on debts to restore shattered faith

Bank of Spain ordered lenders to face up to bad debts and set aside reserves of up to 30pc on property holdings to restore global confidence.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 2:08 pm

New Royal Mail boss Moya Green has blessing of the unions

Royal Mail's new chief executive has not even spent one day on the job but has already won a notable stamp of approval - from the unions. Dave Ward, the deputy general-secretary of the Communication Workers Union, said it was "good to see the appointment of a person with a public sector background ".
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 1:56 pm

ITV's commercial director to quit

Rupert Howell, ITV's commercial director, has become the first senior executive to leave the Coronation Street broadcaster since Adam Crozier took over as chief executive.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 1:47 pm

US tells AIG to lower price of deal with Pru

Talks have reopened between AIG and Prudential to reduce the price tag of AIA to as little as $30bn.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 27 May 2010 | 1:43 pm

Treasury vows fight for strong financial reforms

BALTIMORE (Reuters) - The Treasury's number two official vowed on Thursday to fight efforts to weaken the U.S. financial reform bill and said it should include the so-called "Volcker rule" which would separate banking from proprietary trading.



Source: Reuters: Business News | 27 May 2010 | 1:30 pm

GPS data may pay off for city bus riders

There's lots of bad news for transit agencies around the country -- service cuts, fare hikes, budget deficits -- but a few cities have figured out a way to improve their customer service, and spend virtually nothing. Andrea Bernstein reports.
Source: Marketplace | 27 May 2010 | 1:18 pm

Oprah flexes her endorsement power

Oprah is opening her second retail store in Chicago. What might happen as the queen of daytime TV moves from your living room to your local mall? Jeff Horwich reports.
Source: Marketplace | 27 May 2010 | 1:18 pm

New museum head mixes art, money

The Museum of Contemporary art in L.A. is getting a new director. Independent dealer Richard Polsky talks with Kai Ryssdal about the new director, Jeffrey Deitch, and how he might bring fiscal responsibility to the museum.
Source: Marketplace | 27 May 2010 | 1:18 pm

Gap app taps into mobile marketing

Retailers are trying to figure out how to transform mobile marketing power into bigger sales. Steve Henn reports on one retailer who is diving in.
Source: Marketplace | 27 May 2010 | 1:17 pm

Foxconn woes have U.S. ripple effects

Another worker at Foxconn manufacturing plant in China jumped to his death -- the tenth to commit suicide this year. Alisa Roth reports on how problems at a manufacturing on the other side of the world can affect companies here in the U.S.
Source: Marketplace | 27 May 2010 | 1:17 pm

A push for new bank accounting rules

Some banks that used to seem kind of shaky have been looking better based on their latest books. But we learned the hard way the past couple of years you can't necessarily take those books to the bank. So corporate-accounting rule setters are suggesting it's time for a change. Bob Moon reports.
Source: Marketplace | 27 May 2010 | 1:17 pm

Impact of new drilling plans on U.S. oil

Today President Obama announced plans to suspend exploratory drilling in the Arctic, cancel a lease sale in the Gulf and off the Virginia coast, and continue the deepwater drilling moratorium. How will these new ground rules impact the domestic oil supply and companies that drill for it? John Dimsdale reports.
Source: Marketplace | 27 May 2010 | 1:16 pm

Smart Business Stupid Business: A Book Review


Dennis was a fabulous sales guy, but his companies always fell flat.

Joanna ran a very successful business, but a huge tax bill almost drowned her.

After a messy divorce, a doctor chose to close his successful practice. He couldn’t afford to give 50% of it to his wife.

Dennis, Joanna, and the doctor made stupid small business mistakes. Dennis never chose the right business partner. Joanna didn’t understand cash flow. The doctor didn’t have his practice valued until it was too late.

Though relatively common, business mistakes like the ones above are avoidable. The stories come from Smart Business Stupid Business: What School Never Taught You About Building a Successful Business, a new book by CPA Diane Kennedy and small business expert Megan Hughes. Kennedy and Hughes provide tips, recommendations, and real-life anecdotes help you avoid common business mistakes.

Their recommendations are based on years of experience in the bookkeeping and legal industries. Smart Business Stupid Business fills in the tax, bookkeeping, and legal knowledge gaps that most small business owners have somewhere in their organization. The end result, ideally, is that you prevent yourself from experiencing stupid mistakes at all.

Summary of the Book’s Contents

The authors list Action Steps (exercises you can do) and resources at the end of each chapter. The book is best read with a notebook, so that you can jot down answers to exercises and notes as you go.

The book is divided into seven sections. Each section is comprised of several chapters.

The first section is one of the few parts of the book that doesn’t talk about bookkeeping, accounting, or legal aspects of running a small business. Here, you learn about building an entrepreneurial foundation for your business, including how to devise a mission and values.

Section 2, on the other hand, dives into the kinds of details that make up the meat of Smart Business Stupid Business. This section tells you how to cover your butt if the IRS takes an interest in you, fund options for your business, make projections, recognize and manage cash flow, select good partnerships, boost your business credit, and recognize employee embezzlement.

Section 3 teaches you bookkeeping basics that every small business owner should know. In Section 4, you learn about financial statements and financial scorecards. Section 5 jumps into more advanced asset protection strategies, such as the benefits and drawbacks of C- vs. S-corporations.

The next two sections include chapters that veer away from the book’s bookkeeping core. In Section 6, you read about pricing your time right, creating systems that allow employees to replicate your own functions, and creating and managing passive income. Section 7 tells you about exit strategies, buyouts, and building your legacy.

My Thoughts

The meat of this book had to do with accounting, bookkeeping, and tax tips. I found some of these tips original and valuable. For example, the chapters on projections and embezzlement gave me insights I’d never read about before. I learned about new types of 401(K) plans, too. And after reading the book, I had a general idea of what could go wrong with my business down the line if I don’t pay attention to my paperwork.

The authors also have online resources to help you learn to streamline and organize your business. These resources look useful, but be forewarned: The authors promote them (and themselves) a lot in the book, more than most other business books I’ve read.

It’s not clear from the book’s title or back-of-jacket summary that it mostly covers taxes, accounting, and legal issues. Though it dives into some entrepreneurial content at the beginning, Smart Business Stupid Business doesn’t tell you anything about growing your customer base, marketing, relationships, or many other crucial entrepreneurial steps. To me, this means you should already have a good business and good product before reading this book (unless you’re in the accounting business).

I recommend Smart Business Stupid Business for people who already have a small business, but need to get it organized in a clean, financially sustainable way.



Source: Business Pundit | 27 May 2010 | 1:05 pm

Is the Stock Market Correction Over? (On the Street)

A dozen market watchers weigh in on where stocks go from here.



Source: SmartMoney.com | 27 May 2010 | 12:56 pm

Stericycle Raised to `Hold,' Invesco Cut to `Hold': Audio


Source: Bloomberg - All Podcasts | 27 May 2010 | 12:49 pm

Lehman, JPMorgan, Rangers: Bloomberg Law Bankruptcy Review


Source: Bloomberg - All Podcasts | 27 May 2010 | 12:44 pm

Latest Instance Of BS At RBS



Last week, RBS’s Stamford trading floor lost power for about ten minutes. Many wondered what was going on, and with no official word from the bank, imaginations ran wild. Had someone kicked over some crucial cords? Was RBS going out of business? As is our wont, we printed a rumor from the inside about what had happened, a rumor which, in fact, turned out to be true. Someone had clogged a toilet on 7th floor and it leaked into a communications closet on 6th floor (trading). Before I get into what senior management’s reaction was to that story, let’s take a few moments to backtrack and offer a little color on how we got to this place.

Last April (of ‘09), we wrote about a food eating challenge taken up by a RBS Greenwich Capital analyst, who endeavored to consume 40 vending machine items in less than an hour, with $400 at stake. He ended up puking with moments to go, and couldn’t find it in himself to rally. This event was attended by employees from top to bottom, including those much more senior than the analyst in question. We chronicled the contest, as we often do. About 10 minutes after our story went up, we were informed, “That kid just left the head of North America global banking’s office (hi Mike!) and was told to go home.” To that end, we were also told that RBS was fairly bent out of shape about the story appearing in the press, and while “there have always been plenty of those challenges here before, that was the first time it got out like that, and it never mattered when times were good. They’re not happy with you.” At this point I’d like to throw out some questions– did we organize the event? Did we hold a gun to this kid’s head and say ’shove these vending machine items in your mouth as quickly as possible or I shoot’? Don’t answer yet, just marinate on those points and and we’ll revisit them in a bit.

In December, we mentioned the firm’s holiday party, which, given its manifold success, essentially consisted of rationed bags of generic-brand chips (one per group). The information was passed on to us by a fairly level-headed individual, one not prone to exaggeration, simply interested in sharing the truth. People were upset about it– needed to laugh to cope with the pain!

In February, we wrote about a MD who’d been fired on account of the fact that he was embezzling money from the company, which left a bad taste in many a staff member’s mouth. Because we occasionally like to exercise caution, we got this story confirmed, by RBS, before printing it. Still, there were some people who were not happy about the new shit coming to light. RBS had had enough. The aggression would not stand! A thinking man might reflect on the situation and realize that the anger at Dealbreaker was a tad misdirected, but please! We are talking about RBS here, where there is no place for rationale thought.

Later that month, we waxed poetic on the firm’s kick-ass new building. Were we the ones who sanctimoniously wondered if anyone inhabiting the palace on I-95 should feel guilty about the fact that despite having 84 percent of its ass owned by the British government and being the recipient of a massive taxpayer bailout, the bank had shelled out the money to build one of the most enormous trading floor in the world, where employees needn’t leave headquarters to grab a massage, because they’re provided on-site? Were we the ones who asked if the company ever consider “canceling the move in light of the bank’s problems,”? Were we the ones who compared RBS TO AIG? No, those honors go to the Gray Lady.

And over the course of the entire year, we’ve written a fair amount about the bank’s method of compensating its employees (which at RBSGC includes base salaries for over two years, no bonus since March 2008 (for calendar 2007) and the next bonus coming…this June. It’s unclear at this time if those will involve any cash, or simply a bunch of that sweet RBS debt). This information has been confirmed by many other outlets by this point, which some of whom are helpfully pointing out will lead to a “mini exodus” from the bank, as people have been planning to get the hell out of there once they get paid. I believe we’ve also mentioned the rampant ship-jumping of employees to another shop down the road, where every day isn’t a trip to idiot island, and it’s not necessary to fantasize about life that doesn’t so closely resemble Hell.

And finally, we come back to the toilet clogging incident! I’ve been informed by many an irate employee this morning that the reaction by management to the leaking (you like that?) of the story was to officially ban Dealbreaker. Which, in the minds of the the Queen’s bitches, is genius! We can’t turn a profit to save our lives, the Queen’s got a shiv up our asses, we haven’t paid our employees jack in years, which has resulted in at least one of them simply helping himself to a bonus, we make Citi look good, and at this point we’re literally up to our ears in shit. So, what then? Oh, oh wait, we’ve got it! We’ll ban our people from reading a completely non-threatening website that merely tells the truth (most of the time). We don’t want to, of course, because that place does have its charms. Pretty nifty with the Photoshop. Tells a great dick joke, and you know we love those. Etc. But it’s got to be done. Because, other than the stories appearing on this corner of the internet, things have been going swimmingly for us. Yes, THIS is the thing that will ruin our reputation, not the incredibly impressive ass-bleeding, or the “damaging losses,” or the amateur hour embezzlement, or the headlines like, “RBS Alone Among U.K. Rivals in Posting Quarterly Loss.” No, no, it’s THIS, this insidious Dealbreaker and that awful Bess Levin.

Okay. Now that I’ve regained my composure I’m going to give you an opportunity to think about how ridiculous this makes you look. Who do you want to emulate? The institutions that know how to make money and by no coincidence allow their employees to get on this shit, like Goldman and JPMorgan and the hedge funds down the road? Or do you want to proudly join the school of thought employed by the dearly departed Bear Stearns and the cat food eaters at Wachovia? We’re taking care of your employees in ways you can’t. Unblock us now and it’ll be water off a duck’s back.

If you don’t I’ll have no choice but to state the obvious, which is: two can play at this game. And to tell my darlings with whom a select few have attempted to cut off our communication: send us everything; all of the great RBS dirt you can. And do it with the kind of intelligence that is not rewarded at said firm, i.e., make sure it doesn’t get your ass fired or hanged-drawn-and-quartered. The good (and not so good) people of RBS won’t be able to read it all from their desks in the Pleasuredome, but everyone else will. Best story wins an extra-large bag of name-brand chips (your choice) for this year’s Christmas extravaganza, courtesy of your friends right here at DealBreaker.



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Business - United States - Financial services - Banking Services - Banks and Institutions
Source: Dealbreaker | 27 May 2010 | 12:40 pm

Cramer: Get Yourself A Piece Of Citi ASAP




Faster, Vikram wants a pony!



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sport - Equestrian - Associations - Pony Clubs - United States
Source: Dealbreaker | 27 May 2010 | 12:38 pm

Before the Correction, a Flight From Funds

Investors began pulling out of equity funds weeks before the big drop.



Source: SmartMoney.com | 27 May 2010 | 12:24 pm

Lumber Prices Have Crashed On Weak Outlook For Builders

On May 17th and May 25th, the Chicago Mercantile Exchange stopped trading in lumber futures because the contract price had fallen by the maximum allowable amount of $10. On the 25th, lumber was halted at a price of $225/thousand board feet, which is the price that the contract opened at again this morning. The July [...]

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Source: 24/7 Wall St. | 27 May 2010 | 12:03 pm

Google's Rock Star Banker

By Jacob Goldstein

Google has been building its own trading desk, hiring bankers from Goldman Sachs and JPMorgan, among others, Bloomberg News reports. They're in charge of managing Google's pile of more than $26 billion in cash and short-term investments.

As it turns out, one of the analysts on this investment team is Ranidu Lankage -- "the undisputed icon of Sinhalese RnB and hip hop who has captured the imagination of the Sri Lankan masses with his breathtaking voice and enigmatic compositions," according to raniduonline.com. Also, he used to work for Lehman Brothers.

Bankers with dreams of global pop stardom, take note: Google currently has help-wanted ads posted for a trader who's an expert in foreign-government bonds and for analysts responsible for mortgage-backed securities and U.S. government bonds.

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Source: NPR Blogs: Planet Money | 27 May 2010 | 11:35 am

Sweet Gigs: This Guy Collects $400K a Year for Doing…Not Much



So there’s this guy. A mild-mannered professor who retired a decade ago and decided he would serve as an independent director of this new booming financial product called a CDO. He collected a few thousand bucks a year for basically signing some documents. Sounded like a decent gig and a good way to make some extra pocket change.

Fast forward to 2010. Most CDOs are near-worthless, but the retired professor, Donald Puglisi, had managed to get himself appointed as independent director for over 200 CDOs including Goldman’s famed Abacus CDO. As long as the CDOs are on life-support, they still pay out fees to Professor Don. In fact, he probably collects a cool $400,000 a year in fees from the CDOs and that doesn’t include the 100 or so CLOs in which he serves as an independent director.

Clearly, the professor is reveling in the fact that he’s probably got the best job in the world.

On a recent warm day in May, Puglisi, dressed casually in shorts, sneakers and a short-sleeve shirt, made no apologies for making money off badly tarnished securities that have become synonymous with big bank write-downs.

Seated in a chair in his small office in Newark, Delaware, a lively college town, Puglisi still sounds a little bit like a believer in the financial alchemy that Wall Street banks used to turn subprime mortgages into supposedly Triple A-rated securities.

“I don’t think the CDO market caused the crash in housing prices or the mortgage market,” said Puglisi, whose four-person shop, Puglisi and Associates, serves as an independent director to roughly 500 Delaware-based structured finance companies. “The deterioration in the housing and mortgage markets would have happened even if there had never been a CDO market.”

For Some People, CDOs aren’t a Four-letter Word [Reuters]



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Wall Street - Financial services - Collateralized debt obligation - Subprime lending - Business
Source: Dealbreaker | 27 May 2010 | 11:02 am

SunPower/AUO J-V Only Prelude to More Solar M&A Activity (SPWRA, SPWRB, AUO, WFR, AMAT)

SunPower Corp. (NASDAQ: SPWRA, SPWRB) is following the trend of deals in the solar sector.  This is a Joint Venture rather than real M&A, but it has announced a definitive agreement to form a joint venture with AU Optronics Corp. (NYSE: AUO) in Taiwan that will own and operate SunPower’s 1.4 gigawatt third solar cell [...]

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Source: 24/7 Wall St. | 27 May 2010 | 10:59 am

CBOE Sets Initial IPO Terms (CBOE)

If you are a fan of initial public offerings for the actual securities exchanges out there, the CBOE IPO terms have been set and the deal is not getting much closer to pricing.  An SEC filing out just today shows that the terms have been set for the IPO of the options trading exchange.  CBOE [...]

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Source: 24/7 Wall St. | 27 May 2010 | 10:38 am

China Oil Imports Now Second Only To U.S.

In 2009, for the first time, Chinese oil imports surpassed domestic production. China imported 52% of its crude oil last year and projections had called for a 10% increase in imports for this year. At the end of the first quarter, that estimate looks too low. Chinese oil imports grew by 17% year-over-year in the [...]

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Source: 24/7 Wall St. | 27 May 2010 | 9:53 am

Gimbel, Kotok, Brown, Silvia, Sinche, Dalton: Surveillance


Source: Bloomberg - All Podcasts | 27 May 2010 | 9:51 am

Stephen Schork, Marco Annunziata: Bloomberg On the Economy


Source: Bloomberg - All Podcasts | 27 May 2010 | 9:49 am

Oil’s Real Risk Over BP: Very Active Hurricane Season

Tacking hurricanes before hurricane season starts is generally considered guesswork.  Some years are predicted to be huge and they year ends up having few or no major hurricanes strike land.  Other years are not expected to be massive yet major storms hit.  The National Oceanic and Atmospheric Administration, or NOAA, is now predicting that 2010 [...]

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Source: 24/7 Wall St. | 27 May 2010 | 9:44 am

Art Samberg, Pequot Settle Insider Trading Charges for $28 Million



Update 1:52pm – Like we told you several weeks ago, Art Samberg and Pequot Capital Management today agreed to settle insider trading charges with the Securities and Exchange Commission for $28 million.

The SEC Division of Enforcement’s also brought a case against the alleged tipper, David Zilkha, a former Microsoft employee. That case will continue in an administrative proceeding before the Commission.

“The cases have two particularly troubling aspects — a hedge fund manager trading on illegal insider information, and his tipper source who withheld crucial information about the scheme during an SEC investigation,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “Both are high-priority targets for SEC Enforcement.”

Last May, Samberg announced he was closing Pequot, once one of the largest hedge funds on Wall Street, because the long-standing insider trading investigation that began in 2005 had been re-opened. At the time, he said the decision to wind down the $3 billion fund was “painful” but he could no longer focus on investing for clients. (Pequot’s assets under management peaked in 2000 at roughly $15 billion.)

In November 2006, the SEC closed its controversial investigation into whether Samberg traded on tips about General Electric’s takeover of Heller Financial in June 2001 for lack of evidence. (Read full closing report here and note on the bottom of page 3 that the SEC concluded Goldman Sachs had a policy of releasing analyst reports to preferred clients before they were published.)

As part of the initial investigation, the SEC also looked into possible insider trading in Microsoft shares based on tips Pequot received from Zilkha, who was eventually hired by Pequot in 2001.

Zilkha claims he never had inside information on Microsoft and was told by senior managers that he was not “important enough” to be restricted from selling his Microsoft options. In his conversations with Samberg, Zilkha says he gave his opinion on the direction of the company’s stock, but didn’t pass along anything material. Still, the information seemed to pay off, netting Pequot $2.1 million in profits, according to the SEC.

In late 2008, the SEC decided to re-open the Pequot case after members of the Senate Finance and Judiciary Committees discovered that Zilkha had been promised $2.1 million in payments from Pequot six months after the 2006 SEC inquiry was concluded. The evidence came to light when Zilkha’s ex-wife made a claim for the money three and a half years after their divorce was settled in May 2005. (Pequot has still not delivered the final $700,000 payment to Zilkha.)

Zilkha sent this email to DealBreaker:

The SEC has been in possession of my 1998 – 2009 computer for several months and is well-aware that I did not have the evidence supplied by my ex-wife in late 2008 during its 2005/6 investigation in which I fully co-operated with it, identifying every individual in the e-mails it obtained from Microsoft and presented to me.  But it never asked me about the e-mails turned in by my ex-wife although these were obtainable, and perhaps even obtained, from Microsoft during its first investigation.  My ex-wife did not turn me in during our divorce, but in Fall 2008, 3 ½ years after our divorce, when I sought a proper divorced father relationship with my children whom I have currently not seen since August 2009.  The SEC is also aware that no one I approached at Microsoft had any inside information on the company, and is now allowing itself to be used in an ex-wife’s campaign of parental alienation by impugning my unblemished integrity.



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Pequot Capital Management - Hedge fund - SEC Division of Enforcement - Wall Street - Microsoft
Source: Dealbreaker | 27 May 2010 | 9:42 am

Arnold & Porter’s Perkins on Federal `Red Flags' Rule: BLAW


Source: Bloomberg - All Podcasts | 27 May 2010 | 9:27 am

Is Ken Lewis’s Wife Involved In A Pyramid Scheme?



That’s what some local Charlotte TV station is alleging, claiming that Donna Lewis has been working as a sales rep for FHTM, “a multi-level marketer recently fined as a pyramid scheme.” The wife of KL doesn’t deny working for the company but takes offense to the notion that anything illegal is going down. “It is truly not a pyramid,” Lewis said. “It’s helping people in this horrible economy make a living.”

Lady Lewis also added that despite reports to the contrary, her husband, who does have the time, is not working for the company. “He is not involved at all,” said Donna Lewis, adding, “If he thought it was wrong he would not let me be involved.” Not saying she’s guilty– and in fact this strikes us as more of the sort of thing Kathy Fuld would get caught up in– but I will note the Lewis’s have been looking to raise a little cash for some time now, and couch-bound KL isn’t exactly making it rain (though to be fair, the 10 cent refunds on bottles of Strawberry Hill really do add up so who knows).

“Pyramid scheme” recruits high profile sales reps [WCNC]



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Pyramid scheme - Scheme - Programming - Lisp - Languages
Source: Dealbreaker | 27 May 2010 | 9:17 am

Hofmeister on `Why We Hate Oil Companies': First Word Special


Source: Bloomberg - All Podcasts | 27 May 2010 | 8:57 am

Rush Job, Bad Management Played a Role in Oil Spill


BP CEO Tony Hayward, looking like he has a headache. Source: BP

How much did bad decisionmaking have to do with the Gulf oil spill? The Wall Street Journal took a closer look at the decisions BP made before the oil rig explosion that threatens to cripple the Gulf Coast.With their drilling behind schedule, BP made shortcuts and oversights in the rush to finish the job. From the WSJ:

BP…cut short a procedure involving drilling fluid that is designed to detect gas in the well and remove it before it becomes a problem, according to documents belonging to BP and to the drilling rig’s owner and operator, Transocean Ltd. BP also skipped a quality test of the cement around the pipe—another buffer against gas—despite what BP now says were signs of problems with the cement job and despite a warning from cement contractor Halliburton Co.

Once gas was rising, the design and procedures BP had chosen for the well likely gave this perilous gas an easier path up and out, say well-control experts. There was little keeping the gas from rushing up to the surface after workers, pushing to finish the job, removed a critical safeguard, the heavy drilling fluid known as “mud.” BP has admitted a possible “fundamental mistake” in concluding that it was safe to proceed with mud removal, according to a memo from two Congressmen released Tuesday night.

Finally, a BP manager overseeing final well tests apparently had scant experience in deep-water drilling. He told investigators he was on the rig to “learn about deep water,” according to notes of an interview with him seen by the Journal.

Some of BP’s choices allowed it to minimize costly delays. “We were behind schedule already,” said Tyrone Benton, a technician who operated underwater robots and worked for a subcontractor. He said that on the day before the accident, a Monday, managers “hoped we’d be finished by that Friday…. But it seemed like they were pushing to finish it before Friday.” He added: “They were doing too many jobs at one time.”

Sloppiness, rush jobs, and incompetent management are an all-too-common scenario in the business world. But in a high-stakes business like oil drilling, they shouldn’t be considered an option. If and when the Gulf oil spill settles down, I’d like BP to demonstrate how it’s tightening management of its rigs to prevent more oversights.



Source: Business Pundit | 27 May 2010 | 8:54 am

Gattiker on European Crisis, Bednarczyk on Euro: First Word


Source: Bloomberg - All Podcasts | 27 May 2010 | 8:52 am

Would a Reverse Mortgage Affect My Taxes? (The Tax Guy)

A reverse mortgage can help with your cash flow, but the fees can add up.



Source: SmartMoney.com | 27 May 2010 | 8:20 am

Apple, Not Microsoft, is World’s Biggest Tech Company

Maybe it’s time for those Bill Gates jokes to become Steve Jobs jokes. Apple, not Microsoft, is now the world’s biggest tech company based on market value. Reuters has more:

Shares of Apple are worth more than 10 times what they were 10 years ago, as it has profited from revolutionizing consumer electronics with its stylish, easy to use products such as the iPod, iPhone and MacBook laptops. The last time Apple had a higher market value than Microsoft was December 19, 1989, according to Thomson Reuters Datastream.

Microsoft, whose operating system runs on more than 90 percent of the world’s personal computers, has not been able to match growth rates from its hey-day 1990s. Its stock is down 20 percent from 10 years ago.

Apple, which struggled for many years to get its products into the mainstream, resorted to a $150 million investment from the much larger Microsoft in 1997 in order to keep it afloat. At that time, Microsoft’s market value was more than five times that of Apple.

Microsoft still leads Apple in sales. In the latest quarter, Microsoft reported $14.5 billion in revenue compared with Apple’s $13.5 billion. Cupertino, California-based Apple is now the second-largest company on the Standard & Poor’s 500 index by market value, behind energy behemoth Exxon Mobil Corp.

Upon hearing the news, Microsoft CEO Steve Ballmer was predictably dismissive.



Source: Business Pundit | 27 May 2010 | 8:15 am

U.S. Natural Gas ETF Assets Fall by $1.8 Billion: Audio


Source: Bloomberg - All Podcasts | 27 May 2010 | 7:52 am

Free iPhone to iPad Upgrade


Image: TooBigToFale



Source: Business Pundit | 27 May 2010 | 4:06 am