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JP Morgan in record fine from FSACity regulator fines JP Morgan a record £33m for putting its clients' money at risk by failing to keep it separate from its own.Source: BBC News | Business | World Edition | 3 Jun 2010 | 4:16 am Indications: U.S. stock futures step higher ahead of dataU.S. stock market futures point to a second day of gains as investors take a bullish posture awaiting a raft of economic data along with retailers' same-store sales figures for May.
Source: MarketWatch.com - Top Stories | 3 Jun 2010 | 4:12 am Apple Says It Will Not Take On Google In Search, But It Already HasApple’s (NASDAQ: AAPL) Steve Jobs says his company will not take on Google (NASDAQ: GOOG) in the search business. The Apple App Store , however, already competes against Google in cellphones, mobile advertising and operating systems. Many of Apple’s 200,000 app downloads are shortcuts to the web which eliminates the need for Google’s search functions. Apple’s [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Jun 2010 | 4:08 am Eurozone retail sales down 1.2% in April (AFP)
Source: Yahoo! News: Business News | 3 Jun 2010 | 4:05 am Fire risk leads to huge Maytag dishwasher recall (AP)AP - Maytag Corp. is recalling about 1.7 million dishwashers because of a fire hazard.Source: Yahoo! News: Business News | 3 Jun 2010 | 4:04 am Did 2004 Olympics spark Greek financial crisis? (AP)
Source: Yahoo! News: Business News | 3 Jun 2010 | 4:00 am Ash repayments face delaysThousands of travellers are still waiting for reimbursement after their flights were delayed by volcanic ash in April.Source: BBC News | Business | World Edition | 3 Jun 2010 | 3:57 am Which Car Brand Closes Next?Pontiac is gone now. So is Saturn, and in effect Hummer. Ford Motor (NYSE: F) announced that it would fad out Mercury, a brand created by Henry Ford’s son Edsel. Car makers are deciding that the cost of maintaining brands, particularly the expenses of marketing and product development, are too high for units that only sell [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Jun 2010 | 3:47 am Click to chatThe online adviser - coming to a screen near youSource: BBC News | Business | World Edition | 3 Jun 2010 | 3:47 am Network rail profits slide as charges cappedProfits at Network Rail have fallen by almost 75 per cent over the past year but the company said more trains ran on time. Source: Latest Business News from Times Online | 3 Jun 2010 | 3:46 am G20 aims to reduce red ink and keep recovery on trackBUSAN, South Korea (Reuters) - Disagreements over how quickly to reduce billowing budget deficits and restore balance to the global economy risk straining high-level Group of 20 talks that started on Thursday.
Source: Reuters: Business News | 3 Jun 2010 | 3:45 am UK fines JPMorgan record amountLONDON (Reuters) - U.S. investment bank JP Morgan Securities Ltd has been fined a record 33.32 million pounds ($49.12 million) by Britain's regulator for failing to protect billions of dollars of client money over almost seven years.
Source: Reuters: Business News | 3 Jun 2010 | 3:40 am BP to fund Louisiana oil barriersBP says it will pay for six sand barriers off the Louisiana coast to try to protect fragile wetlands from a huge oil slick.Source: BBC News | Business | World Edition | 3 Jun 2010 | 3:37 am What Assets Will BP Sell To Fund The Gulf Disaster Clean-Up?Wall St. is starting to consider what the Gulf disaster will cost BP plc NYSE: BP) both in legal and liability costs and clean-up expenses. Some scientists believe that the leak cannot be capped and will put more crude into the sea for months. Research firm Credit Insights projects that BP and Anadarko, a partner [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Jun 2010 | 3:24 am French bid for euro zone "government" gains ground (Reuters)
Source: Yahoo! News: Business News | 3 Jun 2010 | 3:21 am French bid for euro zone "government" gains groundBRUSSELS/PARIS (Reuters) - French-inspired plans to create an "economic government" for the euro zone took a step forward on Wednesday when European Council President Herman Van Rompuy threw his weight behind the idea.
Source: Reuters: Business News | 3 Jun 2010 | 3:21 am Stocks to Watch: Stocks to watch Thursday: Krispy KremeAmong the companies whose shares are expected to see active trading in Thursday's session are Hovnanian, Krispy Kreme, SAIC and Suntech Power.
Source: MarketWatch.com - Top Stories | 3 Jun 2010 | 3:20 am Sharp fall in Network Rail profitBritish railway infrastructure operator Network Rail reports a 75% drop in annual profits but improved punctuality.Source: BBC News | Business | World Edition | 3 Jun 2010 | 3:17 am Bourses take lead from Wall Street’s gainsGlobal Markets Overview: Shares and commodities advance on hopes that the pessimism of recent weeks has been overdoneSource: Financial Times - US homepage | 3 Jun 2010 | 3:13 am Oil firm says N.Korea exploration to start in a year (AFP)
Source: Yahoo! News: Business News | 3 Jun 2010 | 3:12 am Xstrata halts investment over tax rowXstrata has suspended investment worth £338 million into Australian coal and copper projects in response to the Government’s proposed “Robin Hood” tax on the mining industry. Source: Latest Business News from Times Online | 3 Jun 2010 | 3:11 am World markets up amid US employment hopes (AP)
Source: Yahoo! News: Business News | 3 Jun 2010 | 3:08 am World markets up amid US employment hopes (AP)
Source: Yahoo! News: Stock Markets News | 3 Jun 2010 | 3:08 am Xstrata threatens to scrap Australia projects over taxSYDNEY (Reuters) - Global miner Xstrata threatened to scrap $5.4 billion in Australian coal and copper projects, blaming a new mining tax and taking the value of new developments put on hold to above $20 billion in just a month.
Source: Reuters: Business News | 3 Jun 2010 | 3:04 am G-20 finance officials begin global economy talks (AP)
Source: Yahoo! News: Business News | 3 Jun 2010 | 3:03 am BP to speak with analysts Friday, shares riseLONDON (Reuters) - British oil giant BP will speak with analysts on Friday, a spokeswoman for the company said after analysts pointed to a planned conference call as one possible reason for a spike in its battered shares.
Source: Reuters: Business News | 3 Jun 2010 | 3:03 am Will Skype Lose Its Charm As It Starts To Charge For 3G Calls?Skype, the pioneering VoIP company, says people have downloaded five million of its apps on Apple (NASDAQ: AAPL) iPhones. Skype means to leverage its new universe of 3G users by charging them to make calls over the AT&T (NYSE: T) network beginning later this year. That may result in Skype quickly losing its charm with [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Jun 2010 | 3:02 am Economic Report: U.K. house prices rise 0.5% in May: NationwideBritish house prices rise by a seasonally-adjusted 0.5% in May amid thin trading volume and a tight supply of properties for sale, mortgage lender Nationwide says Thursday.
Source: MarketWatch.com - Top Stories | 3 Jun 2010 | 3:02 am 3 Stocks With Raised Earnings Estimates (Screens)Hough: Wall Street boosted its outlook for these shares, which bodes well for returns.
Source: SmartMoney.com | 3 Jun 2010 | 3:01 am 5 New Retailer Loyalty Lures (Deal of the Day)Retailers are adding programs and trying new tactics to retain business.
Source: SmartMoney.com | 3 Jun 2010 | 3:01 am Secrets of Summer Travel BargainsHow to score the best deals on five popular summer destinations.
Source: SmartMoney.com | 3 Jun 2010 | 3:01 am Set Aside Fears of Inflation -- Just for NowBridgewater Associates' CIO doubts the printing of money will cause inflation.
Source: SmartMoney.com | 3 Jun 2010 | 3:01 am Lessons for BP from the Exxon Valdez spillUp until the catastrophic Gulf oil spill in April, BP had done a pretty good job of presenting itself as the eco-friendliest big oil company around.Source: Business and financial news - CNNMoney.com | 3 Jun 2010 | 2:54 am House prices pick up again in MayHouse prices are still rising, according to the latest monthly survey from the Nationwide building society.Source: BBC News | Business | World Edition | 3 Jun 2010 | 2:52 am Prudential formally ends AIG takeover bidPrudential has formally ended its three-month takeover attempt to buy AIA in Asia, saying that it struck a deal with the insurer’s owner AIG to walk away. Source: Latest Business News from Times Online | 3 Jun 2010 | 2:50 am London Markets: Miners lead sharp gains for British sharesMiners and oil producers gain sharply in British share trading on Thursday, buoyed by a rise in oil and metal futures.
Source: MarketWatch.com - Top Stories | 3 Jun 2010 | 2:48 am Markets bounce on strong US dataEuropean stock markets rise strongly on opening, buoyed by strong US car sales data overnight.Source: BBC News | Business | World Edition | 3 Jun 2010 | 2:45 am More gains expected at stocks' openU.S. stocks appeared to be carrying some positive momentum approaching Thursday's open, a day after a rebound in the energy sector led to solid gains.Source: Business and financial news - CNNMoney.com | 3 Jun 2010 | 2:37 am Cable due to detail business aimsVince Cable will give more details of the government's plans to help UK firms grow when he makes his first major speech on Thursday.Source: BBC News | Business | World Edition | 3 Jun 2010 | 2:36 am Once again, BP experiment in Gulf spill hits snag (AP)
Source: Yahoo! News: Business News | 3 Jun 2010 | 2:30 am Valeo shares jump after forecasting strong salesShares in French group Valeo jump as much as 9% Thursday after the auto-parts manufacturer says it expects sales in the first half of the year to grow by more than a third.
Source: MarketWatch.com - Top Stories | 3 Jun 2010 | 2:28 am House prices move closer to 2007 peakHouse prices are within 10 per cent of their October 2007 peak after a further 0.5 per cent rise in May, according to the Nationwide building society. Source: Latest Business News from Times Online | 3 Jun 2010 | 2:22 am Xstrata halts spending in tax rowXstrata halts investment in two Australian projects due to a proposed tax on mining profits, putting 3,250 new jobs at risk.Source: BBC News | Business | World Edition | 3 Jun 2010 | 2:19 am BP ordered to fund $360m barrier island project$BP has been ordered to fund six barrier island projects to protect Louisiana marshes from the oil spill off the Gulf of Mexico, at a total cost of $360 million ($£244 million). Source: Latest Business News from Times Online | 3 Jun 2010 | 2:17 am RBS upgrade leads to job cuts at CouttsRoyal Bank of Scotland is cutting 500 jobs from its UK wealth management business, with the sword falling most heavily at the Queen’s banker Coutts & Co. Source: Latest Business News from Times Online | 3 Jun 2010 | 2:15 am Media Digest 6/3/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: G20 nations have no agreement on a bank levy. Reuters: Buffett’s testimony before the Financial Crisis Inquiry Commission did little to change members’ views of the ratings agencies. Reuter: Facebook’s CEO has not set a date for an IPO. Reuters: Tablet PCs are seen as a follow-up to the success of netbooks. Reuters: Shares [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 3 Jun 2010 | 2:01 am Currencies: Dollar, euro extend gains vs. yen in Asian tradingThe dollar and euro both gain further ground on the yen in Asian trading Thursday, as the lower-yielding unit comes under pressure as equities surge.
Source: MarketWatch.com - Top Stories | 3 Jun 2010 | 2:01 am Stock futures signal gains(Reuters) - Stock index futures pointed to a higher opening on Wall Street on Thursday and extending the previous sharp rally, with futures for the S&P 500 up 0.51 percent, Dow Jones futures up 0.38 percent and Nasdaq 100 futures up 0.4 percent at 0742 GMT.
Source: Reuters: Business News | 3 Jun 2010 | 1:55 am Stock futures signal gains (Reuters)
Source: Yahoo! News: Stock Markets News | 3 Jun 2010 | 1:55 am BP ‘not prepared’ for deep-water spillThe chief executive of BP has said the company and the oil industry need to rethink their approach in order to pursue deep sea drilling following the catastrophic leak of the group’s Macondo well in the Gulf of MexicoSource: Financial Times - US homepage | 3 Jun 2010 | 1:55 am Europe Markets: Commodity firms, autos lead broad Europe gainsEuropean shares jump on Thursday, with commodity-sector firms and autos leading broad-based gains for the region.
Source: MarketWatch.com - Top Stories | 3 Jun 2010 | 1:50 am Asian oil prices rebound as US stocks soar (AFP)
Source: Yahoo! News: Stock Markets News | 3 Jun 2010 | 1:49 am FTSE 100 climbs at open (AFP)
Source: Yahoo! News: Stock Markets News | 3 Jun 2010 | 1:41 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 | 3 Jun 2010 | 1:31 am UK house prices are now less than 10pc below their record peakRally leaves prices less than 10pc below peak reached before slump.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 3 Jun 2010 | 1:28 am U.S. proposes tougher passenger-rights rules for airlinesAmong the changes sought by the Obama administration are the clear disclosure of fees, higher compensation for passengers bumped from overbooked flights and locked fare prices after purchase.Airline passengers would be able to cancel new reservations within 24 hours without penalty and collect up to $1,300 in compensation for being bumped from an overbooked flight under rules proposed Wednesday by the Obama administration.
Source: L.A. Times - Business | 3 Jun 2010 | 1:00 am AT&T phasing out unlimited data plans for cellphonesFee structure that goes into effect for new subscribers Monday will cap use of e-mail, Web browsing, social-network posting and streaming video under two pay plans in an effort to curb heavy users.In a move intended to curb heavy users of its cell network, AT&T Inc. is phasing out its unlimited data plans for mobile phone subscribers — a move likely to be adopted by other major mobile carriers.
Source: L.A. Times - Business | 3 Jun 2010 | 1:00 am Warren Buffett defends credit rating firmsUnder subpoena before the Financial Crisis Inquiry panel, the billionaire investor defends firms that gave high ratings to risky mortgage-backed securities. He supports their business model too. ...Source: RSS feed - channel BNPaperBusiness | 3 Jun 2010 | 1:00 am Vevo's Rio Caraeff is king of online music videosRecently launched Vevo became the No. 1 site for online music videos in April. Caraeff talks about his plans for turning a profit and about working with, rather than against, Google and YouTube.If Rio Caraeff had his way, the phrase "I want my MTV" would be replaced by "I want my Vevo."
Source: L.A. Times - Business | 3 Jun 2010 | 1:00 am NetJets Europe Introduces New Eco-Friendly Catering PackagingSource: RSS feed - channel BNewsBusiness | 3 Jun 2010 | 1:00 am California lawmaker hopes to win one more for farmworkersA bill by state Sen. Dean Florez would grant standard overtime pay to laborers in the fields. Growers say it could lead to cuts in hours. The United Farm Workers union isn't taking sides this time. ...Source: RSS feed - channel BNPaperBusiness | 3 Jun 2010 | 1:00 am Dexus Property Group opens office in Newport BeachThe move by the Australian commercial real estate giant comes in anticipation of it acquiring hundreds of millions of dollars worth of industrial properties.
Source: L.A. Times - Business | 3 Jun 2010 | 1:00 am Dexus Property Group opens office in Newport BeachThe move by the Australian commercial real estate giant comes in anticipation of it acquiring hundreds of millions of dollars worth of industrial properties.Source: RSS feed - channel BNPaperBusiness | 3 Jun 2010 | 1:00 am 2011 Mustang unbridles more power while reining in fuel consumptionFord's ubiquitous muscle car has 7% more horsepower, 5% more torque and 4.5% more miles per gallon. The Ford Mustang...Source: RSS feed - channel BNPaperBusiness | 3 Jun 2010 | 1:00 am Timber REITs Continue to Outperform S&P 500; Forisk Hires Director of Equity ResearchSource: RSS feed - channel BNewsBusiness | 3 Jun 2010 | 1:00 am 2011 Mustang unbridles more power while reining in fuel consumptionFord's ubiquitous muscle car has 7% more horsepower, 5% more torque and 4.5% more miles per gallon.The Ford Mustang is ubiquitous. More than 9 million have been manufactured over the last 47 years, driven by generations of owners, including my mechanic's son, my neighbor's daughter, even my very own mother.
Source: L.A. Times - Business | 3 Jun 2010 | 1:00 am Thomas Kinkade firm seeks bankruptcy protectionThe filing for Pacific Metro, the artist's production company, comes one day after a $1-million payment is due to two former gallery owners who had won a judgment. ...Source: RSS feed - channel BNPaperBusiness | 3 Jun 2010 | 1:00 am Ford to close Mercury division despite higher auto industry salesU.S. carmakers report double-digit sales gains in May. Mercury follows the path of Pontiac, Saturn and Hummer.Major American automakers posted double-digit sales gains last month, but the industry's recovery was not strong enough to save Ford Motor Co.'s Mercury brand.
Source: L.A. Times - Business | 3 Jun 2010 | 1:00 am Warren Buffett defends credit rating firmsUnder subpoena before the Financial Crisis Inquiry panel, the billionaire investor defends firms that gave high ratings to risky mortgage-backed securities. He supports their business model too.The federal Financial Crisis Inquiry Commission wanted so much to hear Warren E. Buffett's views on debt ratings that it compelled his testimony. The panel may have been disappointed by what he had to say.
Source: L.A. Times - Business | 3 Jun 2010 | 1:00 am U.S. proposes tougher passenger-rights rules for airlinesAmong the changes sought by the Obama administration are the clear disclosure of fees, higher compensation for passengers bumped from overbooked flights and locked fare prices after purchase. ...Source: RSS feed - channel BNPaperBusiness | 3 Jun 2010 | 1:00 am California lawmaker hopes to win one more for farmworkersA bill by state Sen. Dean Florez would grant standard overtime pay to laborers in the fields. Growers say it could lead to cuts in hours. The United Farm Workers union isn't taking sides this time.Three decades ago, Dean Florez landed the perfect summer job in this sun-baked, Kern County farm town: filling burlap sacks with 50 pounds of potatoes, then sewing them shut with a steel needle and three loops of twine.
Source: L.A. Times - Business | 3 Jun 2010 | 1:00 am Vevo's Rio Caraeff is king of online music videosRecently launched Vevo became the No. 1 site for online music videos in April. Caraeff talks about his plans for turning a profit and about working with, rather than against, Google and YouTube. ...Source: RSS feed - channel BNPaperBusiness | 3 Jun 2010 | 1:00 am AT&T phasing out unlimited data plans for cellphonesFee structure that goes into effect for new subscribers Monday will cap use of e-mail, Web browsing, social-network posting and streaming video under two pay plans in an effort to curb heavy users. ...Source: RSS feed - channel BNPaperBusiness | 3 Jun 2010 | 1:00 am Ford to close Mercury division despite higher auto industry salesU.S. carmakers report double-digit sales gains in May. Mercury follows the path of Pontiac, Saturn and Hummer. ...Source: RSS feed - channel BNPaperBusiness | 3 Jun 2010 | 1:00 am At SEC forum, experts clash over high-speed trading's role in 'flash crash'No cause for the May 6 turmoil has been pinpointed, but some warn that high-frequency trading threatens to undermine market stability. Others say limiting speed will stifle innovation.Federal regulators still haven't been able to pinpoint the cause of Wall Street's so-called flash crash a month ago, but more than two dozen experts Wednesday told the Securities and Exchange Commission what might work to prevent a repeat — and what won't work.
Source: L.A. Times - Business | 3 Jun 2010 | 1:00 am Manure could power data centers, Hewlett-Packard scientists sayResearchers propose using a biogas recovery system that would convert livestock waste into methane to be used as fuel to generate electricity.Giving new meaning to the term "server farm," a team of Hewlett-Packard Co. researchers has come up with a plan for combining cow chips and computer chips to build an environmentally friendly data center — powered by manure.
Source: L.A. Times - Business | 3 Jun 2010 | 1:00 am At SEC forum, experts clash over high-speed trading's role in 'flash crash'No cause for the May 6 turmoil has been pinpointed, but some warn that high-frequency trading threatens to undermine market stability. Others say limiting speed will stifle innovation. ...Source: RSS feed - channel BNPaperBusiness | 3 Jun 2010 | 1:00 am Wall Street rally, weaker yen boost Asian shares (AFP)
Source: Yahoo! News: Business News | 3 Jun 2010 | 12:56 am UPDATE 1-Irish drugmaker Elan says CEO to quit in 2012* Change to fixed-term contract; to leave all duties in 2013Source: RSS feed - channel BNewsBusiness | 3 Jun 2010 | 12:46 am CORRECTED - CORRECTED-BRIEF-ELAN says CEO agrees to fixed term in companyJune 3 (Reuters) - ELAN : * Elan corporation, plc board announces CEO agreement * Elan corp says Martin has agreed to transition his employment contract from an open-ended agreement to a fixed-term agreementSource: RSS feed - channel BNewsBusiness | 3 Jun 2010 | 12:45 am BRIEF-Centrica drills dry Norwegian Sea well -directorateOSLO, June 3 (Reuters) - The Norwegian Petroleum Directorate said:Source: RSS feed - channel BNewsBusiness | 3 Jun 2010 | 12:44 am Deals of the day -- mergers and acquisitionsJune 3 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0600 GMT on Thursday.Source: RSS feed - channel BNewsBusiness | 3 Jun 2010 | 12:31 am Telecom shares at new low on disappointing dayTelecom shares fell to a new record low today in a New Zealand sharemarket which under-performed other markets.There was further disappointment when major electricity companies opted to develop electricity futures contracts on...Source: nzherald.co.nz - Business | 3 Jun 2010 | 12:28 am Japan finance chief likely to be new PMNaoto Kan wins the backing of influential government colleagues in his bid to become the country's fifth new prime minister in less than four yearsSource: Financial Times - US homepage | 3 Jun 2010 | 12:25 am UPDATE 1-Chr. Hansen prices IPO at 90 crowns per shareCOPENHAGEN, June 3 (Reuters) - Danish food ingredients group Chr. Hansen priced its initial public offering of stock on Thursday at 90 crowns per share, valuing the company at about 12.42 billion Danish...Source: RSS feed - channel BNewsBusiness | 3 Jun 2010 | 12:16 am UPDATE 1-Chr. Hansen prices IPO at 90 crowns per shareCOPENHAGEN, June 3 (Reuters) - Danish food ingredients group Chr. Hansen priced its initial public offering of stock on Thursday at 90 crowns per share, valuing the company at about 12.42 billion Danish...Source: RSS feed - channel BNewsBusiness | 3 Jun 2010 | 12:16 am UPDATE 1-Roche stops enrolment into Avastin trial* Unfavourable risk-benefit assessment of adding AvastinSource: RSS feed - channel BNewsBusiness | 3 Jun 2010 | 12:10 am Dollar climbs above US68cThe New Zealand dollar rose along with a firm Australian dollar today as investors became more comfortable with risk as equity markets rallied.Attention is also turning to next week's Reserve Bank of New Zealand (RBNZ) monetary...Source: nzherald.co.nz - Business | 3 Jun 2010 | 12:03 am UPDATE 1-Price gap seen in sale of S.Korea KEB -paperSEOUL, June 3 (Reuters) - Contenders for a controlling stake in Korea Exchange Bank , put up for sale by U.S. fund Lone Star [LS.UL], initially offered much less than the market price for the Korean bank,...Source: RSS feed - channel BNewsBusiness | 3 Jun 2010 | 12:01 am 2degrees reveals numbers switching to telcoNew mobile operator 2degrees says 75,000 customers have now switched to its network, from an existing network using number portability since its launch last year.A total 122,325 ports (changing providers but keeping your number)...Source: nzherald.co.nz - Business | 2 Jun 2010 | 11:59 pm Pru seeks investor support in fightbackTidjane Thiam and Harvey McGrath began to fight back against calls for their resignations as chief executive and chairman of Prudential over the failure to land a deal for AIASource: Financial Times - US homepage | 2 Jun 2010 | 11:08 pm Outside the Box: Preferred stocks shine in volatile marketWith banks paying next to nothing on money market accounts, this a good time for income-oriented investors to consider preferred stocks.
Source: MarketWatch.com - Top Stories | 2 Jun 2010 | 10:03 pm Tomi Kilgore: Making sense of the selloffThere are some types of selling that are better than others, writes Tomi Kilgore.
Source: MarketWatch.com - Top Stories | 2 Jun 2010 | 10:01 pm Facebook CEO says no date in mind for IPOPALOS VERDES (Reuters) - Facebook Chief Executive Mark Zuckerberg said he has no date in mind to take the Internet social networking company public, and defended changes to the service that have provoked privacy concerns.
Source: Reuters: Business News | 2 Jun 2010 | 8:29 pm SEC reaches $25M fraud settlement with Diebold (AP)AP - The Securities and Exchange Commission is pursuing fraud charges against three former executives of ATM maker Diebold Inc. after reaching a $25 million settlement with the company on Wednesday.Source: Yahoo! News: Stock Markets News | 2 Jun 2010 | 7:24 pm Pushing BP to suspend dividendBP should suspend dividend payments to shareholders until the full costs for cleaning up the oil spill in the Gulf of Mexico can be calculated, two U.S. senators said Wednesday.Source: Business and financial news - CNNMoney.com | 2 Jun 2010 | 6:47 pm UN council votes for flotilla deaths probeA United Nations body has voted to establish an investigation into the killing of nine pro-Palestinian protesters, frustrating Israeli and US efforts to prevent an international probe into the raidSource: Financial Times - US homepage | 2 Jun 2010 | 6:17 pm Jupiter planned float leaves executives in line for bonanzaA star fund manager at Jupiter emerged as the group’s largest shareholder yesterday as it pressed ahead with a London listing worth as much as £868 million. Source: Latest Business News from Times Online | 2 Jun 2010 | 6:01 pm Fewer companies freeze workers’ payThe number of new pay freezes in private sector companies — a key feature of the recession — fell sharply in the three months to April, new research will show today. Source: Latest Business News from Times Online | 2 Jun 2010 | 6:01 pm Three years after furore, French snap up RDFAn independent production company best known for its controversial 2007 documentary about the Queen has been bought by a French entertainment conglomerate in a deal thought to be worth more than £150 million. Source: Latest Business News from Times Online | 2 Jun 2010 | 6:01 pm Bank of England Governor puts principles before payMervyn King has refused any pay rise for the next two years, opting to keep his salary at £305,764. Source: Latest Business News from Times Online | 2 Jun 2010 | 6:01 pm $1600 a night World Cup B&B for saleThe Auckland bed and breakfast that quoted a Yorkshire woman NZ$1600 a night for a room during the Rugby World Cup, is being put up for sale. Eden Park Bed and Breakfast owner Anthony McAnulty said after "much debate" he had decided...Source: nzherald.co.nz - Business | 2 Jun 2010 | 6:00 pm Ford to eliminate Mercury brand (Reuters)
Source: Yahoo! News: Business News | 2 Jun 2010 | 5:39 pm Ford to eliminate Mercury brandDETROIT (Reuters) - Ford Motor Co will eliminate its Mercury brand which has seen sales and investment plunge in recent years, closing out a vehicle lineup created in the 1930s by Edsel Ford, the automaker said on Wednesday.
Source: Reuters: Business News | 2 Jun 2010 | 5:39 pm Strong start for NZ sharemarketThe New Zealand sharemarket started the day strongly, following big gains by equities in the United States led by energy stocks that were beaten down the day before.Yesterday the benchmark NZX-50 closed down 35.9 points as it...Source: nzherald.co.nz - Business | 2 Jun 2010 | 5:36 pm Questor share tip: Hold Northumbrian in the pipeline for future dividendsFollowing strong sets of results from Pennon, Severn Trent and United Utilities over the past few weeks, Northumbrian Water rounded off the utilities reporting season with its full-year figures.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Jun 2010 | 5:31 pm Auckland property nudges up in MayThe Auckland housing market appears to be taking the May 20 budget in its stride, Auckland's biggest real estate firm says.Prices and turnover lifted slightly in May, reflecting a stable and balanced market, Barfoot & Thompson...Source: nzherald.co.nz - Business | 2 Jun 2010 | 5:30 pm Auto sales tick higher but caution lingersDETROIT (Reuters) - Ford Motor Co and General Motors Co posted double-digit sales gains for May that outpaced growth for Toyota Motor Corp as U.S. auto sales rose 19 percent from the depressed levels of a year earlier.
Source: Reuters: Business News | 2 Jun 2010 | 5:26 pm Mass redundancies at Nelson marine firmNelson's Challenge Marine has laid off nearly all its staff, blaming the economic downturn for the radical downsizing.Twenty-one workers were handed redundancy notices last week, leaving "only about three or four" at the marine...Source: nzherald.co.nz - Business | 2 Jun 2010 | 5:21 pm Prudential: What follows the broken Asian dream?With its deal for AIA in tatters, Prudential's future is in doubt.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Jun 2010 | 5:20 pm Buffett fails to wow crisis panel on credit ratersNEW YORK (Reuters) - The Oracle of Omaha, for once, may have failed to impress his audience. Warren Buffett, the billionaire whose investments are followed religiously on Wall Street, had no easy remedies when grilled on Wednesday about the role of credit rating agencies in fueling the financial crisis.
Source: Reuters: Business News | 2 Jun 2010 | 5:16 pm Michael Fallon is the man for Treasury hot seatA very important job is up for grabs at Westminster - chairman of the Treasury Select Committee.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Jun 2010 | 5:08 pm Target set to sell Amazon's Kindle nationwideOn June 6, Target will become the first brick-and-mortar retailer to sell Amazon's Kindle electronic reader at its stores across the United States, the company said on Wednesday.Source: Business and financial news - CNNMoney.com | 2 Jun 2010 | 5:07 pm Bet on BP to beat the Gulf of Mexico oil spill crisisOver at UK corporate crisis No.2 - Prudential being No. 1 - I don't believe BP is a credible bid target.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Jun 2010 | 5:07 pm Latest BA strike enters final dayThe current five-day strike by British Airways cabin crew enters its final day, but a third wave is due to start from Saturday.Source: BBC News | Business | World Edition | 2 Jun 2010 | 5:06 pm The credibility gap at the top of the Pru will only get bigger if Thiam and McGrath stayThe message from Tidjane Thiam, the beleaguered chief executive of Prudential, could not be clearer. "I'm not going anywhere."Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Jun 2010 | 5:04 pm XT boss fishes for customersIt all went a bit pear-shaped, but now the boss thinks New Zealanders should give it another go.First there was the multimillion-dollar launch of Telecom's XT mobile network, featuring international stars, and then came the recriminations...Source: nzherald.co.nz - Business | 2 Jun 2010 | 5:00 pm Tesco's Sir Terry Leahy nets £5.2mSir Terry Leahy, the chief executive of Tesco, was paid £5.2m in salary, bonus and shares last year and saw the value of his pension pot increase by 16pc to £15.9m.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Jun 2010 | 4:54 pm Jupiter's star fund managers set for £40m payout after IPOJupiter's six top fund managers are in line to share a payout of about £40m after a planned June 16 float.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Jun 2010 | 4:51 pm Commercial property gains groundThe commercial property sector has recorded a positive annual return for the first time since 2008, but the European debt crisis could slow the pace of growth, experts say.The Property Council/IPD index to March 2010 shows annual...Source: nzherald.co.nz - Business | 2 Jun 2010 | 4:38 pm When ETFs Cut Costs, Should You Bite? (On the Street)As ETFs grow, experts say price cuts don't always signal a good deal.
Source: SmartMoney.com | 2 Jun 2010 | 4:17 pm Energy Boost: Sector Drives Market Rebound (Market Update)Surprising housing data and a rally in energy helped lift the broader market.
Source: SmartMoney.com | 2 Jun 2010 | 4:08 pm Stocks rebound on housing news; Oil shares jump (AP)
Source: Yahoo! News: Stock Markets News | 2 Jun 2010 | 4:05 pm Prudential: Tidjane Thiam will not resign over AIA failureTidjane Thiam gets support of board to tough it out after $35.5bn Asian deal flopped.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Jun 2010 | 4:03 pm Bank of England's Mervyn King refuses pay rise for 2010 and 2011Mervyn King has refused a pay rise for the next two years as the public sector braces itself for a period of restraint.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 2 Jun 2010 | 4:01 pm Allied puts heat on reneging developersAllied Farmers, which owns the troubled Hanover/United's loan book, is taking legal action against real estate developers reneging on loans worth millions of dollars.John Loughlin, chairman, and Rob Alloway, managing director,...Source: nzherald.co.nz - Business | 2 Jun 2010 | 4:00 pm Summary Box: Stocks rebound on hopes for housing (AP)AP - ANOTHER SWING: The Dow Jones industrials rose 226 points Wednesday after an increase in pending home sales and a recovery in energy stocks. The gain essentially recouped what was lost in the prior two days.Source: Yahoo! News: Stock Markets News | 2 Jun 2010 | 3:56 pm Rebound in stock market cools demand for Treasurys (AP)AP - Interest rates rose in the Treasury market Wednesday after a rebound in stocks cut into demand for safety investments.Source: Yahoo! News: Stock Markets News | 2 Jun 2010 | 3:56 pm Miami Jeweler Busted in $40 Million Ponzi Scheme
Like the Florida grocery scam uncovered earlier this year, Perez promised investors lavish returns, as much as 120 percent, from investments in his jewelry business and pawn shops in New York. But, that’s not exactly what he did with the cash. Investors thought they were investing in two of Perez’s companies, Lucky Star Diamonds Inc. and Luis Felipe Jewelry Design Corp. As an added layer of security, he said their money was collateralized by diamonds, but those of course turned out to be fake. “He stole at least $6 million for lavish personal spending on limousines, extravagant dinners, bodyguards, and political contributions that helped bolster his image in the local community,” the SEC said in a release. With stolen money he bought a $3.2 million home, artwork, spent about $100,000 a year on travel, and about $1 million on jewelry. He also gave a generously to local and national politicians including Republicans Lincoln Diaz-Balart, John McCain and Norm Coleman. 
 Source: Dealbreaker | 2 Jun 2010 | 3:43 pm Air Traveler's Guide to Getting Bumped (Deal of the Day)A new federal proposal would give passengers more for losing their seat.
Source: SmartMoney.com | 2 Jun 2010 | 3:37 pm The bizarre legal case of Allen StanfordAs the $7 billion financial fraud case against R. Allen Stanford slowly makes its way through the courts, the number of victims continues to pile up.Source: Business and financial news - CNNMoney.com | 2 Jun 2010 | 3:34 pm Corporate bonds grind to a haltThe corporate bond market is in the middle of a slump as the appetite for riskier assets has once again dwindled.Source: Business and financial news - CNNMoney.com | 2 Jun 2010 | 3:33 pm Buffett: Don't blame Moody'sBerkshire Hathaway CEO Warren Buffett defended the role that Moody's and other rating agencies played in the financial crisis, even as the firm missed the signs of an impending housing market collapse.Source: Business and financial news - CNNMoney.com | 2 Jun 2010 | 3:31 pm Ford killing Mercury brand, boosting LincolnFord Motor Co. announced Wednesday that is killing off the slow-selling Mercury car brand after 71 years. The move had been widely expected as Ford has revealed few new products for the brand in recent years.Source: Business and financial news - CNNMoney.com | 2 Jun 2010 | 3:14 pm How the major stock indexes fared on Wednesday (AP)AP - The stock market rebounded Wednesday following a stronger-than-expected increase in pending home sales and a recovery in shares of energy companies.Source: Yahoo! News: Stock Markets News | 2 Jun 2010 | 3:11 pm Gold Trading, Beckman Coulter, BP’s Credit: Taking StockSource: Bloomberg - All Podcasts | 2 Jun 2010 | 3:08 pm Veteran traders blast U.S. market structure at SEC (Reuters)Reuters - Traders clashed over the fragmentation and ultra high speed of today's U.S. equities marketplace on Wednesday, as one charged that more traditional orders are being "gamed" but another said that high-frequency traders are unfairly vilified.Source: Yahoo! News: Stock Markets News | 2 Jun 2010 | 3:06 pm Warren Buffett Leaves A Bad Taste In Charlie Gasparino’s Mouth
Watch the latest business video at video.foxbusiness.com
Source: Dealbreaker | 2 Jun 2010 | 2:43 pm GM, Ford sales gains outpace ToyotaMajor automakers all reported large gains in May sales, with industry totals helped greatly by a spike in sales to business customers rather than to individual consumers.Source: Business and financial news - CNNMoney.com | 2 Jun 2010 | 2:30 pm Ferrous pulls out of London flotationFerrous Resources cancels an initial public offering that was expected to value the company at $3.5bn, citing difficult market conditionsSource: Financial Times - US homepage | 2 Jun 2010 | 2:22 pm Buffett rejects criticism of Moody’sWarren Buffett has told a hearing studying the causes of the financial crisis that the credit rating agency deserved less criticism than the bailed-out banksSource: Financial Times - US homepage | 2 Jun 2010 | 2:10 pm Dennis Kozlowski Says Steve Forbes Defamed Him
Koz is also, apparently, reading books about himself and now he’s suing billionaire Steve Forbes for what he claims are false and defamatory comments in in Forbes’ 2009 book “Power, Ambition, Glory: The Stunning Parallels Between Great Leaders of the Ancient World and Today … and the Lessons You Can Learn.” Koz is particularly miffed about about a line in the book that claims he “plundered” Tyco shareholders to “siphon off cash for himself.” He also takes issue with a the contention that he bilked investors out of $400 million when the court only ordered him to pay $100 million in restitution. WTF Forbes? Just because a jury convicted Koz of fraud doesn’t mean he really did it.
Forbes obviously thinks that’s total bullshit. “This is an absurd lawsuit,” Steve Forbes said in a statement. “Mr. Kozlowski’s reputation speaks for itself.” The complaint seeks unspecified compensatory damages, plus punitive damages equal to triple the compensatory award. John Prevas, a faculty member at Eckerd College in St. Petersburg, Florida, and co-author of the book, is also a defendant. Koz will go before a parole board for the first time in April 2012. He was sentenced to between 8 and 25 years in jail.
Source: Dealbreaker | 2 Jun 2010 | 2:00 pm Warren Buffett: Wise Grandfather vs. Billionaire Financier Mark Lennihan/AP By Jacob Goldstein Warren Buffett -- the wise, grandfatherly investor -- has described derivatives as "financial weapons of mass destruction." Warren Buffett -- the billionaire financier -- today had this to say about those weapons: I use them to make money. If I think they're mispriced, I buy them. Both sides of Buffett were on display today. He was testifying before the Financial Crisis Inquiry Commission, which was looking into the role the ratings agencies played in the crisis. Buffett's company, Berkshire Hathaway is a major shareholder in Moody's, one of the big ratings agencies. The agencies agencies are paid by businesses and governments to issue credit ratings, which are hugely influential in the bond market. The agencies put their highest ratings on lots of mortgage-backed bonds that got hammered in the housing bust. Here's Buffett the financier on Moody's: I've never been in Moody's. I don't know where they're located. I know their business model is extraordinary. And here's Buffett the grandfatherly investor saying the same thing, by way of analogy: We own a significant position in Procter & Gamble. ... I don't know how they make Tide. Buffett suggested that Moody's wasn't really to blame for missing the magnitude of the housing bubble, because almost everybody missed it, including him. "I blew it," he said. And he suggested that the high credit ratings now assigned to cities and states might be called into question in a few years. "There will be a terrible problem," with state and local government debt, he said. "And then the question becomes, will the federal government help them?" Bonus Buffett: Read our posts on Buffett's lobbying on derivatives, his stake in Goldman Sachs and the backstory behind his appearance today. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Jun 2010 | 2:00 pm It’s Official: Ford Closes MercuryFord will end production of Mercury vehicles in the fourth quarter of this year to further grow its core Ford and Lincoln brands, according to Ford Motor (NYSE: F) Existing Mercury owners to receive continued access to parts and service support at Ford and Lincoln dealers; current Mercury vehicle warranties and Extended Service Plans will [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Jun 2010 | 1:58 pm Cheaper plans for iPhone, iPadAT&T announced new 3G pricing plans Wednesday that will make iPhone and iPad bills less expensive for most customers, but will also put a stop to unlimited data plans.Source: Business and financial news - CNNMoney.com | 2 Jun 2010 | 1:36 pm American Eagle coin sales hit 11-year highSales of the one-ounce gold coin surged to the highest for 11 years in May, according to the US Mint, in an indication of the scramble among investors for physical goldSource: Financial Times - US homepage | 2 Jun 2010 | 1:29 pm Jobs sees decline in Windows popularitySteve Jobs’ assertion that personal computers running Microsoft’s Windows operating system are in a permanent decline has been met with surprising agreementSource: Financial Times - US homepage | 2 Jun 2010 | 1:27 pm Amid Takeover Talk, BP Investors Eye Dividend (On the Street)Investors have watched shares drop. Could the dividend follow?
Source: SmartMoney.com | 2 Jun 2010 | 1:15 pm Steve Cohen (His Wife, General Counsel, And President) Have Some Things To Say
 Peter Nussbaum would like the record to reflect that this is just a costume Steve wears sometimes. He doesn't *actually* look like this. For the July issue of Vanity Fair, Bryan Burrough has the second only on the record interview with Steve Cohen. Burroughs previously hinted that he was able to seal the deal with Steve due to the fact that it would offer Cohen’s wife, Alex, a highly coveted opportunity to be shot by Annie Liebowitz. And sure, that probably helped things (the billionaire secretly loves having his photo taken, and in another life had dreams of being a male model). But beyond that, it’s clear that Steve and his people were ready for some Real Talk. Sick and tired they are of being seen as recluses who keep themselves ensconced in a hermetically-sealed full body condom. Sick and tired they are of having people assume that underneath their clothes, they’re entirely covered in scar tissue. Sick and tired they are of the whispers, the rumors, the theories, that they’re control freaks who will never let go. SICK AND TIRED THEY ARE OF THE ASSUMPTIONS THEY DON’T SAY PLEASE AND THANK YOU. Sick and tired they are of the nicknames. And so now, they’re opening up, like never before. ‘Cause they’ve got some things they’d like to clear up. A few things they want you to know, so you don’t just go making it all up on your own. Are you ready for this truth? This truth to be laid on your ass? Steve’s general counsel, Peter Nassbaum, will start. * And it pertains to the photo above. “Steve has been characterized unfairly,” Peter A. Nussbaum, his general counsel says, “He doesn’t have two horns and a tail.” *** * Poker was Steve’s way out of his life as a fruit boy. “A group of us, we started playing cards at each other’s houses, all day, then all night,” he remembers. “The stakes started at, like, a quarter, 50 cents. Eventually we got up to 5, 10, or 20 bucks a re- placement card, and by 10th grade you could win or lose a thousand dollars in a night.” By the beginning of 11th grade Cohen was making so much money at poker he began to question his summer job as a $1.85-an-hour “fruit boy” at the Bohack supermarket. “I was making $500 to a thousand most nights,” he recalls, “so I said, ‘What am I doing this for?’ And so I decided to quit and just played cards.” * Steve Cohen doesn’t think about money, which is something some of you PM’s who contributed to last month’s losses might wanna think about reminding him of. I think it’ll go over well. “It’s the same with trading,” he goes on. “I think about the risk. I think about the trade. I don’t think about the money. * Steve Cohen has manners! He will say “please” bend over the table so I can tear you a new asshole for losing me money you worthless slithering virus! Cohen breaks from our conversation every minute or two to make a stock order. “Buy me 200,000 J&H, please,” he says; a voice from the speaker repeats the order. Cohen’s temper, especially in his early years, was notorious, and when I raise an eyebrow, he says, “I know, isn’t this civil? It’s usually minus the ‘please.’ Sometimes I say, ‘May I … May I please buy … If you’re not bothered.’ ” He returns to his screen. “Shell, take me up to a million, please,” he says. (The names of the stocks Cohen mentions have been changed here at his request.) * Not only that, but contrary to popular belief of the outside world, he’s here to serve you. I want everyone working at 72CPR to remember this. You want a snack? Maybe a moist towelette? He’s got you covered. More than happy to do it. Any number of voices emanate from his speaker. Can anyone call?, I ask. “Oh yeah, anyone can call me,” he says. “For anything. A soda. I’ll get them a soda. I’m full-service.” * A couple years ago, he would have literally put you through a wall if you referred to him as Stevie, which, by the by, is a nickname he does not care for. Now? He’ll just make a mental note to have you “dealt” with by people you do not want a piece of.“Wall Street develops these myths about people, a persona, and things stick, even if you change,” he says, displaying a rare flash of consternation. “I mean, they still call me ‘Stevie,’ and I’m 54 years old. It drives my wife crazy.” * Mrs. Cohen attributes the change in her man to his Brush With Death. Cohen’s new fame was nearing its height in 2003 when, out of nowhere, he noticed numbness in his right foot. Next he experienced a strange tingling in his fingers. A doctor recommended an M.R.I., which showed that Cohen had a bulging disk; two vertebrae were compressing his spinal nerves, causing sciatica. His own doctors suggested surgery, but Cohen begged off, hoping it would go away. It didn’t. By August he was stricken with searing pains in his neck and shoulders. He finally agreed to the surgery. It was very scary. It was pretty freaky.” Many people go through life changes after such a near-death experience, and Cohen’s wife, Alex, noticed them in her husband. “That was a terrible experience,” she says. “I think we both came out of that thinking, ‘Small things just don’t matter anymore.’ He spent more time thinking about the family, more time with the kids. * Which he says is bull shit, and if you want him to prove to you that he’s highly capable of giving you that second asshole you’ve always wanted, with his own two hands, let’s go. “Nah, that’s bullshit,” Cohen says when his wife is out of hearing range. “I’m still capable, like any football or baseball coach, of losing my temper, but I’m just a lot calmer than I was 10 or 20 years ago. I don’t think people change too much. Maybe a little around the edges. You grow up, maybe just get a little more mature.” * How about you, Pedro? You got anything to say? “I remember in January 2001, right after our best year ever, we had this management meeting, and Steve was pounding the table, going, ‘We got nothing! We suck! We have to tear this place down!’ ” recalls the general counsel, Peter Nussbaum. “The next January it was the same thing. Every January he’s the same. One year I finally said, ‘Steve, why don’t we just smoke what we got?’ But no. He’s just never been very impressed by what we’ve done.” * How about you, Conheeney, you want to try something, you sexy Silver Fox? You wanna tell him he’s beautiful and he needs to start seeing the Steve we all see? Be my guest, Tonto.“Steve doesn’t really understand his own persona, this iconic status he has,” says Thomas Conheeney, SAC’s president. “We try to get him to go talk to these business groups, and he goes, ‘Why would they want to hear anything I have to say?’” * This isn’t so revelatory, but just for future reference, that is an ice pack in his pants, and he’s not particularly happy to see you. On this day, Cohen is working at home due to his aching lower back, and as I take a seat he jams a bright-blue ice pack down his jeans and wedges himself into a wing chair, propping himself stiffly like a vertical sardine. * And while he may not have the full range of motion necessary to tell you how he really feels, he knows someone more than happy to give it you. “We didn’t even eat. We just talked for hours,” Mrs. Cohen recalls of their first date. “I knew he was the one that first night. I remember I went home and told everyone that I just met the man I’m going to marry.” Cohen took some convincing—the divorce still stung—but when Alex gave him a deadline, he caved in and proposed. “She’s tough,” Cohen says with a smile. “My wife, she’s tough.” * He can give this up any time, any place. He doesn’t need you. He doesn’t need any of you! When I express skepticism that he could walk away from a career as one of the most heralded Wall Street traders of the last half-century, he leans forward and jams a finger at me, Uncle Sam–style: “I’m telling you that, within a year, if I don’t want to trade anymore, I won’t have to. As the firm grows, it needs to change and evolve. I also need to do that. I’m setting things up where the firm will be better able to leverage our ideas and be more profitable and have more capital than if I was doing it as we have done before. There’s a lot of other things I can do. I don’t have to sit at the desk. Seriously, I’ve got nothing left to prove. I’ve been doing this 33 years, I’ve been to the top of the mountain, and there’s not much there. My dream is to liberate myself. * Above all, know this one thing to be true. Steve Cohen will survive. Hey, hey! It was at that point [after 2008's losses], Cohen realized, that he had to get back to basics. “My dad had a saying, ‘Shoemakers make shoes,’ ” he says. Today SAC is back to making shoes, i.e., investing mainly in stocks. “We’re back to where we were in 2003,” Cohen goes on. “I wouldn’t call it perfect. I mean, the world fell apart. Lehman, Goldman, Fannie Mae—this was a once-in-50-years phenomenon. Everything you thought was true wasn’t true. These rocks, these pillars of the industry, were not. The world imploded. We made the right decisions. We made money last year. We’re a survivor.” ***It was nice of Peter to throw cold water on that theory, though some of the SAC staff probably would have thought it even nicer if he’d proposed another one, which is that– and this is just a theory, hasn’t been scientifically proven– he’s the biggest dick at 72 Cummings Point Road, having been known to inform people that their meeting with him is over by telling them to “fucking leave” his office, and has on at least one occasion, refused to sign something for an employee until said employee “took a shower.” Though maybe that guy had it coming.
Source: Dealbreaker | 2 Jun 2010 | 1:09 pm Social-shopping sites high in data valueNowadays when you want to show off your purchases, the thing to do is go online. It's called "social shopping," and websites where consumers can post their latest buys are popping up all over. Sally Herships reports.Source: Marketplace | 2 Jun 2010 | 1:05 pm Time to put BP into temp. receivershipPolitical pressure is mounting on the Obama administration over the BP oil leak. Attorney General Eric Holder has announced a criminal investigation. But commentator Robert Reich says the White House needs to go even further.Source: Marketplace | 2 Jun 2010 | 1:05 pm BP, gov't finally accept int'l help on leakSix weeks in, BP and the federal government have started accepting some international help in cleaning up the oil leak. Sophisticated skimmers from the Netherlands are set to be at work in the Gulf. What took so long? Nancy Marshall Genzer reports.Source: Marketplace | 2 Jun 2010 | 1:05 pm High cost for Venezuela social programsVenezuela has poured hundreds of millions of dollars into social programs. But because oil revenues are down, large-scale government spending has contributed to high inflation. Reece Erlich reports.Source: Marketplace | 2 Jun 2010 | 1:04 pm Who's benefiting from corn syrup drop?The Department of Agriculture says the production of high-fructose corn syrup has been falling for several years. Why? Gregory Warner reports.Source: Marketplace | 2 Jun 2010 | 1:04 pm Will others follow AT&T data limit plan?AT&T says it is eliminating its unlimited data plan starting next week, which means new iPhone and iPad users will have to limit their usage or pay for extra data. Jeff Horwich reports.Source: Marketplace | 2 Jun 2010 | 1:04 pm What's the status of stimulus spending?Vice President Joe Biden was at the Brooklyn Bridge to talk about a $30 million federal investment for a major rehab of the 117-year-old span. It was a chance for the Obama administration to tout the benefits of its $787 billion stimulus package. Just how much stimulus is left? Jeremy Hobson reports.Source: Marketplace | 2 Jun 2010 | 1:04 pm Commission looks into ratings agenciesThe Financial Crisis Inquiry Commission held a hearing discussing the role of credit ratings agencies in the financial crisis.Source: Marketplace | 2 Jun 2010 | 1:04 pm Fundraisings cast shadow on Agricultural IPOAgricultural Bank plans to raise as much as $30bn in mid-July, but falling stock markets and huge capital raising plans at other banks are casting a shadow over the long-delayed listingSource: Financial Times - US homepage | 2 Jun 2010 | 12:32 pm Opportunity Knocks: Turning Around 3 Large Biotechs (AMGN, BIIB, GENZ)Biotech is the land of promise for emerging players. It is also the land of stagnation for well established and sturdy giants. Amgen, Inc. (NASDAQ: AMGN), Biogen Idec Inc. (NASDAQ: BIIB), and Genzyme Corp. (NASDAQ: GENZ) all fit into the latter group. These three have also had issues that have acted as anchors on the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Jun 2010 | 12:17 pm Orleans, Circuit City: Bloomberg Law Bankruptcy ReviewSource: Bloomberg - All Podcasts | 2 Jun 2010 | 12:14 pm Buffett: Rising Prices Are a Narcotic
“They made the wrong the call,” Buffett said. But he added: “The entire American public was caught up in the a belief that housing prices could not fall dramatically. “When your next door neighbor is making money very easily by buying a second home, you start thinking ‘maybe I should do that too.’” Buffet is testifying before the Financial Crisis Inquiry Commission alongside Moody’s CEO Raymond McDaniel. Buffett’s is Moody’s largest shareholder. Buffett said McDaniel, although he missed the warning signs, shouldn’t resign as CEO. On derivatives, he said: “Used improperly, as they are almost certain to be, [derivatives] pose a potential systemic risk.” On his $5 billion investment in Goldman Sachs, which has paid off quite handsomely: “If the Fed had not acted, everyone would have been toast, but I thought the federal government would act.” He said Goldman was the best of the firms that came to him in the fall of 2008 and the firm actually ended up paying him more than they originally proposed as the crisis deepened.
Source: Dealbreaker | 2 Jun 2010 | 11:37 am GlazoSmithKline Raised to `Buy,' Molex Cut to `Neutral': AudioSource: Bloomberg - All Podcasts | 2 Jun 2010 | 11:15 am Presented By:Source: Dealbreaker | 2 Jun 2010 | 11:09 am Bill Ackman: “Wait To Rate”
Wait To Rate [PDF]
Source: Dealbreaker | 2 Jun 2010 | 11:09 am 50 Tips to Make You a Better Leader
Leadership is an art. Keeping your workers happy and maximizing their potential while attaining company goals is not for the faint of heart. We’ve compiled 50 tips that cover the mental, physical, and management aspects of being a leader. General Leadership Tips Here’s a list of skills you should have to be a leader. Good leadership vs. effective leadership. If you want to be a successful leader, crunch time is all the time. Exceptional leaders start with why, not what or how. Build your leadership skills on a solid foundation. Is your company playing follow the leader? How to get yourself out of the work doghouse. Unlock brain chemistry to learn new leadership skills. Leadership always has a pinch of fear–and it has to. Lead like a child. Redefine failure to be a better leader. Lead first, then manage the numbers. Rehearse dealing with distractions. Leading and restarting business growth: Don’t just wait for someone to fix your elevator. Why you shouldn’t hire the best and brightest candidate. Great leaders should move to a cubicle. Rapid change tests leaders. How do you stand? How to get back on track when things get crazy. Leadership and Team Building Build a competent, self-reliant team by being human. How to create core values for your team. 7 ideas to help leverage different perspectives on your team. Help your people perform better, and they’ll care more. Avoid these toxic words while communicating with your team and superiors. How to regularly acknowledge your direct reports. What to do when your team is protecting you from bad news. How to develop a great culture within your team. How to keep your workers happy. Why you shouldn’t accept excuses from your employees. Defining Leadership Success 2 things you absolutely must do to be an effective leader. What persistence has to do with leadership. The true measure of your greatness as a leader is to develop better leaders than yourself. What’s the mark of a great leader? What’s the one thing leaders can do to become more successful? Nothing. A Q&A on leading without a title. How to tell a who-do from a guru. You want to be a leader? Then lead. The management uncertainty principle. Short, useful daily quotes on leadership and business. Mistakes to Avoid 8 traits of ineffective leaders. Ignoring unpleasant truths is often encouraged in the leadership world. How not to implement change in your organization. Leadership Stories 3 leadership lessons from the military. Hillary Clinton’s leadership secrets. Goldman Sachs’ leadership lesson in addiction. Lessons for leaders from the world’s highest mountains.
Source: Business Pundit | 2 Jun 2010 | 11:01 am Caption Contest Wednesday: “Imagine Yourself, Entirely Swathed In Fleece”
[Annie Lievowitz/VanityFair]
Source: Dealbreaker | 2 Jun 2010 | 10:56 am Former Galleon Trader Franz Tudor Key to Galleon Case
Tudor, a 36-year old former portfolio manager at Galleon, was one of two people involved in the Galleon case that wore a recording device to tape conversations with alleged co-conspirators, including Goffer and Michael Kimelman. Both have been charged with insider trading and conspiracy in the wide-ranging Galleon case and have pleaded not guilty. Tudor’s involvement in the case was first reported by the Wall Street Journal in March, but it was unclear how the government planned to use any of the recordings and what evidence he had. Tudor has pleaded guilty to conspiracy to commit securities fraud and is cooperating with investigators, according to the report. He is also prepared to testify against some of the defendants. But a new document in the case reveals at least part of the government’s plans. In a letter to Zvi Goffer’s attorney, Cynthia Monaco, last month, prosecutors said they plan to show that Goffer gave Tudor non-public info about the pending takeover of Axcan Pharma in the fall of 2007 and then asked him for $10,000 to pay off the source of the tip. Prosecutors also plan to show that Goffer passed along a bunch of other tips to Tudor, including a pending buyout of Ventiv Health Inc., that he got from other defendants in the case including David Slaine and Craig Drimal. The letter was filed as an exhibit to a motion from Goffer requesting the government provide him more details about their evidence in the case. Before he joined Galleon, Tudor worked at Pequot Capital and SAC. He left Galleon to join Kimelman and Goffer at Schottenfeld Group and Incremental Capital. Goffer and Kimelman are part of a second ring of mostly younger traders ensnared in the wider Galleon case, which is focused on billionaire Raj Rajaratnam.
Source: Dealbreaker | 2 Jun 2010 | 10:20 am Will Offshore Drilling 'Go The Way Of Nuclear Power'?By Jacob Goldstein Oil is still spilling into the Gulf of Mexico. The feds are looking into criminal charges against BP. And it may take months before the well is capped. What are the long-term implications for BP, and for the oil industry? "In the United States, offshore drilling seems set to go the way of nuclear power, with new projects being shelved for decades," Harvard economist Ken Rogoff predicts. "And, as is often the case, a crisis in one country may go global, with many other countries radically scaling back off-shore and out-of-bounds projects." "It took more than thirty years to overcome the psychological and political damage done by [Three Mile Island], and there was no actual nuclear leakage," writes David Kotok of Cumberland Advisors, an investment management firm. "We estimate that Deepwater Horizon may end up larger in national impact than the nuclear event decades ago." Of course, the world is far more dependent on oil than it ever was on nuclear power. Oil production, clearly, will continue to go on around the globe. But, Kotok writes: Our expectation is that the oil business is about to enter a period of intense scrutiny and regulation worldwide. It will confront higher cost structures and much more inspection and regulation. This will eventually be reflected in higher oil prices. BP itself is the biggest oil and gas producer in the U.S., and the biggest producer in the Gulf of Mexico, Bloomberg News says. The company's stock is down by more than a third since the drilling rig leased by the company exploded on April 20. That low stock price has prompted some speculation that the company could be bought by another oil giant, such as Shell. But, as the FT points out, antitrust regulators might balk at the merger of two of the biggest companies in the world. And BP's board would likely resist any attempt to "sell the company on the cheap," the FT says. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 2 Jun 2010 | 10:19 am Moody’s, S&P, And Moral RelativismA former employee of Moody’s testified before The Financial Crisis Inquiry Commission that he felt pressure from his superiors to improve market share for the company. That caused him and other employees of Moody’s to rate debt products higher than they deserved. Clients were helped by the relatively high opinions which in turn helped them sell bad paper [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Jun 2010 | 10:07 am Home Sales Up, But Tax Credit And Jobs ThreatenPending home sales rose again in April. But, the trend likely reversed itself in May. The housing market improvement may simply be a mirage. The National Association of Realtors reported: The Pending Home Sales Index,* a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Jun 2010 | 9:55 am Leo Tilman, Maury Harris: Bloomberg On the EconomySource: Bloomberg - All Podcasts | 2 Jun 2010 | 9:54 am Is Steve Cohen Thinking About “Walking Away From It All”?
 Come on in gang! That’s apparently what he tells Bryan Burrough in an upcoming article for Vanity Fair interestingly titled “What’s Eating Steve Cohen?” Beyond putting the unthinkable (a 72 Cummings Point Road without the big guy? Ping Jiang would sooner do a woman) out there, Burrough also posits that the reason Stevie agreed to his only second interview ever was because Mrs. Alex Cohen had always wanted to be shot by Annie Leibovitz (BB’s alternate theory, which he shared with Bloomberg earlier, is that SC wanted to break his “code of silence” to show the world “he doesn’t have long hair and finger nails,” which is gonna disappoint some of the fan boys). Other little tidbits we’re apparently going to learn from the piece include: * Steve’s favorite piece of art (will it be one of these ladies?) * His days as a “poker shark” * His chronic back pain (Jesus it’s about time. FREAKING FINALLY, amiright?) * “The thorough changes he claims to have implemented at SAC to ensure that the firm is in full compliance with the law after gaining a reputation for being ‘way out there’ (in the words of one competitor) on information gathering.” Photo credit: Annie Leibovitz
Source: Dealbreaker | 2 Jun 2010 | 9:16 am AT&T Kills “Unlimited” Data Plans
AT&T will move its data plans to a metered model starting next Monday. You’ll pay $15 for 200MB of data per month, then pay for additional $15 blocks from there, based on how much data you use. Crave’s Matt Hickey has more: …unlimited (data) plans, like many other broadband plans, had murky, inscrutable limits. There are stories of people being charged for going over a certain amount of data without knowing what that limit was, which doesn’t make the “unlimited” plans unlimited. To curb this, the just-announced plans give a new declared limit on how much data one gets for the money, fairly inexpensive options for those who go over, and tools for keeping tabs on data usage. The pair of plans work with any smartphone that AT&T sells, including the iPhone. The low-end plan, DataPlus, includes 200MB of data for $15 a month. If the 200MB limit is exceeded, another 200MB block is added on for $15. This continues for as much data as is used. The high-end plan, DataPro, includes 2GB of data–10 times more than DataPlus–for $25. When the 2GB threshold is reached, another 1GB can be tacked on for $10. Each 1GB after that is $10, as much as is used. That’s far better than the old overage rate of $100 per GB, or 10 cents per MB. New iPad customers, who buy an iPad 3G starting Monday, can get the same $25 per month 2GB plan as iPhone users. Unlike iPhone users, iPad customers will still prepay for their wireless data plan with no contract. Existing iPad customers who have the $29.99 per month unlimited plan can keep that plan or switch to the new $25 per month plan with 2GB of data. AT&T said it’s trying to avoid surprises on people’s bill. AT&T’s iPad plan changed about a month after the iPad came out–that’s gotta be some kind of record. For low-bandwidth users, it sounds like AT&T’s streamlining might offer a small discount. I’m not sure how happy high-bandwidth users will be about this. The other interesting point about AT&T’s new metered data plans is that they represent a trend. Comcast and other ISPs started it. Now AT&T is onto it, and I wouldn’t be surprised if Verizon and other big providers followed suite. It looks like unmetered (or “unlimited”) data plans will be the exception, not the rule, in the near future.
Source: Business Pundit | 2 Jun 2010 | 9:14 am Take Advantage of Commuter Tax Breaks (The Tax Guy)It's easy. Get out of your car and save some money.
Source: SmartMoney.com | 2 Jun 2010 | 8:56 am Woman Sues Google After Walking On Highway
Pedestrian and Google Maps user Lauren Rosenberg has sued Google. Rosenberg followed walking directions to a rural highway, where a car hit her. She is now suing for medical expenses and punitive damages. PCWorld has more: Search Engine Land reports that Rosenberg, a Los Angeles California native…started walking down the highway–which had no sidewalk or pedestrian paths–and was struck by a car. She is suing Google for her medical expenses ($100,000), as well as punitive damages. She is also suing the driver who struck her, Patrick Harwood of Park City, Utah. According to Rosenberg’s complaint filing: “As a direct and proximate cause of Defendant Google’s careless, reckless and negligent providing of unsafe directions, Plaintiff Lauren Rosenberg was led onto a dangerous highway, and was thereby stricken by a motor vehicle, causing her to suffer sever permanent physical, emotional, and mental injuries, including pain and suffering.” Google actually does offer up a warning about its walking directions–if you view Google Maps on a computer, it gives you the following message: “Walking directions are in beta. Use caution–This route may be missing sidewalks or pedestrian paths.” This warning does not show up in PDA’s and cell phones, however. I suppose Google figured that people who are smart enough to use Blackberries are probably also smart enough to not walk directly into the middle of traffic. If this case goes anywhere, get ready to sign a disclaimer before using Google Maps. This case is yet more proof that dumb lawsuits have no limit in this country.
Source: Business Pundit | 2 Jun 2010 | 8:54 am More Futility in Solar Land (CSIQ)There are two words that investors fear inside of public companies:accounting irregularities. That is what is hitting shares of Canadian Solar Inc. (NASDAQ: CSIQ) this morning. The company said it was delaying the release of its first quarter results, which was “after regulators subpoenaed company documents on sales transactions and other events in 2009.” The [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 2 Jun 2010 | 8:30 am After Crash: New Rules for ETF InvestorsThe May 6 Flash Crash revealed serious flaws in exchange-traded funds.
Source: SmartMoney.com | 2 Jun 2010 | 8:22 am ETF Securities to Sell More Platinum, Palladium Shares: AudioSource: Bloomberg - All Podcasts | 2 Jun 2010 | 7:54 am Shugg on U.S. Housing, Jobs; Silva on Stocks: First WordSource: Bloomberg - All Podcasts | 2 Jun 2010 | 7:49 am Steve Jobs: The iPad Came Before The iPhoneBy Jacob Goldstein Apple CEO Steve Jobs spoke yesterday at a WSJ tech conference, and there were some interesting tidbits. The WSJ's Walt Mossberg asked Jobs about the development of the iPhone and the iPad: "I actually started on the tablet first," Jobs says. "I had this idea of being able to get rid of the keyboard and type on a multitouch glass display." But once Apple developed the display, and added touch-scrolling, "I thought, 'Oh my God, we can build a phone out of this,' " he says. "And I put the tablet project on the shelf, because the phone was more important." Also in the video, Jobs predicts a "post-PC era," when PCs will be like trucks -- powerful machines used by the few, rather than the many. And he says he hopes tablets will help newspapers stay in business. "I don't want to see us descend into a nation of bloggers," he says. After the jump: Remember Apple TV? In another video from the conference, Jobs discusses the difficult economics of bringing high-tech innovation to Television. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 2 Jun 2010 | 7:20 am Pelosi Discusses Oil Spill Response: Political CapitalSource: Bloomberg - All Podcasts | 2 Jun 2010 | 6:19 am Why You Need to Think Before You Send
Source: Business Pundit | 2 Jun 2010 | 4:53 am
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