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Network Rail chief to step downThe chief executive of Network Rail, Iain Coucher, is to resign after eight years with the firm for "personal reasons".Source: BBC News | Business | World Edition | 17 Jun 2010 | 4:08 am World Cup boosts UK retail salesSales of new TVs ahead of the World Cup helped to boost UK retail sales by more than expected in May, figures show.Source: BBC News | Business | World Edition | 17 Jun 2010 | 4:06 am Euro bounce boosts stocksThe euro rallies following a well-received auction of Spanish debt, curtailing fears about eurozone fiscal difficultiesSource: Financial Times - US homepage | 17 Jun 2010 | 4:04 am BP oil spill: Tony Hayward 'will be spliced and diced' by US politiciansTony Hayward faces up to the 'terrible reality' of BP's oil spill ahead of his appearance before key Congressional committee in Washington.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Jun 2010 | 4:03 am Swiss parliament clears way for US tax deal (AP)
Source: Yahoo! News: Business News | 17 Jun 2010 | 4:00 am French raise retirement age to 62France's retirement age will be raised from 60 to 62 over the next eight years as part of sweeping pension reforms.Source: BBC News | Business | World Edition | 17 Jun 2010 | 3:57 am Spanish debt sale sees high demand, but cost rises (AP)AP - Spain raised nearly euro3.5 billion ($4.3 billion) Thursday in an oversubscribed sale of Treasury bonds, although at sharply higher interest rates. Markets were relieved by the result, with the euro and stock markets rising and borrowing costs falling.Source: Yahoo! News: Stock Markets News | 17 Jun 2010 | 3:55 am Spanish debt sale sees high demand, but cost rises (AP)AP - Spain raised nearly euro3.5 billion ($4.3 billion) Thursday in an oversubscribed sale of Treasury bonds, although at sharply higher interest rates. Markets were relieved by the result, with the euro and stock markets rising and borrowing costs falling.Source: Yahoo! News: Business News | 17 Jun 2010 | 3:55 am Asia stocks mixed, Shanghai down 0.4% post-holidayAsian markets finish on either side of break-even after a choppy session Thursday. Exporters force a retreat in Tokyo for the first time in six sessions.
Source: MarketWatch.com - Top Stories | 17 Jun 2010 | 3:53 am Stagecoach settles dispute over Government subsidiesTransport group Stagecoach has said it expects its rail division to be profitable this year after it gained a partial victory in its subsidy dispute with the Government.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Jun 2010 | 3:48 am Kerviel admits to falsifying documentsFormer Societe Generale trader Jerome Kerviel made only half-hearted and relatively unsophisticated efforts at covering his tracks when he took unauthorized positions while working at the bank, a French court hears in the second week of his trial.
Source: MarketWatch.com - Top Stories | 17 Jun 2010 | 3:47 am UK retail sales boosted by World CupBritish retail sales rose six times faster than expected on the month in May as consumers flocked to electrical goods stores ahead of the World Cup.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Jun 2010 | 3:43 am Oil rig workers forced to job hunt after drill ban (AP)
Source: Yahoo! News: Business News | 17 Jun 2010 | 3:42 am Debt crisis hangs over EU summitAn EU leaders' summit faces the challenge of reviving economic growth while reining in the worst public debts for decades.Source: BBC News | Business | World Edition | 17 Jun 2010 | 3:41 am Stock index futures signal mixed openNEW YORK, (Reuters) - Stock index futures pointed to a flat to slightly higher open for Wall Street on Thursday, with futures for the Dow Jones up 0.2 percent, S&P 500 up 0.15 percent and Nasdaq down 0.03 percent at 0918 GMT.
Source: Reuters: Business News | 17 Jun 2010 | 3:38 am Stock index futures signal mixed open (Reuters)
Source: Yahoo! News: Stock Markets News | 17 Jun 2010 | 3:38 am China warns finger-pointing could derail G20BEIJING (Reuters) - Finger-pointing at the G20 will be self-defeating for an international forum that should be focused on coordination, not criticism, of economic policies, a senior Chinese government official said.
Source: Reuters: Business News | 17 Jun 2010 | 3:37 am Swiss parliament approves UBS-U.S. tax dealZURICH (Reuters) - Switzerland's parliament backed a Swiss-U.S. tax treaty crucial to the future of UBS AG, ending months of uncertainty over the deal and paving the way for renewed recovery at the Swiss bank.
Source: Reuters: Business News | 17 Jun 2010 | 3:37 am Switzerland agrees to handing thousands of private bank details to USSwitzerland has approved a treaty with the US that will see the nation break with its historic banking secrecy laws.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Jun 2010 | 3:36 am Reforms 'would have eased crisis'Planned reforms to UK banking regulation would have eased the impact of the global financial crisis, the chancellor says.Source: BBC News | Business | World Edition | 17 Jun 2010 | 3:36 am Swiss parliament agrees on UBS data transferSwiss lawmakers reach a last-minute deal to allow the names of nearly 4,500 UBS clients and suspected tax-evaders to be handed to U.S. authorities.
Source: MarketWatch.com - Top Stories | 17 Jun 2010 | 3:32 am US Congress set to grill BP chiefBP boss Tony Hayward is to face a US congressional committee, a day after the firm agreed a $20bn fund for victims of its oil spill.Source: BBC News | Business | World Edition | 17 Jun 2010 | 3:30 am Israel wakes up to potential of Arab sector (AP)
Source: Yahoo! News: Business News | 17 Jun 2010 | 3:27 am Asian stocks mixed amid Spain debt fear, US weakness (AFP)
Source: Yahoo! News: Business News | 17 Jun 2010 | 3:24 am Europe Markets: BP, banks help European shares notch gainsEuropean shares on Thursday extend gains into a seventh session, as oil major BP takes back a fraction of recent losses and banks advance.
Source: MarketWatch.com - Top Stories | 17 Jun 2010 | 3:08 am Afghan mineral wealth may be greater: $3 trillion (AP)AP - An Afghan mining official says the untapped minerals in the war-torn country are worth at least $3 trillion — triple a U.S. estimate.Source: Yahoo! News: Business News | 17 Jun 2010 | 3:05 am EU president calls for tackling economy problems (AP)
Source: Yahoo! News: Business News | 17 Jun 2010 | 3:05 am Japan firms agree mobile mergerJapanese electronic groups Toshiba and Fujitsu announce their intention to merge their mobile phone businesses.Source: BBC News | Business | World Edition | 17 Jun 2010 | 3:02 am 3 Stock Bargains Based on Liquidation Math (Screens)Hough: These companies trade only modestly above the value of their assets.
Source: SmartMoney.com | 17 Jun 2010 | 3:00 am ESOPs: Founders cash out, employees cash inOn his 81st birthday, entrepreneur Bob Moore signed the papers to hand nearly a third of his company over to his 200 employees. But it's a gift Moore and his three partners hope will pay off for them as well: By launching an employee stock ownership plan, they're creating an exit strategy for themselves from the business they've spent the past three decades building.Source: Business and financial news - CNNMoney.com | 17 Jun 2010 | 2:53 am Swiss franc jumps as SNB tones down languageLONDON (MarketWatch) -- The Swiss franc extended a gain versus the European single currency Thursday after the Swiss National Bank toned down language regarding intervention in the foreign-exchange market designed to halt the euro's slide.
Source: MarketWatch.com - Top Stories | 17 Jun 2010 | 2:53 am BP shares higher on oil spill fund deal (AP)
Source: Yahoo! News: Business News | 17 Jun 2010 | 2:52 am Athens public transport grinds to halt amid strike (AP)
Source: Yahoo! News: Business News | 17 Jun 2010 | 2:45 am London Markets: BP share gains lead British shares to mild advanceBP shares gain, helping the top British share index to advance, after the oil major said it will set up a compensation account and suspend dividend payouts as it continues to try to stem the massive oil spill leaking into the Gulf of Mexico.
Source: MarketWatch.com - Top Stories | 17 Jun 2010 | 2:44 am China's red-hot economy to cool slightly in 2011Economic growth in China will remain robust this year, though activity could slow in 2011, the World Bank said Thursday.Source: Business and financial news - CNNMoney.com | 17 Jun 2010 | 2:43 am AT&T and Apple's marriage made in hellAT&T's epic iPhone 4 pre-order snafu on Tuesday was the latest in a long line of headaches the carrier has caused Apple. But even with concerns that AT&T accidentally revealed some subscribers' account information to other customers during Tuesday's fiasco, it's unlikely that Apple will suffer much fallout from its latest carrier crisis.Source: Business and financial news - CNNMoney.com | 17 Jun 2010 | 2:38 am Stocks set for lower openStocks were set to open lower Thursday as investors prepared for new readings on the labor market and inflation.Source: Business and financial news - CNNMoney.com | 17 Jun 2010 | 2:36 am George Osborne says BP has resources to cover oil spill costsChancellor says BP is a "strong company" and has the resources to cover the costs of the Gulf of Mexico oil spill.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Jun 2010 | 2:29 am BP shares up on compensation dealShares in BP have risen sharply following the announcement of a compensation deal between the oil giant and the US government.Source: BBC News | Business | World Edition | 17 Jun 2010 | 2:24 am EU leaders work on ways to prevent new debt crisesBRUSSELS (Reuters) - European Union leaders hope to agree on ways to strengthen budget discipline and economic policy coordination on Thursday to show financial markets they can prevent a repeat of the euro zone debt crisis.
Source: Reuters: Business News | 17 Jun 2010 | 2:19 am World stocks mixed after flat Wall Street finish (AP)
Source: Yahoo! News: Stock Markets News | 17 Jun 2010 | 2:14 am EU approves $1.7bn RBS Sempra sale to JP MorganJP Morgan Chase gained European regulatory clearance on Thursday for its $1.7bn purchase of the non-US assets of commodities joint venture RBS Sempra from Royal Bank of Scotland and Sempra Energy.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Jun 2010 | 2:04 am Spain may use 30 billion euros for bank restructuringMADRID (Reuters) - Spain may use as much as 30 billion euros of its Fund for Orderly Bank Restructuring (FROB) to cover the financing needs of its banks, the Economy Minister Elena Salgado said on Thursday. The FROB, created to help the banking sector, can issue up to 99 billion euros to aid credit institutions.
Source: Reuters: Business News | 17 Jun 2010 | 1:57 am Stocks and euro fall on Spanish debt concerns (Reuters)
Source: Yahoo! News: Stock Markets News | 17 Jun 2010 | 1:56 am BP agrees to back $20bn spill fundBP reached a preliminary agreement with the Obama administration to set aside $20bn to cover claims relating to the Gulf of Mexico oil spill, officials familar with the negotiations saidSource: Financial Times - US homepage | 17 Jun 2010 | 1:54 am Nathans directors to be tried in MarchFour Nathans Finance directors facing criminal charges will be tried by a judge alone in March next year.The eight-week trial of Kenneth Moses, John Hotchin, Donald Young and Mervyn Doolan in the High Court at Auckland will begin...Source: nzherald.co.nz - Business | 17 Jun 2010 | 1:27 am JPM gets EU nod for $1.7 bln RBS Sempra unit buyBRUSSELS, June 17 (Reuters) - JPMorgan Chase & Co gained EU regulatory clearance on Thursday for its $1.7 billion purchase of the non-U.S. assets of commodities joint venture RBS Sempra from Royal...Source: RSS feed - channel BNewsBusiness | 17 Jun 2010 | 1:25 am Egypt's Citadel refinery unit seeking $2.35 bln fundsCAIRO, June 17 (Reuters) - Egypt's private equity firm Citadel Capital said one of its units was in advanced talks to secure $2.35 billion in financing for a refinery project in the Egyptian capital,...Source: RSS feed - channel BNewsBusiness | 17 Jun 2010 | 1:18 am Game sales decline slows, appoints Vodafone executive Ian Shepherd as new chiefThe British personal computer and video games retailer said sales declines slowed in its latest trading period and named Vodafone executive Ian Shepherd as its new chief executive.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Jun 2010 | 1:17 am Facebook urged to strengthen privacy protectionsCritics call on Facebook to make it easier for users to control their personal data.Facebook continues to face criticism over privacy protections at its social networking website.
Source: L.A. Times - Business | 17 Jun 2010 | 1:00 am Oil spill may cost BP far more than $20 billionSome experts worry about whether the company has the strength to pay for the environmental disaster. The plan...Source: RSS feed - channel BNPaperBusiness | 17 Jun 2010 | 1:00 am Housing starts fall 10% in MayThe slump follows the April 30 expiration of government incentives for home buyers.Construction of new homes took a 10% dive in May after the expiration of a popular federal tax credit for buyers, the Commerce Department said Wednesday.
Source: L.A. Times - Business | 17 Jun 2010 | 1:00 am Amount of money in bank CDs falls to four-year lowMany Americans don't want to lock up their cash at current depressed interest rates.The amount of money in bank certificates of deposit has fallen to a four-year low, a casualty of record low interest rates that have lasted much longer than many savers may have expected.
Source: L.A. Times - Business | 17 Jun 2010 | 1:00 am CalPERS orders California, schools to boost contributionsThe increase, to help cover investment losses at the giant public pension fund, would begin in July. Separately, the governor and four unions announce a deal to reduce future benefits.California's biggest public pension fund, which has suffered tens of billions of dollars in investment losses, is ordering the state government and a thousand school districts to boost their contributions to employee retirement funds by $709 million a year, beginning next month.
Source: L.A. Times - Business | 17 Jun 2010 | 1:00 am CalPERS orders California, schools to boost contributionsThe increase, to help cover investment losses at the giant public pension fund, would begin in July. Separately, the governor and four unions announce a deal to reduce future benefits. ...Source: RSS feed - channel BNPaperBusiness | 17 Jun 2010 | 1:00 am Tomato king Frederick Scott Salyer's journey from boardroom to jail cellThe former head of SK Foods awaits trial on 12 counts of corruption in an alleged scheme that ripped off consumers. It's the latest chapter in a saga of family infighting.Scott Salyer stepped into the federal courtroom in Sacramento, his trim frame swimming in an orange prisoner jumpsuit, his legs shackled, his wrists restrained.
Source: L.A. Times - Business | 17 Jun 2010 | 1:00 am Amount of money in bank CDs falls to four-year lowMany Americans don't want to lock up their cash at current depressed interest rates. The amount of money in bank...Source: RSS feed - channel BNPaperBusiness | 17 Jun 2010 | 1:00 am Pixar, with 'Toy Story 3,' shows increasing reliance on sequelsThree of four coming films at the pioneering animation studio, long known for its originality, are sequels. The trend is a reflection of the commercial considerations driving Disney studios, which bought Pixar in 2006.Pixar Animation Studios, the pioneering digital studio that long prided itself on creating novel stories and characters, is now treading a well-worn Hollywood path.
Source: L.A. Times - Business | 17 Jun 2010 | 1:00 am Facebook urged to strengthen privacy protectionsCritics call on Facebook to make it easier for users to control their personal data. Facebook continues to face...Source: RSS feed - channel BNPaperBusiness | 17 Jun 2010 | 1:00 am Carl Icahn on verge of gaining bigger stake in Lions GateWith the deadline of his tender offer approaching, the activist investor appears set to own at least 31% of the movie and TV studio, making him the company's largest shareholder. ...Source: RSS feed - channel BNPaperBusiness | 17 Jun 2010 | 1:00 am Tomato king Frederick Scott Salyer's journey from boardroom to jail cellThe former head of SK Foods awaits trial on 12 counts of corruption in an alleged scheme that ripped off consumers. It's the latest chapter in a saga of family infighting. ...Source: RSS feed - channel BNPaperBusiness | 17 Jun 2010 | 1:00 am E3 trade show attendance risesImproved downtown facilities and an inviting lineup of new products are credited for drawing bigger crowds to the E3 expo. ...Source: RSS feed - channel BNPaperBusiness | 17 Jun 2010 | 1:00 am Oil spill may cost BP far more than $20 billionSome experts worry about whether the company has the strength to pay for the environmental disaster.The plan by energy giant BP to suspend dividends, sell assets and build a $20-billion fund for oil spill victims highlights the delicate balance of post-disaster economics: How to clean up the mess in the Gulf of Mexico without killing the goose that laid the black-gold egg.
Source: L.A. Times - Business | 17 Jun 2010 | 1:00 am Apple, AT&T suspend iPhone 4 sales because of huge demandProspective buyers had encountered widespread glitches triggered by the heavy sales. Barely a day after its new...Source: RSS feed - channel BNPaperBusiness | 17 Jun 2010 | 1:00 am Pixar, with 'Toy Story 3,' shows increasing reliance on sequelsThree of four coming films at the pioneering animation studio, long known for its originality, are sequels. The trend is a reflection of the commercial considerations driving Disney studios, which bought...Source: RSS feed - channel BNPaperBusiness | 17 Jun 2010 | 1:00 am Housing starts fall 10% in MayThe slump follows the April 30 expiration of government incentives for home buyers. Construction of new homes...Source: RSS feed - channel BNPaperBusiness | 17 Jun 2010 | 1:00 am Apple, AT&T suspend iPhone 4 sales because of huge demandProspective buyers had encountered widespread glitches triggered by the heavy sales.Barely a day after its new iPhone went on sale, Apple Inc. and partner AT&T Inc. said they were so slammed with orders that they were temporarily suspending sales to make sure they didn't sell more units than they could make.
Source: L.A. Times - Business | 17 Jun 2010 | 1:00 am Former mortgage lender accused of fraudA 16-count federal indictment charges the ex-chairman of a Florida mortgage firm in connection with an alleged $1.9-billion scheme that helped topple a major bank and then sought a chunk of the government's bailout fund.Signaling a commitment to pursue fraud stemming from the housing market collapse, federal authorities Wednesday charged a former executive at a leading private mortgage company in connection with an alleged $1.9-billion scheme that helped topple a major bank and then sought a chunk of the government's bailout fund.
Source: L.A. Times - Business | 17 Jun 2010 | 1:00 am 2011 Buick Regal doesn't live up to its nameThe exterior is stylish, including the Bentley-esque grille and even the Buick insignia itself. But the interior, more pastiche than crafted, is something you wouldn't find anywhere near a palace.Being among the oldest U.S. auto brands, Buick has a certain geriatric chic that could make it ripe for renewal. If Betty White can stage a late-career comeback, why can't this stalwart of automotive cushiness? They're practically the same age, and the last time either was in vogue was the 1980s.
Source: L.A. Times - Business | 17 Jun 2010 | 1:00 am Business Bullet: Asia, Spain, Mansion House, BPThe latest news on: Asia, Spain, Mansion House, BPSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Jun 2010 | 12:54 am SC House upholds more than 50 budget vetoesTechnical colleges, forest firefighters, school bus fuel and arts programs were among items spared the budget ax as the South Carolina House wrapped up a nearly 15-hour debate on Gov. Mark...Source: RSS feed - channel BNewsBusiness | 17 Jun 2010 | 12:50 am UPDATE 1-Fairfield launches $500 mln London IPOLONDON, June 17 (Reuters) - British oil and gas company Fairfield Energy said it plans to raise around $450 million and $500 million through a listing on the London Stock Exchange and will use the funds...Source: RSS feed - channel BNewsBusiness | 17 Jun 2010 | 12:50 am Toyota is latest car maker hit by strike in China (AP)AP - A brief strike at a parts supplier to Toyota Motor Corp. ended in just a day, the company said Thursday, while a Honda Motor Co. supplier and its workers carried on with wage talks at a factory in southern China.Source: Yahoo! News: Business News | 17 Jun 2010 | 12:45 am Israel wakes up to potential of Arab sectorIn the year since he graduated from Israel's top technical college, Samer Kablawi has sent out over 50 resumes to high-tech companies _ and had one interview. It's a predicament that maySource: RSS feed - channel BNewsBusiness | 17 Jun 2010 | 12:36 am NZ sharemarket falls after retreatThe New Zealand sharemarket fell today in line with a trend in Asian markets.The benchmark NZX-50 index closed down 20.857 points, or 0.68 per cent, to 3045.719. Turnover was worth $86 million. There were 29 rises and 46 falls...Source: nzherald.co.nz - Business | 17 Jun 2010 | 12:33 am David Callaway: Earnings warnings threaten summerAdd earnings warnings and lower estimates to the widening mess of oil spillage, BP's fight for its life and Europe’s debt crisis this summer, wrties David Callaway.
Source: MarketWatch.com - Top Stories | 17 Jun 2010 | 12:16 am Troubled banking system, Spain loom over EU summitLooming bank losses and Spain's troubled government finances are what European Union leaders don't formally plan to talk about when they sit down for talks on Thursday about how to fix...Source: RSS feed - channel BNewsBusiness | 17 Jun 2010 | 12:10 am Peter Brimelow: Elliot Wave predicts triple-digit DowAn investment letter that called the Crash of 2008 said before that this would be a bad year -- and it now says it will get worse.
Source: MarketWatch.com - Top Stories | 17 Jun 2010 | 12:02 am ICICI Venture hires former Babcock India chiefMUMBAI, June 17 (Reuters) - ICICI Venture, the private equity arm of No. 2 Indian lender ICICI Bank , has hired Manikkan Sangameswaran, former chief of Babcock & Brown Infrastructure's India unit,...Source: RSS feed - channel BNewsBusiness | 16 Jun 2010 | 11:50 pm Bank shares sluggish as AgBank IPO approachesFinancial shares in Hong Kong lag the broader market as details continue to emerge on Agricultural Bank of China’s dual initial public offering, expected to be the largest in history.
Source: MarketWatch.com - Top Stories | 16 Jun 2010 | 11:42 pm NZ dollar retreats in afternoon tradingThe New Zealand dollar fell in afternoon trading when the Australian dollar, euro and sterling weakened and US dollar rose, a dealer said.It had strengthened on Wednesday night when it touched US70c.The NZ dollar was US69.57c...Source: nzherald.co.nz - Business | 16 Jun 2010 | 11:29 pm AT&T nears regulatory approval for Verizon license buy - WSJJune 17 (Reuters) - The U.S. Federal Communications Commission (FCC) is close to granting AT&T Inc approval for its $2.35 billion purchase of rural U.S. wireless licenses from rival Verizon Communications...Source: RSS feed - channel BNewsBusiness | 16 Jun 2010 | 11:15 pm London & Capital appoints Sir David MichelsLondon & Capital, the wealth management group, has hired Sir David Michels as chairman to drive the business's growth into the US and Asia.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Jun 2010 | 11:15 pm Oil falls to near $77 as 3-week rally stallsOil prices fell to near $77 a barrel Thursday in Asia as investor confidence wanes that a three-week rally will continue amid signs of weak U.S. crude demand. Benchmark crude for July...Source: RSS feed - channel BNewsBusiness | 16 Jun 2010 | 11:14 pm UK Prime Minister David Cameron to Visit Australia, New Zealand and Japan by Air Charter IntlSource: RSS feed - channel BNewsBusiness | 16 Jun 2010 | 11:03 pm U.S. banks may end free checking accounts: report(Reuters) - Bank of America Corp and other U.S. banks may introduce new fees on basic services and eliminate free checking to replace revenue lost to new banking regulations, the Wall Street Journal said.
Source: Reuters: Business News | 16 Jun 2010 | 10:55 pm Asia Markets: Mobile-phone parts makers weighed by Nokia warningShares of Asian handset-component makers trade mixed after Nokia issues a profit warning the previous day, with some analysts saying that those who also supply parts to Nokia’s rivals will be less impacted than those more dependent on the Finnish mobile-phone giant.
Source: MarketWatch.com - Top Stories | 16 Jun 2010 | 10:36 pm iPhone 4 sets record sale pace despite gaffeLOS ANGELES/NEW YORK (Reuters) - Sales of Apple Inc's latest iPhone blew away expectations in its first day on the market despite shortages and an embarrassing online ordering glitch that thwarted many shoppers.
Source: Reuters: Business News | 16 Jun 2010 | 10:27 pm Spirit Airlines to start flying againSource: Business and financial news - CNNMoney.com | 16 Jun 2010 | 9:55 pm Unemployment benefits scaled back in SenateSeeking to appease deficit hawks, Senate Democrats scaled back unemployment benefits and Medicare physician reimbursement measures on Wednesday.Source: Business and financial news - CNNMoney.com | 16 Jun 2010 | 9:38 pm Greenstone Energy boosts headcountGreenstone Energy, which took over the ownership of the Shell retail and distribution business in April, is to create 12 jobs in this country by moving its call centre back from the Philippines.Greenstone said a contract for the...Source: nzherald.co.nz - Business | 16 Jun 2010 | 9:13 pm Wall Street bill likely to preserve Fed independenceWASHINGTON (Reuters) - After suffering sustained criticism of its role in the financial crisis, the Federal Reserve looked set on Wednesday to emerge from an overhaul of financial regulations with its jealously guarded independence intact.
Source: Reuters: Business News | 16 Jun 2010 | 8:11 pm Yuan is overvalued, not undervalued: reportBEIJING (Reuters) - China's currency is probably overvalued, not undervalued as Washington complains, a state-run Chinese newspaper said on Thursday, advancing Beijing's push against U.S. demands to loosen up the yuan.
Source: Reuters: Business News | 16 Jun 2010 | 8:10 pm NZ Super Fund down in MayThe New Zealand Superannuation Fund made a negative returning in May but its year-to-date return is 17.26 per cent.The absolute return after fees but before tax was negative 4.82 per cent in May. It was the first monthly negative...Source: nzherald.co.nz - Business | 16 Jun 2010 | 8:05 pm ASB lifts interest rates - first bank to moveASB Bank has become the first of the big retail banks to increase mortgage rates after the Reserve Bank hiked the Official Cash Rate by 0.25 percentage points last week.It has lifted its floating rate from 5.75 per cent to 6 per...Source: nzherald.co.nz - Business | 16 Jun 2010 | 7:30 pm Where's the 'Ethics' in Goldman Sachs's Code of EthicsThe most frequently mentioned word in Goldman Sach's code of ethics is not "ethics" or "morality" or "honesty" or "integrity." See our word map to find out what the word is.Source: Marketplace | 16 Jun 2010 | 7:20 pm Cassano lawyers: SEC closes inquiry of AIG exec (AP)AP - Lawyers for Joseph Cassano said Wednesday the Securities and Exchange Commission has decided to close its inquiry of the former head of AIG's financial products unit without taking any action against him.Source: Yahoo! News: Stock Markets News | 16 Jun 2010 | 6:56 pm NZX backs partial privatisation callPartial privatisation of state-owned enterprises, an unwillingness to allow local opportunities to go offshore, and a compulsory superannuation savings scheme would all contribute to the health of New Zealand's capital markets, NZX...Source: nzherald.co.nz - Business | 16 Jun 2010 | 6:30 pm NYSE halts trading of Washington Post shares (AP)
Source: Yahoo! News: Stock Markets News | 16 Jun 2010 | 6:23 pm Iranian bank and ship lines face US sanctionsThe Obama administration unveiled its widest ranging measures to date against Iran, affecting sectors ranging from banking to petroleum and shipping, in a bid to prevent Tehran from dodging existing restrictions and to encourage other jurisdictions to follow suitSource: Financial Times - US homepage | 16 Jun 2010 | 5:57 pm Rating agency rule watered downA proposed rule to stop financial firms from shopping for credit ratings will instead be postponed and studied, under an agreement finalized Wednesday by lawmakers negotiating a final Wall Street reform package.Source: Business and financial news - CNNMoney.com | 16 Jun 2010 | 5:39 pm BP 'small people' comment causes anger along Gulf of MexicoVENICE, Louisiana- The "small people" of the Gulf Coast have a humongous message for oil giant BP: They're tired of the company's big-time executives making insensitive comments.On Wednesday, BP Chairman Carl-Henric Svanberg told...Source: nzherald.co.nz - Business | 16 Jun 2010 | 5:30 pm SEC said to end probe of AIG and executives (Reuters)Reuters - U.S. market regulators have closed an investigation of American International Group and some of its executives over the giant insurer's near collapse in 2008 that led to a $182 billion government bailout, two sources with knowledge of the matter said on Wednesday.Source: Yahoo! News: Stock Markets News | 16 Jun 2010 | 5:19 pm BP's Hayward to strike emotional toneBP Chief Executive Tony Hayward, slated to face an angry Congress Thursday, will strike an emotional plea to Gulf residents, acknowledging the loss of life and reminding them of the company's long standing commitment to the region.Source: Business and financial news - CNNMoney.com | 16 Jun 2010 | 5:14 pm Bernanke: Reform means taking a broad viewIn a speech on regulatory reform, Federal Reserve chairman Ben Bernanke said Wednesday that regulators should have a broader perspective of the financial system, and ensure that tax payers are sheltered from risky behavior on Wall Street.Source: Business and financial news - CNNMoney.com | 16 Jun 2010 | 5:02 pm Quick entryHow racing in India could speed up market accessSource: BBC News | Business | World Edition | 16 Jun 2010 | 5:02 pm New perestroikaRussian economic forum to promote new policiesSource: BBC News | Business | World Edition | 16 Jun 2010 | 5:01 pm Market report: FTSE on longest winning streak since SeptemberNorthumbrian Water was in demand as the blue-chip registered its sixth consecutive gain, its longest winning streak since September 2009.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Jun 2010 | 5:00 pm Solid Energy privatisation candidate, says chairmanSolid Energy chairman John Palmer said the state-owned miner should be partially privatised to meet up to $10 billion of capital needs and because it is a lower political risk than other state-owned businesses."A partially listed...Source: nzherald.co.nz - Business | 16 Jun 2010 | 5:00 pm Breaking up hard to do for GPG investorsThe New Zealand investment community has poured cold water on a proposal by Sir Ron Brierley's Guinness Peat Group to split off its Australian business, saying it fails to fulfil promises of a value realisation and only serves to...Source: nzherald.co.nz - Business | 16 Jun 2010 | 5:00 pm BP approves $20 billion fund for spill costsBP has agreed to put roughly $20 billion into an escrow account to cover costs related to the oil spill in the Gulf of Mexico, a senior White House official told CNN Wednesday.Source: Business and financial news - CNNMoney.com | 16 Jun 2010 | 4:45 pm Argentina abandons business as usualNo company is daring to ignore the World Cup or prevent staff from watching Argentina’s matches, according to a survey by AdeccoSource: Financial Times - US homepage | 16 Jun 2010 | 4:36 pm 'Circuit breakers' tripped for the first timeThe S&P 500 circuit breakers, which began operating this week, were triggered for the first time when shares in the Washington Post Company doubled in price inside the space of one secondSource: Financial Times - US homepage | 16 Jun 2010 | 4:18 pm Write-Offs: 06.16.10
$$$ BP, Transocean Oil Spill Washes On To Citadel, Highbridge, SAC Capital, et al’s shores. [AR] $$$ Wall Street’s Do-Good Summer [NYO] $$$ Eliot Spitzer: Stop Playing Defense [Slate] $$$ BP’s Hayward to Get ‘Sliced and Diced‘ by Congress [AP] $$$ Goldman Cuts DreamWorks Citing Ogre-Saturation [WSJ]
 Source: Dealbreaker | 16 Jun 2010 | 4:17 pm BP agreement ends uncertainty, lifts stocks (AP)AP - BP AGREES, THE MARKET RESPONDS: Stocks recovered from their lows and closed mixed after BP agreed to put $20 billion into a fund for Gulf oil spill victims. Analysts said the move relieves uncertainty about BP's stability.Source: Yahoo! News: Stock Markets News | 16 Jun 2010 | 3:50 pm Stocks end flat; BP agrees to $20B victim fund (AP)
Source: Yahoo! News: Stock Markets News | 16 Jun 2010 | 3:36 pm Woman Who Bilked Investors Had Pretty Good Reason To Do So
NJ Woman Gambled Away Ponzi Scheme Proceeds [NYP via Daily Intel]
Source: Dealbreaker | 16 Jun 2010 | 3:35 pm Osborne abolishes FSA and boosts BankMervyn King will become one of the most powerful central bankers in the world, with a new remit to prevent the build-up of risk in the financial system in addition to his monetary policy roleSource: Financial Times - US homepage | 16 Jun 2010 | 3:28 pm How the major stock indexes fared on Wednesday (AP)AP - BP's agreement to put $20 billion into a fund for victims of the Gulf of Mexico oil spill lifted the stock market off its lows and sent the major indexes to a narrowly mixed finish.Source: Yahoo! News: Stock Markets News | 16 Jun 2010 | 3:25 pm UK tax to cost US banks $2bnUS banks will foot a total bill of about $2bn in their second-quarter results to pay for the UK tax on bankers’ bonuses, with Goldman Sachs alone in line for a $600m-plus chargeSource: Financial Times - US homepage | 16 Jun 2010 | 3:16 pm BP cuts dividend and capex to pay for oil spillLONDON (Reuters) - Oil giant BP said it would not pay three quarters of dividends, significantly reduce its investment program and sell $10 billion of assets to fund a planned $20 billion fund to pay for its Gulf of Mexico oil spill.
Source: Reuters: Business News | 16 Jun 2010 | 2:59 pm FedEx Earnings, Oil Spill, Energy Markets: Taking StockSource: Bloomberg - All Podcasts | 16 Jun 2010 | 2:57 pm Citigroup: Bank With The Heart Of Gold
 Who's got 2 thumbs, a jolly elfin visage, and can honestly say he loves ya baby? They may have thrown a banker out on her rockin’ ass for being too damn hot but you know what? Citi has a heart. Whereas other firms will not hesitate to foreclose on people who aren’t even in default and then go the extra mile by stealing the homeowner’s beloved pet, the House of Vikram has decided to show some compassion. They’re pumping the breaks on foreclosing on people in areas close to the little slip up by BP, which you must admit was big of them.
Source: Dealbreaker | 16 Jun 2010 | 2:54 pm DJIA Edges Up 4.69 Points (Market Update)Stocks recovered from an early stumble to end little changed Wednesday as BP's latest moves...
Source: SmartMoney.com | 16 Jun 2010 | 2:21 pm Serious Question Of The Day
This is not a rhetorical question and one that requires a serious answer. Is that answer: a) yes, finally b) yes, but more to the point, when has Greenwich not been ready for bestiality c) no– we keep our sexual deviance related to whiteboard markers and scenarios involving being tied down and force-fed melted Milky Way bars through a funnel only, thank you very much. d) write-in Hat Tip to the New York Times for getting the conversation started.
Source: Dealbreaker | 16 Jun 2010 | 2:11 pm Presented By:Source: Dealbreaker | 16 Jun 2010 | 2:11 pm Hedge Fund Manager Would Like You To Give $30,000-$70,000 Mattresses A Shot
Source: Dealbreaker | 16 Jun 2010 | 1:41 pm Italians fear they may be next to fallBack when the euro was just getting going, nobody was very worried about Spain or Greece. Italy was the weak link in the common currency. Now, ten years later, Italy could still turn out to be the eurozone's biggest liability. Christopher Werth reports.Source: Marketplace | 16 Jun 2010 | 1:41 pm A proposal for an Internet 'kill switch'A bill proposed in the Senate would give the president power to seize control of the Internet in response to a national security threat. Jeff Horwich reports.Source: Marketplace | 16 Jun 2010 | 1:41 pm The slippery slope of situational ethicsGoldman Sachs's Code of Business Conduct and Ethics says the bank pledges to conduct itself in accordance with "the highest ethical standards." Unless it doesn't want to. Greg Unruh, director of the Lincoln Center for Ethics, talks with Kai Ryssdal about why the bank included a 'safety valve' on certain provisions in its code.Source: Marketplace | 16 Jun 2010 | 1:41 pm For-profit schools may face new rulesThe U.S. Department of Education has been looking into recruitment and student debt loads at for-profit schools. And now officials have proposed a series of new rules. Amy Scott reports.Source: Marketplace | 16 Jun 2010 | 1:41 pm Strong support between Gulf fishing, oilAt this point we've heard a lot about the BP oil spill, how it's devastating Gulf coast fishing.And you might think the fishing industry and oil industry would be at odds. But as Adriene Hill reports from the Sustainability Desk, in Southern Louisiana, it's not that simple.Source: Marketplace | 16 Jun 2010 | 1:40 pm Wall Street: Another mess to clean upFar removed from the Gulf, Wall Street excesses are also in need of a clean up. Commentator Robert Reich wonders where financial reform is.Source: Marketplace | 16 Jun 2010 | 1:40 pm British criticize Obama's BP rhetoricIn Britain, some politicians and some pundits have bristled at what they see as President Obama's "anti-British rhetoric" over the role of BP. Stephen Beard reports.Source: Marketplace | 16 Jun 2010 | 1:40 pm BP to set up $20b fund, could pay moreBP has committed to set aside $20 billion to clean up and reimburse businesses and individuals hurt by the spill. The money will be put into an escrow account and run independently. The announcement came after several hours of negotiations between BP's top brass and Obama administration officials. John Dimsdale reports.Source: Marketplace | 16 Jun 2010 | 1:40 pm Reading the Bond Bubble's Pressure Gauge (On the Street)Here are three signals to watch in handicapping the market's peak.
Source: SmartMoney.com | 16 Jun 2010 | 1:08 pm Simmons And Company Employee Firm Told Investors To Ignore Now Retiring
Source: Dealbreaker | 16 Jun 2010 | 1:08 pm Kyrgyzstan turmoil bares ethnic hateResidents describe an orchestrated attack aimed at driving ethnic Uzbeks out of the neighbourhood in full view of the Kyrgyz armed forcesSource: Financial Times - US homepage | 16 Jun 2010 | 12:51 pm Zoe Cruz Wants To Thank John Mack
She apparently did not mention Vikram, who some believe was influential in Cruz getting the boot. So it’s safe to assume His Jolliness he should continue watching his back.
Source: Dealbreaker | 16 Jun 2010 | 12:22 pm AXA Raised to `Add,' Genoptix Cut to `Neutral': AudioSource: Bloomberg - All Podcasts | 16 Jun 2010 | 12:20 pm The Benefits of Yacht Cruising (Smart Spending)Little ships once meant fewer big boat-style amenities, but now they include perks like spas, gyms and cooking classes.
Source: SmartMoney.com | 16 Jun 2010 | 12:08 pm 50 Tips for Improving Your Career
Stuck in a career rut? Light a fire under your obstacles with the 50 career improvement tips below. General Advice for Improving Your Career 31 ways to improve your career today. It could be time to spring clean your career. Career building tips for the year 2010. 10 tips on career advancement. 5 steps to a passive career bounce back. How to find your dream career. Creating a personal strategic career plan. Want to be successful? Here are 10 signs of a successful person. Authentic passion could be the secret sauce for your career. 10 great career books for young professionals. Finding a New Career 7 tips for a career switch. How to ask for a career change. 10 steps to preparing top-notch references. What to do when your passions and skill sets no longer match your job. How to quit your job with grace and tact. Daily resume and cover letter tips. How do you prepare for the interview? What to Do About Career Roadblocks How to make better career decisions and avoid setbacks. Gain clarity in your life, and your career will follow. 42 questions to ask when you hit a career roadblock. Is your career in recovery or retreat? 10 career questions you were afraid to ask. The trouble with being self-sustaining in your career. When you get career advice, consider the motives of your advisor. The mommy glass ceiling. Building Your Reputation to Boost Your Career How to make a name for yourself. How to scale your personal brand, earn more and get a life. Google yourself to save your reputation. Build the right audience for your talent–and be seen more. Climbing the Corporate Career Ladder 6 characteristics that will help you get a raise. How to tell your company that you need more money. How to talk to your boss about your career goals. How to communicate your strengths to your employer. When it comes to climbing the corporate ladder, honesty is the best policy. Be a smart career risk taker. Basic salary negotiation skills. What Does a Career Mean to You? Know the difference between a career and a job. What’s more important, money or job satisfaction? Surfing is the new career. Is small business ownership a career? Unexpected Career Advice Is talent overrated? 6 careers that end (or burn you out) early. Don’t fit in to improve your career. Stand out. Smart insomniac career moves. Lessons from Santa: 10 must-dos for having a career you love. Visualize your success, and the results might surprise you. Don’t be a Timex watch in a digital world. 20 incredible dream jobs that really do exist. Some say that you should have plastic surgery to boost your career. Use strategic attraction to get the job you want.
Source: Business Pundit | 16 Jun 2010 | 12:06 pm Google shadow over new media groupsGoogle is developing technology that could position it to compete with a new breed of digital media companies that are generating story ideas for the internet by mining online search data for under-covered topicsSource: Financial Times - US homepage | 16 Jun 2010 | 11:59 am Save on Summer Movie Tickets (Deal of the Day)Catch the latest blockbuster for a fraction of the price.
Source: SmartMoney.com | 16 Jun 2010 | 11:49 am Drossos, Pond, Bianco, Hassett, Reinhard, Miller: SurveillanceSource: Bloomberg - All Podcasts | 16 Jun 2010 | 11:48 am Unsubstantiated, Possibly Baseless Rumor Of The Afternoon: Brian Hunter Goes For The Encore?
Update: Another source casts doubts on this rumor, claiming Brian Hunter is mostly now investing in the “self-storage businesses” in his native Calgary. Update II: Another adds “I’m here it was someone else,” so who knows? (Other than the fish, who so far not saying anything.)
Source: Dealbreaker | 16 Jun 2010 | 11:37 am How to Protect Your Cash Now (On the Street)As Congress raises the limit on FDIC-insured deposits, tips for safe savings.
Source: SmartMoney.com | 16 Jun 2010 | 11:35 am Fannie Mae, Freddie Mac Delisted from NYSE
Federal regulators have ordered Fannie Mae and Freddie Mac to stop trading their shares on the NYSE. CNNMoney has more: …while the (government bailout) money given to Fannie Mae and Freddie Mac helped put a floor under the U.S. housing market and overall economy, the two firms have continued to hemorrhage money. The two firms posted combined losses of $93.6 billion in 2009 and another $18.2 billion in the first quarter. The Obama administration had said it would lay out its plan for their future at the start of this year, but has yet to do so. FHFA said in a statement that the planned delisting is due to the weak stock price for both firms, and not due to any determination about a change in condition at the firms or decisions about their futures. Freddie said in a press release that, “this notice was made pursuant to a directive by the Federal Housing Finance Agency, Freddie Mac’s conservator, requiring Freddie Mac to delist its common and preferred securities from the NYSE.”
Source: Business Pundit | 16 Jun 2010 | 11:12 am Visteon, Zayat Stables: Bloomberg Law Bankruptcy ReviewSource: Bloomberg - All Podcasts | 16 Jun 2010 | 11:10 am Jack Welch Is Not Impressed With Obama’s Handling Of The BP Situation
Source: Dealbreaker | 16 Jun 2010 | 11:04 am BP Puts $20bln into Escrow for Gulf Claims
As the result of talks with the Obama administration, BP will put $20 billion into an escrow account for Gulf oil spill claims. The Financial Times has more: President Barack Obama met Tony Hayward, BP’s chief executive, and Carl-Henric Svanberg, chairman, in the White House on Wednesday morning. The fund will be administered by Kenneth Feinberg, the White House said. He was the administration’s “pay tsar” who oversaw bankers’ pay following the financial crisis bail-outs. Under the terms of the preliminary deal, BP will pay $20bn into an escrow account over the course of several years. The funds will be used to pay claims for economic damages from Gulf Coast locals whose livelihoods who have been devastated by the spill, and to pay for environmental clean-up and restoration. Before the meeting, Mr Obama said he would make BP “set aside whatever resources are required to compensate the workers and business owners who have been harmed as a result of (the) company’s recklessness”. The LA Times writes: The push for an escrow account is one of several strategies planned by the administration this week in an apparent effort to rebut mounting criticism from the left and right that Obama has failed to respond to the disaster with sufficient adroitness or passion. The federal government and public have become increasingly frustrated with BP after its numerous failed efforts to stop the leak —- and as the original estimate of a 1,000-barrel-a-day problem has been dramatically revised upward. On Friday, federal officials said that number could be closer to 40,000 barrels a day. $20 billion is symbolic, but it won’t get close to covering all the losses that industry, individuals, and the environment will accrue. I’d like to see different oil companies and the government put together a fund closer to $200 billion.
Source: Business Pundit | 16 Jun 2010 | 10:18 am The Bailout Of Fannie And Freddie Has Cost $145 Billion So Far. What's Next?by Jacob Goldstein Fannie Mae and Freddie Mac will be delisted from the New York Stock Exchange next month, the government said today. Shareholders were largely wiped out when the government took over the companies two years ago. Since then, the stocks have been trading at about $1 per share — the minimum threshold to stay on the exchange. The delisting "does not constitute any reflection on either [company's] current performance or future direction," according to the Federal Housing Finance Agency, which oversees the companies. So what is the "future direction" of the two companies, which so far have cost taxpayers $145 billion, and could cost hundreds of billions more? Nobody knows. Fannie and Freddie were created decades ago, at the behest of the federal government. They buy mortgages from banks, re-sell them to investors, and guarantee to pay the loans off if borrowers default. There was always a weird ambiguity about their status — private companies, but created by an act of Congress. They went bust when the housing market fell apart, and the government took them over. Both Fannie and Freddie continue to lose money, and taxpayers continue to pay the price. Everybody seems to agree the current situation is temporary, and needs to be clarified. But nobody seems to know what comes next. Ultimately, it's up to Congress to decide. As a GAO report pointed out last fall, the possibilities fall along a continuum, from public to private: 1. Create a government agency to buy mortgages and re-sell them to investors. This would eliminate the profit motive that, some critics say, drove Fannie and Freddie to take the risks that led to their demise. It would also continue to subsidize the mortgage market, making it easier for Americans to buy homes. On the other hand, the government would still be putting lots of taxpayer money at risk to subsidize the housing market. 2. Reconstitute Fannie and Freddie as government-sponsored enterprises, similar to the way they were before. This might be accompanied by new rules limiting the risks the companies can take. Still, this would bring back the problematic ambiguities of having private, government-sponsored companies. 3. Dramatically reduce the government's role in the mortgage business. In this model, there would essentially be no replacement for Fannie and Freddie. But the government might still take some role, such as selling insurance to cover mortgage default. This would reduce (but not eliminate) the risk to taxpayers, but it might also make it more difficult for people to get mortgages. The chief economist of the Federal Housing Finance Agency recently argued in favor of option 3. "A good case can be made that we massively over-invest in housing," he said, according to the WSJ. "We can do with a lot less government involvement and still get what we want, just by making some fundamental changes." But those changes might mean giving up a mainstay of American borrowing: The 30-year, fixed-rate mortgage, with no penalty for pre-payment. Source: NPR Blogs: Planet Money | 16 Jun 2010 | 9:50 am Stephen Cohen, Joseph Grundfest: Bloomberg On the EconomySource: Bloomberg - All Podcasts | 16 Jun 2010 | 9:38 am Tax-Saving Moves for Small Businesses (The Tax Guy)Strategies to consider now before the Bush tax cuts expire.
Source: SmartMoney.com | 16 Jun 2010 | 9:33 am Spain to reveal bank ‘stress tests’ resultsThe country’s central bank plans to publish the outcome of checks showing estimated loan losses, capital requirements and the contribution of promised balance sheet reinforcementsSource: Financial Times - US homepage | 16 Jun 2010 | 9:20 am Weitz & Luxenberg’s Gordon Discusses BP Litigation: BLAWSource: Bloomberg - All Podcasts | 16 Jun 2010 | 9:17 am Post Tax Credit, A Pullback in Housing (Early Bird)May housing starts fall 10% compared to April, steeper than expected.
Source: SmartMoney.com | 16 Jun 2010 | 8:06 am Percona Review – The Quickest Way To Waste $300 Per HourA sister site of BusinessPundit, PopCrunch, recently went to the company Percona in order to improve the overall page load time and user experience. Percona has worked with several big companies including Facebook to improve site performance, so it seemed to us that they were well suited for our needs. That turns out to be completely wrong. When you go to Percona to improve page load, they push you towards their pre-packaged (read: canned) mySQL optimization service for which they charge $300 per hour. Now admittedly, Percona is very thorough and professional throughout the sales and service process. We give them kudos for that. However… Here’s the real issue: the reason we went with a company that charges $300 per hour is that we were under the impression that they would be able to help us achieve results that we were unable to achieve on our own with free analysis services like YSlow and PageSpeed. Our company’s point of contact with Percona made it clear from the beginning that the issue probably wasn’t mySQL but the amount of javascript loading on the site (mostly due to advertising). Despite the fact that we had clearly done a lot research on this issue, and as it turns out, identified the primary issue, Percona continued to push us towards their mySQL optimization service. We agreed simply because to us it eventually appeared as though this was the service through which they do all page load optimization. At the end of the day, Percona spent 5+ hours re-identifying the issues that we had already identified with free services like Yahoo’s YSlow and Google’s PageSpeed. They merely confirmed what we already knew and what we had reported in our preliminary interview. Ultimately, what you need to know about Percona is that unless you know that you need mySQL optimization or are willing to spend tens of thousands of dollars for web application modification, you are basically paying for a pre-canned consulting report. And in our view, that’s the quickest way to waste $300 per hour.
Source: Business Pundit | 16 Jun 2010 | 7:49 am Wal-Mart's Push Into Finance Continuesby Jacob Goldstein In the past few years, Wal-Mart has been building a big finance business, opening "Money Centers" in more than 1,000 of its stores around the country. The latest twist: Wal-Mart now has a minority ownership stake in Green Dot, a fast-growing finance company that recently applied for regulatory approval to buy a bank. Green Dot manages the pre-paid debit cards sold at Wal-Mart, which are often used by people who don't have traditional bank accounts. The stake was disclosed in an SEC filing earlier this month, and reported today in the FT. Wal-Mart applied for a banking charter a few years back, but regulators rejected the request. Since then, the retailer has focused on services such as check cashing and bill pay. Green Dot recently applied to for regulatory approval to buy a small bank; the company says it plans to offer savings accounts. Green Dot is also planning an initial public offering that's expected to raise $150 million the FT says. The monetary value of Wal-Mart's stake in the company is unclear. But the way the stock is structured means Wal-Mart will control less than one percent of the voting power, according to the SEC filing. Source: NPR Blogs: Planet Money | 16 Jun 2010 | 7:34 am ETF Securities to Offer 22 Currency ETFs: AudioSource: Bloomberg - All Podcasts | 16 Jun 2010 | 6:53 am BNY's Derrick on Currencies, Ladwa on Stocks: First WordSource: Bloomberg - All Podcasts | 16 Jun 2010 | 6:50 am Congress: Let's Fix The Ratings Business. (But Not Yet.)by Jacob Goldstein A provision in the Senate finance bill would have prevented banks from shopping for favorable ratings for certain kinds of bonds. The ratings agencies didn't like that. Yesterday, Congress agreed to get rid of the provison, and replaced it with a plan to study the issue. The provision, which was introduced by Sen. Al Franken, would have changed the way asset-backed securities — bundles of loans that are sliced up and sold to investors — are assigned to different ratings agencies. Lots of asset-backed securities made up of mortgages got very high ratings during the housing boom, suggesting they were ultra-safe investments, then collapsed during the bust. Under the current system, the banks that create the securities can shop around to find an agency that will give them the ratings they want. Because agencies are paid by banks for each rating, the agencies have a financial incentive to give the banks the ratings they want. The Franken amendment aimed to eliminate this incentive by creating a board that would choose which agency rated each security. Chris Dodd, one of the Congressional leaders who opposed the amendment agreed that there's a conflict of interest built into the ratings system. But he said the solution to the problem is unclear. “Senator Franken raised a very interesting idea on how to do this,” Dodd said, according to the New York Times. “My concern is I don’t know how you work it. It’s complicated.” The revised provision would allow the SEC to implement a board like the one Franken proposed, after a study is completed, the NYT says. Source: NPR Blogs: Planet Money | 16 Jun 2010 | 6:13 am Guess Which Query Guys Write?
Source: Business Pundit | 16 Jun 2010 | 4:51 am Midwest Munis Bet on Retirees -- and Lost (Muni Bond Watch)The housing bust has retirement home muni bonds on a shakier foundation.
Source: SmartMoney.com | 16 Jun 2010 | 3:01 am Save at Pools, Beaches and Water Parks (Deal of the Day)Here are 11 ways to keep cool near the water this summer for less.
Source: SmartMoney.com | 16 Jun 2010 | 3:01 am
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