Obama dashing to Ohio to keep economy out front (AP)

AP - Determined to keep showing the economy is on his mind, President Barack Obama is dashing into Ohio for the groundbreaking of a road project, hoping to remind the nation that the massive, costly stimulus act is still churning out jobs.

Source: Yahoo! News: Business News | 18 Jun 2010 | 4:13 am

Strike hits China Toyota supplier

Workers at a Chinese parts supplier to Toyota go on strike, the second supplier to the carmaker to be hit by industrial action.
Source: BBC News | Business | World Edition | 18 Jun 2010 | 4:12 am

Gulf oil leak video could haunt Obama (AP)

AP - Will the Gulf oil leak cam engulf President Barack Obama?

Source: Yahoo! News: Business News | 18 Jun 2010 | 4:07 am

Stress test decision reassures investors

The decision by European authorities to make the results of their bank findings publicly available reassures investors worried about eurozone debt levels and boosts the single currency
Source: Financial Times - US homepage | 18 Jun 2010 | 4:06 am

European stocks rise as debt worries ease (AP)

AP - European stocks rose Friday as worries about the region's fiscal crisis eased after Spain, one of the most pressured by markets, successfully sold bonds, and government leaders said they would reveal results of bank stress tests.

Source: Yahoo! News: Business News | 18 Jun 2010 | 4:04 am

European stocks rise as debt worries ease (AP)

AP - European stocks rose Friday as worries about the region's fiscal crisis eased after Spain, one of the most pressured by markets, successfully sold bonds, and government leaders said they would reveal results of bank stress tests.

Source: Yahoo! News: Stock Markets News | 18 Jun 2010 | 4:03 am

Santander makes bid for RBS unit

Spanish bank Santander submits an offer to buy more than 300 branches from Royal Bank of Scotland.
Source: BBC News | Business | World Edition | 18 Jun 2010 | 4:01 am

All The CEOs Not In The “Loop”

Tony Hayward of BP plc (NYSE: BP) was not in the “loop” about the Deepwater Horizon rig and any problems at the drill site. He says that his company has thousands of wells. and he may not have know where the leaking well was located. His explanation of his ignorance sounds like that of Aika [...]

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Source: 24/7 Wall St. | 18 Jun 2010 | 4:01 am

Stocks prepped for a step up

Stocks were set to open slightly higher Friday as investors appeared to take a wait-and-see attitude toward the markets.
Source: Business and financial news - CNNMoney.com | 18 Jun 2010 | 3:58 am

Indications: U.S. futures in tight range as contracts expire

U.S. stock futures were trading in tight range on Friday as traders brace for the expiration of key options and futures contracts

Source: MarketWatch.com - Top Stories | 18 Jun 2010 | 3:58 am

IMF chief in Spain as market confidence returns (AFP)

AFP - The head of the IMF was set for high-level talks in Spain on Friday at the end of a tumultuous week marked by rumours of a bailout and then renewed market confidence over Spain's debt.

Source: Yahoo! News: Business News | 18 Jun 2010 | 3:56 am

IMF in Spain amid crisis rumours

The head of the International Monetary Fund is in Spain to meet the government amid rumours it will ask for a bail-out.
Source: BBC News | Business | World Edition | 18 Jun 2010 | 3:55 am

Shanghai drops, Sydney rises in mixed Asia

Asian markets end mixed Friday, with commodity producers fronting gains in Sydney, while Shanghai shares tumble as investors take profits in a range of stocks that recently have outperformed.

Source: MarketWatch.com - Top Stories | 18 Jun 2010 | 3:51 am

Dropping out

BP loses its place in index of the world's biggest companies
Source: BBC News | Business | World Edition | 18 Jun 2010 | 3:48 am

Gender Gap Shrinks but Few Are Cheering (By the Numbers)

Men and women draw closer on wages, but both are struggling.

Source: SmartMoney.com | 18 Jun 2010 | 3:47 am

Investing and Lady Luck: The Odd Couple (Money and Your Mind)

Belief in luck can't help in things you can't control -- like the stock market.

Source: SmartMoney.com | 18 Jun 2010 | 3:47 am

Energy Hot Spots May Boost Rosetta

The little driller has inspired a gusher of optimism among some investors.

Source: SmartMoney.com | 18 Jun 2010 | 3:46 am

Congress turns scorn on BP chief

In scathing questioning, US congressmen tell BP chief Tony Hayward his firm ignored oil well dangers in the Gulf of Mexico.
Source: BBC News | Business | World Edition | 18 Jun 2010 | 3:43 am

Toyota to restart US auto plant, draws UAW ire (AP)

AP - Toyota's announcement that it will resume construction of a car factory in Mississippi was a much-needed piece of good news for both the state struggling with persistent unemployment and the automaker trying to recover some goodwill after a recall crisis bruised its reputation.

Source: Yahoo! News: Business News | 18 Jun 2010 | 3:41 am

Gulf oil full of methane, adding new concerns (AP)

AP - It is an overlooked danger in oil spill crisis: The crude gushing from the well contains vast amounts of natural gas that could pose a serious threat to the Gulf of Mexico's fragile ecosystem.

Source: Yahoo! News: Business News | 18 Jun 2010 | 3:32 am

London Markets: BP shares gain in mildly higher FTSE 100

BP shares gain in British share trading on Friday, paring a fraction of the steep losses made since the explosion that sparked a massive oil spill in the Gulf of Mexico.

Source: MarketWatch.com - Top Stories | 18 Jun 2010 | 3:26 am

Sony CEO Makes $8.8 Million For Driving Company Into The Ground

Sony (NYSE: SNE) CEO Sir Howard Stringer spends his time jet setting among his offices and homes in Tokyo, New York, and his native Wales. Sony has lost money two years in a row as he has made his rounds from place to place. Today, the company disclosed that he made $8.8 million last year [...]

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Source: 24/7 Wall St. | 18 Jun 2010 | 3:21 am

Santander tenders offer for 300 RBS branches

Santander, the Spanish bank with a strong presence in Britain, confirmed on Friday it had made an offer for around 300 British branches of Royal Bank of Scotland.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 Jun 2010 | 3:21 am

Vauxhall-Opel withdraws aid bids

Vauxhall and Opel withdraw applications for 1.8bn euros (£1.5bn) of government help, citing long delays.
Source: BBC News | Business | World Edition | 18 Jun 2010 | 3:18 am

Government axes £2bn of projects

Coalition ministers cancel 12 projects worth £2bn agreed to by the previous Labour government since the start of 2010.
Source: BBC News | Business | World Edition | 18 Jun 2010 | 3:16 am

Mortgage lending 'still subdued'

UK mortgage lending is still subdued, according to the Council of Mortgage Lenders, despite an increase in lending in May.
Source: BBC News | Business | World Edition | 18 Jun 2010 | 3:16 am

UK government borrowing falls

UK public sector borrowing declined in May, down 8% from a year earlier, official figures show.
Source: BBC News | Business | World Edition | 18 Jun 2010 | 3:14 am

Santander may be top bank in EU stress tests

Spain’s Banco Santander and BBVA may be rated the two healthiest banks in Europe when the European Union publishes the results of “stress tests” in the coming weeks, while analysts say Germany’s unlisted landesbanks could be among the weakest.

Source: MarketWatch.com - Top Stories | 18 Jun 2010 | 3:14 am

Greenspan’s Case That US Borrowing Power Will Disappear

Alan Greenspan still occasionally shows up on the global stage to sell a new book or defend his legacy as Fed chairman. He must find it irritating that his predecessor Paul Volcker has become such an important figure in US financial reform. Greenspan’s opinions on the matter are almost never aired. The aging economist argued [...]

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Source: 24/7 Wall St. | 18 Jun 2010 | 3:05 am

BP survives Washington week as investors weigh finances

NEW YORK (Reuters) - BP Plc bosses weathered a week of anger in Washington but the energy giant's financial outlook faces renewed scrutiny from investors trying to gauge remaining costs and risks from the biggest oil spill in U.S. history.

Source: Reuters: Business News | 18 Jun 2010 | 3:03 am

Will More Target-Date Fund Clarity Matter? (Broker Talk)

Industry experts discuss the merits and limits of the SEC's new proposed rules.

Source: SmartMoney.com | 18 Jun 2010 | 3:01 am

The Week in Business Tweets: BP 24/7 (Twitter Beat)

All spill news, all the time, plus AOL founder Steve Case on the Bebo deal.

Source: SmartMoney.com | 18 Jun 2010 | 3:01 am

David Jones chief Mark McInnes resigns over 'behaviour unbecoming' to female worker

Mark McInnes, the chief of upmarket Australian department store chain David Jones, has quit after a scandal involving a female employee.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 Jun 2010 | 2:53 am

Endangered: Government workers

Once upon a time, there was job security in a government job.
Source: Business and financial news - CNNMoney.com | 18 Jun 2010 | 2:52 am

Porsche posts higher sales and strong profits (AFP)

AFP - German luxury sports car maker Porsche, which is being taken over by Volkswagen, reported on Friday an 11.8-percent jump in nine-month sales and retained its status as a leading profit-machine in the global auto industry.

Source: Yahoo! News: Business News | 18 Jun 2010 | 2:50 am

Kevin Costner blasts Big Oil

A company Kevin Costner founded worked for 17 years on a technological innovation now being used to help clean up the Gulf oil spill -- and it took almost as long to get Big Oil to pay any attention.
Source: Business and financial news - CNNMoney.com | 18 Jun 2010 | 2:49 am

Porsche swings to loss as it works toward VW combo

Porsche Automobil Holding blames its nine-month loss on costs tied to the integration of Volkswagen and also said the merger of the two companies could be finalized by 2011.

Source: MarketWatch.com - Top Stories | 18 Jun 2010 | 2:49 am

EU leaders agree to publish bank stress tests

Europe’s leaders made a fresh attempt to restore confidence in its financial system with a decision to publish detailed results of tests on the health of 25 big European banks
Source: Financial Times - US homepage | 18 Jun 2010 | 2:48 am

Toyota Hit By China Strike

Toyota Motor (NYSE: TM) has been hit by labor strikes in China. The Toyoda Gosei Co. plant in the northern city of Tianjin is owned 42% by Toyota along with a local partner. The work stoppage follows similar strikes at Honda plants and those of its suppliers. The two companies will be under pressure to [...]

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Source: 24/7 Wall St. | 18 Jun 2010 | 2:38 am

Sony CEO's $4.5 million pay stirs shareholders

TOKYO (Reuters) - Sony Corp CEO Howard Stringer took home $4.5 million plus stock options in the past financial year -- when the electronics giant lost close to $450 million -- making him one of the highest paid executives at a Japanese company.

Source: Reuters: Business News | 18 Jun 2010 | 2:31 am

Freeview to lose Sky Sports News

Sky Sports News is to become a pay-TV channel, ending eight years of being available on Freeview.
Source: BBC News | Business | World Edition | 18 Jun 2010 | 2:26 am

Twitter a hit in Japan as millions 'mumble' online (AP)

AP - Twitter is a hit in Japan, succeeding where other social networking imports like Facebook have foundered as millions "mumble" — the translation of tweet — and give mini-blogging a distinctly Japanese flavor.

Source: Yahoo! News: Business News | 18 Jun 2010 | 2:25 am

Australian retail CEO quits amid scandal (AP)

AP - The chief executive of upmarket Australian department store company David Jones abruptly resigned on Friday after revealing he had acted inappropriately toward a female staff member.

Source: Yahoo! News: Business News | 18 Jun 2010 | 2:24 am

Europe Markets: Europe on track for eighth day of gains

European shares rose in early trade Friday, which if sustained through the session would take a winning run to eight sessions, with banks gaining on Friday as investors hoped for more certainty over loans and debt exposure.

Source: MarketWatch.com - Top Stories | 18 Jun 2010 | 2:00 am

China's economy shows signs of slowing, says World Bank

China's economy is showing signs of softening after its strong stimulus-fueled rebound last year, the World Bank said in its latest quarterly update.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 Jun 2010 | 1:57 am

Media Digest 6/19/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   A plan to isolate swaps from bank deposit assets will be in the financial reform bill. Reuters:   The Volcker rule would prevent mergers among large banks. Reuters:   Facebook’s 2009 revenue was close to $800 million. Reuters:   Oil traded at $76 and gold near all-time highs.Reuters:   China told the G20 not to pressure it on [...]

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Source: 24/7 Wall St. | 18 Jun 2010 | 1:52 am

ANZ, National Bank raise interest rates

ANZ and National Bank have announced increases to their variable mortgage and savings account rates of around 25 basis points, joining ASB in lifting its rates in the wake of the Reserve Bank's tightening of monetary policy last Thursday....
Source: nzherald.co.nz - Business | 18 Jun 2010 | 1:45 am

Oil spill: Russian President Dmitry Medvedev fears BP's 'annihilation'

Russian President Dmitry Medvedev steps into row over Gulf of Mexico disaster saying environmental and economic liabilities placed on BP could lead to company's collapse.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 Jun 2010 | 1:35 am

London stocks rise at open (AFP)

AFP - Shares in London crept upwards at the start of trading on Friday as investor sentiment improved.

Source: Yahoo! News: Stock Markets News | 18 Jun 2010 | 1:27 am

Citi wants $3 billion for PE and hedge fund units: report

(Reuters) - Citigroup Inc is looking to raise more than $3 billion for its private equity and hedge fund units this year, Bloomberg said, citing people with direct knowledge of the plan.

Source: Reuters: Business News | 18 Jun 2010 | 1:25 am

Stock futures signal pause in rally

NEW YORK, (Reuters) - Stock index futures pointed to a pause in the rally on Wall Street on Friday, with futures for the S&P 500 down 0.15 percent, Dow Jones futures down 0.06 percent and Nasdaq 100 futures down 0.03 percent at 0705 GMT.

Source: Reuters: Business News | 18 Jun 2010 | 1:16 am

Stock futures signal pause in rally (Reuters)

Reuters - Stock index futures pointed to a pause in the rally on Wall Street on Friday, with futures for the S&P 500 down 0.15 percent, Dow Jones futures down 0.06 percent and Nasdaq 100 futures down 0.03 percent at 0705 GMT.

Source: Yahoo! News: Stock Markets News | 18 Jun 2010 | 1:16 am

Business Bullet: Europe, Banks, BP, Pru

The latest news on: Europe, Banks, BP, Pru
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 Jun 2010 | 1:08 am

Sony puts Stringer’s pay at $4.5m

The electronics maker says Sir Howard Stringer took home Y410m in the past financial year, in what will amount to one of the biggest paychecks for an executive of a Japanese group
Source: Financial Times - US homepage | 18 Jun 2010 | 1:01 am

U.S. auto quality tops imports in J.D. Power survey

Ford and GM lead the way as domestic carmakers claim superiority for the first time in the initial quality survey's 24 years. Toyota's slide helps.

U.S. automakers, which have long battled perceptions of poor craftsmanship in their cars, edged out imports in a key benchmark of quality for the first time in nearly a quarter century.

Source: L.A. Times - Business | 18 Jun 2010 | 1:00 am

Hotel bets on studio to attract Hollywood crowd

R.J. Williams' setup in a Four Seasons hotel suite is designed to make stars relax and linger.

On an upper floor of the Four Seasons on the edge of Beverly Hills, guests stepping off the elevator see a typical high-end hotel hallway: thick carpeting, subdued lighting, numbered rooms.

Source: L.A. Times - Business | 18 Jun 2010 | 1:00 am

Retail chains are embracing their online stores

Traditional merchants such as Macy's are adapting to online shoppers, challenging themselves to find more sophisticated ways to compete with Internet-only retailers such as Amazon.com. ...
Source: RSS feed - channel BNPaperBusiness | 18 Jun 2010 | 1:00 am

Hotel bets on studio to attract Hollywood crowd

R.J. Williams' setup in a Four Seasons hotel suite is designed to make stars relax and linger. On an upper floor...
Source: RSS feed - channel BNPaperBusiness | 18 Jun 2010 | 1:00 am

Feds charge 1,200 people in mortgage fraud crackdown

In a nationwide effort, officials file criminal charges against individuals allegedly responsible for $2.3 billion in fraud. 'These schemes are despicable; they are dangerous to our economy,' Atty. Gen...
Source: RSS feed - channel BNPaperBusiness | 18 Jun 2010 | 1:00 am

Mortgage rates rise slightly but remain near record lows

Lenders are offering an average rate of 4.75% for a 30-year fixed mortgage, up from 4.72% last week, Freddie Mac says.

Mortgage rates rose slightly but remained near record lows this week after lenders reported the first increase in six weeks in the number of loan applications by would-be home buyers. But for the housing market, doubt remains about how many people want to buy residential property.

Source: L.A. Times - Business | 18 Jun 2010 | 1:00 am

Retail chains are embracing their online stores

Traditional merchants such as Macy's are adapting to online shoppers, challenging themselves to find more sophisticated ways to compete with Internet-only retailers such as Amazon.com.

When shoppers at JCPenney Co. stores can't find what they want, sales clerks are steering them to the Internet — not at their home computers, but at new online kiosks right inside the stores.

Source: L.A. Times - Business | 18 Jun 2010 | 1:00 am

Evidence shows tenacity of plaintiffs' attorney in Toyota case

Mark P. Robinson Jr., a co-lead counsel in the lawsuits facing the carmaker over alleged sudden unintended acceleration, has a history of doing what it takes to get the proof and win in court. ...
Source: RSS feed - channel BNPaperBusiness | 18 Jun 2010 | 1:00 am

FCC moves to gain more authority over broadband service

The Federal Communications Commission voted Thursday to start the controversial process of reclassifying high-speed Internet access to give the agency more authority over service providers to prevent disparate...
Source: RSS feed - channel BNPaperBusiness | 18 Jun 2010 | 1:00 am

Feds charge 1,200 people in mortgage fraud crackdown

In a nationwide effort, officials file criminal charges against individuals allegedly responsible for $2.3 billion in fraud. 'These schemes are despicable; they are dangerous to our economy,' Atty. Gen. Eric Holder says.

Seeking to show victories against the kind of ground-level fraud that contributed to the housing crash, federal authorities said Thursday that they had filed criminal charges in recent months against 1,200 mortgage brokers and others accused of cheating banks and borrowers of $2.3 billion.

Source: L.A. Times - Business | 18 Jun 2010 | 1:00 am

GreenRoad online system monitors truckers' driving habits

Some say it sounds like Big Brother, but the developer of the technology says it's saving companies as much as $4,000 per vehicle per year by reducing crashes, repair costs and fuel use.

Companies worried about drivers trying to sneak a squealing wheelie with their commercial vehicles now have a way to instantly track and prevent such maneuvers without having a traffic cop ride shotgun.

Source: L.A. Times - Business | 18 Jun 2010 | 1:00 am

California home prices jump 20.9% in May

Tax incentives spur sales. The median home price rises to $278,000, reflecting less a rise in housing values than a shift in sales toward more expensive coastal markets.

Fueled by tax incentives, California home sales rose in May, helping lift the Golden State's median home price by 20.9% from its year-earlier mark.

Source: L.A. Times - Business | 18 Jun 2010 | 1:00 am

GreenRoad online system monitors truckers' driving habits

Some say it sounds like Big Brother, but the developer of the technology says it's saving companies as much as $4,000 per vehicle per year by reducing crashes, repair costs and fuel use. ...
Source: RSS feed - channel BNPaperBusiness | 18 Jun 2010 | 1:00 am

Credit card firms say consumers side with them on merchant fees. Oh, really?

Most U.S. consumers don't want the government meddling in how much banks and credit card companies charge retailers to process transactions made with plastic.

Source: L.A. Times - Business | 18 Jun 2010 | 1:00 am

California home prices jump 20.9% in May

Tax incentives spur sales. The median home price rises to $278,000, reflecting less a rise in housing values than a shift in sales toward more expensive coastal markets. ...
Source: RSS feed - channel BNPaperBusiness | 18 Jun 2010 | 1:00 am

FCC moves to gain more authority over broadband service

The Federal Communications Commission voted Thursday to start the controversial process of reclassifying high-speed Internet access to give the agency more authority over service providers to prevent disparate treatment of customers.

Source: L.A. Times - Business | 18 Jun 2010 | 1:00 am

Mortgage rates rise slightly but remain near record lows

Lenders are offering an average rate of 4.75% for a 30-year fixed mortgage, up from 4.72% last week, Freddie Mac says. ...
Source: RSS feed - channel BNPaperBusiness | 18 Jun 2010 | 1:00 am

U.S. auto quality tops imports in J.D. Power survey

Ford and GM lead the way as domestic carmakers claim superiority for the first time in the initial quality survey's 24 years. Toyota's slide helps. ...
Source: RSS feed - channel BNPaperBusiness | 18 Jun 2010 | 1:00 am

Evidence shows tenacity of plaintiffs' attorney in Toyota case

Mark P. Robinson Jr., a co-lead counsel in the lawsuits facing the carmaker over alleged sudden unintended acceleration, has a history of doing what it takes to get the proof and win in court.

In a legal career spanning nearly four decades, attorney Mark P. Robinson Jr. has won multimillion-dollar verdicts against carmakers Ford, General Motors, Nissan and Hyundai.

Source: L.A. Times - Business | 18 Jun 2010 | 1:00 am

Credit card firms say consumers side with them on merchant fees. Oh, really?

Most U.S. consumers don't want the government meddling in how much banks and credit card companies charge retailers to process transactions made with plastic.
Source: RSS feed - channel BNPaperBusiness | 18 Jun 2010 | 1:00 am

Sony chief executive Sir Howard Stringer paid £6m despite losses

Sony, which has posted two consecutive annual losses, says its chief executive Sir Howard Stringer has received around 800 million yen (£6m) in annual pay.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 18 Jun 2010 | 12:58 am

Jobless aid, tax bill hits Senate roadblock again (AP)

AP - In another stinging setback for President Barack Obama and Democrats controlling Congress, the Senate on Thursday rejected long-sought legislation to provide stimulus spending and a reprieve for doctors about to get hit with a big cut in their Medicare payments.

Source: Yahoo! News: Business News | 18 Jun 2010 | 12:44 am

China: yuan exchange rate of no concern to others

The main focus of China's currency policy is the well-being of its people and any adjustment to the exchange rate is not the concern of other countries, government officials said Friday...
Source: RSS feed - channel BNewsBusiness | 18 Jun 2010 | 12:28 am

Taiwan's top laptop maker raising China wages

Compal Electronics Inc., the world's largest contract laptop maker, said Friday that China's labor shortage and rising wages will pose a big challenge to it amid the recovery in the...
Source: RSS feed - channel BNewsBusiness | 18 Jun 2010 | 12:20 am

Sony CEO gets $8.8 million pay despite losses

Sony Corp. which has posted two consecutive annual losses, says its Chief Executive Howard Stringer has received around 800 million yen ($8.8 million) in annual pay. Sony spokeswoman...
Source: RSS feed - channel BNewsBusiness | 18 Jun 2010 | 12:19 am

Europe to unveil banking sector check-up

Europe is finally set for a transparent check-up of its banking sector to curb financial market tensions, including information on weak regional lenders in Germany and Spain. Central...
Source: RSS feed - channel BNewsBusiness | 17 Jun 2010 | 11:49 pm

Financial resolve pays off for Madrid

Spain's embattled government emerged Friday from a tumultuous week, in which rumours flew of a bailout, with an IMF vote of confidence and a plan to convince sceptical markets of the health
Source: RSS feed - channel BNewsBusiness | 17 Jun 2010 | 11:46 pm

Asia Markets: Robot shares march higher on China labor concerns

Japanese robot makers look primed to grow as factories in China are increasingly turning to automation, particularly after the recent flare-up of labor unrest there.

Source: MarketWatch.com - Top Stories | 17 Jun 2010 | 11:44 pm

The Best Waterproof Digital Cameras

We tested the latest outdoor cameras -- by dunking, dropping and burying them.

Source: SmartMoney.com | 17 Jun 2010 | 11:01 pm

Latest Tech Gadgets for the Great Outdoors

The newest gear -- from scuba-mask cameras to high-tech fish finders.

Source: SmartMoney.com | 17 Jun 2010 | 11:01 pm

Air NZ passenger numbers up

Air New Zealand carried 883,000 passengers in May, up 3.9 per cent on the same month last year.Poor weather caused a number of operational challenges during May, resulting in 85.5 per cent of domestic flights departing within...
Source: nzherald.co.nz - Business | 17 Jun 2010 | 10:50 pm

China: currency policy not up for debate at G20

China said Friday the value of its yuan currency was not up for debate at an upcoming Group of 20 summit and again rejected outside interference in its foreign exchange policies. "The...
Source: RSS feed - channel BNewsBusiness | 17 Jun 2010 | 10:40 pm

Australian retail CEO quits amid scandal

The chief executive of upmarket Australian department store company David Jones abruptly resigned on Friday after revealing he had acted inappropriately toward a female staff member. ...
Source: RSS feed - channel BNewsBusiness | 17 Jun 2010 | 10:39 pm

World Bank says China's economy slowing

China's economy is showing signs of softening after a strong stimulus-fueled rebound last year, the World Bank says in its latest quarterly update. Industrial production and other key...
Source: RSS feed - channel BNewsBusiness | 17 Jun 2010 | 10:36 pm

US decision on ethanol blend put off until fall

The Environmental Protection Agency says it will wait until this fall to decide whether U.S. car engines can handle higher concentrations of ethanol in gasoline. The agency had been...
Source: RSS feed - channel BNewsBusiness | 17 Jun 2010 | 10:35 pm

Motorola to buy back debt and pump cash into spinoff: report

(Reuters) - Motorola Inc will buy back most of its debt and pump the bulk of its remaining cash into its proposed spinoff of its money-losing mobile devices unit, the Wall Street Journal said, citing people familiar with the matter.

Source: Reuters: Business News | 17 Jun 2010 | 10:24 pm

Oil extends losses in Asia on US growth concerns

Oil prices extended losses but held above $76 a barrel Friday in Asia as weak U.S. economic data sparked renewed concerns that demand for crude may slow. Benchmark crude for July...
Source: RSS feed - channel BNewsBusiness | 17 Jun 2010 | 10:21 pm

Risk on, as investors dive back into emerging markets: EPFR

HONG KONG (Reuters) - Investors set aside sovereign debt fears and shifted their money to higher-returning assets in mid June, with emerging market assets and U.S. equities among the recipients of fresh cash, EPFR Global said in a report on Friday.

Source: Reuters: Business News | 17 Jun 2010 | 10:14 pm

Robert Powell's Your Portfolio: Portfolio rebalancing: How to do it right

Right about now, your broker or mutual-fund firm is sending you a note suggesting that midyear is a good time to rebalance your portfolio. But are they right? Maybe.

Source: MarketWatch.com - Top Stories | 17 Jun 2010 | 10:08 pm

Sony CEO Stringer gets $4.5 million in annual pay

TOKYO (Reuters) - Sony Corp CEO Howard Stringer was paid 410 million yen ($4.5 million) for the financial year ended March 2010, the company disclosed at its annual shareholders' meeting on Friday.

Source: Reuters: Business News | 17 Jun 2010 | 10:06 pm

Bank negotiators battle over 'too big to fail'

Lawmakers battle over each chamber’s vastly different approaches to the thorny issue of how to handle banks that are “too big to fail,” and what to do to make sure such failures don’t wreak havoc on the markets.

Source: MarketWatch.com - Top Stories | 17 Jun 2010 | 10:06 pm

Outside the Box: The case for buying BP

There's an argument to be made for buying shares of BP, writes Hilary Kramer.

Source: MarketWatch.com - Top Stories | 17 Jun 2010 | 10:01 pm

Resource Curse Solution: Give Money Away

Source: NPR Blogs: Planet Money | 17 Jun 2010 | 10:00 pm

Japan outlines plans to merge exchanges

The Japanese government has unveiled a proposal to merge the country’s major exchanges by 2013 in a bid to make the bourses more competitive regionally and attract more funds
Source: Financial Times - US homepage | 17 Jun 2010 | 9:45 pm

Swiss back UBS deal with US

Switzerland ended months of uncertainty after parliament finally approved legislation allowing the transfer of 4,450 names of rich American UBS clients suspected of evading taxes to be passed to the US authorities
Source: Financial Times - US homepage | 17 Jun 2010 | 8:22 pm

Fed's Kohn sees Europe risk, but to pull through: report

NEW YORK (Reuters) - Europe's fiscal problems are a risk that will have some effect on U.S. growth during the rest of this year and 2011, U.S. Federal Reserve vice chairman Donald Kohn said in an interview with the Wall Street Journal.

Source: Reuters: Business News | 17 Jun 2010 | 7:51 pm

Swaps plan seen staying in Wall Street reform bill

WASHINGTON (Reuters) - A sweeping overhaul of financial regulations will include a controversial plan to insulate banks from risky swap dealing, aides said on Thursday as lawmakers hammered out a final bill.

Source: Reuters: Business News | 17 Jun 2010 | 7:25 pm

Facebook '09 revenue neared $800 million

SAN FRANCISCO (Reuters) - Facebook's financial performance is stronger than previously believed, as the Internet social network's explosive growth in users and advertisers boosted 2009 revenue to as much as $800 million, according to two sources familiar with the situation.

Source: Reuters: Business News | 17 Jun 2010 | 7:10 pm

Summary Box: New rules for broken trades (AP)

AP - NEW RULES FOR CANCELING TRADES: The Securities and Exchange Commission is putting forward proposed new rules spelling out when and at what prices stock trades would be canceled, a response to last month's "flash crash."
Source: Yahoo! News: Stock Markets News | 17 Jun 2010 | 6:01 pm

US Congress mauls Hayward

Tony Hayward, BP’s embattled chief executive, was the target of furious questioning on Capitol Hill as lawmakers took aim at the public face of the Gulf of Mexico oil spill for the first time since the catastrophe began
Source: Financial Times - US homepage | 17 Jun 2010 | 5:47 pm

New rules for broken trades proposed (AP)

AP - Federal regulators on Thursday put forward proposed new rules spelling out when and at what prices stock trades would be canceled, in a response to last month's "flash crash" in the market.

Source: Yahoo! News: Stock Markets News | 17 Jun 2010 | 5:30 pm

NZ sharemarket has small early gain

A 2c gain by leading stock Telecom brought a little respectability to the New Zealand sharemarket's early rise.Around 10.15am the benchmark NZX-50 index was up 4.39 points to 3050.11, having fallen 20.9 points yesterday.Telecom's...
Source: nzherald.co.nz - Business | 17 Jun 2010 | 4:49 pm

Write-Offs: 06.17.10

$$$ Detection Dogs? Hunting Bedbugs Goldman Sachs ‘Mystery’ [Post Chronicle]

$$$ Medvedev Sees Risks for BP, Euro [WSJ]

$$$ Katie Benner: S&P president: credit ratings matter, shouldn’t be mandatory [Fortune]

$$$ Charlie Gasparino: BP Bond Deal Would Be Difficult [FBN]

Charlie Gasparino - Goldman Sachs - BP - Wall Street Journal - Business
Source: Dealbreaker | 17 Jun 2010 | 4:45 pm

NZ dollar tops US70.30c

The New Zealand dollar rose to a month high against the greenback, with the US currency hampered by weak readings of jobless claims and manufacturing activity.From US69.57c at 5pm yesterday, the kiwi pushed above US70.30c early...
Source: nzherald.co.nz - Business | 17 Jun 2010 | 4:39 pm

Rio Tinto facing higher port charges

Bluff aluminium smelter operator Rio Tinto looks likely to face higher annual charges to South Port New Zealand, following an interim decision by the arbitrator in its dispute with NZ Aluminium Smelters (NZAS). Rio-Tinto-controlled...
Source: nzherald.co.nz - Business | 17 Jun 2010 | 4:31 pm

New CEO for AgResearch

AgResearch has appointed a new chief executive, four months after Dr Andrew West resigned from the position.Dr Tom Richardson, the current head of the Rotorua-based CRI, New Zealand Forest Research Institute Ltd, trading as Scion,...
Source: nzherald.co.nz - Business | 17 Jun 2010 | 4:25 pm

MetLife chief slams US financial reforms

The head of MetLife, the largest life assurer in the US, has criticised the financial reforms being finalised by Congress, saying some measures betray a ‘total misunderstanding’ of the insurance industry and could hit the sector hard
Source: Financial Times - US homepage | 17 Jun 2010 | 4:09 pm

Feds bust 485 mortgage fraudsters

The Justice Department on Thursday trumpeted its efforts to crackdown on mortgage fraud, saying it launched an interagency plan to detect costly scams.
Source: Business and financial news - CNNMoney.com | 17 Jun 2010 | 4:03 pm

Telecom to refund 1300 customers for misleading advert

Telecom has been ordered to pay around $120,000 in refunds to customers who were misled by its broadband promotion during 2008.The Commerce Commission has ordered Telecom to repay 1300 customers after customers complained they...
Source: nzherald.co.nz - Business | 17 Jun 2010 | 4:01 pm

Stocks eke out gain as traders shrug off bad news (AP)

AP - LATE-DAY TURNAROUND: Stocks began the day down on disappointing economic news, then recovered in the final hour to finish slightly higher. However, trading wasn't as frenetic as in other late-day moves in recent weeks.
Source: Yahoo! News: Stock Markets News | 17 Jun 2010 | 4:01 pm

Repros to plead case against Nasdaq delisting (AP)

AP - Repros Therapeutics Inc. said Thursday it has been granted permission by Nasdaq to plead at a hearing why it should be granted an extension before being delisted from the stock market.
Source: Yahoo! News: Stock Markets News | 17 Jun 2010 | 3:54 pm

Stocks eke out gain after downbeat economic data (AP)

AP - The stock market managed a slender gain Thursday after traders shook off a pair of disappointing economic reports.

Source: Yahoo! News: Stock Markets News | 17 Jun 2010 | 3:53 pm

BP's chief accused of 'stonewalling'

Lawmakers ripped into BP chief Tony Hayward on Thursday, accusing him of being ill-prepared for congressional testimony and not cooperating with an investigation into the Gulf of Mexico oil spill.
Source: Business and financial news - CNNMoney.com | 17 Jun 2010 | 3:45 pm

Telling Market Data You've Been Dismissing (On the Street)

A study shows an often-overlooked indicator is tied to stock performance.

Source: SmartMoney.com | 17 Jun 2010 | 3:44 pm

BSkyB takeover: the ramifications for the global media industry are just beginning

As the dust settles on the announcement of News Corporation's biggest deal - to buy the 61pc of BSkyB it doesn't already own for about £7.8bn - possibilities emerge about what it means for News Corp longer term, both in terms of strategy and succession.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Jun 2010 | 3:28 pm

Presented By:

Source: Dealbreaker | 17 Jun 2010 | 3:18 pm

Goldman Beat By JPMorgan, Morgan Stanley, DE Shaw, And Random Fashion Chick

The men, women and vampire squids at Goldman Sachs posses a lotta talent among them. Many of them can tie a maraschino cherry stem into a knot in under ten seconds. They pioneered the buddy system between the prime brokerage and prop desk so as to maximize front-running of clients. A not insignificant number of them are quite skilled at charades. Sportsmen, however, they are not. This has been evident at many an impromptu stick ball game among the banks (don’t feel bad about that Viniar, it could have happened to anyone) and continued to be clear last night at the JPMorgan Corporate Challenge, where Goldman failed to place any employees in the top 5. Putting a fine point on it was one JPMorgan staffer who it should be noted snapped the photo above, and the ones later on of Team GS circle JO&C’ing in the bathroom of the bar everyone congregated at. But hey, look! Moragan Stanley won something!

Goldman Sachs - Morgan Stanley - JPMorgan Chase - Business - United States
Source: Dealbreaker | 17 Jun 2010 | 3:18 pm

BP oil spill: Congressmen laser in on safety record during BP chief's grilling

Key concerns about safety emerged during a bruising grilling of BP chief executive, Tony Hayward, writes Rowena Mason.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Jun 2010 | 3:17 pm

How the major stock indexes fared on Thursday (AP)

AP - The stock market managed a slender gain Thursday after traders shook off a pair of disappointing economic reports. Traders began buying late in the session, although without the vehemence that has marked other final-hour moves in recent weeks.
Source: Yahoo! News: Stock Markets News | 17 Jun 2010 | 3:09 pm

BP oil spill: Tony Hayward's body language told its own story

Tony Hayward knew he was going to be given a rough ride today. His intention was to show regret, but not to allow the committee to walk all over him. This was evident in his verbal style and body language.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Jun 2010 | 3:06 pm

VW, Mitsubishi, Land Rover Finish At Bottom Of Car Quality Survey

Research group J.D.Power came out with its Initial Quality Study for cars, small trucks and SUVs. The survey ranks vehicles  by number of problems per hundred vehicles. This year, the average number of problems per brand was 109. Porsche, Acura, and Mercedes were at the top of the list. At the bottom, starting with the [...]

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Source: 24/7 Wall St. | 17 Jun 2010 | 3:05 pm

BP chief Tony Hayward's communication skills didn't rival those of a tax inspector

The new age demands a front-and-centre spokesmen who can make the audience feel like he is listening and actually gives a damn. But Tony Hayward doesn't seem to have learned a great deal about being inclusive, about engaging with the public.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 17 Jun 2010 | 3:04 pm

Wedding Bells For Tom Hudson!

Other than his pirate fetish, one thing Pirate Capital and Doubloon Capital founder Tom Hudson is known for is his love of a) getting married and b) soft rock ballads. So much so that, you may recall, he hired not one but two of Michael Bolton’s daughters, Isa and Holly (who were employed in a variety of capacities including investor relations, stock picker, fluffer and girlfriend. The two left Pirate a some time ago, and while it hurt, Hudson moved on with some delightful women he met on SugarDaddy.com. He married one of them a year or so ago but sadly things did not work about. But great news! We’re told by a person familiar with the matter, yet another special lady friend has agreed to swab Tom’s deck for all time. That’s right kids– Hudson is getting married again.

Thought you’d get a kick to know Hudson’s getting married AGAIN this Sunday, to a Raquel-something. And yes, she works at his new fund now too. I think this is #6 plus at least 5 additional broken engagements that I know of.

Michael Bolton - Tom Hudson - Investor relations - Soft rock - Ballad
Source: Dealbreaker | 17 Jun 2010 | 3:00 pm

9 visionaries changing the world

Source: Business and financial news - CNNMoney.com | 17 Jun 2010 | 2:53 pm

FedEx, The Union-Buster? (FDX, UPS)

FedEx Corporation (NYSE: FDX) may have been part of the reason for the rally late today that took markets into positive territory.  Headlines hit late in the day on the Dow Jones broad tape from Senate Commerce Committee Chairman John D. Rockefeller, a Democrat, saying that the proposed  legislation that would make it easier for [...]

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Source: 24/7 Wall St. | 17 Jun 2010 | 2:39 pm

BP plc Downgraded By S&P To “A/A1″On Spill Costs

S&P lowered it long- and short-term corporate credit ratings on BP to ‘A/A-1′ from ‘AA-/A-1+’ and kept the firm on CreditWatch negative. The ongoing CreditWatch placement reflects S&P’s view regarding the continued uncertainties affecting BP, rapid evolution of the situation, and its reassessment of the longer-term impact of the explosion and spill on BP’s  business. [...]

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Source: 24/7 Wall St. | 17 Jun 2010 | 2:37 pm

Apple is hackers' new bull's-eye

When Apple was just a niche maker of Mac computers and only truly popular among college students and graphic designers, hackers paid little attention to the company. Instead, they focused on Microsoft, which had more than a 90% share of the PC operating system market.
Source: Business and financial news - CNNMoney.com | 17 Jun 2010 | 2:32 pm

Detroit beats imports in quality -- a first!

Led by Ford, American carmakers out-performs Asian rivals in J.D. Power Initial Quality Survey for the first time.
Source: Business and financial news - CNNMoney.com | 17 Jun 2010 | 2:26 pm

Gates says Russians hate US missiles defenses (AP)

AP - Russia will "always hate" U.S. missile defenses because it cannot match them, but that should not stand in the way of ratifying a new U.S.-Russian nuclear arms treaty, Defense Secretary Robert Gates said Thursday.

Source: Yahoo! News: Stock Markets News | 17 Jun 2010 | 2:10 pm

US companies tap cash piles for share buy-backs

US companies are signalling a desire to buy back their own shares at the highest rate in months as record levels of cash pile up on balance sheets
Source: Financial Times - US homepage | 17 Jun 2010 | 2:02 pm

Rhodes Discusses China's Yuan Policy: First Word Special

Source: Bloomberg - All Podcasts | 17 Jun 2010 | 2:02 pm

Central banks join gold rush

Foreign governments have been getting in on the recent gold rush, driven by continued fears about Europe's debt crisis and the pace of the global economic recovery.
Source: Business and financial news - CNNMoney.com | 17 Jun 2010 | 1:58 pm

Afghan mineral wealth worth at least $3 trillion

Afghanistan is gearing up to award contracts to mine one of the world's largest iron ore deposits buried in a peaceful province of the war-torn nation that has at least $3 trillion in untapped minerals, the country's top mining official...
Source: nzherald.co.nz - Business | 17 Jun 2010 | 1:37 pm

The BP Quote Hall of Fame

BP’s quotes just keep getting better. BP CEO Tony Hayward isn’t exactly the smoothest talker on the planet (okay, he’s a PR nightmare), but, as BP Chairman of the Board Carl-Henric Svanberg recently proved, he’s not the company’s only foot-in-mouther. Here’s a compilation of BP’s best post-Gulf spill quotes, so far:

“I hear comments sometimes that large oil companies are greedy companies or don’t care. But that is not the case with BP. We care about the small people.” BP Chairman of the Board Carl-Henric Svanberg, talking to reporters after a meeting with President Obama.

“I think the environmental impact of this disaster is likely to have been very, very modest.” (Tony Hayward, shortly after the spill started.)

“What the hell did we do to deserve this?” (Tony Hayward to other BP executives after the spill, as reported by the New York Times.)

When reporters asked Tony Hayward what he wanted to tell locals affected by the spill, he said this: “The first thing to say is I’m sorry. We’re sorry for the massive disruption it’s caused their lives. There’s no one who wants this over more than I do. I would like my life back.”

“I’m a Brit. I can take it.” (Tony Hayward, responding to inquiries about his poor press performance.)

“The oil is on the surface. There aren’t any plumes.” (Tony Hayward)

When workers cleaning up the Gulf oil spill reported symptoms of illness including nausea, dizziness, and headaches, Tony Hayward had this to say: “I am sure they were genuinely ill, but whether it was anything to do with dispersants and oil, whether it was food poisoning or some other reason for them being ill, you know, there’s a—food poisoning is surely a big issue when you’ve got a concentration of this number of people in temporary camps, temporary accommodations.”

Source: Business Pundit | 17 Jun 2010 | 1:33 pm

How did BP CEO fare before committee?

Lawmakers kicked off a House subcommittee hearing with more than an hour of BP criticism before the oil company's chief got his chance to talk. Washington bureau chief John Dimsdale talks with Bob Moon about what happened when BP CEO Tony Hayward testified and why he didn't answer certain questions.
Source: Marketplace | 17 Jun 2010 | 1:30 pm

Banks aim to make up for lost fees

New credit card reforms have cut into everything from overdraft charges to credit card fees. So now many banks reportedly have plans to scrap free checking as they look for ways to make up for fees lost elsewhere. Stacey Vanek-Smith checks it out.
Source: Marketplace | 17 Jun 2010 | 1:29 pm

Ruling wipes out some NLRB decisions

The National Labor Relations Board mediates disputes between companies and labor unions. It's supposed to have five members from both political parties, but it had just two members between 2008-2010. So the Supreme Court is throwing out nearly 600 of its decisions from that period. Brett Neely reports.
Source: Marketplace | 17 Jun 2010 | 1:29 pm

Debt crisis shows flaws in euro system

European correspondent Stephen Beard talks with Bob Moon about why the financial plight of a few European countries is calling the whole euro system into doubt, and how likely it is that some countries might pull out from the eurozone.
Source: Marketplace | 17 Jun 2010 | 1:29 pm

Tomato, tomahto. Either way, too many!

A few years ago, tomato prices were sky high because of a shortage. But these days, farmers have more tomatoes than they know what to do with. And prices are so low many of those juicy beauties might not make it off the vine. Janet Babin reports.
Source: Marketplace | 17 Jun 2010 | 1:29 pm

How FCC's broadband plan affects you

The FCC is taking steps to change the regulation of high-speed Internet providers. It wants to treat the providers more like phone companies, so they'd have to give all Internet traffic equal access. The agency is opening up public comment on the plan. Nancy Marshall Genzer reports on how the plan might affect the economy.
Source: Marketplace | 17 Jun 2010 | 1:29 pm

Toronto district seeks audible harmony

The main drag in any urban neighborhood is its moneymaker. So naturally those areas are always trying to figure out how to make more money, and beautification is a bit part of it. One Toronto neighborhood's beautification is of a more audible variety. Sean Cole reports.
Source: Marketplace | 17 Jun 2010 | 1:29 pm

Blow for Dubai World asset sale

Dubai’s sale of Inchcape Shipping Services, a flagship corporate asset, has been dealt a blow after prospective bidders learnt of an investigation they believe the US Department of Justice is conducting into the business
Source: Financial Times - US homepage | 17 Jun 2010 | 1:20 pm

BP Raised to `Buy,' DryShips Cut to `Neutral': Audio

Source: Bloomberg - All Podcasts | 17 Jun 2010 | 1:15 pm

Find Free Checking Accounts Now (Consumer Action)

Banks are phasing out free checking. Here's how to avoid the trend.

Source: SmartMoney.com | 17 Jun 2010 | 1:04 pm

Citadel Securities Icer Goes With The Green Apple

From the front lines: “This just happened. He drank that fucker and quick. The best part was the lack of commentary. Just looked around to see if anyone was watching, took it down and got back to work. Oh, and it was a chick icing a dude.”

Apple - Travel - Recreation - United States - Travel and Tourism
Source: Dealbreaker | 17 Jun 2010 | 12:50 pm

How Safe Is the 'Safety Net'? (Tradecraft)

Hoenig: The problems in Europe could easily show up here.

Source: SmartMoney.com | 17 Jun 2010 | 12:46 pm

BP, Freddie Mac, and Mortgage Relief (FRE, FNM, BP, C)

Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM) are two companies with an unlikely tie to the BP plc (NYSE: BP) oil spill catastrophe in the Gulf.  But after a $20 billion fund promise yesterday from BP management. Freddie Mac has just joined in with mortgage relief in the Gulf region for people affected [...]

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Source: 24/7 Wall St. | 17 Jun 2010 | 12:41 pm

Anyone Wanna Run BP?

Tony Hayward hasn’t actually resigned yet but at the present he’s not in so good with the Prez and a li’l accident– a blip, really– did go down on his watch. Reuters already has a list of fill-ins prepared in the event Big T involuntarily resigns. It includes Andy Inglis (head of BP’s core exploration and production division), Iain Conn (the head of BP’s refining and marketing unit), and Bob Dudley (a “Managing Director” with responsibility for oversight of the Americas and Asia).

But we’re thinking this might be the sort of thing that calls for not just an outsider who didn’t work at the company at the time of the event that dare not speak its name but also an outside the box candidate. Names that come to mind include the Alia Sabur (the Long Island genius who says she figured out how to fix the leak in a matter of minutes), Lenny Dykstra (who knows from shit and could just be so wrong he’s actually right), Lloyd Blankfein (who most likely orchestrated the “slip up” as a diversionary tactic), and Jack Welch (who’s begging for it). Other suggestions welcome.

Tony Hayward - Iain Conn - BP - Long Island - Lloyd Blankfein
Source: Dealbreaker | 17 Jun 2010 | 12:37 pm

Tender date extended for Crafar farms

The date for tenders to be lodged for the Crafar portfolio of farms has been pushed back to give prospective buyers time to do due diligence on the properties.Bayleys marketing agent Richard Graham said the decision was made to...
Source: nzherald.co.nz - Business | 17 Jun 2010 | 12:00 pm

Music publishers next to sue LimeWire

LOS ANGELES - On the heels of a court win by recording companies against file-sharing software company LimeWire, eight music publishers said they had filed their own suit yesterday.The publishers are seeking relief and damages...
Source: nzherald.co.nz - Business | 17 Jun 2010 | 11:50 am

Kroszner, Egan, Dumas, Herrmann, Frisch, Mushkin: Surveillance

Source: Bloomberg - All Podcasts | 17 Jun 2010 | 11:46 am

William Poole, Michael Moran: Bloomberg On the Economy

Source: Bloomberg - All Podcasts | 17 Jun 2010 | 11:45 am

The euro is still trash - The Buzz

It became fashionable over the past few weeks to proclaim that the euro was on a non-stop collision course with dollar parity. It was obvious that the euro would continue to sink like a stone.
Source: Business and financial news - CNNMoney.com | 17 Jun 2010 | 11:39 am

Should GM Be Allowed To Hire Lobbyists?

Source: NPR Blogs: Planet Money | 17 Jun 2010 | 11:07 am

Irate French Controller’s Got Jerome Kerviel’s Number

The other day we noted that in the course of making fake trades at SocGen, Jerome Kerviel had invented a fake client who he’d named Matt, whose bio Kerviel added little flourishes to such as the fact that Matt apparently loved to play rugby. Today we hear from a non-imaginary colleague of Kerviel’s, none too happy about the fact that he owes her, a bottle of bubbly she’s probably never gonna get.

Jerome Kerviel offered a Societe Generale SA internal controller champagne and presented “coherent” explanations when questioned about his trading, according to testimony in a Paris court today. Marine Auclair, in charge of comparing traders’ reports with the bank’s accounts, said she contacted Kerviel and his superiors in April 2007 after finding a “mismatch” of 94 million euros ($116.4 million) between trades he reported and what was booked in the accounting system.

When asked about the discrepancy, Auclair said Kerviel “had a fairly nervous, worried air about him and said, ‘If you take care of this gap, I’ll give you a bottle of champagne.’”

She testified that she never received any champagne.

Société Générale - Jérôme Kerviel - Jerome Kerviel - Paris - Matt
Source: Dealbreaker | 17 Jun 2010 | 10:42 am

China warns G20 currency critics

Beijing says G20 members should not to use the summit later this month as an excuse to criticise its currency policy, claiming it would be detrimental to the world economy
Source: Financial Times - US homepage | 17 Jun 2010 | 10:36 am

BP, Extended Stay: Bloomberg Law Bankruptcy Review

Source: Bloomberg - All Podcasts | 17 Jun 2010 | 10:34 am

Gijsels on European Debt Crisis, Bednarczyk on Euro: First Word

Source: Bloomberg - All Podcasts | 17 Jun 2010 | 10:31 am

Interview: Protecting Your Small Business From Cybercrime

Image: José Goulão/Flickr

If you think that only bigwig companies like Google and Facebook have security problems, think again. Small businesses are also prone to hackers, phishers, sneaky employees, and others with designs to wreak havoc on company assets.

Safeguarding against these tricksters takes more than just a firewall. We caught up with Robert Gorby, the Global Head of Small Business Propositions for software security company AVG, to learn more about what small business owners need to do to stay safe.

BP: What’s the most common security threat that small businesses face?

Small business security used to be a more straightforward matter. Email was the primary channel used by external attackers and installing an anti-virus product and exercising caution when opening attachments mitigated the majority of threats.

The threat landscape has changed radically over recent years, and the Web has become the attack channel of choice for cybercriminals, who are stealthy, motivated by profit and highly skilled in web tricks and techniques. With 95% of online threats now web-based, relying on anti-virus software alone is no longer enough for businesses.

While attackers still use email, they have discovered that the Web in general provides them with a much broader range of options. Considering that the majority of small businesses are ‘internet-active’, meaning they rely on the internet to run their business (completing online transactions with suppliers & customers, storing information about customers, exchanging sensitive business information over email and IM), web based threats are fast becoming the most common security threat faced by small businesses.

These web-based threats are growing and exist in numerous areas, including:

Social Networking Sites
While many businesses have policies preventing employees from accessing social networking sites, there is a growing number of small businesses using social networks as a cost-effective marketing and recruitment tool. So blocking them is not always the answer.

Email & Spam
Although still a popular method of attack, e-mail is a far less effective way to fool people into opening things they shouldn’t than the world wide web.

Instant Messaging
As with email, viruses and other malware can be hidden in files sent via IM. Some staff may be unfamiliar with the IM which can increase the risk that infected attachments will be clicked on so training is a must

Compromised business web sites
Compounding the problem is the fact that no website can be considered safe. Even small business websites (it’s not just the big brands!) are targets for cybercriminals intent on compromising sites for short periods of time (often less than 24hrs) so that they can steal data from visitors (potential customers of the business).

Image: dunkv/Flickr

BP: Is this also the most dangerous threat? If not, could you tell me what the most dangerous threat is?

Whilst web based threats are most common (Figures cited by the World Economic Forum indicate that online theft alone in 2009 totaled around $1 trillion), small businesses should not overlook the so-called ‘insider threat’ (from disgruntled employees, contractors or business partners).

The increasingly fragmented nature of many companies means that staff, partners and even customers also present a viable concern for small businesses. Companies have become increasingly fragmented and rely increasingly on consultants and outside expertise. Other factors, such as increased mergers and acquisitions, have made some companies become increasingly volatile as they merged with competitors and adopted their staff.

Whilst they may not be as frequent, the impact of a security breach from an insider can sometimes be more dangerous for a business, given the level of access they have to the businesses information, passwords, systems and networks. So employees experiencing financial problems could use their standard business systems and resources to commit fraud.

It is important for businesses to consider the different tactics employed by either group (the cyber-criminal or insiders), however, the best overall approach is to have a robust and adaptive security strategy in place to keep pace with the fast-evolving nature of IT security, no matter where the threat originates.

BP: What can a business do about these threats?

Securing your small business from Internet malware does require some forethought and a small investment in money and time. By taking action now, however, the time and cost will be more than offset against the potential lost revenues and wasted management time in dealing with security issues that will likely otherwise occur later in your company’s lifetime. When thinking about online security for your business, consider the age-old medical adage: “prevention is better than cure”.

The essential steps to protecting your business from these threats can be broken down into three categories – Policy, Technology and Process.

Policy
1. Decide whether computers, laptops and software are to be supplied by your company, or by your staff – and reflect these decisions in your policies, purchasing and processes
2. Document a simple acceptable-use policy for any computer that is used for company business or media that is used to store or transport company data
3. Create an acceptable password-strength policy and ensure that all computers and other IT equipment are password protected
4. Require that all security incidents are promptly reported and managed to a business stakeholder

Technology
1. Ensure all operating systems and application software are updated with the latest security patches as they are developed – preferably using automatic update technology
2. Ensure all computers have an up-to-date security software suite on them
3. Every computer should have its own firewall software, in addition to any premises based network firewall you may be running
4. If managing your own file storage and email servers, ensure these are also running up-to-date security software

Process
1. Ensure all staff receive basic online security training and instruction in your policies
2. Ensure regular backups are taken of all company files, data, email and other systems
3. Change all passwords regularly, especially when an employee or contractor leaves the company, and in particular change administrator passwords or shared passwords to centralised networks or systems
4. Take security breaches seriously – isolate any compromised systems from the network and involve an IT security professional if necessary to ensure the malware is fully removed

Image: turtlemom4bacon/Flickr

BP: What’s one of the sneakiest social engineering tricks you’ve seen?

One of the sneakiest social engineering tricks I have seen relates to the terrible Haiti Earthquake in January this year and was uncovered by my colleague Nick Fitzgerald in our research labs. The earthquake was one of the biggest natural disasters the world has experienced in recent years and jolted many people into action to donate aid from the 4 corners of the world. Unfortunately, as happens with these events, many unsuspecting donors (both businesses and individuals) were conned by donations scams. This particular scam was one of the most sneaky and offensive scams I have come across as it not only robbed people of their donated money, but it also denied the stricken Haitians much needed cash to help survive and rebuild.

Distributed via email, it requested donations for a US charity ‘Haiti Helping Hand’. To the casual observer it looked genuine and also spoke of their work in responding to other disasters such as Hurricane Katrina. To the trained eye, it was strange that a charity that responded to Hurricane Katrina (2005) had a domain that was only registered two days after the Haiti earthquake (Jan 2010). In addition there was no ‘contact us’ section, meaning they wanted to remain anonymous. Finally, there were only two links on the page. One to the site’s privacy policy (questionable) and the other to a PayPal donation page. They clearly used PayPal as it is widely considered a trusted method for donating and paying and would encourage more people to donate.

Needless to say, donations to this site were not making their way to their intended targets in Haiti.
Translating this social engineering experience into learning for small businesses, I would recommend that businesses instil in their employees (particularly new starters) a healthy dose of ‘scepticism’ when it comes to sharing information with someone who is unknown or whose motives are suspect.

Note from Robert: To find out more about what small businesses like about AVG’s solutions, see our AVG At Work site.

Source: Business Pundit | 17 Jun 2010 | 10:31 am

Chanos: “I have a problem with private capital asking for lower tax rates on certain forms of income that I believe are income, not returns on capital, than say teachers, soldiers, fireman and policeman”

Tax rate - United States - Business - Politics - Taxation
Source: Dealbreaker | 17 Jun 2010 | 10:30 am

Tony Hayward Grilled by Congressional Committee

The US Energy Committee is grilling Tony Hayward about the Deepwater Horizon explosion and the oil spill today. Here are some excerpts from his testimony this morning:

The explosion and fire aboard the Deepwater Horizon and the resulting oil spill in the Gulf of Mexico never should have happened, and I am deeply sorry that they did. None of us yet knows why it happened. But whatever the cause, we at BP will do what we can to make certain that an incident like this does not happen again.

…let me be very clear: I fully grasp the terrible reality of the situation…When I learned that 11 men had lost their lives in the explosion and fire on the Deepwater Horizon, I was personally devastated.

From the moment I learned of the explosion and fire, I committed the global resources of BP to the response efforts. To be sure, neither I nor the company is perfect. But we are unwavering in our commitment to fulfil all our responsibilities. We are a strong company, and nothing is being spared. We are going to do everything in our power to address fully the economic and environmental consequences of this spill and to ensure that we use the lessons learned from this incident to make energy exploration and production safer and more reliable for everyone.

The Washington Post has additional highlights:

(During his opening remarks, Hayward was) interrupted by a woman at the back of the hearing room who held up hands apparently covered in oil and screamed, “You need to go to jail!” A commotion ensued as security guards arrested her and took her out of the room.

Earlier, Rep. Henry A. Waxman (D-Calif.), chairman of the House Committee on Energy and Commerce, told Hayward that a review of 30,000 BP documents found “no evidence that you paid any attention to the tremendous risks BP was taking.”

But the committee’s top Republican, Rep. Joe L. Barton (Tex.), offered a personal apology to Hayward and instead took aim at President Obama, saying he was “ashamed” by Wednesday’s White House deal in which BP agreed to set up a $20 billion escrow fund to deal with economic and environmental claims. Barton called it a “shakedown.”

Hayward said that “neither I nor the company is perfect,” but that “we are unwavering in our commitment to fulfill all our responsibilities.” He said BP has spent nearly $1.5 billion since the explosion and vowed that it will not rest until the leaking well is plugged and the spill cleaned up.

Read more about this morning’s hearing here.

Source: Business Pundit | 17 Jun 2010 | 10:15 am

REITs Coming Back For More Capital (DRE, FCH)

It seems we have more secondary offerings coming back into the fold now that the markets have stabilized and recovered.  Many real estate investment trusts (REITs) raised vast sums of capital in 2009 and part of 2010 to bolster up their balance sheets.  Today came news of two secondary offerings from REITs: Duke Realty Corp. [...]

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Source: 24/7 Wall St. | 17 Jun 2010 | 10:12 am

Confidential To Brian Moynihan, The White House Is Just Using You To Rankle Jamie Dimon

Time was, Jamie Dimon was referred to as “Obama’s favorite banker.” And for a while, he really was! And why shouldn’t he be? He’s a lifelong Democrat, he basically put Obama in office, he attended the 3-day inauguration in support of his guy. He’s extremely good-looking. He loves universal healthcare. He’s got charm and charisma dripping out of every orifice, he was one of the CEOs who didn’t fuck up and he’s not Lloyd Blankfein. I won’t even get started on the fact that he’s the guy who’ll make you laugh and he’s handy around the house. (Just know that those attributes were not discounted by the president.) And for a while, things between O and D (and their respective kingdoms) was good. Really good. Obama seemed to understand that Dimon wasn’t cut from the same cloth as “baldy,” it looked like JPM wouldn’t get punished for the sins of its peers and the President would openly acknowledge how great Jamie was, especially compared to the low-hanging fruit at Citi.

Somewhere along the line though, things started to splinter, to the extent that Obama and Dimon’s “breakup” is now a topic of dicussion. And while the friends are always going to be biased, and blame the good for nothing ex g/bf who wronged their pal, in this case, it’s true. First off, if the White House wanted to break it off with Jamie, they should have done so like a man. Instead, they just started treating him like shit, perhaps in the hopes he’d get fed up and leave. They started talking a lot of shit on bankers and when they did so, failed to add “obviously, none of this applies to JPMorgan.” Dimon didn’t get it and if you want to know the truth, it stung pretty bad. Out of nowhere, Obama didn’t want to be associated with the banker formerly known as his “favorite.” When crafting financial regulation, the administration failed to take into account that Dimon and his people were the good guys and shouldn’t be held to ridiculous measures intended for fuck-ups! Of course, when the White House needed something from Jamie, they were more than happy to pop back into his life like for the night, which is so typical.

The nomination of Ben Bernanke for a second term as Federal Reserve chairman was suddenly losing altitude in the Senate. For a brief moment, it looked like it might crash, something the administration feared could damage the financial markets. Treasury officials asked Scher if senior JP Morgan executives could call a few senators to help put the nomination back on track, which they agreed to do without hesitation.

And guess what happened next? Obama et al realized how badly they treated Jamie and that breaking up with him was the biggest mistake of their lives? Wrong! What happened next was Dimon being snubbed on the State Dinner, which one financier told The New Republic was an unforgivable offense, especially considering who was asked to come. “Not being invited to the state dinner is not nice,” he said. “They invited Bank of America.” Which brings us to our next point, namely that Brian Moynihan, the homely CEO who thought he was being tossed a bone, should know the sudden interest from Washington is not about him. It’s about JD.

Team Obama has sometimes marveled at Dimon’s tone-deafness—“they don’t really understand how toxic they are,” one administration official complained to me—and distanced itself in ways subtle and not-so-subtle. It shut out the bank at key moments when crafting its financial overhaul and took a hard line when selling back the options on JP Morgan shares it acquired during the bailout. And then, there’s the state dinner snub. “It’s always easy to raise your profile in this environment,” says one politically astute financier. “It’s [not the same as] participating, making sure you’re in.” The executive continues: “Not being invited to the state dinner is not nice. They invited Bank of America.” In fact, one gets the sense that JP Morgan sees the White House elevation of Bank of America—a recent Bloomberg headline blared, “Moynihan Becomes Obama’s Top Wall Street Ally on Rules Overhaul”—as a thinly veiled reprimand.

Oh, I’m sorry Brian, you thought? That there was something there? That he was really interested? Oh, I’m sorry. But isn’t it better to know the truth? If you need someone to talk to you, your old boss could offer a thing or two about the duplicity of the White House (and if he’s really looking to unload and you’ve got the time, their hired goons at the Treasury and Federal Reserve).

Jamie Dimon - United States - White House - Lloyd Blankfein - JPMorgan Chase
Source: Dealbreaker | 17 Jun 2010 | 10:10 am

Serious Question: Is Tony Hayward Even Going To Turn Around And Acknowledge The Lady Protestor Attempting To Rip Off Her Top?

Or is he just going to keep staring straight ahead and pretend there’s nothing going on behind him? (Bonus question: did the blond woman next to her go “she’s a stripper”?)

Tony Hayward - BP - United States - Oil spill - People
Source: Dealbreaker | 17 Jun 2010 | 9:27 am

Feds Have Arrested 485 in Mortgage Fraud

Since March, Department of Justice officials have arrested a 485 people for mortgage fraud in a massive crackdown. Bloomberg BusinessWeek has more on the crackdown, called Operation Broken Dreams:

During the enforcement effort, 1,215 criminal defendants responsible for $2.3 billion in losses faced some type of legal action, the department said. The crackdown…also included 191 civil cases resulting in the recovery of more than $147 million.

“This represents the largest collective enforcement effort ever brought to bear in confronting mortgage fraud,” said Attorney General Eric Holder at a news conference in Washington. “These schemes are despicable, they are dangerous to our economy and they will not be tolerated.”

The initiative was organized by President Barack Obama’s financial fraud task force. The Federal Bureau of Investigation has more than 3,000 pending mortgage-fraud cases, almost double the number in fiscal year 2008, Holder said.

From the Wall St. Journal:

The inter-agency effort involves more than 21 federal agencies who are members of the Financial Fraud Enforcement Task Force. Launched in November by the Obama administration, the task force is charged with uncovering illegal financial schemes nationwide.

Source: Business Pundit | 17 Jun 2010 | 9:11 am

Brazil Mid-Cap ETF to Trade on NYSE: Audio

Source: Bloomberg - All Podcasts | 17 Jun 2010 | 6:57 am

The End Of Free Checking

Source: NPR Blogs: Planet Money | 17 Jun 2010 | 6:24 am

A Sign Everyone Will Obey

Source: Business Pundit | 17 Jun 2010 | 4:52 am