Ringo Starr, Redefined for Gen-Yers?

Source: Business Pundit | 22 Jun 2010 | 4:08 am

Europe Markets: Winning Europe run in peril after BNP downgrade

European shares slipped Tuesday, putting a nine-session winning streak in jeopardy, with banks weighing after a credit-rating firm downgraded BNP Paribas and with miners paring recent gains.

Source: MarketWatch.com - Top Stories | 22 Jun 2010 | 4:00 am

Storm Threatens The Gulf

The first tropical storm of the season could form from a disturbance nearing Haiti. The National Hurricane Center says the odds that it will turn into a tropical cyclone in the next 48-hours are 50%. The system is moving West-Northwest at a rate of about 15 miles per hour according to the Atlantic Tropical Weather [...]

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Source: 24/7 Wall St. | 22 Jun 2010 | 3:59 am

Indications: U.S. stock futures drop as Europe jitters linger

U.S. stock futures declined Tuesday, with worries over the health of the European banks at the forefront as the Federal Reserve begins its two-day interest rate setting meeting.

Source: MarketWatch.com - Top Stories | 22 Jun 2010 | 3:58 am

Benefits to go?

Europe social model set to change as budgets are cut
Source: BBC News | Business | World Edition | 22 Jun 2010 | 3:57 am

Asian shares come off as yuan rise hopes tempered

Asian shares end mostly lower Tuesday on doubts over the pace at which the Chinese yuan can appreciate and after Monday’s weak close on Wall Street.

Source: MarketWatch.com - Top Stories | 22 Jun 2010 | 3:56 am

Tough measures due in UK Budget

A package of tax increases and spending cuts is expected to be unveiled later by Chancellor George Osborne.
Source: BBC News | Business | World Edition | 22 Jun 2010 | 3:55 am

Gulf claims to be paid 'quickly'

The man running the $20bn fund to compensate victims of the Gulf of Mexico oil spill promises to speed up the payment of claims.
Source: BBC News | Business | World Edition | 22 Jun 2010 | 3:55 am

Japan: A Balanced Budget Or Bust

Japan’s new ruling party says that the country’s budget will be balanced by 2020 and that massive bond sales to cover the country’s large sovereign debt will become less and less necessary. Annual government spending over the next three years will be no more than $780 billion, and taxes, perhaps heavy ones, are on the [...]

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Source: 24/7 Wall St. | 22 Jun 2010 | 3:36 am

Hayward's stand-in heckled at London oil meeting (AP)

AP - The owner of the broken Deepwater Horizon rig spewing oil into the Gulf of Mexico criticized President Barack Obama's six-month ban on deepwater drilling and a BP executive was heckled Tuesday at a major oil conference.

Source: Yahoo! News: Business News | 22 Jun 2010 | 3:32 am

World stocks down as Europe debt fears creep back (AP)

AP - World stock markets mostly fell Tuesday as renewed concern about Europe's debt crisis overshadowed the initial enthusiasm over China's decision to let its currency rise.

Source: Yahoo! News: Business News | 22 Jun 2010 | 3:30 am

Economic Report: Germany's Ifo business climate index rises in June

An indicator of German business sentiment improved in June compared to the previous month, exceeding market expectations and signaling that euro-zone debt woes haven’t dampened confidence among businesses in the continent’s biggest economy.

Source: MarketWatch.com - Top Stories | 22 Jun 2010 | 3:30 am

Budget 2010: Taxi firm wants action on red tape

Caroline Vincent has taken the plunge into running a small business but would like more Government action to make it easier to employ people and to operate in a rural market town.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jun 2010 | 3:26 am

Gulf rig owner criticizes Obama's drilling halt (AP)

AP - The owner of the drilling rig involved in the massive oil spill in the Gulf of Mexico criticized the U.S. government's six-month ban on deepwater drilling in the area Tuesday.

Source: Yahoo! News: Business News | 22 Jun 2010 | 3:24 am

Spanish Parliament to vote on labor reforms (AP)

AP - Spanish parliamentarians were to vote Tuesday on labor market reforms the government says are crucial to bringing down the country's soaring 20 percent unemployment rate.
Source: Yahoo! News: Business News | 22 Jun 2010 | 3:23 am

Stocks poised for weak open

U.S. stocks were poised for a lackluster open Tuesday, as investors moved to the sidelines ahead of the start of a two-day Federal Reserve meeting.
Source: Business and financial news - CNNMoney.com | 22 Jun 2010 | 3:20 am

China’s Unions Paint Foreign Manufacturers Into A Corner

Where will Honda Motors (NYSE: HMC) and Toyota Motor (NYSE: TM) go to build their cars and trucks now that Chinese workers striking for better wages? Even if those wages are double what the workers make today, the answer is nowhere. The cost of relocating factories is too great. The car companies want a large [...]

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Source: 24/7 Wall St. | 22 Jun 2010 | 3:09 am

Ex-worker goes on rampage at Mazda plant (Reuters)

Reuters - A former Mazda Motor employee driving a station wagon smashed into Madza workers as they changed shifts at one of the car maker's plants in Japan, killing one and injuring 10, the automaker said.
Source: Yahoo! News: Business News | 22 Jun 2010 | 3:07 am

Budget 2010: The banks must lend to first time buyers

Independent estate agent Morgan York wants the Chancellor to take action against the banks and offer first time buyers help with stamp duty
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jun 2010 | 3:06 am

Insurer Aegon to sell Transamerica Reinsurance (AP)

AP - Aegon NV, the bailed-out Dutch insurer, said Tuesday it is looking to sell the life reinsurance arm of its U.S.-based subsidiary Transamerica and that it will restructure operations in Britain.
Source: Yahoo! News: Business News | 22 Jun 2010 | 3:03 am

Britain to unveil severe austerity plan (AFP)

AFP - Britain's new coalition government is expected to unveil big cuts in public spending and significant tax increases in its first budget due Tuesday, after inheriting a record public deficit.

Source: Yahoo! News: Business News | 22 Jun 2010 | 3:02 am

3 Companies With Disappearing Shares (Screens)

Hough: Firms repurchasing heaps of stock, a generally promising sign.

Source: SmartMoney.com | 22 Jun 2010 | 3:01 am

Take Advantage of Health Reform Now (Smart Spending)

Some changes are already going into effect. How to benefit from them.

Source: SmartMoney.com | 22 Jun 2010 | 3:01 am

Hemp kingpin ditches Amsterdam for Denver

When American entrepreneur Adam Dunn moved to the Netherlands at age 19, his first business plan wasn't anything to write home about. He'd crammed 300 Rolling Stones concert T-shirts into his luggage, hoping to sell them for some quick cash.
Source: Business and financial news - CNNMoney.com | 22 Jun 2010 | 2:57 am

Budget 2010: Farmer wants Chancellor to restore work ethic

Malcolm Miller has big plans to expand to compete with his local Tesco but he is aware that George Osborne has to deliver a tough Budget
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jun 2010 | 2:56 am

BA in pension deal with trustees

British Airways reaches an agreement with its pension trustees on a recovery plan to reduce its £3.7bn pension deficit.
Source: BBC News | Business | World Edition | 22 Jun 2010 | 2:52 am

Age of austerity

Pain for the people as governments cut spending
Source: BBC News | Business | World Edition | 22 Jun 2010 | 2:51 am

Walmart Moves Into Chicago With Jobs And Stores

Walmart (NYSE: WMT) will add dozens of stores in the Chicago areas and about 12,000 jobs over the next five years. The move has the blessing of the city. “Our city is facing a number of challenges but most of all, we need good jobs,” said Alderman Anthony A. Beale of the 9th Ward. Walmart [...]

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Source: 24/7 Wall St. | 22 Jun 2010 | 2:50 am

Overreaction: The real damage from the BP oil spill

If you're searching for yet another reason to hate BP and distrust Washington, here it is. No, I'm not talking about the dead birds, befouled beaches, or zillions in damages inflicted on millions of Americans by the incompetents at BP (enabled by clueless federal regulators). Rather, I'm talking about the way our nation will overreact to the Deepwater Horizon disaster. That overreaction will cause us far greater damage than the disaster itself will, because we'll import more oil than we otherwise would and produce less of our own.
Source: Business and financial news - CNNMoney.com | 22 Jun 2010 | 2:43 am

UPDATE 2-Bureau Veritas buys UK inspection firm from 3i

PARIS, June 22 (Reuters) - French certification company Bureau Veritas is to buy British commodities testing and inspection firm Inspectorate for 450 million pounds ($667 million) in a deal it said would...
Source: RSS feed - channel BNewsBusiness | 22 Jun 2010 | 2:34 am

Where was BP's whistleblower?

The opening letter from BP CEO Tony Hayward to the BP Code of Conduct reads: "If you are unsure of what to do in particular circumstances or concerned that the code is being broken, you have a responsibility to speak up. The code explains the mechanisms to do this . . . and the protections to ensure that retaliation against those who do speak up will not be tolerated."
Source: Business and financial news - CNNMoney.com | 22 Jun 2010 | 2:32 am

British Airways strikes pension deal

British Airways on Tuesday said it’s reached an agreement with trustees of two pension plans, clearing one of the hurdles for the airline to merge with Iberia.

Source: MarketWatch.com - Top Stories | 22 Jun 2010 | 2:26 am

London Markets: U.K. shares lower ahead of emergency budget

British shares were lower on Tuesday with banks under pressure from two directions -- the upcoming emergency budget and a ratings agency downgrade of a Continental rival.

Source: MarketWatch.com - Top Stories | 22 Jun 2010 | 2:26 am

World stocks down as Europe woes overshadow yuan (AP)

AP - World stock markets mostly fell Tuesday as renewed concern about Europe's debt crisis overshadowed the initial enthusiasm over China's decision to let its currency rise.

Source: Yahoo! News: Stock Markets News | 22 Jun 2010 | 2:25 am

BA agrees plan to cut £3.7bn pension deficit

British Airways has agreed a recovery plan to tackle a £3.7bn pension deficit.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jun 2010 | 2:23 am

The Budget Director Leaves: Changing Widgets At The White House

White House Budget Director Peter Orszag is about to resign, perhaps to get married and have a less hectic life. He certainly get a job in the private sector that will pay him several times what he makes today. The budgets and the results of the government’s spending have not been popular. Orszag, like most [...]

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Source: 24/7 Wall St. | 22 Jun 2010 | 2:23 am

China moves to meet currency vow

China takes its first step towards honouring a pledge to let the exchange rate of its currency float more freely.
Source: BBC News | Business | World Edition | 22 Jun 2010 | 2:22 am

How to ride an up-and-down market

Volatility in the stock market is a lot like turbulence on an airplane: scary, nausea-inducing, and, if at all possible, best to ignore. Just as a plane almost certainly will land safely despite the uncomfortable bumps, the market usually rises over time (the gruesome past decade notwithstanding). Yet while for the vast majority of investors the sensible thing to do in the face of choppy markets is nothing at all, some yearn to seize the day. After all, seesawing prices can mean opportunity.
Source: Business and financial news - CNNMoney.com | 22 Jun 2010 | 2:21 am

BNP cut at Fitch reverberates for Europe banks

European banking stocks were mostly lower Tuesday after Fitch Ratings’ downgrade of BNP Paribas fanned the flames of market fears about lenders’ balance sheets.

Source: MarketWatch.com - Top Stories | 22 Jun 2010 | 2:19 am

E-reader price war breaks out

Take that, Kobo. As e-reader competition heats up, Barnes & Noble responded Monday by cutting the price of its flagship Nook to $199 and introducing a low-cost, Wi-Fi-only version for $149.
Source: Business and financial news - CNNMoney.com | 22 Jun 2010 | 2:14 am

UPDATE 1-Persian Gold to buy HyEx in reverse takeover

June 22 (Reuters) - Ireland-based explorer Persian Gold Plc said it agreed to buy Hydrocarbon Exploration Plc (HyEx) in a reverse takeover that values HyEx at about 4.3 million pounds ($6.4 million),...
Source: RSS feed - channel BNewsBusiness | 22 Jun 2010 | 2:08 am

BP oil spill: Tony Hayward pulls out of oil conference

BP shares fall another 2pc on new allegations that it ignored safety warnings before the Deepwater Horizon rig exploded in the Gulf of Mexico.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jun 2010 | 2:07 am

Oil falls to near $77 as 4-week rally stalls (AP)

AP - Oil prices fell to near $77 a barrel Tuesday in Asia as investors mulled whether the global economy is strong enough to justify extending a four-week rally.

Source: Yahoo! News: Business News | 22 Jun 2010 | 2:07 am

White House budget director is leaving

Peter Orszag has told President Barack Obama that he plans to leave his position as White House budget director in July, an Obama administration official told CNN Monday evening.
Source: Business and financial news - CNNMoney.com | 22 Jun 2010 | 2:05 am

China nudges trading band higher

The country’s central bank raises the daily reference rate for the renminbi against the dollar in a sign that Beijing might allow further gentle appreciation of the currency this week
Source: Financial Times - US homepage | 22 Jun 2010 | 1:57 am

UPDATE 2-Malaysia EON Capital delays EGM on Hong Leong buyout

* Hong Leong stock underperforms (Updates with outlook, company comment)
Source: RSS feed - channel BNewsBusiness | 22 Jun 2010 | 1:51 am

FTSE 100 falls in early deals (AFP)

AFP - Leading shares dipped in early trading on Tuesday ahead of the government's emergency budget to be unveiled later today.

Source: Yahoo! News: Stock Markets News | 22 Jun 2010 | 1:42 am

NZ sharemarket reverses gains

The New Zealand sharemarket reversed much of yesterday's gains in a generally quiet session, with Sky City one of the few to rise despite announcing a one-off hit of $60m on this year's profit due to tax changes.The benchmark...
Source: nzherald.co.nz - Business | 22 Jun 2010 | 1:38 am

UPDATE 2-Aegon says may sell Transamerica Reinsurance

* Reinsurance unit sale to focus on life insurance, pensions
Source: RSS feed - channel BNewsBusiness | 22 Jun 2010 | 1:36 am

Robert Peston

Has there ever been a bigger Budget?
Source: BBC News | Business | World Edition | 22 Jun 2010 | 1:35 am

Media Digest 6/22/2010

Reuters:   The White House budget director will leave. Reuters:   China’s state-owned banks are buying dollars. Reuters:   Intel (NASDAQ: INTC) and the FTC are in talks to settle a market abuse case. Reuters:   Amazon.com Inc (NASDAQ: AMZN) and Barnes & Noble (NYSE: BKS) cut e-reader prices.Reuters:    Retailers have begun to take orders for the Microsoft Corporation [...]

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Source: 24/7 Wall St. | 22 Jun 2010 | 1:35 am

Stocks break 10-day winning streak

Tuesday 08:30 BST. A more sober assessment of the benefits accruing to the global economy from China's de-pegging of the renminbi is seeing stocks break their 10-day winning streak. The FTSE All-World...
Source: RSS feed - channel BNPaperBusiness | 22 Jun 2010 | 1:33 am

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.

Source: MarketWatch.com - Top Stories | 22 Jun 2010 | 1:31 am

NZ dollar falls short of five-week high

The New Zealand dollar continued to retreat from its five-week high overnight, dragged down by a weakening euro.The kiwi topped US71.50c against the greenback during the offshore session after China's vow to allow a flexible yuan...
Source: nzherald.co.nz - Business | 22 Jun 2010 | 1:28 am

China makes good on flexibility vow as yuan falls

SHANGHAI (Reuters) - China pulled back the veil on its new currency regime a little further on Tuesday, appearing to engineer a fall in the yuan to make clear its vow of flexibility did not include one-way bets for appreciation.

Source: Reuters: Business News | 22 Jun 2010 | 1:25 am

Warnings over Budget cuts plans

The government is warned against "deep" and "senseless" cuts in Tuesday's Budget as it seeks to reduce the deficit.
Source: BBC News | Business | World Edition | 22 Jun 2010 | 1:19 am

Business Bullet: Asia, Euro, Whitbread, Budget

The latest news on: Asia, Euro, Whitbread, Budget
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jun 2010 | 1:14 am

Ex-ICI food firm sold for $1.3bn

A US food innovation firm that used to be part of chemicals giant ICI is sold in a $1.3bn deal.
Source: BBC News | Business | World Edition | 22 Jun 2010 | 1:12 am

Gulf Coast residents unsure if claims are taxed (AP)

AP - Out-of-work Gulf Coast shrimper Todd Pellegal spent his first $2,500 check from BP quickly, paying off bills and buying groceries for his family.
Source: Yahoo! News: Business News | 22 Jun 2010 | 1:06 am

Individual health insurance premium hikes far exceed group plan hikes

Recent increases for individual coverage average 20%, according to a survey by the Henry J. Kaiser Family Foundation.

People who buy their own health insurance have been hit lately with premium hikes that far exceed increases in the premiums for employer-sponsored coverage, according to a new survey from the Henry J. Kaiser Family Foundation.

Source: L.A. Times - Business | 22 Jun 2010 | 1:00 am

Comcast-NBC Universal merger draws criticism

In comments to the FCC, opponents express concerns that the new conglomerate would control too much media, though major media companies are silent.

The proposed merger between the cable company Comcast Corp. and entertainment giant NBC Universal was heavily criticized Monday by some rival media companies and consumer advocacy groups that are trying to persuade the Federal Communications Commission to block the $30-billion deal.

Source: L.A. Times - Business | 22 Jun 2010 | 1:00 am

Supreme Court overturns ban on Monsanto's genetically modified alfalfa seeds

But the USDA must finish a study on whether the seeds will harm the environment before they can be approved for planting.

The Supreme Court overturned a lower court's nationwide ban on genetically modified alfalfa seeds Monday, handing a victory to Monsanto Co. in a long-running dispute.

Source: L.A. Times - Business | 22 Jun 2010 | 1:00 am

Google's data collecting is subject of multi-state investigation

More than 30 states may join a probe into whether Google illegally tapped private information from unsecured wireless networks while taking photos for its Street View feature.

More than 30 states are considering pooling resources to investigate whether Google Inc. illegally tapped private information from unsecured wireless networks while collecting photos and data for its popular Street View feature.

Source: L.A. Times - Business | 22 Jun 2010 | 1:00 am

Valeant Pharma, Biovail agree to combine

The Orange County drug company is to be taken over by the Canadian one to create a new firm named Valeant. Up to 20% of their jobs will be cut, executives say.

The once high-flying drug company Valeant Pharmaceuticals International of Aliso Viejo will be taken over by Biovail Corp. of Canada to form a new company that retains the Valeant name, the firms said Monday.

Source: L.A. Times - Business | 22 Jun 2010 | 1:00 am

Ken Crane's going out of business

The TV retailer was victim more to the economy than to competition, Executive Vice President Pam Crane says.

Sixty-two years after Ken Crane started selling early-model television sets out of a storefront on Crenshaw Boulevard, the venerable local chain is going out of business.

Source: L.A. Times - Business | 22 Jun 2010 | 1:00 am

Vuvuzelas are blown in South Africa but made in China

The blast that has annoyed millions can be traced to Chinese factories. Soccer fans in China said if they can't see their team play in the World Cup, at least they can hear the blare of Chinese-manufactured horns.

If you need another reminder of China's manufacturing omnipresence, just turn on your TV for any World Cup match.

Source: L.A. Times - Business | 22 Jun 2010 | 1:00 am

When a reward isn't really a reward

CVS' Extra Bucks program requires you to produce a receipt to get a discount. But who shleps those yard-long receipts around?

Rewards programs can be a good thing. They build loyalty and provide a tangible benefit to being a steady customer.

Source: L.A. Times - Business | 22 Jun 2010 | 1:00 am

When a reward isn't really a reward

CVS' Extra Bucks program requires you to produce a receipt to get a discount. But who shleps those yard-long receipts around? ...
Source: RSS feed - channel BNPaperBusiness | 22 Jun 2010 | 1:00 am

Individual health insurance premium hikes far exceed group plan hikes

Recent increases for individual coverage average 20%, according to a survey by the Henry J. Kaiser Family Foundation. ...
Source: RSS feed - channel BNPaperBusiness | 22 Jun 2010 | 1:00 am

Comcast-NBC Universal merger draws criticism

In comments to the FCC, opponents express concerns that the new conglomerate would control too much media, though major media companies are silent. ...
Source: RSS feed - channel BNPaperBusiness | 22 Jun 2010 | 1:00 am

Valeant Pharma, Biovail agree to combine

The Orange County drug company is to be taken over by the Canadian one to create a new firm named Valeant. Up to 20% of their jobs will be cut, executives say. ...
Source: RSS feed - channel BNPaperBusiness | 22 Jun 2010 | 1:00 am

Supreme Court overturns ban on Monsanto's genetically modified alfalfa seeds

But the USDA must finish a study on whether the seeds will harm the environment before they can be approved for planting. ...
Source: RSS feed - channel BNPaperBusiness | 22 Jun 2010 | 1:00 am

Troubled homeowners find help outside Obama program

More mortgages were permanently modified in May under the government program, but more modifications were canceled as well. Some of those borrowers worked out alternative terms with private lenders.

More borrowers dropped out of the Obama administration's foreclosure prevention program last month than were added, but many of those homeowners found private help from their mortgage companies, according to data released Monday.

Source: L.A. Times - Business | 22 Jun 2010 | 1:00 am

Troubled homeowners find help outside Obama program

More mortgages were permanently modified in May under the government program, but more modifications were canceled as well. Some of those borrowers worked out alternative terms with private lenders. ...
Source: RSS feed - channel BNPaperBusiness | 22 Jun 2010 | 1:00 am

Google's data collecting is subject of multi-state investigation

More than 30 states may join a probe into whether Google illegally tapped private information from unsecured wireless networks while taking photos for its Street View feature. ...
Source: RSS feed - channel BNPaperBusiness | 22 Jun 2010 | 1:00 am

Ken Crane's going out of business

The TV retailer was victim more to the economy than to competition, Executive Vice President Pam Crane says. Sixty-two...
Source: RSS feed - channel BNPaperBusiness | 22 Jun 2010 | 1:00 am

Regulators OK plan to review pay at banks

The Fed's proposal, endorsed by Federal Deposit Insurance Corp. and others, aims to curb policies that could cause too much risk-taking by executives, traders or loan officers. ...
Source: RSS feed - channel BNPaperBusiness | 22 Jun 2010 | 1:00 am

'Phineas and Ferb' to be Disney's next big marketing vehicle

Disney is giving its offbeat 'Phineas and Ferb' cartoon the full marketing treatment, with a full line of merchandise and a movie in the works.

As Disney Channel prepared to launch the cartoon series "Phineas and Ferb," one top company executive thought the hard, geometric shapes of the characters' heads represented too radical a departure from Disney's round-faced animation tradition.

Source: L.A. Times - Business | 22 Jun 2010 | 1:00 am

Asian stocks fall as yuan euphoria fades

HONG KONG (Reuters) - Asian stocks and commodities retreated on Tuesday as wary investors took profits from a rally ignited by China's weekend decision to give its currency more flexibility.

Source: Reuters: Business News | 22 Jun 2010 | 12:59 am

BA strikes pension deal to keep merger on track

LONDON (Reuters) - British Airways said it had agreed a recovery plan for its 3.7 billion pound ($5.5 billion) pension deficit, potentially removing a final obstacle to its planned merger with Spain's Iberia .

Source: Reuters: Business News | 22 Jun 2010 | 12:55 am

UPDATE 1-BA strikes pension deal to keep merger on track

LONDON, June 22 (Reuters) - British Airways said it had agreed a recovery plan for its 3.7 billion pound ($5.5 billion) pension deficit, potentially removing a final obstacle to its planned merger with...
Source: RSS feed - channel BNewsBusiness | 22 Jun 2010 | 12:45 am

Premier Inn lifts Whitbread sales

UK hotel and restaurant group Whitbread reports a strong start to the year, boosted by a rise in sales at Premier Inn.
Source: BBC News | Business | World Edition | 22 Jun 2010 | 12:44 am

Yuan moves won't be a one-way street

The Chinese yuan falls against the U.S. dollar to reverse some of its strong gains from the previous day, highlighting that the China unit’s moves won’t be all in one direction.

Source: MarketWatch.com - Top Stories | 22 Jun 2010 | 12:44 am

CORRECTED - CORRECTED-UPDATE 1-Malaysia EON Capital delays EGM on Hong Leong

* Hong Leong says may walk away if no decision by Aug 15
Source: RSS feed - channel BNewsBusiness | 22 Jun 2010 | 12:41 am

UPDATE 1-Sanofi signs up to $750 mln drug deal with Regulus

* Regulus gets $25 mln upfront plus $10 equity investment * Regulus is jointly owned by Alnylam and Isis
Source: RSS feed - channel BNewsBusiness | 22 Jun 2010 | 12:30 am

UPDATE 1-Reliance to pay $1.35 bln for Pioneer field stake-FT

* To pay $1.35 bln for 45 pct of Eagle Ford field - report
Source: RSS feed - channel BNewsBusiness | 22 Jun 2010 | 12:09 am

Japan lifts growth outlook, aims to balance budget

Japan hikes its growth forecast for the current fiscal year to reflect the improved outlook for the country’s exports, while the government approves a fiscal plan calling for a balanced budget over the next decade.

Source: MarketWatch.com - Top Stories | 22 Jun 2010 | 12:09 am

South African Markets - Factors to watch on June 22

JOHANNESBURG, June 22 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Tuesday.
Source: RSS feed - channel BNewsBusiness | 21 Jun 2010 | 11:59 pm

UPDATE 1-NORDIC STOCKS - Factors to watch on June 22

HELSINKI, June 22 (Reuters) - The following stocks may be affected by newspaper reports and other factors on Tuesday:
Source: RSS feed - channel BNewsBusiness | 21 Jun 2010 | 11:57 pm

Spyglass seen as likely candidate to run MGM: report

(Reuters) - U.S. film studio Spyglass Entertainment has emerged as the leading contender to run debt-ridden Metro-Goldwyn-Mayer Inc, the Wall Street Journal reported, citing people familiar with the matter.

Source: Reuters: Business News | 21 Jun 2010 | 11:41 pm

Budget 2010: income tax boost for 1m low-paid workers

Package of measures expected to be the most draconian in 30 years as experts fear they could push Britain back into recession.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jun 2010 | 11:38 pm

Budget 2010: taxes and cuts package to be announced in austerity Budget

George Osborne will unveil a £30bn package of spending cuts and tax rises aimed at slashing Britain's deficit.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jun 2010 | 11:17 pm

Community rallies around embattled Hubbard

The community of Timaru are rallying around embattled finance company man Allan Hubbard as he faces the biggest test of his career.The Serious Fraud Office is investigating Mr Hubbard's Aorangi Securities in response to concerns...
Source: nzherald.co.nz - Business | 21 Jun 2010 | 10:17 pm

China state-owned banks buying dollars heavily: traders

SHANGHAI (Reuters) - Chinese state-owned banks are aggressively buying dollars for the yuan on Tuesday, traders said, but it was not clear if the buying was due to Chinese central bank intervention to keep the yuan stable.

Source: Reuters: Business News | 21 Jun 2010 | 9:35 pm

South Canterbury credit rating lowered

The credit rating for South Canterbury Finance (SCF) has been lowered on concerns about its key shareholder and founder, Allan Hubbard, Standard & Poor's said today.The Serious Fraud Office is investigating Hubbard's Aorangi Securities...
Source: nzherald.co.nz - Business | 21 Jun 2010 | 9:00 pm

$45m ANZ settlement a landmark

The Commerce Commission has reached a record settlement of $45 million for thousands of investors in two failed funds marketed by ING (NZ) Ltd and ANZ National Bank Ltd, deciding against taking a risky and potentially lengthy court...
Source: nzherald.co.nz - Business | 21 Jun 2010 | 8:00 pm

Intel and FTC seek antitrust settlement

Intel and the US Federal Trade Commission indicated they may soon reach an out-of-court settlement of their antitrust case, filing a a joint motion to suspend administrative trial proceedings until July 22
Source: Financial Times - US homepage | 21 Jun 2010 | 6:38 pm

Borrowers exit troubled Obama mortgage program (AP)

AP - The Obama administration's flagship effort to help people in danger of losing their homes is falling flat.

Source: Yahoo! News: Business News | 21 Jun 2010 | 6:09 pm

Mortgage rates hike - all the banks now up

The Bank of New Zealand has become the last of the major banks to announce a hike in mortgage rates following the Official Cash Rate lift earlier this month.The bank announced this morning it had lifted its total money variable...
Source: nzherald.co.nz - Business | 21 Jun 2010 | 6:00 pm

Five Star directors remanded

The four directors of the failed Five Star group have had their case further remanded to another call-over date.Marcus Macdonald, Anthony Bowden, Nicholas Kirk and Neill Williams face charges under the Securities Act and the Financial...
Source: nzherald.co.nz - Business | 21 Jun 2010 | 5:56 pm

ICP accused of defrauding investors

The US Securities & Exchange Commission broadened its crackdown on alleged abuses in the market for complex financial products, accusing a boutique investment bank of defrauding investors in collateralised debt obligations
Source: Financial Times - US homepage | 21 Jun 2010 | 5:39 pm

Intel and FTC talk settlement of market abuse suit

LOS ANGELES (Reuters) - Intel and the Federal Trade Commission filed motions on Monday to suspend trial proceedings while both negotiate settlement of a lawsuit, in which the agency accused the company of abusing its market dominance.

Source: Reuters: Business News | 21 Jun 2010 | 5:28 pm

Government sends BP $51 million bill

BP received a third bill from the government on Monday, to the tune of $51.4 million, for cleanup costs related to the Deepwater Horizon oil spill.
Source: Business and financial news - CNNMoney.com | 21 Jun 2010 | 5:27 pm

The E-Reader Business Is No Business At All

Amazon.com Inc (NASDAQ: AMZN) cut the price of its basic Kindle e-reader to $189 from its current price of $259 and Barnes & Noble (NYSE: BKS) cut the price of its 3G/WiFi compatible Nook from $259 to $199. It is not likely that the cost to build and sell the e-readers has come down by [...]

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Source: 24/7 Wall St. | 21 Jun 2010 | 5:12 pm

Emergency Budget checklist: Air taxes, stamp duty, Whitehall cuts and tax avoidance

George Osborne today faces his biggest challenge since becoming Chancellor. Not only will he have to outline sweeping measures to tackle the deficit, his delivery could be his defining moment. Here are some of the measures he may have in store for air taxes, stamp duty, Whitehall cuts and tax avoidance.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jun 2010 | 5:02 pm

Inflation spike to erode wages amid brighter economic outlook: economists

A spike in inflation is set to erode purchasing power this year as wage growth remains subdued, though the wider economy looks brighter, economists say.The inflation-adjusted value of wages will likely shrink 3.6 per cent in the...
Source: nzherald.co.nz - Business | 21 Jun 2010 | 5:00 pm

Emergency Budget checklist: Banks

George Osborne today faces his biggest challenge since becoming Chancellor. Not only will he have to outline sweeping measures to tackle the deficit, his delivery could be his defining moment. Here are some of the measures he may have in store for banks.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jun 2010 | 4:59 pm

Crédit Agricole pulls French World Cup ads

France’s World Cup campaign went from bad to worse when the bank pulled an advertising campaign and sponsors demanded action by the country’s football authorities
Source: Financial Times - US homepage | 21 Jun 2010 | 4:57 pm

NZ sharemarket in moderate early fall

The New Zealand sharemarket had a moderate early fall, after stocks in the United States succumbed to late-day selling in light trading as doubts arose about the speed and size of China's intentions for yuan flexibility.Around...
Source: nzherald.co.nz - Business | 21 Jun 2010 | 4:49 pm

Write-Offs: 06.21.10

$$$ SEC Sues ICP Asset Management for Triaxx CDO Fraud [BW]

$$$ Lehman’s Fuld Asked Barclays Three Times to Buy Firm [Bloomberg]

$$$ Instant Inflation: Paging Sumner & Krugman [MoN]

$$$ Here’s a little FYI– if your boss has some awkward, massage/vibrator-based relations with a bunch of minors, and you try and sell that story, you’ll go to jail for the same amount of time. [MF]

$$$ ‘Wall Street’ For Sale [Daily Intel]

Collateralized debt obligation - Investment management - Wall Street - Business - American International Group
Source: Dealbreaker | 21 Jun 2010 | 4:47 pm

Reaction may spell rethink for GPG

Guinness Peat Group may revise its proposal to split off the Australian assets into a separately listed company in the wake of a strong negative reaction from shareholders.GPG revealed plans to split the business last Wednesday...
Source: nzherald.co.nz - Business | 21 Jun 2010 | 4:30 pm

Summary Box: Stocks erase early gains to end lower (AP)

AP - EARLY GAIN: The Dow Jones industrials jumped nearly 144 points in morning trading but ended down 8 after excitement faded over China's decision to let its currency appreciate against the dollar.
Source: Yahoo! News: Stock Markets News | 21 Jun 2010 | 3:58 pm

Price hikes hammer individual health coverage

When health insurance costs rise for individual buyers, they soar: The average premium rose 20% in its most recent increase, according to a report released Monday.
Source: Business and financial news - CNNMoney.com | 21 Jun 2010 | 3:53 pm

Stocks fall after China currency enthusiasm fades (AP)

AP - Stocks erased big gains Monday after investors lost some of their enthusiasm about China's decision to let its currency appreciate against the dollar.

Source: Yahoo! News: Stock Markets News | 21 Jun 2010 | 3:49 pm

Stock Rally Fizzles (Market Update)

The much-anticipated rally inspired by China's talk of currency revaluation lasted less than...

Source: SmartMoney.com | 21 Jun 2010 | 3:45 pm

How the major stock indexes fared on Monday (AP)

AP - Stocks erased big gains Monday after investors lost some of their enthusiasm about China's decision to let its currency appreciate against the dollar.
Source: Yahoo! News: Stock Markets News | 21 Jun 2010 | 3:37 pm

China loosens currency grip as G20 summit looms (Reuters)

Reuters - China's surprise move to relax currency controls ahead of this weekend's G20 summit buoyed global markets and sent the yuan to a five-year peak on Monday, but caution returned as analysts questioned how far Beijing's new currency flexibility would go.

Source: Yahoo! News: Stock Markets News | 21 Jun 2010 | 3:29 pm

In Case You Needed A Visual, Charlie Gasparino Produces The Towel He Used To Wear While Intimidating Joe Kernen In The Locker Room, With His Schlong

Last Friday, in response to Joe Kernen referring to Fox Business as a bunch of “wing-nuts” Charlie Gasparino recounted, on-air, the great times he used to have scaring JK in the CNBC locker room, by walking around in a towel and hinting at what could potentially be in store for his colleague. Today, for some reason, CG brought said towel on his afternoon hit, during which he cautioned his co-host to be careful, as the thing was “moist.” Stay tuned tomorrow, when viewers get a glimpse of Chaz’s favorite tube sock (the one he used to use while fantasizing about Sophia Loren and his mother’s meat sauce).
Watch the latest business video at video.foxbusiness.com

Charlie Gasparino - Joe Kernen - CNBC - Fox Business Network - Fox Business
Source: Dealbreaker | 21 Jun 2010 | 3:22 pm

Presented By:

Source: Dealbreaker | 21 Jun 2010 | 3:22 pm

Special Report: China's One-Child Policy

View an interactive timeline of China's one-child policy, take the quiz, and catch more coverage from our week-long report
Source: Marketplace | 21 Jun 2010 | 3:13 pm

Goldman Sachs Loses Opportunity To Take Over Site Of Tiger Woods’ Apology For Turkey Club Tryst

Goldman Sachs Mortgage Co., the lender to the owners of Florida’s Sawgrass Marriott Resort, failed to win bankruptcy court permission to take over and sell the company’s assets. U.S. Bankruptcy Judge Paul M. Glenn in Jacksonville, Florida, today denied Goldman’s request to lift the automatic stay, a part of the bankruptcy code that shields a company from creditors’ efforts to collect on its assets. Tiger Woods made his Feb. 19 apology for his marital infidelity at the TPC Sawgrass golf club.

[BW]

Bankruptcy - Tiger Woods - Goldman Sachs - Golf - United States bankruptcy court
Source: Dealbreaker | 21 Jun 2010 | 3:10 pm

TSX ends higher but retreats from China rally (Reuters)

Reuters - The TSX closed slightly higher on Monday, but beat a profit-taking retreat from a sharp rally earlier in the day that was spurred by China's vow to allow its currency to trade flexibly.
Source: Yahoo! News: Stock Markets News | 21 Jun 2010 | 3:09 pm

Drugmaker Biovail to buy Valeant in $3.3 billion deal

TORONTO/BANGALORE (Reuters) - Biovail Corp is to take over U.S-based Valeant Pharmaceuticals International in a complex deal that positions the enlarged firm to better serve the growing baby boomer market.

Source: Reuters: Business News | 21 Jun 2010 | 3:03 pm

Closed-End Funds, Commodities, Hedge Funds: Taking Stock

Source: Bloomberg - All Podcasts | 21 Jun 2010 | 2:54 pm

Fed finds bank pay schemes ‘deficient’

Many banks still have “deficient” pay schemes that fall short of new standards designed to discourage “imprudent risk”, the Federal Reserve has found
Source: Financial Times - US homepage | 21 Jun 2010 | 2:54 pm

AbitibiBowater, Lehman: Bloomberg Law Bankruptcy Review

Source: Bloomberg - All Podcasts | 21 Jun 2010 | 2:47 pm

Mutual Fund Buzz for June 21: International Edition (U.S. News & World Report)

U.S. News & World Report - China's yuan revaluation boosted stocks today, and should provide modest support for some U.S.-based China-focused funds as profits collected in renminbi see a bigger bang when converted into U.S. bucks.
Source: Yahoo! News: Stock Markets News | 21 Jun 2010 | 2:43 pm

How China's one-child policy came to be

Some say it helped curb China's mushrooming population. For others, it's a human rights abuse enforced by heartless bureaucrats. Scott Tong takes a look at the history of China's one-child policy -- as its 30th anniversary approaches.
Source: Marketplace | 21 Jun 2010 | 2:40 pm

Tax proposal to up cash in Superfund

The Environmental Protection Agency said it supports a bill that would reinstate taxes on the oil and gas industry to pay for the Superfund program. That's the pot of federal money that was set up 30 years ago to clean up the worst hazardous waste sites. Rob Schmitz reports.
Source: Marketplace | 21 Jun 2010 | 2:40 pm

A lost generation of new lawyers?

A lot of last year's top law school grads were expecting to head straight to the country's biggest, most prestigious law firms after passing the bar exam. But big law lost a lot of business as the economy shrank. And that has led to a pile-up of legal talent. Ashley Milne-Tyte reports.
Source: Marketplace | 21 Jun 2010 | 2:40 pm

Opting out of targeted ads with Power I

Ad Age's Michael Learmonth talks with Kai Ryssdal about what the Power I is and how it can help you opt out of targeted advertising.
Source: Marketplace | 21 Jun 2010 | 2:40 pm

The impact of China's currency move

The U.S. has been pushing China to unpack its currency years. But Jeremy Hobson reports it may be ordinary Chinese people that are cheering louder than ordinary Americans today.
Source: Marketplace | 21 Jun 2010 | 2:39 pm

Why did China relax its currency peg?

China correspondent Scott Tong talks with Kai Ryssdal about why China decided to take the Chinese currency, the yuan, off its peg to the dollar and let it trade freely.
Source: Marketplace | 21 Jun 2010 | 2:39 pm

Ad space for sale ... on license plates!?

California's legislature is exploring the feasibility of electronic license plates with digital ads, a move that its leading proponent says could add jobs and help in combating the state's budget crisis.
Source: Business and financial news - CNNMoney.com | 21 Jun 2010 | 2:39 pm

Wall Street ends lower as China yuan euphoria fades (Reuters)

Reuters - Stocks once again succumbed to late-day selling in light trading on Monday as hopes China's newfound dedication to yuan flexibility turned to doubts about the speed and magnitude of Beijing's intentions.

Source: Yahoo! News: Stock Markets News | 21 Jun 2010 | 2:33 pm

Markey Discusses Oil Spill Clean Up: Political Capital

Source: Bloomberg - All Podcasts | 21 Jun 2010 | 2:25 pm

iPad/iPhone: Enough of the Flash War? (AAPL, ADBE, MSFT, GOOG)

A week ago marked a change in my personal technology… I bought an Apple Inc. (NASDAQ: AAPL) iPad.  This is my first ever Apple device purchase.  The iPad is an entertainment device that allows a little more relaxed web access or personal media access that does not feel like the same ‘at the desk’ experience [...]

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 24/7 Wall St. | 21 Jun 2010 | 2:16 pm

Higher Dividends & Share Buybacks From PetsMart (PETM)

PetSmart, Inc. (NASDAQ: PETM) must be doing very well despite the renewed uncertainty out there.  The pet specialty store destination just raised its dividend by 25% to $0.125 per quarter from a prior quarterly payout of $0.10.  The company is also boosting what was already a fairly aggressive share buyback plan.  After looking at a [...]

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 24/7 Wall St. | 21 Jun 2010 | 2:13 pm

Summary Box: Fraud charges against money manager (AP)

AP - CHARGES RELATED TO MORTGAGE SECURITIES: The Securities and Exchange Commission filed civil fraud charges against an investment adviser and his firm in connection with complex mortgage-linked securities during the 2007 housing bust.
Source: Yahoo! News: Stock Markets News | 21 Jun 2010 | 2:04 pm

True Blood Actor Graciously Offers Sex Advice To Men Of Wall Street

After countless sex scenes on True Blood, Ryan Kwanten knows a thing or two about getting intimate. The HBO actor, 33, is writing a sex guide, The G-Strategy, and his pals are already taking his advice.”I gave it to a couple of my friends and they’ve got back to me sort of a week or two later, saying, ‘Oh my God, Ryan! Where did you get it?’” he tells Access Hollywood. “I didn’t tell them that I wrote it, and they got back to me a week or two later saying, ‘Oh my God! This is really helping me out.’ One of my friends said his sex life has never been better! They’ve just taken it as gospel.” He describes his audience as, “Predominantly with men, it’s more the finance-type world. With those, you’ve got the Wall Street guys that lap up anything that’s a chance to make a quick buck.”

[US vi BI]

True Blood - Ryan Kwanten - Wall Street - HBO - Sexuality
Source: Dealbreaker | 21 Jun 2010 | 2:04 pm

Somebody Got The Whiteboard Marker At Ping Capital Last Month

Ping Exceptional Value Fund:
April 2010: 4.99%
May 2010: -7.80
YTD: 18.60%

Related: Ping Jiang: “I Left SAC Capital On Good Terms”
Ping (Jiang) Capital Down 4.96 Percent For January, Ping Jiang Interested In Meeting With *You* Today

SAC Capital Advisors - Business - Investing - Funds - Hedge fund
Source: Dealbreaker | 21 Jun 2010 | 1:05 pm

Futures Contracts For Everything, Even Cheese

Some have said that if it moves, it can be taxed.  But based upon what we have seen over the last decade, if it moves you can also create a financial futures contract around it.  Today was supposed to mark the introduction of cheese futures at the CME. CME Group lists the cash-settled contracts on [...]

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Source: 24/7 Wall St. | 21 Jun 2010 | 12:58 pm

Mediaset Raised to `Buy,' OpenTable Cut to `Hold': Audio

Source: Bloomberg - All Podcasts | 21 Jun 2010 | 12:53 pm

Trichet’s fiscal stance to raise hackles in US

Jean-Claude Trichet, the ECB president, has put himself on a collision course with the US by arguing strongly that tighter fiscal policies are the best way to foster growth in industrialised economies
Source: Financial Times - US homepage | 21 Jun 2010 | 12:44 pm

Doctors Give Toxie Two More Months

Source: NPR Blogs: Planet Money | 21 Jun 2010 | 12:44 pm

Mideast funds line up behind Agricultural Bank of China

Middle Eastern sovereign wealth funds have emerged as the most prominent international backers of Agricultural Bank of China’s planned $23bn-plus initial public offering
Source: Financial Times - US homepage | 21 Jun 2010 | 12:37 pm

The World’s Worst Environmental Disasters Caused by Companies

The Gulf of Mexico oil spill is one of the worst company-created environmental disasters in history. Water and wetlands are sullied. People are dead. We’re still waiting on wildlife casualties and strange illnesses.

Amazingly, these themes are familiar. As long as mines and factories have existed, they’ve cut corners to save money, sprung leaks, and blown components. Consequences have ranged from curious smells to countless human deaths.

We’ve compiled the worst corporate environmental disasters in the world, from the mid-20th century to today. Some of these disasters have been going on for years. Others still haven’t been resolved. And as long as corporations continue to slither through accountability loopholes, BP won’t be the epitaph to this sordid pattern.

The Niger Delta

Image: Sosialistisk Ungdom – SU/Flickr

“Despite the country’s oil riches, much of Nigeria’s population suffers from fuel shortages”, wrote a CNN reporter in 2006 after a deadly explosion at a Nigerian oil pipeline killed 200 people. For Africa’s biggest oil-producing region, that statement says it all.

The ongoing disaster at the Niger Delta, the US’s fifth-biggest source of oil, almost makes the current Gulf disaster look innocent. There have been 7,000 oil spills there between 1970-2000, according to the BBC. That’s roughly 300 spills per year, writes Newsdesk, and “over 13 million barrels of oil. That’s the equivalent of one Exxon Valdez spill every year for 40 years.”

Explosions are frequent. The biggest one, in 1998, killed 1,000 people. Yet the government hasn’t gotten its claws into key perpetrator Exxon Mobile, and Nigerian people haven’t been able to land any settlements. Poor infrastructure, next to no wealth distribution to residents, and political upheaval keep the region in constant cataclysm. Big oil companies don’t mind–Shell blames militants for its leaks and explosions. As long as those hundreds of billions keep lining oligarchs’ pockets, the Niger Delta, it seems, will remain hapless.

Bhopal

Image: Simone Ippi

“Nobody knows how we suffered experiencing death so closely everyday … the rich and influential have wronged us. We lost our lives and they can’t spend a day in jail?”

So said Hamidi Bi, who expressed outrage over the meager two-year sentences handed down on June 7, 2010, to the seven men held accountable for the 1984 Union Carbide pesticide plant accident, which released toxic gases that killed more than 5,000 residents (activists estimate 25,000 died). An estimated 500,000 residents continue to suffer from birth defects, blindness, early menopause, and a host of other debilitating conditions.

Those seven men are out on a bail and will likely never see the inside of a jail cell. It’s a case of passing the buck that started that day in 1984 and reverberates 25 years later. In 1989, Union Carbide reluctantly forked over $470 million in settlement. Dow Chemical, which bought Union Carbide in 2001, feels the legal case is resolved. This is probably the reason Dow continues to ignore extradition requests to produce Warren Ghoeghan, the legal case’s “prime suspect.”

Amazingly, the Indian government continues to deny that any chemicals are at the site, despite evidence that chemicals are poisoning Bhopal’s water supply. And Dow continues its idiotic absolution of responsibility, while the Union Carbide CEO continues to hide out. Since all the bigwigs involved in this shameful event are sitting on their haunches, check out Bhopal.net to take citizen action.

The Gulf Oil Spill

From actors to politicians to environmentalists to fisherman and ordinary people like you and me, people are in a word, “pissed” about the Deep Horizon oil rig explosion. Clearly in over their heads, British Petroleum (BP) is no closer to plugging the source than it was when it first occurred on Tuesday, April 20, 2010.

In the first days following the explosion, BP attempted to minimize the extent of the damage. They went on record as stating that only a few gallons were leaking daily, and that every effort was being made to plug it up and end this disaster. What BP refers to as “a few,” as of June 8, 2010, is closer to between 20 and 40,000 a day.

Actor Kevin Costner swears he has the answer, President Barack Obama continues to be “frustrated,” Sarah “Caribou Barbie” Palin somehow sees environmentalists as the blame for this disaster. Meanwhile, the fishing industry and wildlife will be devastated for decades.

Who’s to blame? The list is too long to enumerate, but what matters now is whether BP can figure out the technology to plug this thing, and fast!

Lago Agrio

Image: Luigi Ochoa/Flickr

In 1964, Texaco started drilling in the Ecuadorian rainforest. The company eventually exported as many as 220,000 barrels a day to the US.

During this black gold rush, the Cofan, indigenous people who drink, bathe, and fish in the Amazon, began noticing a stench coming from the water. Texaco’s run-off system, in which “the pollutants come from a pool through a tube into the swamp and the swamp feeds the river from which the Cofan take their water,” didn’t seem to be working. Indeed, 18 billion gallons of run-off were found in the river–30 times the Exxon-Valdez spill.

Texaco defended the run-off system, saying that it was, “within industry standards.” Now the Amazon Defense Front is fighting back by representing the 30,000 plaintiffs who are tired of the damage to the river, cleaning up behind Texaco, and the unusually high levels of cancer they’ve been experiencing. As of May 2010, the damages sought were up to $27 billion.

Love Canal

In the 1940s, the Niagara Falls company Hooker Chemical began looking for a site to dump its “increasing amounts of chemical waste.” The Niagara Power and Development Company gave Hooker permission to offload its toxic junk in the Love Canal, an abandoned Niagara River canal that had turned into a municipal dumping site. For 11 years, Hooker dumped 21,800 tons of synthetics and chemical byproducts into the Love Canal site. After Hooker stopped dumping, they covered the site with dirt. Grass grew on top of the area, concealing the noxious chemistry set beneath.

Urban sprawl hit Niagara around the same time. Developers tried to build a school on top of the dump. Finding that they couldn’t, they built it–and an entire suburban neighborhood–close to the area (kids need a safe environment to grow up in, after all).

Nobody uttered a word about the waste until 13 years later, in the mid-1970s. A journalist investigation found residents presenting everything from “an alarming rate of miscarriages to tumors and birth defects.” After much hoopla, residents were finally “advised” to move, sell their homes back to the government, and pretend nothing had happened.

Hooker Chemical today is a subsidiary of US oil giant Oxy Petroleum. In 1995, Oxy paid Love Canal residents $129 million in restitution.

Minamata Bay

Image: Marufish/Flickr

In 1956, Japan’s Chisso Corporation was in the habit of dumping mercury into southern Japan’s Minamata Bay. When evidence surfaced that the mercury was giving locals neurological issues, Chisso vehemently denied wrongdoing. They then embarked on a curious combination of PR spin and a witch hunt.

Here’s how it worked. Chisso referred to the infected residents as poor, ignorant, and incapable of understanding science or research. Chisso enlisted the aid of doctors, whose pockets they lined, to back up their claims.

US photographer W. Eugene Smith did an exposé on the topic in Life Magazine, making the world and Japan’s Supreme Court aware of the continued poisonings, cover-up and pay-offs. Although it would be an unexpected career-ender for Smith–Chisso hired members of the Yakuza to “settle this once and for all”–it started a chain reaction that recently culminated in Chisso compensating victims’ families more than $80 million.

Probo Koala

Image: Greenpeace

What does an oil trader do when it has a boatload of “slops”? It charters a ship, hires an independent contractor and orders the contractor to dump them in Abidjan, the Ivory Coast. And what precisely are slops? That would be hydrogen sulfide, a highly poisonous gas that occurs naturally in crude petroleum.

And why would Dutch-based Trafigura dump these slops in the Ivory Coast? Hmmm, do you want the truth or would you prefer their spin on things?

Let’s take option number two. In response to an article that appeared in The Guardian on May 14, 2009, Trafigura says that Compagnie Tommy, the contractor, acted on its own when it set sail to Nigeria to drop off some oil cargo, then went to neighboring Abidjan and dumped slops.

The spin goes on to deny that it’s impossible the slops, dumped in August 2006, could have caused the deaths it did. It also denies that slops could have anything to do with the thousands of people who had everything from diarrhea to upper respiratory illnesses.

But Trafigura must not believe its own spin. The company, after denying damages, suddenly agreed to settle for $198 million.

Ok Tedi

Image: Ok Tedi Mine CMCA Review

50,000 residents live in 120 villages, along 500 square miles of the Ok Tedi River in Papua New Guinea. A mining company named after the river—Ok Tedi River Mining, Ltd.—has forever altered their way of life. Ok Tedi River mining has been dumping about 90 million tons of waste per year into the river.

Australia’s BHP, 52% one-time owner of Ok Tedi Mine, dreamed up an ad campaign declaring the waste to be “virtually identical” to natural sediment. Four years later, BHP released a statement “regretting” the comparison. The residents rejected their apology, sued BHP and won $28.6 million. In 1999, BHP dissolved their ownership in Ok Tedi Mining, admitting that they were not compatible with BHP’s environmental values.

Curiously, to this day, Ok Tedi continues dumping toxic waste into the river. The mine will close in 2012. It’s expected to take only 300 years to clean up the waste.

Esperance

Image: Halok

It’s difficult enough to fathom that a company knowingly broke environmental laws and endangered the lives of people. When the government turns a blind eye and is almost complicit, it’s unconscionable.

450 miles from Perth, Australia lies the 14,500-resident town of Esperance. Outside of town, a mining company named Magellan Metals extracts, removes, and transports lead. Magellan is required to transport lead within strict guidelines, so that nobody inhales or ingests it.

The West Australian Government admits to knowing two years prior to the mine’s opening that it failed to properly load and transport lead through Esperance. It took the death of 4,000 birds, tainted drinking water, and off-the-charts blood levels of lead in local residents to convene an inquiry.

Explaining its actions not to prosecute, officer Ann Stubs with the Department of Environment and Conservation said, “Prosecution of the offence is not recommended as it appears not to be of a deliberate nature or to have resulted in environmental harm.” Pardon me while I choke.

Exxon-Valdez

Long before Deep Horizon in April 2010 there was Exxon-Valdez. In 1989, the Exxon-Valdez, carrying over 1.2 million barrels of oil, ran aground in an attempt to avoid glaciers as she passed through the Valdez Narrows. 257,000 barrels spilled into the narrows and several surrounding beaches.

Exxon shelled out (no pun intended) $2.1 billion, employed 10,000 people and 1,000 boats over four summers to clean up the spill. Nobody determined exactly what caused the spill, but a drunken captain and disobedient ship’s mate were suspected. It’s all semantics, though, and of little comfort to the fisherman and wildlife who have to share their environments with sludge. An estimated 23,000 gallons remains on area beaches.

Meanwhile, the Exxon Valdez is now a Panama-registered Chinese ore carrier known as the Dong Fang Ocean.

3 Mile Island

Heard the expression “no nukes”? It came about as a result of a partial meltdown of a nuclear reactor at Three Mile Island in Middleton, PA in 1979. Although nobody was killed or even injured, the plant was shut down. But this wasn’t until after the usual dog and pony show.

For some unknown reason, a failure occurred in a non-nuclear section, when the main feed-water pumps ceased operating properly. This caused a chain of events from systems shutting down to coolants failing to cool to the eventual overheating and meltdown.

Depending on who is telling the story, federal and state authorities and regulators, including the Nuclear Regulatory Commission, reacted promptly or were slow to jump into their sweats and check out the problem. Again, depending on who you’re talking to, either no long-term effects have been suffered by those “in the neighborhood,” or Non-Hodgkin’s Lymphoma has been reported in several cases of people within a 3-mile radius. No pun intended.

To this day, the plant is no longer in operation.

Seveso

In 1976, Italy-based Roche subsidiary ICMESA was going about its usual business of producing chemicals when one of its reactors released a toxic cloud. The cloud contained roughly 6,600 lbs of chemicals, blew 164 feet into the sky and dispersed into surrounding communities, according to this Japan Times article. Among other chemicals, the cloud released TCDD, a dioxin associated Agent Orange and Victor Yushchenko’s poisoning, into the air.

The mass poisoning that followed started with children, who noticed lesions on their skin. Chloracne, the dioxin-related skin disfiguration that Yushchenko is known for, also began appearing on peoples’ faces.

When authorities finally began investigating the accident five days later, rabbits were dying in large numbers. About 4% of local farm animals died, and 80,000 more were killed to halt contamination, according to the Japan Times.

For years after the event, people in the Seveso region experienced hormone disruption (an unusually high number of female babies was born during that time), neurological disorders, cancer, and immune disorders.

As a result of Seveso, Europe introduced new industrial safety legislation.

The Sandoz Spill

Image: rbrands/Flickr

How does a tiny fire in a pharmaceutical company’s production plant storage room lead to toxic waste being released into the Rhine River? Perhaps the answer to that question lies more closely in who the big pharma company is.

Sandoz Laboratories created the hallucinogenic LSD, then marketed it under the name Delysid from 1947 to the mid 1960s. Bearing that in mind makes it easier to see how a storage room could lead to toxic waste being released into Germany’s Rhine River. In 1986, a storage room fire helped release 30 tons of herbicides, pesticides and mercury into the Rhine, killing many of the fish and contaminating water supplies along the river.

In 1996, Sandoz merged with Ciba-Geigy to become Novartis, which today is known for refusing to give free flu vaccines to people in developing countries and losing a $250 million sexual discrimination suite. Ouch.

Source: Business Pundit | 21 Jun 2010 | 12:29 pm

SEC charges ICP Asset Management in CDO fraud case

NEW YORK (Reuters) - U.S. securities regulators on Monday accused New York financial services firm ICP Asset Management and its founder of defrauding investors in a series of complex collateralized debt obligations (CDOs) for their own benefit.

Source: Reuters: Business News | 21 Jun 2010 | 12:29 pm

Hayward acts to stem BP identity crisis

At BP’s sprawling campus in suburban Sunbury-on-Thames and in the elegant halls of its headquarters in St James’s Square, Mayfair, the realisation that the company was in deep trouble set in about a week ago, two months after the deadly explosion of the Deepwater Horizon rig in the Gulf of Mexico.
Source: Financial Times - US homepage | 21 Jun 2010 | 12:18 pm

Jury still out on bank bond recovery

A recent flurry of activity after a two-month hiatus may yet prove to have been unrepresentative, according to many analysts and bankers
Source: Financial Times - US homepage | 21 Jun 2010 | 12:17 pm

Investments That Crank Out Cash

How REITS, dividends and global bonds can generate income for a portfolio.

Source: SmartMoney.com | 21 Jun 2010 | 12:16 pm

Dividend Stocks Worth Dialing in For (Tradecraft)

Hoenig: Telecom stocks look intriguing and have pricey payouts.

Source: SmartMoney.com | 21 Jun 2010 | 12:15 pm

If This Investing Thing Doesn’t Pan Out, Ray Dalio May Have A Shot At Marriage Counseling

Back in May, we published “Principles,” the unofficial employee handbook of Bridgewater Associates. Principles contain founder Ray Dalio’s musing on life, love, and how to run a successful hedge fund using brutal truth. For instance, if you want to tell someone they suck, you are more than welcome to. In fact, at Bridgewater, you are actively encouraged to do so (B-Water employees amass points for digs à la pieces of flair). But, you can’t do it behind their backs. You MUST tell someone they suck to their face and not just like a casual “You’re not so much my cup of tea” but a ass-tearing “YOU FUCKING BLOW,” and in many cases this conversation, in which you tell a colleague how you really feel, will be tape recorded and stored for the staff monthly movie night, or to review whenever anyone is feeling him/herself getting soft. If you are caught violating this or other any of the other rules three or more times you’ll likely be told to turn in your badge (everyone on staff wears a name-tag) and get off the property ASAP. So, it can be a bit of an adjustment for people not used to a place of such hardcore honesty. Some of them never get used to it and have told us as much. Others, once they get over the initial awkward phase, come to love it. And at least one has used the “Principles” to improve his marriage!

At first, Bridgewater trader Jon Hantler, a veteran of Deutsche Bank and Putnam Investments, had difficulty adjusting to the hyper-realism at Bridgewater, where colleagues openly critiqued his ideas and drilled into his weaknesses.

“I would go home defeated,” said Mr. Hantler. “My wife would tell you, it was a challenging thing for us.” But then, six months ago, his wife joined Bridgewater in its client-service unit.

One benefit of adopting the company culture: “Our fights are less frequent, shorter and less painful,” he said. “I am more open-minded.”

Ray Dalio - Hedge fund - Bridgewater Associates - Business - Bridgewater
Source: Dealbreaker | 21 Jun 2010 | 12:07 pm

Lehman’s $620m Asian assets disposal eases creditors’ load

The Hong Kong-based liquidators of Lehman Brothers’ Asian operations have sold $620m of the failed investment bank’s portfolio of loans, bonds and equity positions in the region
Source: Financial Times - US homepage | 21 Jun 2010 | 11:42 am

3 Key Questions on Actively Managed ETFs (On the Street)

As another bank jumps into the fray, we ask experts how to size up these funds.

Source: SmartMoney.com | 21 Jun 2010 | 11:30 am

Barclays bosses to take stand in Lehman dispute

NEW YORK (Reuters) - Barclays Plc's top two executives will tell a New York court this week that the British bank did not receive an unfair windfall from a deal for parts of Lehman Brothers in a case that shows the need for banks to draw up "living wills."

Source: Reuters: Business News | 21 Jun 2010 | 11:08 am

BP not eyeing major bond raising: sources

LONDON/NEW YORK (Reuters) - BP is eyeing relatively modest new bank lending lines and is not planning bond sales or new increases in asset sales to fund its Gulf of Mexico oil spill clean-up, sources familiar with the company's thinking said on Monday.

Source: Reuters: Business News | 21 Jun 2010 | 10:50 am

Debrahlee “They Fired Me Because Of THESE” Lorenzana Adds New Shots To Her Defense

Before he was canned for being too well-versed in BDSM for his own good, Jack Tuckner, the lawyer representing Debrahlee Lorezana had an idea. An idea for his client to come to his office and do an photo-shoot meant to demonstrate the fact that she is a serious business woman, and one whose ass and breasts, while they may be rockin’ and scorching, respectively, do not distract from the matter at hand. Over the weekend, T’s on an S added a few more pieces of evidence to her portfolio (in this case, a Facebook album entitled “Random Pics”). Those of you who heeded our suggestion to start following Debs on Twitter almost two weeks ago may have already taken a gander. For the rest of you, let’s have a looksee.

It’s business time.

Respect this, VP.

I mean it– take her serious.

Personal fave.

Facebook - Twitter - Lawyer - BDSM - Photo shoot
Source: Dealbreaker | 21 Jun 2010 | 10:33 am

Levitt, Courier, Seles, Kotok, Cochrane, Parpart: Surveillance

Source: Bloomberg - All Podcasts | 21 Jun 2010 | 10:05 am

Greece's Papandreou, Michael Darda, Mark Thoma: On the Economy

Source: Bloomberg - All Podcasts | 21 Jun 2010 | 10:03 am

Will A Stronger Yuan Slow Down China?

Source: NPR Blogs: Planet Money | 21 Jun 2010 | 9:59 am

What China’s Yuan Move Means

Image: DavidDennisPhotos.com/Flickr

On Saturday, China’s central bank said it would give more flexibility to the yuan (renminbi), which has been pegged to the US dollar since the 2008 financial crisis. Here’s a summary of media commentary on what the yuan move means:

It will placate US politicians. “Washington wants Beijing to abandon a currency peg against the dollar that U.S. lawmakers say gives Chinese exports an unfair advantage in world trade and steals American jobs.

“China’s announcement appeared timed to deflect criticism at an this weekend’s Group of 20 summit in Canada and placate an increasingly insistent Obama administration and hostile U.S. Congress.” (Reuters)

Cheaper Western goods for Chinese consumers. “With the yuan set to become more flexible against the dollar, Chinese consumers will be able to purchase Western-produced goods at more competitive price, from Nike sneakers to Apple iPods.” (Forbes)

Lower inflation risk for China. “The stronger yuan also should reduce the threat of inflation in China, meaning the government won’t likely have to raise interest rates soon. Investors in recent months have been somewhat concerned that China would take steps to restrain rapid growth in the country.” (NPR)

Big foreign retailers will see increased production costs. “Big retailers that source from Asia, such as Hennes & Mauritz and Target and Wal-Mart Stores Inc, would see a firmer yuan push up their production costs.” (Reuters)

Automakers and heavy machinery makers will benefit. “Foreign automakers which sell cars in the world’s largest vehicle market, such as BMW, Volkswagen and General Motors…should also gain.”

The world’s largest maker of earth-moving equipment, Caterpillar Inc, could be a major winner. Second-ranked Komatsu said that every 1 percent rise in the yuan would boost its operating profit by 1.1 billion yen ($12.1 million).” (Reuters)

Chinese raw materials and fuel importers will benefit. “…index heavyweights such as airlines and metals firms, which would likely benefit from lower yuan-denominated prices for imports of raw materials like fuel and iron ore. Yields on Chinese government bonds and local interest-rate swaps also fell on expectations that a stronger yuan will reduce the need for an imminent interest rate hike.” (Wall St. Journal)

US Treasuries will go bearish. “…one certain mid- to long-term impact of China’s revaluation decision, aside from stimulating the US manufacturing export economy (don’t laugh), will be to trim Chinese interest for bonds. This is due to a direct effect of fewer Chinese dollars being recycled into USTs now that less USD reserves will be accumulated, but also due to an indirect effect of stimulating demand for risky assets, pushing USTs off the plate of investors.” (Zero Hedge)

Source: Business Pundit | 21 Jun 2010 | 9:34 am

There Are A Few Things That Trouble Bernie Madoff

A prison pal of Bernie Madoff’s was recently interviewed re: the Ponz Master. At one point, the inmate casually mentions that Berns hid about $9 billion to three “personal friends” before he turned himself in, but the unnamed source who must be credible spends the majority of the time drilling down to what’s going on up top, in that big ole dome piece of Madoff’s. Apparently, there are some things that upset him. The fact that his sons, Andy and Mark “You’re not our real father” Madoff haven’t spoken to him in almost two years isn’t one of them. I mean, sure, he wishes they did but it doesn’t plague him. He figures they’ll get over being mad at daddy soon enough. What does upset him are two slightly more serious issues.

The first are the “revelations” made in Sheryl Weinstein’s tell-all vis-a-vis having an affair with Bernie and how his penis was “no bigger than a thimble.” Apparently when the book came out it was quite upsetting to Ruth and Berns was seriously worried he’d leave her (the inmate doesn’t get into specifics but one theory around the ranch is that it wasn’t so much that her husband had an affair but the “revelation” about the size of his dick. Remember, Bernie and Ruth started dating when she was a high school freshman. His very well could have been the only piece she ever saw, which, if we know our Berns– and I think we do!– he probably convinced her was regulation size. So that’s something he’s been working through with the prison therapist.

The other thing that’s been plaguing Madoff is that perception that he might be a puss.

“Jonathan Pollard and him watch TV together. They watch CNN,” the inmate said. “Bernie likes watching to see if there’s anything about him on it.”

But Madoff “gets upset” if he disagrees with how he is portrayed on television and was particularly disturbed by the reports that he had been assaulted, the inmate said.

I mean, honestly. For the millionth time– he was not assaulted, he got dizzy and passed out! Do you see the distinction? Fucking media.

Prison - Bernard Madoff - Bernie Madoff - Jonathan Pollard - Television
Source: Dealbreaker | 21 Jun 2010 | 9:16 am

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Source: Dealbreaker | 21 Jun 2010 | 9:16 am

Is a Roth IRA Safe From Taxes?

Taxpayers try to calculate the odds of making a move they will regret.

Source: SmartMoney.com | 21 Jun 2010 | 9:08 am

4 Funds With a Hefty Stake in Gold (Screens)

As the metal strikes new highs, these funds could benefit.

Source: SmartMoney.com | 21 Jun 2010 | 8:19 am

Bloomberg's Robinson Discusses Creation of ETFs: Audio

Source: Bloomberg - All Podcasts | 21 Jun 2010 | 7:51 am

The SEC Takes A Closer Look At Magnetar

Source: NPR Blogs: Planet Money | 21 Jun 2010 | 7:21 am

Westpac's Rosborough on Euro, McKee on China: First Word

Source: Bloomberg - All Podcasts | 21 Jun 2010 | 6:58 am

When Bing Self-Censors

Source: Business Pundit | 21 Jun 2010 | 5:57 am

Looking at the Week Ahead (Early Bird)

WHAT'S HAPPENING NOW: From the rising yuan to existing home sales and news from the Fed.

Source: SmartMoney.com | 21 Jun 2010 | 5:46 am

Markets, Economic Data Suggest a Soft Patch (Pundit Watch)

Economists see headwinds in the labor and housing sectors.

Source: SmartMoney.com | 21 Jun 2010 | 3:47 am