UK government defends Budget

The coalition defends the toughest Budget package of spending cuts and tax increases in a generation.
Source: BBC News | Business | World Edition | 23 Jun 2010 | 4:17 am

Egypt oil minister mulls limiting offshore Suez rigs (AFP)

AFP - Egypt's oil minister Sameh Fahmi has said the government is considering reducing drilling in the Gulf of Suez after crude washed ashore for several days, a state-owned newspaper reported on Wednesday.

Source: Yahoo! News: Business News | 23 Jun 2010 | 4:11 am

APNewsBreak: Drilling chief to lead investigations (AP)

AP - The new director of a government agency that oversees offshore drilling is creating an internal investigations team to help him improve the agency's performance.

Source: Yahoo! News: Business News | 23 Jun 2010 | 4:07 am

Sold for £22.4m

Why record price for Manet failed to impress
Source: BBC News | Business | World Edition | 23 Jun 2010 | 4:07 am

Comet reports 14% jump in profits

Electricals retailer Comet says profits rose 14% in the year to April, but its parent firm warns of "challenging" conditions.
Source: BBC News | Business | World Edition | 23 Jun 2010 | 4:04 am

Bank member votes for rate rise

A member of the Bank of England Monetary Policy Committee calls for a rise in interest rates at its last meeting.
Source: BBC News | Business | World Edition | 23 Jun 2010 | 4:03 am

As Toyota And Honda Face More Strikes, Their Market Shares Are Threatened

At the depth of the recession when there was a falling market for new cars. strikes were almost welcome in the US, EU, and UK. Most car companies had so much inventory that a break in factory production had some good side effects. That may be a reason that Ford (NYSE: F), GM, and Chrysler [...]

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Source: 24/7 Wall St. | 23 Jun 2010 | 4:01 am

Major shake-up of welfare system

A raft of benefits are cut or curbed as part of a radical shake up of the welfare system saving £11bn a year by 2014-15.
Source: BBC News | Business | World Edition | 23 Jun 2010 | 3:59 am

EU calls on G-20 leaders to restore confidence (AP)

AP - The European Union has called on leaders from the Group of 20 rich and emerging nations to restore confidence in the global economy by agreeing on when to withdraw stimulus measures that are supporting economic growth.
Source: Yahoo! News: Business News | 23 Jun 2010 | 3:59 am

Inflation fears spark call for U.K. rate hike

Fears over rising inflation led a member of the Bank of England’s Monetary Policy Committee to vote for an interest rate hike earlier this month in the first such call since rates were cut to an all-time low last year.

Source: MarketWatch.com - Top Stories | 23 Jun 2010 | 3:59 am

Mortgage lending sees May bounce

The traditional bounce in spring mortgage lending finally appeared in May, according to the British Bankers' Association.
Source: BBC News | Business | World Edition | 23 Jun 2010 | 3:55 am

US to issue new oil drilling ban

The US will issue an order for a new moratorium on deep water oil drilling in the Gulf of Mexico after a court blocked an earlier ban.
Source: BBC News | Business | World Edition | 23 Jun 2010 | 3:53 am

Indications: U.S. stock futures climb ahead of Fed decision

U.S. stock futures rise Wednesday, pointing to a partial recapturing of the previous session’s losses as the Federal Reserve is expected to again refrain from signalling interest rate hikes.

Source: MarketWatch.com - Top Stories | 23 Jun 2010 | 3:53 am

Divisions appear in Bank of England over strategy (AP)

AP - Minutes of the latest Bank of England policy meeting released Wednesday revealed a division among members on the inflation outlook and one dissenter against keeping the base rate at an all-time low.
Source: Yahoo! News: Business News | 23 Jun 2010 | 3:50 am

Far from Gulf, a cloudy picture for oil fund czar (AP)

AP - Is a strip club that caters to oil-rig workers entitled to a piece of the $20 billion fund for victims of the Gulf of Mexico disaster? How about a souvenir stand on a nearly empty beach? Or a far-off restaurant that normally serves Gulf seafood?

Source: Yahoo! News: Business News | 23 Jun 2010 | 3:48 am

3 Stocks That Are Pricier Than They Seem (Screens)

Hough: These companies look undervalued but carry hidden costs.

Source: SmartMoney.com | 23 Jun 2010 | 3:46 am

BP: Buying Into a Pariah

Everybody hates BP. It has nowhere to go but up, say two investment managers.

Source: SmartMoney.com | 23 Jun 2010 | 3:46 am

Investment Guide for Students Nearing College (Education and Your Money)

How to protect a 529 plan from market losses before your student enrolls.

Source: SmartMoney.com | 23 Jun 2010 | 3:46 am

Strikers disrupt ferries in main Greek port (AP)

AP - Striking port workers prevented hundreds of passengers from boarding ferries heading from Greece's main port of Piraeus to Aegean holiday islands Wednesday, despite a court order declaring their strike illegal.

Source: Yahoo! News: Business News | 23 Jun 2010 | 3:46 am

ETF Pick: How to Play Consumer Stocks (ETF Watch)

U.S. shoppers are buying again. But not all ETFs that track them can keep up.

Source: SmartMoney.com | 23 Jun 2010 | 3:45 am

The UK Austerity Plan And A Voter Revolt

UK unions may not take to the streets to protest the new austerity budget the way the Greeks or Spanish have. Or, they might. George Osborne, the finance minister, put forward a program to wring 113 billion pounds out of government deficits both by cutting costs and raising taxes. Welfare programs, not unlike entitlement programs [...]

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Source: 24/7 Wall St. | 23 Jun 2010 | 3:41 am

Asian stocks fall on weak U.S. sentiment

Asian markets mostly fell Wednesday after a drop in U.S. existing home sales hurt sentiment and softer commodity prices weighed on material stocks.

Source: MarketWatch.com - Top Stories | 23 Jun 2010 | 3:41 am

Nations fail to agree on curbing Japan whale hunt (AP)

AP - Nations at a meeting of the International Whaling Commission say they have failed to reach an agreement to curb whale hunts by Japan, Norway and Iceland.

Source: Yahoo! News: Business News | 23 Jun 2010 | 3:40 am

Stocks set for higher open

U.S. stocks were set for a higher start Wednesday, as investors awaited the release of the Federal Reserve's latest policy statement.
Source: Business and financial news - CNNMoney.com | 23 Jun 2010 | 3:30 am

Soros says Germany could cause euro collapse

BERLIN (Reuters) - German's budget savings policy risks destroying the European project and a collapse of the euro cannot be ruled out, billionaire investor George Soros said in a newspaper interview released on Wednesday.

Source: Reuters: Business News | 23 Jun 2010 | 3:26 am

Gulf property sales slide further on oil fears (AP)

AP - This was the year, Alicia Hollis and her fellow real estate agents thought. After a nasty batch of hurricanes and the bursting of the housing bubble, this was the year that condo sales along the Florida Panhandle's brilliant white beaches were going to rebound.

Source: Yahoo! News: Business News | 23 Jun 2010 | 3:23 am

Stock futures point to higher open as Fed eyed (Reuters)

Reuters - Stock index futures pointed to a stronger start for U.S. equities on Wednesday, rebounding from a fall in the previous session when stocks suffered due to weak housing data.

Source: Yahoo! News: Stock Markets News | 23 Jun 2010 | 3:12 am

Stock futures point to higher open as Fed eyed

(Reuters) - Stock index futures pointed to a stronger start for U.S. equities on Wednesday, rebounding from a fall in the previous session when stocks suffered due to weak housing data.

Source: Reuters: Business News | 23 Jun 2010 | 3:12 am

BoE split 7-1 on interest rates as Andrew Sentance votes for rise from record low

The Bank of England's Monetary Policy Committee was split 7-1 on its decision to leave interest rates unchanged this month after one member called for a rise, minutes of the June 9-10 meeting showed.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jun 2010 | 3:09 am

TARP: A Profit For Taxpayers?

Treasury Secretary Tim Geithner made a number of important observations during his testimony before the Congressional Oversight Committee. The most outstanding of these is how much money from the TARP investment has been returned to taxpayers. The Treasury Secretary said that more than half of total dispersments made under the program have been paid back [...]

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Source: 24/7 Wall St. | 23 Jun 2010 | 3:06 am

Innovative Website Could Change how People 'do' Real Estate

Source: RSS feed - channel BNewsBusiness | 23 Jun 2010 | 3:00 am

Aftermarket Database 2009 - 2010 June Updates Available at ReportsandReports

Source: RSS feed - channel BNewsBusiness | 23 Jun 2010 | 2:58 am

Oil and Gas Report Q3 2010 Market Research and Analysis June Update by ReportsandReports

Source: RSS feed - channel BNewsBusiness | 23 Jun 2010 | 2:57 am

Lisa Twaronite's This Week in Japan: Big paychecks, bigger problems

Even before Japan changed its corporate compensation disclosure rules, it was no real secret that foreign executives in Japan earned more than their Japanese counterparts.

Source: MarketWatch.com - Top Stories | 23 Jun 2010 | 2:54 am

Currencies: Dollar slips vs. euro, pound in late Asian trade

The dollar slipped against the euro and the British pound in late Asian trading Wednesday, as investors awaited the outcome of the U.S. Federal Reserve’s regular policy meeting.

Source: MarketWatch.com - Top Stories | 23 Jun 2010 | 2:51 am

World stocks down on worries over US recovery (AP)

AP - World stock markets mostly fell Wednesday as an unexpected drop in U.S. existing home sales sparked worries over the pace of recovery in the world's largest economy.

Source: Yahoo! News: Stock Markets News | 23 Jun 2010 | 2:45 am

Economic Report: Euro-zone manufacturing slows to four-month low

The rate of growth in the manufacturing sector in the 16-nation euro zone slowed to a four-month low in June, according to a report released Wednesday that hints of the hit from massive debt burdens and fiscal tightening.

Source: MarketWatch.com - Top Stories | 23 Jun 2010 | 2:45 am

London Markets: Mineral extractors pressure British shares

Shares weaken in British trading on Wednesday as miners decline amid worries about global growth, although investors appear more positive on the outlook for the U.K.

Source: MarketWatch.com - Top Stories | 23 Jun 2010 | 2:43 am

Asia eclipses Europe in wealth survey

The net worth of Asia’s rich surpasses that of Europe for the first time, as stellar gains in Asia’s stock and property markets outpaced those in the euro zone, according to an analyst report.

Source: MarketWatch.com - Top Stories | 23 Jun 2010 | 2:43 am

World stocks retreat on growth fears

LONDON (Reuters) - European and Asian stocks fell on Wednesday as poor U.S. home sales added to fears about the global economic recovery and optimism over China's new flexible yuan policy faded.

Source: Reuters: Business News | 23 Jun 2010 | 2:42 am

World stocks retreat on growth fears (Reuters)

Reuters - European and Asian stocks fell on Wednesday as poor U.S. home sales added to fears about the global economic recovery and optimism over China's new flexible yuan policy faded.

Source: Yahoo! News: Stock Markets News | 23 Jun 2010 | 2:42 am

IMF says mining tax will not hurt Australia's economy

The International Monetary Fund gave support "in principle" for Australia's proposed 40pc tax on mining profits, which has prompted a fierce response from the powerful industry.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jun 2010 | 2:42 am

Budget 2010: George Osborne defends 'tough but fair' tax rises

The Chancellor has defended his drastic Budget as "tough but fair" and insisted the coalition had "a democratic mandate" for the rise in VAT to 20 per cent.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jun 2010 | 2:39 am

Oman Arab Bank Adopts Misys TI Plus to Boost Trade Finance Productivity

Source: RSS feed - channel BNewsBusiness | 23 Jun 2010 | 2:39 am

Where are the Wall Street perp walks?

The financial crisis wiped out almost $7 trillion in stock market value in 2008. It destroyed iconic American companies like AIG, Bear Stearns, Lehman Brothers, and nearly broke GM, costing tens of thousands of workers their jobs. It pushed millions out of their homes. And that's just in the U.S. -- forget the fallout still raining down on Europe and the rest of the globe. So where are the jail terms, or at least the perp walks, for those who oversaw it all? Cue the crickets.
Source: Business and financial news - CNNMoney.com | 23 Jun 2010 | 2:37 am

You can't time the currency market

The euro's collapse has been spooking financial markets of late, driving down stock prices worldwide from recent highs. But your overseas returns are probably even worse, because when you translate a foreign market's gains or losses back into dollars, you also have to take into account how the local currency is faring against the greenback.
Source: Business and financial news - CNNMoney.com | 23 Jun 2010 | 2:36 am

Nissan pays chief Carlos Ghosn £6.6m

Carlos Ghosn, the chief executive of Nissan, earned £6.6m last year, the highest executive salary publicly reported in Japan so far.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jun 2010 | 2:27 am

The Fifteen Nations With The Highest Unemployment In The World

The global unemployment problem is so huge that the total of number of jobless people in the ten most populous nations in the world totals 1.1 billion. That is only slightly smaller than the entire population of China. The country with the highest unemployment rate among all nations is Macedonia at 33.8%. The figure is [...]

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Source: 24/7 Wall St. | 23 Jun 2010 | 2:25 am

Union Pacific railroad builds U.S. economy

The strawberries on your cereal. Your laptop, cell phone, and TV. The coal that's burned to power them. The car you drive. The roof over your head. We may work in a knowledge economy, but Madonna had it right: We live in a material world.
Source: Business and financial news - CNNMoney.com | 23 Jun 2010 | 2:17 am

Making an impression: Manet work sells for record £22m

A self portrait by French painter Edouard Manet fetches a record price - more than £22m - for the artist's work.
Source: BBC News | Business | World Edition | 23 Jun 2010 | 2:13 am

UPDATE 1-Russia to invest $600 mln in Sistema India unit by Oct

* Russian government to get 20 pct stake after investment
Source: RSS feed - channel BNewsBusiness | 23 Jun 2010 | 2:10 am

Spirit Air's tasteless oil ad

Source: Business and financial news - CNNMoney.com | 23 Jun 2010 | 2:10 am

BASF to buy Cognis in $3.8 billion deal

German chemicals giant BASF said Wednesday it will acquire closely-held Cognis in a 3.1 billion euro ($3.8 billion) deal that will give the company a strong position in the health and nutrition business.

Source: MarketWatch.com - Top Stories | 23 Jun 2010 | 2:07 am

BP oil spill: White House to appeal ruling ending deepwater drilling freeze

White House to issue a fresh moratorium on deepwater oil drilling due to BP's Gulf of Mexico spill after judge blocks freeze.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jun 2010 | 2:02 am

Europe to Obama: No more spending!

President Obama wants to slow Europe's headlong rush to austerity. But right now he looks like little more than a speed bump for the cutback crowd.
Source: Business and financial news - CNNMoney.com | 23 Jun 2010 | 2:01 am

UPDATE 3-Apple iPhone 4 has Samsung, Micron chips -iFixit

* ST Micro provided accelerometer, gyroscope chip -iFixit (Adds details)
Source: RSS feed - channel BNewsBusiness | 23 Jun 2010 | 2:00 am

UPDATE 1-Vivendi denies Reliance stake report

* Vivendi not "in any talks" with Reliance Comms -spokesman
Source: RSS feed - channel BNewsBusiness | 23 Jun 2010 | 2:00 am

ASE Inc. Press Release: Achievement of the Minimum Acquisition Amount and Satisfaction of the Condition to the USI Tender Offer

Source: RSS feed - channel BNewsBusiness | 23 Jun 2010 | 2:00 am

One more worry for banks: Wal-Mart

America's biggest banks are in retreat, tightening lending, increasing fees, and closing branches. But one company still wants to become your neighborhood bank: Wal-Mart.
Source: Business and financial news - CNNMoney.com | 23 Jun 2010 | 1:59 am

FTSE 100 drops at open (AFP)

AFP - London's main stock market fell in opening trade on Wednesday, following losses in Asia and overnight on Wall Street.

Source: Yahoo! News: Stock Markets News | 23 Jun 2010 | 1:57 am

Media Digest 5/23/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   Auto dealers will not be subject to new financial regulations. Reuters:   The FCC said AT&T Inc. (NYSE: T) could buy assets from Verizon Communications Inc. (NYSE: VZ). Reuters:   Firm iFixit says the Apple Inc (NASDAQ: AAPL) iPhone 4 has chips from Samsung, ST Microelectronics, and Micron Technologies (NYSE: MU). Reuters:   BA has set a [...]

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Source: 24/7 Wall St. | 23 Jun 2010 | 1:50 am

Europe Markets: Europe pulls back for second straight day

European shares retreated on Wednesday with investors taking some money off the table after a recent string of gains amid uncertainty about the strength of U.S. housing as well as bank balance sheets on the Continent.

Source: MarketWatch.com - Top Stories | 23 Jun 2010 | 1:50 am

UPDATE 1-India's Mahindra Satyam shares rally on earnings hopes

* Shares rise to their highest level in more than a month
Source: RSS feed - channel BNewsBusiness | 23 Jun 2010 | 1:42 am

UPDATE 1-Glaxo boosts OTC with Medivir cold sore cream deal

* Swedish firm gets up to $4 mln plus double-digit royalties
Source: RSS feed - channel BNewsBusiness | 23 Jun 2010 | 1:38 am

Workers OK Fiat plan for Italy production boost (AFP)

AFP - Workers at an Italian auto plant have voted in favour of more flexible working conditions in a bid to head off closure of the factory, ANSA news agency reported early Wednesday.

Source: Yahoo! News: Business News | 23 Jun 2010 | 1:26 am

ANALYSIS - Overshadowed by G20, G8 likely to preserve a role (Reuters)

Reuters - The Group of Eight is losing relevance as faster-growing rivals like China and Brazil play a larger role managing the global economy, but it will still endure as a key forum for traditional industrial powers.

Source: Yahoo! News: Business News | 23 Jun 2010 | 1:25 am

Electric car arrives at Vauxhall

Vauxhall's prototype electric car arrives at its Ellesmere Port plant from the firm's Luton base.
Source: BBC News | Business | World Edition | 23 Jun 2010 | 1:20 am

Budget 2010: coalition minister defends 'unavoidable' VAT rise

Danny Alexander, the Liberal Democrat Chief Secretary, has defended annual tax rises worth £29 billion and the biggest cuts in public spending for almost a century unveiled by George Osborne in the Budget.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jun 2010 | 1:19 am

UK sales tax will rise to 20%

VAT will rise to 20% and benefits are being cut as UK Chancellor George Osborne unveils his "tough but fair" Budget.
Source: BBC News | Business | World Edition | 23 Jun 2010 | 1:09 am

McDonald's faces lawsuit over Happy Meals

A watchdog group says giving away toys with Happy Meals contributes to childhood obesity and threatens to sue. McDonald's cites healthful menu choices.

Weeks after a Silicon Valley county became the first in the nation to ban toys from McDonald's Happy Meals and other food promotions aimed at children, a public health watchdog group called on the fast food giant to remove the playthings from all its meal packages.

Source: L.A. Times - Business | 23 Jun 2010 | 1:00 am

Consumer Financial Protection Bureau closer to reality

House and Senate negotiators near agreement on creation of the controversial new agency.

House and Senate negotiators closed in on an agreement Tuesday that would create a new consumer protection agency, one of the main components of the sweeping rewrite of financial industry rules.

Source: L.A. Times - Business | 23 Jun 2010 | 1:00 am

Judge rules against Obama's deep-water drilling moratorium

The judge says the administration overreached in implementing the six-month halt. As an appeal is planned, the Interior secretary says he will issue a new order to justify the ban. ...
Source: RSS feed - channel BNPaperBusiness | 23 Jun 2010 | 1:00 am

McDonald's faces lawsuit over Happy Meals

A watchdog group says giving away toys with Happy Meals contributes to childhood obesity and threatens to sue. McDonald's cites healthful menu choices. ...
Source: RSS feed - channel BNPaperBusiness | 23 Jun 2010 | 1:00 am

IFixit's 'teardowns' of Apple gadgets draw customers to its parts business

The company, which sells electronic parts on its website to do-it-yourselfers, has achieved a cult-like following by ripping apart the latest technology wonders and documenting the details online. ...
Source: RSS feed - channel BNPaperBusiness | 23 Jun 2010 | 1:00 am

IFixit's 'teardowns' of Apple gadgets draw customers to its parts business

The company, which sells electronic parts on its website to do-it-yourselfers, has achieved a cult-like following by ripping apart the latest technology wonders and documenting the details online.

Nearly a dozen men crowded around the table gawking at a box containing one of the first 3G-enabled iPads to go on sale, but no one dared make a move to touch it.

Source: L.A. Times - Business | 23 Jun 2010 | 1:00 am

Home sales pull back in May

Sales of previously owned homes fall 2.2% from April, though the West sees a 4.9% increase. Sales of previously...
Source: RSS feed - channel BNPaperBusiness | 23 Jun 2010 | 1:00 am

IPhone 4 delivery beats official launch date for some buyers

Apple may be trying to reduce network congestion from thousands of users activating new phones while others download software upgrades for older models at the same time. ...
Source: RSS feed - channel BNPaperBusiness | 23 Jun 2010 | 1:00 am

Griffith Park was busiest site for on-location filming in first quarter

It has a cedar grove, zoo, golf course, winding and secluded mountain roads and an iconic observatory that offers a panoramic view of Hollywood.
Source: RSS feed - channel BNPaperBusiness | 23 Jun 2010 | 1:00 am

Consumer Financial Protection Bureau closer to reality

House and Senate negotiators near agreement on creation of the controversial new agency. House and Senate negotiators...
Source: RSS feed - channel BNPaperBusiness | 23 Jun 2010 | 1:00 am

Social Security: Will Obama panel cripple it with 'minor' tweaks?

Social Security's curse is that its amazing simplicity from the standpoint of its beneficiaries — those checks keep coming regardless of the state of the economy or the federal budget — masks...
Source: RSS feed - channel BNPaperBusiness | 23 Jun 2010 | 1:00 am

Box-office futures chief says he'll try to launch market even if ban goes through

Veriana CEO Robert Swagger says because Trend Exchange has been approved by regulators, it should be 'grandfathered' if a proposal to ban box-office futures becomes law.

Acknowledging that legislation backed by the six major movie studios outlawing his business is likely to pass, the head of the box-office futures market recently approved by government regulators said Tuesday that he wouldn't go down without a fight.

Source: L.A. Times - Business | 23 Jun 2010 | 1:00 am

Social Security: Will Obama panel cripple it with 'minor' tweaks?

Social Security's curse is that its amazing simplicity from the standpoint of its beneficiaries — those checks keep coming regardless of the state of the economy or the federal budget — masks the complexity of its inner workings.

Source: L.A. Times - Business | 23 Jun 2010 | 1:00 am

IPhone 4 delivery beats official launch date for some buyers

Apple may be trying to reduce network congestion from thousands of users activating new phones while others download software upgrades for older models at the same time.

Attention Apple fans: Those eagerly awaiting the iPhone 4 may get a pleasant surprise on their doorstep Wednesday.

Source: L.A. Times - Business | 23 Jun 2010 | 1:00 am

Griffith Park was busiest site for on-location filming in first quarter

It has a cedar grove, zoo, golf course, winding and secluded mountain roads and an iconic observatory that offers a panoramic view of Hollywood.

Source: L.A. Times - Business | 23 Jun 2010 | 1:00 am

Home sales pull back in May

Sales of previously owned homes fall 2.2% from April, though the West sees a 4.9% increase.

Sales of previously owned homes in the U.S. dropped 2.2% in May from the previous month as the stimulus from a popular federal tax credit appeared to wane.

Source: L.A. Times - Business | 23 Jun 2010 | 1:00 am

U.S. unveils broad crackdown on piracy, counterfeit goods

The government-wide effort includes adding 50 FBI agents to focus on intellectual property infringement.

The Obama administration unveiled a government-wide strategy Tuesday to crack down on piracy and counterfeit goods, adding more than 50 FBI agents this year to tackle intellectual property abuses.

Source: L.A. Times - Business | 23 Jun 2010 | 1:00 am

Business Bullet: US Fed, UK Budget, Sterling, Kesa

The latest news on: US Fed, UK Budget, Sterling, Kesa.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jun 2010 | 12:59 am

Budget 2010: Tables showing how single people, couples, and pensioners fared

Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jun 2010 | 12:02 am

Dollar dips as global events dominate

The New Zealand dollar traded in a narrow range at lower levels today and it is continuing to reflect events offshore.News that New Zealand's annual current account deficit reached its lowest level in more than two decades in...
Source: nzherald.co.nz - Business | 22 Jun 2010 | 11:30 pm

Mays steps down as CEO of Clear Channel

Move poised to end the founding Mays family’s executive control of the largest US radio company
Source: Financial Times - US homepage | 22 Jun 2010 | 11:13 pm

Beijing allows renminbi to fall in value

China let the renminbi drop slightly in value against the dollar on Tuesday in a move that analysts said was designed to deter speculators benefiting from a stronger Chinese currency. The central...
Source: RSS feed - channel BNPaperBusiness | 22 Jun 2010 | 10:20 pm

Nissan’s Ghosn receives $9.5m package

Carlos Ghosn, Nissan Motor’s chief executive, said his total compensation last business year was $9.5m, making him one of the highest-paid executives at a Japanese company
Source: Financial Times - US homepage | 22 Jun 2010 | 10:16 pm

Fed on sideline, waiting for recovery to firm

WASHINGTON (Reuters) - The Federal Reserve is expected to renew its promise to hold benchmark interest rates exceptionally low for an extended period on Wednesday and may acknowledge a slight slowdown in the pace of U.S. economic recovery.

Source: Reuters: Business News | 22 Jun 2010 | 10:12 pm

China punctures yuan hopes

SHANGHAI (Reuters) - China's yuan inched higher on Wednesday, settling down after the biggest swings since 2005 and driving home the message that Beijing's promise of currency flexibility will not produce the rapid gains its trading partners would like.

Source: Reuters: Business News | 22 Jun 2010 | 10:11 pm

Nissan CEO pay was $9.5 million, below overseas peers

YOKOHAMA, Japan (Reuters) - Nissan Motor Chief Executive Carlos Ghosn said his total compensation last business year was $9.5 million, making him one of the highest-paid executives at a Japanese company.

Source: Reuters: Business News | 22 Jun 2010 | 9:26 pm

BP calls on Kiwi smarts in bid to plug oil spill

New Zealand's penchant for innovation has been lauded by global oil giant BP, which is considering two ideas raised by Kiwis on how to fix one of the biggest ecological disasters in history.But details of the business cases are...
Source: nzherald.co.nz - Business | 22 Jun 2010 | 8:59 pm

Petrobras postpones $25bn share issue

Brazil’s national oil company is delaying its complex capitalisation plan because a valuation commissioned by the industry regulator will not be ready before August 
Source: Financial Times - US homepage | 22 Jun 2010 | 8:41 pm

Petrobras postpones $25bn share issue

Petrobras, Brazil's national oil company, has postponed until September a share issue that was expected to generate about $25bn as early as next month. The energy group said it would delay its...
Source: RSS feed - channel BNPaperBusiness | 22 Jun 2010 | 8:41 pm

Current account deficit lowest in 20 years

New Zealand's annual current account deficit reached its lowest level in more than two decades in the year to March, as exports rose and foreign investors earned lower profits from their subsidiaries in this country.Statistics...
Source: nzherald.co.nz - Business | 22 Jun 2010 | 8:30 pm

PM's absence key, says Hubbard

South Canterbury Finance owner Allan Hubbard believes he would not have been put into statutory management and investigated by the Serious Fraud Office if Prime Minister John Key had been in the country to sort things out before they...
Source: nzherald.co.nz - Business | 22 Jun 2010 | 8:30 pm

Tax changes force accounting charge

The Warehouse said its net profit after tax in the year to August 1, 2010 will be reduced by a $23 million accounting item relating to government tax changes.The deferred tax liability adjustment is a one-off, non-cash accounting...
Source: nzherald.co.nz - Business | 22 Jun 2010 | 7:39 pm

Power outlines securities law shake-up

The biggest shake-up of fundamental securities law in a generation is under way, with the issue yesterday by Commerce Minister Simon Power of a discussion document covering the Securities Act 1978 and Securities Markets Act 1988.The...
Source: nzherald.co.nz - Business | 22 Jun 2010 | 7:30 pm

Krispy Kreme gets taste for NZ

Krispy Kreme doughnut fans are closer to seeing the popular chain here, following a visit from the director of the company to check out interest.The glazed and coated doughnuts have a cult-like following and the brand has spread...
Source: nzherald.co.nz - Business | 22 Jun 2010 | 7:30 pm

FCC OKs AT&T buy of assets from Verizon

NEW YORK (Reuters) - The U.S. Federal Communications Commission on Tuesday approved Verizon Wireless's $2.35 billion wireless spectrum license sale to AT&T Inc.

Source: Reuters: Business News | 22 Jun 2010 | 7:10 pm

Bridgecorp directors face further charges

The Crown filed additional charges against former Bridgecorp directors Rod Petricevic and Rob Roest at the High Court at Auckland today.Last month, the SFO filed criminal charges against Petricevic and Roest for allegedly using...
Source: nzherald.co.nz - Business | 22 Jun 2010 | 6:58 pm

Apple's new iPhone approaches as iPad surprises again

SAN FRANCISCO/NEW YORK (Reuters) - Apple Inc has sold 3 million iPads in less than three months, a faster-than-expected pace that boosted its stock days before the company's newest iPhone hits store shelves.

Source: Reuters: Business News | 22 Jun 2010 | 6:41 pm

Employment confidence on the up

Workers' confidence about their current and future prospects has leapt in the June quarter, reinforcing unemployment statistics that look increasingly likely to be stable or continue to fall over the next two quarters.The Westpac...
Source: nzherald.co.nz - Business | 22 Jun 2010 | 6:30 pm

Madoff's ex-finance chief released on bail

NEW YORK (AP) - The former finance chief for jailed financier Bernard Madoff was released on $10 million bail on Tuesday, months after he admitted his role in an epic fraud that cost thousands of investors billions of dollars and...
Source: nzherald.co.nz - Business | 22 Jun 2010 | 6:00 pm

Apple sells 3 million iPads in first 80 days

Apple Inc. has sold more than 3 million iPads just 80 days after the tablet computer's launch in the United States.

Source: L.A. Times - Business | 22 Jun 2010 | 5:46 pm

US deepwater drilling ban overturned

A federal judge in Louisiana over-turned the Obama administration’s six-month moratorium on deepwater oil drilling in the Gulf of Mexico, imposed after the BP oil spill began nine weeks ago
Source: Financial Times - US homepage | 22 Jun 2010 | 5:00 pm

Barclays CEO says Lehman deal had to have "buffer"

NEW YORK (Reuters) - Barclays Plc chief executive said on Tuesday that he would not have recommended the purchase of Lehman Brothers' core U.S. brokerage business if the deal did not show a gain for Barclays, or at least an even exchange.

Source: Reuters: Business News | 22 Jun 2010 | 4:53 pm

JPMorgan shake-up shapes race for top job

Jamie Dimon re­shuffled JPMorgan Chase’s top management, naming a dealmaker as finance chief and moving a close ally to lead the international expansion, in moves that will shape the race to succeed him as chief executive
Source: Financial Times - US homepage | 22 Jun 2010 | 4:50 pm

Adobe sales surges despite dispute with Apple

BOSTON (Reuters) - Adobe Systems Inc's revenue surged after it launched a new version of its widely used design software, giving the company fuel to back up its claim that sales are not being hurt by a high-profile dispute with Apple Inc .

Source: Reuters: Business News | 22 Jun 2010 | 4:50 pm

McChrystal summoned by angry Obama over gaffes

The future of General Stanley McChrystal, architect of the US’s Afghan war strategy, was in doubt after the commander and his aides made insulting remarks about the US administration in a magazine interview
Source: Financial Times - US homepage | 22 Jun 2010 | 4:46 pm

Congress near consumer protection deal

Lawmakers agreed on Tuesday to house a powerful new consumer finance regulator inside the Fed.
Source: Business and financial news - CNNMoney.com | 22 Jun 2010 | 4:34 pm

The Tuesday Podcast: Tomatoes, Tradition And The Global Economy

Source: NPR Blogs: Planet Money | 22 Jun 2010 | 4:31 pm

Budget 2010: Capital gains tax campaigns force climbdown on rate

Capital gains tax will rise to 28 per cent for higher-rate taxpayers after ministers watered down plans that could have pushed the rate as high as 50 per cent.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jun 2010 | 4:26 pm

Budget 2010 sketch: George Osborne charms dear Prudence

Prudence is back. Some had feared this austere lady would never get over being jilted by Gordon. But George swears he will remain faithful to her until the end of his days,
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jun 2010 | 4:13 pm

Stocks slide on new concerns about housing, banks (AP)

AP - Stocks dropped for a second day Tuesday after home sales fell unexpectedly and the White House said it would fight a court ruling that lifted its ban on offshore oil drilling.

Source: Yahoo! News: Stock Markets News | 22 Jun 2010 | 4:09 pm

Australia plays down eurozone debt crisis

Australia painted a fairly bullish picture for bulk raw materials consumption and prices in 2010-11
Source: Financial Times - US homepage | 22 Jun 2010 | 4:08 pm

Summary Box: Drop in home sales hurts stock market (AP)

AP - ANOTHER SLIDE: Stocks gave up early gains to end lower for a second day Tuesday after an unexpected drop in sales of existing homes last month raised concerns about the economy's recovery.
Source: Yahoo! News: Stock Markets News | 22 Jun 2010 | 4:02 pm

How the major stock indexes fared on Tuesday (AP)

AP - Stocks dropped for a second day Tuesday after home sales fell unexpectedly and the White House said it would fight a court ruling that lifted its ban on offshore oil drilling.
Source: Yahoo! News: Stock Markets News | 22 Jun 2010 | 3:57 pm

Hedge Fund Manager’s Son Is The Guy Connecticut Residents Will Want To Talk To When Convention Of Worst People On Earth Invade Next Weekend

As he is the son of an extremely principled man, it’s no surprise to hear that Matt Dalio spends a good portion of his time helping others. The main avenue through which Dalio shows he cares is the China Care Foundation, which Matthew found and which provides “medical care and nurturing to Chinese orphans.” This coming Saturday, CCF will hold it’s annual fundraiser– a concert at the Belle Haven Club (accessible by boat). This is, of course, wonderful– humanity people at all that jazz. And while the children of China will certainly benefit, there is a not insignificant number of people who will be indirectly hurt by this event, and who are, at this very time, quaking in their boots. You see, this year, Dalio and Co decided to go with Dave Matthews as the headliner for the concert. And the neighbors are already terrified.

“We’re expecting a big crowd, an invasion of Dave Matthews followers,” said Lt. Richard Cochran, a Greenwich police spokesman. “So we’re going to have in excess of 40 or 50 officers down there on land. That doesn’t include officers who will be on the boat monitoring boat traffic to keep trespassers from invading the beaches and the surrounding residences down there.”

Unfortunately, Cochran underestimated the sheer will of Dave Matthews Band fans. As a representative of the groupies noted:

“People want to hear their DMB, they’re going to hear their DMB. They’re going to figure out a way. He’s got a cult-like following,” said Jake Vigliotti, a Norwalk native now living in Orlando, Fla., who runs the Dave Matthews fan site AntsMarching.org with two friends.

Which, wow. Can you feel Vigliotti’s intensity here? And if you thought he was interested in dialing it down, you thought wrong. He has more to say, and a preview of what Cochran and anyone else are in store for, should anyone get in the way of his and his people’s attempts to block access to a sex offender’s wet dream (I’m kidding! Though the average age of at DMB concerts is generally around 16, so I kid from a place of truth).

“Once you see one of their shows, it just kind of sucks you in,” said Vigliotti, a veteran of 30 concerts, or “not that many,” as he put it.

CT, gird your loins. Literally.

Hedge fund - Dave Matthews - China Care Foundation - Dave Matthews Band - China
Source: Dealbreaker | 22 Jun 2010 | 3:02 pm

Presented By:

Source: Dealbreaker | 22 Jun 2010 | 2:45 pm

Who Will Be The Next To Run JPMorgan?

Jamie Dimon has only narrowed it down to three (Doug Braunstein, Mike Cavanagh, and Heidi Miller) but Miller is seen as a front runner, due to the fact that she takes no shit, or prisoners, especially from JD.

“This is someone who has the capability of staring Jamie Dimon down, so that’s obviously served her well,” said Duff McDonald, author of “Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase.” “The fact that he’s chosen her to take on this new and expanded role should surprise nobody.”

Jamie Dimon - JPMorgan Chase - Heidi Miller - Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase - Doug Braunstein
Source: Dealbreaker | 22 Jun 2010 | 2:45 pm

You can still get an iPhone 4 on Thursday

Didn't -- or couldn't -- pre-order an iPhone 4, but still want one on Thursday, the first day it goes on sale? Get in line. Now.
Source: Business and financial news - CNNMoney.com | 22 Jun 2010 | 2:43 pm

Blockbuster says NYSE OKs plan for $75M market cap (AP)

AP - Movie rental chain Blockbuster Inc., which has been struggling with debt, competition and a rock-bottom share price, said Tuesday that the New York Stock Exchange after the Big Board accepted its plans for raising its market value to at least $75 million and its share price above $1.
Source: Yahoo! News: Stock Markets News | 22 Jun 2010 | 2:43 pm

Oil companies' shares drop after moratorium ruling (AP)

AP - Shares of oil companies and drillers tied to the spill in the Gulf of Mexico fell with the broader market Tuesday after a judge blocked a six-month moratorium on new deepwater drilling projects because of the massive Gulf oil spill.
Source: Yahoo! News: Stock Markets News | 22 Jun 2010 | 2:34 pm

Energy Sector Leads Late Drop (Market Update)

The energy sector led an afternoon swoon in stocks that left the market sharply lower at the...

Source: SmartMoney.com | 22 Jun 2010 | 2:21 pm

Stocks break 10-day winning streak

Global Markets Overview: The FTSE All-World equity index is down, and commodities and the dollar are softer as traders reassess China’s move to end renminbi peg
Source: Financial Times - US homepage | 22 Jun 2010 | 2:17 pm

Jeff Macke Has Incredible Business Idea For Comcast

Two words: “More Macke.”
“In conclusion, my new best friends at Comcast, you can’t put a price on the potential synergy of bringing Jeff Macke back to NBC in a wildly expanded way. I can share this stuff in real time on a blog. I can appear on whatever network you want to throw me on for either conventional appearances or, more intriguingly, as an alternative soundtrack for viewers who want me “chipping in” as they watch the program. You don’t think American viewers can handle listening to both me and the Today Show simultaneously, Comcast? Please. Right now I’m admiring the red outfits on my friends Melissa Francis and Trish Regan, emailing Melissa to tell her I admire her outfit, writing this column, surfing the web, getting stock quotes, playing Google Pac-Man, and pitching you guys a business idea about which I’m only 80% kidding. We’re a nation of multi-taskers, spraying revenue opportunities in infinite directions 24/7/365. You guys want a bigger slice of the pie? Turn up the stimuli on your new division. Give it more Macke.”

If an audition tape is necessary, please have a look, and get on it. This offer will not last.

Jeff Macke’s Cover Letter [Minyanville]

Comcast - NBC - Google - United States - Melissa Francis
Source: Dealbreaker | 22 Jun 2010 | 2:16 pm

Euro's Fall Brings New Bargains Overseas (Common Sense)

Stewart: Stocks in Europe are cheaper, but some offer more value than others.

Source: SmartMoney.com | 22 Jun 2010 | 2:06 pm

Mattel Raised to `Buy,' Walgreen Cut to `Hold': Audio

Source: Bloomberg - All Podcasts | 22 Jun 2010 | 1:52 pm

Texas Rangers, Confirmations: Bloomberg Law Bankruptcy Review

Source: Bloomberg - All Podcasts | 22 Jun 2010 | 1:40 pm

McDonald's warned: Drop the toys or get sued

A nutrition watchdog group is threatening to sue McDonald's if the fast-food giant won't stop using toys to to lure children to its Happy Meals .
Source: Business and financial news - CNNMoney.com | 22 Jun 2010 | 1:36 pm

Asian millionaires beat Europe in rich list

The net wealth of Asian millionaires has eclipsed that of rich Europeans for the first time, largely because of the relative health of stock markets in Hong Kong, India and China last year, according to a new survey
Source: Financial Times - US homepage | 22 Jun 2010 | 1:32 pm

Steve Cohen Sells Dandy

Edouard Manet’s “Self Portrait with a Palette” sold tonight in London for 22.4 million pounds ($33.2 million) with fees, a record for the artist at auction. The 1878 painting, showing Manet dressed as a Parisian dandy, rather than as a working artist, is a well-known highlight of the art collection formed by Steven A. Cohen, founder of SAC Capital Advisors LP. Cohen paid $18.7 million for the painting at Christie’s International’s 1997 auction of the collection of the Wall Street financier John Loeb. The seller wasn’t named by Sotheby’s.

[Bloomberg]

Sotheby - London - Steven Cohen - Painting - Christie
Source: Dealbreaker | 22 Jun 2010 | 1:29 pm

Number Of Millionaires Hit 10 Million In 2009, No Word On Poor

According to the Merrill Lynch/ CapGemini “State of the World’s Wealth” report, the number of high net worth individuals rose 17.1% last year to 10 million. Their total assets combined increased 18.9% to $39 trillion. The US, Japan, and Germany accounted for 53.5% of the world’s wealthy, which raises the question of how many really [...]

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Source: 24/7 Wall St. | 22 Jun 2010 | 1:27 pm

A divide over sustaining global recovery

U.S. and Europe are at odds over how to steer the global economy. Europe, and much of the world, is sailing toward austerity. The U.S. wants more government spending. Nancy Marshall Genzer reports.
Source: Marketplace | 22 Jun 2010 | 1:25 pm

Some Incredibly Discouraging News Indicating We May Not Yet Be Out Of The Woods

It was just last month that we noted that you could once again buy that $300,000 car you’d had your eye on without people judging you. “I have the cash for this thing and I don’t have to worry about someone thinking I’m a douchebag for buying this thing,” you were finally able to say to no one in particular. It felt good! No, it felt great, particularly for those of you who were so excited the good times were back you chose to spring for the auto-fellate enabling dashboard tilt feature. And now, this. This total crock:

[Before the shit hit the fan] many financiers took it a step further. Hedge-fund manager Jim Chanos (of Enron fame) has kept an office in East Hampton for years. Hayground Cove founder Jason Ader works from his East End home on weekends and the occasional Friday. Why stick around the city on a summer Friday when you can log on and invest from the beach? But the wave of “beach bankers” who opened temporary summer offices crashed along with the stock market three years ago. Realtor Robert Kohr of Elliman told me that during the boom, groups of Manhattanites would often turn home rentals from $50,000 to $100,000 into summer offices. One innovative CEO, Brian Villante of Grace Financial, opened a “hedge-fund hotel” in Southampton in 2005. Leasing East End office space to other money managers seemed like a good idea when virtually everyone was hanging out a shingle in the $2 trillion hedgefund industry. But in the jittery post-crisis world, fewer financial types are swapping their loafers for flip-flops. Last year Villante shuttered the hotel and decided to take advantage of the cheaper rents himself: His mini broker-dealer reopened in a single-firm location next door to Saks Fifth Avenue.

God damn these people! You will set up your offices out East in order to give us a sense of confidence and you will like it. And on a related note, here’s a q: why must Jim Chanos always be the one who has to do all the heavy lifting? Why does he have to be the guy always holding this place up like Atlas? I mean, really.

Hedge fund - Business - Enron - Investing - Saks Fifth Avenue
Source: Dealbreaker | 22 Jun 2010 | 1:13 pm

Drilling Moratorium Killed By Court, Obama Plan Rejected

The US District Court for the Eastern District of Louisiana ruled that the six month moratorium set for deepwater drilling would cause irretrievable loss to the plaintiffs and irreparable harm to their business. Hornbeck Offshore Services had brought the suit. In the ruling, the court granted a temporary restraining order against the government’s actions to [...]

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Source: 24/7 Wall St. | 22 Jun 2010 | 1:08 pm

NY cigarette tax puffs up prices

The New York State legislature passed a bill that will increase taxes on cigarettes by $1.60. That could mean New Yorkers might pay upwards of $9 to puff. Cigarette taxes are an easy way to raise revenue, but Jeremy Hobson reports other states aren't racing to follow New York's lead.
Source: Marketplace | 22 Jun 2010 | 1:04 pm

Banks hit by £2bn yearly levy in UK

Banks in the UK will be forced to pay more than £2bn in a new annual levy expected to be the first of a series of taxes on large financial institutions in several developed economies
Source: Financial Times - US homepage | 22 Jun 2010 | 1:03 pm

Does a Discount Make Target Card a Deal? (Card Sharp)

Whether a 5% break on purchases makes this store card worth getting.

Source: SmartMoney.com | 22 Jun 2010 | 12:59 pm

Divorce and Your Retirement Accounts (The Tax Guy)

Some pitfalls to avoid when dividing up IRAs and 401(k)s.

Source: SmartMoney.com | 22 Jun 2010 | 12:49 pm

A look at global economic developments (AP)

AP - A look at economic developments and activity in major stock markets around the world Tuesday:
Source: Yahoo! News: Stock Markets News | 22 Jun 2010 | 12:43 pm

Cracks Found in Boeing 767 Engine Pylons

Since its introduction in 1982, the 767 from Boeing Co. (NYSE:BA) has accounted for sales of more than 1,000 planes. Recent discovery of cracks in the engine pylons, which attach the engine to the wing, have raised safety concerns and sparked the FAA to inspect 56 767s belonging to American Airlines (NYSE:AMR). So far the [...]

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Source: 24/7 Wall St. | 22 Jun 2010 | 12:39 pm

Please, Please! Don’t Ask Elon Musk If He Can Spot You Some Cash

Rather, ask yourselves what you can do to help Mr. Musk during this rough patch. Because the PayPayl and Tesla founder, according to himself, has no money and it thisclose to turning tricks in order to get by.

Mr. Musk is a member of the PayPal Mafia — those serial entrepreneurs who, for a time, looked like the Brat Pack of the Valley. He made a fortune as a co-founder of PayPal, the e-commerce payments system. Not so long ago, he had more than $200 million in cash. Not bad for 38.

Now Mr. Musk, who is in the middle of a divorce, says his account is empty. Actually, less than empty. He says he invested his last cent in his businesses and is living off loans from his wealthy friends. He subsists, according to court filings, on $200,000 a month and still flies his private jet. “About four months ago, I ran out of cash,” Mr. Musk acknowledged in a divorce court filing that was widely circulated among the West Coast digital elite.

Elon Musk, PayPal Pioneer, Is Paper-Rich, Cash-Poor [NYT via Daily Intel]

Elon Musk - Tesla Motors - PayPal - PayPal Mafia - Brat Pack of the Valley
Source: Dealbreaker | 22 Jun 2010 | 12:16 pm

The problems with home mod. program

The Treasury Department's latest report says the Home Affordable Modification Program has only helped about 340,000 people get their loan payments reduced. And more than a third of the borrowers enrolled in the program have dropped out. Stacey Vanek-Smith reports.
Source: Marketplace | 22 Jun 2010 | 12:11 pm

Economic troubles lead to 'end of men'

Some of the few industries still hiring are dominated by women, while other industries classically staffed by men are slowly dying out. The Atlantic's Hanna Rosin talks with Kai Ryssdal about an article she wrote that discusses why men are getting squeezed out of the economy.
Source: Marketplace | 22 Jun 2010 | 11:46 am

Letters: Hedge fund, BP, retail music

Kai Ryssdal reviews what listeners had to say about stories involving an Upright Citizens Brigade hedge fund manager skit, Britain's view on the BP oil spill, and shopping music.
Source: Marketplace | 22 Jun 2010 | 11:46 am

China's only children carry family hope

Imagine a life with no siblings, cousins, aunts or uncles. For many children in China that's the reality almost 30 years after the country banned hundreds of millions of Chinese from having more than one child. Scott Tong takes a look at life as an only-child in urban China.
Source: Marketplace | 22 Jun 2010 | 11:46 am

France Loses; Warren Buffett Wins

Source: NPR Blogs: Planet Money | 22 Jun 2010 | 11:46 am

U.K. aims to control deficit with big cuts

Britain's new government unveiled its first budget, and austerity was the main theme to put it mildly. It was the most draconian budget in the U.K. for three decades. The aim: to convince investors that the country is serious about getting its massive deficit under control. Stephen Beard reports.
Source: Marketplace | 22 Jun 2010 | 11:45 am

Help Us Convince Goldman’s Media Team Lloyd Blankfein Should Go On Oprah

First off, this is not some absurd idea we came up with on our own. At an event in London this afternoon, Fiona Laffan, Goldman Sach’s head of media relations in Europe said that the bank is tossing around the idea of 1) advertising on TV and 2) Blankfein appearing on Oprah’s couch.
“There are people [in the bank] who think we should go on ‘Oprah’,” Laffan said. Unfortunately, the genius plan is facing some resistance from both Fiona and her counterpart in the states. “I’m not one of them,” Fiona added, and when we called Lucas van Praag to get his take, were told, “We have huge respect for Oprah’s program but at this time no plans to participate.” WE DO NOT ACCEPT THIS. It’s natural for press people to be nervous about how their organizations are going to be perceived and want to pump the brakes on something that could go incredibly wrong, but, with all due respect, in this case, LvP does not know what’s up. We need Lloyd jumping in a couch. We need him passing out the ridiculous gifts audience members receive. And we’ll do whatever it takes to make this happen. And I do mean anything.

Update: Anonymous had a brilliant idea (which I then built on): In addition to Oprah, LB should appear on a different talk/reality show each week. Chelsea Lately, Wife Swap, Kate + 8, Cheaters, Dancing With the Stars, HOARDERS.

London - Oprah Winfrey Show - Television - Advertising - Oprah
Source: Dealbreaker | 22 Jun 2010 | 10:58 am

Presented By:

Source: Dealbreaker | 22 Jun 2010 | 10:58 am

5 Reasons to Start Your International Business Online

Image: Bull3t/Flickr

This is a guest post by the staff of Lingo24.

Times are tough for start-ups. Banks don’t want to lend big, venture capitalists are holding onto their money and entrepreneurs with great start-up ideas are having a tough time finding the funds they need to get started.

The thing is, though, doing business in the age of omnipresent internet access means you no longer need anywhere near the same amount of start-up capital. There are numerous ways you can get established as an international business at minimal cost by simply using the global connectivity of the web. Here are five of those ways.

Working from home

Offices are expensive. You have to pay rent, utilities, insurance, and so forth – money that simply goes down the drain during your early months, before you start to turn a profit. You likely already rent or own a home, though, so why not work from your spare bedroom? With a well-designed website your company will be as reputable as if you had a walk-in office on the high street.

For instance, take the example of Australian record label Future Classic, which conducts the majority of its business via its very slick website, with the majority of its sales being made in Europe, especially Germany, even though they have no physical office space in Europe and work solely from a home office in Sydney.

Get other people working from home

When you start making enough money to employ other people, you’ll want to employ the best people for the job, not just those who live within commuting range of your potential office site. Hiring people around the world to work from home has numerous benefits – lower costs all round, flexible working hours, flexible pay structures (by project rather than by the hour, as well as lower base wages in some countries).

More important, though, is the potential to cover multiple time zones and offer a 24-hour service. With staff members working from home in every time zone you can have your phones and email manned 24 hours a day, ready to deal with customer requests at any time – an essential part of the global takeover strategy that we’ll delve into later.

Use the web for your communications

But, you may ask yourself, if I have people working from home all around the world, how will we communicate without spending a fortune on phone bills? This is where web communication tools like Skype and social media come into their own. Skype’s instant messaging and phone call service are a free, easy and instant way to stay in contact with your work force, where ever they are in the world.

Then there’s social media networks designed for work, like Yammer and LinkedIn, that help to foster a feeling of community amongst staff, as well as an easy way of fielding questions to the entire workforce via status updates.

Google Docs is another boon for your work force diaspora, as it allows multiple people to work on and edit the one document simultaneously, eliminating the time spent sending documents back and forth. There are dozens of other handy apps out there to aid international collaboration through the internet.

Market yourself online

Perhaps the most cost-effective element of conducting business via the internet is the savings you can make in marketing. Think of the amount of money you need to advertise your services through traditional media, such as print, TV and radio. Then compare that to the nominal budgets you can set for pay-per-click (PPC) advertising to get you straight to the top of the search rankings. PPC allows you to set a nominal budget (say, $20 a month) and review your results monthly to see which keywords are bringing the most click-through traffic and which deserve more budget.

Search engine optimization (SEO) is the organic way to make sure your website appears in the Google rankings, and while SEO strategies are constantly evolving, it’s easy enough to teach yourself using the many information resources online. There are three essential elements for ranking highly in Google right now, which are: the right keywords, good back-links and original content.

You need to make sure you’re using the right keywords for your market – you can research how often keywords are being used in searches with tools like Google Keywords, to make sure you’re using a good mix of popular ‘short tail’ and more specific ‘long tail’ keywords.

You also want to have as many reputable websites as possible linking to your site, to prove your relevance in internet-land – this can be achieved by link-swapping, or contributing guest content to websites in your industry.

Finally, making sure your own site is constantly updated with fresh, original content that’s useful to the visitor will help to ensure you get your deserved place in the page rankings.

Then there’s social media, which allows you to engage directly with your customers and communicate news and information to them directly via tweets and status updates, which can be handily consolidated using apps like Ping and HootSuite that allow you to post an update once and have it appear across all of your social media profiles.

Expand internationally

The whole point of building up your international staff network and web presence is to then be able to expand into foreign markets. When you have an online business you’re global by definition – anyone can access your site and buy from you, and that’s a potential audience of 1.8bn consumers. However, the catch is that 85% of online consumers will only buy from a site on which they can read about the product in their own native language (Common Sense Advisory).

That’s why localization is key – you need to identify which foreign markets have a gap for your product or services, and then build sites that are specifically-designed for those markets, with web design angled towards each culture’s aesthetic preferences and copy written and translated by in-country professionals.

Localization has proven return on investment – the Localization Industry Standards Association found that each dollar spent on localisation yields a $25 return, and when your localization strategy is employed via the internet, your only costs are for translation, web design, online marketing and employing home-based staff in your target countries – far cheaper than getting established on the ground by building physical outlets in each country.

By keeping your costs down in the early years through working from home, communicating using web based technology, and marketing your business on the internet, any business can grow from a bedroom start-up to a major international player.

Global translation and localization company Lingo24 was launched in 2001 and now employs some 4,000 professional freelance translators covering a hundred different language combinations. Follow Lingo24 founder Christian on Twitter: @Lingo24chr.

Source: Business Pundit | 22 Jun 2010 | 10:08 am

Judge Overturns Offshore Drilling Moratorium

Image: Eschipul/Flickr

A federal judge has overturned the Obama administration’s 6-month moratorium on new deepwater offshore drilling projects. Obama plans to appeal the decision. The New York Times has more:

Several companies that ferry people and supplies and provide other services to offshore drilling rigs asked U.S. District Judge Martin Feldman in New Orleans to overturn the moratorium, arguing it was arbitrarily imposed. Feldman agreed, saying in his ruling the Interior Department assumed that because one rig failed, all companies and rigs doing deepwater drilling pose an imminent danger.

The Interior Department said it needed time to study the risks of deepwater drilling. But the lawsuit filed by Hornbeck Offshore Services of Covington, La., claimed there was no proof the other operations posed a threat.

In Louisiana, Gov. Bobby Jindal and corporate leaders said the moratorium would force drilling rigs to leave the Gulf of Mexico for lucrative business in foreign waters. They said the loss of business would cost the area thousands of lucrative jobs, most paying more than $50,000 a year. The state’s other major economic sector, tourism, is a largely low-wage industry.

But in its response to the lawsuit, the Interior Department said the moratorium is necessary as attempts to stop the leak and clean the Gulf continue and new safety standards are developed.

The Huffington Post analyzes what might happen next:

The administration’s appeal of the ruling seems likely to ensure that the moratorium will stay in place for the time being – at least until the 5th Circuit determines whether they will hear the case and/or uphold or change the ruling. Indeed, it is not beyond the realm of reason that the appeals process could be dragged out at least until the administration is satisfied that the 33 wells where drilling has been put on halt, are sufficiently safe.

Source: Business Pundit | 22 Jun 2010 | 9:49 am

Three Signs Housing's Getting Weaker

Source: NPR Blogs: Planet Money | 22 Jun 2010 | 9:38 am

Apple Sells Three Million iPads–Could Be A $5 Billion Product In 2010

Apple today announced that it sold its three millionth iPad yesterday, just 80 days after its introduction in the US. iPad is a revolutionary and magical product that allows users to connect with their apps, content and the Internet in a more intimate, intuitive and fun way than ever before, the company said. “People are [...]

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Source: 24/7 Wall St. | 22 Jun 2010 | 9:34 am

Shilling, Orenbuch, Levkovich, Blanchflower, Vina: Surveillance

Source: Bloomberg - All Podcasts | 22 Jun 2010 | 9:33 am

Luigi Zingales, Conrad Dequadros: Bloomberg On the Economy

Source: Bloomberg - All Podcasts | 22 Jun 2010 | 9:30 am

John Bogle Says ETF Long -Term Speculation `Insane': Audio

Source: Bloomberg - All Podcasts | 22 Jun 2010 | 9:16 am

Lee on Oil Industry, Marta on Stocks: First Word

Source: Bloomberg - All Podcasts | 22 Jun 2010 | 9:13 am

Want To Have Dinner With Margaret Brennan?

You can! Provided you pay up– Bloomberg is auctioning off dinner with your choice of anchor in addition to a highly coveted “tour of the studio” (they’ll probably also let you ride their curved escalator while proffering the little factoid that it’s only one of four curved escalators in the world, if you play your cards right). Bidding ends at 1:30 today and is so far up to $225, with the “estimated value” placed at $1,250, which must mean you’re either eating Stephen Schwarzman-endorsed $400 crab claws or something huge happens after dessert (like you and Brennan go out and buy a hooker together).

Escalator - Bloomberg LP - Business - Materials and Supplies - Elevators and Escalators
Source: Dealbreaker | 22 Jun 2010 | 9:13 am

Housing Market Offers Expected Drop (Early Bird)

WHAT'S HAPPENING NOW: Existing homes sales slipped 2.2% in May, and another drop is likely.

Source: SmartMoney.com | 22 Jun 2010 | 9:01 am

Existing Home Sales Plummet

In another sign that HAMP and low interest rates are not helping home sales, The National Association of Realtors reported that existing homes sales dropped in May. Analysts had expected an increase. Housing market activity is still being pressured by high unemployment, which has undercut the number of buyers, and a rising foreclosure rate which [...]

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Source: 24/7 Wall St. | 22 Jun 2010 | 8:16 am

The Cash-Poor Billionaire

Source: NPR Blogs: Planet Money | 22 Jun 2010 | 7:10 am

Orszag 'Made Nerdy Sexy.' Now He's Leaving.

Source: NPR Blogs: Planet Money | 22 Jun 2010 | 6:36 am

States Probe Google Street View

About 30 US states may investigate Google for illegally collecting private information from unsecured wireless networks when taking pictures for its Street View program. The LA Times has more:

(When driving past homes to take pictures for Street View) Google did not disclose to users…that its cars were also fitted with radio receivers meant to gather information about home and business Wi-Fi networks in the areas where the cars were traveling. Because Wi-Fi networks tend to be static — like street names and ZIP Codes — they are useful for Google applications that need to triangulate the current location of mobile phones — as when Google Maps is helping a user determine driving directions.

However, along with the names of the Wi-Fi networks, Google was also collecting private information that was traveling across those networks — much of it from people who had failed to password-protect their personal networks. In the three years that its fleet of cars has been roving the streets, Google says it has collected 600 gigabytes of unsecured data.

The company has apologized for collecting the private data, saying it failed to realize that its software was sniffing the data out of the air. Google maintains it has not used or analyzed the data for any of its products and has begun destroying the data in several countries where it was requested to do so.

“It was a mistake for us to include code in our software that collected payload data, but we believe we did nothing illegal. We’re working with the relevant authorities to answer their questions and concerns,” a Google representative said in a statement.

Google was collecting MAC (media access control) addresses, SSIDs (service set identifiers), and unencrypted Wi-Fi network content, according to privacy expert Alexander Hanff. Such content could include email addresses and Web browsing information. Collecting network content is criminal in some places, writes Hanff, which is probably why Google apologized right away. He also says that

the data is incredibly rich as it contains the IP address of the user, the IP addresses of the services they are using, the content of those communications such as web pages or emails and more importantly it was tagged with GPS data.

Google already stores and retains IP addresses and search data and over time builds up a profile of individuals based on their online behaviours, which it argues allows it to deliver more relevant advertising. But one thing Google has not been able to do until now is accurately predict where you live (unless you tell them), as IP addresses are not generally registered to a real person – they are usually registered to your Internet Service Provider (ISP) which in turn allocates an IP address to you.

Whereas there is limited geographical information on an IP address – usually to the country level though sometimes more granular – by correlating this Wi-Fi data with existing IP data Google would then be in a position to determine your geographical location to literally within a few meters. There is a real value in this for location-based advertising, which attracts a premium compared to generic advertising as it is more focused.

He goes on to explain why Google should be held legally accountable here.

French authorities are also in the process of deciding whether to prosecute Google for the same issue.

How much responsibility Google has for obtaining information that was publicly visible anyway is up for debate (as herds of lawyers seem to be proving). To me, what makes this case creepy is the same thing that makes any Google data collection creepy. That is, Google may collect and organize data for its own commercial purposes, but governments, in turn, could request that data for different, potentially more sinister purposes. For example, Google has handed over its Street View user data to the governments of Germany, France, and Spain. I doubt the governments can do much with this particular data, but the point is that Google can collect information and hand it over to governments, who may then use it for anything from criminal investigations to censorship.

Interestingly enough, Google itself has a new tool that tracks government requests for its data. Brazil is leading the pack, but the US is close behind. I’d love to see the tool record statistics on what that data is being used for.

Source: Business Pundit | 22 Jun 2010 | 6:16 am

Ringo Starr, Redefined for Gen-Yers?

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

New Bank Fees: How to Fight Back

The first and biggest casualty in the new fee assault: free checking.

Source: SmartMoney.com | 22 Jun 2010 | 3:47 am