Russia 'boosting' Belarus gas

Russia's Gazprom says it is resuming full gas supplies to Belarus after receiving payment for outstanding gas bills.
Source: BBC News | Business | World Edition | 24 Jun 2010 | 4:15 am

Modest moves for Asia as Australia greets new PM

Asian markets log modest moves Thursday, pressured by the Federal Reserve's downgrade of its outlook on the U.S. economy. Australia's resource shares outperform amid optimism that the nation's new prime minister will soften the government's stance on a controversial mining tax.

Source: MarketWatch.com - Top Stories | 24 Jun 2010 | 4:15 am

Russia restores full gas supplies to Belarus

Russia plans to resume gas supplies to Belarus in full after Minsk paid its debt to state-controlled gas firm Gazprom, settling the two nations’ latest energy dispute.

Source: MarketWatch.com - Top Stories | 24 Jun 2010 | 4:14 am

Europe Markets: European shares lower after Fed's cautious view

European shares edged lower on Thursday in the first opportunity for Continental investors to react to the Federal Reserve’s more downbeat language on economic growth.

Source: MarketWatch.com - Top Stories | 24 Jun 2010 | 4:08 am

Number crunch

Key savings in the Budget and how they stack up
Source: BBC News | Business | World Edition | 24 Jun 2010 | 4:06 am

Meet Arizona's lion butcher

A small Arizona restaurant found itself at the center of a nationwide backlash that included a bomb threat after it announced plans to offer lion burgers this week as part of a World Cup promotion.
Source: Business and financial news - CNNMoney.com | 24 Jun 2010 | 4:06 am

World stocks slide on Fed caution (AP)

AP - World stock markets mostly fell Thursday after the U.S. Federal Reserve struck a note of caution in its latest assessment of the world's biggest economy, indicating Europe's debt crisis poses a risk to the recovery.

Source: Yahoo! News: Business News | 24 Jun 2010 | 4:04 am

Can Apple Overtake ExxonMobil As #1 By Market Cap? (AAPL, XOM, MSFT, BP, XTO, USO)

24/7 Wall Street keeps a list of America’s biggest companies by market capitalization rates in its own proprietary Real-Time 500.  The issue worth consideration here may seem rhetorical, yet it is almost hard to fathom in thought.  Apple Inc. (NASDAQ: AAPL) could overtake ExxonMobil Corporation (NYSE: XOM) as the largest company in America by market [...]

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Source: 24/7 Wall St. | 24 Jun 2010 | 4:02 am

The Odd German Theory: Growth And Austerity Go Together

Ahead of the G20 meeting in Toronto and on the heels of a series of austerity programs announced by countries throughout Europe, Germany has made the argument that its austerity program goes hand in hand with growth. It is an odd assertion since most economist believe that government spending cuts and job eliminations cause slowing [...]

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

AXA sells some UK units to Resolution (AP)

AP - British buyout fund Resolution Ltd. said Thursday that it has agreed to acquire a package of U.K. businesses from French insurer AXA SA in a deal worth 2.75 billion pounds ($4.1 billion).
Source: Yahoo! News: Business News | 24 Jun 2010 | 3:56 am

The IPO market roars back

For promising companies looking for capital, the once-dead IPO market is becoming attractive again -- especially for those backed by investors eager to cash out.
Source: Business and financial news - CNNMoney.com | 24 Jun 2010 | 3:54 am

YouTube wins $1 billion copyright fight

Google triumphed in a nasty, three-year war with Viacom on Wednesday as a federal court ruled that Google's YouTube subsidiary is not liable for its users' copyright infringements.
Source: Business and financial news - CNNMoney.com | 24 Jun 2010 | 3:52 am

AP check: Shoddy disposal work mars oil cleanup (AP)

AP - A leaky truck filled with oil-stained sand and absorbent boom soaked in crude pulls away from the beach, leaving tar balls in a public parking lot and a messy trail of sand and water on the main beach road. A few miles away, brown liquid drips out of a disposal bin filled with polluted sand.

Source: Yahoo! News: Business News | 24 Jun 2010 | 3:47 am

Toyota CEO Apologizes To Shareholders

Toyota Motor (NYSE: TM) CEO Akia Toyoda spent most of the company’s annual meeting today trying to gain back shareholder trust and explain how the Japanese automaker will regain its footing. “I apologize deeply for the concerns we have caused,” he said according to a number of media sources. “We believe our most important task [...]

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Source: 24/7 Wall St. | 24 Jun 2010 | 3:45 am

Indications: Growth worries weigh on U.S. stock futures

U.S. stock futures are pointing to opening losses Thursday on worries about the economy, ahead of the release of indicators on durable-goods orders and jobless claims.

Source: MarketWatch.com - Top Stories | 24 Jun 2010 | 3:44 am

Olympics 2012 fans must use Visa

Payment card Visa's sponsorship deal for the London 2012 Olympic Games means restrictions will be in place for UK spectators.
Source: BBC News | Business | World Edition | 24 Jun 2010 | 3:33 am

Toyota president apologizes to shareholders (AP)

AP - Toyota Motor Corp. President Akio Toyoda bowed deeply and apologized to shareholders Thursday for the troubles caused by massive global recalls of the company's vehicles.

Source: Yahoo! News: Business News | 24 Jun 2010 | 3:25 am

New iPhone in short supply at Japan launch (AP)

AP - Apple's newest iPhone was in short supply just hours after its global launch began in Tokyo on Thursday morning as hundreds queued outside stores across the city to become among the first in the world to own the device.

Source: Yahoo! News: Business News | 24 Jun 2010 | 3:25 am

G-20 leaders facing worries about rising deficits (AP)

AP - World leaders who addressed a severe economic crisis with an unprecedented show of strength last year are finding it harder to maintain their solidarity in the face of new challenges.

Source: Yahoo! News: Business News | 24 Jun 2010 | 3:25 am

Stocks seen pulling back

U.S. stocks were poised to fall early Thursday amid growing anxiety about the economic recovery.
Source: Business and financial news - CNNMoney.com | 24 Jun 2010 | 3:19 am

Pension age to rise to 66 in 2016

The government is to outline proposals which could push the age people can claim state pensions to as high as 70.
Source: BBC News | Business | World Edition | 24 Jun 2010 | 3:18 am

Stock futures fall on economic growth worries (Reuters)

Reuters - Stock index futures pointed to a lower open on Wall Street on Thursday, with futures for the S&P 500, Dow Jones and Nasdaq down 0.6 to 1.1 percent at 4:44 a.m. EDT.

Source: Yahoo! News: Stock Markets News | 24 Jun 2010 | 3:17 am

Stock futures fall on economic growth worries

(Reuters) - Stock index futures pointed to a lower open on Wall Street on Thursday, with futures for the S&P 500, Dow Jones and Nasdaq down 0.6 to 1.1 percent at 4:44 a.m. EDT.

Source: Reuters: Business News | 24 Jun 2010 | 3:17 am

Aussie dollar relinquishes initial gain on new PM

The Australian dollar seized the spotlight in Asian currency trading Thursday, falling back after rallying earlier as the country’s new leader raised hopes that a controversial mining-tax proposal will be modified.

Source: MarketWatch.com - Top Stories | 24 Jun 2010 | 3:09 am

Apple Likely To Sell One Million iPhones Today

Odds are strong that Apple Inc. (NASDAQ: AAPL) will sell one million iPhones today. The smartphone will launch in the US and several large wireless markets including the UK, France, Germany, and Japan. Early news is that the new iPhone is already sold out in Japan. Usually, the international release of Apple products comes several [...]

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Source: 24/7 Wall St. | 24 Jun 2010 | 3:08 am

Should You Switch to Satellite TV? (Deal of the Day)

Dish Network, DirecTV drop prices. What to consider before switching.

Source: SmartMoney.com | 24 Jun 2010 | 3:01 am

To Short, or Not to Short? (Common Sense)

Stewart: We used ETFs to bet on a stock market dip -- but it didn't work out quite as we planned.

Source: SmartMoney.com | 24 Jun 2010 | 3:00 am

London Markets: Mineral extractors pressured in British trading

London-listed miners were lower on Thursday, as investors eyed a more downbeat view on U.S. economic growth and a change of leadership in Australia.

Source: MarketWatch.com - Top Stories | 24 Jun 2010 | 2:56 am

BAA profit update shakes off ash

BAA revises down its 2010 earnings forecast by £10m, despite the disruption caused by volcanic ash and the BA strikes.
Source: BBC News | Business | World Edition | 24 Jun 2010 | 2:53 am

Fury as ministers ask public workers to suggest their own spending cuts

David Cameron and Nick Clegg have come under attack for having the "damned cheek" to write to public sector workers asking for ideas on spending cuts.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 24 Jun 2010 | 2:48 am

Gillard replaces Rudd as Australian PM

Former leader bows to pressure and stands down, making his deputy Australia’s first female prime minister
Source: Financial Times - US homepage | 24 Jun 2010 | 2:46 am

The GM IPO Loses Its Window

There are more rumors that GM will have an IPO before the end of the year. The latest gossip is that the Treasury will sell 20% of its shares in the process, get taxpayers some of their investment in GM back, cutting the government’s stake to below 50%. The prospects for a GM offering were [...]

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Source: 24/7 Wall St. | 24 Jun 2010 | 2:42 am

H&M's second-quarter profit rises 24%

Fashion retailer Hennes & Mauritz AB reports Thursday a 24% rise in fiscal second-quarter net profit and signals optimism about its expansion plans, even as its same-store sales dropped in May.

Source: MarketWatch.com - Top Stories | 24 Jun 2010 | 2:39 am

Pension age shake-up will 'reinvigorate retirement' claims Nick Clegg

Shake-up that will see millions working into their seventies will "reinvigorate what retirement means", deputy PM Nick Clegg claimed.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 24 Jun 2010 | 2:36 am

World stocks lose ground after Fed statement (AP)

AP - World stock markets retreated Thursday after the U.S. Federal Reserve struck a note of caution in its latest assessment of the world's No. 1 economy.

Source: Yahoo! News: Stock Markets News | 24 Jun 2010 | 2:33 am

Look who's profiting from the oil spill

It's six o'clock on a sticky Louisiana morning when Captain Peace Marvel takes the day's first BP-related call. His job: Match out-of-work captains of charter fishing boats with scientists needing a lift to the oil slick. A captain himself, Marvel, 43, is now working 18-hour days at his one-month-old company, PeaceKeeper Logistics, which he set up to win work from BP. "When we realized the scope of the spill, it was the only thing to do," he says. "All I'm handling is one little piece of the pie."
Source: Business and financial news - CNNMoney.com | 24 Jun 2010 | 2:32 am

For homebuyers, a bit of good news

Several banks are gearing up to do a whole lot more mortgage lending in the future.
Source: Business and financial news - CNNMoney.com | 24 Jun 2010 | 2:31 am

Looking Back, The Fed Never Cut Enough

The housing market is in trouble, and perhaps enough trouble that it will be the one sector of the economy that will face  a  double-dip recession. The idea that housing is related to unemployment is finally in vogue, as it should be. The HAMP plan did not work for several reasons, among them that borrowers [...]

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

4 reasons why Obama must cut spending

Of all the highlights of Allan Meltzer's half-century as a distinguished monetarist -- advising Presidents Kennedy and Reagan, producing celebrated books on John Maynard Keynes and the history of the Federal Reserve -- none proved more memorable than a crisis session at 10 Downing Street in mid-1981.
Source: Business and financial news - CNNMoney.com | 24 Jun 2010 | 2:21 am

Resolution to buy AXA unit for $4.1 billion

Life insurance buyout group Resolution said Thursday it’s going to acquire the U.K. life and pensions business of France’s AXA for up to 2.75 billion pounds ($4.11 billion).

Source: MarketWatch.com - Top Stories | 24 Jun 2010 | 2:19 am

Lawmakers renew focus on China after yuan stalls

WASHINGTON (Reuters) - Senators said on Wednesday they were unmoved by China's steps to partly free the yuan and vowed to push forward legislation to punish a Chinese currency misalignment they say distorts trade and steals jobs.

Source: Reuters: Business News | 24 Jun 2010 | 2:15 am

Resolution pays £2.75bn for AXA UK life arm

Resolution, the investment vehicle of insurance entrepreneur Clive Cowdery, has agreed to buy the Axa's UK life insurance in a £2.75bn deal.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 24 Jun 2010 | 2:07 am

AXA Announced Today That It Has Reached an Agreement With Resolution Ltd to Dispose Part of Its UK Life & Savings Operations

Source: RSS feed - channel BNewsBusiness | 24 Jun 2010 | 2:07 am

Sweden's Hennes & Mauritz Q2 profit jumps 25 pct (AP)

AP - Swedish fashion retailer Hennes & Mauritz AB on Thursday reported a near 25 percent jump in second-quarter net profit, boosted mainly by a weaker dollar, lower raw material costs and increased efficiencies.
Source: Yahoo! News: Business News | 24 Jun 2010 | 1:57 am

Media Digest 6/24/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   BP plc (NYSE: BP) began to siphon oil again. Reuters:   The Wall St. reform bill is almost done. Reuters:   Venezuela will nationalize some oil rigs owned by a US company. Reuters:   The Fed weakened its view of the economy. Reuters:   Senators are not satisfied with the Chinese move on the yuan. Reuters:   Verizon (NYSE: [...]

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Source: 24/7 Wall St. | 24 Jun 2010 | 1:51 am

Resolution buys AXA businesses in UK

British insurer Resolution announced Thursday it has acquired French insurer AXA's life insurance and savings businesses in Britain for 2.75 billion pounds (3.3 billion euros, 4.0 billion...
Source: RSS feed - channel BNewsBusiness | 24 Jun 2010 | 1:46 am

Resolution buys AXA businesses in UK (AFP)

AFP - British insurer Resolution announced Thursday it has acquired French insurer AXA's life insurance and savings businesses in Britain for 2.75 billion pounds (3.3 billion euros, 4.0 billion dollars).

Source: Yahoo! News: Business News | 24 Jun 2010 | 1:45 am

Caterpillar, Wacker Neuson SE Announce Strategic Alliance

Source: RSS feed - channel BNewsBusiness | 24 Jun 2010 | 1:45 am

Hayward replaced as oil team boss

BP hands over the day-to-day running of its response to the Gulf of Mexico oil spill to managing director Bob Dudley.
Source: BBC News | Business | World Edition | 24 Jun 2010 | 1:42 am

CORRECTED - UPDATE 1-Adcock, Merck team up to promote drugs in S.Africa

(Corrects story to make clear it is U.S. company Merck & Co not German company Merck KGaA)
Source: RSS feed - channel BNewsBusiness | 24 Jun 2010 | 1:41 am

Friends Provident CEO (UK) Ltd Interviewed On Potential Acquisition

Source: RSS feed - channel BNewsBusiness | 24 Jun 2010 | 1:40 am

Google wins Viacom copyright case

Google wins a landmark copyright ruling after a judge throws out a $1bn lawsuit brought by Viacom against its YouTube service.
Source: BBC News | Business | World Edition | 24 Jun 2010 | 1:37 am

London stocks climb at open (AFP)

AFP - Stocks in London were upbeat at the start of trading on Thursday led by commodity producers.

Source: Yahoo! News: Stock Markets News | 24 Jun 2010 | 1:35 am

Oil falls to near $76 amid signs US economy weak

Oil prices fell to near $76 a barrel Thursday in Asia amid signs the U.S. economic recovery and demand for crude remain uneven. Benchmark crude for August delivery was down 26 cents to...
Source: RSS feed - channel BNewsBusiness | 24 Jun 2010 | 1:29 am

Bathroom cartel fined 622m euros

The European Commission fines 17 bathroom equipment makers a total of 622m euros for price-fixing in Europe.
Source: BBC News | Business | World Edition | 24 Jun 2010 | 1:19 am

Robot nudge foils Gulf oil collection for a day

One nudge by a deep-sea robot, and BP had to back off its most effective method so far for containing the Gulf of Mexico oil leak. After being removed for much of the day Wednesday,...
Source: RSS feed - channel BNewsBusiness | 24 Jun 2010 | 1:15 am

Currys firm DSG returns to profit

DSG International, the owner of the UK retail chains Currys and PC World, reports a return to annual profit.
Source: BBC News | Business | World Edition | 24 Jun 2010 | 1:13 am

German finance minister warns of debt addictions

German Finance Minister Wolfgang Schaeuble warned eurozone peers and the United States on Thursday not to get hooked on borrowing, as a war of words brewed ahead of a G20 summit in Toronto.
Source: RSS feed - channel BNewsBusiness | 24 Jun 2010 | 1:10 am

UPDATE 1-D1 says Bromborough sale doubtful, shares fall

June 24 (Reuters) - Biofuels company D1 Oils said on Thursday it was doubtful about the completion of the sale of its Bromborough site, after the third-party buyer cited issues regarding timing and structure...
Source: RSS feed - channel BNewsBusiness | 24 Jun 2010 | 1:09 am

Oil spill: BP resumes siphon after accident

BP has resumed collecting oil from its leaking Gulf of Mexico well after an accident left oil gushing largely unchecked.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 24 Jun 2010 | 1:07 am

Campaign disclosure bill headed for House floor

Four months before midterm elections, Democrats are intent on pushing through the House legislation that requires stricter disclosure requirements on political activity by interest groups.
Source: RSS feed - channel BNewsBusiness | 24 Jun 2010 | 1:07 am

Business Bullet: Australia, Miners, BP, DSG

The latest news on: Australia, Miners, BP, DSG
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 24 Jun 2010 | 1:00 am

California alternative energy legislation gets broad backing

A compromise bill in the Legislature would require privately and publicly owned electric utilities to generate a third of their power from wind, solar and other clean sources by 2020.

The Gulf of Mexico oil spill is spurring California legislators and conflicting interest groups to settle past differences and adopt the nation's toughest renewable energy law to reduce the state's dependence on oil and serve as a model for other states.

Source: L.A. Times - Business | 24 Jun 2010 | 1:00 am

New-home sales plummet nearly 33% in May from April

Commerce Department says new homes sold at a seasonally adjusted annual rate of 300,000 units in May, a record low and an 18.3% drop from a year earlier. Sales in the West were down by more than half.

Sales of newly built U.S. homes collapsed in May, falling to a record low and stirring concerns among some economists that the housing market would stumble again now that a popular federal tax credit for buyers has expired.

Source: L.A. Times - Business | 24 Jun 2010 | 1:00 am

Facetime: Don Mischer on directing and producing the Oscars

Veteran of major TV events, including Olympics ceremonies and the inauguration of President Obama, is preparing for yet another high-exposure, high-risk telecast — the 83rd Academy Awards.

In several decades as a television producer, Don Mischer has sat at the controls of some of the world's premier live broadcasts. He has produced opening ceremonies at the Olympics, awards shows such as the Emmys and the inauguration of President Obama.

Source: L.A. Times - Business | 24 Jun 2010 | 1:00 am

Northrop Grumman to pay $12.5 million to settle whistle-blower suit

Northrop Grumman Corp. has agreed to pay the federal government $12.5 million to settle allegations that it neglected to test certain electronic parts it supplied for navigation systems in military airplanes, helicopters and spacecraft, the U.S. Justice Department said Wednesday.

Source: L.A. Times - Business | 24 Jun 2010 | 1:00 am

2011 Hyundai Sonata has its ups and downs

The new Hyundai Sonata is a superior value but a lousy drive.

Before Mario, Zelda and Donkey Kong pixilated themselves into our lives 25 years ago, people played board games. In our house, Chutes and Ladders reigned supreme. Essentially you navigated the board of squares. Landing on a square with a good deed sent you up a ladder. A square with a bad deed sent you spiraling down a chute in a fit of shame.

Source: L.A. Times - Business | 24 Jun 2010 | 1:00 am

Fannie Mae gets tough on homeowners who walk away

The mortgage giant plans to go to court against those who can afford to make their payments but decide it's not worth it. It also will limit their access to future loans.

Taking aim at homeowners who are able to pay their mortgage but decide it's not worth it, Fannie Mae plans to go after them in court and to limit their access to home loans for seven years.

Source: L.A. Times - Business | 24 Jun 2010 | 1:00 am

Lions Gate, MGM in merger talks

A deal to combine the two embattled studios would have to be approved by dissident Lions Gate stockholder Carl Icahn.

Lions Gate Entertainment, the embattled studio under siege from dissident investor Carl Icahn, has been holding merger discussions with the management of beleaguered Metro-Goldwyn-Mayer, according to people close to the situation.

Source: L.A. Times - Business | 24 Jun 2010 | 1:00 am

Big issues remain in financial reform negotiations

Lawmakers are trying to produce a final version of the financial reform bill by Friday, but many controversial elements must still be hashed out.

Laboring late Wednesday to complete a sweeping overhaul of financial industry regulations, congressional negotiators faced a self-imposed Friday deadline to take up some of the most controversial issues in the bill, ones that affect the pocketbooks of both consumers and big banking institutions.

Source: L.A. Times - Business | 24 Jun 2010 | 1:00 am

California alternative energy legislation gets broad backing

A compromise bill in the Legislature would require privately and publicly owned electric utilities to generate a third of their power from wind, solar and other clean sources by 2020. ...
Source: RSS feed - channel BNPaperBusiness | 24 Jun 2010 | 1:00 am

New-home sales plummet nearly 33% in May from April

Commerce Department says new homes sold at a seasonally adjusted annual rate of 300,000 units in May, a record low and an 18.3% drop from a year earlier. Sales in the West were down by more than half...
Source: RSS feed - channel BNPaperBusiness | 24 Jun 2010 | 1:00 am

Fannie Mae gets tough on homeowners who walk away

The mortgage giant plans to go to court against those who can afford to make their payments but decide it's not worth it. It also will limit their access to future loans. ...
Source: RSS feed - channel BNPaperBusiness | 24 Jun 2010 | 1:00 am

Lions Gate, MGM in merger talks

A deal to combine the two embattled studios would have to be approved by dissident Lions Gate stockholder Carl Icahn. ...
Source: RSS feed - channel BNPaperBusiness | 24 Jun 2010 | 1:00 am

2011 Hyundai Sonata has its ups and downs

The new Hyundai Sonata is a superior value but a lousy drive. Before Mario, Zelda and Donkey Kong pixilated themselves...
Source: RSS feed - channel BNPaperBusiness | 24 Jun 2010 | 1:00 am

Mortgage crisis could damp consumer consumption for years to come

Borrowers who defaulted could have low credit scores for years, crimping their spending. And changes in scoring and how it's applied could dramatically affect all Americans' ability to borrow. ...
Source: RSS feed - channel BNPaperBusiness | 24 Jun 2010 | 1:00 am

Facetime: Don Mischer on directing and producing the Oscars

Veteran of major TV events, including Olympics ceremonies and the inauguration of President Obama, is preparing for yet another high-exposure, high-risk telecast — the 83rd Academy Awards. ...
Source: RSS feed - channel BNPaperBusiness | 24 Jun 2010 | 1:00 am

Northrop Grumman to pay $12.5 million to settle whistle-blower suit

Northrop Grumman Corp. has agreed to pay the federal government $12.5 million to settle allegations that it neglected to test certain electronic parts it supplied for navigation systems in military airplanes,...
Source: RSS feed - channel BNPaperBusiness | 24 Jun 2010 | 1:00 am

Big issues remain in financial reform negotiations

Lawmakers are trying to produce a final version of the financial reform bill by Friday, but many controversial elements must still be hashed out. ...
Source: RSS feed - channel BNPaperBusiness | 24 Jun 2010 | 1:00 am

Lloyds TSB to cut overdraft fees

Lloyds TSB says it will be cutting the overdraft fees on its current accounts from December.
Source: BBC News | Business | World Edition | 24 Jun 2010 | 12:55 am

Asia Markets: Australia resource stocks cheer new prime minister

Shares of most resource names in Australia climb, with traders optimistic that the nation’s new prime minister will soften the blow of a hefty proposed tax on miners’ profits.

Source: MarketWatch.com - Top Stories | 24 Jun 2010 | 12:38 am

ECB's Trichet says susterity plans don't risk stagnation

FRANKFURT (Reuters) - Budget austerity plans will not drag the euro zone economy into stagnation, European Central Bank President Jean-Claude Trichet was quoted on Thursday as saying.

Source: Reuters: Business News | 24 Jun 2010 | 12:15 am

Currency: NZ dollar mixed after GDP

The New Zealand dollar dipped briefly after gross domestic product data and was volatile after Australia's ruling Labour Party dumped Kevin Rudd in favour of Julia Gillard."Kiwi was volatile on the news of a new Australian prime...
Source: nzherald.co.nz - Business | 24 Jun 2010 | 12:03 am

Venezuela to nationalise US oil rigs

Rafael Ramirez, oil minister, says the 11 drilling rigs belonging to Helmerich and Payne are being nationalised to bring them back into production
Source: Financial Times - US homepage | 23 Jun 2010 | 11:59 pm

Currencies: Aussie slips after rising on prime minister hopes

The Australian dollar seizes the spotlight in Asian currency trading, falling back after rallying earlier, as the country’s new leader raises hopes that a controversial mining-tax proposal will be modified.

Source: MarketWatch.com - Top Stories | 23 Jun 2010 | 11:41 pm

Toyota plant in China remains shut due to strike (AP)

AP - Toyota Motor Corp. said production at one of its main factories in China remained suspended Thursday due to a strike, while Honda Motor Co. resumed operations at a car assembly plant there following the end of a labor dispute.

Source: Yahoo! News: Business News | 23 Jun 2010 | 11:35 pm

Wall Street reform bill goes into final hours

WASHINGTON (Reuters) - With the historic overhaul of U.S. financial rules nearly complete, lawmakers have waited until the final, frantic hours to sort out the most controversial provisions in the bill.

Source: Reuters: Business News | 23 Jun 2010 | 11:02 pm

BP reinstalls cap on leaking well

The group said it had reinstalled an oil-siphoning cap on its blown-out well in the Gulf of Mexico and resumed collecting crude while the Obama administration appealed a court ruling that blocked its six-month moratorium on deepwater drilling
Source: Financial Times - US homepage | 23 Jun 2010 | 10:24 pm

More business owners to sell in short term

An increasing number of business owners are planning to sell within two years, as perceptions change over the market value of their businesses, survey results released by ASB show.The Q1 2010 ASB Succession Planning Monitor reveals...
Source: nzherald.co.nz - Business | 23 Jun 2010 | 9:44 pm

Ford Motor to invest $450 million in new Thai plant

BANGKOK (Reuters) - Ford Motor Co plans to invest $450 million to build a new manufacturing plant in Thailand, with the bulk of the output destined for export markets as part of its expansion in Asia Pacific.

Source: Reuters: Business News | 23 Jun 2010 | 9:13 pm

Providence Equity in talks with Hasbro: report

NEW YORK (Reuters) - Providence Equity Partners is in preliminary talks with toy maker Hasbro Inc to take the company private in a leveraged buyout, the Wall Street Journal reported in its online edition on Wednesday, citing people familiar with the situation.

Source: Reuters: Business News | 23 Jun 2010 | 9:06 pm

World dairy prices predicted to fall as supply builds

Global dairy prices will ease from current highs, as world supply builds and demand growth slows but the drop won't be rapid or immediate, according to a recently released industry report.Rabobank's dairy quarterly report shows...
Source: nzherald.co.nz - Business | 23 Jun 2010 | 9:00 pm

Spanish EU presidency marred by economic crisis (AFP)

AFP - Spain's ambitious presidency of the EU was eclipsed by the European debt crisis which thrust the country's fragile economy into the global spotlight and weakened the Spanish government, analysts said.

Source: Yahoo! News: Business News | 23 Jun 2010 | 8:37 pm

Canada invites 10 developing countries to G8 summit

Canada is seeking to reinvigorate the Group of Eight industrial countries by inviting ten African, Caribbean and Latin American nations to take part in the group’s summit in Ontario this weekend.
Source: Financial Times - US homepage | 23 Jun 2010 | 8:28 pm

Companies help nontechies create killer apps for iPhones

Would-be entrepreneurs supply the ideas, and the firms supply the programmers and the marketing. Peter Deliso...
Source: RSS feed - channel BNPaperBusiness | 23 Jun 2010 | 8:22 pm

Companies help nontechies create killer apps for iPhones

Would-be entrepreneurs supply the ideas, and the firms supply the programmers and the marketing.

Peter Deliso has never written a computer program in his life.

Source: L.A. Times - Business | 23 Jun 2010 | 8:22 pm

G20 to warn on complacency as fiscal fight looms

WASHINGTON/TORONTO (Reuters) - World leaders will warn this week against taking the global economic recovery for granted while also noting that the huge costs of stimulus could hurt long-term growth, a draft G20 document shows.

Source: Reuters: Business News | 23 Jun 2010 | 8:03 pm

Fed softens economy view as it renews low-rate vow

WASHINGTON (Reuters) - The Federal Reserve acknowledged a faltering pace of U.S. economic recovery on Wednesday as it renewed its vow to hold benchmark interest rates exceptionally low for an extended period.

Source: Reuters: Business News | 23 Jun 2010 | 7:58 pm

Judge rules against Viacom in copyright suit against YouTube

The ruling says the website removes content when requested and is thus protected from liability by the Digital Millennium Copyright Act.

A federal judge delivered a swift and potentially fatal blow Wednesday to Viacom Inc.'s $1-billion copyright infringement lawsuit against Google Inc.'s YouTube online video site.

Source: L.A. Times - Business | 23 Jun 2010 | 6:54 pm

GDP up 0.6pc - economy now growing for a year

Economic activity was up 0.6 per cent in the March 2010 quarter, says latest GDP stats, following a 0.9 per cent increase in the December 2009 quarter.Manufacturing activity was up 1.6 per cent, and wholesale trade activity was...
Source: nzherald.co.nz - Business | 23 Jun 2010 | 6:30 pm

Facebook targets China and Russia

The world’s largest social network is looking to China, Russia and Japan for its next phase of expansion as it prepares to take on entrenched competition in those countries
Source: Financial Times - US homepage | 23 Jun 2010 | 6:11 pm

Last stop: Wall Street's risky bets

With one day to go, lawmakers are nearing the finish line for melding two different versions of Wall Street reform.
Source: Business and financial news - CNNMoney.com | 23 Jun 2010 | 6:02 pm

NZ dollar mixed in response to GDP, Aust leadership change

The New Zealand dollar dipped briefly after gross domestic product data and was volatile after Australia's ruling Labour Party dumped Kevin Rudd in favour of Julia Gillard."Kiwi was volatile on the news of a new Australian...
Source: nzherald.co.nz - Business | 23 Jun 2010 | 6:00 pm

US inches closer to financial reform

Congress edged closer to a landmark financial reform as Democrats patched up differences over restrictions on bank investments in hedge funds and private equity firms
Source: Financial Times - US homepage | 23 Jun 2010 | 5:57 pm

Feinberg to quit pay czar post to focus on BP fund

WASHINGTON (Reuters) - Kenneth Feinberg will step down from his role as Treasury's "pay car" later this summer to focus on administering the BP Plc's $20 billion oil spill fund, a Treasury spokesman said on Wednesday.

Source: Reuters: Business News | 23 Jun 2010 | 5:42 pm

Viacom loses $1bn copyright case to YouTube

Viacom has lost its long-running $1bn lawsuit against Google, owner of YouTube, after a New York judge said the internet search group did not infringe the media company’s copyright
Source: Financial Times - US homepage | 23 Jun 2010 | 5:32 pm

Nurseries fear impact of cheap prison labour

An emergency meeting has been called as the horticulture industry confronts what its says is the negative impact of cheap prison labour.Of particular concern was the Corrections Department supplying re-vegetation - native plants...
Source: nzherald.co.nz - Business | 23 Jun 2010 | 5:30 pm

Tate & Lyle paid former CEO Iain Ferguson £1.68m

Tate & Lyle paid its former chief executive, Iain Ferguson, £1.68m last year, including £437,000 in compensation for loss of office.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jun 2010 | 5:05 pm

Apprentice NZ star vows to pay jilted customers

Former Apprentice New Zealand contestant Chris Whiteside is vowing to donate income earned from to his new business venture during its first year of operation to jilted passengers of charter company Fly Direct Ltd.Whiteside has...
Source: nzherald.co.nz - Business | 23 Jun 2010 | 5:00 pm

Budget 2010: Time to see the light on nuclear energy

Tuesday's Budget saw the Government adopt Ofgem's estimate that the UK must spend £200bn on its power stations and energy infrastructure if it is to keep the lights on with secure, diverse and low carbon sources of energy.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jun 2010 | 4:58 pm

This is the last chance for Battersea Power Station

Ppoor old Battersea has been passed from one owner to the next, redevelopment tried and failed, its roof removed and walls demolished.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jun 2010 | 4:53 pm

Quiz: Which country has more debt?

Could you solve the debt crisis? Take a look at each pair of nations, and click on the one you think has more debt.
Source: Business and financial news - CNNMoney.com | 23 Jun 2010 | 4:51 pm

MPC is too relaxed for comfort as the threat of inflation grows

Is the Bank of England going soft on inflation? Some economists claim to have detected a shift in the inflation-targeting regime.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jun 2010 | 4:47 pm

NZ sharemarket edges up early

The New Zealand sharemarket edged up in early trade after stocks mostly fell in the United States following a downgrade by the Federal Reserve in its assessment of economic recovery in the US.Around 10.15am the benchmark NZX-50...
Source: nzherald.co.nz - Business | 23 Jun 2010 | 4:47 pm

Budget 2010 VAT rise was far from 'unavoidable', says IFS

The increase in VAT was could have been avoided if the Chancellor had not decided to cut other taxes, experts say.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jun 2010 | 4:34 pm

Ads kick off campaign to clear Hubbard's name

Supporters of embattled financier Allan Hubbard are fighting to help clear his name and have kicked off with an advertising campaign.The Government moved on Sunday to appoint statutory managers to Aorangi Securities Ltd and the...
Source: nzherald.co.nz - Business | 23 Jun 2010 | 4:30 pm

FedEx tracking crashes - not iPhone's fault

Just as Apple fans were at their jitteriest about the impending delivery of their iPhone 4s, FedEx's online tracking system crashed Wednesday afternoon.
Source: Business and financial news - CNNMoney.com | 23 Jun 2010 | 4:28 pm

Wanna Have The Title Of “Czar” On You Business Card?

Now’s your chance. Comp Cop Kenneth Feinberg is abandoning his post. Get it while it’s hot.

Kenneth Feinberg - Business - Oil spill - United States - Government
Source: Dealbreaker | 23 Jun 2010 | 4:06 pm

Presented By:

Source: Dealbreaker | 23 Jun 2010 | 4:06 pm

Landcorp says its Crafar offer a 'clean deal'

Landcorp, the state owned enterprise and New Zealand's largest farmer, says its offer to purchase the 16 Crafar family dairy farms is probably easier than an offshore bid, though it won't necessarily top a Chinese or other foreign-backed...
Source: nzherald.co.nz - Business | 23 Jun 2010 | 4:00 pm

Summary Box: Stocks fall on weak sales, Fed view (AP)

AP - MODEST SLIDE: The Dow Jones industrials rose 5 points Wednesday, but broader indexes slid and more stocks fell than rose on the New York Stock Exchange.
Source: Yahoo! News: Stock Markets News | 23 Jun 2010 | 3:58 pm

Stocks fall on home sales slump, cautious Fed view (AP)

AP - The stock market closed with a slight loss Wednesday after sales of new homes hit a record low and the Federal Reserve indicated that problems in Europe pose a threat to the U.S. economy.

Source: Yahoo! News: Stock Markets News | 23 Jun 2010 | 3:43 pm

How the major stock indexes fared on Wednesday (AP)

AP - The stock market closed with a slight loss Wednesday after sales of new homes hit a record low and the Federal Reserve indicated that problems in Europe pose a threat to the U.S. economy.
Source: Yahoo! News: Stock Markets News | 23 Jun 2010 | 3:36 pm

Petraeus takes over Afghan command

President Barack Obama accepted the resignation of Stanley McChrystal as US and Nato commander in Afghanistan, a move designed to reassert civilian authority over the armed forces but which is likely to dismay America’s allies
Source: Financial Times - US homepage | 23 Jun 2010 | 3:35 pm

Zymogenetics Raised to `Buy,' Diodes Cut to `Hold': Audio

Source: Bloomberg - All Podcasts | 23 Jun 2010 | 3:34 pm

Oil Spill, Airlines, China’s Hotels: Taking Stock

Source: Bloomberg - All Podcasts | 23 Jun 2010 | 3:31 pm

Osborne signals fresh welfare cuts

George Osborne has heralded a fresh onslaught on Britain’s £200bn welfare bill, in an attempt to prevent his deficit reduction plan inflicting serious damage on the underlying economy
Source: Financial Times - US homepage | 23 Jun 2010 | 3:13 pm

Trish Regan’s Neighbors Gave Her Sh*t For Singing In The Shower

As previously mentioned, I did a little interview with CNBC’s Trish Regan. We discussed, among other things, her time at DE Shaw and whether or noat Charlie Gasparino and Dennis Kneale are necrophiliacs.

What do you think of the financial reform bill?
I think considering the effect that the banks had on the entire system that it’s understandable people are truly outraged but I do worry that the politicians might take it too far. There’s been talk it might be watered down, though, so that’s a good thing.

You were Miss New Hampshire. Do you feel that any subsequent Miss New Hampshires have lived up to your standards?
I haven’t kept up with the pageant! I don’t know anyone who’s won so I really can’t say.

Was being a beauty queen good training for financial journalism?
Well I learned how to do my make-up which can come in pretty handy but other than that I don’t think there’s a huge connection.

As a former Goldman Sachs employee, do you think all the heat they’ve taken has been warranted? Do you want to rub Lloyd’s gleaming pate and tell him it’s all going to be okay?
I think Goldman is like the Yankees. They’ve been incredibly successful so it’s easy to take shots at them. People love to hate.

After Goldman, you did a stint at DE Shaw. A friend of mine was told by a rather intense representative of the firm that they only hire “geniuses”—are you a genius? The logic follows
[Laughs] Well I’ve never been tested so I couldn’t say. When I was there the culture was very much about being super smart. And you got to wear jeans to work—jeans with hole in them!

What’s next for you professionally? RenTec?
I definitely want to say in news and financial journalism. I love CNBC and I do a lot of other work for other brands within the company, like the Today Show and Nightly News. And I’m doing another documentary.

Part II to Pot?
Yes! This one’s not in California, it’s all over. I was just in Portugal, and we were out in Denver, which is really the emerging market of marijuana.

Have you been forced to partake a lot for research purposes?
You know I’ve actually never smoked pot in my life.
Ever think about changing that?
Probably not, I feel like I’ve made it this long without doing it. I’ve also never eaten ketchup. Maybe I’ll just have one crazy night where I do all the things I’ve never done.

David Shaw, Steve Cohen, George Soros: Who would you want to babysit your kids? Who would you want to father you kids (if Mr. Ben was out of the picture)? Who would you want to pay 2&20 (or 3&50)?
That’s a tough one. I think I’d go with David to baby-sit. For managing my money? Probably have to go with David—
You can’t do that, you picked him as the babysitter.
But he’s so good!
But nothing– these are the rules. You can only use one name per category. You know Steve’s not too shabby with money, why not take him?
Yeah but David’s a genius, remember?
Well actually I didn’t say that someone on his payroll did but okay, then put Steve on babysitting. I’m sure he’d do a good job. Great airplane noises while feeding them.
Okay Steve as babysitter—though he probably wouldn’t be a match for Larry’s skills—and David investing.
And the final category?
I’m very, very happy with my husband.
Don’t doubt that at all. But in our imaginary scenario, he’s out of the picture and you need a donor.
Really, no, very happy with husband.
Pretend I’m putting a gun to your head.
Can’t answer this question—impossible.
Fine– but I just want you to know that George Soros does have feelings.

Alright, let’s move on. I noticed that you didn’t graduate from college until 2000, after finishing high in ’91. What went on in those gap years?
I took some time off to pursue a career as an opera singer.
Why’d you give that up?
I didn’t love it enough. It was something that I wanted to do when I was 14.
What’s your favorite opera?
La Traviata.
Do you sing in the shower?
I have sung in the shower but I don’t anymore because one time our neighbor came over and asked us if we could “turn the volume down on the stereo.”
Wow. The cheek of some people.

Are your daughters going to call Larry Kudlow “Uncle Larry”?
Definitely. He hasn’t babysat yet but he promises and I’m going to be taking him up on that soon.

Pick for the World Cup?
USA, definitely.

The Dealbreaker readers came up with some questions for you. I’m just going to run down the list. Question number 1: How does it feel to be classified as a MILF?
What’s a MILF
It’s…it’s an acronym…it stands for Mother I’d Like to…synonym for word which means to have relations with. It’s a compliment.
Oh, then it feels good.

Question number 2: How do you feel you measured up next to Mandy and her assets?
I think I held my own.

Question number 3: If you had to: Charlie Gasparino or Dennis Kneale? Killing yourself is not an acceptable answer.
I think I would have to kill myself. Or be on life-support.
And then? Who would it be?
You think it would still be appealing for them?
Dennis Kneale and Charlie Gasparino? Yes, one of them would definitely still go for it, if not both.

Question number 4: Just so we can be fair, in that same vein, if you had to get down and dirty with one of the anchorettes on CNBC, whom would you choose?
See this question is just as hard as the last but for the opposite reason. I’m not into women but if I were it would be really difficult. We have a lot of beautiful ladies at CNBC.

Question number 5: Don’t know if you’ve kept up with this story, but a woman named Debrahlee Lorenzana recently claimed she was fired from Citi for being “too hot.” If you have kept up, give us your perspective — is she too hot?
She certainly looks very hot. Though obviously that shouldn’t have had an effect on her job.

Amanda Drury has said she’s coming with us on a field trip to Beamer’s, an establishment in Stamford, CT – are you in?
If Mandy goes I’ll go.

CNBC - United States - George Soros - Goldman Sachs - Dennis Kneale
Source: Dealbreaker | 23 Jun 2010 | 3:13 pm

YouTube Crushes Viacom In Court

According to Google: Today, the court granted our motion for summary judgment in Viacom’s lawsuit with YouTube. This means that the court has decided that YouTube is protected by the safe harbor of the Digital Millenium Copyright Act (DMCA) against claims of copyright infringement. The decision follows established judicial consensus that online services like YouTube [...]

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Source: 24/7 Wall St. | 23 Jun 2010 | 2:54 pm

Toyota loses bid to curb experts in court fight

SANTA ANA, California (Reuters) - Toyota Motor Corp lost a key courtroom skirmish with product-liability lawyers on Wednesday over rules for safeguarding its trade secrets in litigation stemming from complaints about its cars racing out of control.

Source: Reuters: Business News | 23 Jun 2010 | 2:52 pm

Unhappy With A Government Agency? Change The Name!

Source: NPR Blogs: Planet Money | 23 Jun 2010 | 2:36 pm

AUDIO SLIDESHOW: The Backstory of China's One-Child Policy

Hear the backstory of our special report on China's one-child policy
Source: Marketplace | 23 Jun 2010 | 2:33 pm

DJIA, Euro, Treasurys Rise (Market Update)

Weak housing data and cautious remarks from the Federal Reserve fueled a volatile day in financial...

Source: SmartMoney.com | 23 Jun 2010 | 2:27 pm

eBay Wants More of the iPhone Market (EBAY, AAPL)

eBay Inc. (NASDAQ: EBAY) has announced that it has acquired RedLaser, company which has a play around the Apple Inc. (NASDAQ: AAPL) iPhone.  RedLaser is a ‘popular’ barcode scanning application for iPhone.  The RedLaser and the related technology was bought from Occipital and the claim is over 2 million downloads.  As with many deals, financial [...]

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Source: 24/7 Wall St. | 23 Jun 2010 | 2:14 pm

Browner on BP Oil Spill: Conversations With Judy Woodruff

Source: Bloomberg - All Podcasts | 23 Jun 2010 | 1:44 pm

Bonus Watch ‘10: There Are Some Very Unhappy Germans Downtown

From the mailbag:

Zee Germans at Deutsche are delaying IB analyst comp a month, with payouts coming Aug. 13.

Clearly this is being done to fight inevitable attrition and avoid making any kind of leadership move (and to ensure continued below Street comp). They didn’t even give a shitty excuse for why, besides admitting “to follow the rest of the Street.” Played flawlessly like a true second-tier shop.

Business - Coming Out - Gay Lesbian and Bisexual - England - Workers' compensation
Source: Dealbreaker | 23 Jun 2010 | 1:36 pm

3 Stocks That Are Pricier Than They Seem (Screens)

Hough: These companies look undervalued but carry hidden costs.

Source: SmartMoney.com | 23 Jun 2010 | 1:16 pm

In China: More kids or more stuff?

In the U.S., some people get angry over what they see as government interference. But imagine the government telling you how many kids you can have and when. Well, if you lived in China, you wouldn't have to imagine. But in Northern China, an experiment for the past 15 years has allowed parents to have two children. Scott Tong reports.
Source: Marketplace | 23 Jun 2010 | 1:16 pm

G-8, G-20 are just costly extravaganzas

In Toronto, the G-8 and G-20 will be meeting to discuss the global economic recovery and among other items. Conservative commentator David Frum is less interested in what's on the agenda than the fact that there is an agenda.
Source: Marketplace | 23 Jun 2010 | 1:16 pm

Publicity aids Rolling Stone's gen. story

General Stanley McChrystal is out. General David Petraeus is in charge of U.S. operations in Afghanistan thanks to a report in Rolling Stone, where McChrystal shot off his mouth about the administration. The story was everywhere. Even though the magazine doesn't hit newsstands until later in the week. Alisa Roth reports.
Source: Marketplace | 23 Jun 2010 | 1:16 pm

Folks turn to local gov't for oil spill help

So far, more than 40,000 people have used hotlines set up by BP to offer suggestions and ideas for stopping the oil spill and cleaning things up. But a lot of regular folks feel like they aren't getting through to BP. And some are going to local governments to see if they can get anyone to pay attention. Adriene Hill reports.
Source: Marketplace | 23 Jun 2010 | 1:15 pm

SF to stores: Post cell radiation values

Is your cell phone going to give you cancer? The science is murky. But that's not stopping San Francisco from becoming the first city in the country to require retailers to disclose phones' radiation levels. Janet Babin reports.
Source: Marketplace | 23 Jun 2010 | 1:15 pm

Financial reform: A lot to get through

House and Senate negotiators are meeting to hash out the last details of their financial reform bill. That's actually no mean feat. Policymakers have been talking about financial reform since pretty much the day Lehman Brothers went under. Nancy Marshall Genzer explains there are a mind-numbing number of details to hash out.
Source: Marketplace | 23 Jun 2010 | 1:15 pm

The investing rules judges must follow

A federal judge threw out the Obama administration's six-month ban on drilling yesterday. Critics quickly discovered the judge held shares in a number of oil firms, including Transocean -- the company that owned the Deepwater Horizon rig. Brett Neely reports.
Source: Marketplace | 23 Jun 2010 | 1:15 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 | 23 Jun 2010 | 1:14 pm

In Alabama, a Sewer Bond Looks Less Toxic (Muni Bond Watch)

The Jefferson County debacle still weighs on the muni bond market.

Source: SmartMoney.com | 23 Jun 2010 | 1:08 pm

Carnell, Van Hollen, Clifton, Weinberg, Hunter: Surveillance

Source: Bloomberg - All Podcasts | 23 Jun 2010 | 12:19 pm

FOMC: When Will Rate Hikes Come?

As expected, the Federal Open Market Committee under Ben Bernanke has voted to leave the Fed Funds Rate unchanged at the Target of 0.00% to 0.25%.  The vote was 9 to 1 against a rate hike, again with Hoenig being the dissenting vote.  We all know this is effectively ZERO on the rate front.  We [...]

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Source: 24/7 Wall St. | 23 Jun 2010 | 12:18 pm

Alice Rivlin: Bloomberg On the Economy

Source: Bloomberg - All Podcasts | 23 Jun 2010 | 12:17 pm

Texas Rangers: Bloomberg Law Bankruptcy Review

Source: Bloomberg - All Podcasts | 23 Jun 2010 | 11:58 am

Housing boost needed for recovery

The Commerce Department reported new home sales for the month of May dropped 33% to the lowest level on record. That's because home buyers stopped shopping for homes after the government stopped offering an $8,000 home buyer tax credit. The housing market got us into this recession, and Jeremy Hobson reports we're going to need it to help get us out.
Source: Marketplace | 23 Jun 2010 | 11:58 am

A look at global economic developments (AP)

AP - A look at economic developments and activity in major stock markets around the world Wednesday:
Source: Yahoo! News: Stock Markets News | 23 Jun 2010 | 11:52 am

The Millionaire Report: Asia Rising

Source: NPR Blogs: Planet Money | 23 Jun 2010 | 11:49 am

Allen Roberts Discusses Whistleblower Protections: BLAW

Source: Bloomberg - All Podcasts | 23 Jun 2010 | 11:47 am

Schäuble defends German austerity

German finance minister Wolfgang Schäuble launched a forthright defence of his country’s economic policy on the eve of the G20 summit in Toronto, designed to head off charges in the US that its austerity measures will curb global economic recovery
Source: Financial Times - US homepage | 23 Jun 2010 | 11:47 am

Goldman Sachs Bending Over Backwards To Show Clients Firm Cares, Bribing Them With Sushi

Time was, if you were, say, a hedge fund client of Goldman Sachs, you knew not to expect much in the way of bedside manner. No coddling, no hand holding, no Shmoopy Talk. You could try getting them on the phone, but that was generally futile, as all client calls were automatically rerouted to the Rejection Line. Oh, you felt like you weren’t getting enough attention? You wondered if maybe there was a chance they were sometimes screwing you? Too bad. The way GS saw it, you were lucky if they didn’t nut in your eye. Your only recourse was to roll over and take it, or GTFO. Since the whole “SEC fraud charge,” however, things have changed.

Now, clients are actually getting their calls returned from the inside. And the conversations aren’t two unsatisfying minutes but sometimes 3 or 5! And they don’t end by the Goldman guy simply hanging up with out warning but offering a pretty convincing bull shit excuse like “oooh, I’m getting a buzz, gotta jump but I really enjoy this.” It’s wild! And it doesn’t stop there.

Another hedge fund that a year ago turned down Goldman for a prime brokerage assignment was recently contacted again by the Wall Street firm to see if it would reconsider. A person close to the hedge fund, who declined to be identified, said the incident was surprising since Goldman rarely comes back begging for business.

Are you beside yourself in shock? Well sit down and get a load of this.

Traders said they’ve noticed that Goldman’s prime brokerage operation, which provides loans to hedge funds and executes trades for funds, is going out of its way of late to show clients the firm cares. One hedge fund trader whose firm uses Goldman as a prime broker said a Goldman executive called a few days after the SEC lawsuit and offered to treat some of the fund’s trading team to a sushi lunch.

Maxine Moore Carr Waters I literally cannot believe what I’m hearing. An entire sushi lunch? Could you die? (You will when you find out clients being taken to establishments like this, with Lloyd serving as the model to fairly stellar reviews. That’s how much he cares.)

**Of course, the real test of whether or not GS actually gives a shit will be if they put a moratorium on cutting down clients’ shrubs, in a memo entitled, “You don’t mow another guy’s lawn.”

Goldman Sachs - Hedge fund - Business - Wall Street - Investing
Source: Dealbreaker | 23 Jun 2010 | 11:47 am

Core Club Not As Stupid As It Looks

Apparently someone over there knows its audience.

From: Core Club
Date: Wed, 23 Jun 2010 10:40:09 -0400
Subject: CORE: greetings

Dear [hedge fund manager not pleased by the suggestion he and his brethren are full of shit]

I hope you are having a lovely morning so far.

I wanted to remind you of our Wednesday Night Social with live music. We will have Simon Barsh and his band performing from 6 – 9 pm tonight. Come and join us and enjoy this glorious weather at the terrace while sipping a delicious cocktail.

Also, please know that our fantastic SPA Paul Labrecque has added another service to their offerings: Introducing Colon Hydrotherapy with Brigit Krone. The SPA team will be happy to assist with more detailed information.

Have a wonderful day and please do not hesitate to contact me for anything you might need.

Hedge fund - Musical ensemble - Religion and Spirituality - Christianity - Music
Source: Dealbreaker | 23 Jun 2010 | 11:30 am

Presented By:

Source: Dealbreaker | 23 Jun 2010 | 10:56 am

So This Is Now Happening

Jumping off point question for the group: is this meant to indicate he’s only passed (or maybe just taken and will later find out he failed) Level I?

Level - Health - Education - Secondary - Schools
Source: Dealbreaker | 23 Jun 2010 | 10:56 am

FTSE 100 shares end in the red (AFP)

AFP - London shares were in the red on Wednesday as miners suffered losses and US new-home sales plunged to a record low.

Source: Yahoo! News: Stock Markets News | 23 Jun 2010 | 10:21 am

Saudi Regulator Approves Falcom Petrochemical ETF: Audio

Source: Bloomberg - All Podcasts | 23 Jun 2010 | 10:08 am

Eliot Spitzer TV Is Happening

Well, people, Eliot Spitzer got himself a TV show. Great news, right? WRONG! It would’ve been great, had developers taken our suggestions re: format, but things didn’t exactly pan out that way. So, now, no LoveLine-esque programming from 1-2 on CNBC, no American Gladiators-type thing, where he battles it out with people interested in taking a crack (Blodget, maybe Langone though probably not as he’d whip out a .45 and a shovel), no passing of the Seacrest torch to Ness. No reviving on the Newlywed game! Instead, we’re getting Spitzer on a CNN “debate” show. Despite this upset, things can potentially be salvaged, should input be solicited vis-a-vis what topics the noted HF should be arguing every night. Naturally, it should be issues that allow the Steam Roller to draw on his vast experience. Ideas, welcome.

Eliot Spitzer - CNN - People - United States - History
Source: Dealbreaker | 23 Jun 2010 | 10:03 am

Browder on Investing in Russia: First Word Special

Source: Bloomberg - All Podcasts | 23 Jun 2010 | 9:45 am

Hedge Fund Winners And Losers Of The Week

Third Point, RAB and RIFF doing pretty okay for themselves.

Winners And Losers 6/14-6/18 [PDF]

Business - Hedge fund - Investing - Funds - Information and Service Providers
Source: Dealbreaker | 23 Jun 2010 | 9:45 am

Who Says Your Fund Manager Is Human?

In actively managed ETFs, a person is not always pulling the strings.

Source: SmartMoney.com | 23 Jun 2010 | 9:13 am

A New Low For New Homes

Source: NPR Blogs: Planet Money | 23 Jun 2010 | 9:10 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 | 8:02 am

Upping the Ante on Flight Comparison Sites: An Interview With Fly.com

I have a bipolar relationship with flight comparison sites. On the one hand, it’s really easy to find bargain flights on these sites, which compare airline prices for given dates. On the other hand, such sites might not include all the airlines that fly a given route, so you might not get the best price. Their information may be outdated, or they may charge hidden booking fees.

In other words, while flight comparison sites are helpful, they’re not perfect. But they keep trying. Fly.com, a new comparison site, wants to up the industry ante. Fly.com offers real-time pricing to help you avoid those annoying expired fares. It also gives you business class and first-class pricing, as well as letting you in on the amenities (DirectTV, etc.) that your flight might offer. I chatted with Aaron Ritoper, Fly.com’s President of Business Development, to learn more about how the company is upping the ante on flight comparison sites.

BP: First, I’d like to talk about your industry. Can you give me a little bit of background on why airline prices fluctuate like crazy?

Sure, I can understand that everyone is frustrated by fluctuating airline prices. The main reason for price fluctuation is that airlines adjust prices based on the number of seats they need to fill and when the flight is scheduled to depart. No airline wants to fly an empty plane and the same time filling a plane with prices that are too low is not going to work either. So to solve this problem, the airlines use sophisticated revenue management computer systems and teams of specialized analysts to constantly adjust and publish new prices, which they hope will allow the airline to sell their tickets profitably. This results in the very dynamic market pricing situation that we all know. To ensure Fly.com has the latest available prices, we make new data requests for every user search. This is a more expensive way to operate, yet we feel people will appreciate the improved data accuracy we derive from this process.

BP: How quickly can an airline price expire?

When prices expire really depends. Generally prices move most during the peak travel booking periods. For example, those trying to book tickets recently to go to Rome for the Champions League would have noticed fast rising flight prices as demand surged. If you’re planning to travel for a major event or during a peak vacation period then expect prices to expire quickly.

BP: I’ve seen some travel sites that list certain airlines, but not all the available airlines. For example, I was recently looking up a flight from Portland, OR to Denver on one site, and they didn’t include Jetblue or Southwest (Southwest actually had the best deal). Why is that?

The situation really depends on the market and the support from such large budget airlines. From a European Fly.com perspective, we have managed to integrate the major budget airline carriers like Ryanair and easyJet. Such suppliers may be selective in terms of which websites they work with to facilitate flight data access.

BP: What makes fly.com different from the many other travel sites out there?

Fly.com is the only flight comparison site to include prices for First Class, Business Class and Economy seats – not just the standard charter seats. It is also the only flight comparison site to have a ‘why me?’ function, which shows consumers what features each airline includes (e.g. free drinks, Wi-Fi, leather chairs, interactive TV etc.) Users can sort results by what’s important to them; price, airline, stops and airports.

Official bio: For the last ten years, Aaron has been recognised for his pioneering work within the online travel industry. Aaron is now managing the Fly.com business in the UK and Europe for Travelzoo with the goal to establish Fly.com clearly among the top meta-search players in the market.

Source: Business Pundit | 23 Jun 2010 | 7:30 am

Agbank puts floor on HK offering, gets $5.45 billion (Reuters)

Reuters - Agricultural Bank of China has set a floor price for the Hong Kong portion of its $23 billion stock market listing, according to a report, while sources said key investors have agreed to buy $5.45 billion of the shares.

Source: Yahoo! News: Stock Markets News | 23 Jun 2010 | 7:22 am

Jack Abramoff Begins New Career as Pizza Boy

In a beautiful example of Where Are They Now for businessmen, former con artist and lobbyist extraordinaire Jack Abramoff is now a pizza boy. (In deference to pizza boys, I’m not sure whether Abramoff actually delivers. The better term might be “pizza employee.”) The Guardian has more:

Once a high-powered Washington lobbyist who hobnobbed with George Bush and other top Republicans, Jack Abramoff is now working at a kosher pizza restaurant in Baltimore, Maryland, it emerged today.

Abramoff started working at Tov Pizza on Monday after his release this month from prison in Maryland, where he had served a three-and-a-half year sentence for fraud, corruption and conspiracy.

The Abramoff lobbying scandal helped the Democratic party regain Congress as Republicans were hit by accusations of sleaze. Abramoff pleaded guilty in January 2006 to fraud, tax evasion and conspiracy to bribe public officials by showering them with gifts.

Abramoff had a direct pipeline to the Bush White House and influenced several key decisions, according to a bipartisan congressional report released in 2008.

I can’t wait to see where Madoff goes after they let him out (assuming it’s not straight to a nursing home).

Source: Business Pundit | 23 Jun 2010 | 7:19 am

Mellor on Euro, Schenker on Fed Meeting: First Word

Source: Bloomberg - All Podcasts | 23 Jun 2010 | 7:06 am

US Home Sales at Record Low

Home sales in May were at a record low, according to the latest government report. This is what happens when tax credits expire. The New York Times has more:

The Commerce Department figures showed that new single-family homes sold at a seasonally adjusted annual rate of 300,000 in May, down 32.7 percent from the revised April rate of 446,000.

(One analyst) said the 32.7 percent drop was the largest since the government started compiling the data in 1963, surpassing the 23.8 percent decline in January 1994. The May sales rate is 18.3 percent below that of May 2009, when the figure was 367,000.

Joshua Shapiro, chief United States economist for MFR, said it would be wrong to see anything dire in one month’s data, but it did underscore how important the federal stimulus had been in propping up the market, suggesting that the stimulus had masked economic weaknesses.

Hello, double dip. Wonder if the Obama administration will come up with a new stimulus?

Source: Business Pundit | 23 Jun 2010 | 7:00 am

Geithner To World: Spend Now. Cut Deficits Later.

Source: NPR Blogs: Planet Money | 23 Jun 2010 | 6:44 am

Easily Reading Bernanke's Mind (Early Bird)

WHAT'S HAPPENING NOW: Fed expected to keep rates low in today's announcement.

Source: SmartMoney.com | 23 Jun 2010 | 5:03 am

European stocks retreat (AFP)

AFP - Europe's main stock markets dropped on Wednesday, dragged down by losses to heavyweight miners and after weakness in Asia and overnight on Wall Street, dealers said.

Source: Yahoo! News: Stock Markets News | 23 Jun 2010 | 4:58 am

Why Nobody Uses AOL Anymore

Source: Business Pundit | 23 Jun 2010 | 4:43 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