Greek Strike Resume: Another Threat To GDP

Greek unions stages another series of strikes over austerity plans. It leads to the question of whether labor slowdowns will cut GDP by harming tourism and other key industries. If so, expense cutback by the government will be offset and deficits will not be reduced. Nouriel Roubini yesterday suggested that Greece would have to restructure [...]

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

Source: 24/7 Wall St. | 29 Jun 2010 | 4:21 am

Currencies: Dollar up as worries rise over banks, world growth

The U.S. dollar and Japanese yen rose versus major rivals Tuesday, with investors seeking safe havens on worries over global growth prospects and concerns over the health of European banks amid the looming expiration this week of the European Central Bank’s special one-year funding program.

Source: MarketWatch.com - Top Stories | 29 Jun 2010 | 4:12 am

Cash Isa interest to be protected

Savers with Individual Savings Accounts (Isas) will not lose any interest when switching to a different bank, the OFT says.
Source: BBC News | Business | World Edition | 29 Jun 2010 | 4:08 am

Indications: U.S. stock futures stumble on China jitters

U.S. stock futures slumped Tuesday, with worries over Chinese and global economic growth in the spotlight ahead of the release of key indicators later in the week.

Source: MarketWatch.com - Top Stories | 29 Jun 2010 | 4:08 am

Legal Firm Prepares Class Action Suit Against Apple Over iPhone 4

Law firm Kershaw, Cutter & Ratinoff is at work lining up plantiffs for a suit against Apple Inc. (NASDAQ: AAPL) over the alledged antenna problems on its iPhone4 The firm put out the following message yesterday: KCR is currently investigating potential problems with the release of iPhone 4.  ”If you recently purchased the new iPhone [...]

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

Source: 24/7 Wall St. | 29 Jun 2010 | 4:03 am

Google changes China access after Beijing objects (AP)

AP - Google Inc. said Tuesday it will stop automatically rerouting users of its China search site to its Hong Kong site after Beijing threatened the company with the loss of its Internet license.

Source: Yahoo! News: Business News | 29 Jun 2010 | 4:02 am

Investing Advice for the Second Half of 2010 (On the Street)

Three different takes on making midyear changes to your portfolio.

Source: SmartMoney.com | 29 Jun 2010 | 4:01 am

3 Stocks With Improving Outlooks (Screens)

Hough: Estimates and opinions on these companies are turning rosier.

Source: SmartMoney.com | 29 Jun 2010 | 4:01 am

NYSE Euronext: Building on a New Trade

The parent of the Big Board is becoming more dependent on derivative trading.

Source: SmartMoney.com | 29 Jun 2010 | 4:01 am

Insurance Stocks Could Finally Pay Off (Sector Watch)

Often ignored, these insurance middlemen might be a good bet.

Source: SmartMoney.com | 29 Jun 2010 | 4:01 am

Stock index futures signal sharp losses (Reuters)

Reuters - Stock index futures pointed to a sharply lower open on Wall Street on Tuesday, with futures for the S&P 500 down 1.4 percent, Dow Jones futures down 1.1 percent and Nasdaq 100 futures down 1.4 percent at 0930 GMT.

Source: Yahoo! News: Stock Markets News | 29 Jun 2010 | 4:00 am

Stock index futures signal sharp losses

(Reuters) - Stock index futures pointed to a sharply lower open on Wall Street on Tuesday, with futures for the S&P 500 down 1.4 percent, Dow Jones futures down 1.1 percent and Nasdaq 100 futures down 1.4 percent at 0930 GMT.

Source: Reuters: Business News | 29 Jun 2010 | 4:00 am

Total stops petrol sales to Iran

French company Total says it has stopped petrol deliveries to Iran, amid growing pressure over Iran's nuclear programme.
Source: BBC News | Business | World Edition | 29 Jun 2010 | 3:59 am

Gulf girl

Why Amanda Staveley is a big deal in Qatar
Source: BBC News | Business | World Edition | 29 Jun 2010 | 3:57 am

Google vs. China: Search giant blinks

Google will no longer automatically direct its mainland Chinese users to its non-censored Hong Kong search engine, the company said late Monday.
Source: Business and financial news - CNNMoney.com | 29 Jun 2010 | 3:57 am

Share tips: buy Stagecoach

More share tips including ARM and Old Mutual.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jun 2010 | 3:57 am

Greeks walk off job in general strike over reforms (AP)

AP - Public services shut down across Greece Tuesday as workers walked off the job in a new nationwide general strike that disrupted public transport, left hospitals operating on emergency staff and pulled all news broadcasts off the air.

Source: Yahoo! News: Business News | 29 Jun 2010 | 3:56 am

La. parish president is face of anger over spill (AP)

AP - Billy Nungesser, a rotund and feisty millionaire-turned-politician from Louisiana's bayou, hasn't been afraid of taking on everyone from big oil to big government since crude started washing up on his coast.

Source: Yahoo! News: Business News | 29 Jun 2010 | 3:54 am

BBC plans staff pension overhaul

The BBC announces plans to overhaul its pension scheme after the deficit ballooned from £470m to £2bn.
Source: BBC News | Business | World Edition | 29 Jun 2010 | 3:53 am

Spanish banks rage at end of ECB offer

Spanish banks lobby the Bank to ease the systemic fallout from the expiry of a €442bn funding programme this week, accusing it of “absurd” behaviour in not renewing the scheme
Source: Financial Times - US homepage | 29 Jun 2010 | 3:53 am

As Alex Gains Strength, Gale Force Winds May Hit The BP Clean Up

Tropical storm Alex may become a hurricane in the next 24 to 48 hours. Its most likely path is to hit land near the Texas-Mexico border. Alex  may send gale force winds and waves at least ten foot high to the site where BP is attempting to cap the Deepwater Horizon rig leak. The storm [...]

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

Source: 24/7 Wall St. | 29 Jun 2010 | 3:49 am

Facebook Gets Another $120 Million Investment

“Never give a sucker and even break; never wise up a chump” — WC Fields Facebook does not need anymore investment capital. It has raised several hundreds million in the last year. The company was profitable last year on an estimated $800 million in revenue. The figure is likely to grow this year as the [...]

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

Source: 24/7 Wall St. | 29 Jun 2010 | 3:34 am

Broad sell-off takes FTSE 100 under 5,000

The FTSE 100 fell below the 5,000 point mark in London on Tuesday for the first time since June 10, as returning worries about the financial health of the eurozone dogged markets. The European...
Source: RSS feed - channel BNPaperBusiness | 29 Jun 2010 | 3:27 am

Danone Plans To Make Money On 10 Cent Yogurt

Danone plans to make money selling 10 cent yogurt in places where people have less than $1 a day to spend on food.  The price of some Danone products will be 7 cents in some of the poorest countries. According to The Wall Street Journal, “Danone is among a vanguard of Western multinationals staking much [...]

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

Source: 24/7 Wall St. | 29 Jun 2010 | 3:15 am

Pound hits 19-month euro high

The pound hits a fresh 19-month high against the euro as the 16-nation currency comes under renewed pressure.
Source: BBC News | Business | World Edition | 29 Jun 2010 | 3:10 am

Taiwan and China set to sign historic trade accord

Taiwan and China were set to sign a historic trade agreement on Tuesday that promises to cement commercial ties, laying the ground for a new era after nearly six decades of division between the former civil war foes.

Source: MarketWatch.com - Top Stories | 29 Jun 2010 | 3:09 am

Tesla raises $226m in shares sale

US electric car maker Tesla Motors raises $226m from an initial public offering of its shares.
Source: BBC News | Business | World Edition | 29 Jun 2010 | 3:08 am

Tesla raises $226m in shares sale

US electric car maker Tesla Motors raises $226m from an initial public offering of its shares.
Source: BBC News | Business | World Edition | 29 Jun 2010 | 3:08 am

Siemens forecasts 'strong profitability'

German industrial conglomerate Siemens AG said Tuesday it expected “strong profitability” in the fiscal third quarter, driven by a rebound in its short-cycle businesses and strong demand in emerging markets.

Source: MarketWatch.com - Top Stories | 29 Jun 2010 | 3:08 am

Bout of nerves sparks rush to havens

Tuesday 09:40 BST. Investors are flooding into perceived havens as worries about the eurozone's financial system and global growth prospects continue to nag. The yield on the US 10-year Treasury...
Source: RSS feed - channel BNPaperBusiness | 29 Jun 2010 | 3:07 am

Bout of nerves sparks rush to havens

Global Markets Overview: Yield on the US 10-year Treasury drops below 3% as worries about the eurozone’s financial system and global growth prospects continue to nag
Source: Financial Times - US homepage | 29 Jun 2010 | 3:07 am

World stocks slide ahead of crucial Japan, US data (AP)

AP - World markets slid Tuesday as a mammoth share sale in China dragged Shanghai stocks down more than 4 percent and investors trimmed bets before the release of crucial indicators from the world's two biggest economies.

Source: Yahoo! News: Stock Markets News | 29 Jun 2010 | 3:06 am

World stocks slide ahead of crucial Japan, US data (AP)

AP - World markets slid Tuesday as a mammoth share sale in China dragged Shanghai stocks down more than 4 percent and investors trimmed bets before the release of crucial indicators from the world's two biggest economies.

Source: Yahoo! News: Business News | 29 Jun 2010 | 3:06 am

Tesla prices its IPO at $17, above indicated range

Silicon Valley-based electric-vehicle maker Tesla prices its much-awaited initial public offering at $17 a share, above the planned $14-$16 range.

Source: MarketWatch.com - Top Stories | 29 Jun 2010 | 3:05 am

London Markets: Miners drag U.K. stocks lower on China fears

U.K. stocks dropped sharply Tuesday, as fears over Chinese and global economic growth eliminated the previous session’s advance.

Source: MarketWatch.com - Top Stories | 29 Jun 2010 | 3:01 am

Google in 'new approach' on China

Google announces a "new approach" in China as it battles with Beijing over the censorship of internet search results.
Source: BBC News | Business | World Edition | 29 Jun 2010 | 3:00 am

Swatch founder Hayek dies

The founder of the Swiss watchmakers Swatch has died at the age of 82, the company has announced.
Source: BBC News | Business | World Edition | 29 Jun 2010 | 2:59 am

A Telsa $226 Million IPO: A Road To Disaster

Telsa’s IPO priced at $17, above the anticipated range of $14 to $16. The company sold 3.3 million shares and raised $226 million. The IPO was the first for a US car company since Ford Motor’s (NYSE: F) in 1956. Goldman Sachs Group, Morgan Stanley and JPMorgan Chase & Co. and Deutsche Bank AG led [...]

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

Source: 24/7 Wall St. | 29 Jun 2010 | 2:59 am

Pinewood puts Peel Group on board to block moves to oust Michael Grade

The studio behind the James Bond films has appointed its biggest investor to the board to block attempts to oust Michael Grade as chairman.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jun 2010 | 2:49 am

Emerson makes $1.5 billion counterbid for Chloride

Emerson Electric on Tuesday raised its offer for British power systems specialist Chloride Group to nearly 1 billion pounds ($1.5 billion) in cash, trumping a rival bid from Swedish-Swiss engineering giant ABB.

Source: MarketWatch.com - Top Stories | 29 Jun 2010 | 2:49 am

Stocks poised to drop

U.S. stock futures tumbled early Tuesday, after a sharp drop in Asian shares overnight, amid concerns about the outlook for the global economy.
Source: Business and financial news - CNNMoney.com | 29 Jun 2010 | 2:48 am

Foxconn plans China plant amid suicide scrutiny (AP)

AP - Foxconn Technology, a supplier to Apple Inc., looks ready to build a huge new factory in north-central China despite the company's own misgivings about city-sized manufacturing facilities after a spate of suicides among its young migrant work force.
Source: Yahoo! News: Business News | 29 Jun 2010 | 2:30 am

World stocks fall as bank funding worries intensify (Reuters)

Reuters - World stocks hit a 2-1/2 week low on Tuesday while oil and the euro also slipped as investors grew nervous over the funding situation of banks about to repay 442 billion euros ($545.5 billion) to the European Central Bank.

Source: Yahoo! News: Stock Markets News | 29 Jun 2010 | 2:28 am

Google faces loss of China licence

Google said that it was making a final attempt to retain a presence in mainland China after the Beijing government threatened to close its Chinese operation
Source: Financial Times - US homepage | 29 Jun 2010 | 2:23 am

Reform will do little to boost lending

While Washington moves ahead on reforming the nation's financial system, bank lending appears to be going nowhere fast.
Source: Business and financial news - CNNMoney.com | 29 Jun 2010 | 2:18 am

Ampera driven

Vauxhall's electric car hints at carmaker's future
Source: BBC News | Business | World Edition | 29 Jun 2010 | 2:15 am

Roubini says Greece needs orderly debt restructuring to avoid 'inevitable default'

Greece needs an orderly restructuring of its public debt to head off an "inevitable default", says Nouriel Roubini.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jun 2010 | 2:11 am

Investors grab Tesla Motors IPO

Tesla Motors will offer up its shares to the public for the first time on Tuesday, testing investors' faith in a company that has proven it can make functional and stunning electric cars but has never had a profitable quarter.
Source: Business and financial news - CNNMoney.com | 29 Jun 2010 | 2:04 am

Media Digest 6/29/2010 Reuters, WSJ, NY Times, FT, Bloomberg

Reuters:   The financial reform bill may be delayed until mid-July. Reuters:   The storm in the Gulf may delay oil clean-up. Reuters:   Oil fell to $77. Reuters:   Baidu Inc (NASDAQ: BIDU) will hire US engineers to work in China. Reuters:   Top cellular companies will sell the Google Inc. (NASDAQ: GOOG) Android-based phone called the Samsung Galaxy [...]

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

Source: 24/7 Wall St. | 29 Jun 2010 | 2:03 am

Europe Markets: Stocks in Europe slump on China fears

Stocks in Europe slumped on Tuesday, picking up from Asia the fears over economic growth just days after world leaders pledged to rein in deficit spending.

Source: MarketWatch.com - Top Stories | 29 Jun 2010 | 2:03 am

Obama on deficit hawks: 'I'm calling their bluff'

President Obama says it'll be put-up or shut-up time on cutting deficits soon enough.
Source: Business and financial news - CNNMoney.com | 29 Jun 2010 | 2:00 am

Loopt knows where you are - and tells everyone

The stakes just got raised in the fight to dominate the hottest corner of the mobile apps market.
Source: Business and financial news - CNNMoney.com | 29 Jun 2010 | 1:57 am

BNY Mellon Appoints Daniel Smith as Chief Administrative Officer of Asia-Pacific

Source: RSS feed - channel BNewsBusiness | 29 Jun 2010 | 1:56 am

Court strikes down part of Sarbanes-Oxley law

WASHINGTON (Reuters) - The Supreme Court on Monday struck down part of a law to prevent fraud committed by companies like Enron and WorldCom, saying a board to police public companies'...
Source: RSS feed - channel BNewsBusiness | 29 Jun 2010 | 1:54 am

Court strikes down part of Sarbanes-Oxley law

WASHINGTON (Reuters) - The Supreme Court on Monday struck down part of a law to prevent fraud committed by companies like Enron and WorldCom, saying a board to police public companies' auditors violated the Constitution.

Source: Reuters: Business News | 29 Jun 2010 | 1:54 am

Coca-Cola Hellenic Bottling Company S.A. Schedules First Half 2010 Financial Results and Conference Call Date

Source: RSS feed - channel BNewsBusiness | 29 Jun 2010 | 1:54 am

UPDATE 1-URS mulls raising offer for UK engineer Scott Wilson

* Considering raising offer to 245p/shr or above * Scott Wilson schedules meeting to consider CH2M's stance
Source: RSS feed - channel BNewsBusiness | 29 Jun 2010 | 1:31 am

Shanghai Composite Down 4.3% As Investors Panic

The Shanghai Composite sold off 4.3% just as US investors headed to the beaches for the July 4th weekend. Concerns about the recovery, particularly in Europe, sent the euro falling to a record low compared to the Swiss franc Douglas A. McIntyre Filed under: China

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

Source: 24/7 Wall St. | 29 Jun 2010 | 1:28 am

FTSE 100 slides at open (AFP)

AFP - Leading shares slid at the start of trading on Tuesday following losses in Asia caused by weak Japanese economic data.

Source: Yahoo! News: Stock Markets News | 29 Jun 2010 | 1:27 am

Connaught shares slide further, doubts over accounting practices

Connaught shares fell again on Tuesday as investors continued to digest a shock profit warning, released just 25 minutes before the stock market closed on Friday.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jun 2010 | 1:27 am

Business Bullet: Asia, Greece, Cars, Carpetright

The latest news on: Asia, Greece, Cars, Carpetright
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jun 2010 | 1:18 am

China stocks lower on AgBank's low IPO pricing (AFP)

AFP - Chinese shares have traded sharply lower after Agricultural Bank of China offered shares in Shanghai at a lower than expected price, stoking fears over sentiment, dealers said.

Source: Yahoo! News: Stock Markets News | 29 Jun 2010 | 1:15 am

'Hurricane' Alex to slow BP's oil spill containment plans

High winds and large waves in the Gulf of Mexico will set back efforts to contain the largest oil spill in US history, warns BP.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jun 2010 | 1:14 am

CH2M triggers bidding war for Scott Wilson with £189m offer

CH2M, a US engineering company, has topped an bid for British group Scott Wilson with a £189m, 245p-a- share offer.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jun 2010 | 1:01 am

China, Taiwan sign trade pact linking economies (AP)

AP - China and Taiwan signed a tariff-slashing trade pact Tuesday that boosts economic ties and further eases political tensions six decades after the rivals split amid civil war.

Source: Yahoo! News: Business News | 29 Jun 2010 | 1:01 am

New look for Disney Stores makes debut in Montebello

The revamped retail outlets will feature interactive elements designed to get families to stay in the store longer and possibly spend more money while they're there.

Walt Disney Co. plans to unveil a new look for its Disney Stores on Tuesday in Montebello, and this time, instead of pixie dust, the company is relying on a heavy sprinkling of interactive technology.

Source: L.A. Times - Business | 29 Jun 2010 | 1:00 am

Financial overhaul to hit Wall Street firms' bottom line

A lot of uncertainty remains about the legislation's effect, but analysts say the damage won't be as severe as initially feared.

On the first business day after the financial regulatory overhaul took its final shape in Congress, industry analysts focused on the gains made by Wall Street in the last round of horse trading.

Source: L.A. Times - Business | 29 Jun 2010 | 1:00 am

Apple sells 1.7 million iPhone 4s in first three days

CEO Steve Jobs calls it "the most successful product launch in Apple's history." Apple Inc. said Monday that it...
Source: RSS feed - channel BNPaperBusiness | 29 Jun 2010 | 1:00 am

Silicon Valley becoming driving force for electric vehicles

Companies in the California region are developing not only electric vehicles but also the infrastructure needed to keep them on the road.

A 2006 documentary about General Motors Co.'s ill-fated EV1 famously asked, "Who Killed the Electric Car?"

Source: L.A. Times - Business | 29 Jun 2010 | 1:00 am

Byrd's death could delay financial reform vote

A tax on large institutions, added late to the bill, irks GOP supporters whose votes are needed to avoid a filibuster in the Senate.

Just days after congressional negotiators agreed to a far-reaching financial reform package, the death of Sen. Robert Byrd on Monday threw into doubt the Senate's hope of passing the legislation this week.

Source: L.A. Times - Business | 29 Jun 2010 | 1:00 am

Wireless airwaves would double under Obama plan

Mobile phone companies praise an administration plan to make 500 megahertz of spectrum available over the next 10 years. TV broadcasters, however, may resist giving up some of their airwaves. ...
Source: RSS feed - channel BNPaperBusiness | 29 Jun 2010 | 1:00 am

Apple sells 1.7 million iPhone 4s in first three days

CEO Steve Jobs calls it "the most successful product launch in Apple's history."

Apple Inc. said Monday that it sold more than 1.7 million of its new iPhones in its first three days, shattering the previous record for sales of the popular smart phone.

Source: L.A. Times - Business | 29 Jun 2010 | 1:00 am

More in Southland getting away for the Fourth, but frugally

The average vacationer will be driving instead of flying, traveling a shorter distance and spending less than a year earlier, according to surveys and an economic analysis by the Auto Club. ...
Source: RSS feed - channel BNPaperBusiness | 29 Jun 2010 | 1:00 am

Junk food and obesity: Taking a cue from tobacco control

That means strict measures to reduce consumption of what's bad for us, and aggressive public education campaigns. ...
Source: RSS feed - channel BNPaperBusiness | 29 Jun 2010 | 1:00 am

Supreme Court affirms authority of accounting oversight board

The Supreme Court largely affirmed Monday the legitimacy of an accounting regulator created by a post-Enron antifraud law, striking down only a minor provision of the statute.
Source: RSS feed - channel BNPaperBusiness | 29 Jun 2010 | 1:00 am

Supreme Court affirms authority of accounting oversight board

The Supreme Court largely affirmed Monday the legitimacy of an accounting regulator created by a post-Enron antifraud law, striking down only a minor provision of the statute.

Source: L.A. Times - Business | 29 Jun 2010 | 1:00 am

New look for Disney Stores makes debut in Montebello

The revamped retail outlets will feature interactive elements designed to get families to stay in the store longer and possibly spend more money while they're there. ...
Source: RSS feed - channel BNPaperBusiness | 29 Jun 2010 | 1:00 am

For diabetes drug Avandia, bad news continues

Two new studies link the drug to increased heart risks just weeks before the FDA will consider whether it should remain on the market. ...
Source: RSS feed - channel BNPaperBusiness | 29 Jun 2010 | 1:00 am

Tesla prices IPO at $17, surpassing expectations

Shares in the electric car maker are set to begin trading Tuesday. Ticker symbol: TSLA. Tesla Motors Inc., the...
Source: RSS feed - channel BNPaperBusiness | 29 Jun 2010 | 1:00 am

Junk food and obesity: Taking a cue from tobacco control

That means strict measures to reduce consumption of what's bad for us, and aggressive public education campaigns.

What to do about the obesity epidemic? Here's a thought: Substitute "tobacco" for "junk food." That provides a pretty clear road map about what government authorities should be doing to safeguard public health.

Source: L.A. Times - Business | 29 Jun 2010 | 1:00 am

More in Southland getting away for the Fourth, but frugally

The average vacationer will be driving instead of flying, traveling a shorter distance and spending less than a year earlier, according to surveys and an economic analysis by the Auto Club.

More than 2 million Southern California residents are expected to pack up the kids and gas up the car for the Fourth of July weekend, but they haven't returned to their pre-recession spending habits for the holiday.

Source: L.A. Times - Business | 29 Jun 2010 | 1:00 am

Tesla prices IPO at $17, surpassing expectations

Shares in the electric car maker are set to begin trading Tuesday. Ticker symbol: TSLA.

Tesla Motors Inc., the Silicon Valley-based electric sports car maker, got a warm welcome from investors in the company's initial public stock offering late Monday.

Source: L.A. Times - Business | 29 Jun 2010 | 1:00 am

Ceravision Ltd Selected to Deliver Two Landmark Talks at World's Premier Light Source Science and Technology Conference Series (LS12-WLED3)

Source: RSS feed - channel BNewsBusiness | 29 Jun 2010 | 12:57 am

NZ shares hit three-week low

The New Zealand sharemarket hit a three-week low today as few stocks were able to post gains in a generally quiet session.Shares in investment company Guinness Peat Group fell 5c in early trading following the removal of New Zealand-based...
Source: nzherald.co.nz - Business | 29 Jun 2010 | 12:29 am

NZ dollar pushed lower by risk aversion

The New Zealand dollar trudged lower today as investors continued to turn away from perceived risky assets such as the kiwi and euro.The euro slid to a three-week low against the yen, and hit a record low against the Swiss franc...
Source: nzherald.co.nz - Business | 29 Jun 2010 | 12:19 am

Special Report: How some textile mills sidestepped Armageddon

WALNUT COVE, North Carolina (Reuters) - To get an idea of how some U.S. textile mills can compete with developing-world rivals who pay far lower wages, roll a bowling ball down one of the production lines at Parkdale Mills' Walnut Cove yarn plant.

Source: Reuters: Business News | 28 Jun 2010 | 11:58 pm

ARCADIS Awarded $35 Million Contract With Georgia Department of Transportation for Traffic Management

Source: RSS feed - channel BNewsBusiness | 28 Jun 2010 | 11:57 pm

Therese Poletti's Tech Tales: Apple can no longer afford clumsy launches

Apple Inc. may be able to line up customers around the block, but even the iconic technology company can no longer afford clumsy product launches in the hotly competitive smart phone field.

Source: MarketWatch.com - Top Stories | 28 Jun 2010 | 11:49 pm

Angola's Luanda beats Tokyo as priciest expat city

Angola's capital Luanda knocks Tokyo off the top of the list of the most expensive city for expatriates, according to an annual survey.

Source: MarketWatch.com - Top Stories | 28 Jun 2010 | 11:25 pm

Deals of the day -- mergers and acquisitions

June 29 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0500 GMT on Tuesday.
Source: RSS feed - channel BNewsBusiness | 28 Jun 2010 | 11:23 pm

Asia shares slip and debt puts euro on defensive

SINGAPORE (Reuters) - Asian stocks were on course on Tuesday for their worst quarterly performance since the end of 2008, as the tepid nature of rich world's recovery from global recession...
Source: RSS feed - channel BNewsBusiness | 28 Jun 2010 | 11:17 pm

Delay looms as Wall St bill seen "too big to fail"

WASHINGTON (Reuters) - Political momentum was expected to carry a sweeping Wall Street reform bill to approval in the U.S. Congress, but the death of Senator Robert Byrd threatened to delay final action until mid-July.

Source: Reuters: Business News | 28 Jun 2010 | 11:10 pm

Pendo Advisors Adds Three Managing Directors from Duff & Phelps, Prairie Capital, and White Oak Group

Source: RSS feed - channel BNewsBusiness | 28 Jun 2010 | 11:04 pm

Abbott looks to sell its flu vaccine unit - WSJ

June 29 (Reuters) - U.S. drugmaker Abbott Laboratories Inc is looking to sell its flu vaccine business in a deal that could fetch 500 million euros ($614 million), the Wall Street Journal said, citing...
Source: RSS feed - channel BNewsBusiness | 28 Jun 2010 | 10:58 pm

IMF grants third tranche of $2.6 billion Sri Lanka loan

COLOMBO (Reuters) - The International Monetary Fund will pay out the delayed third tranche of a $2.6 billion loan to Sri Lanka, saying the government was planning to tackle its weak finances in the 2010 budget to be announced on Tuesday.

Source: Reuters: Business News | 28 Jun 2010 | 9:23 pm

Kissinger warns on Afghan exit strategy

Henry Kissinger, the former US secretary of state, has warned that Washington’s plan to begin handing over responsibility to national forces in Afghanistan in July next year ‘provides a mechanism for failure’
Source: Financial Times - US homepage | 28 Jun 2010 | 9:15 pm

EU firms wary of unpredictable China rules: survey

BEIJING (Reuters) - European firms remain optimistic about China's economic growth prospects, but are less confident about the near-term outlook for profits and are very concerned about regulatory unpredictability, according to a survey.

Source: Reuters: Business News | 28 Jun 2010 | 9:09 pm

Australia PM seeks to end mine tax row, may call poll (Reuters)

Reuters - New Australian Prime Minister Julia Gillard expressed confidence on Tuesday she would end a damaging mining tax row, as speculation grows she may call an election within weeks to capitalize on her honeymoon period as leader.
Source: Yahoo! News: Business News | 28 Jun 2010 | 9:07 pm

Flawed characters may fade away on Showtime

The premium cable channel's new programming chief, David Nevins, made a mark with heartwarming family dramas, including "Friday Night Lights" and "Parenthood."

Now comes the hard part.

Source: L.A. Times - Business | 28 Jun 2010 | 8:48 pm

St Laurence payout 32c at best

Secured debenture holders of failed finance company St Laurence will get 15 cents to 22 cents in the dollar back from their investment provided the receivers can sell remaining assets in an orderly fashion.Taken together with...
Source: nzherald.co.nz - Business | 28 Jun 2010 | 8:45 pm

Ignorance no defence for Feltex directors

Ignorance is not a reasonable defence for directors of failed Feltex Carpets accused of neglecting to disclose information in the company's interim financial statements, a prosecutor said today.Five directors, Peter Hunter, Peter...
Source: nzherald.co.nz - Business | 28 Jun 2010 | 8:30 pm

May Wang company invests in Genesis Research

UBNZ Funds Management, the potential purchaser of the Crafar dairy farming empire, has taken a 19.9 per cent stake in Auckland-based biotechnology company Genesis Research and Development Corp.Genesis raised $446,278 from the...
Source: nzherald.co.nz - Business | 28 Jun 2010 | 8:15 pm

Auckland, Wellington, among 'best value' cities in the world

Auckland and Wellington have emerged as two of the cheapest cities to live in the world, according to a global study of 214 centres.The latest Cost of Living Survey from Mercer puts Auckland in 149th place and Wellington in 163rd...
Source: nzherald.co.nz - Business | 28 Jun 2010 | 8:00 pm

IMF chief says yuan still too low (AFP)

AFP - The head of the International Monetary Fund has said that China's yuan was still undervalued, despite its central bank's pledge to make its exchange rate more flexible.

Source: Yahoo! News: Business News | 28 Jun 2010 | 7:50 pm

Barnes & Noble loss grows

NEW YORK (Reuters) - Barnes & Noble Inc reported a larger quarterly loss as it invested in its "Nook" electronic reader and e-books, and forecast a loss for its first quarter.

Source: Reuters: Business News | 28 Jun 2010 | 7:07 pm

Gibbs, 'fired for telling the truth,' keeps Tower, T&G jobs

Tony Gibbs says he was "fired for telling the truth" from the board of Guinness Peat Group, ending a 20-year association with Ron Brierley after making an unauthorised statement objecting to the investment company's plan to spin off...
Source: nzherald.co.nz - Business | 28 Jun 2010 | 7:00 pm

Wang bankruptcy case delayed

Westpac's application to bankrupt May Wang over $620,000 of unpaid debt has been adjourned to next month.Wang's lawyer Paul Sills said the date was moved to July 27 to allow the court time to view an application from insolvency...
Source: nzherald.co.nz - Business | 28 Jun 2010 | 6:31 pm

Fed official warns of asset risk

The Federal Reserve would risk its credibility if it bought more assets to stimulate the economy, board member Kevin Warsh says in a speech
Source: Financial Times - US homepage | 28 Jun 2010 | 6:08 pm

Petrol and electricity prices to rise with ETS

Petrol prices will increase by up to 3c and electricity by up to 3.3 per cent on Thursday when the emissions trading scheme takes effect.Energy, fossil fuels, industrial processes and transport will face extra costs from July...
Source: nzherald.co.nz - Business | 28 Jun 2010 | 6:00 pm

CA-CANADA Summary (Reuters)

Reuters - After a rare weekend of violence in a city that likes to trumpet its civility, Toronto licked its wounds on Monday as rights groups questioned police tactics in securing the G20 summit and the mayor blasted the decision to hold the world leaders event in the city's core.
Source: Yahoo! News: Stock Markets News | 28 Jun 2010 | 5:59 pm

Elevation raises Facebook stake

Elevation Partners, the private equity firm, has acquired an additional 5m shares of Facebook for $120m, bringing its stake in the social network to about 1.5 per cent, according to a person with knowledge of the deal. In November, Elevation bought 2.5m shares for $90m
Source: Financial Times - US homepage | 28 Jun 2010 | 5:51 pm

Do-little G20 summit cheers spared bankers (Reuters)

Reuters - Bankers voiced relief on Monday after world leaders abandoned a global bank levy and eased the timetable for new capital requirements at a G20 summit in Canada which posed questions about the forum's effectiveness.
Source: Yahoo! News: Stock Markets News | 28 Jun 2010 | 5:48 pm

Building consents fall 9.5pc in May

The number of consents issued for new homes fell 9.5 per cent during May, following a 13.4 per cent rise during April, Statistics New Zealand says.When the volatile apartment category is included, consents for new houses fell...
Source: nzherald.co.nz - Business | 28 Jun 2010 | 5:30 pm

US arrests 10 alleged Russian spies

A story of spies and Moscow’s supposed quest for US nuclear and diplomatic secrets was unveiled on Monday when the Department of Justice announced the arrest of 10 alleged Russian agents in the US
Source: Financial Times - US homepage | 28 Jun 2010 | 5:19 pm

Zep fiscal third quarter profit dips (AP)

AP - Zep Inc., which makes cleaning, disinfectant and pest control products, said Monday that its fiscal third-quarter net income fell due to increased expenses, although its revenue grew.
Source: Yahoo! News: Business News | 28 Jun 2010 | 5:07 pm

Jon Pain, a senior FSA manager, to leave ahead of split

Jon Pain, one of the Financial Services Authority's (FSA) most senior managers is leaving ahead of the Government's planned restructuring of the City regulator.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 28 Jun 2010 | 5:00 pm

U.S. slaps duties on electric blankets from China

WASHINGTON (Reuters) - The United States has slapped final duties ranging up to almost 175 percent on about $56 million of electric blankets from China because of unfair pricing, the U.S. Commerce Department said on Monday.

Source: Reuters: Business News | 28 Jun 2010 | 4:39 pm

Intel, Micron, Salesforce.com, Treasury Yields: Taking Stock

Source: Bloomberg - All Podcasts | 28 Jun 2010 | 4:24 pm

Russia claims BP chief Tony Hayward is poised to resign

Doubts over Tony Hayward's future after Russian official claims the embattled oil boss is close to quitting.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 28 Jun 2010 | 4:08 pm

Mo. House panel adds data centers to auto bill (AP)

AP - A plan to offer tax incentives in Missouri for automakers picked up a hitchhiker Monday as a House panel added new enticements for computerized data centers.
Source: Yahoo! News: Business News | 28 Jun 2010 | 4:04 pm

Interest rates fall again on investor pessimism (AP)

AP - A darkening view of the economy sent bond market interest rates to their lowest level in 14 months and kept many investors out of the stock market.

Source: Yahoo! News: Stock Markets News | 28 Jun 2010 | 3:59 pm

Rangers, Saints’ Brunnell: Bloomberg Law Bankruptcy Review

Source: Bloomberg - All Podcasts | 28 Jun 2010 | 3:54 pm

Foxconn to shift some of Apple assembly

The electronics contract manufacturer is making the move to contain costs amid a greater willingness from the US company to work with factories away from its long-time Chinese hub
Source: Financial Times - US homepage | 28 Jun 2010 | 3:52 pm

Richard Lambert: a loss for British business should turn into a gain for the coalition

Few previous director generals of the CBI helped the organisation live up to its motto of being "The Voice of Business" more than Richard Lambert.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 28 Jun 2010 | 3:48 pm

Wall Street reform: It ain't law yet

The smooth passage of the final Wall Street reform bill later this week just got tougher.
Source: Business and financial news - CNNMoney.com | 28 Jun 2010 | 3:47 pm

The Twenty Most Productive Nations In The World

24/7 Wall St. decided to find the most productive countries in the world. The challenge of creating this list could be framed in a number of ways. 24/7 elected to use GDP per capita as the measurement.  The GDP is, of course, affected by the education of the populations of these countries, their natural resources or [...]

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

Source: 24/7 Wall St. | 28 Jun 2010 | 3:32 pm

Write-Offs: 06.28.10

$$$ U.S. regulators sued a second employee at ICP Asset Management LLC, the investment firm accused by the Securities and Exchange Commission of defrauding investors as it bolstered an account held by “an important client.” That client was Moore Capital. [BW]

$$$ Hedge funder Alexander Roepers, wife split [NYP]

$$$ Is Tesla The Future Or The New GM? [Reuters]

$$$ Former SEC Chairman Sees Financial Reform as Changes on the Margins [ProRepublica]

U.S. Securities and Exchange Commission - Investment management - Business - Securities and Exchange Commission - Investment
Source: Dealbreaker | 28 Jun 2010 | 3:30 pm

How the major stock indexes fared on Monday (AP)

AP - Stocks ended on a weak note Monday after a stronger dollar brought down prices for energy and other basic materials. The Dow Jones industrial closed down 5 points after being up for most of the day. A report that consumers saved more than they spent last month hurt retailers.
Source: Yahoo! News: Stock Markets News | 28 Jun 2010 | 3:29 pm

Managing Your Mortgage the Right Way

Avoid these financial pitfalls when paying down your mortgage.

Source: SmartMoney.com | 28 Jun 2010 | 3:15 pm

Tips for Assessing E-Reader Deals (Deal of the Day)

Inexpensive readers abound, but few are bargains. What shoppers need to know.

Source: SmartMoney.com | 28 Jun 2010 | 3:07 pm

Consumer spending up, savings at 8-month high

WASHINGTON (Reuters) - U.S. consumer spending rose moderately in May, even as savings touched the highest level in eight months, indicating a tepid economic recovery was still intact.

Source: Reuters: Business News | 28 Jun 2010 | 3:00 pm

'These Are The Guys Who Are Kicking Our Ass?'

Source: NPR Blogs: Planet Money | 28 Jun 2010 | 2:59 pm

Caption Contest Monday

From CNBC Business Journalist to Critic of Bankers on MSNBC [NYT]

CNBC - MSNBC - Business - United States - NBC Universal
Source: Dealbreaker | 28 Jun 2010 | 2:53 pm

US gun-rights activists win key legal victory

The US could see a wave of challenges to local gun-control measures after the US Supreme Court overturned a ruling upholding Chicago’s 28-year-old ban on handguns – one of the country’s strictest gun-control regimes – in a critical victory for gun-rights activists
Source: Financial Times - US homepage | 28 Jun 2010 | 2:41 pm

Sarb-Ox struck down? Not even close.

Though headline writers may want to obscure this fact, the impact of today's U.S. Supreme Court ruling striking down a portion of the Sarbanes-Oxley Act of 2002 is easy to summarize: Zilch.
Source: Business and financial news - CNNMoney.com | 28 Jun 2010 | 2:32 pm

Solar power done cheap -- really

In a construction van winding through Los Angeles' crowded streets one hot spring morning, 25-year old Tim Morris laid bare his contribution to changing America's dirty, fossil fuel-based economy.
Source: Business and financial news - CNNMoney.com | 28 Jun 2010 | 2:28 pm

Fund Forum: Q&As With Investing Stars (On the Street)

SmartMoney presents a video series from the Morningstar conference.

Source: SmartMoney.com | 28 Jun 2010 | 2:27 pm

Dow Slips on Deficit Vow (Market Update)

A late-day slump left major stock indexes slightly lower as traders fretted that the Group...

Source: SmartMoney.com | 28 Jun 2010 | 2:21 pm

Lessons of oil spills past not learned

The Santa Barbara oil spill of 1969 was nowhere as vast the current BP oil spill in the Gulf, but it did stir up environmentalists, the federal government and the oil industry to make things safer -- unfortunately, not all of that attitude made it through the years.
Source: Marketplace | 28 Jun 2010 | 1:53 pm

Afghani officials smuggling U.S. money?

According to the Wall Street Journal, billions of dollars -- allegedly tax payers' money -- are being air lifted out of Afghanistan, in the latest of a string of corruption reports from the country. Nancy Marshall Genzer reports.
Source: Marketplace | 28 Jun 2010 | 1:53 pm

A Toronto G-20 summit review

Tess Vigeland reviews the Toronto G-20 summit, which wrapped up yesterday, with Marketplace's London bureau chief Stephen Beard, particularly if the summit helped bridge disagreements between Europe and the U.S.
Source: Marketplace | 28 Jun 2010 | 1:53 pm

Summer Reading: Betsey Stevenson

Economist Betsey Stevenson shares what she'll be reading this summer on the beach.
Source: Marketplace | 28 Jun 2010 | 1:53 pm

FDA wants to limit antibiotics in meat

The Food and Drug Administration released draft regulations intended to limit antibiotic use in meat-producing animals to prevent outbreaks of drug-resistant viruses.
Source: Marketplace | 28 Jun 2010 | 1:53 pm

Major players studying financial reform bill

Congress's financial regulation bill will be up for vote soon, bankers, lawyers, consultants and regulators are reading the 4,000-page bill to see how it could affect them.
Source: Marketplace | 28 Jun 2010 | 1:53 pm

A look at global economic developments (AP)

AP - A look at economic developments and activity in major stock markets around the world Monday:
Source: Yahoo! News: Stock Markets News | 28 Jun 2010 | 1:50 pm

Dick Bové: Lloyd Blankfein Is Gone By The End Of The Year

Watch the latest business video at video.foxbusiness.com
Just an FYI, a certain someone is available to take over, should anyone be wanting to get a short list of candidates together.

Short list - Arts - Business - Fan Pages - Arts and Entertainment
Source: Dealbreaker | 28 Jun 2010 | 1:45 pm

Don't Sweat the High Bond Prices (Tradecraft)

Hoenig: From munis to the yen, go where the action is.

Source: SmartMoney.com | 28 Jun 2010 | 1:43 pm

Fed officials say U.S. recovery firm but watching Europe

RICHMOND, Virginia (Reuters) - Europe's debt debacle poses some risks for the United States, but is unlikely to derail the country's solid economic recovery, top Federal Reserve officials said.

Source: Reuters: Business News | 28 Jun 2010 | 1:42 pm

White House wants more bandwidth

The White House announced a plan today to free up to 500 megahertz of spectrum over the next 10 years to accommodate the increasing demand for wireless technology.
Source: Marketplace | 28 Jun 2010 | 1:31 pm

Court says oversight board stays

The Supreme Court issued a decision today on Free Fund Enterprise v. Public Company Accounting Oversight Board, which upheld the constitutionality of the PCAOB, but adds greater oversight to the board as well. Brett Neely reports.
Source: Marketplace | 28 Jun 2010 | 1:30 pm

1.7M iPhones sold in 3 days

Source: Business and financial news - CNNMoney.com | 28 Jun 2010 | 1:14 pm

Presented By:

Source: Dealbreaker | 28 Jun 2010 | 1:01 pm

Blind Item: If Not Jeffrey Gundlach, Who Then?

10:30 a.m.: We are also transporting a large glass dildo we bought in Amsterdam a few years ago. It’s in my backpack, in its protective pouch. The female TSA agent pulls out the pouch and asks “What is this?” I hem and haw a bit. Her supervisor says, “I know what that is. It’s okay.” This reminds me of when I went on vacation, accidentally arrived at the airport late, and didn’t have time to check my bag full of toys and ropes, so I had to go through screening. They had a good sense of humor about it.

Sex Diary: The Finance Dad With a Hot New Fiancée [NYM]

Dildo - Newfoundland and Labrador - Canada - Business - Shopping
Source: Dealbreaker | 28 Jun 2010 | 1:01 pm

Hedge Fund Managers Smoking Out Opportunities In Emerging Market Of Legalized Weed

Americans spend roughly $25 billion a year on marijuana, according to the Harvard economist Jeffrey Miron, which gives some idea of the popularity of this drug. Eventually, we might be talking about a sizable sum of tax revenue from its sales as medicine, not to mention private investment and employment. A spokesman for the National Organization for the Reform of Marijuana Laws says hedge fund investors and an assortment of financial service firms are starting to call around to sniff out opportunities. “We’re past the days when people call here to ask if marijuana will give men breasts,” says Allen St. Pierre, the executive director of NORML. “Now, the calls are from angel investors, or REITs — people who are looking for ways to invest or offer their services.”

Also, out of nowhere, and as though she maybe has an ax to grind is this lady, slamming business schools for not adequately preparing people to sell pot.

ANYONE who thinks it would be easy to get rich selling marijuana in a state where it’s legal should spend an hour with Ravi Respeto, manager of the Farmacy, an upscale dispensary here that offers Strawberry Haze, Hawaiian Skunk and other strains of Cannabis sativa at up to $16 a gram. She will harsh your mellow.

“No M.B.A. program could have prepared me for this experience,” she says, wearing a cream-colored smock made of hemp. “People have this misconception that you just jump into it and start making money hand over fist, and that is not the case.”

When Capitalism Meets Cannabis [NYT]

Allen St. Pierre - National Organization for the Reform of Marijuana Laws - Cannabis - Hedge fund - National Organization
Source: Dealbreaker | 28 Jun 2010 | 12:23 pm

5 Things Robert Byrd’s Life Teaches Us About Leadership

Robert Byrd, the longest-serving senator in US history (1959-2010), passed away today. The longtime West Virginia representative left a long, colorful, and impressive leadership career in his wake. Here are five leadership lessons from the illustrious senator’s life and career:

1. Don’t forget your humble beginnings. Instead, use them to your advantage.

It’s part of the Great American Story that everyday folk from humble beginnings can hit the big time as CEOs, entrepreneurs, or politicians. Robert Byrd grew up in a poor West Virginia coal mining community. He worked as a meat-cutter during the Great Depression, making $28.66 every two weeks, according to USA Today. He had to drop out of college due to lack of money, but later earned a law degree by taking night classes while working in the House.

But when he made it in politics, he “never forgot where he came from,” according to this Washington Post narration. He delivered “all kinds of benefits, programs, buildings, money” to them, earning himself a reputation as the King of Pork. But West Virginians kept paying him back by voting him into office. Byrd stayed in tune with his beginnings–and used them to his advantage.

2. You can make very bad decisions and still have a successful career.

Let’s face it. Joining the KKK is a bad idea, in politics and in life. But that’s exactly what Byrd did in 1942, in his early 20s. He was soon elected his KKK unit’s “Exalted Cyclops,” or unit leader, according to this Washington Post article (also the source of the next paragraph). He continued recruiting for the Klan for about a year. In 1945, he wrote a letter complaining about the Truman government’s efforts to de-segregate the military.

When Byrd ran for the US House in 1952, his KKK affiliations surfaced and almost ended his career. But Byrd pressed on. Still a racist, Byrd voted against the Civil Rights Act in 1964, filibustering the bill for more than 14 hours. He also voted against the Supreme Court nomination of Thurgood Marshall.

Byrd, however, changed his stance on race over time. He went on to become Senate Majority Leader twice, and, as we now know, the longest-running Senator in history. He admitted that the KKK remained a black mark on his record, but it ended up not hampering his career. He apologized, showed that he had changed, and people stuck with him.

3. If your decisions were bad enough, though, they’ll haunt you to the end.

In his early 20s, Byrd was a member of the Ku Klux Klan. This pigeonholed as a Southern racist in politics–which, for a while, he was. Later in his career, however, he expressed deep regret at both his KKK affiliation and his vote against the 1964 Civil Rights Act.

Despite his long and, by most accounts, successful career, Byrd’s KKK affiliation never quite disappeared. “I know now I was wrong. Intolerance had no place in America. I apologized a thousand times . . . and I don’t mind apologizing over and over again. I can’t erase what happened,” writes the Washington Post. Although Byrd changed over time, the Klan would haunt him until the end.

4. Don’t stop taking risks.

In 2003, at the ripe old age of 85, Byrd became the Bush Iraq war’s strongest congressional critic, according to USA Today. TV stations, the online community, and hoardes of young Democrats stepped behind Byrd, reviving his political reputation.

Taking a strong stand against Bush represented a political risk for Byrd. It made him enemies. But Byrd followed his convictions anyway. This won him fans and revitalized his career. This is a good reminder that in many organizations, always following the status quo is a sure way into oblivion.

5. If you’re lacking in one area, make up for it by being twice as strong in another.

“Dour and aloof, a socially awkward outsider in the clubby confines of the Senate, Mr. Byrd relied not on personality but on dogged attention to detail to succeed on Capitol Hill,” writes the Washington Post. He was the “go-to guy” for questions on how the Constitution and the government worked, says the Post. “He saw himself both as institutional memory and as guardian of the Senate’s prerogatives.” Byrd wrote a 4-volume history of the Senate and kept a copy of the US Constitution in his pocket.

This encyclopedic knowledge gained him respect among his peers and informed his political positions. Byrd made up for his social disadvantages by making himself indispensable in other wise. He essentially created a valuable niche for himself.

Anecdotally, USA Today sums up how Byrd’s lifestyle nourished his expertise:

Since entering the Senate in 1959, Byrd has been to a movie theater only twice; the last time was to see a second run of the 1956 classic The King and I. He doesn’t play golf. “I have no hobbies other than to read,” he says. Byrd devours histories, biographies, the Bible, even the dictionary. He can quote long passages of poetry from memory and recount historical events in minute detail without checking a book. “His is the most prodigious mind I have ever known,” says Sen. Ted Stevens, an Alaska Republican.

R.I.P., Senator Byrd

Source: Business Pundit | 28 Jun 2010 | 12:11 pm

Nick Maounis’s New Hedge Fund: GET IT WHILE IT’S HOT

A few years back, a hedge fund in Greenwich went out of business. Perhaps you’ve heard of it. Was called Amaranth Advisors. Was run by a guy named Nick Maounis. Had this lovable goof of a Canuck named Brian Hunter making natural-gas trades. Brian was always up for a good laugh and one day, on a lark, put on some trades that resulted in the firm losing, I don’t know, like $6.6 billion. It’s was hilarious! Maybe you had to be there, but I’m telling you, it was pant-pissingly funny. Definitely one of the best things to happen to the hedge fund community in a while. Anyway, some people who didn’t find it so funny, because they’re humorless stiffs, were AA’s investors. And apparently, they’re still not over it, which would explain why they are RUINING the best news ev-ar, which is that the guy who brought you Bri-Hunt is starting a new shop!

Maounis’s efforts come as some clients from his original Amaranth fund are fuming that they still haven’t received all their cash back. More than $250 million remains tied up in that firm. Some investors aren’t placated by the fact that Mr. Maounis faces constraints in returning cash amid lawsuits. Some Amaranth investors have lost patience. “It’s outrageous. The fund supposedly was liquidated four years ago, and I just want to be done with it,” said Donald Shapiro, a Boston-area investor who put $1 million of his family’s savings into Amaranth in 2001.

Such a dickbag, amiright? But you know what? It’s cool. Just because Donny doesn’t want to get over his own stuff and celebrate this news doesn’t mean others aren’t so, so happy for Nick. So happy in fact that they’re helping make this thing happen.

Nipulchandra Patel, is investing in Mr. Maounis’s new fund. Mr. Patel said he likes that the fund manager has most of his net worth in the venture, and he said the failure of Amaranth made Mr. Maounis wiser. “When you’re one of the largest funds out there and you’ve imploded, you learn a hell of a lot of things,” he said.

Such as, for instance, how to pick traders with senses of humor and adventure as awesome as Hunter. Which leads me to this: who wants to be the next BH? The new shop, dubbed Verition Fund Management LLC, has already hired about 32 employees but they’re still searching for that special someone. Let me know and I’m happy to pass on your info. (Also please note Verition is currently accepting investments– get in at the ground floor.)

Hedge fund - Business - Investing - Brian Hunter - Funds
Source: Dealbreaker | 28 Jun 2010 | 11:52 am

Halpenny, Kantor, Calomiris, Mathias, Wyplosz: Surveillance

Source: Bloomberg - All Podcasts | 28 Jun 2010 | 11:43 am

Neil Soss, Barry Ritholtz: Bloomberg On the Economy

Source: Bloomberg - All Podcasts | 28 Jun 2010 | 11:42 am

Illegal immigrants to lose out on BP claims

Illegal immigrants working on the Gulf Coast will not be able to claim for economic losses they suffer as a result of the BP oil spill, according to Kenneth Feinberg, the administrator of BP’s $20bn claims fund
Source: Financial Times - US homepage | 28 Jun 2010 | 11:24 am

Jobs Complacent About iPhone 4 Reception Issue

The iPhone 4′s new design, in which radio antennas are inside the steel frame, has been causing reception problems. These problems appear when you cup the iPhone 4 in your left hand, limiting 3G signal and leading to bad reception and dropped calls. Ars Technica explains:

If you are left-handed or predominantly use the phone in your left hand, you may want to be aware of the problem. The known workarounds for now include holding the phone without cupping it, holding it higher up on the bezel, holding it in your right hand, or using a protective case. We certainly hope that Apple didn’t design its iPhone 4 Bumpers just to mitigate this problem.

Engadget talked to Apple about reception issues:

Here’s the (company’s) official statement:

Gripping any mobile phone will result in some attenuation of its antenna performance, with certain places being worse than others depending on the placement of the antennas. This is a fact of life for every wireless phone. If you ever experience this on your iPhone 4, avoid gripping it in the lower left corner in a way that covers both sides of the black strip in the metal band, or simply use one of many available cases.

Essentially, Apple is saying that the problem is how you hold your phone, and that the solution is to change that habit, or buy one of their cases. Admittedly, this isn’t a problem that exists only for the iPhone 4 — we’ve seen reports of the same behavior on previous generations (the 3G and 3GS), and there is a running thread about this problem with the Nexus One.

While it is definitely true that interference is an unavoidable problem, we can’t help feeling like this is really a bit of bad design. If the only answer is to move your hand, why didn’t Apple just move the antenna position? What we can say without question is that in our testing of the phone, we had improved reception and fewer dropped calls than we experienced with the last generation, and we never noticed this issue. Additionally, when using a bumper we can’t recreate the signal loss. So, now we have an answer… all we’re wondering is whether or not the company will start handing out bumpers pro-bono to those who are experiencing problems. It certainly seems like the right thing to do.

Apple has the clientele it needs without doing something nice, like sending along free bumpers. Jobs’ position will alienate some users, but Apple seems to think it can handle a degree of alienation at this point. If Apple were my ship, I’d send the bumpers as a signal that my company still cares.

Once the iPhone 4 reception issue blows over, and nothing new happens to make Apple look bad, people will forget. But if another PR storm does hit the company, people will remember Apple’s treatment of the iPhone issue. Jobs is taking a small reputational risk by taking the position he has. He’s also displaying complacency, a common characteristic for the head of a large, successful company–and also a key precursor to many companies’ downfalls. I’m not saying Apple is going down, but complacency almost never pans out in the long run, either.

Source: Business Pundit | 28 Jun 2010 | 10:52 am

Citi Has Something It Wants To Say To Debrahlee “They Fired Me Because Of THESE” Lorenzana

It’s been relatively quiet on the Debrahlee Lorezana front the past week but for some reason– I don’t know, maybe something happened over the weekend that just made Vickles snap and decide he’d had it with this chick– the bank has just put out the following statement re: T’s on an S:

“Unlike Ms. Lorenzana, Citibank does not intend to try this case in the media and we reiterate that her termination was based on poor performance. Although we can’t speak to her previous attention-seeking activities, her current attempts to gain personal publicity are as transparent as her legal claims. We remain confident that when all of the facts and documentation are presented, the claim will be dismissed.”

*Oh, actually she filed this over the weekend. I still like new tone– catty ass bitches.

Citibank - Business - Financial Services - Banking Services - Banks and Institutions
Source: Dealbreaker | 28 Jun 2010 | 10:26 am

Interview With Best Buy CEO Brian Dunn (The Corner Office)

Why the store sells everything from mobile phones to martini makers.

Source: SmartMoney.com | 28 Jun 2010 | 10:25 am

Vanguard to Create 19 New ETFs: Audio

Source: Bloomberg - All Podcasts | 28 Jun 2010 | 10:22 am

Vodafone Raised to `Buy,' LSB Cut to `Hold': Audio

Source: Bloomberg - All Podcasts | 28 Jun 2010 | 10:21 am

Looking For A Job? Try Wall Street

Source: NPR Blogs: Planet Money | 28 Jun 2010 | 10:17 am

Who Wants To Give This Kid A Job?

Hey Dealbreaker!

While I don’t have a tip, I wish I did, and I think you guys can help me get on my way to getting one to help you out. I have a proposition I would like to relay to your readership: find Me a Job and I will give you my first week’s pay!

Once hired by the firm, after I receive my first paycheck, I am willing to pay my first week’s salary to the individual whose efforts resulted in me being hired by the firm.

I am looking for an entry level (0-3yrs) position in asset management or private equity. Some responsibilities I would like to have are building financial models (including valuations or trading models) or econometric models, interpreting models to help make investment decisions, analyzing prospective investments, researching the company, bond covenants, etc, and being able to recommend investments or strategies. I am absolutely willing to learn, meet strict deadlines, and work long hours. I would like to work in NYC or Boston, but I am open to other locations. My resume can be viewed here.

In addition, I am willing to negotiate for more than my first weeks salary if I get the position.

At the very least, your readership might have fun valuing this deal.

Private equity - Investment management - Boston - Business - Investment
Source: Dealbreaker | 28 Jun 2010 | 10:05 am

What's The Most Expensive Part Of The iPhone 4?

Source: NPR Blogs: Planet Money | 28 Jun 2010 | 9:27 am

Lenny Dykstra Betrayed Jim Cramer’s Trust And Sullied The Good Name Of TheStreet.com For $250,000

You might not have known it at the time, but in March 2008, circa the same month Jim Cramer called him the greatest mind on Wall Street, Lenny Dykstra was going through some money trubs. This was just prior to Dykstra putting his beloved Thousand Oaks home on the market, at a selling price that indicated he believed it possible to see a 33% return on the place, after having bought it from Wayne Gretzky for $18.5 million in August 2007 and owning it for ten months. As you are probably aware, despite LD’s streak of crazy spot on the money calls, this one did not pan out as he’d predicted, and the home was foreclosed on, though not before Nails ripped out the bathroom fixtures, left “unfit to print” items on the walls and floor (knowing Dykstra, one must assume feces), and blamed the whole thing on JPMorgan née WaMu. This was also prior to the former car wash king of California being forced to live out of his car and auction off phone calls with himself on Craigslist. But we’re getting ahead of ourselves.

In March 2008, our boy, likely due to the brain damage inflicted by seeing how far he could push a Twizzler into his ear and not stopping when he felt resistance, just thought he need a little cash. Two-hundred and fifty thousand would probably do the trick, and as luck would have it, someone was offering him that exact amount!

In the late winter of 2008, an entrepreneur named Richard O’Connor, who had become Dykstra’s favored adviser, introduced him to Shannon Illingworth, the founder of a publicly traded company called Automated Vending Technologies, or AVT, and the two quickly cut a deal. O’Connor told me that on March 25, 2008, Illingworth gave Dykstra roughly $250,000 worth of AVT stock in exchange for plugging the company on Cramer’s website, TheStreet.com, and promising to provide a personal introduction to Cramer. O’Connor claims that Dykstra told him he knew the pay-to-plug arrangement was illegal. To avoid getting caught, O’Connor says, the former All-Star baseball player had a solution: “We can just put the stock in Keith’s name,” referring to his brother-in-law, Keith Peel.

And so it was done. O’Connor provided me copies of stock certificates showing that on March 25, 2008, Keith Peel was issued 250,000 shares of AVT stock, which traded at roughly $1 a share. “Keith didn’t know anything about it,” says O’Connor, maintaining that using Peel’s name was a way to stash the stock away from potential regulatory oversight. The shares were held at Dykstra’s mansion, which is where O’Connor retrieved them. Just two weeks later, on June 6, 2008, Dykstra offered his premium subscribers a curious “bonus” recommendation: a plain old penny stock named AVT, “which gives investors a lot of potential upside.” Dykstra droned on endlessly about the stock, with all the conviction of a prisoner of war extolling the cause of his captors for the cameras.

When I contacted him shortly before The Zeroes printed, AVT founder Illingworth admitted that he hired Dykstra as a consultant for his “relationships with TheStreet.com, Cramer,” and that the idea for Dykstra to tout his company’s stock was “mutual.” (Despite the certificates, Illingworth denied ever giving Dykstra or Peel $250,000 worth of stock; instead he claims the only money he gave to Dykstra was $15,000 to trade on his behalf, a sum that disappeared.)

O’Connor claims that Illingworth was angry that he didn’t get more plugs from Dykstra, or a meeting with Cramer. O’Connor also says while advising Dykstra in the first half of 2008, he saw multiple other offers from small company CEOs offering Dykstra cash in exchange for access to Cramer, though he does not know if Dykstra ever cashed in on those opportunities.

Lenny Dykstra Stock Scandal [TDB]

Jim Cramer - Wayne Gretzky - Lenny Dykstra - TheStreet.com - Richard O'Connor
Source: Dealbreaker | 28 Jun 2010 | 9:14 am

BP Can Deny CEO Departure Story, But Fate Already Set (BP)

24/7 Wall St. has had the dubious honor in recent years of picking many CEOs who are likely to go, either by firing, retirement, or by splitting of roles.  BP plc (NYSE: BP)  denying reports today out of Russia that CEO Tony Hayward is stepping down.  The company can deny this all it wants, but [...]

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

Source: 24/7 Wall St. | 28 Jun 2010 | 9:04 am

US Loses at G20 Summit

This month’s G20 (Group of 20) meeting took place this weekend in Toronto. Aside from 900 arrests, the G20 meeting’s outcomes were predictably mellow. Still, some countries made out better than others. Reuters compiled a nice list of G20 winners and losers. Here’s the America excerpt:

U.S. President Barack Obama arrived at the summit on what White House officials hoped would be a triumphant note after House and Senate negotiators reached a final compromise on a bill that would bring about the most sweeping overhaul of financial rules since the 1930s.

But he left having achieved little on the fiscal issues that dominated the summit. The United States was forced to give ground on European demands for a new emphasis on budget austerity, which it had warned threatened to torpedo the fragile economic recovery.

Obama also told G20 leaders that existing proposals in the Doha world trade talks did not meet U.S. needs and would have to change significantly.

Brazil was the only other loser on the list. Good thing that G20s are usually so rife with disagreement that they rarely go anywhere.

Source: Business Pundit | 28 Jun 2010 | 8:15 am

Keeble on European Debt Crisis, Buik on Stocks: First Word

Source: Bloomberg - All Podcasts | 28 Jun 2010 | 7:14 am

World Leaders: We'll Cut Deficits (Or We Won't)

Source: NPR Blogs: Planet Money | 28 Jun 2010 | 6:58 am

The Businesses People Dream of Starting…

Source: Business Pundit | 28 Jun 2010 | 4:49 am