Banks and euro rally as ECB tender sparks relief

Global Markets Overview: ECB’s latest tender for three-month funds suggests stresses within the eurozone banking system may not be as intense as had been feared
Source: Financial Times - US homepage | 30 Jun 2010 | 4:15 am

Foreclosure Sales One-Third Of All Home Sales In Q1

The number of homes going into foreclosure is, by some measures, over 300,000 a month. Buyers are taking advantage of that trend. RealtyTrac reports that “foreclosure homes accounted for 31 percent of all residential sales in the first quarter of 2010, and that the average sales price of properties that sold while in some stage [...]

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Source: 24/7 Wall St. | 30 Jun 2010 | 4:01 am

Indications: U.S. stock futures rise on Europe bank relief

U.S. stock futures Wednesday pointed to a partial bounce after the last session’s hammering, helped after European banks sought a smaller amount of central bank loans than markets had anticipated. But a report on jobs looms as worries about the global economy intensify.

Source: MarketWatch.com - Top Stories | 30 Jun 2010 | 4:01 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 | 30 Jun 2010 | 3:58 am

World stocks mixed as growth doubts mount (AP)

AP - European markets edged higher in volatile trading Wednesday a day after logging steep losses, while major Asian indexes closed down on worries that the U.S. and Chinese economies are slowing down.

Source: Yahoo! News: Business News | 30 Jun 2010 | 3:58 am

World stocks mixed as growth doubts mount (AP)

AP - European markets edged higher in volatile trading Wednesday a day after logging steep losses, while major Asian indexes closed down on worries that the U.S. and Chinese economies are slowing down.

Source: Yahoo! News: Stock Markets News | 30 Jun 2010 | 3:58 am

Europe's poorest send less money home (AP)

AP - Many of Europe's poorest migrant workers are sending less money home — another blow delivered to the continent's east by global economic and financial turmoil.
Source: Yahoo! News: Business News | 30 Jun 2010 | 3:56 am

Strike halts Madrid subway again (AP)

AP - Spain's capital endured a second day without subway service Wednesday, with big traffic jams forming as people scrambled to find alternative transport, as workers striked over pay cuts that are part of government austerity plans.

Source: Yahoo! News: Business News | 30 Jun 2010 | 3:52 am

Eurozone bank deadline puts markets on edge (AFP)

AFP - A deadline for European banks to repay 442 billion euros of crisis funding kept stock markets on edge on Wednesday, after a sudden drop in confidence over doubts about global economic recovery.

Source: Yahoo! News: Stock Markets News | 30 Jun 2010 | 3:49 am

Asia stocks weighed by China economy, yen fears

Asian stocks are beaten down Wednesday, with worries about a Chinese economic slowdown and impact of the yen's recent strength damping confidence and prompting a further sell-off in banks and exporters.

Source: MarketWatch.com - Top Stories | 30 Jun 2010 | 3:48 am

Industrial Stocks Sink as Growth Seen Slowing (On the Street)

Tuesday's selloff underscores how new growth expectations have hurt the sector.

Source: SmartMoney.com | 30 Jun 2010 | 3:47 am

3 Companies Ramping Up Research (Screens)

Hough: Today's lab spending could send profits soaring at these firms.

Source: SmartMoney.com | 30 Jun 2010 | 3:47 am

Financial Reform and Private Student Loans (Education and Your Money)

The latest version of the finance bill could create a watchdog and ombudsman.

Source: SmartMoney.com | 30 Jun 2010 | 3:47 am

Muni Bond Ratings Rise Despite Finances (Bond Watch)

How some rating recalibrations could affect your municipal bond investments.

Source: SmartMoney.com | 30 Jun 2010 | 3:47 am

Drug Companies' Investment Appeal

Wall Street is acting like Big Pharma is on death's doorstep. Big mistake.

Source: SmartMoney.com | 30 Jun 2010 | 3:47 am

Weak demand for ECB 3-month loans eases worries

Euro-zone banks were less eager than expected to tap a European Central Bank three-month loan facility on Wednesday, easing liquidity-related fears about the health of the financial sector.

Source: MarketWatch.com - Top Stories | 30 Jun 2010 | 3:46 am

Landing Cheap Airfare (Deal of the Day)

Sales are down and fees are up this year. Here are some tips on how to find the best deals.

Source: SmartMoney.com | 30 Jun 2010 | 3:45 am

Europe Markets: Banks lead Europe banks higher after ECB auction

European shares edged higher on Wednesday behind gains for banks on relief over the relatively limited amount of central bank funds they need as well as gains for AstraZeneca on a patent ruling and Portugal Telecom on an improved offer for its stake in a Brazilian mobile carrier.

Source: MarketWatch.com - Top Stories | 30 Jun 2010 | 3:44 am

Chinese bank's flotation begins

A share sale at Agricultural Bank of China - set to be the world's biggest initial public offering (IPO) - begins in Hong Kong.
Source: BBC News | Business | World Edition | 30 Jun 2010 | 3:36 am

US financial reform in jeopardy

Democrats are reworking a financial reform package they had hoped would pass this week in order to gain Republican support.
Source: BBC News | Business | World Edition | 30 Jun 2010 | 3:36 am

A $1 Trillion Cost For Financial Reform?

The International Swaps and Derivatives Association claims the financial reform bill, as its exists now, may cause a requirement to post collateral for all over-the-counter derivatives that are not cleared, including those involving an end-user. In a long-winded research note the association wrote “About $400 billion would be needed as collateral that corporations could be [...]

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Source: 24/7 Wall St. | 30 Jun 2010 | 3:33 am

Sri Lanka in deficit-cut budget

Sri Lanka's new government unveils its first budget, aimed at reining in a large public deficit.
Source: BBC News | Business | World Edition | 30 Jun 2010 | 3:33 am

Wind, waves from hurricane dock oil skimming boats (AP)

AP - Dozens of small skiffs, huge shrimp boats and even a swamp tour boat were tied to docks, winds whipping their flags and waves rocking them even in the sheltered marina.

Source: Yahoo! News: Business News | 30 Jun 2010 | 3:31 am

House OKs homebuyer tax credit extension

The House of Representatives voted Tuesday to give first-time homebuyers three more months to close on their purchases and land an $8,000 federal income tax credit.
Source: Business and financial news - CNNMoney.com | 30 Jun 2010 | 3:28 am

Get the most out of a cheaper euro

Travel on the continent is less expensive than it has been in several years, thanks to the euro's recent 15% plunge against the dollar.
Source: Business and financial news - CNNMoney.com | 30 Jun 2010 | 3:25 am

Crestor patent victory boosts AstraZeneca

AstraZeneca shares jumped 10pc after the British pharmaceuticals company won a key US ruling over its cholesterol drug Crestor.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Jun 2010 | 3:23 am

AstraZeneca boosted by US court

Drug company AstraZeneca sees its shares rise sharply after winning a US patent battle.
Source: BBC News | Business | World Edition | 30 Jun 2010 | 3:21 am

False promises of Tesla's IPO

Don't get swept up in the hype of the Tesla IPO. Cleantech is not yet ready for prime time.
Source: Business and financial news - CNNMoney.com | 30 Jun 2010 | 3:17 am

Want Hulu Plus? Pay up

Internet TV website Hulu on Tuesday unveiled a premium, subscription-based service that will be available on the iPhone, iPad, and some other devices in addition to the Web.
Source: Business and financial news - CNNMoney.com | 30 Jun 2010 | 3:17 am

Detroit's new factory of dreams

This is a story of two Detroit factories, one a symbol of despair and the other of promise. On the one hand is the old Packard car plant on East Grand -- 3.5 million square feet on 38 desolate acres. Broken windows, crumbling bricks, creeping vines, and a FOR SALE sign that's been hanging there for years. "Most of the interest," realtor David Wax told us, "is to tear it down for the steel in the building."
Source: Business and financial news - CNNMoney.com | 30 Jun 2010 | 3:15 am

Calpers and risk: Together forever?

Before clocking a $100 billion loss in early 2009, the California Public Employees' Retirement System, known as Calpers, had the swagger of a hedge fund and the certainty of a saint. Other pension funds followed its lead, loading up on leverage, investing in unrated CDOs, shoving money into high-priced private equity deals and barreling into commodities and real estate.
Source: Business and financial news - CNNMoney.com | 30 Jun 2010 | 3:13 am

German jobless tally falls in June

German unemployment fell in June, as its exports are helped by a healthier global economy.
Source: BBC News | Business | World Edition | 30 Jun 2010 | 3:12 am

Would The $19 Billion Bank Tax Kill Consumer Lending

The $19 billion bank tax which was a cornerstone of the financial reform bill appears to be dead. But in the ever-changing negotiations to get legislation to the President’s desk next month, the fate of the plan could change again. The tax, which would impact the largest banks in America and many hedge funds, would [...]

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Source: 24/7 Wall St. | 30 Jun 2010 | 3:08 am

Stocks look for recovery

U.S. stock futures rose early Wednesday as investors cast their eye on recovering some of the previous session's big losses.
Source: Business and financial news - CNNMoney.com | 30 Jun 2010 | 3:06 am

Wall Street futures point to firmer open

(Reuters) - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 rose 0.4 to 0.5 percent, pointing to a firmer start on Wall Street on Wednesday, after steep losses in the previous session.

Source: Reuters: Business News | 30 Jun 2010 | 3:05 am

Wall Street futures point to firmer open (Reuters)

Reuters - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 rose 0.4 to 0.5 percent, pointing to a firmer start on Wall Street on Wednesday, after steep losses in the previous session.

Source: Yahoo! News: Stock Markets News | 30 Jun 2010 | 3:05 am

HMV profits rise 12pc as Blu-Ray sales increase

Full-year pre-tax profits at HMV rose 12pc to £68.9m as it sold more Blu-ray DVDs in the UK and Ireland, the entertainment retail group said on Wednesday.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Jun 2010 | 3:04 am

House prices rise again in June

House prices rose again in June but only by 0.1%, according to the Nationwide building society's latest monthly index.
Source: BBC News | Business | World Edition | 30 Jun 2010 | 3:02 am

Telefonica sweetens bid for Vivo stake

Spain’s Telefonica SA on Wednesday looked set to gain control of Brazilian mobile operator Vivo Participaoes after it sweetened its offer for Portugal Telecom’s stake in the company hours before shareholders were due to vote on the deal.

Source: MarketWatch.com - Top Stories | 30 Jun 2010 | 2:58 am

London Markets: AstraZeneca, BP shares shine in London

Shares were higher in London trading on Wednesday, taking back some steep losses made in the previous session, as AstraZeneca gained sharply and BP also advanced.

Source: MarketWatch.com - Top Stories | 30 Jun 2010 | 2:55 am

More Than Half Of National Workforce Hurt By Recession

The unemployment rate in the US is about 10%. The figure rises to 17% when people seeking full-time work who have part-time jobs and those who have stopped looking for work are included. But 55% of Americans have had job-related problems in the 30 months since the recession began including being laid off, taking a [...]

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Source: 24/7 Wall St. | 30 Jun 2010 | 2:52 am

Economic Report: U.K. house prices up 0.1% in June: Nationwide

British house prices were relatively stable in June, edging up just 0.1% to complete a 3% rise for the first half of 2010, mortgage lender Nationwide said Wednesday.

Source: MarketWatch.com - Top Stories | 30 Jun 2010 | 2:36 am

Panel examines role of derivatives in crisis (AP)

AP - The complex instruments at the heart of the financial meltdown, and the way two giant companies were wrapped around them and entwined with each other, are being examined by the special panel investigating the origins of the economic crisis.

Source: Yahoo! News: Business News | 30 Jun 2010 | 2:31 am

AstraZeneca leaps on cholesterol drug ruling

AstraZeneca’s London-listed shares leaped as much as 11% on Wednesday after a judge ruled in favor of the company’s patents on a key cholesterol drug.

Source: MarketWatch.com - Top Stories | 30 Jun 2010 | 2:26 am

Oil hovers near $76 as stock markets sell off (AP)

AP - Oil prices hovered near $76 a barrel Wednesday in Asia as plunging stock markets undermined the confidence of crude traders, offsetting signs of improving U.S. demand.

Source: Yahoo! News: Business News | 30 Jun 2010 | 2:25 am

Political currency

The ECB on how politics will save the euro
Source: BBC News | Business | World Edition | 30 Jun 2010 | 2:25 am

Bank bill gets patched up, moves closer to passage (AP)

AP - Congressional Democrats are inching closer to passage of a major rewrite of financial industry regulations, making fixes as they go.

Source: Yahoo! News: Business News | 30 Jun 2010 | 2:20 am

NZ dollar braced against offshore market volatility

The New Zealand dollar traded sideways today in a market braced for further negative developments in international markets.The NZ dollar fell to a two-week low against the greenback a little above US69c on Tuesday night and by...
Source: nzherald.co.nz - Business | 30 Jun 2010 | 2:10 am

New Zealand shares follow global markets down

New Zealand shares followed world stock markets down in a sell-off triggered by increasing alarm over the global economic outlook and European bank liquidity, though brokers said losses here were not as big as elsewhere."It looks...
Source: nzherald.co.nz - Business | 30 Jun 2010 | 2:09 am

HMV sees sales and profits soar

Sales and profits rise at entertainment firm HMV as it says its three-pronged turnaround strategy is on track.
Source: BBC News | Business | World Edition | 30 Jun 2010 | 2:03 am

Boom and gloom in Louisiana

The closer you get to the sea in Louisiana, the angrier the rhetoric on the homemade signs posted by the side of the road. From, "BP, your mother nature said to clean your room," to, "Cannot fish or swim, how the hell are we supposed to feed our kids now?"
Source: Business and financial news - CNNMoney.com | 30 Jun 2010 | 1:59 am

Media Digest (6/30/2010) Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   Democrats will make a final push for financial reform. Reuters:   Hurricane Alex is likely to affect clean-up efforts in the Gulf significantly. Reuters:   Oil will have its first quarterly drop in prices since 2008. Reuters:   Asian stocks will have their worst quarter since Lehman Bros. collapsed. Reuters:   Google (NASDAQ:  GOOG) has set a timeframe [...]

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Source: 24/7 Wall St. | 30 Jun 2010 | 1:54 am

Foreclosures sell at 30% discount

Foreclosures accounted for a third of all sales -- and sold at a nearly 30% discount -- during the first three months of 2010.
Source: Business and financial news - CNNMoney.com | 30 Jun 2010 | 1:48 am

Wall Street reform bill reformed

Lawmakers came up with an alternative plan to pay for a Wall Street reform bill, attempting to save the sweeping measure from falling short of the votes necessary to pass in the Senate.
Source: Business and financial news - CNNMoney.com | 30 Jun 2010 | 1:42 am

FTSE 100 marks time after global stock market rout

London's benchmark index opens flat as investors take stock after slowdown fears triggered a flight from equities
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Jun 2010 | 1:41 am

Chinese honey trade tainted by dirty dealings (AP)

AP - Businessman Yan Yongxiang was trying to get around stiff U.S. levies on imports of cheap Chinese honey. So he sent 15 shipping containers of cut-rate honey to the Philippines, where it was relabeled and sent on to the United States.
Source: Yahoo! News: Business News | 30 Jun 2010 | 1:18 am

An Agreement Signed for a $600 Million Syndicated Loan Between Oil Refineries and a Group of Financing Bodies led by Bank Hapoalim

Source: RSS feed - channel BNewsBusiness | 30 Jun 2010 | 1:13 am

Senate combines jobless benefits, homebuyer credit (AP)

AP - Senate Democrats are working on a new way to jump-start their stalled election-year jobs agenda while saving unemployment benefits for hundreds of thousands of laid-off workers.

Source: Yahoo! News: Business News | 30 Jun 2010 | 1:07 am

Tesla shares soar in IPO

Investors push the electric sports car maker's stock up more than 40% in its first day of trading. Many potential roadblocks to the company's success remain, analysts say.

Wall Street found a new darling Tuesday in Tesla Motors Inc., an electric sports car maker whose shares surged more than 40% on its much anticipated first day of trading.

Source: L.A. Times - Business | 30 Jun 2010 | 1:00 am

Google to stop redirecting users in China to uncensored site

Users of Google in China will have to click on a link that takes them to the Hong Kong site. The move comes as a concession to the Chinese government, which had threatened to revoke Google's license.

In a bid to maintain its presence in mainland China, Google Inc. is changing how Internet users there access its search engine after the Chinese government objected to its strategy of redirecting them to an uncensored site in Hong Kong.

Source: L.A. Times - Business | 30 Jun 2010 | 1:00 am

Hulu puts a price tag on expanded service

Online video provider Hulu will keep its free site and give premium subscribers access to hundreds of additional programs. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jun 2010 | 1:00 am

Google to stop redirecting users in China to uncensored site

Users of Google in China will have to click on a link that takes them to the Hong Kong site. The move comes as a concession to the Chinese government, which had threatened to revoke Google's license. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jun 2010 | 1:00 am

Freedom Communications names Mitchell Stern as CEO

The former DirecTV and Fox Television chief takes over the parent of the Orange County Register after its emergence from bankruptcy. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jun 2010 | 1:00 am

Lawmakers are putting economic recovery at risk

Although reform efforts are moving ahead, the nation's fragile rebound is being threatened by fiscal stimulus cuts. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jun 2010 | 1:00 am

State lawmakers weigh bills to help homeowners hit by foreclosure

One of the measures would limit lenders' ability to force borrowers to cover the difference when their home is sold for less than the amount they owe on their loan. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jun 2010 | 1:00 am

Lawmakers are putting economic recovery at risk

Although reform efforts are moving ahead, the nation's fragile rebound is being threatened by fiscal stimulus cuts.

Seldom has the policy conflict between recovery and reform been presented as starkly as in the last two weeks.

Source: L.A. Times - Business | 30 Jun 2010 | 1:00 am

Tesla shares soar in IPO

Investors push the electric sports car maker's stock up more than 40% in its first day of trading. Many potential roadblocks to the company's success remain, analysts say. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jun 2010 | 1:00 am

Joint panel agrees to end TARP early to help pay for financial reform

With votes in danger, a House-Senate conference committee adopts a plan to immediately end the $700-billion bailout fund as an alternative to a $19-billion fee on large financial institutions. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jun 2010 | 1:00 am

With federal stimulus funds running out, economic worries grow

Much of the $787-billion stimulus has been spent, creating jobs and extending jobless benefits. But with lawmakers reluctant to approve more funding, concerns are rising about staving off another recession...
Source: RSS feed - channel BNPaperBusiness | 30 Jun 2010 | 1:00 am

Foreclosure sales decline, but housing recovery still has far to go

Though fewer distressed properties changed hands in the first quarter, many more are in the pipeline, data firm RealtyTrac says. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jun 2010 | 1:00 am

State lawmakers weigh bills to help homeowners hit by foreclosure

One of the measures would limit lenders' ability to force borrowers to cover the difference when their home is sold for less than the amount they owe on their loan.

With thousands of Californians facing foreclosure on their underwater mortgages each month, state lawmakers are rushing in with measures to help them cope with their loans and possibly stay in their homes.

Source: L.A. Times - Business | 30 Jun 2010 | 1:00 am

With federal stimulus funds running out, economic worries grow

Much of the $787-billion stimulus has been spent, creating jobs and extending jobless benefits. But with lawmakers reluctant to approve more funding, concerns are rising about staving off another recession.

With home sales sliding, employers reluctant to hire and world stock markets gyrating wildly, the U.S. economy is in danger of stalling. Now one of its only reliable sources of fuel is running out: federal stimulus spending.

Source: L.A. Times - Business | 30 Jun 2010 | 1:00 am

Joint panel agrees to end TARP early to help pay for financial reform

With votes in danger, a House-Senate conference committee adopts a plan to immediately end the $700-billion bailout fund as an alternative to a $19-billion fee on large financial institutions.

Moving swiftly to save the sweeping overhaul of financial regulations, congressional negotiators hastily reconvened Tuesday and agreed to pay for the increased regulation largely by putting an immediate end to the $700-billion bank bailout fund and using the savings to offset the costs of the reform package.

Source: L.A. Times - Business | 30 Jun 2010 | 1:00 am

Global markets fall sharply on economic fears

The Dow drops 268 points to close below the 10,000 mark as downbeat news from China, the U.S. and Europe intensifies worries about the global recovery.

Hopes that financial markets had shaken off fears of a "double dip" recession were dashed Tuesday as fresh economic worries worldwide sent stocks plummeting.

Source: L.A. Times - Business | 30 Jun 2010 | 1:00 am

Global Sources commences tender offer

Source: RSS feed - channel BNewsBusiness | 30 Jun 2010 | 1:00 am

Global markets fall sharply on economic fears

The Dow drops 268 points to close below the 10,000 mark as downbeat news from China, the U.S. and Europe intensifies worries about the global recovery. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jun 2010 | 1:00 am

Foreclosure sales decline, but housing recovery still has far to go

Though fewer distressed properties changed hands in the first quarter, many more are in the pipeline, data firm RealtyTrac says.

Fewer bank-owned homes and properties in foreclosure sold in the first three months of 2010, according to a report released Tuesday. But experts said the nation's housing market will remain troubled for years to come.

Source: L.A. Times - Business | 30 Jun 2010 | 1:00 am

Hulu puts a price tag on expanded service

Online video provider Hulu will keep its free site and give premium subscribers access to hundreds of additional programs.

Hulu, the 2 1/2-year-old video website controlled by three major media companies, made a bet Tuesday on the future of television by introducing a paid service that would provide viewers with hundreds of additional episodes for $9.99 a month.

Source: L.A. Times - Business | 30 Jun 2010 | 1:00 am

Business Bullet: China, ECB, BP, HMV

The latest news on: China, ECB, BP, HMV
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Jun 2010 | 12:59 am

Asian stocks fall; worst quarter since Lehman (Reuters)

Reuters - Asian stocks fell on Wednesday and ended the second quarter with their worst performance since the collapse of Lehman Brothers as investors got out of shares and high-yielding currencies on concerns over bank funding in Europe.

Source: Yahoo! News: Stock Markets News | 30 Jun 2010 | 12:58 am

UK housing market recovery stalls

British house prices edged up just 0.1pc in June, raising fears that the property market recovery is stalling and a "double-dip" recession looms.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Jun 2010 | 12:32 am

Asia extends global stock market rout

Asian markets extended a global stock market rout as evidence mounts that the recovery from the financial crisis is faltering.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jun 2010 | 11:55 pm

Defence closes in Feltex trial

The defence in the Feltex trial submitted their closing submissions today, bringing the end to a long and complex trial a little bit closer for the company's five directors.The directors - Tim Saunders, John Feeney, Peter Thomas,...
Source: nzherald.co.nz - Business | 29 Jun 2010 | 11:45 pm

Democrats make final push on financial reform

WASHINGTON (Reuters) - Democrats are mounting a final push to send President Barack Obama their landmark overhaul of financial regulations, but the death of a colleague and cold feet among Republican allies could postpone a final victory.

Source: Reuters: Business News | 29 Jun 2010 | 11:25 pm

Asian shares fall on risk reduction

SINGAPORE (Reuters) - Asian stocks slid and the euro struggled near a two-week low on Wednesday as investors unwound risky positions before the quarter-end amid heightened concerns over...
Source: RSS feed - channel BNewsBusiness | 29 Jun 2010 | 11:03 pm

Nearly 1 in 3 U.S. Q1 home sales a foreclosure: report (Reuters)

Reuters - Nearly one out of every three U.S. home sales in the first quarter was a foreclosure property as steep price discounts boosted demand for distressed real estate, RealtyTrac said in a new report on Wednesday.

Source: Yahoo! News: Business News | 29 Jun 2010 | 10:27 pm

Sinopec's Beihai reserve base ready in Sept 2011 - source

BEIJING, June 30 (Reuters) - Sinopec Group will complete a 20-million-barrel crude reserve base in the southwestern Chinese port of Beihai by September 2011, an industry source told Reuters on Wednesday...
Source: RSS feed - channel BNewsBusiness | 29 Jun 2010 | 10:21 pm

Clerical workers at SoCal port vote to strike

About 900 clerical workers at the ports of Los Angeles and Long Beach have voted to authorize a strike a day before their contract with 14 shipping companies expire. About 400 union...
Source: RSS feed - channel BNewsBusiness | 29 Jun 2010 | 10:19 pm

Oil hovers below $76 as stock markets sell off

Oil prices hovered below $76 a barrel Wednesday in Asia as plunging stock markets undermined the confidence of crude traders, offsetting signs of improving U.S. demand. Benchmark crude...
Source: RSS feed - channel BNewsBusiness | 29 Jun 2010 | 10:12 pm

Panel examines role of derivatives in crisis

The complex instruments at the heart of the financial meltdown, and the way two giant companies were wrapped around them and entwined with each other, are being examined by the special...
Source: RSS feed - channel BNewsBusiness | 29 Jun 2010 | 10:04 pm

Todd Harrison: Where we've been and where we're going

The midpoint of 2010 has arrived and it’s time to take stock of what we’ve seen, what we've learned, and where we’re going, writes Todd Harrison.

Source: MarketWatch.com - Top Stories | 29 Jun 2010 | 10:01 pm

Jon Friedman's Media Web: BusinessWeek's Chris Welles remembered

Chris Welles, a widely admired reporter and editor who touched many careers, died on June 19, of Alzheimer’s disease. He was 72.

Source: MarketWatch.com - Top Stories | 29 Jun 2010 | 10:01 pm

London oil broker banned after trading while drunk

The City of London watchdog has handed a five-year ban to a rogue oil broker who made unauthorised trades that caused a spike in oil prices after a weekend of heavy drinking. Stephen...
Source: RSS feed - channel BNewsBusiness | 29 Jun 2010 | 9:36 pm

Carmaker Tesla's stock zooms 40 percent on first day

NEW YORK/SAN FRANCISCO (Reuters) - Electric carmaker Tesla Motors Corp's initial public offering zoomed ahead on Tuesday with shares rallying more than 40 percent as investors bet that electric cars would define the future of transportation.

Source: Reuters: Business News | 29 Jun 2010 | 9:34 pm

Carmaker Tesla's stock zooms 40 percent on first day

NEW YORK/SAN FRANCISCO (Reuters) - Electric carmaker Tesla Motors Corp's initial public offering zoomed ahead on Tuesday with shares rallying more than 40 percent as investors bet that...
Source: RSS feed - channel BNewsBusiness | 29 Jun 2010 | 9:34 pm

Larry King calls time on CNN show

Larry King, America’s premier interviewer, will hang up his trademark braces on CNN this autumn and hand the reins to a new personality as the news network battles sluggish viewership in primetime
Source: Financial Times - US homepage | 29 Jun 2010 | 9:34 pm

IMF, World Bank unveil Liberia debt relief

The IMF and the World Bank have announced that they would support a 4.6 billion dollar reduction of Liberia's debt, including 1.5 billion dollars from multilateral creditors. In a joint...
Source: RSS feed - channel BNewsBusiness | 29 Jun 2010 | 9:26 pm

AIG hires ex-Lehman lawyer as compliance head

NEW YORK (Reuters) - Bailed-out insurer American International Group Inc has hired a former Lehman Brothers Holdings Inc lawyer as deputy general counsel, overseeing global compliance and regulatory strategies.

Source: Reuters: Business News | 29 Jun 2010 | 8:12 pm

Farmers give Fonterra green light for share trading

Fonterra's dairy farmers have given the green light to a proposal to start share trading among farmers.The landmark announcement made at a special meeting in Palmerston North this afternoon means Fonterra will no longer buy and...
Source: nzherald.co.nz - Business | 29 Jun 2010 | 8:12 pm

UBS re-files suit over failed 2007 CDO deal

CHARLOTTE, North Carolina (Reuters) - UBS AG has re-filed a suit against Highland Capital Management LP for $686 million, saying the hedge fund manager provided false financial information to avoid making payments on a transaction, according to court documents.

Source: Reuters: Business News | 29 Jun 2010 | 7:54 pm

S&P Puts Primary Competitor On CreditWatch, Will Moody’s Retaliate?

Moody’s (NYSE: MCO) has done many bad things including leading investors in mortgage-backed securities astray by giving the risky instruments AAA ratings. Some observers even believe that the credit ratings agency had a critical role in the credit crisis. Perhaps as a punishment for these misdeeds, Moody’s competitor S&P has put the company on CreditWatch. [...]

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Source: 24/7 Wall St. | 29 Jun 2010 | 7:35 pm

Marac says investors not doing homework

The Crown deposit guarantee has led some investors to skip doing their homework and simply ask institutions if they have the guarantee, according to Marac Finance Ltd.Prior to October 2008, investors had no Crown guarantee to...
Source: nzherald.co.nz - Business | 29 Jun 2010 | 7:18 pm

Nikkei Sells Off 2% In Early Trading

Sony (NYSE: SNE), Casio, Mazda, and Okuma Corporation down more than 3%. Douglas A. McIntyre Filed under: International Markets Tagged: Japan

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Source: 24/7 Wall St. | 29 Jun 2010 | 7:08 pm

Home-price index in 20 cities rises as buyers rush to obtain tax credit

A 3.8% increase in April compared with the same period last year is the third straight month of appreciation, but analysts say prices are likely to drop again with the end of the tax credit. L.A., San Diego see gain of 0.7%.

An index of home prices in 20 major cities gained ground in April. But analysts warned that prices are likely to fall again as the effects of a popular federal tax credit for buyers begin to wane.

Source: L.A. Times - Business | 29 Jun 2010 | 6:30 pm

SEC pays $755,000 to settle with fired staffer (Reuters)

Reuters - The U.S. Securities and Exchange Commission on Tuesday agreed to pay $755,000 to a former staff attorney who was fired while he was probing possible insider trading at a prominent hedge fund.
Source: Yahoo! News: Stock Markets News | 29 Jun 2010 | 6:29 pm

Bakery brothers settle out of court

An acrimonious family dispute involving the sale of shares in the Taranaki-based company Yarrows the Bakers has been settled out of court.Many of the details of the row between Paul and John Yarrow have already been published.But...
Source: nzherald.co.nz - Business | 29 Jun 2010 | 6:11 pm

SEC paying $755K to settle with fired lawyer (AP)

AP - The Securities and Exchange Commission is paying $755,000 to settle a lawsuit with a former staff lawyer who accused the agency of blocking his investigation of a prominent hedge fund.
Source: Yahoo! News: Stock Markets News | 29 Jun 2010 | 6:07 pm

US scraps plan for $19bn bank fee

US lawmakers scrapped a proposed $19bn bank fee as Democrats struggled to secure sufficient votes to pass the Wall Street reform bill
Source: Financial Times - US homepage | 29 Jun 2010 | 6:06 pm

Asians to make up 15pc of workforce by 2026

The Asian workforce in New Zealand is growing at a rate where it will make up 15 per cent of the country's total workforce by 2026, new research shows.Employment Minister Paula Bennett said the new Department of Labour report...
Source: nzherald.co.nz - Business | 29 Jun 2010 | 5:56 pm

US blocks China fibre optics deal over national security

The Obama administration has forced a US maker of fibre optics to abandon a planned joint venture with China’s Tangshan Caofeidian Investment Corporation because it believes the tie-up would threaten national security
Source: Financial Times - US homepage | 29 Jun 2010 | 5:52 pm

The TARP Leaves The Building Early

Via MarketWatch:           The sweeping Dodd-Frank bank reform bill was amended Tuesday by a joint House-Senate conference committee to change the way the bill is funded, in order to address the objections of several key Republican senators. Under the proposal by Connecticut Sen. Chris Dodd, the projected $19 billion cost of re-regulating the financial system and [...]

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Source: 24/7 Wall St. | 29 Jun 2010 | 5:49 pm

Does Killing Unemployment Benefits Kill The Economy?

The House of Representatives failed to pass a bill to extend unemployment benefits until November. The number of people who would be covered is more than a 1.5 million and increases by at least 100,00o a month. About 5.2 million people get federal unemployment benefits now. The problem is particularly severe, beyond the human suffering, [...]

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Source: 24/7 Wall St. | 29 Jun 2010 | 5:45 pm

SEC to pay damages to sacked lawyer

The Securities and Exchange Commission has agreed to pay $755,000 to settle claims that it wrongfully fired a staff lawyer over his insider-trading investigation into Pequot Capital Management, a leading hedge fund
Source: Financial Times - US homepage | 29 Jun 2010 | 5:33 pm

RMT boss issues a 'call to arms'

RMT union boss Bob Crow is to call for a "generalised strike" to resist government spending cuts.
Source: BBC News | Business | World Edition | 29 Jun 2010 | 5:15 pm

BofA reclaims top spot, ICBC leads profit: study

LONDON (Reuters) - Bank of America has leap-frogged U.S. rival JPMorgan to rank as the world's top bank in terms of capital strength while Industrial and Commercial Bank of China (ICBC) tops the profit league, according to a new study.

Source: Reuters: Business News | 29 Jun 2010 | 5:06 pm

Google attempts China rescue

Google has made a final attempt to rescue its presence in China after Beijing threatened to close its Chinese website at the end of this month – the latest episode in a long-running battle over censorship
Source: Financial Times - US homepage | 29 Jun 2010 | 5:04 pm

City diary: Parnes rooting around the family tree

I see Michael Parnes, boss of London broker Old Park Land Capital is on the move.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jun 2010 | 5:01 pm

The Tuesday Podcast: The Billionaire And The Tire Repairman

Source: NPR Blogs: Planet Money | 29 Jun 2010 | 4:49 pm

Note To William H. Gray III Of Dell’s Board: Save The Women And Children

Dell board member William H. Gray III, who runs the company’s Governance and Nominating committee, has a problem. He needs to replace CEO Michael Dell, but replacing a company’s founder is hard. He has the background to understand the problem which makes it harder to understand why he does not address it. Gray is a [...]

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Source: 24/7 Wall St. | 29 Jun 2010 | 4:43 pm

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 | 4:39 pm

(AP)

AP - US to accept help from 12 countries and international groups in dealing with Gulf oil spill.
Source: Yahoo! News: Stock Markets News | 29 Jun 2010 | 4:33 pm

Allied Farmers says it won't pay Hanover $5m

Allied Farmers says it will not be making a $5 million payment to Hanover Finance that is part of an agreement between the two companies, because claims it has against Hanover exceed that amount.In December, Allied Farmers concluded...
Source: nzherald.co.nz - Business | 29 Jun 2010 | 4:30 pm

Wang firm invests in struggling biotech company

A company associated with high-profile businesswoman May Wang has thrown a lifeline to listed biotech firm Genesis Research and Development.Genesis Research said last month it was suspending operations in New Zealand because of...
Source: nzherald.co.nz - Business | 29 Jun 2010 | 4:30 pm

SEC accuses Pa. man of $16M Ponzi scheme (AP)

AP - A suburban Philadelphia man described by authorities as a "securities fraud recidivist" ran a $16 million Ponzi scheme through several business entities and hedge funds he controlled, federal regulators said in a complaint filed Tuesday.
Source: Yahoo! News: Stock Markets News | 29 Jun 2010 | 4:26 pm

Stocks Drop on Global Growth Fears (Market Update)

The second quarter's biggest worries took an unwelcome curtain call on Tuesday, hitting global...

Source: SmartMoney.com | 29 Jun 2010 | 4:18 pm

Derivatives laws could cost companies $1 trillion: ISDA

NEW YORK (Reuters) - U.S. companies could face as much as $1 trillion in additional costs as a result of new laws designed to reduce risks in the $450 trillion, privately traded derivatives market, a derivatives trade group said on Tuesday.

Source: Reuters: Business News | 29 Jun 2010 | 4:17 pm

Warning over bogus GST, ETS price hikes

Businesses who use the emissions trading scheme and the pending GST hike as an excuse to ramp up prices are being warned they could find themselves before the courts.Petrol prices and the cost of energy will increase when the...
Source: nzherald.co.nz - Business | 29 Jun 2010 | 4:15 pm

How a broker spent $520m in a drunken stupor and moved the global oil price

PVM Oil Futures trader Steve Perkins bought 7m barrels of crude in late-night trading binge on his laptop, driving the oil price to an eight-month high.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jun 2010 | 4:10 pm

Summary Box: Stocks tumble on fears of slowdown (AP)

AP - BIG SLIDE: Stocks plunged Tuesday after worries about a global slowdown pushed nervous traders to sell. The Dow Jones industrial average fell 268 points, while the benchmark Standard & Poor's 500 index dropped 3.1 percent to its lowest close since October.
Source: Yahoo! News: Stock Markets News | 29 Jun 2010 | 4:05 pm

Tesla shares surge on Wall Street (AFP)

AFP - Tesla Motors got off to a flying start on Wall Street on Tuesday as shares in the US electric carmaker soared more than 40 percent over its initial public offering price.

Source: Yahoo! News: Stock Markets News | 29 Jun 2010 | 4:01 pm

Paulson, Calpers object to Lehman bankruptcy plan

NEW YORK (Reuters) - A group of Lehman Brothers Holdings Inc's creditors, including the largest U.S. pension fund and a prominent hedge fund, said they object to the investment bank's Chapter 11 bankruptcy plan.

Source: Reuters: Business News | 29 Jun 2010 | 3:56 pm

GM trumpets its turnaround to investors

DETROIT (Reuters) - General Motors has revamped the way it operates, with sharply lower costs, stronger brands and gains in key emerging markets like China, Chief Executive Ed Whitacre said in a pitch for the company's planned IPO.

Source: Reuters: Business News | 29 Jun 2010 | 3:47 pm

Stocks, Bonds, China Growth, Paper and Tissue: Taking Stock

Source: Bloomberg - All Podcasts | 29 Jun 2010 | 3:36 pm

Debt crisis damps dealmakers’ appetite for M&A

Europe’s sovereign debt crisis and turbulent financing markets rattled the confidence of corporate dealmakers across the globe
Source: Financial Times - US homepage | 29 Jun 2010 | 3:34 pm

Anadarko approved key BP well designs

Anadarko, the US partner to BP in its ill-fated Macondo well in the Gulf of Mexico, approved several key aspects of the UK company’s designs for the project that have been sharply criticised by Washington lawmakers
Source: Financial Times - US homepage | 29 Jun 2010 | 3:33 pm

Write-Offs: 06.29.10

$$$ Goldman Sachs More Responsive to FCIC; Blankfein Interviewed [Bloomberg]

$$$ BP Going Back To Banks For More Funding [FBN]

$$$ SEC Settles With Aguirre [WSJ]

$$$ Alan Howard Moves To Geneva For “Lifestyle” Reasons [eF]

$$$ Lawmakers Agree to Remove Taxes in Financial Reform Bill [CNBC]

$$$ Heidi Moore: Little victories for state regulators [Fortune]

CNBC - Bloomberg - Goldman Sachs - Fox Business Network - Wall Street Journal
Source: Dealbreaker | 29 Jun 2010 | 3:30 pm

Men at centre of alleged Ponzi scheme ordered to return £115m

Three men at the centre of what is alleged to be the UK's largest ever "Ponzi" scheme were yesterday ordered to return £115m of investors' money.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jun 2010 | 3:14 pm

Opinion Roundup: Tesla Stock (TSLA) Not So Hot

Image: Fogcat5/Flickr

Tesla unleashed about 13 million shares of stock onto the NASDAQ this morning. TSLA stock opened $17, and has since increased to $24 at time of writing. I think that any initial TSLA gains are speculation (and elation, given that this is the first automaker IPO in 50+ years). If you want in on TSLA, my guess is that you should have gotten in on the opening bell and have day trading software. Some experts agree with me; others think differently. Here’s a quick opinion roundup on TSLA:

Ben McClure/Minyanville: …investors, please ask yourselves, does a niche-market electric-car company, that so far has managed to sell just over 1,000 vehicles and continues to generate staggering losses, really have a future as a mass-market automaker?

While the company has produced total revenues of $147.6 million, it lost $31 million in the first nine months of last year and to date has accumulated losses worth nearly $240 million. It will be another two years before its family car hits the market, so Tesla’s losses are sure to get a whole lot deeper. Every red cent of the $220 million or so in cash raised from this week’s IPO will more than likely get chewed up in the next year.

…Thanks to new stringent fuel-efficiency standards, every mass-market carmaker is working on electric cars. For that reason, Tesla stock deserves much caution.

Jonathan Welsh/Wall St. Journal: For now the outlook is promising. Not only did the IPO take place but it included more shares at a higher price than expected. The company boosted the number of shares to as much as 13.3 million and the price to $17 per share, for a total value of $226 million. The company previously had said it could sell up to 11.1 million shares at a price of $14 to $16 per share, or a total of $178 million. The increase in part reflects interest in electric cars that is greater than expected and growing surprisingly fast. Tesla is trading on the Nasdaq stock market under the symbol TSLA.

Recently many companies have been cutting the size of their IPOs because the stock market has been so volatile. So Tesla must feel it has something special, and it does. The company has sold more than 1,000 Roadster in the last two years and is still the only true volume seller of highway-worthy electric cars for consumers. It will be awhile before companies like Nissan, BMW and Mitsubishi catch up.

MarketWatch: …the folks that really dig the Tesla IPO are the gamblers. One reason so many people are excited about the Tesla deal is because it’s an IPO, and we haven’t had many of these in the past few years.

There’s the thrill of being one of the first shareholders, the thrill of flipping it and the bragging rights that go with whatever profit can be had from the first chaotic hours of trading in a new stock.

Then there’s the nostalgia of buying a pig in a poke, an acceptable investment strategy back in the go-go days of Silicon Valley startups. Remember when 22-year-olds could raise gobs of cash by claiming they’d developed a really cool Internet thingie? The gamblers were there, raining money on little companies with no market-tested business or cash flow.

Jim Cramer (via The Street): On Jim Cramer’s Stop Trading! segment Monday on CNBC, Cramer took one look at the Tesla IPO and declared that he thinks it’s going to be a bad company.

“It’s sold like 1,000 cars,” Cramer said, while noting that this IPO is “one of those things that people are excited about.”

Sheldon Liber/BloggingStocks: I say stay away. First and foremost, investors should take note of the fact that most IPO’s end up as losing propositions. In the case of Tesla, which lost over $55.7 million last year and will lose more this year, the bleeding has just begun.

The car manufacturing business is very capital intensive and Tesla only hopes to stem the tide in 2012 when it projects a production run of 20,000 Model S all electric sedans for $50,000 each.

The upside versus the down side. The upside is the “cool factor”. The downside is everything else.

Wall St. Cheat Sheet: …owning shares of TSLA will be a status symbol in certain social circles. But if you are like me and invest to make money, the shares are about as high risk as Japan winning the World Cup: it can be done, but I wouldn’t make that bet even if you let me use your money.

The Wall Street Journal reports Tesla “has never been profitable.” Neither has my neighbor’s 17-year old son. The difference is he didn’t burn through $25.5 million in Q1.

If you are interested in Tesla, I recommend waiting to see how things develop with their new $50,000 Model S. The car business is a fairly crappy business, and there’s lots of room for Tesla to run out of juice before getting plugged in.

Source: Business Pundit | 29 Jun 2010 | 2:57 pm

FSA gives warning to with-profits insurers

The City regulator has launched investigations into two so-far unnamed insurance companies after warning that the sector must improve its with-profits operations or face heavy fines.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jun 2010 | 2:53 pm

Consumer confidence slumps, home prices rise

NEW YORK (Reuters) - U.S. consumer confidence dropped in June after rising for three months, adding to the view the economic recovery is slowing, while home prices unexpectedly climbed in April.

Source: Reuters: Business News | 29 Jun 2010 | 2:50 pm

Brown Publishing, CBGB, Holley Performance: Bankruptcy Review

Source: Bloomberg - All Podcasts | 29 Jun 2010 | 2:31 pm

Did Dr. Doom Tap One Of The Russian Spies?

From the mail bag:

Saw Roubini and Anna Chapman at a party in Chelsea together a couple weeks ago. Warm, familiar conversation between the two; allusions to dates, frequently being together, etc. The Professor limiting himself to one woman a night is the real news, IMO. The one he picks to spend two dates with happens to be a Russian spy?

Russia - Espionage - Anna Chapman - Sports - Games
Source: Dealbreaker | 29 Jun 2010 | 1:34 pm

Markets unnerved by ECB loan fears

Fears that the European Central Bank was scaling back emergency support to eurozone banks too soon sparked sharp falls in financial markets
Source: Financial Times - US homepage | 29 Jun 2010 | 1:28 pm

The Latest From The Treadmill Video Guys

Source: NPR Blogs: Planet Money | 29 Jun 2010 | 1:02 pm

Defending a Crackdown at Fannie Mae (Common Sense)

Stewart: Move to curb "strategic defaults" was a long time coming.

Source: SmartMoney.com | 29 Jun 2010 | 12:55 pm

Investing Guru Admits Steroid Abuse

Today has been a day of revelations. That there are spies among us. That Citi is not Goldman Sachs. That there are some exceptions to the rule that it’s okay to get hammered and lose your company a shit-ton of money. And now this. This insane bombshell, that one of the greatest minds on Wall Street has been juicing it up all these years. Brace yourselves.

A new book claims the admission came during a late-night conversation in February 2008 in Dykstra’s New York hotel…Roger Clemens had testified before Congress that day after being fingered in the Mitchell Report as a user of performance-enhancing substances. Dykstra’s name had also been included by Mitchell’s investigators. As the reports aired on a continuous cable loop, Dykstra blurted out his confession.

“You know,” Lenny said, finally breaking the ice. “I was like a pioneer for that stuff.”

“Excuse me, Lenny?”

“The juice. I was like the very first to do that. Me and [Jose] Canseco.”

He straightened up, as he prepared, somewhat proudly, to reveal his role in this dangerous, unseemly history. Dykstra seems to have convinced himself he hadn’t really done anything wrong.

“At first it wasn’t even illegal. Then, after a few years, I had to go to a doctor, and get a prescription. You know how I got my stuff? Just walking into a pharmacy, bro. It was as simple as that.”

Book: Dykstra Admits Steroid Usage [Philly]

Related: NAILS INVESTMENTS
Jim Cramer: “He is one of the great ones in this business. Lenny Dykstra.” HBO: “Lenny Dykstra?” Jim Cramer: “Lenny Dykstra.”

Jim Cramer - Lenny Dykstra - Wall Street - Mitchell Report - HBO
Source: Dealbreaker | 29 Jun 2010 | 12:54 pm

Presented By:

Source: Dealbreaker | 29 Jun 2010 | 12:54 pm

A $19 Billion Bank Tax May Get Axed

Source: NPR Blogs: Planet Money | 29 Jun 2010 | 12:37 pm

FYI, Barclays Has Never Even Heard Of Russian Spy Anna Chapman

Earlier this morning, we mentioned that Anna Chapman, one of the ten Russian spies arrested by the Justice Department yesterday, claimed to have worked as a “slave” at Barclays. According to the bank, she lies! A spokesman has just informed us, “We ran a check and have no record of anyone named Anna Chapman working at Barclays at the time mentioned on the LinkedIn page – August 2004 to July 2005.”

Russia - Anna Chapman - Barclays - LinkedIn - United States Department of Justice
Source: Dealbreaker | 29 Jun 2010 | 12:29 pm

Meredith Whitney On “The Problem With Citi”

I mean, where to start? They’ve got some freaky ass rules in place that say their CEO to build the $10 million Zen Garden of his dreams, you’re not allowed to catch BJ’s on the company jet, and, most offensively, you can’t even have a discussion about putting a whiteboard marker in your underling’s ass over email. Strictly vis-a-vis financial reform, though, Citi’s only problem is that it’s not Goldman Sachs.

Goldman Sachs - Citigroup - Gardens - Morgan Stanley - Business
Source: Dealbreaker | 29 Jun 2010 | 12:17 pm

Can Tesla make it as an IPO?

Electric car company Tesla Motors made the jump today to public company, even though the economy is still shaky and the seven-year-old automaker has yet to turn a profit.
Source: Marketplace | 29 Jun 2010 | 11:59 am

Is LeBron too much of a good thing?

Can a star NBA player's sky-high value be too much of a good thing? Kai Ryssdal talks to reporter Ira Boudway about the "LeBron Dilemma."
Source: Marketplace | 29 Jun 2010 | 11:59 am

Summer Reading: Justin Fox

Justin Fox, the editorial director of the Harvard Business Review recommends an 800-page tome of the history of the Federal Reserve.
Source: Marketplace | 29 Jun 2010 | 11:59 am

States struggle to balance budgets

States across the nation are struggling to balance budgets while under the weight of huge deficits. Reporters in Illinois, Pennsylvania and North Carolina take a look at the challenges each state is confronted with and how they're dealing with them.
Source: Marketplace | 29 Jun 2010 | 11:59 am

Congress needs new funding for bill

The financial overhaul bill almost seemed like a sure thing, until Sen. Robert Byrd died and a key Republican supporter said he won't vote for the bill, unless the way it'll be paid for changes.
Source: Marketplace | 29 Jun 2010 | 11:59 am

Google taking it easier with China

After months of a very publicized fight with the Chinese government, Google softened its approach to the Chinese government -- but they may still give up millions of users.
Source: Marketplace | 29 Jun 2010 | 11:58 am

Are consumers really that worried?

How we feel has a huge influence on how he consume, but just because a consumer says they're apprehensive, doesn't mean they'll act that way. Jeff Horwich reports on the latest Consumer Confidence Index.
Source: Marketplace | 29 Jun 2010 | 11:58 am

Where Home Prices Are Strongest Now

The Case-Shiller index shows gains in home values, but they could be short-lived.

Source: SmartMoney.com | 29 Jun 2010 | 11:57 am

Scott Brown Cannot In Good Conscience Support This Bill With The New Stuff Slipped In

Bloomberg reports Brown sent a letter to Dodd and Frank stating: “This tax was not in the Senate version of the bill which I supported. If the final version of the bill contains these higher taxes I will not support it.” [Bloomberg]

Scott Brown - United States Senate - Tax - Senate - Dodd
Source: Dealbreaker | 29 Jun 2010 | 11:55 am

Rep. Kanjorski’s Dow Prediction

FYI, if we don’t pass the financial reform bill, the Dow will apparently fall 2,000 points. [BI]

United States - Politics - Pennsylvania - Republican - Government
Source: Dealbreaker | 29 Jun 2010 | 11:50 am

Crisis At Morgan Stanley: No Good Snacks All Morning

From: Morgan Stanley
Sent: Tuesday, June 29, 2010 11:11 AM
To: Employees
Subject: Crisis Management Update – Low Water Pressure in Westchester Office

Due to the water pressure issue today, the Westchester cafeteria will have a delayed opening at noon and will offer a limited menu.

The following stations will be open at noon:

* Grill
* Deli
* Salad Bar
* Retail Snacks (yogurt, fruit, granola bars)
* Grab and Go Sandwiches

The trader pantry will also open at noon.

All food services will be served on paper plates with plasticware.

Also, from the front lines: “The toilets are out. 25 porta johns are now lined up on the patio…alongside dining facilities. Can only hope this leads to a Preakness-esque Running of the Urinals.”

Morgan Stanley - Water - United States - Fruit - Business
Source: Dealbreaker | 29 Jun 2010 | 11:39 am

Greenbaum Discusses Social Media, Endorsements: BLAW

Source: Bloomberg - All Podcasts | 29 Jun 2010 | 11:23 am

Bank fragility means recovery remains precarious

Like the fabled plane in the second world war, the global economy is limping along on a wing and a prayer, writes John Plender
Source: Financial Times - US homepage | 29 Jun 2010 | 11:09 am

Lipsky, Chandler, Ross, Achuthan, Whalen, Case: Surveillance

Source: Bloomberg - All Podcasts | 29 Jun 2010 | 10:38 am

FSA Sets Dangerous Precedent In Drunk Trader Case

I’m not promoting alcoholism, but like so many things in life, there are some activities many of you are better at while under the influence. Sadly, in London, one guy had to ruin it for the whole group. Steve Perkins, the oil trader who bought 7.13 million barrels of crude oil on behalf of his firm after “a drunken golf weekend” has been fined £72,000 and banned from the industry for a minimum of 5 years.

The 34-year-old, who lives in Brentwood, was a senior trader for PVM in the West End when he went on his spree last June. Working from a laptop at home after a weekend playing golf, he was able to move the oil market by engaging in huge amounts of speculative buying at ever-higher prices. In a statement, the FSA said: “Mr Perkins’ explanation for his trading on 29 and 30 June is that he was drunk. He says that he drank heavily throughout the weekend and continued drinking from around mid-day on Monday 29 June. He claims to have limited recollection of events.”

The last transaction in his spree was made at 3.41am on June 30. In all, he bought futures contracts equivalent to nine million barrels of oil. He also sold about 2.5 million in futures. PVM did not discover the rogue trades until Tuesday morning. It dumped them as soon as it could with the price falling, at a cost to the firm of £6 million — a year’s worth of profits.

The well-oiled rogue trader: City firm lost £6m after drunken broker bought 7 MILLION barrels of crude [Daily Mail]
‘Drunken weekend’ oil trader banned for £345m spree [This Is London]

Futures contract - Financial Services Authority - Petroleum - Business - Alcoholism
Source: Dealbreaker | 29 Jun 2010 | 10:37 am

Douglas Holtz-Eakin, Jack Malvey: Bloomberg On the Economy

Source: Bloomberg - All Podcasts | 29 Jun 2010 | 10:34 am

Google Tries New Landing Page to Stay in China

Google is trying to get around Chinese censorship laws–and keep doing business in the country–by creating a new landing page for Google China. That landing page will then link to the company’s Hong Kong-based, less censored site. The BBC has more:

Until recently, the firm automatically redirected Chinese users to its unfiltered search site in Hong Kong to get round censorship issues. Google has said it will now stop this after Beijing warned it could lose its licence to operate in the country. Instead, Chinese users will be sent to a “landing page”. Clicking anywhere on it sends them to the Hong Kong site.

Google said it was hopeful that this subtle change – where users have to actively click on a link to access unfiltered search results rather than being automatically redirected – would allow it to continue operating in China. Chinese law demands that companies use web servers based in China.

Google announced the changes one day before its Internet Content Provider (ICP) licence – necessary to operate in the country – was due to expire. (Google chief legal officer David Drummond said that) “this new approach is consistent with our commitment not to self censor and, we believe, with local law. We are therefore hopeful that our licence will be renewed.”

Losing business in the country could harm Google’s future growth prospects. However, unlike in other markets, Google is not focused on search in China, which is currently dominated by Baidu. Instead, experts say, Google aims to develop its music and maps services in the country.

So much for the activist hoopla about Google pulling out of China to defend censorship. Google China (and Google anywhere else) is all about the almighty dollar. They can’t afford to take a stand against a market as big as China. Even if this move fails, they’ll try to quietly find a way to make things work.

Source: Business Pundit | 29 Jun 2010 | 9:38 am

Oprah Tops Forbes’ Celebrity 100 Power List

Photo: Alan Light/Flickr

Forbes has released its annual Celebrity 100, a list that combines pay and media exposure (including social media and the web) to determine the world’s most powerful celebrities. Here are the top 10, with their pay (pre-tax income between June 1, 2009-10):

1 Oprah Winfrey $315 million
2 Beyonce Knowles $87 million
3 James Cameron $210 million
4 Lady Gaga $62 million
5 Tiger Woods $105 million
6 Britney Spears $64 million
7 U2 $130 million
8 Sandra Bullock $56 million
9 Johnny Depp $75 million
10 Madonna $58 million

Looks like all that bad PR hasn’t hurt Tiger Woods much. Here’s Forbes’ full list.

Source: Business Pundit | 29 Jun 2010 | 9:00 am

House Prices Rose In April. That May Not Continue.

Source: NPR Blogs: Planet Money | 29 Jun 2010 | 8:31 am

Cantor's Pope, Russell's Wood on Stocks: First Word

Source: Bloomberg - All Podcasts | 29 Jun 2010 | 8:02 am

Behind On Your Mortgage? Here's A Free Cell Phone!

Source: NPR Blogs: Planet Money | 29 Jun 2010 | 6:39 am

Why Layout Matters

Source: Business Pundit | 29 Jun 2010 | 4:52 am