Consumer Confidence Plunges

Gallup’s Economic Confidence Index fell to -34 last week, the lowest weekly average since last July. At the same time, Gallup’s Job Creation Index remains relatively positive. That means that Americans believe that the economy is at or near recession levels. The research firm added that its weekly confidence index fell as well. The worst [...]

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Source: 24/7 Wall St. | 8 Jul 2010 | 4:13 am

IMF lifts world growth forecast

HONG KONG (Reuters) - The International Monetary Fund upgraded its 2010 global growth forecast on Thursday, citing robust expansion in Asia and renewed U.S. private demand, but warned the euro area's debt crisis posed a big risk to recovery.

Source: Reuters: Business News | 8 Jul 2010 | 4:08 am

Beach cleaners only skimming oil off surface sand (AP)

AP - A problem lurks under the sand on the Gulf Coast, but some argue the best thing to do is — nothing.

Source: Yahoo! News: Business News | 8 Jul 2010 | 4:06 am

Most Asian stocks rally on earnings optimism

Most Asian stocks and currencies jumped on Thursday as hopes for strong corporate results in the region as well as in the U.S. spurred risk appetite.

Source: MarketWatch.com - Top Stories | 8 Jul 2010 | 4:02 am

Stocks poised to slip

U.S. stocks looked to slip Thursday, following a big rally in the previous session, as investors awaited fresh reports on employment and retail.
Source: Business and financial news - CNNMoney.com | 8 Jul 2010 | 4:01 am

Poking Russia

Facebook has few friends there - now it's getting mobile
Source: BBC News | Business | World Edition | 8 Jul 2010 | 3:57 am

As cuts bite, Greece tested by dissent (AP)

AP - The Greek government is battling growing discontent over a new round of economic austerity, with fresh strikes, public hostility, and party dissent testing the nation's ability to make it out of its debt crisis.

Source: Yahoo! News: Business News | 8 Jul 2010 | 3:56 am

Indications: U.S. stock futures point south as ECB, data loom

U.S. stock futures edged lower on Thursday, with focus on a European Central Bank meeting for later, as well as U.S. economic data and same-store sales results to come.

Source: MarketWatch.com - Top Stories | 8 Jul 2010 | 3:56 am

UK house prices wilting in summer

UK house prices have fallen slightly in the early summer compared with the start of the year, the Halifax says.
Source: BBC News | Business | World Edition | 8 Jul 2010 | 3:48 am

Digital Economy Act: TalkTalk and BT mount legal challenge

BT and TalkTalk are beginning a High Court battle to get the Digital Economy Act repealed.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 8 Jul 2010 | 3:46 am

Manufacturing sees strong growth

UK manufacturing output grew in May at its fastest pace in more than 15 years, official data indicates.
Source: BBC News | Business | World Edition | 8 Jul 2010 | 3:45 am

Bets On LaBron James’ Future Move Toward Miami Heat

Labron James  is moving to the Miami Heat and leaving the Cleveland Cavaliers. At least that is what Intrade, a prediction betting market says. James will tell the public about his plans on ESPN tonight. The James hype says a great deal about what has happened to celebrity observations. There was a time, not long [...]

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Source: 24/7 Wall St. | 8 Jul 2010 | 3:43 am

Risks to world recovery have 'risen sharply'

The global economy grew at a stronger-than-expected pace in the first six months of the year, but the risks to recovery have greatly increased, according to the International Monetary Fund.
Source: Business and financial news - CNNMoney.com | 8 Jul 2010 | 3:43 am

Portugal ruling revives Vivo bid

The European Court of Justice rules that the Portuguese state's "golden share" in Portugal Telecom is unjustified.
Source: BBC News | Business | World Edition | 8 Jul 2010 | 3:39 am

Swipe, smile, blow: Pa. has wine vending machines (AP)

AP - Swipe your driver's license, look into the camera, blow into the breath sensor and — voila! — you have permission to buy a bottle of wine from a vending machine.

Source: Yahoo! News: Business News | 8 Jul 2010 | 3:37 am

'Soft as butter' bank tests draw lukewarm reaction

European plans to test the financial strength of the region’s 91 biggest banks got a lukewarm reception Thursday amid worries they aren’t tough enough, with one analyst calling the tests “soft as butter.”

Source: MarketWatch.com - Top Stories | 8 Jul 2010 | 3:33 am

Cheap flicks: Digital camcorders on a budget

Best for the technophobe: Flip UltraHD, $150
Source: Business and financial news - CNNMoney.com | 8 Jul 2010 | 3:29 am

More Americans Use Smartphones To Access The Web

More Americans are using wireless devices, primarily smartphones and laptops, to access websites. The number jumped to 59% in May, up from 51% a year ago, according to the Pew Internet Study. What those Americans did online may not have any commercial impact, but the phone users are likely to be having a good time. [...]

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Source: 24/7 Wall St. | 8 Jul 2010 | 3:26 am

World stocks rise on Dow rally, IMF growth upgrade (AP)

AP - World markets climbed Thursday as investors snapped up beaten down stocks amid a higher global growth forecast from the IMF and U.S. bank State Street's robust profit forecast.

Source: Yahoo! News: Stock Markets News | 8 Jul 2010 | 3:19 am

World stocks rise on Dow rally, IMF growth upgrade (AP)

AP - World markets climbed Thursday as investors snapped up beaten down stocks amid a higher global growth forecast from the IMF and U.S. bank State Street's robust profit forecast.

Source: Yahoo! News: Business News | 8 Jul 2010 | 3:19 am

Forget India, outsource to Arkansas

Looking for skilled, low-cost labor? Forget about India and China. How about Jonesboro, Ark.?
Source: Business and financial news - CNNMoney.com | 8 Jul 2010 | 3:16 am

BP says does not expect to halt oil spill until August

LONDON (Reuters) - BP does not expect to plug its leaking Gulf of Mexico well until August, a spokeswoman for the company told Reuters on Thursday, following press speculation that it could happen earlier.

Source: Reuters: Business News | 8 Jul 2010 | 3:15 am

Stock futures point to slip after surge

(Reuters) - Shares on Wall Street were set for a slightly lower open on Thursday, after logging its biggest one-day gain in about six weeks in the previous session, when it was boosted by a bullish forecast from financial company State Street.

Source: Reuters: Business News | 8 Jul 2010 | 3:14 am

Stock futures point to slip after surge

(Reuters) - Shares on Wall Street were set for a slightly lower open on Thursday, after logging its biggest one-day gain in about six weeks in the previous session, when it was boosted by a
Source: RSS feed - channel BNewsBusiness | 8 Jul 2010 | 3:14 am

Stock futures point to slip after surge (Reuters)

Reuters - Shares on Wall Street were set for a slightly lower open on Thursday, after logging its biggest one-day gain in about six weeks in the previous session, when it was boosted by a bullish forecast from financial company State Street.

Source: Yahoo! News: Stock Markets News | 8 Jul 2010 | 3:14 am

Bulls on the charge as risk assets return to favour

Global Markets Overview: Stocks surge and ‘havens’ retreat on the back of a strong Wall Street session overnight
Source: Financial Times - US homepage | 8 Jul 2010 | 3:12 am

BP says does not expect to halt oil spill until August

LONDON, July 8 (Reuters) - BP does not expect to plug its leaking Gulf of Mexico well until August, a spokeswoman for the company told Reuters on Thursday, following press speculation that it could happen...
Source: RSS feed - channel BNewsBusiness | 8 Jul 2010 | 3:03 am

UK house prices fall for third month, Halifax

Slowdown started at the beginning of the year as more homes came on the market.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 8 Jul 2010 | 3:00 am

London Markets: Lloyds Banking Group, RBS climb in London trading

Domestically-focused banks climbed in London on Thursday, with Credit Suisse equity strategists recommending that investors buy into the sector.

Source: MarketWatch.com - Top Stories | 8 Jul 2010 | 3:00 am

Huntington Bank to Invest $100 Million in Affordable Housing Across Ohio

Source: RSS feed - channel BNewsBusiness | 8 Jul 2010 | 3:00 am

China to tax sales of oil and gas

China confirms that a new tax on sales of primary resources, being tested in Xinjiang, will be rolled out nationwide.
Source: BBC News | Business | World Edition | 8 Jul 2010 | 2:59 am

RPT-UPDATE 1-Inpex to raise $6.7 bln to fund Ichthys gas project

TOKYO, July 8 (Reuters) - Inpex Corp , Japan's top oil and gas explorer, said it plans to raise up to $6.7 billion through a global share offering to finance its giant Ichthys liquefied natural gas project...
Source: RSS feed - channel BNewsBusiness | 8 Jul 2010 | 2:57 am

IMF Increases World Economy Growth Forecast

The IMF (International Monetary Fund) increased its forecast for global economic growth to 4.5% for this year and 4.25% for 2011. The agency added a major set of cautions: “Despite the stronger than expected first half recovery, the IMF warned that uncertainties surrounding sovereign and financial sector risks in parts of the euro area could [...]

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Source: 24/7 Wall St. | 8 Jul 2010 | 2:51 am

IMF praises Asia's steps to cool real estate

Concerns of overheated real estate markets in Asia are diminishing, the International Monetary Fund says.

Source: MarketWatch.com - Top Stories | 8 Jul 2010 | 2:34 am

Government in supplier cuts talks

The government is to meet its main suppliers to discuss ways of cutting the cost of their contracts.
Source: BBC News | Business | World Edition | 8 Jul 2010 | 2:32 am

Hedge Funds: Man Group funds under management slip further

U.K. hedge fund manager Man Group on Thursday reported a 2.3% drop in its funds under management over the second quarter, but said it was pleased with the performance of its flagship AHL fund given the weakness in global equity markets.

Source: MarketWatch.com - Top Stories | 8 Jul 2010 | 2:32 am

Philips says ex-microchip unit chief to be CEO

Philips Electronics on Thursday said the head of the microchip division it spun off will come back to the Dutch conglomerate to run the entire company next year.

Source: MarketWatch.com - Top Stories | 8 Jul 2010 | 2:31 am

German exports see strong rise in May

German exports rose by a healthy 9.2 percent on the month in May as an improving global economy stoked demand, while imports surged by an even stronger 14.8 percent, official data showed...
Source: RSS feed - channel BNewsBusiness | 8 Jul 2010 | 2:19 am

ECB seen keeping cool under stress test grilling

FRANKFURT (Reuters) - The European Central Bank will face pressure on Thursday to say whether Europe-wide stress tests on banks will be tough enough to convince markets of their worth but is likely to offer little beyond soothing words.

Source: Reuters: Business News | 8 Jul 2010 | 2:18 am

ECB seen keeping cool under stress test grilling

FRANKFURT (Reuters) - The European Central Bank will face pressure on Thursday to say whether Europe-wide stress tests on banks will be tough enough to convince markets of their worth but...
Source: RSS feed - channel BNewsBusiness | 8 Jul 2010 | 2:18 am

Costco June same-store sales up 4 percent

(Reuters) - No. 1 U.S. warehouse club operator Costco Wholesale Corp saw June sales at stores open at least a year rise 4 percent, marginally missing market expectations, as it was hurt by the Memorial Day holiday shift.

Source: Reuters: Business News | 8 Jul 2010 | 2:17 am

Costco June same-store sales up 4 percent

(Reuters) - No. 1 U.S. warehouse club operator Costco Wholesale Corp saw June sales at stores open at least a year rise 4 percent, marginally missing market expectations, as it was hurt by
Source: RSS feed - channel BNewsBusiness | 8 Jul 2010 | 2:17 am

BP oil spill: Obama heads to court to restore block on deepwater drilling

Obama administration heads to court to get moratorium on deepwater oil drilling imposed after the BP oil spill reinstated.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 8 Jul 2010 | 2:13 am

UPDATE 3-Maersk lifts 2010 guidance on shipping rebound

* Expects 2010 profit to exceed 2008 level after 2009 loss
Source: RSS feed - channel BNewsBusiness | 8 Jul 2010 | 2:13 am

JJB kicks on despite England woes

Sales at high street retailer JJB Sports increase by 22.3%, despite England's early exit from the World Cup.
Source: BBC News | Business | World Edition | 8 Jul 2010 | 2:12 am

Germany trade increases sharply

German imports rise at their fastest rate since the country's unification in 1990, outpacing a sharp rise in exports.
Source: BBC News | Business | World Edition | 8 Jul 2010 | 2:09 am

UPDATE 2-Alcon directors take new step to protect minorities

* IDC repeats Novartis minorities bid is grossly inadequate
Source: RSS feed - channel BNewsBusiness | 8 Jul 2010 | 2:08 am

French bank shaves quarterly growth to 0.4 percent

The Bank of France shaved its forecast for growth of the French economy in the second quarter of this year to 0.4 percent from 0.5 percent, on Thursday. The official statistics institute
Source: RSS feed - channel BNewsBusiness | 8 Jul 2010 | 2:06 am

IMF raises 2010 world GDP forecast, flags Europe risks (Reuters)

Reuters - The International Monetary Fund upgraded its 2010 global growth forecast on Thursday, citing robust expansion in Asia and renewed U.S. private demand, but warned the euro area's debt crisis posed a big risk to recovery.

Source: Yahoo! News: Business News | 8 Jul 2010 | 2:06 am

Ageing EU gets pensions warning

Europe's low birth rates and ageing population mean EU member states must overhaul their pension systems, the EC says.
Source: BBC News | Business | World Edition | 8 Jul 2010 | 2:04 am

Media Digest 7/8/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

MarketWatch:   The IMF expects slow growth this year and next. Reuters:   The battle between the oil industry and government on drilling regulations continues. Reuters:   The Gulf leak could be plugged in two weeks. Reuters:   The US has set up a program to prevent cyber attacks on government and company sites.Reuters:   China may take action if [...]

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Source: 24/7 Wall St. | 8 Jul 2010 | 2:04 am

Europe Markets: Banks rally for second day to lift Europe

European banks rallied for a second day on Thursday, lifted by a combination of corporate profit hopes, emerging details of stress tests and a broker upgrade of the sector.

Source: MarketWatch.com - Top Stories | 8 Jul 2010 | 2:02 am

BP may pay for wasted oil

Adding to BP's problems in the Gulf, the company may have to pay the U.S. government royalties on all the uncollected oil currently spewing into the water.
Source: Business and financial news - CNNMoney.com | 8 Jul 2010 | 1:55 am

Google's brutal bear market

Perhaps it's time for Google to be evil.
Source: Business and financial news - CNNMoney.com | 8 Jul 2010 | 1:47 am

FTSE 100 extends rally into third day

The FTSE 100 extended its rally for a third day as investors turned upbeat following robust profits from a US bank and evidence that American are still shopping.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 8 Jul 2010 | 1:44 am

Europe names 91 banks taking part in stress tests

LONDON/FRANKFURT (Reuters) - Europe listed 91 banks taking part in financial stress tests -- including many regional banks where markets suspect most of the sore spots are -- as it seeks to restore confidence in the sector.

Source: Reuters: Business News | 8 Jul 2010 | 1:37 am

IMF raises world growth forecast but risks rising (AP)

AP - The global economy is recovering faster than expected but Europe's debt crisis might stall the rebound and governments need to shore up shaky public confidence, the International Monetary Fund said Thursday.

Source: Yahoo! News: Business News | 8 Jul 2010 | 1:31 am

FTSE 100 rises ahead of rate decision (AFP)

AFP - Leading shares rallied at the start of trading on Thursday, extending a recent strong run, as investors looked ahead to a Bank of England interest rate decision.

Source: Yahoo! News: Stock Markets News | 8 Jul 2010 | 1:23 am

BoE expected to hold interest rates

The Bank of England is expected to leave interest rates unchanged on Thursday, as headwinds to growth and signs inflation has peaked mean last month's lone call for a rate rise is unlikely to find broader support.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 8 Jul 2010 | 1:07 am

Primark maintains 'strong' growth

Clothing chain Primark continues to see strong growth in sales, says its owner, Associated British Foods.
Source: BBC News | Business | World Edition | 8 Jul 2010 | 1:04 am

Lexus GX 460 offers a stylish ride on main roads or mud

The SUV combines old-school body-on-frame construction with an upscale, comfortable interior and sleek exterior lines. ...
Source: RSS feed - channel BNPaperBusiness | 8 Jul 2010 | 1:00 am

Nursing home firm hit with $670-million judgment

A Humboldt County jury orders Skilled Healthcare Group to pay damages for understaffing at its 22 assisted-living facilities in California. ...
Source: RSS feed - channel BNPaperBusiness | 8 Jul 2010 | 1:00 am

Southern California Gas agrees to stay in Gas Co. Tower in downtown L.A.

Gas utility will remain in its signature building for the next 15 years. Real estate industry analysts had been watching to see whether it would bail out on troubled landlord MPG Office Trust. ...
Source: RSS feed - channel BNPaperBusiness | 8 Jul 2010 | 1:00 am

Wells Fargo to shut subprime lending unit, cut 3,800 jobs

Banking giant is closing 638 storefront offices of Wells Fargo Financial, of which 74 are in California.

Banking giant Wells Fargo & Co. is closing its 638 subprime lending offices that operated nationwide to supply higher-cost mortgages, auto loans and credit cards in lower-income neighborhoods.

Source: L.A. Times - Business | 8 Jul 2010 | 1:00 am

Financial stocks lead major market rally

The Dow soars 274.66 points and closes back above 10,000. The market's two-day advance erases more than half of their losses in the preceding two weeks. ...
Source: RSS feed - channel BNPaperBusiness | 8 Jul 2010 | 1:00 am

Blue Shield of California is accused of overcharging for safety-net insurance

A Los Angeles woman says in a lawsuit that the health plan exceeded the state's maximum rates for policies sold to people who have lost their jobs or who have preexisting medical conditions. ...
Source: RSS feed - channel BNPaperBusiness | 8 Jul 2010 | 1:00 am

Americans missing fewer loan payments, banking group says

American Bankers Assn. says borrowers missed fewer payments on credit cards and other consumer loans in the first quarter. Delinquency rates also fell for home equity loans and credit lines. ...
Source: RSS feed - channel BNPaperBusiness | 8 Jul 2010 | 1:00 am

Jury orders Disney to pay about $270 million to 'Millionaire' creator

The federal jury's decision for Celador International could undercut the rationale that drove a wave of consolidation that swept the entertainment industry over the last two decades.

A federal jury in Riverside has dealt what could be a severe blow to how Hollywood studios report profits in television shows and movies, in a decision Wednesday that orders Walt Disney Co. to pay nearly $270 million in damages to the creator of "Who Wants to Be a Millionaire."

Source: L.A. Times - Business | 8 Jul 2010 | 1:00 am

Jury orders Disney to pay about $270 million to 'Millionaire' creator

The federal jury's decision for Celador International could undercut the rationale that drove a wave of consolidation that swept the entertainment industry over the last two decades. ...
Source: RSS feed - channel BNPaperBusiness | 8 Jul 2010 | 1:00 am

Lexus GX 460 offers a stylish ride on main roads or mud

The SUV combines old-school body-on-frame construction with an upscale, comfortable interior and sleek exterior lines.

In 1923, famed British climber George Mallory was asked by a reporter why he wanted to climb the yet-to-be-conquered Mt. Everest. His answer went on to live in the pantheon of exploring quotations: "Because it's there."

Source: L.A. Times - Business | 8 Jul 2010 | 1:00 am

Financial stocks lead major market rally

The Dow soars 274.66 points and closes back above 10,000. The market's two-day advance erases more than half of their losses in the preceding two weeks.

A few bits of good news were enough to drive a major stock rally Wednesday, vaulting the Dow Jones industrials back above 10,000 and raising hopes that the market had put its recent slump behind it.

Source: L.A. Times - Business | 8 Jul 2010 | 1:00 am

Wells Fargo to shut subprime lending unit, cut 3,800 jobs

Banking giant is closing 638 storefront offices of Wells Fargo Financial, of which 74 are in California. Banking...
Source: RSS feed - channel BNPaperBusiness | 8 Jul 2010 | 1:00 am

Nursing home firm hit with $670-million judgment

A Humboldt County jury orders Skilled Healthcare Group to pay damages for understaffing at its 22 assisted-living facilities in California.

Nursing home operator Skilled Healthcare Group Inc. was ordered Tuesday to pay more than $670 million in damages for understaffing at its 22 assisted-living facilities in California.

Source: L.A. Times - Business | 8 Jul 2010 | 1:00 am

Blue Shield of California is accused of overcharging for safety-net insurance

A Los Angeles woman says in a lawsuit that the health plan exceeded the state's maximum rates for policies sold to people who have lost their jobs or who have preexisting medical conditions.

A Los Angeles woman sued Blue Shield of California on Wednesday, accusing the nonprofit health plan of overcharging thousands of policyholders who bought safety-net insurance for people who were sick or jobless.

Source: L.A. Times - Business | 8 Jul 2010 | 1:00 am

Americans missing fewer loan payments, banking group says

American Bankers Assn. says borrowers missed fewer payments on credit cards and other consumer loans in the first quarter. Delinquency rates also fell for home equity loans and credit lines.

A leading bank trade group said Americans are making headway in cleaning up their finances, with borrowers missing fewer payments on credit cards and other consumer loans in the first three months of the year — the third straight quarterly decline.

Source: L.A. Times - Business | 8 Jul 2010 | 1:00 am

Southern California Gas agrees to stay in Gas Co. Tower in downtown L.A.

Gas utility will remain in its signature building for the next 15 years. Real estate industry analysts had been watching to see whether it would bail out on troubled landlord MPG Office Trust.

Suspense over whether the Gas Co. Tower in downtown Los Angeles will remain the headquarters of Southern California Gas Co. is over: The big utility is staying put in its signature tower for the next 15 years.

Source: L.A. Times - Business | 8 Jul 2010 | 1:00 am

Business Bullet: Asia, Oil & Gold, Primark, Rates

The latest news on: Asia, Oil & Gold, Primark, Rates
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 8 Jul 2010 | 12:57 am

Peter Brimelow: Bounce leaves bears, bulls entrenched

Is the bear market broken? Key letters are impressed by Wednesday's stock bounce but not yet convinced, reports Peter Brimelow.

Source: MarketWatch.com - Top Stories | 8 Jul 2010 | 12:56 am

IMF raises global growth forecasts, warns Europe remains a risk

Global economy is recovering faster than expected but Europe's debt crisis might stall rebound, says fund.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 8 Jul 2010 | 12:29 am

Temasek portfolio soars to record $134bn

The value of the assets held by the Singapore state investment agency rose to a record in the year to March, reflecting the fund’s dramatic recovery from the impact of the global financial crisis
Source: Financial Times - US homepage | 8 Jul 2010 | 12:19 am

Asian markets rally after Dow surge

Asian markets rose as robust profits from US bank State Street and evidence that American shoppers are buying more overcame recent investor gloom over the global recovery.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 8 Jul 2010 | 12:15 am

Currencies: Dollar mostly lower; Aussie rises on jobs data

The Australian dollar spikes higher against its U.S counterpart after strong data down under, while the greenback and yen trade lower against most rivals.

Source: MarketWatch.com - Top Stories | 7 Jul 2010 | 11:58 pm

Pensions weigh options from BP spill (AP)

AP - The exasperation with BP felt by residents of the Gulf states is spreading to shareholders — and some are taking the oil giant to court.
Source: Yahoo! News: Business News | 7 Jul 2010 | 10:44 pm

Financial Firms Are Hiring. Time to Buy? (On the Street)

What to make of regional upticks in financial services jobs.

Source: SmartMoney.com | 7 Jul 2010 | 10:24 pm

IMF warns on global recovery

The risk of a slowdown has risen sharply but governments should continue planning to tighten fiscal policy, the fund says in its regular world economic outlook
Source: Financial Times - US homepage | 7 Jul 2010 | 9:30 pm

Cuba agrees to free 52 political prisoners

Raul Castro, the Cuban president, has agreed to free about a third of the country’s political prisoners in the largest such release in more than a decade, according to the country’s Roman Catholic church
Source: Financial Times - US homepage | 7 Jul 2010 | 8:59 pm

Crafar injunction request 'unfortunate' - receiver

Allan Crafar, the former head of New Zealand's biggest dairy operation, has filed a last minute injunction to try and stop the sale of his farms, now in receivership.Court documents show representatives of Plateau Farms Limited...
Source: nzherald.co.nz - Business | 7 Jul 2010 | 8:30 pm

Finance body boss to learn fate in next few days

Vance Arkinstall will find out tomorrow or early next week whether he'll retain his job as head of a major financial industry body, after revelations he is facing criminal charges for his part in allegedly misleading investors in...
Source: nzherald.co.nz - Business | 7 Jul 2010 | 8:14 pm

Kiwibank growth slows

The shrinking of margins and slowing of growth at Kiwibank were stand out features among the performance of the country's major banks in the March quarter, KPMG says.In its quarterly Source: RSS feed - channel BNPaperBusiness | 7 Jul 2010 | 7:05 pm

Fannie, Freddie freeze PACE energy-efficiency retrofit financing programs

Federal regulators have essentially put the kibosh on nationwide lending programs linked to home energy efficiency retrofits, encouraging state and local governments to rethink "significant safety and soundness concerns."

Source: L.A. Times - Business | 7 Jul 2010 | 7:05 pm

Schwarzenegger signs landmark egg bill into law

Gov. Arnold Schwarzenegger Tuesday signed legislation into law requiring that eggs sold in California come from hens that are not crammed into cages.
Source: RSS feed - channel BNPaperBusiness | 7 Jul 2010 | 7:04 pm

Brian Fallow : Business survey gives reality check

It is clear there will need to be a landing or two in the staircase of interest rate rises ahead.The New Zealand Institute of Economic Research's quarterly survey of business opinion (QSBO) is a reality check about the strength...
Source: nzherald.co.nz - Business | 7 Jul 2010 | 7:00 pm

BankSimple's founders pitch an online bank with no branches and no fees

Josh Reich and Shamir Karkal are seeking venture capitalists to fund their vision of a user-friendly electronic home for people's finances. Twitter co-founder Alex Payne is their first employee.

Last fall, like so many Americans before him, Josh Reich ended up in a frustrating game of phone tag with JPMorgan Chase over a bill, this one about escalating fees and other bank errors involving his home equity loan.

Source: L.A. Times - Business | 7 Jul 2010 | 6:49 pm

Auckland Airport buys up quarter of Queenstown Airport

Auckland International Airport has this morning spent $27.7m buying a stake in Queenstown Airport.Auckland Airport now owns a 24.99 per cent share in the Queenstown airport company which is issuing new shares as part of the deal.This...
Source: nzherald.co.nz - Business | 7 Jul 2010 | 6:30 pm

Chris Barton: Murdoch puts reader loyalty to the test

In 10 weeks spent living in Cambridge, England, completing my Qantas Wolfson Press Fellowship, I learned many things: how to punt on the Cam; how to pass the port to the left at Formal Hall; and that if you chain your bicycle to the...
Source: nzherald.co.nz - Business | 7 Jul 2010 | 6:30 pm

French court hands Noriega 7-year prison term (AP)

AP - A Paris court has convicted aging former Panamanian dictator Manuel Noriega of laundering drug money in France and ordered him to spend seven years behind bars — a decision that left friends and foes worried he might die in a prison far from home.

Source: Yahoo! News: Business News | 7 Jul 2010 | 6:17 pm

Telecom drops CDMA services

Telecom will close two of its CDMA services before switching off the outdated network mid-2012.As Telecom focuses on pumping resources into its troubled XT network it will close down its CDMA data network - called EVDO - on November...
Source: nzherald.co.nz - Business | 7 Jul 2010 | 5:57 pm

Tax rates to stay business-friendly: Geithner

WASHINGTON (Reuters) - Obama administration will keep tax rates at levels that benefit job-creating businesses and limit taxes on capital gains and dividends, U.S. Treasury Secretary Timothy Geithner said on Wednesday.

Source: Reuters: Business News | 7 Jul 2010 | 5:51 pm

Tax rates to stay business-friendly: Geithner (Reuters)

Reuters - Obama administration will keep tax rates at levels that benefit job-creating businesses and limit taxes on capital gains and dividends, U.S. Treasury Secretary Timothy Geithner said on Wednesday.
Source: Yahoo! News: Business News | 7 Jul 2010 | 5:51 pm

Hoenig Says Fed Should Raise Key Interest Rate to 1%: Audio

Source: Bloomberg - All Podcasts | 7 Jul 2010 | 5:49 pm

Is BP tapping 'partners' to fund Gulf oil clean-up?

DUBAI - BP's embattled CEO flew to Abu Dhabi and met with the wealthy emirate's influential crown prince amid speculation the oil giant is looking to raise cash as costs mount to contain the Gulf of Mexico oil spill disaster.Chief...
Source: nzherald.co.nz - Business | 7 Jul 2010 | 5:30 pm

Racy ukulele website ad sparks complaint

An ad on a ukulele website was a little too racy for one fan of the four-stringed instrument who complained it was inappropriate for children seeking sheet music to be invited to meet hot women in their area.The complaint, laid...
Source: nzherald.co.nz - Business | 7 Jul 2010 | 5:27 pm

Fannie Mae (Investor's Business Daily)

Investor's Business Daily - Fannie Mae , the U.S.-owned mortgage buyer, will trade on the OTC Bulletin Board under the symbol FNMA starting Thu.
Source: Yahoo! News: Business News | 7 Jul 2010 | 5:27 pm

Market Cycles, Sirius XM, Baseball, PG&E: Taking Stock

Source: Bloomberg - All Podcasts | 7 Jul 2010 | 5:12 pm

China rules out ‘nuclear option’ on T-bills

The body that manages China’s official currency reserves has called on the US to take ‘responsible measures’ to maintain the dollar’s value but ruled out dumping its vast holdings of US Treasury securities
Source: Financial Times - US homepage | 7 Jul 2010 | 4:56 pm

Wells Fargo to cut 3,800 jobs

Wells Fargo will cut 3,800 jobs and close 638 stores in its financial division, the company said Wednesday.
Source: Business and financial news - CNNMoney.com | 7 Jul 2010 | 4:53 pm

Write-Offs: 07.07.10

$$$ “Financial engineering by Wall Street has been a huge part of hospital’s financial problems and has even translated into a lack of hospital beds,” said Brian McGough, a managing director of health-care investments at Bank of Montreal Capital Markets in Chicago. [WSJ]

$$$ Goldman, Morgan Stanley Face Profits Squeeze From Bonds [Reuters]

$$$ TARP Program Profitable for US [CNBC]

$$$ Waiting on LeBron Drives Madison Square Options [Bloomberg]

Morgan Stanley - Wall Street - CNBC - Wall Street Journal - Reuters
Source: Dealbreaker | 7 Jul 2010 | 4:30 pm

Finance company directors swear they will defend charges

Major shareholder and director Terry Butler says he and the five other directors of Dominion Finance Group and sister company North South Finance will "strenuously" defend criminal and civil charges laid against them by the Securities...
Source: nzherald.co.nz - Business | 7 Jul 2010 | 4:30 pm

Growing companies face capital deprivation

Growing businesses found it harder to raise capital last year than during the dotcom crash, with little sign of an improvement in 2010, a report reveals.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 7 Jul 2010 | 4:10 pm

Dow Roars Past 10000 (Market Update)

Stocks rallied, reversing a three-week slide and pushing the Dow Jones Industrial Average...

Source: SmartMoney.com | 7 Jul 2010 | 4:09 pm

Fannie, Freddie find new home over the counter (AP)

AP - Shares of Fannie Mae and Freddie Mac will begin trading over-the-counter Thursday, nearly a month after the government-sponsored mortgage buyers said they could no longer meet the requirements of companies listed on the New York Stock Exchange.
Source: Yahoo! News: Stock Markets News | 7 Jul 2010 | 4:00 pm

Fannie Mae and Freddie Mac delist from NYSE

Troubled mortgage finance giants Fannie Mae and Freddie Mac said goodbye to the New York Stock Exchange at the end of trade Wednesday.
Source: Business and financial news - CNNMoney.com | 7 Jul 2010 | 3:59 pm

How the major stock indexes fared on Wednesday (AP)

AP - The Dow Jones industrials climbed back above 10,000 Wednesday after investors had second thoughts about the heavy selling in the stock market during the last two weeks.
Source: Yahoo! News: Stock Markets News | 7 Jul 2010 | 3:58 pm

Stocks surge as financials, materials jump (AP)

AP - The Dow Jones industrials climbed back above 10,000 Wednesday after investors had second thoughts about the heavy selling in the stock market during the last two weeks.

Source: Yahoo! News: Stock Markets News | 7 Jul 2010 | 3:54 pm

Summary Box: Stocks rocket higher after deep slide (AP)

AP - STEEP REBOUND: The Dow Jones industrials rose 275 points and climbed back above 10,000 Wednesday after two weeks of heavy selling left traders looking to snap up hard-hit shares.
Source: Yahoo! News: Stock Markets News | 7 Jul 2010 | 3:50 pm

Lord Sassoon attacked as Sir Alan Budd's departure leaves OBR rudderless

Lord Sasson, one of the key architects of the Office for Budget Responsibility (OBR), has come under attack in the House of Lords over the fiasco of Sir Alan Budd's resignation
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 7 Jul 2010 | 3:38 pm

Deflation: Next step to a depression?

Many economists are worried about inflation. But others say they're looking the wrong way.
Source: Business and financial news - CNNMoney.com | 7 Jul 2010 | 3:20 pm

3 Thrifty Companies With 3% Dividends (Screens)

Hough: Slow spending growth bodes well for these high-yield shares.

Source: SmartMoney.com | 7 Jul 2010 | 3:14 pm

State Street expects earnings beat; stocks boosted

BOSTON (Reuters) - Asset management and custody firm State Street Corp said on Tuesday that quarterly operating earnings would easily top Wall Street forecasts, sending its shares up nearly 10 percent and boosting the broader market.

Source: Reuters: Business News | 7 Jul 2010 | 3:00 pm

Public Service Announcement: Fannie & Freddie New OTC Tickers (FNM, FRE, FNMA, FMCC)

Fannie Mae (NYSE: FNM) (OTC-BB: FNMA) and Freddie Mac (NYSE: FRE) (OTC-BB: FMCC) have both just made their ‘public service announcements’ showing the new tickers for the shares of their common stock and for the whole host of preferred shares that are heading to the OTC Bulletin Board.  Starting tomorrow, the new OTC-BB ticker will [...]

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Source: 24/7 Wall St. | 7 Jul 2010 | 2:57 pm

Goldman and Morgan Stanley saw turbulent Q2

NEW YORK (Reuters) - Goldman Sachs Group and Morgan Stanley have generated billions of dollars of revenue from fixed income trading over the last year, but that profit engine may have sputtered in the second quarter as bond markets grew turbulent.

Source: Reuters: Business News | 7 Jul 2010 | 2:57 pm

The new kings of apps

Their names may be unfamiliar -- Zynga, Fring, SPRXmobile -- but their apps are everywhere. Software is now dominated by a short list of powerhouses and start-ups offering byte-sized, mobile solutions.
Source: Business and financial news - CNNMoney.com | 7 Jul 2010 | 2:29 pm

SEC reopens "flash order" debate (Reuters)

Reuters - The top U.S. securities regulator wants more feedback on its nearly year-old proposal to ban "flash orders," and has asked additional questions about the wisdom of the ban in the options market.
Source: Yahoo! News: Stock Markets News | 7 Jul 2010 | 2:29 pm

SEC reopens "flash order" debate

NEW YORK (Reuters) - The top U.S. securities regulator wants more feedback on its nearly year-old proposal to ban "flash orders," and has asked additional questions about the wisdom of the ban in the options market.

Source: Reuters: Business News | 7 Jul 2010 | 2:29 pm

SENDING OUT AN S.O.S: WHO WILL GIVE THIS A HANDOUT/JOB?

Scott Nicholson is a 24 year-old Colgate alum who’s yet to have a job since graduating college in 2008. He’s famous today not because he’s unemployed– lots of relatively recent grads are sans employment so he’s not special in that respect– but because he’s the main character in a delightful Times story about his journey to find a job that fits the mold of his dreams. The “unemployed” status, you see, is a tool of Scott’s own making. He could’ve had a job– five months ago, the Hanover Insurance Group offered him one as an associate claims adjuster in their Worcester, at $40,000 a year– but he decided to turn it down.

Rather than waste early years in dead-end work, he reasoned, he would hold out for a corporate position that would draw on his college training and put him, as he sees it, on the bottom rungs of a career ladder.

A lofty goal but as he is living at home with his parents in Grafton, Massachusetts, rent and expenses free, Scott figured he had all the time in the world to make it happen. That was until a certain couplea jerks decided to start fucking with his master plan.

“My parents are subtly pointing out that beyond room and board, they are also paying other expenses for me, like my cellphone charges and the premiums on a life insurance policy.”

Do you believe these asshats? Subtly pointing out that they’ve been paying for his universe two years past the time they should have to and that *maybe* in the future (near or distant, whatever), that may have to end? It’s crazy but since our time-frame re: Getting Scott The Job He Deserves has been moved up, we don’t have time to blame his parents (later, of course), we just need act fast. Scott told the Times he’d like a gig in marketing or finance at “big corporation” and according to his grandfather, William Nicholson, who worked for 48 years as a stock broker, “Scott has got to find somebody who knows someone,” the grandfather said, “someone who can get him to the head of the line.”

Naturally, those someones are you people. Any MD positions open at GS? Steve, have you fired any traders lately? Scott probably will want his own pad but he’s willing to take something (very) slightly beneath what he’s due, as we’re workin under some serious time constraints.

American Dream Is Elusive For New Generation [NYT via DI]

Employment - Scott Nicholson - Insurance - Hanover Insurance - United States
Source: Dealbreaker | 7 Jul 2010 | 2:26 pm

Legg Mason… When CFOs Leave Financial Firms (LM)

Legg Mason Inc. (NYSE: LM) has had a mixed track record of late.  If there is one of several issues that can spook investors, it is the departure of a Chief Financial Officer.  Right after the close today, The asset management firm announced that CFO C.J. Daley is leaving Legg Mason after a 22-year career [...]

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Source: 24/7 Wall St. | 7 Jul 2010 | 2:25 pm

3 Stocks That Doubled Despite Analyst Doubts (Screens)

These shares have doubled in a year, despite analyst pessimism.

Source: SmartMoney.com | 7 Jul 2010 | 2:22 pm

Citigroup’s Ongoing Exits… Still Room To Double (C)

Citigroup, Inc. (NYSE: C) had a surprisingly small reaction today considering that when banks rise it tends to rise even more.  Thomson Reuters, via PEHub, reported today that Citi has agreed to sell a portfolio of private equity interests for more than $900 million. The report cited “multiple sources” calling Lexington Partners the buyer.  We [...]

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Source: 24/7 Wall St. | 7 Jul 2010 | 2:07 pm

CME Trader Demands Right To Carry Gun Wherever He Pleases, Damn It!

Be it for protection on the floor, where he really needs or just, you know, wherevs. You can’t take this from him!

Chicago Mercantile Exchange - Gun Control - Pro-Gun Rights - Recreation - Guns
Source: Dealbreaker | 7 Jul 2010 | 2:00 pm

Bubble, Bubble, Oil in Trouble (On the Street)

Oil prices reflect market uncertainty from gas pump to trading pit.

Source: SmartMoney.com | 7 Jul 2010 | 1:48 pm

Inquiry backs climate row scientists

Claims that prominent climate scientists distorted and concealed data were dismissed on Wednesday by an investigation into a scandal that threatened to destroy the credibility of global warming science
Source: Financial Times - US homepage | 7 Jul 2010 | 1:46 pm

A look at global economic developments (AP)

AP - A look at economic developments and activity in major stock markets around the world Wednesday:
Source: Yahoo! News: Stock Markets News | 7 Jul 2010 | 1:40 pm

Carlyle officials face $1bn legal case

The liquidators of the failed mortgage investment affiliate of the Carlyle Group filed a lawsuit against the powerful private equity firm and several of its directors, seeking to recover $1bn in losses
Source: Financial Times - US homepage | 7 Jul 2010 | 1:26 pm

A Picture Is Worth A Thousand Words

Make sure to make the video full screen by clicking on the button in the bottom-right corner. Filed under: General

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

Visteon, Trade Secret: Bloomberg Law Bankruptcy Review

Source: Bloomberg - All Podcasts | 7 Jul 2010 | 1:18 pm

EU parliament backs tough bonus rules

Tough new rules restricting bankers’ bonuses in Europe have been approved by European Union lawmakers as part of a package that sets out how much capital banks must hold to support their operations
Source: Financial Times - US homepage | 7 Jul 2010 | 1:17 pm

GM plant closure puts workers in limbo

In Shreveport, La., a plant that makes Hummers is preparing to close. And employees are faced with a choice: transfer to another plant or get laid off. Kate Archer Kent reports.
Source: Marketplace | 7 Jul 2010 | 1:08 pm

Rediscovering the positives of inflation

President Obama wants to double U.S. exports because he says export jobs are one way we can sail out of our economic doldrums. Our conservative commentator David Frum sees another partial way out of our troubles. He's just not sure the Republican Party wants to hear it.
Source: Marketplace | 7 Jul 2010 | 1:08 pm

Children keep Egypt's cotton spinning

Egypt is famous for its cotton. Vendors around the world boast of their luxurious Egyptian cotton sheets. But on many small farms, children are involved in all parts of cotton farming. Julia Simon reports.
Source: Marketplace | 7 Jul 2010 | 1:08 pm

Louisiana to BP: Pay for mental health

The state of Louisiana is asking BP to help pay for mental health counseling to residents hit by the oil spill. Richard LaPratt runs a New Orleans call center that tells people where they can get psychological counseling and other disaster relief services. He talks with Bill Radke.
Source: Marketplace | 7 Jul 2010 | 1:08 pm

What does U.S. have to export?

Early this year, President Obama pledged to double U.S. exports over the next five years. Today, he pointed to a 17 percent increase in exports since then, and declared his plan is on track. But with all the jobs we've lost overseas recently, there's a common perception America doesn't make much any more. Bob Moon reports.
Source: Marketplace | 7 Jul 2010 | 1:08 pm

Big challenges ahead for Berwick

President Obama appointed the man who will run Medicare and Medicaid, two of the biggest landmines in the federal budget. John Dimsdale reports that Donald Berwick faces a tough road ahead.
Source: Marketplace | 7 Jul 2010 | 1:08 pm

Justice Department keeps an eye on BP

BP CEO Tony Hayward is touring the world asking rich countries to invest, or keep investing, in his beleaguered company as costs for the Gulf oil spill shoot upwards. Apparently, though, this is not just BP's problem. It turns out the U.S. Justice Department is taking a special interest in these meetings. Krissy Clark reports.
Source: Marketplace | 7 Jul 2010 | 1:07 pm

Lobbyist For Small Banks Wants Industry To Wake Up!

You think the JPMorgans and the Goldmans and the Citis give a baker’s fuck about you? Think again! They’re just using you. Won’t remember your name in the morning, if in fact they don’t sneak out in the middle of the night. I’m sorry but it’s a fact.

In an e-mail sent in late June to state bank trade association executives, Camden Fine, head of the Independent Community Bankers of America, said his group wouldn’t publicly take a position on the bill. Still, he said small bankers would lose important exclusions they fought for and “are turning the gun on themselves” if they work to defeat the legislation ahead of a final Senate vote this month. “Do you really think Wall Street mega firms give a rat’s ass about small banks? Hell no,” wrote Fine, who represents about 5,000 community lenders. “They only care about the credibility small banks can wield on Capitol Hill to get them out from under this rock.”

Lobbyist: Wall St. Firms Don’t Give `Rat’s Ass’ About Small Banks [Bloomberg]

Wall Street - Bank - Business - Financial services - Banking Services
Source: Dealbreaker | 7 Jul 2010 | 1:06 pm

European Central Bank: A bolder banker

An expanded role under Jean-Claude Trichet in the battle against the economic crisis has raised concern about priorities blurred – perhaps irrevocably
Source: Financial Times - US homepage | 7 Jul 2010 | 1:00 pm

6 Getaways to Escape the Heat (Consumer Action)

Hating the Northeast heat wave? You could be skiing right now.

Source: SmartMoney.com | 7 Jul 2010 | 1:00 pm

Record Heat Stresses Northeast Power Grid

Temperatures near, and above, 100 degrees have put some severe stresses on the electricity power grid in the northeastern United States. The New York Independent System Operator reported near-record peak demand of 33,452 megawatts yesterday, just 487 megawatts short of the record set four years ago. Meeting that demand wasn’t particularly easy, nor was it [...]

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Source: 24/7 Wall St. | 7 Jul 2010 | 12:48 pm

13 Simple Ways to Lower Your Electric Bill (Deal of the Day)

Stay cool during the summer without spending a fortune.

Source: SmartMoney.com | 7 Jul 2010 | 12:34 pm

Veolia Raised to `Buy,' Terex Cut to `Hold': Audio

Source: Bloomberg - All Podcasts | 7 Jul 2010 | 12:26 pm

BP Raised to `Buy,' Roche Cut to `Sell': Audio

Source: Bloomberg - All Podcasts | 7 Jul 2010 | 12:25 pm

Emails That Have The Potential To CHANGE OUR LIVES

As is I’m sure the case for many of you fine people, on a daily basis, a whole lot of garbage ends up in my inbox, most of it unsolicited. Sometimes though, on rare occasions, there is the potential for universe-altering gold. Such as the following:

Hi Bess–

I’d love to send you an advanced copy of Lee Vance’s new thriller THE GARDEN OF BETRAYAL. Lee was a general partner at Goldman Sachs for twenty years so when he writes in his new book about the high powered world of hedge fund managers and in the know financial consults, he does so with authority.

Having zero idea what this book is about can I just express to you people how can’t-catch-my-breath excited I am for this just based on the title? I mean…let’s just take a moment to fantasize:

Scenario 1: The Garden of Betrayal: A re-telling of the story of Adam and Eve with LB playing the snake (YOU’D LIKE THAT, WOULDN’T YOU TATT MAIBBI?)

Scenario 2: The Garden of Betrayal: Hank Paulson and His Birds: The story of a love that dare not speak its name, illegal in 48 states and heretofore only thought to be observed by a group of garden gnomes who swore to take it to the grave. (Film rights already optioned, sneak peek available here).

Scenario 3: Three words: Marc Spilker Comeuppance.

Scenario 4: The Garden of Betrayal: A how-to guide narrated by Lucas van Praag re: manscaping. Chapter 1: How To Think About Tackling A Beast Like Lloyd Blankfein’s notoriously overgrown cock-bush.

The possibilities are endless. Dare to dream with me.

Goldman Sachs - Hedge fund - Lloyd Blankfein - Garden of Betrayal - Henry Paulson
Source: Dealbreaker | 7 Jul 2010 | 12:08 pm

Last Day To Nominate Your Favorite Hedge Fund IR Dime

The more you put into this, the more you’ll get out. Send your picks here. Subject line: “Hedge Fund IR Dimes.”

Hedge fund - Business - Investing - Funds - Information and Service Providers
Source: Dealbreaker | 7 Jul 2010 | 11:45 am

Presented By:

Source: Dealbreaker | 7 Jul 2010 | 11:45 am

Brussels to look closely at Google probe

The fact EU commissioner has commented on the case for the first time since complaints were will do nothing to dampen speculation of a formal probe within months
Source: Financial Times - US homepage | 7 Jul 2010 | 11:39 am

Those 'Forever' Stamps May Be A Good Investment, After All

Source: NPR Blogs: Planet Money | 7 Jul 2010 | 11:30 am

Unemployment Rate: Men Vs. Women

Source: NPR Blogs: Planet Money | 7 Jul 2010 | 11:08 am

“Who Is George Soros?”

Is he “a financier”? The participants in the comedy sketch below give a tiny bit of credence to that theory but in the grander scheme of things, posit that Soros is “a drug pusher” who wants to increase violent crime in California’s black communities by legalizing the distribution of “his poison.”

Watch the latest video at video.foxnews.com

George Soros - Comedy - Recreation - Germany - European Union
Source: Dealbreaker | 7 Jul 2010 | 11:03 am

Area Woman Not Impressed By Lloyd Blankfein’s Latest Charitable Donations

The Lloyd and Laura Blankfein Foundation gave $1.7 million to charity last year (up from $1.3 million in 2009). Some of these monetary gifts went to “Dorot, a New York nonprofit that aids the elderly, the Animal Rescue Fund of the Hamptons and New York Cares, which mobilizes volunteers to help the city’s disadvantaged,” while LB’s alma mater, Harvard Law School, the Ethical Culture Fieldston School, where his kids went to school, and the Bridgehampton Fire Department on Long Island, on call June-August in case a fire in Lloyd’s loins needs putting out, also got some clams. Without having spoken with them, it’s probably safe to say all the recipients appreciated the money. One person, perhaps feeling left out of the Blankfeins Make It Rain party, could not give less of a rat’s ass and is pretty sure you shouldn’t either, at least until we get some answers.

“Gestures like the gift to the fire department are ‘good- neighbor grants,’” Melissa Berman, chief executive officer of Rockefeller Philanthropy Advisors in New York, said in a phone interview. “The gifts to schools one has attended are affiliation grants. All of us, even people of modest resources, support their local house of worship or institutions they have been affiliated with….It’s impossible to tell from the family foundation information the scope of what Lloyd Blankfein and his family care about because I think we’re only seeing a tiny fraction of what they’re giving,” Berman said.

Lloyd Blankfein - New York - New York Cares - Harvard Law School - Ethical Culture Fieldston School
Source: Dealbreaker | 7 Jul 2010 | 10:48 am

50 Tips to Help You Sell More

Image: NomadicLass/Flickr

A company won’t survive without selling anything. (Unless you’ve been bailed out, but that’s another story.) Sales truly are a company’s lifeblood. Whether you’re a salesperson or not, you need to keep your sales skills up to date. Here are 50 places to start.

Sales Tips for Everybody
These general sales tips will amp up your selling prowess.

How to take the heat off sales.

Why salespeople fail.

Creating sales luck.

Dealing with pain in sales.

How to succeed when life kicks the #%&! out of your sales life.

Why consistent salespeople retain customers.

It’s time to learn about intent-driven sales.

Don’t forget to bring your sense of urgency to every sale.

What to look for in a good salesperson.

How to achieve the sales holy grail.

Tips and strategies to close sales.

Get 100% of your business from 100% of your clients.

What it takes to be successful in sales.

A lesson in sales from Henry Ford.

3 steps to get more introductions.

Don’t worry about acting like a salesperson.

10 tips for the new sales professional.

How sales is really about the old stuff.

Call back to add value to your sales.

Why your prospect might have disappeared, and what to do next.

4 ways to defend your price during a sales negotiation.

Consolidate to shorten your sales cycle and close deals faster.

Here’s a good list of inspirational sales quotes.

Try a little kindness to build business relationships.

Tips for Sales Managers
Without a sales manager, a sales team isn’t selling to potential. Boost your team’s efficacy by reading the tips below.

How to get your sales team to reach the highest level of sales achievement.

9 ways to avoid getting made fun of as a sales manager.

How to build a dynamic sales culture.

Align and optimize sales and marketing to increase conversions.

Confident sales leaders let things play out.

5 steps to fast-tracking your sales career to move to upper management.

Mistakes to Avoid
We all make mistakes. But it’s better to avoid them. Here are a few places to start.

Don’t penalize your best clients.

Delighting your customer is not optional.

How to stop bad potential customers from yanking your chain.

The key to avoiding feast and famine in your sales.

Presentation mistakes to avoid.

How to not have your cold call be seen as an interruption.

How fear could be making you a loser.

Overcoming resistance to change.

Sales and the Web
What the online world is doing for sales.

How the internet changes selling.

Using Twitter to increase your sales.

How to mine Google for online sales prospecting.

Your company website should be a sales tool.

Find the sales gold in social media.

Syncing Sales with Other Company Functions
How sales and other departments need to interact to optimize results.

Sales, marketing, and consumer disconnect.

Why sales and purchasing need each other more than ever.

Getting More Leads
Fill your pipeline right with the leads tips below.

Do you really know the sources of your best opportunities?

The 10 worst things to do with a qualified sales lead.

Why inbound leads aren’t really leads.

100 tips for trade show lead generation.

Which lead database is best for you?

Source: Business Pundit | 7 Jul 2010 | 10:30 am

400 iTunes Accounts Hacked to Make App “Bestseller”

A Vietnamese hacker has hacked 400 iTunes accounts in order to give his iPhone app bestseller status. PCWorld has more:

Reports emerged on Sunday that (hacker Thuat) Nguyen gamed the App Store ratings in the Books category, by purchasing his own apps using hacked iTunes accounts. At one point, the developer’s apps occupied 42 of the top 50 apps sold in the Books section, and users reported purchases of up to $500 with their accounts.

But here is the zinger; Apple is saying it was no big deal. Four hundred accounts equals 0.0003 percent of the over 150 million iTunes account holders, Apple points out.

Alex Brie, one of the developers who first reported the App Store problems with the Vietnamese developer, is suspicious of Apple’s claims. After his calculations, Nguyen would have needed at least 3,000 hacked iTunes accounts to reach the ranking he had on Sunday in the App Store.

Brie, who also develops iPhone books apps, was affected by Nguyen’s gaming of the App Store ratings. Despite Apple’s claims, he speculates that to achieve such high ratings for his apps, Nguyen had to hack into Apple’s iTunes servers and skip the normal security steps, or run an automated scripted program.

MacRumors has more on what Apple is doing to protect users:

The total number of iTunes users number about 150 million. Apple is said to be increasing security to help minimize this fraud by asking users to enter their credit card security code more often. If not compromised at iTunes, itself, then users likely revealed the passwords inadvertently through phishing attempts, keyloggers, or easy to guess passwords.

The hacked iTunes case proves two things. One, despite a reputation of relative infallibility, Apple is still a big company prone to the same mistakes and threats as any big company. Secondly, Apple, like many big companies, is getting away with being dismissive, having a lagging response time, and not having top-notch customer service (I’m referring to complaints I’ve read about Apple not emailing customers about their compromised accounts right away).

In other words, Apple is just another big company. But its brand and reputation are so strong that users are still shocked by negative reports about company products or services. I think Apple should make an effort to be less complacent and ramp up its customer service to maintain its brand, which is still just about as good as gold. Otherwise, reputation-wise, the company risks eventually becoming Microsoft II.

Source: Business Pundit | 7 Jul 2010 | 10:28 am

FTSE 100 up despite earlier losses (AFP)

AFP - Leading shares continued to make solid gains Wednesday, boosted by utilities and a strong performance from BP as chief Tony Hayward visited Abu Dhabi, fueling speculation that the world's leading sovereign wealth fund may invest in the troubled oil giant.

Source: Yahoo! News: Stock Markets News | 7 Jul 2010 | 10:15 am

JPMorgan Bosses Take Road Less Traveled When Dealing With Problem Employee

When Kevin Dillon started working for JPMorgan in March 2008 as a “client processing specialist,” everybody liked him just fine. Better than fine, in fact. He was praised by his superiors, he received glowing reviews and in just a few months time, he was slated to receive a bonus and a promotion. This was all, however, before he filed a report citing “highly questionable accounting and management practices” at Highland Capital Management LP and recommending that JPM cease “facilitating Highland’s improper practices.” In doing so, Dillon was forcing his bosses to make a decision re: how to deal with the findings. They could 1) follow his suggestion and cut the hedge fund loose or 2) acknowledge the findings and decide to do nothing about them. In this case, Dill’s bosses decided to go with the second option, telling him they were “aware of Highland’s improper practices [but] that nothing would be done to remedy the issue.”

As I’m sure many of you know, however, when you’ve got a situation like a Kevin Dillon situation, it does not end there. Because if there’s one thing I’ve found in my multiple decades long career on Wall Street is that a guy like Dillon is gonna be trouble. He won’t just accept your decision to look the other way, which is admittedly annoying but something you can deal with if you’ve got the skills or someone coaching you from the sidelines (me).

First off, you can’t fire a Dillon-type straight-away, because it’ll be too obvious. This is something that requires a more subtle touch. You will want to, of course, make work life unpalatable for the employee in question, so taking away his bonus, promoting incompetents over him and offering negative but purposely vague reviews is a given. That’ll go a long way in psyching out said problem employee. But if you really want to break him…if you really want to leave your mark…if you really want to, in the event this thing ends up a lawsuit, make a name for yourself, give the readers something to aspire to and have people say “that guy may be a whack-job and potentially a racist but he knew how to deal with people,” you’ll try something like this.

In addition to the retaliatory action, Dillon cites two examples of “alarming behavior” by his supervisor. In one instance in 2008, the supervisor told Dillon he needed to clean “the mess” that was created by an African-American employee “who the supervisor admitted was hired primarily to combat adverse fallout from previous racial and sexual discrimination suits brought against the defendant because of the supervisor’s acts,” according to the lawsuit.*

In another instance, the lawsuit details how his unnamed supervisor allegedly discussed with Dillon the “wide array of guns he possessed and described to (Dillon) the violent acts he would commit if anybody crossed him or his family,” according complaint.

This is just a blueprint of course, feel free to put your own spin on it in whatever way feels natural. For those of you unimaginative fucks who need me to do everything for you, one idea, if you’re going to test out the gun scenario on a colleague today, is to do it wearing a purple jumpsuit and start off with something along the lines of “Let me tell you something, pendejo. You see this piece? You pull any of your crazy shit with us, I’ll take and I’ll stick it up your ass and pull the fucking trigger till it goes ‘click’.” But I encourage you to test out all kinds of things and let us all know how it goes.

JPMorgan Employee Fires Whistleblower Lawsuit [GT via BI]

*Can the name of this guy who not only tried to (hilariously) intimidate someone by showing them his gun collection but b) also apparently got pawsy with the ladies PLEASE, for the love of god, have his name released? Otherwise we’re just going to be forced to come up with the contents of him sexual discrimination cases on our own.

Hedge fund - Wall Street - Kevin Dillon - Business - JPMorgan Chase
Source: Dealbreaker | 7 Jul 2010 | 9:57 am

John Dingell Discusses Financial Regulation: Political Capital

Source: Bloomberg - All Podcasts | 7 Jul 2010 | 9:49 am

RBC's George Gero Likes Gold ETFs: Audio

Source: Bloomberg - All Podcasts | 7 Jul 2010 | 9:46 am

Your Business vs. Cyber Bullies (Smart Ideas)

Machan: How to fight back if your business gets negative online reviews.

Source: SmartMoney.com | 7 Jul 2010 | 9:13 am

Aeropostale: Discounter With a New Sense of Style

The company's stock price has just begun to reflect its bright prospects.

Source: SmartMoney.com | 7 Jul 2010 | 8:42 am

Holger Schmieding Discusses European Economy, Greek Debt

Source: Bloomberg - All Podcasts | 7 Jul 2010 | 8:25 am

Apple iTunes Fraud Is Firm's Latest Hurdle (Early Bird)

The data breach adds to a growing list of security issues for the tech giant.

Source: SmartMoney.com | 7 Jul 2010 | 8:08 am

In Zimbabwe, U.S. Dollars Get Clean

Source: NPR Blogs: Planet Money | 7 Jul 2010 | 7:56 am

Learning English The Mickey Mouse Way

Source: NPR Blogs: Planet Money | 7 Jul 2010 | 7:36 am

ING's Knightley on Economy, Derrick on Currencies: First Word

Source: Bloomberg - All Podcasts | 7 Jul 2010 | 7:02 am

Why Context Counts for Your Message

Source: Business Pundit | 7 Jul 2010 | 4:28 am