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Put up or shut up time for banksFor the nation's top banks, their latest results may be more about their ability to deliver answers rather than actual profits.Source: Business and financial news - CNNMoney.com | 14 Jul 2010 | 4:13 am New WH report claims more jobs from stimulus bill (AP)AP - A new White House report says last year's $862 billion stimulus law has now "saved or created" between 2.5 million and 3.6 million jobs.Source: Yahoo! News: Business News | 14 Jul 2010 | 4:01 am Oil Keeps Gushing, As US DithersBP plc (NYSE; BP) has its new cap in place over the pipe that is spewing oil 5,000 feet below the Gulf of Mexico’s surface. It believes that it can begin to shut vents and with that have a containment system that will capture all of the leaking crude. Until that happens as many as [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 14 Jul 2010 | 3:59 am UK unemployment declines to 2.47mThe number of people unemployed in the UK fell by 34,000 to 2.47m in the three months to May, official figures have shown.Source: BBC News - Business | 14 Jul 2010 | 3:58 am BA, American and Iberia win EU OK for alliance (AP)AP - British Airways, American Airlines and Iberia have won European Union regulatory approval for plans to share more of their lucrative trans-Atlantic routes.Source: Yahoo! News: Business News | 14 Jul 2010 | 3:56 am Indications: Intel results drive gains in U.S. stock futuresBetter-than-expected earnings from microchip giant Intel Corp. propelled U.S. stock futures higher on Wednesday, as investors awaited retail sales data and the release of minutes from the last meeting of the Federal Open Market Committee.
Source: MarketWatch.com - Top Stories | 14 Jul 2010 | 3:55 am Oil prices stable before US energy report (AFP)
Source: Yahoo! News: Business News | 14 Jul 2010 | 3:52 am Economic Report: Euro-zone industrial output continues reboundLONDON (MarketWatch) -- A rebound in output by factories, mines and other industrial producers continued across the 16-nation euro zone in May, official data showed Wednesday.
Source: MarketWatch.com - Top Stories | 14 Jul 2010 | 3:50 am German authorities search Credit Suisse branches (AP)AP - German prosecutors office say that all 13 branches of Swiss bank Credit Suisse AG in Germany are being searched in an investigation of suspected tax evasion.Source: Yahoo! News: Business News | 14 Jul 2010 | 3:45 am GE’s Immelt–A Strategic RetreatThree weeks ago, GE (NYSE: GE) CEO Jeff Immelt made an uncharateristic attack on China’s business policies.“I am not sure that in the end they want any of us to win, or any of us to be successful.”. Those “any of us” is the large multinationals of the West. Immelt softened his comment, and even [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 14 Jul 2010 | 3:45 am FTSE 100 weakens (AFP)
Source: Yahoo! News: Stock Markets News | 14 Jul 2010 | 3:44 am Eurozone production grows againIndustrial production in the 16 countries that use the euro increases for the third consecutive month in May.Source: BBC News - Business | 14 Jul 2010 | 3:42 am Europe Markets: Europe struggles to notch seventh day of gainsEuropean shares struggled to extend a recent winning streak to seven sessions on Wednesday as earnings-inspired gains in the technology sector were offset by losses for auto makers and banks.
Source: MarketWatch.com - Top Stories | 14 Jul 2010 | 3:34 am Futures point to higher open on Wall StreetLONDON (Reuters) - Stock index futures pointed to a higher open for Wall Street on Wednesday, boosted by upbeat earnings from technology firm Intel , with S&P 500 futures up 0.6 percent, Nasdaq futures 1.1 percent higher, and futures for the Dow Jones industrial average up 0.6 percent by 0907 GMT (5:07 a.m. EDT).
Source: Reuters: Business News | 14 Jul 2010 | 3:31 am Futures point to higher open on Wall Street (Reuters)
Source: Yahoo! News: Stock Markets News | 14 Jul 2010 | 3:31 am The media vs. Chevron: Bring it onJoe Berlinger stands before a packed house at the IFC Center in New York City, joking about his debt of gratitude to Chevron for helping sell out a showing of his 2009 documentary Crude -- even if not for the right reasons.Source: Business and financial news - CNNMoney.com | 14 Jul 2010 | 3:28 am Economic Report: British jobless claims fall for fifth monthThe number of British workers claiming government jobless benefits declined for the fifth consecutive month in June.
Source: MarketWatch.com - Top Stories | 14 Jul 2010 | 3:28 am Tech stocks and Asia growth data ease fears of slowdownWednesday 10:00 BST. The stock market has Intel inside. Barnstorming results and upbeat forecasts from the chip bellwether has lit up the global tech sector and convinced many traders that the US second-quarter...Source: RSS feed - channel BNPaperBusiness | 14 Jul 2010 | 3:27 am Tech stocks and Asia growth data ease fears of slowdownGlobal Markets Overview: Strong results from chipmaker Intel add to hopes that a positive US earnings season can help banish fears of an economic slowdownSource: Financial Times - US homepage | 14 Jul 2010 | 3:27 am Asian stocks propelled by tech rally, Nikkei soarsAsian markets climbed Wednesday as Intel's strongest-ever quarterly results buoyed technology sector shares, while a robust emerging economic picture in Singapore also aided sentiment.
Source: MarketWatch.com - Top Stories | 14 Jul 2010 | 3:26 am 4.7 Workers For Every JobThe Labor Department said that in May there were 4.7 workers looking for work for each available job. Hiring rose during the month, but it due to Census workers getting temporary jobs. The market tends to look at unemployment as a single number–9.5% or less than 10%. It is going in the right direction. The [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 14 Jul 2010 | 3:22 am Why the world is dumping the dollarImagine a world without the almighty greenback as the main reserve currency.Source: Business and financial news - CNNMoney.com | 14 Jul 2010 | 3:15 am Part-time workforce at record levelsStruggling workers are forced to settle for part-time jobs in a market that has seen the number of long-term unemployed surge to a 13-year high.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jul 2010 | 3:13 am Ryanair reprimanded over offersRyanair is once again reprimanded by a watchdog which found that it misled customers with low fare offers.Source: BBC News - Business | 14 Jul 2010 | 3:03 am Stocks ready to runU.S. stocks looked set to jump at the start of trading Wednesday, as Intel's upbeat earnings boosted confidence.Source: Business and financial news - CNNMoney.com | 14 Jul 2010 | 3:03 am The Trade Gap And The Yuan, Gone And ForgottenFor some reason, the huge trade gap announcement did not stir much concern in Congress about the value of the yuan. The figure rose to $42.3 billion in May. Instead of focusing on the 12.1% increase in shipments to China, politicians and economists may be pleased by the 2.4% rise in US exports, the best [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 14 Jul 2010 | 3:01 am Steinbrenner vs. Stocks: Comparing Yankee Returns (Screens)Hough: Would the late owner have been better off in the market?
Source: SmartMoney.com | 14 Jul 2010 | 3:01 am Jumbo Mortgage Rates PlungeRates for "jumbo" mortgages on pricier homes are at their lowest since 2003.
Source: SmartMoney.com | 14 Jul 2010 | 3:01 am Investment Moves That Increase Financial Aid (Education and Your Money)Considering selling stocks or real estate? Here's what you should know.
Source: SmartMoney.com | 14 Jul 2010 | 3:01 am An ETF to Protect You if Stocks Sink (ETF Watch)Option-based ETFs are an easy-to-use hedging strategy, but costly.
Source: SmartMoney.com | 14 Jul 2010 | 3:01 am Snag a Backordered Smartphone (Deal of the Day)Frustrated by your carrier's waiting list? Here are some options.
Source: SmartMoney.com | 14 Jul 2010 | 3:01 am The iPad's Threat to PCsLed by Apple's device, media tablets are likely to cut into sales of netbooks and other personal computers.
Source: SmartMoney.com | 14 Jul 2010 | 3:01 am London Markets: Icap shares decline in steady FTSE indexBritish shares are in a tight range on Wednesday, struggling to notch a seventh session of gains, as miners gain ground but Icap shares decline.
Source: MarketWatch.com - Top Stories | 14 Jul 2010 | 2:53 am The American Ecomomy Can Heal Itself, If Only The Economy Would HelpThe stock market is back to where it was a month ago. The frightening sell-off is over. Now that Intel (NASDAQ: INTC) has posted spectacular results, Wall St. believes that both the consumer and enterprise sectors are spending on tech again. People and companies that can afford PCs and servers must be doing well. Nouriel [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 14 Jul 2010 | 2:46 am World stock markets jump after Intel result (AP)
Source: Yahoo! News: Stock Markets News | 14 Jul 2010 | 2:41 am Lord Turner calls for financial reformFSA chairman Lord Turner outlines his views on the future of financial regulation.Source: BBC News - Business | 14 Jul 2010 | 2:33 am Offshore drilling woes headed on shoreRestrictions on new oil and gas drilling could soon spread from the Gulf of Mexico to onshore operations as the BP spill highlights the dangers associated with energy production.Source: Business and financial news - CNNMoney.com | 14 Jul 2010 | 2:31 am Barclays Capital equities chief Dixit Joshi quits to join rival Deutsche BankDixit Joshi, a rising star at investment bank Barclays Capital, has left in a surprise move to join Deutsche Bank.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jul 2010 | 2:30 am Currencies: Dollar, yen slip; investors take cue from equitiesThe dollar rises against the yen but slips against other major rivals in Asian trading Wednesday, as a regional equities rally sparked by bright U.S. earnings prompts investors to seek higher-yielding currencies.
Source: MarketWatch.com - Top Stories | 14 Jul 2010 | 2:27 am Fee cuts lift LSE revenue; Icap trading slowsThe London Stock Exchange reported a 1% rise in fiscal first-quarter revenue and said its market share of the trading in U.K. stocks improved in June after it lowered transaction fees. Separately, inter-dealer broker Icap reports growing profit and revenue but says trading slowed in June.
Source: MarketWatch.com - Top Stories | 14 Jul 2010 | 2:27 am Unemployment to peak at nearly 3m by 2012Britain is facing at least half a decade of serious jobs deficit with unemployment expected to peak at 2.95m in 2012 - nearly 10pc of all adults aged over 16, an employers' group has warned.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jul 2010 | 2:26 am Rio resumes Australia investmentMining giant Rio Tinto invests $200m in expanding iron ore operations in Western Australia after a tax row is settled.Source: BBC News - Business | 14 Jul 2010 | 2:18 am Intel reports its best quarter everIntel Corp. reported a quarterly profit and sales on Tuesday that rose from year-ago results and soundly beat Wall Street's forecasts.Source: Business and financial news - CNNMoney.com | 14 Jul 2010 | 2:13 am ASML bounces back to Q2 profit on strong sales (AP)AP - ASML Holding NV, a key supplier to computer chip makers, said Wednesday it bounced back to profit in the second quarter from a loss in the same period last year thanks to a sharp rebound in demand.Source: Yahoo! News: Business News | 14 Jul 2010 | 2:05 am High-stakes U.S. vote nears on Glaxo diabetes drugGAITHERSBURG, Md (Reuters) - The fate of a GlaxoSmithKline Plc diabetes drug may become clearer on Wednesday when U.S. advisers vote on whether the widely used pill carries too much heart risk to stay on the market.
Source: Reuters: Business News | 14 Jul 2010 | 2:03 am Global stocks at three-week peak as Intel fuels risk rallyLONDON (Reuters) - World stocks hit a three-week high on Wednesday while government bonds fell broadly after Intel's forecast-beating quarterly results raised expectations of strong corporate earnings in the second quarter.
Source: Reuters: Business News | 14 Jul 2010 | 2:02 am Best Places: 25 top-earning townsPalo Alto, Calif., residents pull in more than $150,000 a year. Which other Best Places have high incomes?Source: Business and financial news - CNNMoney.com | 14 Jul 2010 | 2:01 am Bailouts failed Main Street banksWhile bailed-out Wall Street is back on its feet and making profits, Main Street banks have gotten little to no boost from taxpayer bailouts, a watchdog panel said Wednesday.Source: Business and financial news - CNNMoney.com | 14 Jul 2010 | 2:01 am Media Digest 7/14/2020 Reuters, WSJ, NYTimes, FT, BloombergReuters: The financial reform bill should pass within days. Reuters: Intel (NYSE: INTC) posted stronger than expected earnings. Reuters: Toyota Motor (NYSE: TM) blamed driver error for some problems with recalled cars. Reuters: GlaxoSmithKline (NYSE: GSK) will settle claims over Avandia effects for $400 million just as the FDA votes about whether to withdraw the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 14 Jul 2010 | 2:01 am London rally enters seventh consecutive sessionLondon's equities inched higher on Wednesday, with the best single gain coming from Arm Holdings after strong numbers from fellow chipmaker Intel out of the US overnight. The FTSE 100 component...Source: RSS feed - channel BNPaperBusiness | 14 Jul 2010 | 2:01 am Toyota finds no fault in speed controlsThe Japanese carmaker says its investigation into complaints of cars suddenly accelerating found nothing wrong with the system that controls the car’s speed and that in some cases, drivers were at faultSource: Financial Times - US homepage | 14 Jul 2010 | 1:50 am Toyota blames driver error for some unwanted speeding (Reuters)
Source: Yahoo! News: Business News | 14 Jul 2010 | 1:44 am Toyota blames driver error for some unwanted speedingTOKYO/WASHINGTON (Reuters) - Toyota Motor Corp said on Wednesday its investigation of nearly 2,000 cases of unintended acceleration had found no problem with its electronic throttle system, and that driver error was to blame in some cases.
Source: Reuters: Business News | 14 Jul 2010 | 1:44 am Thorntons' sales decline furtherChocolate retailer Thorntons says a decline in sales has deepened as it announces cuts in head office jobs.Source: BBC News - Business | 14 Jul 2010 | 1:42 am ASML shares rally after earnings top estimatesShares of ASML Holding N.V. rallied Wednesday as the microchip equipment producer swung to a better-than-forecast second-quarter profit on a surge in sales.
Source: MarketWatch.com - Top Stories | 14 Jul 2010 | 1:35 am Britain's core inflation has risen - as will pricesThe June inflation figures made for sobering reading. Okay, retail price inflation fell to 5pc, down from 5.1pc in May, but economists had expected to see it fall to 4.9pc.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jul 2010 | 1:31 am EU approves Comcast buy of NBC UniversalBRUSSELS (Reuters) - U.S. cable provider Comcast won EU regulatory clearance on Wednesday for a landmark deal to buy a controlling stake in General Electric's NBC Universal.
Source: Reuters: Business News | 14 Jul 2010 | 1:31 am Watchdog: Small banks struggling despite bailouts (AP)AP - To the list of economic woes squeezing small banks, add another one: government bailouts.Source: Yahoo! News: Business News | 14 Jul 2010 | 1:27 am No more plot twists in the M&S soap opera, let's have a happy endingIt has been billed as an epic heavyweight battle. Righteous Marks & Spencer shareholders vs greedy management. After weeks of hype, shareholders and management will finally square up to each other at The Royal Festival Hall.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jul 2010 | 1:25 am Asos sales jump 54pc, boosted by cost conscious, Web-savvy fashionistasBritish online fashion retailer posts 54pc leap in first-quarter sales led by demand from abroad but says its too early to know if that could continue.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jul 2010 | 1:13 am Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.
Source: MarketWatch.com - Top Stories | 14 Jul 2010 | 1:01 am Business Bullet: US earnings, BP, Euro fund, ASOSThe latest news on: US earnings, BP, Euro fund, ASOSSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jul 2010 | 1:00 am FDIC sues four former IndyMac executivesThe agency accuses the managers of the defunct bank's Homebuilder Division of acting negligently by granting loans to developers who were unlikely to repay the debts. ...Source: RSS feed - channel BNPaperBusiness | 14 Jul 2010 | 1:00 am Home prices in China fall amid tougher government rulesAn index of urban residential property prices in 70 cities fell 0.1% in June from May as home buyers face higher down-payment requirements and tighter mortgage lending.China's aggressive new regulations aimed at cooling off the nation's real estate market have led to the first decline in housing prices in 16 months, government data released Monday showed.
Source: L.A. Times - Business | 14 Jul 2010 | 1:00 am Southern California home sales riseBuyers chasing a federal tax credit help boost closings 7.2% in June from May. The median price falls 1.6%.The Southland's housing recovery held its ground in June as home sales rose, fueled by government tax incentives, but the median home price dropped a notch from May.
Source: L.A. Times - Business | 14 Jul 2010 | 1:00 am Northrop to close Louisiana shipyardThe military contractor could get out of the shipbuilding business altogether, its CEO says.With demand from the Navy for military ships declining, Northrop Grumman Corp. said Tuesday it was closing its Avondale, La., shipyard and may get out of the shipbuilding business altogether.
Source: L.A. Times - Business | 14 Jul 2010 | 1:00 am On-location filming in Los Angeles soars 16% in second quarterThe L.A. area continues to recover from a production slump caused by the recession and the flight of movies and TV shows to other states and countries. ...Source: RSS feed - channel BNPaperBusiness | 14 Jul 2010 | 1:00 am Surprise jump in trade deficit worries economistsU.S. trade deficit took a surprising jump of nearly 5% from April to May, to the highest level since November 2008. Analysts scale back growth forecasts. Some see a threat to the economic recovery. ...Source: RSS feed - channel BNPaperBusiness | 14 Jul 2010 | 1:00 am FCC indecency rule struck down by appeals courtA three-judge panel in New York says a rule on unscripted expletives on live broadcast TV and radio creates a 'chilling effect' in violation of the 1st Amendment. The ruling is a major victory for broadcast networks.In a sharp rebuke of the Bush-era crackdown on foul language on broadcast television and radio, a federal appeals court on Tuesday struck down the government's near-zero-tolerance indecency policy as a violation of the 1st Amendment protection of free speech.
Source: L.A. Times - Business | 14 Jul 2010 | 1:00 am Surprise jump in trade deficit worries economistsU.S. trade deficit took a surprising jump of nearly 5% from April to May, to the highest level since November 2008. Analysts scale back growth forecasts. Some see a threat to the economic recovery.In a sign that Americans are persisting in the risky habit of buying more than they sell in the global economy, the U.S. trade deficit jumped unexpectedly in May to the highest level since November 2008.
Source: L.A. Times - Business | 14 Jul 2010 | 1:00 am FDIC sues four former IndyMac executivesThe agency accuses the managers of the defunct bank's Homebuilder Division of acting negligently by granting loans to developers who were unlikely to repay the debts.Launching a new offensive against leaders of failed financial institutions, federal regulators are accusing four former executives of Pasadena's defunct IndyMac Bank of granting loans to developers and home builders who were unlikely to repay the debts.
Source: L.A. Times - Business | 14 Jul 2010 | 1:00 am On-location filming in Los Angeles soars 16% in second quarterThe L.A. area continues to recover from a production slump caused by the recession and the flight of movies and TV shows to other states and countries.Spurred by a recovery in the economy and the state's fledgling film tax credit program, filming on the streets of Los Angeles surged 16% in the second quarter of the year.
Source: L.A. Times - Business | 14 Jul 2010 | 1:00 am Port traffic jumps at L.A., Long BeachDemand at the twin port complex in June also prompts the hiring of hundreds of part-time workers. But experts warn that the upswing could weaken in the coming months.The Port of Los Angeles had its busiest June ever for cargo, surpassing the number of containers moved during the height of the global economic boom in 2006, and the neighboring Port of Long Beach also showed a strong increase in imports, port officials said Tuesday.
Source: L.A. Times - Business | 14 Jul 2010 | 1:00 am MSI has big plans for tablet computer marketThe PC manufacturer is seeking to duplicate the rapid ascent of another relatively unknown Taiwanese company, smart phone maker HTC Corp.As HTC Corp. carries out its so-far successful invasion of the U.S. cellphone market, another Taiwanese company is staging an American blitz of its own.
Source: L.A. Times - Business | 14 Jul 2010 | 1:00 am Gadgets of future could monitor health, screen calls and even entertain usResearchers in the Silicon Valley and elsewhere predict devices will someday function like hyper-attentive butlers. Sophisticated sensors and software could make it possible.Don't be surprised if one day your refrigerator nags you to lose weight, your phone blocks calls it figures you're too stressed to handle, and your wisecracking car entertains you with pun-filled one liners.
Source: L.A. Times - Business | 14 Jul 2010 | 1:00 am Port traffic jumps at L.A., Long BeachDemand at the twin port complex in June also prompts the hiring of hundreds of part-time workers. But experts warn that the upswing could weaken in the coming months. ...Source: RSS feed - channel BNPaperBusiness | 14 Jul 2010 | 1:00 am Home prices in China fall amid tougher government rulesAn index of urban residential property prices in 70 cities fell 0.1% in June from May as home buyers face higher down-payment requirements and tighter mortgage lending. ...Source: RSS feed - channel BNPaperBusiness | 14 Jul 2010 | 1:00 am FCC indecency rule struck down by appeals courtA three-judge panel in New York says a rule on unscripted expletives on live broadcast TV and radio creates a 'chilling effect' in violation of the 1st Amendment. The ruling is a major victory for broadcast...Source: RSS feed - channel BNPaperBusiness | 14 Jul 2010 | 1:00 am Southern California home sales riseBuyers chasing a federal tax credit help boost closings 7.2% in June from May. The median price falls 1.6%. The...Source: RSS feed - channel BNPaperBusiness | 14 Jul 2010 | 1:00 am NZ dollar drifts lower after spikingThe New Zealand dollar drifted lower today after pushing briefly above US72c for the first time in two months.Dealers said it pushed higher in reaction to a strong start to the corporate earnings season in the United States and...Source: nzherald.co.nz - Business | 14 Jul 2010 | 12:23 am NZ sharemarket posts solid gainsThe New Zealand sharemarket rose for its eighth trading day in nine after stocks in the United States rallied for a sixth straight day as the earnings season got off to a good start.Alcoa Inc, the largest United States aluminium...Source: nzherald.co.nz - Business | 14 Jul 2010 | 12:21 am Asian stocks jump on Intel profits, Singapore's strong growthAsian stock markets jumped on Wednesday, powered by better-than-expected earnings from chipmaking giant Intel and Singapore's forecast that its economy will grow a blistering 15pc this year.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jul 2010 | 12:19 am Stage set for final votes on Wall Street reform billWASHINGTON (Reuters) - Senate Democrats on Tuesday appeared to nail down the votes needed to approve a historic overhaul of U.S. financial regulations and set up a final vote by the end of the week.
Source: Reuters: Business News | 14 Jul 2010 | 12:14 am Intel sets bright tone for earningsSAN FRANCISCO (Reuters) - Resilient demand for PCs and servers helped Intel Corp's margin and revenue forecasts blast past Wall Street expectations, allaying fears of a technology spending slowdown and sending its shares up nearly 8 percent.
Source: Reuters: Business News | 14 Jul 2010 | 12:13 am First-time buyers 'need 37,000'First-time buyers now need to find an average of 37,000 before they can purchase their first home, according to new figures seen by Newsbeat.Source: BBC News - Business | 14 Jul 2010 | 12:02 am CTU: ACC changes may encourage cover-upsDiscounts on ACC levies for businesses with good safety records will encourage some employers to cover up workplace accidents, opponents say.The Government announced today that businesses paying more than $10,000 a year in ACC...Source: nzherald.co.nz - Business | 13 Jul 2010 | 11:31 pm Bailed-out small banks face takeover risk: panelWASHINGTON (Reuters) - Smaller banks that got U.S. government bailout money are likely to run into trouble repaying it and may become vulnerable to takeovers as a result, a congressional...Source: RSS feed - channel BNewsBusiness | 13 Jul 2010 | 11:01 pm Bailed-out small banks face takeover risk: panelWASHINGTON (Reuters) - Smaller banks that got U.S. government bailout money are likely to run into trouble repaying it and may become vulnerable to takeovers as a result, a congressional watchdog agency warned on Wednesday.
Source: Reuters: Business News | 13 Jul 2010 | 11:01 pm UPDATE 1-Zumiez not to pursue West 49 deal; Billabong wins* West 49 set to be acquired by Billabong International (Adds details of announcements)Source: RSS feed - channel BNewsBusiness | 13 Jul 2010 | 10:57 pm Asia stocks powered by IntelTOKYO (Reuters) - Asian stocks rose to a three-week high on Wednesday, led by gains in technology issues after Intel's results beat market expectations, while the euro held firm near...Source: RSS feed - channel BNewsBusiness | 13 Jul 2010 | 10:56 pm Mobile firms failing on coverageThe Communications Consumer Panel calls for consistent guidelines on cancelling contracts in poor mobile coverage areas.Source: BBC News - Business | 13 Jul 2010 | 10:53 pm BP delays test on US oil wellEnergy giant BP is delaying critical tests on a new cap which is supposed to stop the oil from pouring out of a damaged well in the Gulf of Mexico.Source: BBC News - Business | 13 Jul 2010 | 10:41 pm DEALTALK-Australian buyout firms tempted by secondary deals* Two secondary deals reveal growing appetite for that routeSource: RSS feed - channel BNewsBusiness | 13 Jul 2010 | 10:27 pm Watchdog: Small banks struggling despite bailoutsTo the list of economic woes squeezing small banks, add another one: government bailouts. The Treasury Department's bailout program was designed with Wall Street megabanks in mind,...Source: RSS feed - channel BNewsBusiness | 13 Jul 2010 | 10:04 pm Freer budgets help Intel's best-in-a-decade profit (AP)
Source: Yahoo! News: Business News | 13 Jul 2010 | 10:02 pm Bailed-out small US banks face takeover risk -panelWASHINGTON, July 14 (Reuters) - Smaller banks that got U.S. government bailout money are likely to run into trouble repaying it and may become vulnerable to takeovers as a result, a congressional watchdog...Source: RSS feed - channel BNewsBusiness | 13 Jul 2010 | 10:01 pm Meriturn Partners Sells Stake in Dunn Paper to Wingate PartnersSource: RSS feed - channel BNewsBusiness | 13 Jul 2010 | 9:53 pm China to invest $10B in Argentina's railwaysArgentina and China signed a deal for Beijing to invest $10 billion in the South American nation's railways during a visit by the Argentine president but there was no sign of progress in a...Source: RSS feed - channel BNewsBusiness | 13 Jul 2010 | 9:36 pm Asian stock markets jump after Intel resultAsian stock markets jumped Wednesday, powered by better-than-expected earnings from chipmaking giant Intel Corp. and Singapore's forecast that its economy will grow a blistering 15 percent...Source: RSS feed - channel BNewsBusiness | 13 Jul 2010 | 9:25 pm Harawira wants ban on foreign ownershipThe Maori Party has added its voice to calls for restrictions on foreign ownership of New Zealand land.Several large international firms are looking at buying land here - the highest profile being Crafar farms. Foreign companies...Source: nzherald.co.nz - Business | 13 Jul 2010 | 9:18 pm Reliance eyes third shale gas deal in U.S. -papersMUMBAI, July 14 (Reuters) - Indian energy major Reliance Industries is close to acquiring a stake in a shale gas asset in North America, which will be its third such buy this year, local newspapers reported...Source: RSS feed - channel BNewsBusiness | 13 Jul 2010 | 9:06 pm BP delays pressure test on wellBP delays a key test on a well cap designed to stop the flow of oil into the Gulf of Mexico, after officials call for more analysis.Source: BBC News - Business | 13 Jul 2010 | 9:03 pm IMF head says Asia will help prevent global double-dipEconomic growth in Asia and Latin America will help the rest of the world avoid a double dip recession, according to the head of the International Monetary Fund.Dominique Strauss-Kahn, the managing director of the IMF, reiterated...Source: nzherald.co.nz - Business | 13 Jul 2010 | 9:00 pm GOP candidate for Minn. governor: Don't tax tips (AP)AP - A week after igniting a firestorm over restaurant worker pay, Republican gubernatorial hopeful Tom Emmer on Tuesday proposed eliminating Minnesota income taxes on some tipped wages.Source: Yahoo! News: Business News | 13 Jul 2010 | 8:45 pm Nufarm shares in trading haltNufarm, the Australian agricultural chemicals manufacturer, has appointed Donald McGauchie as chairman and called a halt to trading in its securities pending a material announcement.McGauchie, a Nufarm director since 2003, "brings...Source: nzherald.co.nz - Business | 13 Jul 2010 | 8:32 pm Auckland real estate agents flout tough new sign lawsAuckland City real estate agents are blatantly flouting laws for real estate signs, says one agent, brought in last month as part of an overhaul of rules designed to reduce messy signage across the city.It is illegal for real...Source: nzherald.co.nz - Business | 13 Jul 2010 | 8:30 pm Finance company director Braithwaite admits case to answerThe depositions hearing for National Finance 2000 came to a premature end this morning after the final director Carol Braithwaite conceded there is a case to answer.On Monday former directors Trevor (Allan) Ludlow and Anthony...Source: nzherald.co.nz - Business | 13 Jul 2010 | 8:00 pm Jetstar adds new Queenstown flightsA week after Auckland International Airport purchased a quarter stake in Queenstown Airport, it is welcoming new flights to Queenstown from Melbourne and the Gold Coast by Jetstar, the budget airline owned by Qantas.Jetstar said...Source: nzherald.co.nz - Business | 13 Jul 2010 | 8:00 pm Is UC regent's vision for higher education clouded by his investments?Richard C. Blum's ownership of about $700 million in stock of two firms that run for-profit schools raises the question of whether his holdings are consistent with his role as a UC regent. ...Source: RSS feed - channel BNPaperBusiness | 13 Jul 2010 | 7:51 pm China imports widen US trade gapA surge in imports from China pushed the US trade gap sharply higher in May, adding to a stream of weak data for the Obama administration already under pressure over the economy and stagnant jobs marketSource: Financial Times - US homepage | 13 Jul 2010 | 6:28 pm Struggling Illinois eyes $900m bond saleThe cash-strapped state of Illinois will set terms for a bond sale as it seeks to borrow $900m in a test of investor appetite for troubled US local issuersSource: Financial Times - US homepage | 13 Jul 2010 | 6:18 pm Record quarter for Intel lifts tech sectorIntel reported the best quarter in its history as corporate customers increased IT spending, boosting hopes that businesses are engaged in a long-awaited ‘refresh’ of hardware and softwareSource: Financial Times - US homepage | 13 Jul 2010 | 6:13 pm Willie Walsh's BA legacy will be victory over unionsSlowly but surely British Airways is winning its long battle against militant trade unionism.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 13 Jul 2010 | 6:10 pm It's business as usual for bankers' payAfter I gave the banks a hard time yesterday on pay I was hoping Stephen Hester, chief executive of Royal Bank of Scotland, would address the issue in his speech yesterday.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 13 Jul 2010 | 6:05 pm The Hyperfactory sold to US media companyUnited States based Meredith Corp has bought out New Zealand mobile marketing company The Hyperfactory for an undisclosed sum.Meredith took a minority stake in the company founded by New Zealand brothers Geoffrey and Derek Handley...Source: nzherald.co.nz - Business | 13 Jul 2010 | 6:00 pm Ruling on Visteon retiree benefits overturned (AP)AP - Auto parts supplier Visteon Corp. cannot terminate its retirees' health and life insurance benefits without following certain procedures under bankruptcy law, a federal appeals court ruled Tuesday.Source: Yahoo! News: Business News | 13 Jul 2010 | 5:52 pm Go ahead and drop the F-bomb, BonoA federal appeals court struck down the Federal Communications Commission's indecency policy Tuesday, calling the agency's longstanding rules "unconstitutionally vague."Source: Business and financial news - CNNMoney.com | 13 Jul 2010 | 5:25 pm GE chief backtracks on criticism of ChinaJeffrey Immelt, General Electric’s chief executive, rowed back from criticisms he made this month of China’s hostility to foreign companies and of Barack Obama’s fractious relationship with businessSource: Financial Times - US homepage | 13 Jul 2010 | 5:08 pm eBay sued for $3.8 billion in PayPal patent caseNEW YORK (Reuters) - EBay Inc was sued for at least $3.8 billion on Tuesday by a Connecticut company that accused the online auctioneer and retailer of infringing six patents to develop lucrative payment systems such as PayPal.
Source: Reuters: Business News | 13 Jul 2010 | 5:07 pm China: The new fast food nationConsumers around the world have developed a taste for American fast food, but demand for fried chicken sandwiches and pepperoni pizza appears to be particularly strong in China.Source: Business and financial news - CNNMoney.com | 13 Jul 2010 | 5:05 pm Gentiva (Investor's Business Daily)Investor's Business Daily - Gentiva (NMS:GTIV), a provider of home health and hospice services, says it's the target of an SEC probe related to the Medicare Home Health Prospective Payment System. Shares fell 9%.Source: Yahoo! News: Stock Markets News | 13 Jul 2010 | 4:30 pm China's AgBank set for massive stock debut (AFP)
Source: Yahoo! News: Stock Markets News | 13 Jul 2010 | 4:22 pm A Little Perspective, Please
Australian Drunk Survives Attempt To Ride Crocodile [BBC]
 Source: Dealbreaker | 13 Jul 2010 | 3:45 pm Summary Box: (AP)AP - STRONG START: Stocks jumped after the second-quarter earnings season started off with a bang. Aluminum maker Alcoa and railroad operator CSX, both economic bellwethers, reported strong results. The Dow jumped nearly 147 points.Source: Yahoo! News: Stock Markets News | 13 Jul 2010 | 3:44 pm How the major stock indexes fared on Tuesday (AP)AP - Investors sent stocks sharply higher Tuesday after better-than-expected profits from aluminum maker Alcoa Inc. and railroad operator CSX Corp.Source: Yahoo! News: Stock Markets News | 13 Jul 2010 | 3:26 pm Orel Hershiser Comments on All-Star Game: Taking StockSource: Bloomberg - All Podcasts | 13 Jul 2010 | 3:14 pm Bank sector funds seek gains after reformBOSTON (Reuters) - JPMorgan Chase & Co, an underperformer so far this year, is one of several big banks whose shares could be poised for a revival now that U.S. financial regulatory reform is all but completed.
Source: Reuters: Business News | 13 Jul 2010 | 3:11 pm Stocks surge after Alcoa, CSX report strong profit (AP)
Source: Yahoo! News: Stock Markets News | 13 Jul 2010 | 3:07 pm Eurozone crisis fund expects top ratingSpecific measures had been taken to ensure the fund was awarded a top rating such as the build-up of a cash reserve and a guarantee by member states to pay up to 20 per cent more than their agreed shares of the fund, said Mr ReglingSource: Financial Times - US homepage | 13 Jul 2010 | 3:01 pm Oil Outlooks & Opinions’ Carl Larry on BP Assets: Taking StockSource: Bloomberg - All Podcasts | 13 Jul 2010 | 2:58 pm As Google Mends China Tie, Quiet on the Set (Common Sense)Stewart: Little fanfare in a victory for the freedom of information.
Source: SmartMoney.com | 13 Jul 2010 | 2:56 pm Bloomberg’s Wilson Comments on MLPs: Taking StockSource: Bloomberg - All Podcasts | 13 Jul 2010 | 2:44 pm Annuities Industry Ducks New Rule. What Now?Without SEC oversight, critics say bad practices may persist.
Source: SmartMoney.com | 13 Jul 2010 | 2:43 pm Auerbach’s Ross Gives Market Technical Analysis: Taking StockSource: Bloomberg - All Podcasts | 13 Jul 2010 | 2:40 pm U.S. Stocks Rally to 6th Gain in a Row (Market Update)Strong earnings and encouraging guidance from corporate bellwethers pushed U.S. stocks to...
Source: SmartMoney.com | 13 Jul 2010 | 2:36 pm Intel Strong Enough For Peers (INTC, AMD, SMH, MU, AMAT)Intel Corp. (NASDAQ: INTC) was halted for its “best ever” earnings release, something we do not always see. Earnings were $0.51 EPS on $10.77 billion in revenues. Consensus estimates from Thomson Reuters were $0.43 EPS and $10.25 billion in revenues. The results and guidance are strong enough boost shares of peers such as Advanced Micro [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Jul 2010 | 2:34 pm Pep Boys’ Odell Discusses Auto Parts Retailing: Taking StockSource: Bloomberg - All Podcasts | 13 Jul 2010 | 2:26 pm The Tuesday Podcast: What The Finance Bill Doesn't Tell Usby Jacob Goldstein 
iStockphoto.com
That big finance bill everybody's been talking about since forever is about to become law. But as it turns out, the bill doesn't answer some fundamental questions. Which big companies (besides banks) will be subject to new regulations? The bill doesn't say. How much money will banks have to hold as a safety cushion? Unclear. On today's podcast, we talk to Barney Frank, the Democratic congressman who was one of the bill's key backers. Frank argues that Congress has to leave lots of issues to the regulators' discretion. And, he says, the bill's effectiveness is largely in the hands of future leaders. "In democracies, there are no guarantees," he told us. For more from our interview with Frank, read our post from earlier this afternoon. Download the podcast, or Subscribe. Music: Arcade Fire's "Ready To Start." Find us: Twitter/ Facebook/ Flickr. Source: NPR Blogs: Planet Money | 13 Jul 2010 | 2:25 pm Yum!… When Raised Guidance Isn’t Really Raised (YUM)Yum! Brands Inc. (NYSE: YUM) has just beat earnings, although the guidance is lackluster This is the one in its segment we believe has the safest dividend of its peers with room for added growth down the road and the added stability. The owner of KFC, Taco Bell, and Pizza Hut posted $0.58 EPS on [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Jul 2010 | 2:19 pm Is Congress Encouraging People To Kill Their Old/Rich Relatives?
Congress is also apparently encouraging keeping appliances plugged in and close to the tub while going for a dip.
Source: Dealbreaker | 13 Jul 2010 | 2:09 pm Dahlman Rose’s Graf Discusses Gold Mining: Taking StockSource: Bloomberg - All Podcasts | 13 Jul 2010 | 2:03 pm Senators question BP’s Libyan linksWith BP still trying to cap the leaking Gulf well and a permanent fix weeks away, US politicians are increasingly looking for other ways to target the companySource: Financial Times - US homepage | 13 Jul 2010 | 1:40 pm Area Brit Defends Right To Treat Bankers Like Incubi Of Viral Plague
Source: Dealbreaker | 13 Jul 2010 | 1:33 pm Alcoa Earnings, Weiss of Argus on BP Asset Selloff: AudioSource: Bloomberg - All Podcasts | 13 Jul 2010 | 1:24 pm Obama's New Budget Guy: Former Bankerby Jacob Goldstein President Obama said today that he'll nominate Jacob Lew to replace Peter Orszag to run the Office of Management and Budget. A few quick bullets on Lew:
For more, see coverage from the WSJ, FT, Washington Post and National Journal. Source: NPR Blogs: Planet Money | 13 Jul 2010 | 1:12 pm Ken Feinberg Mulling Over Having A Little More Fun With Wall Street
Of course, there is the slight issue of Feinberg not exactly having the “authority” to force anyone to do anything but Chaz thinks there’s a chance the banks may just give the money back anyway to “escape public scrutiny” (one might argue that public scrutiny as it relates to the banks giving a golden sack about it is so last year but same diff, diff). Also, when it comes down to it, it’s not actually up to Feinberg at all but rather Tim Geithner who has the final say, which means there’s gonna be only one way to settle this, and it involves Blankfein working on his jump shot.
Source: Dealbreaker | 13 Jul 2010 | 1:02 pm Presented By:Source: Dealbreaker | 13 Jul 2010 | 1:02 pm A look at global economic developments (AP)AP - A look at economic developments and activity in major stock markets around the world Tuesday:Source: Yahoo! News: Stock Markets News | 13 Jul 2010 | 12:28 pm Barney Frank On The Finance Bill: 'In Democracies, There Are No Guarantees'
Charles Dharapak/AP
So it sounds like the Senate is finally about to pass the big finance-overhaul bill. Here's the thing, though: Even after the bill passes, there will still be lots of fundamental, unanswered questions about how the financial world will change. On today's podcast, we talk to a few experts to hash out some of those questions on today's podcast — and we hear from Barney Frank, the House Democrat whose name is on the bill. We'll post the podcast later this afternoon. In the meantime, here are a few snippets from our interview with Frank: On Congress leaving key issues to be resolved by regulators: "If you do it too inflexibly, you're inviting the businesses to get around you. You need to give the regulators discretion. And people said, 'What's the guarantee that this discretion bodes well?' And the answer is: In democracies, there are no guarantees. Elect good people. "Look, one of the great periods of reform in American economic history was Theodore Roosevelt and Woodrow Wilson doing anti-trust, and they were very tough. And they put in good rules. But by the twenties, when the American people decided to elect Harding and Coolidge and Hoover, they weren't used well." On what will happen to failing firms under the new bill: "Sarah Palin was right that we have death panels, but they’re in the financial bill, not the healthcare bill. ... "Any institution that gets so indebted that it can’t pay its own debts, the first thing that happens is it’s put into receivership and is dissolved, and then we deal with the consequences." On the Senate's delay in passing the bill after the death of Sen. Robert Byrd: "It's really odd that a death of a 92-year-old should have such an impact. It just shows how dysfunctional these rules are in the Senate where you need 60. "I have this fear that one day there's going to be a fire in the Senate and there are only going to be 57 senators there and they’ll all die because they won't have 60 votes to allow themselves to leave the building." Source: NPR Blogs: Planet Money | 13 Jul 2010 | 12:04 pm Credit Score Haves and Have-Nots (Card Sharp)There is a growing gap in credit scores. What a polarized market means for you.
Source: SmartMoney.com | 13 Jul 2010 | 11:56 am Obama faces growing credibility crisisRobert Gibbs, Barack Obama’s chief spokesman, got into hot water this week for daring to speak the truth – that the Democrats could lose control of the House of Representatives in November. But it could be even worse than that.Source: Financial Times - US homepage | 13 Jul 2010 | 11:51 am Russian Spy Will Not Be Able To Visit With Ex-Husband, Work For Barclays Again Anytime Soon
After she and three of her colleagues were traded last week for four Americans held by Russia, there was speculation Chapman would head back to London, to perhaps thank her ex-husband for selling topless photos of his ex-wife to some tabloids and also informing them that this chick? Was a phenomenal fuck. Loooooovvved the sex toys, card-carrying member of the Mile High Club and totally up to get down with having her picture taken in the buff. Also, despite the fact that they initially claimed to have never heard of her, trying to get her old job back at Barclays. was probably not something she’d ruled out.
Source: Dealbreaker | 13 Jul 2010 | 11:48 am Outsourcing Firms Might Face Cost Crunch (INFY, WIT)The three largest firms in the outsourcing business are based in India. The leader is Tata Consultancy Services, followed by Infosys Technologies Ltd. (NASDAQ: INFY) and Wipro Ltd. (NYSE: WIT). Infosys has reported a drop in earnings for its first fiscal quarter of -2.4% compared with the same period last year. The big hit came [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Jul 2010 | 11:40 am Rangers, General Growth: Bloomberg Law Bankruptcy ReviewSource: Bloomberg - All Podcasts | 13 Jul 2010 | 11:14 am Ken Griffin’s Hero Dies
Oh, and take note, Tim Geithner: know what GHG said to the Citadel founder right before she went into risky surgery earlier this year? “Make sure you pay my taxes on time.” Griffin’s Grandmother Dies At 98 [FINalternatives]
Source: Dealbreaker | 13 Jul 2010 | 11:13 am GE’s Cleantech Venture Fund Targets Grid, Batteries, and Electric Vehicles (GE)General Electric Co. (NYSE: GE) is touting its new initiative for smarter power usage, which is from the power grid to plug-in electric vehicles, and a home energy command center. More importantly, it is starting a $200 million venture fund that will be used to fund and partner with start-ups with new ideas in the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 13 Jul 2010 | 11:12 am Grads not making enough to pay off loansSome for-profit schools may have a high graduate employment rate, but often the salaries are too small to pay off the loans students take to pay for their education.Source: Marketplace | 13 Jul 2010 | 11:07 am Anarchy as management style?Commentator K.C. Cole argues that a "loosy goosy" management system won't destroy an organization, but may be key in helping it grow.Source: Marketplace | 13 Jul 2010 | 11:07 am More water for Brits, but at what cost?Britain opened its first mainland, large-scale water desalination plants to keep up with thirsty Brits all over London, but critics say deeper problems like leaky Dickensian-era pipes are being ignored.Source: Marketplace | 13 Jul 2010 | 11:07 am Apple's perfect image, broken?Kai Ryssdal talks to Marketplace's Steve Henn about the iPhone 4 debacle -- the company's PR failures and what it means for the future of Apple.Source: Marketplace | 13 Jul 2010 | 11:07 am Brands and stores want haul videosAre you one of those people that posts videos of themselves detailing what they bought on a shopping spree? Brands and stores like JCPenney's want you.Source: Marketplace | 13 Jul 2010 | 11:06 am Steinbrenner's legacy in sports businessMarketplace's Jeremy Hobson takes a look at the impact that George Steinbrenner had on the business of baseball.Source: Marketplace | 13 Jul 2010 | 11:06 am 'Think twice, act once,' says new BP capSure, the new cap on BP's leaking oil well may have a chance of stanching the flow and all parties involved can breathe a sigh of relief, but after, what next?Source: Marketplace | 13 Jul 2010 | 11:06 am Looking For That Extra Edge?
Ape Testicles, Red Wine Aid Geezers in Quest for Eternal Life [Bloomberg]
Source: Dealbreaker | 13 Jul 2010 | 10:47 am Ex-UBS Employee Wants To Improve Your Love Life
Such as “Temptress,” pictured, who is “looking for a good time” and describes herself as a “high-flyer,” or the guy who goes by the name “Funky Monkey,” who is an “executive” and whose profile pic includes an eye-patch. Surely there’s someone for everyone!
Source: Dealbreaker | 13 Jul 2010 | 10:25 am Apple shares slide on iPhone problems (AFP)
Source: Yahoo! News: Stock Markets News | 13 Jul 2010 | 10:24 am Sidley Austin’s Hopson Discusses Skilling Case: BLAWSource: Bloomberg - All Podcasts | 13 Jul 2010 | 10:20 am Bair on Financial Regulation: Political CapitalSource: Bloomberg - All Podcasts | 13 Jul 2010 | 9:57 am The World’s Most Controversial CEOsReputation is everything. Especially in the higher echelons of business, where the reputation of a CEO can determine a company’s fate. Some CEOs benefit their companies by cultivating positive reputations. They may end up as popular heroes, like Patagonia’s Yvon Chouinard, or Business Hall of Famers (and future governors?) like eBay’s Meg Whitman. Some CEOs, however, are more likely to leave you with arched eyebrows and “WTF?” on your lips. We focused on these specimens to bring you 25 of the world’s most controversial CEOs. While the extents of their perpetrations vary, the common thread is this: When it comes to generating controversy, these guys have ended up on top. 25. Elon Musk
It’s difficult getting to the top of the food chain without pissing people off. Although all the controversies that surround Paypal cofounder and Tesla Motors CEO Elon Musk manage to work themselves out, one has to wonder why he’s at the center of so many. Some, like calling a reporter a douchebag or saying the Toyota Prius isn’t a real hybrid—then teaming up with Toyota in true frenemy fashion—are obvious. Another time, in an attempt to catch employees who were leaking confidential Tesla information to the media, Musk sent Tesla employees a slightly altered version of an email about stopping company leaks. He wanted to see who would leak it to the media. But Musk didn’t tell any other Tesla executives that he did this. So when employees informed execs about it, everyone knew about the setup. Whoops. Oh, and Musk is currently out of cash. But don’t think that’s going to stop him. 24. Carly Fiorina
Carly Fiorina promised the sun and moon when she came to HP in 1999. She touted innovation, better profits and reinvestment into R&D and IT. She ended up failing to deliver on all three. Fiorina’s HP spent $19 billion to acquire Compaq, but the only profits the company saw since the 2002 acquisition were those made from selling replacement ink jet cartridges. The company’s stock went from a peak of nearly $70 a share to less than $20 with Fiorina at the helm. Whatever the Compaq acquisition meant for HP’s long-term future, during Fiorina’s reign, the results just weren’t there. In 2003, however, change came to HP. Following the RIFs of over 18,000 staff members, Fiorina froze salaries of the remaining employees. To further endear herself to the company, she increased her bonus that year and bought herself a private jet. HP’s Board of Directors finally gave Fiorina $21 million and told her to go away. 23. Donald Trump
Self-made millionaires who earned their fortunes doing an honest day’s work propped up the corporate history of America. Today, however, it seems that professional media hypers have taken their place. Donald Trump, ole comb over himself, can add President of the Media Hype Millionaires Club to his resume. Here’s what makes Trump the top pick among the many CEOs who could easily lead such an esteemed group of jokers: • Trump has been through more near-misses with bankruptcy than any other billionaire in history What we wouldn’t pay to hear someone tell him, “You’re Fired!” 22. Phil Mulacek
Nepotism is nothing new in Corporate America. But InterOil Corp’s CEO Phil Mulacek took it to a new level. In 2002, Mulacek contracted “unspecified ‘services’” to Direct Employment Services Corp., whose officers couldn’t be identified and whose services were nebulous at best. Said officers also happened to be relatives and/or employees of InterOil company. Does it sound convoluted? Well, the SEC’s interest was piqued when a contract was awarded to the tune of $1.8 million to a seemingly fictitious company. When the SEC came knocking on Mulacek’s corner office, he threw the cherry on top of the situation by pulling an Oliver North. According to court document transcripts of the recent SEC hearing, whose purpose was to “connect the dots,” InterOil’s connection with two companies came up. Despite being introduced to the fact that both Biltrust, Ltd. and Eurostar Fund, Ltd., list their addresses as the same as InterOil’s, Mulacek denied knowing them. Ollie North would be proud. 21. Michael O’Leary
If there’s one thing Ryanair’s chief executive, Michael O’Leary, seems to love, it’s the feel of his mouth as he utters obscenities. Perhaps he finds it amusing to use the F-word a reported 14 times when speaking at a news conference. At another press conference, one he set up to discuss Ryanair’s plans to offer intercontinental service, he joked about its first-class service by saying it could feature, “Free beds and a blowjob.” Classy! Perhaps, as one of Ireland’s wealthiest citizens, O’Leary doesn’t give a &*%$ about how he sounds in public. 20. Kevin Sharer Amgen CEO Kevin Sharer had to have scientists teach him about science after he took over the leadership role at the company. Maybe he should have had them teach him a little bit about running a company, too. Between 2000-2008, Amgen stock dropped 4% on average, while Sharer raked in an average annual salary of $12.3 million, according to Pharmalot. In the midst FDA warnings, an SEC probe, and layoffs, the one thing that didn’t change was Sharer’s kingly salary. In 2008, investors grew so embittered with Sharer that they circulated a petition to force him to resign at the annual shareholder meeting. 19. Marc Cuban
He’s the John McEnroe of basketball–shoots off his mouth, gets fined and then has to eat crow the next day. When Dallas Mavericks team owner Marc Cuban isn’t directing his hostility toward members of the opposing team, he’s slinging mud at the referees and the league itself. In fact, his fines to date have swelled well above $1.7 million, which are mere peanuts for a man whose net worth exceeds $2.3 billion. Part of Cuban’s “pep talk” to the NBA’s manager of officials, Ed T. Rush, was the Rush “couldn’t even manage a Dairy Queen.” You’ll be pleased to know that not only did Cuban apologize to Dairy Queen, he went so far as to work at his local one in Dallas for a day. Rumor has it that the ice cream chain sold more Blizzards™ that day than any other in history! 18. John Mackey
Whole Foods CEO John Macket is a rare animal. That is, he’s a vegan libertarian who opposes both health care reform and the science behind climate change. He’s also outspoken to a fault. Last year, he led his crunchy liberal consumer base to boycott Whole Foods by writing a Wall Street Journal op-ed opposing health care reform. Before that, he masqueraded as someone else on an Internet forum, where he would extol both Whole Foods and the “handsome” John Mackey. While Mackey remains an unpredictable corporate character, one thing remains solid: he’ll probably generate another controversy. He can’t help it. 17. Gary Beer
What happens when you take an institution running on government funding, endowments, retail shop profits and donations, whose name is known globally for providing 19 museums, several research centers worldwide and two magazines, and hire a corporate “muckity muck” to run things? You get the following: • Irregular accounting These are just some of the radical changes the 160-year-old Smithsonian Institution underwent after it brought in Gary M. Beer as its CEO in 1999. To the Institute’s credit, it saw sharp declines in attendance and profits and saw Beer, formerly of the Sundance Group, as the savior they needed. Indeed, profits were up one of the 7 years he was running the show, but they were eaten up when the E.C. took home $2.7 in bonuses. On a bright note, after a thorough audit of expenses submitted by Beer, the Institution’s Inspector General ordered he repay $30,000. 16. Mike Jeffries
All companies want to make a profit, right? It’s the underlying principal of capitalism. Do companies push the envelope at times? Absolutely. But come on, little girls in thongs? Abercrombie & Fitch’s CEO Mike Jeffries thinks there is nothing wrong with putting thongs on girls ages 10 through 16. While 16 might be borderline, there’s nothing borderline about a ten-year old wearing a thong. And what’s up with marketing only to cool, good looking kids? That’s just his marketing practice. Explain how a CEO gets paid $4 million on top of his $36.3 million annual compensation for NOT using the corporate jet for unlimited personal use? Does this mean that it costs less to pay him $4 million than to maintain the jet? Is this the message he wants to send to cool, good looking, thong-wearing kids? 15. John Sculley
“Do you want to spend the rest of your life selling sugared water or do you want a chance to change the world?” Back in 1982, Apple chairman Steve Jobs used these words to recruit John Sculley, then president of Pepsi-Cola. No one, least of all Jobs, realized those words would end up being the most costly of his career. For Apple, 1983-93, or The Sculley Era, was remarkable for the sheer number of people Sculley pissed off. There was the brouhaha between Microsoft and Apple because Sculley wouldn’t change its interface to Windows based. A separate lawsuit filed by Apple for copyright infringement didn’t further endear him to Gates and company. Microsoft responded by threatening to discontinue making Office for Apple. Fearing a negative impact on Apple’s profit and stock, Sculley acquiesced. Endless power struggles ensued between Sculley and Jobs, which finally resulted in Jobs being pushed out for the crime of being “too linear.” The Sculley Era behind them, Jobs is back on the job. 14. Nusli Wadia
As the saying goes, “The apple doesn’t fall far from the tree.” A member of one of India’s oldest business families, Nusli Wadia learned his trade from masters of deceit. Backstabbing their own relatives as they would their enemies, his grandparents, parents and godparents set an unbelievable example for the impressionable Wadia. It seems only fitting that someone who inherited unrivaled entitlement, loyalty to no one, and the fighting ability of a cornered cat would, at the tender age of 15, use his mother, sisters and the labor union to thwart his own father’s efforts to sell the family business. Today, Nusli Wadia is the CEO of the Bombay Dyeing & Manufacturing Co. Ltd., which he runs alongside his mother, Madame Chairman JRD Tata. The subject of several wire-tappings, Wadia has even been accused of being a Pakistani spy. Why wouldn’t he attempt to first use an Indian passport when he was a British national, then, upon gaining Indian citizenship, attempt the opposite? This man has chutzpah that even the president of India or the United States couldn’t touch. 13. Bob Nardelli
Starting out as an entry-level factory worker with General Electric in 1971, Bob Nardelli rose through the ranks. He eventually ran GE’s energy business, where he boosted the company’s revenue to $20 billion dollars. Despite his achievement, he came in 3rd in a 3-way tie to replace GE’s retiring CEO. Like a free agent in the major leagues, Home Depot picked up Nardelli within minutes as its CEO. In exchange for his $37 million annual compensation, he promised to boost sales and the company’s stock. Neither occurred. To add insult to injury, while Home Depot’s stock fell, rival store Lowe’s increased 173%. The Nardelli pulled a bizarre stunt at the last shareholders’ meeting he led. Nardelli both omitted the board of directors’ attendance and refused to answer questions. Home Depot ousted him over a salary dispute soon after. Ducking into near-seclusion for ten months, Nardelli emerged at the helm of the private firm that owns Chrysler. But only 20 months later, Chrysler filed for bankruptcy protection. Moral of the story: If Nardelli comes to you for a handout, watch out. 12. Bill Gates
While the world sees Bill Gates, former CEO of Microsoft, as a kind-hearted, demure philanthropist, there’s a flip side. Let’s just say you can’t be one of the richest men on earth without ruffling a lot of feathers. Gates-era Microsoft is known for its embrace, extend and extinguish strategy, in which the company embraced open-source technology, added in-house features and capabilities to it, then tried to extinguish it with Microsoft products. Microsoft used its monopoly power to threaten suppliers. For example, it threatened to buy chips from competitors if Intel expanded into the internet software market. Microsoft also threatened to “stop producing its Office software applications for the Mac if IE wasn’t given favor over Netscape’s Navigator browser on the Mac,” according to this ZDNet article. The list goes on. Let’s just say that Microsoft’s reputation as an evil monopolist had lots of evidence to back it up. The controversy doesn’t end there. To work for Bill Gates, you have to have extremely thick skin. Numerous stories have surfaced about life under Bill Gates’s thumb. From loudly inviting a programmer who dared disagree with him to go join the Peace Corps, to expressing his anger at having to take another programmer’s work home and redoing it, because it was reportedly garbage and shoddy. Maybe Gates is better off as Chief World Savior. 11. Michael Milken
Although Michael Milken graduated from same high school as Cindy Williams and Sally Field, it’s pretty clear they ran with separate crowds. Talented, wholesome and at times feisty might come to mind when describing the Golden Globe winner (Williams) and the two-time Oscar and three-time Emmy winner (Field), but no labels can compare to the ones given their classmate: • Felon After suspecting corruption for ten years, the SEC tried in earnest to catch Milken in the act. They even sweetened a deal for insider trading scamster and Gordon Gekko inspiration Ivan Boesky to cooperate with them. Meanwhile, Milken’s firm, Drexel Burnham Lambert, repeatedly denied any wrongdoing. Why would they say otherwise? Milken made them billions defrauding people out of their money. Finally, in 1990, after the death of his attorney (the same one who represented many of the thugs involved in Watergate as well as known Mafia Crime bosses), Milken pleaded guilty to six counts of SEC violations, nothing compared to the 98 indictments handed down. 10. Jimmy Cayne
Let’s say you run a company. One of your divisions is failing. Practically overnight, your company sees a 10% decline in earnings. Things are getting bad enough that several banks are pressuring your company to increase the collateral made on loans you’ve borrowed from them. They’re asking for $3.2 billion, but they’ll accept an increase of $1.7 billion. For most CEOs, this would be worrisome. It may even cause you to break a sweat, write a press release, hold a press conference, or rethink the strategy of the way your company is doing business. If you’re Jimmy Cayne, CEO of Bear Sterns, it gives you motivation to hitch a ride on the company helicopter and shoot near perfect games of golf. In fact, the worse things got with Bear, the better his game became. It gives new meaning to the expression, “When the going gets tough, the tough play golf!” 9. Angelo Mozilo
As we now painfully know, there was strange period between 2003 and 2007 when people could get an interest only-mortgage or adjustable rate mortgage (ARM) on stated income only, no money down, and with a low FICO credit score. During the height of the ARM craze, people earning $50,000 annually bought homes for $500,000 with no money down, then took equity out of their homes (which didn’t exist because they put nothing down) to redo their backyards for $100,000. Countrywide Financial led the brigade of easy loans. Angelo Mozillo, ol’ spray-on tan himself, was at Countrywide’s helm. As ARM homeowners saw their monthly payments jump to $2540 overnight, most understandably began defaulting on their mortgage. But by then, Mozilo had already lined his pockets with millions—and gleaned valuable government contacts with his “Friends of Angelo” program. And really, that’s the most important thing here, isn’t it? 8. Dick Fuld
How is it possible for a company to go bankrupt at the same time the CEO takes home $75 million over a two-year period? Talk about a disconnect. The bankster we are referring to is Lehman Brother’s CEO, Richard “Dick” Fuld, Jr. Dick helped Lehman’s bankruptcy along when he just couldn’t give up control and sell the company when legitimate offers were on the table. He could have saved both the company and tens of thousands of jobs. For his ineptitude, Fuld earned the Financial Times’ 2008 “Overpaid CEO of the Year” award. 7. Raymond W. McDaniels, Jr
Main Street: Joe the plumber buys a house, perhaps that he would ill-afford, loses his job, defaults on his mortgage and has to foreclose and overnight his credit rating drops. He is, in a word, screwed. Nobody is ever going to loan him a dime again. Wall Street: Fortune 500 company gets greedy, starts screwing with its customers, stock plummets, lays off people, staves off bankruptcy by accepting a bail out from the Feds. Do you think their credit rating suffers? No, because the CEOs are in bed with the chief at Moody’s, Raymond W. McDaniels, Jr. Would it surprise you to know that all those banks that received bailouts maintained their AAA credit ratings? It’s also interesting that Warren Buffett, head of Berkshire Hathaway, is Moody’s biggest shareholder. And on the day Moody’s received a Well’s notice from the SEC, McDaniels sold $4.3 million worth of Moody’s shares. A week later Berkshire Hathaway sold a whopping $30 million worth of shares. It’s one of those things that make you go “hmm.” 6. Ken Lay
It’s not often that someone is arrested for something other than murder, and the bail is set for $500,000. Federal prosecutors made a special exception for former Enron CEO Kenneth Lay when they handed down an 11-count indictment. Lay was the epitome of the “Crooked E.” He set up fictitious companies to hide over $1 billion in debt. He also used an elaborate scheme that involved defrauding several banks, including Bank of America, to essentially steal employees’ retirement money. He continued telling his 28,000 staffers that there was no reason to panic and that they were sufficiently liquid. In the meantime, he sold off 918,000 shares to save his rawhide. After his arrest, Lay offered these words: “I continue to grieve, as does my family, over the loss of the company and my failure to be able to save it. But failure does not equate to a crime.” 5. Dick Cheney
What happens when a subsidiary of your company, located in the Cayman Islands, opens an office in Tehran, Iran? You know that your company, which is based in the US, can’t do business in Iran. It’s one of those countries with links to terrorism. The Feds strictly frown upon this kind of thing. Your company is also under suspicion for bribing Nigerian officials in a natural gas project you’ve got a stake in. You’ve spent $11 million housing employees at the Kuwait Hilton. A bad merger under your current CEO’s watch is considered one of the worst in energy company history, and made you inherit 70,000 asbestos claims. If you’re smart, you realize your mistake and get rid of your CEO, right? Well, Halliburton didn’t have to do the dirty work of firing its CEO, Dick Cheney. Instead, he got pawned off on the people of the US when former President George W. Bush picked Cheney to be his running mate. 4. Rupert Murdoch
Depending which side of the political fence you tend to lean, you either find Fox News to be a credible news source or tabloid journalism. Depending on which commentator’s program you’re watching, Fox can be downright inflammatory and, at times, bigoted. You’d think that the head of Newscorp, which owns Fox, might find this deplorable. But Robert Murdoch, owner of Fox News, thrives on it. He has been since he bought his first newspaper, Britain’s “The Sun,” in 1982. His first headline read “Gotcha!” across the paper’s front page after the Argentinian cruiser General Belgrano sunk. “Gotcha” is also something the Feds wish they could say about Murdoch, who has made over $20 billion, but has managed to avoid paying net corporation tax. 3. Lloyd Blankfein
Although the media and statisticians have been citing tenuous “green shoots,” the Great Recession still seems to be chugging at full force. Unemployment, for example, is still hovering around 10% or higher. At the same time, through some mysterious deep-sea voodoo, Goldman Sachs posted a 4th quarter profit of $4.79 billion in 2009. Employee salaries averaged $498,000, up from $317,000 in 2008. How did GS’s CEO Lloyd Blankfein do in 2009? His bonus was $9 million as compared to the $15 million odds betters were predicting. Anyone want to take a stab at what his salary was? The basset-faced CEO was quoted in November 2009 as saying that he considers himself doing God’s work. He’s certainly garnering godlike payoffs, but I doubt the Guy in the Sky would approve. 2. Don Blankenship
Putting profits before your employees is hardly unique in corporate America, regardless what industry you work for. But business decisions like that don’t generally result in anything more than disgruntled staff members. Some CEOs, however, get so greedy that they ignore the safety of their employees. To the point of killing them. Unless you worked for Massey Energy, you may never have heard of the company or its CEO Don Blankenship. But since April 5, 2010, he’s no longer anonymous. And unfortunately for Blankenship, his name will now forever be linked with the mine explosion that killed 25 people. Prior to the explosion, Blankenship regularly came to blows with the union that represents the miners, the association that regulates coal mining and the AFL-CIO for routinely ignoring safety concerns pointed out to him. It’s too bad people had to die to get him to act. 1. Tony Hayward “I think the environmental impact of this disaster is likely to have been very, very modest.” These illustrious quotes belong to Tony Hayward, BP CEO and master of bad PR. He uttered them after the most disastrous oil spill in US history. It’s no wonder BP pulled Hayward off Gulf spill duty after his fifth or sixth PR gaffe. Hayward’s recent participation in a yacht race and the fact that he sold 1/3 of his BP shares several weeks before the Deepwater Horizon explosion don’t exactly add to his glamour.
Source: Business Pundit | 13 Jul 2010 | 8:55 am Gulf Oil Spill Means Lower Taxes for BP
If there’s a light at the end of the tunnel for the Gulf Oil Spill, it’s at BP’s end. Thanks to a massive revenue shortfall associated with cleaning up the spill, BP will pay about $10 billion less in taxes over the next 4 years. The Financial Times reports: The shortfall, representing a drop of more than a quarter in BP’s tax payments, is a particular concern for the British government attempting to cut the country’s budget deficit. Money spent plugging the well, cleaning up the oil, and compensating people who have lost out because of the spill, can be written off against tax, the company believes, reducing the net cost to BP. Of its principal expected liabilities, only the fines that might be imposed by the US authorities would definitely not be tax-deductible. If BP manages to seal the leaking well as planned by August, analysts have estimated that its total spending in the Gulf region could be about $30bn. That would represent about $10bn of clean-up costs and $20bn compensation for losses suffered by fishing, tourist and other industries, covered by the fund agreed with the US administration last month. With a tax rate on profits of 33 per cent in a typical year, that would cut BP’s tax bill by about $10bn. Irene Himona, an analyst at Exane BNP Paribas, estimated that before the Deepwater Horizon accident, BP was set to pay about $37.5bn in tax during 2010-13, but the costs of the disaster would cut that to $27bn. The article mentions that last year, the British government received about £930 million from BP, roughly the same amount “paid by the UK’s entire transport and communications industries.” This is a potent reminder of how much governments rely on corporations for revenue. It also explains our government’s relatively vague policy towards the Gulf spill–BP and the government are too interdependent to take any potentially risky moves.
Source: Business Pundit | 13 Jul 2010 | 8:00 am Exports Are Rising. But Imports Are Rising Faster.by Jacob Goldstein U.S. companies sold lots of stuff to foreign buyers in May — the most in any month since the financial crisis hit in the fall of 2008. (And by stuff, I mean goods and services.) But U.S. consumers also bought lots of stuff from foreign companies in May — also the most in any month since the fall of 2008. Overall, imports rose even faster than exports in May. So the U.S. trade deficit rose, according to government figures released this morning. The trade deficit was over $42 billion for the month. More than half of that amount — $22 billion — came from our trade deficit with China. That will add to the U.S. push for China to let its currency appreciate. A more valuable Chinese currency would make China's goods and services more expensive in the U.S., and U.S. goods in services cheaper in China. That, in turn, would tend to drive down the trade deficit between the two countries. Source: NPR Blogs: Planet Money | 13 Jul 2010 | 7:50 am Consumer Reports Doesn’t Recommend iPhone 4Just in time for Wednesday’s release of the Droid X, Consumer Reports has decided it can’t recommend the iPhone 4. Here’s more: We reached this conclusion after testing all three of our iPhone 4s (purchased at three separate retailers in the New York area) in the controlled environment of CU’s radio frequency (RF) isolation chamber. In this room, which is impervious to outside radio signals, our test engineers connected the phones to our base-station emulator, a device that simulates carrier cell towers (see video: IPhone 4 Design Defect Confirmed). We also tested several other AT&T phones the same way, including the iPhone 3G S and the Palm Pre. None of those phones had the signal-loss problems of the iPhone 4. Our findings call into question the recent claim by Apple that the iPhone 4′s signal-strength issues were largely an optical illusion caused by faulty software that “mistakenly displays 2 more bars than it should for a given signal strength.” The tests also indicate that AT&T’s network might not be the primary suspect in the iPhone 4′s much-reported signal woes. Consumer Reports recommends you use the 3GS instead. D’oh. This is only helping the Google PR machine, which is very on top of things after releasing App Inventor yesterday. Apple needs to show evidence of a battle plan, and soon.
Source: Business Pundit | 13 Jul 2010 | 7:46 am Opening Bell: 07.13.10
Paulson Likes What He Sees In Overhaul (NYT) Bankers – More Unpopular Than Benefit Fraudsters Or Bogus Asylum Seekers (HITC) Abu Dhabi May Make BP Investment, Crown Prince Says (Bloomberg) Moody’s Cuts Portugal’s Credit Rating (NYT) HSBC’s Green Says More Shocks Possible (WSJ) George Steinbrenner Has Died From Heart Attack (USA Today) Goldman Seeks Another Extension From SEC (NYP)
Source: Dealbreaker | 13 Jul 2010 | 7:30 am Modern Life?
Source: Business Pundit | 13 Jul 2010 | 4:17 am
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