More Real Estate Trouble: Foreclosures Hit 1.65 Million in First Half

The number of foreclosures in the US hit 1.65 million in the first half. That is an increase of 8% from the same period last year, and a 5% decrease from the figure for the previous six months, according to RealtyTrac. The report also shows that 1.28 percent of all U.S. housing units (one in [...]

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Source: 24/7 Wall St. | 15 Jul 2010 | 4:09 am

BP prepares for key oil-well test

Preparations for a key pressure test of the blown-out Gulf of Mexico oil well are under way following a 24-hour delay, BP says.
Source: BBC News - Business | 15 Jul 2010 | 4:02 am

Fed growth downgrade weighs on world markets (AP)

AP - European stock markets traded in a narrow range Thursday as the euro struck $1.28 for the first time in over two months amid renewed concerns about the economic outlook in the U.S.

Source: Yahoo! News: Stock Markets News | 15 Jul 2010 | 4:01 am

Fed growth downgrade weighs on world markets (AP)

AP - European stock markets traded in a narrow range Thursday as the euro struck $1.28 for the first time in over two months amid renewed concerns about the economic outlook in the U.S.

Source: Yahoo! News: Business News | 15 Jul 2010 | 4:01 am

Activision looks to pump growth with Starcraft II

Activision looks to pump growth with Starcraft II

Source: MarketWatch.com - Top Stories | 15 Jul 2010 | 4:00 am

Economic Report: Bank of Japan holds steady, up growth outlook

The Bank of Japan raises its view for the country's economic growth this fiscal year, as the nation catches a tailwind from emerging markets, while keeping its key policy rate steady.

Source: MarketWatch.com - Top Stories | 15 Jul 2010 | 3:58 am

Asia stocks fall; AgBank IPO, data weigh Shanghai

Asian markets ended mostly lower Thursday, with Chinese bank stocks falling on a lackluster debut for Agricultural Bank of China’s Shanghai-listed shares. Resource stocks broadly declined on concern weaker Chinese economic growth might damp commodities demand.

Source: MarketWatch.com - Top Stories | 15 Jul 2010 | 3:57 am

Subdued AgBank debut dampens China fundraising outlook

SHANGHAI/HONG KONG (Reuters) - Agricultural Bank of China's $19 billion IPO made a lackluster debut in Shanghai, weighing on the market and underscoring the difficulty other Chinese banks will face tapping investors for billions more.

Source: Reuters: Business News | 15 Jul 2010 | 3:56 am

Ryanair sorry for 'Pinocchio' ads

Ryanair chief Michael O'Leary apologises to Easyjet founder Sir Stelios Haji-Ioannou for depicting him as Pinocchio in adverts.
Source: BBC News - Business | 15 Jul 2010 | 3:56 am

Lost decade: New economic threat

The risk of a double-dip recession is getting a lot of attention recently, but even that grim prediction could prove a little too optimistic.
Source: Business and financial news - CNNMoney.com | 15 Jul 2010 | 3:55 am

The Question Emerges Again: What If The Well Can’t Be Capped

BP plc (NYSE: BP) was going to put a new cap on its well which is leaking as much as 60,000 barrels a day of crude into the Gulf of Mexico. Then that plan was delayed over government concerns that it could build unsustainable pressure in the well-head. The government later decided that the experiment [...]

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Source: 24/7 Wall St. | 15 Jul 2010 | 3:55 am

Indications: Futures eye J.P. Morgan results, weak China data

U.S. stock futures drifted into negative territory on Thursday as investors geared up for key earnings from J.P. Morgan and a slew of U.S. economic data, and absorbed news on slowing Chinese growth.

Source: MarketWatch.com - Top Stories | 15 Jul 2010 | 3:55 am

Europe Markets: European stocks waver on China, economy concerns

European equities slipped on Thursday, as investors weighed relatively strong company earnings against worries about a slowdown in China’s economic growth.

Source: MarketWatch.com - Top Stories | 15 Jul 2010 | 3:46 am

Crown Estate makes 211m surplus

The Crown Estate made a surplus of 210.7m in the year to March, which will be returned to the Treasury.
Source: BBC News - Business | 15 Jul 2010 | 3:43 am

Homeowners raise stakes in homes

UK homeowners increased the value of their stakes in their properties by 3.2bn in the first three months of 2010.
Source: BBC News - Business | 15 Jul 2010 | 3:41 am

Drug maker Novartis' Q2 profit up 19 percent (AP)

AP - Drug maker Novartis AG reported a second-quarter increase in net profit of 19 percent Thursday, as sales in its pharmaceuticals business offset health care cost-cutting efforts by some European governments.
Source: Yahoo! News: Business News | 15 Jul 2010 | 3:40 am

Wall Street bill nears the finish line in Congress

WASHINGTON (Reuters) - The broadest overhaul of U.S. financial rules since the Great Depression is likely to clear a crucial hurdle in Congress on Thursday morning, paving the way for President Barack Obama to sign the measure into law.

Source: Reuters: Business News | 15 Jul 2010 | 3:39 am

Business chiefs: Obama destroying jobs

The U.S. Chamber of Commerce slammed President Obama's economic policies Wednesday, saying administration officials "took their eyes off the ball" and "neglected" to focus on job creation.
Source: Business and financial news - CNNMoney.com | 15 Jul 2010 | 3:37 am

Back-to-school spending to jump nearly 11%

Back-to-school spending is set to jump by 10.5% this year, according to a new study, as Americans loosen their purse strings following a cash-strapped 2009.
Source: Business and financial news - CNNMoney.com | 15 Jul 2010 | 3:37 am

China's growth eases to 10.3%

China's economy continued to grow at a robust pace last quarter, a spokesman for the National Statistics Bureau said Thursday.
Source: Business and financial news - CNNMoney.com | 15 Jul 2010 | 3:36 am

BP facing 7-year US offshore ban

A US Congressional committee agrees measures that would ban BP from offshore exploration for seven years.
Source: BBC News - Business | 15 Jul 2010 | 3:36 am

Economic Confidence Slips As Problem Becomes Center Of Attention

Concerns about the economy ran well ahead of those about the environment and the clean up in the Gulf. That should not be a surprise because there is a great deal of evidence about the economy slowing, and people put their jobs ahead of an oil spill. Gallup reports that when people were asked what [...]

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Source: 24/7 Wall St. | 15 Jul 2010 | 3:34 am

Glaxo to take $2.4 billion of charges

Just hours after getting the nod to keep a diabetes drug on the U.S. market, GlaxoSmithKline on Thursday announced it was setting aside £1.57 billion ($2.36 billion) to cover settlements and existing settlements over the diabetes drug as well as other issues of contention.

Source: MarketWatch.com - Top Stories | 15 Jul 2010 | 3:29 am

AgBank makes muted Shanghai debut

Agricultural Bank of China’s shares finished their first day of trading in Shanghai up less than 1 per cent from their issue price, well below the 10 per cent jump the bank’s management had targeted
Source: Financial Times - US homepage | 15 Jul 2010 | 3:28 am

Germany cuts 2010 budget deficit forecast (AP)

AP - Germany has lowered its forecast for this year's budget deficit to 4.5 percent of gross domestic product. It says it now expects the shortfall to drop to 3 percent — the maximum allowed under European Union rules — in 2012.
Source: Yahoo! News: Business News | 15 Jul 2010 | 3:27 am

EU car sales losing streak reaches three

Car sales in the European Union, led by a big drop in Germany, fell for the third straight month as buyers lost interest in making the big purchase without the lure of government scrappage incentive programs.

Source: MarketWatch.com - Top Stories | 15 Jul 2010 | 3:24 am

Market patience with U.S. and UK could change: OECD chief

LONDON (Reuters) - Markets are relatively patient about the budget-cutting efforts of Britain, the United States, Germany and Japan, but that could change if governments are slow to act, OECD chief Angel Gurria said on Thursday.

Source: Reuters: Business News | 15 Jul 2010 | 3:20 am

Nigeria denies oil firm bankrupt

The Nigerian government strongly denies claims that the state oil company is bankrupt, shortly after a junior minister said it was insolvent.
Source: BBC News - Business | 15 Jul 2010 | 3:15 am

Samsung commissions semiconductor safety study (AP)

AP - Samsung Electronics said Thursday it has commissioned an independent health and safety review of its semiconductor factories in South Korea after employee illnesses and deaths raised fears of cancer risks.

Source: Yahoo! News: Business News | 15 Jul 2010 | 3:15 am

Global PC Sales: Dell Fights Back

Research firm IDC reported that global PC sales rose 22.4% in the second quarter as many companies and individuals replaced older computers. Europe’s demand rose, which will not continue into the second half of the year because the economy in the region is expected to slow. The surprising figure came from  Dell Inc. (NASDAQ: DELL).Much [...]

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Source: 24/7 Wall St. | 15 Jul 2010 | 3:13 am

Vivus' weight-loss drug faces key U.S. test

WASHINGTON (Reuters) - The first potential U.S. prescription weight-loss pill in more than a decade could move closer to market on Thursday if it can overcome safety hurdles that have plagued diet drugs for years and led to tepid sales despite the growing number of obese Americans.

Source: Reuters: Business News | 15 Jul 2010 | 3:10 am

BP works to fix valve leak before choking oil flow (AP)

AP - BP engineers working to choke the flow of oil into the Gulf of Mexico found a leak on a line attached to the side of the new well cap and were trying to fix it Thursday before attempting to stop the crude.

Source: Yahoo! News: Business News | 15 Jul 2010 | 3:09 am

The financial crisis blame-game: have we got it right in just blaming the bankers?

At the Feast of the Immaculate Economy - well before the crisis of 2007 and 2008 - there were many guests.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Jul 2010 | 3:09 am

China succeeds in slowing economy's growth

GDP grows by 10.3% in the second quarter, down from 11.9% at the beginning of the year. Credit has been tightened and some provinces have raised the minimum wage. ...
Source: RSS feed - channel BNPaperBusiness | 15 Jul 2010 | 3:07 am

Greek flights halted by civil servant protest (AP)

AP - Flights in Greece have been grounded for at least four hours by a civil servants' protest against austerity measures and an overhaul of the country's pension system.

Source: Yahoo! News: Business News | 15 Jul 2010 | 3:01 am

3 Stocks With P/Es Over 50 (Screens)

Hough: These firms are growing fast, but their shares are expensive.

Source: SmartMoney.com | 15 Jul 2010 | 3:01 am

Wild Savings at Zoos and Aquariums (Deal of the Day)

Cut the cost of visits to animal attractions year-round.

Source: SmartMoney.com | 15 Jul 2010 | 3:01 am

Absolute-Return Funds: Not Always What They Seem

Many portfolios that claim to deliver gains in any market aren't succeeding.

Source: SmartMoney.com | 15 Jul 2010 | 3:01 am

Beware of Bond Funds

Investors have piled into fixed-income funds for two years. Now they should be preparing for a rise in rates.

Source: SmartMoney.com | 15 Jul 2010 | 3:01 am

China economy shows signs of cooling

The country’s economy slowed in the second quarter to a growth rate of 10.3 per cent compared with the year before, as government efforts to cool the housing market and infrastructure investment began to bite
Source: Financial Times - US homepage | 15 Jul 2010 | 3:00 am

Futures point to lower open for Wall Street

LONDON (Reuters) - Wall Street is set to open lower on Thursday, with economic growth worries flagged up by the Federal Reserve and by Chinese data, and with investors eyeing results from JP Morgan as the second-quarter earnings season gathers pace.

Source: Reuters: Business News | 15 Jul 2010 | 2:59 am

Futures point to lower open for Wall Street (Reuters)

Reuters - Wall Street is set to open lower on Thursday, with economic growth worries flagged up by the Federal Reserve and by Chinese data, and with investors eyeing results from JP Morgan as the second-quarter earnings season gathers pace.

Source: Yahoo! News: Stock Markets News | 15 Jul 2010 | 2:59 am

China And The US, Economies Move In Different Directions

China reported that its economy expanded by 11.1% in the first half and “only” 10.2% in the second quarter. That was viewed by most analysts as a “slowing’ although it is the envy of every large nations around the world. The Federal Reserve, by way of contrast, said in its FOMC notes, that the American [...]

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Source: 24/7 Wall St. | 15 Jul 2010 | 2:58 am

Oil falls below $77 amid mixed US demand signals (AP)

AP - Oil prices fell below $77 a barrel Thursday in Asia amid mixed signals about the strength of U.S. crude demand.

Source: Yahoo! News: Business News | 15 Jul 2010 | 2:46 am

China economy cools in second quarter

BEIJING (Reuters) - China's economy cooled in the second quarter, a slowdown that is likely to extend over the rest of the year as Beijing steers monetary and fiscal policy back to normal after a record credit surge to counter the global crisis.

Source: Reuters: Business News | 15 Jul 2010 | 2:45 am

Glaxo sees $2.4 billion charge after settling Avandia claims

LONDON (Reuters) - GlaxoSmithKline expects to record a legal charge of 1.57 billion pounds ($2.4 billion) for the second quarter after settling the "substantial majority" of claims relating to its controversial diabetes pill Avandia.

Source: Reuters: Business News | 15 Jul 2010 | 2:41 am

Young Enterprise 2010: TwentyIII win New Media award

The student designers of a portable media device holder have won this year's The Daily Telegraph Young Enterprise New Media Award.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Jul 2010 | 2:38 am

Gartmore shares drop as Rambourg steps down

Shares in U.K. fund manager Gartmore Group dropped over 8% Thursday after the company announced the resignation of former star manager Guillaume Rambourg, who has been embroiled in misconduct investigations since March.

Source: MarketWatch.com - Top Stories | 15 Jul 2010 | 2:35 am

Currencies: Dollar, yen gain in Asian trading as stocks slip

The dollar gains on most major counterparts in Asian trading Thursday but loses ground to the yen, as falling equities markets prompted investors to seek lower-yielding units like the greenback and Japanese unit.

Source: MarketWatch.com - Top Stories | 15 Jul 2010 | 2:35 am

Novartis ups sales view as profit climbs 19%

Novartis on Thursday reports a 19% second-quarter profit rise and hikes its sales outlook for the year as the pharmaceutical benefited from growing cancer and cardiovascular drug sales as well as its arm that makes copycat medications.

Source: MarketWatch.com - Top Stories | 15 Jul 2010 | 2:32 am

NTT buys South Africa's Dimension

The Japanese firm NTT will pay more than 2bn for Dimension Data in what is the country's first significant African purchase.
Source: BBC News - Business | 15 Jul 2010 | 2:30 am

Dragons' Den boost to entrepreneurship wears off

Fewer people plan to set up businesses in part influenced by a perceived decline in positive media coverage of entrepreneurs, a report suggests
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Jul 2010 | 2:06 am

World stocks slip from three-week peak (Reuters)

Reuters - World stocks slipped from a three-week peak on Thursday while the low-yielding yen rose after the Federal Reserve suggested additional measures may be needed to combat a weakening economy.

Source: Yahoo! News: Stock Markets News | 15 Jul 2010 | 2:04 am

Media Digest 7/15/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   BP plc (NYSE: BP) has begun to run an important test on its well cap. Reuters:   China’s economy expanded at 11.1% in 1H but closed in Q2. Reuters:   GlaxoSmithKline (NYSE: GSK) expects $2.4 billion in legal charges in Q2. Reuters:   Apple Inc. (NASDAQ: AAPL) will hold an iPhone press conference on Friday. Reuters:   There [...]

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Source: 24/7 Wall St. | 15 Jul 2010 | 1:57 am

Fairfield Energy pulls London listing

Fairfield Energy has pulled its £330m listing on the London Stock Exchange after failing to drum up enough interest from investors.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Jul 2010 | 1:53 am

Stocks end little changed

Stocks ended little changed Wednesday as meeting minutes from the Federal Reserve raised concerns about the economy after Intel's earnings strength renewed optimism about corporate results.
Source: Business and financial news - CNNMoney.com | 15 Jul 2010 | 1:52 am

Coffin up

Burial costs rise as people chose tailored funerals
Source: BBC News - Business | 15 Jul 2010 | 1:32 am

Nissan suspends output in US plants (AFP)

AFP - Nissan Motor said it will suspend production in its two car assembly plants in the United States for at least three days from Thursday due to a delay in the delivery of engine control units.

Source: Yahoo! News: Business News | 15 Jul 2010 | 1:26 am

FTSE 100 falls in early trade (AFP)

AFP - London shares slipped in early morning trade on Thursday following weak economic data from the United States.

Source: Yahoo! News: Stock Markets News | 15 Jul 2010 | 1:19 am

GE CEO Immelt sees slow U.S. and European crisis exit: report

MILAN (Reuters) - The United States and Europe are slowly pulling out of the economic crisis, General Electric Co chairman and chief executive Jeffrey Immelt told la Repubblica daily in an interview on Thursday.

Source: Reuters: Business News | 15 Jul 2010 | 1:16 am

China's economic growth eases, raising fears of deeper slowdown

China's economic expansion eased in the second quarter, indicating a slowdown over the rest of the year that may pose risks for the global recovery.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Jul 2010 | 1:11 am

Business Bullet: China, US Fed, BP, Mothercare

The latest news on: China, US Fed, BP, Mothercare
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Jul 2010 | 1:00 am

IPhone 4 recall would cost Apple an estimated $1.5 billion

Such a drastic move is considered unlikely, but pressure grows on Apple to definitively address antenna problems.

The possibility that Apple Inc.'s new iPhone could have a faulty antenna has fueled speculation that the popular new smart phone could be recalled, and one analyst has even pegged the potential cost at $1.5 billion.

Source: L.A. Times - Business | 15 Jul 2010 | 1:00 am

Lab tests cast doubt on olive oil's virginity

UC Davis researchers report that most common brands sold in California are mislabeled, which can cost consumers money and worse. ...
Source: RSS feed - channel BNPaperBusiness | 15 Jul 2010 | 1:00 am

Fed sees slowing in economic recovery

At their meeting in late June, policymakers began to consider the possibility of providing additional stimulus if growth fell sharply. ...
Source: RSS feed - channel BNPaperBusiness | 15 Jul 2010 | 1:00 am

Disney's California Adventure brightens image with World of Color attraction

The amusement park, which has suffered from years of disappointing attendance, finally has a big hit with the nighttime water-and-light show.

As the lights dimmed and the music swelled around Paradise Bay Lagoon, Kelly Speers and his wife, Amanda, quieted their two daughters and turned their attention to a darkened pool.

Source: L.A. Times - Business | 15 Jul 2010 | 1:00 am

U.S. home foreclosures reach record high in second quarter

Bank repossessions increased 38% in the second quarter from the same period a year earlier for a record total of 269,952, according to data to be released Thursday by RealtyTrac.

The number of U.S. homes taken back by banks through foreclosure hit a record high in the second quarter, even as lenders delayed more homes from entering the process through short sales and loan modification efforts, according to data to be released Thursday.

Source: L.A. Times - Business | 15 Jul 2010 | 1:00 am

Passage of financial overhaul is only half the battle

Obama's signing of the measure will kick off the monumental task for regulators of writing hundreds of rules. It gives the financial industry more chances to try to water down parts they have opposed.

The Senate's expected approval of financial regulatory reform this week closes more than a year of partisan wrangling over how to prevent a future economic meltdown. But the signing ceremony in the coming days by President Obama won't mark the end of the high-stakes battle over remaking Wall Street.

Source: L.A. Times - Business | 15 Jul 2010 | 1:00 am

Passage of financial overhaul is only half the battle

Obama's signing of the measure will kick off the monumental task for regulators of writing hundreds of rules. It gives the financial industry more chances to try to water down parts they have opposed...
Source: RSS feed - channel BNPaperBusiness | 15 Jul 2010 | 1:00 am

Disney's California Adventure brightens image with World of Color attraction

The amusement park, which has suffered from years of disappointing attendance, finally has a big hit with the nighttime water-and-light show. ...
Source: RSS feed - channel BNPaperBusiness | 15 Jul 2010 | 1:00 am

U.S. home foreclosures reach record high in second quarter

Bank repossessions increased 38% in the second quarter from the same period a year earlier for a record total of 269,952, according to data to be released Thursday by RealtyTrac. ...
Source: RSS feed - channel BNPaperBusiness | 15 Jul 2010 | 1:00 am

IPhone 4 recall would cost Apple an estimated $1.5 billion

Such a drastic move is considered unlikely, but pressure grows on Apple to definitively address antenna problems. ...
Source: RSS feed - channel BNPaperBusiness | 15 Jul 2010 | 1:00 am

2011 Grand Cherokee comfortably tackles the Y axis

The hills beckon this off-road-equipped SUV, which features a pampering, leather-trimmed cabin with enough technology to appeal to Silicon Valley CEOs and 38% more horsepower than the 2010 model.

A thought crossed my mind as I rolled the 2011 Jeep Grand Cherokee over what appeared to be the edge of a cliff: "Why am I doing this?"

Source: L.A. Times - Business | 15 Jul 2010 | 1:00 am

2011 Grand Cherokee comfortably tackles the Y axis

The hills beckon this off-road-equipped SUV, which features a pampering, leather-trimmed cabin with enough technology to appeal to Silicon Valley CEOs and 38% more horsepower than the 2010 model. ...
Source: RSS feed - channel BNPaperBusiness | 15 Jul 2010 | 1:00 am

Fed sees slowing in economic recovery

At their meeting in late June, policymakers began to consider the possibility of providing additional stimulus if growth fell sharply.

Federal Reserve policymakers, acknowledging a slowing in the economic recovery at their meeting in late June, began to consider the possibility of providing additional stimulus if growth fell sharply — a possibility that has become all the more real as signs of weakness have piled up.

Source: L.A. Times - Business | 15 Jul 2010 | 1:00 am

Glaxo takes £1.57bn charge for Avandia, Paxil

British drug maker to take charge to cover settlements and legal actions relating to diabetes pill Avandia and antidepressant Paxil.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Jul 2010 | 12:54 am

Mothercare lifted by global sales

Mothercare continues to see strong growth in its international business but says sales in the UK fell in a "challenging" market.
Source: BBC News - Business | 15 Jul 2010 | 12:52 am

NZ sharemarket falls

The New Zealand sharemarket fell today after a flat trading day for stocks in the United States where the Federal Reserve suggested additional measures may be needed to combat a weakening economy.The benchmark NZX-50 index closed...
Source: nzherald.co.nz - Business | 15 Jul 2010 | 12:39 am

NZ dollar holds near US72c

The New Zealand dollar held near US72c today after China reported its economy expanded 10.3 per cent in the second quarter over a year earlier.This is down from the first quarter's explosive 11.9 per cent expansion, but dealers...
Source: nzherald.co.nz - Business | 15 Jul 2010 | 12:31 am

Chinese economy expands by 10.3%

The pace of growth in the world's third-largest economy slowed in the second quarter to 10.3%, official figures show.
Source: BBC News - Business | 15 Jul 2010 | 12:31 am

AgBank makes lacklustre China debut (AFP)

AFP - Agricultural Bank of China made a lacklustre stock market debut in Shanghai Thursday, with its shares rising only slightly, in what is still shaping up to be the world's largest initial public offering.

Source: Yahoo! News: Stock Markets News | 15 Jul 2010 | 12:23 am

Koc Holding aims for 20 pct profit rise -paper

ISTANBUL, July 15 (Reuters) - Leading Turkish conglomerate Koc Holding targets an increase of 18 percent in its turnover and 20 percent in its operating profit this year, Dunya newspaper reported the...
Source: RSS feed - channel BNewsBusiness | 14 Jul 2010 | 11:38 pm

U.S. Housing Market Sees Price Cuts, Rising Inventory (Time.com)

Time.com - A new report on the U.S. housing market reveals that sellers are aggressively cutting prices as they try to unload homes in a weak economy
Source: Yahoo! News: Business News | 14 Jul 2010 | 11:35 pm

China's economic growth slows amid credit curbs (AP)

AP - China's rapid growth is slowing as the impact of its huge stimulus fades and Beijing clamps down on a credit boom.

Source: Yahoo! News: Business News | 14 Jul 2010 | 11:02 pm

Vivus' weight-loss drug faces key U.S. test

WASHINGTON, July 15 (Reuters) - The first potential U.S. prescription weight-loss pill in more than a decade could move closer to market on Thursday if it can overcome safety hurdles that have plagued...
Source: RSS feed - channel BNewsBusiness | 14 Jul 2010 | 11:00 pm

Goldman cuts India's HPCL to neutral

MUMBAI, July 15 (Reuters) - Goldman Sachs said on Thursday it had downgraded Indian refiner Hindustan Petroleum Corp to "neutral" from "buy".
Source: RSS feed - channel BNewsBusiness | 14 Jul 2010 | 10:42 pm

IBM plans $100 mln China-focussed healthcare initiative

HONG KONG, July 15 (Reuters) - International Business Machines Corp said on Thursday it will invest $100 million over the next three years in a research initiative with a special focus in China as Beijing...
Source: RSS feed - channel BNewsBusiness | 14 Jul 2010 | 10:15 pm

Home minister’s exit forces Mexican reshuffle

The most prominent minister in the Mexican cabinet resigned, forcing an immediate reshuffle and raising doubts about the administration’s reform agenda over the next two years.
Source: Financial Times - US homepage | 14 Jul 2010 | 9:49 pm

PRESS DIGEST - The Financial Times - July 15

U.S. lawmakers have added an amendment to an oil rig safety bill that could stop BP obtaining new offshore oil leases because of its poor safety record, if passed. http://www.ft.com/cms/s/0/777b82ac-8f81-11df-8df0-00144feab49a...
Source: RSS feed - channel BNewsBusiness | 14 Jul 2010 | 9:04 pm

Reliance Comm may have to lower tower value-report

NEW DELHI, July 15 (Reuters) - India's Reliance Communications may have to lower the value of its tower assets being sold to GTL Infrastructure in view of a likely stake sale in the No. 2 Indian mobile...
Source: RSS feed - channel BNewsBusiness | 14 Jul 2010 | 9:00 pm

China's booming economy starts to slow

BEIJING - China's rapid economic growth is slowing as the impact of its massive stimulus eases and Beijing clamps down on a credit boom.The world's third-largest economy grew by 10.3 per cent in the second quarter over a year...
Source: nzherald.co.nz - Business | 14 Jul 2010 | 8:45 pm

Vodafone tests investors on possible A$ bond-funds

(For the latest Australia and New Zealand bond news, double click on [AU/CRD] and then double click on the ID number)
Source: RSS feed - channel BNewsBusiness | 14 Jul 2010 | 8:31 pm

PRESS DIGEST - Thai newspapers - July 15

BANGKOK, July 15 (Reuters) - These are some of the leading stories in Thai newspapers on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.
Source: RSS feed - channel BNewsBusiness | 14 Jul 2010 | 8:30 pm

Work practices at mine 'Victorian'

Waihi gold miners have accused their Australian employer of Victorian work practices by making them take their breaks underground during 11-hour shifts.Their union claims the company insists they take two half-hour breaks where...
Source: nzherald.co.nz - Business | 14 Jul 2010 | 8:30 pm

APA prices A$300 mln 10-year notes at 240bp/swap

(For the latest Australia and New Zealand bond news, double click on [AU/CRD] and then double click on the ID number)
Source: RSS feed - channel BNewsBusiness | 14 Jul 2010 | 8:25 pm

Apple plans iPhone 4 announcement on Friday

Two weeks after a "stunned" Apple announced to the world that it had found a major software glitch in the iPhone's signal-strength display, Apple plans to hold a press conference to discuss the iPhone 4.
Source: Business and financial news - CNNMoney.com | 14 Jul 2010 | 8:18 pm

AgBank disappoints with lackluster Shanghai debut

SHANGHAI (Reuters) - Agricultural Bank of China rose only marginally in the first minutes of its historic debut in Shanghai on Thursday, underscoring the difficult time that may lie ahead...
Source: RSS feed - channel BNewsBusiness | 14 Jul 2010 | 8:01 pm

Bonds ideal for big projects: Banks

Super City mayoral aspirant John Banks wants to raise infrastructure bonds from small investors for big-ticket transport items such as a $1.5 billion central Auckland rail tunnel."I have a view that we would put together infrastructure...
Source: nzherald.co.nz - Business | 14 Jul 2010 | 8:00 pm

Summary Box: SEC reviews proxy process (AP)

AP - PROXY PROCESS PROBED: Federal regulators are reviewing the process by which public company shareholders exercise their votes and say they may change the rules to make the system more transparent.
Source: Yahoo! News: Stock Markets News | 14 Jul 2010 | 7:57 pm

Consumer agency votes to prohibit drop-side cribs

The Consumer Product Safety Commission also proposes stricter standards on crib mattresses. The moves come after scores of infant deaths in recent years. ...
Source: RSS feed - channel BNPaperBusiness | 14 Jul 2010 | 7:56 pm

AgBank shares open higher on China debut (AFP)

AFP - Agricultural Bank of China made its stock market debut Thursday in Shanghai, opening 2.24 percent higher than its initial public offering price in what is shaping up to be the world's largest IPO.

Source: Yahoo! News: Stock Markets News | 14 Jul 2010 | 7:44 pm

Fed cuts its 2010 growth forecast

The Federal Reserve has cut its 2010 growth forecast for the first time since the economic recovery began last year, as debate at the central bank turns from when to tighten policy to whether to ease it further
Source: Financial Times - US homepage | 14 Jul 2010 | 7:36 pm

Manufacturing keeps growing in June

Activity in the manufacturing sector was up again in June, according to the latest BNZ-BusinessNZ Performance of Manufacturing Index (PMI)The seasonally adjusted PMI for June stood at 56.2, which was up 2.2 points from the month...
Source: nzherald.co.nz - Business | 14 Jul 2010 | 7:30 pm

Russian agent had job at Microsoft

Alexey Karetnikov’s position suggests that he and the other 11 Kremlin spies apprehended in the US were seeking inside information on technology as well as personal contacts
Source: Financial Times - US homepage | 14 Jul 2010 | 7:23 pm

Apple on the defensive as earnings approach

SAN FRANCISCO/NEW YORK (Reuters) - Apple Inc finds itself on unfamiliar ground heading into its earnings report next week: on the defensive.

Source: Reuters: Business News | 14 Jul 2010 | 7:19 pm

Hulu expects long ride on online video wave

Hulu Chief Executive Jason Kilar vows fairness for content owners, says free service will not die.

Loved and feared, Hulu — the online video service that offers free streams of episodes of such popular TV shows as "Glee" and "The Office" — commands more than 43 million users.

Source: L.A. Times - Business | 14 Jul 2010 | 7:06 pm

Hulu expects long ride on online video wave

Hulu Chief Executive Jason Kilar vows fairness for content owners, says free service will not die. Loved and feared,...
Source: RSS feed - channel BNPaperBusiness | 14 Jul 2010 | 7:06 pm

Retail sales drop 0.5% in June

The decline is further evidence that economic recovery may be sluggish in the second half of the year.

Retail sales fell in June for the second straight month, more evidence that the U.S. economic recovery will slow in the second half of the year.

Source: L.A. Times - Business | 14 Jul 2010 | 7:04 pm

California seeks to lift federal block on energy-saver program

Atty. Gen. Jerry Brown sues mortgage agencies and their regulator that shut down access to funds that allow state homeowners to pay for solar panels and other efficiency upgrades in installments.

California is suing the federal government to stop it from derailing a program that allows homeowners to finance solar panels and other energy-saving improvements through their property tax bills.

Source: L.A. Times - Business | 14 Jul 2010 | 6:21 pm

Rivalries and economy cloud Google expectations

SAN FRANCISCO (Reuters) - Investors have muted expectations for Google Inc's second-quarter results, as economic clouds and shifts in the company's strategy dampened hopes that it will beat Wall Street estimates.

Source: Reuters: Business News | 14 Jul 2010 | 6:17 pm

US moves to block new BP oil leases

BP faced more problems on Capitol Hill when lawmakers pushed ahead with a plan that would bar the UK oil group from obtaining new offshore oil leases because of its poor safety record
Source: Financial Times - US homepage | 14 Jul 2010 | 5:52 pm

AIG chairman Harvey Golub quits in row with chief executive

AIG chairman Harvey Golub yesterday resigned from the insurance group after a dispute with chief executive Robert Benmosche.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jul 2010 | 5:46 pm

L.A. firm buys Tishman Construction

Aecom Technology Corp. will pay $245 million for the company that built the original World Trade Center and is managing construction of the new one.

A major Los Angeles building, engineering and design firm has purchased New York giant Tishman Construction Corp. for $245 million.

Source: L.A. Times - Business | 14 Jul 2010 | 5:45 pm

AIG chairman quits in power struggle

AIG’s chairman Harvey Golub stepped down after losing a power struggle with the chief executive of the bailed-out insurer in a move that could cause further turmoil at the troubled company.
Source: Financial Times - US homepage | 14 Jul 2010 | 5:40 pm

Allied Farmers confirms Five Mile sale

Troubled Allied Farmers has confirmed the unconditional sale of the Five Mile project in Queenstown, but the buyer remains a mystery.In an announcement to the Stock Exchange this morning Allied Farmers managing director Rob Alloway...
Source: nzherald.co.nz - Business | 14 Jul 2010 | 5:30 pm

Federal Reserve issues gloomy outlook on US recovery

The US economy's recovery will be slower over the rest of the year than originally forecast, according to the Federal Reserve, which revised down its growth projections for the first time since the economic rebound began.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jul 2010 | 5:07 pm

NZ sharemarket falls early

The New Zealand sharemarket fell early after a flat trading day for stocks in the United States where the Federal Reserve suggested additional measures may be needed to combat a weakening economy.Around 10.15am the benchmark NZX-50...
Source: nzherald.co.nz - Business | 14 Jul 2010 | 5:03 pm

AIG chairman Harvey Golub resigns

American International Group chairman Harvey Golub resigned effective immediately Wednesday, citing issues with chief executive Bob Benmosche.
Source: Business and financial news - CNNMoney.com | 14 Jul 2010 | 5:00 pm

Tobacco giant admits child labour link

Tobacco giant Philip Morris has been forced to admit that child workers as young as 10 have been subjected to long hours working on tobacco farms with which it has contracts in the Central Asian state of Kazakhstan.According to...
Source: nzherald.co.nz - Business | 14 Jul 2010 | 5:00 pm

GSK wins crucial FDA vote on diabetes drug Avandia

GlaxoSmithKline's diabetes drug, Avandia, should be allowed to stay on the market but with additional warnings, advisers to the US's medicines watchdog voted yesterday.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 14 Jul 2010 | 4:59 pm

Farmers fined for dirty dairying

Two Bay of Plenty farmers have been fined a total of nearly $60,000 for dirty dairying.Fantastic Farms Limited was fined $10,000 on each of four charges relating to incidents where discharged dairy effluent entered the Waiteti...
Source: nzherald.co.nz - Business | 14 Jul 2010 | 4:49 pm

SEC reviewing company proxy process (AP)

AP - Federal regulators are reviewing the process by which public company shareholders exercise their votes and said Wednesday they may change the rules to make the system more transparent.
Source: Yahoo! News: Stock Markets News | 14 Jul 2010 | 4:45 pm

DJIA Keeps Streak Alive, Barely (Market Update)

Blue chips squeaked out a small gain in the face of discouraging retail sales figures and...

Source: SmartMoney.com | 14 Jul 2010 | 4:15 pm

Write-Offs: 07.14.10

$$$ Roubini Says Obama Should Address Nation as Adults [Bloomberg]

$$$ Eleven Banks Will Fail EU Stress Tests: Strategist [CNBC]

$$$ Grant On Potential New Federal Reserve Governors [Bloomberg]

$$$ SEC Delves Into ‘Proxy Plumbing‘ [WSJ]

CNBC - Bloomberg - Federal Reserve System - European Union - Government
Source: Dealbreaker | 14 Jul 2010 | 4:00 pm

Bank mortgage securities desks in hiring spree

Investment banks are once again hiring bankers to sell and trade mortgage-backed securities, the packages of loans that were at the heart of the financial crisis, reflecting a belief that the worst is over in the US housing market
Source: Financial Times - US homepage | 14 Jul 2010 | 3:56 pm

How the major stock indexes fared on Wednesday (AP)

AP - A weaker economic forecast from the Federal Reserve chilled the stock market's winning streak. Stocks closed mixed Wednesday, with the Dow Jones industrial average rising almost 4 points for its seventh straight advance. The other major market indexes also had single-digit moves. Bond prices rose as investors, again uneasy about the strength of the economic recovery, went in search of safe investments.
Source: Yahoo! News: Stock Markets News | 14 Jul 2010 | 3:48 pm

Stocks are mixed after weaker Fed economic outlook (AP)

AP - A weaker economic forecast from the Federal Reserve chilled the stock market's winning streak.

Source: Yahoo! News: Stock Markets News | 14 Jul 2010 | 3:42 pm

Anonymous Hedge Fund Manager Is In A Mood

“Life is such a fucking disaster,” a prominent New York hedge fund manager said recently. “We all live in some kind of world we create for ourselves. And I think that what happened is that built into that world were very enlarged expectations about what life was going to be. There’s been this sensation of excessive expectation that, frankly, became unsustainable.” He had just returned from his ranch in the wilderness of central Idaho. “I just like it because it’s massively low human density. It would be a place you could hole up in. But, gosh, I hope that doesn’t happen.” [NYO]

Hedge fund - New York - Business - Investing - Funds
Source: Dealbreaker | 14 Jul 2010 | 3:34 pm

Presented By:

Source: Dealbreaker | 14 Jul 2010 | 3:34 pm

Corporate misers, stop hoarding cash!

The parade of tall earnings continues. Intel joins Alcoa and CSX on the list of blue chips that have reported better-than-expected results and a healthy outlook for the rest of 2010.
Source: Business and financial news - CNNMoney.com | 14 Jul 2010 | 3:16 pm

Computerized Trading. Regulated By Fax.

Source: NPR Blogs: Planet Money | 14 Jul 2010 | 3:14 pm

Seahawks’ Carroll Discusses Coaching at USC: Taking Stock

Source: Bloomberg - All Podcasts | 14 Jul 2010 | 3:09 pm

Mike Mayo Doesn’t Think JPMorgan’s That Great

For the most part, you can’t swing a BD without knocking into someone who would rate Jamie Dimon on a scale of 1 to 10, 1 being “love that guy” 10 being “I’ve built a shrine to his cock at my desk.” Notice I said “FOR THE MOST PART.” Last week a guy on Facebook suggested he’d rather not be counted among the Dimon worshipers and today, in the midst of an otherwise glowing article about JD, Mike Mayo throws some hate in the direction of the House of Dimon.

“They are not Wells Fargo when it comes to retail banking. They are not American Express when it comes to credit cards. They are not BlackRock when it comes to asset management,” said Michael Mayo of Credit Agricole Securities. “And JPMorgan is not Goldman Sachs in emerging markets.”

Well, you know, that’s just, like, your opinion, man. Furthermore, you think a guy who’s achieved the same level of fame as the woman who put the cone bra on the map is losing much sleep over what you think, boy?

The crisis cemented Mr. Dimon’s reputation as a financial superstar — a brazen dealmaker who buys when others are selling, a strict risk manager who resisted the type of exotic businesses that felled others, and a charismatic leader who charms congressmen and credit traders alike. He is now commonly referred to by a single name, like Pelé or Madonna.

Jamie Dimon - Goldman Sachs - Wells Fargo - JPMorgan Chase - Credit card
Source: Dealbreaker | 14 Jul 2010 | 2:57 pm

No loans, but plenty of plastic for small biz

On Monday Federal Reserve Chairman Ben Bernanke took up the growing issue of lack of lending to small businesses by banks, and the havoc it's causing in the economy. Lending to small businesses contracted by $40 billion for the first quarter of 2010 as compared to 2008. Only a third to half of small businesses were able to secure a loan or line of credit in 2009. And Small Business Administration lending all but disappeared in June, thanks to the end of a popular stimulus program. Because of the dry-up, Bernanke said small businesses "have had difficulty obtaining the credit that they need to expand and, in some cases, even to continue operating."
Source: Business and financial news - CNNMoney.com | 14 Jul 2010 | 2:45 pm

RBC’s Myles Zyblock Discusses Stocks

Source: Bloomberg - All Podcasts | 14 Jul 2010 | 2:41 pm

U.S. Stocks Following Market’s Lead ‘Overpriced’: Chart of Day

Source: Bloomberg - All Podcasts | 14 Jul 2010 | 2:37 pm

Bradley Woods’s Ripp Discusses Financial Vote: Taking Stock

Source: Bloomberg - All Podcasts | 14 Jul 2010 | 2:28 pm

GM guarantees Volt battery for 100,000 miles

General Motors will guarantee the lithium-ion battery in the Chevrolet Volt for 100,000 miles of driving or eight years, whichever comes first, the automaker announced Thursday.
Source: Business and financial news - CNNMoney.com | 14 Jul 2010 | 2:24 pm

Businessweek’s Wong Discusses U.S. Jobs: Taking Stock

Source: Bloomberg - All Podcasts | 14 Jul 2010 | 2:16 pm

Wedbush’s Woo Discusses Video Game Sales: Taking Stock

Source: Bloomberg - All Podcasts | 14 Jul 2010 | 1:58 pm

RBC’s Arnold Discusses American Express: Taking Stock

Source: Bloomberg - All Podcasts | 14 Jul 2010 | 1:34 pm

Visteon, Lehman, Nortel: Bloomberg Law Bankruptcy Review

Source: Bloomberg - All Podcasts | 14 Jul 2010 | 1:24 pm

Ministers toughen stance on emissions

Germany, France and UK say moving to the higher target unilaterally would not be difficult and would prevent Europe from lagging behind in the global race for green technology
Source: Financial Times - US homepage | 14 Jul 2010 | 1:12 pm

Market Recovery: The Return of M&A in Tech and Telecom (ADCT, TEL, HPQ, ORCL, CIEN, Q, CTL, BRCD, CBB, CVLT, DELL, JDSU, LEAP, PCS, WFR, NOVL, PGI, RSH, TLAB, TDC, OVTI, SYNA)

The latest and M&A deal in the world of technology and communications came to ADC Telecommunications Inc. (NASDAQ: ADCT) this week, where Tyco Electronics, Ltd. (NYSE: TEL) is paying $12.75 per share in cash for a net price of roughly $1.25 billion.  After you have seen small and mid-sized deals come from Hewlett-Packard Co. (NYSE: [...]

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Source: 24/7 Wall St. | 14 Jul 2010 | 1:10 pm

Shippers Face More Woes on Over-capacity (DRYS, DSX, GNK, AMKBF)

We’ve been watching the Baltic Dry Index, BDI, for a while now as it slides further and further down. The index, which measures freight rates for ships carrying commodity cargoes such as iron ore and coal, has slipped to 1,790 from about 4,200 in about a month and a half.  The drop in shipping rates [...]

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Source: 24/7 Wall St. | 14 Jul 2010 | 12:25 pm

Caption Contest Wednesday

[The Oracle Of O and Mr. President talk shop at the White House this afternoon.]

White House - President - Oracle - United States - Government
Source: Dealbreaker | 14 Jul 2010 | 12:24 pm

Richmond Fed chief opposes bail-outs

US regulators must let a large institution collapse without bailing out its creditors to convince markets that no bank is too big to fail, the president of the Federal Reserve Bank of Richmond said
Source: Financial Times - US homepage | 14 Jul 2010 | 12:19 pm

FOMC Minutes: Years of Spotty Economics

The newest minutes from the June 22 to 23, 2010 FOMC meeting is a lowering of economic growth estimates from the Federal Reserve for the rest of 2010.  The market has already reflected this in the June sell-off, and the market recovery so far in July has began to address a lower growth environment rather [...]

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Source: 24/7 Wall St. | 14 Jul 2010 | 12:15 pm

Some cities want fewer roadways, not more

Wider roads and new freeways and highways are a big part of the President Obama's stimulus plan, except many urban areas want to tear down highways and freeways, not build them.
Source: Marketplace | 14 Jul 2010 | 12:09 pm

Making the most of 9 p.m.

After Larry King announced he was ending his talk show in the fall, CNN has been tackling the challenge of filling his 9 p.m. slot, one of TV's most crucial spots.
Source: Marketplace | 14 Jul 2010 | 12:09 pm

Stay plugged in while traveling

Kai Ryssdal talks to "Attack of the Show" host Kevin Pereira the latest in tech gadgets to take on your summer trip.
Source: Marketplace | 14 Jul 2010 | 12:09 pm

Gulf seafood gets 'sniff' tests for oil, chemicals

When the BP oil spill started, people immediately wondered about how the oil would affect the animals, particularly seafood that people consume -- but Marketplace's Adriene Hill reports that people should also be looking out for chemical dispersants.
Source: Marketplace | 14 Jul 2010 | 12:09 pm

The chips are up and the economy's too?

Intel just posted its best quarter in 10 years. Experts wonder: Can the chip maker's success be an indicator of better things to come for the economy?
Source: Marketplace | 14 Jul 2010 | 12:09 pm

Reform bill grazed past shadow banks

Kai Ryssdal talks to Marketplace editor Paddy Hirsch how the financial reform bill barely touched on shadow banks, "alter egos" larger banks use to cover up risky investments.
Source: Marketplace | 14 Jul 2010 | 12:09 pm

Small banks more prone to failure?

Small banks are having a hard time paying back their TARP money and are more vulnerable to failure and government take over -- but some experts say that small bank failures is just par for the course.
Source: Marketplace | 14 Jul 2010 | 12:09 pm

Former SEC Chairman Harvey Pitt: You Could Clip Together 2,000 Copies Of The “Pre-BOOTY Call Agreement,” Slap On A Dodd-Frank Cover Page And No One In Congress Would Be The Wiser

Why? According to Pitt, in a bold (though perhaps not so far-fetched) claim, nobody’s actually read the thing.

Dodd-Frank is a ponderous beast. If Congress were paid by the word or the page, this verbiage might be understandable. But neither of those conditions exists, meaning all we can be certain of is that no one in Congress or the administration has actually read the entire bill. Who actually knows what’s in the bill?

United States Congress - Congress - Harvey Pitt - United States - Government
Source: Dealbreaker | 14 Jul 2010 | 12:01 pm

Chasing Apple, Microsoft Pays For Apps

Source: NPR Blogs: Planet Money | 14 Jul 2010 | 11:54 am

Who Wants to Become A Rebellion Research Investor?

First off, let me start by putting this out there: Team Rebellion doesn’t need your money. As you can plainly see from the photo at left, if this whole hedge fund thing doesn’t work out, the principals can easily find work as a boy band. Having said that, they’re going to keep at this money biz a bit longer and would love to have you along for the ride. Here are the relevant details:

* The Rebels are like a teeny tiny RenTec, sans the Pall Malls.

* They use Artificial Intelligence to invest, being of the mind that computers = smart, man = stupid (“It’s pretty clear that human beings aren’t improving,” said Spencer Greenberg, 27 years old and the brains behind Rebellion’s AI system. “But computers and algorithms are only getting faster and more robust.”)

* You could try to do what they do at home, but you would most likely die.

“No human could do this,” said Michael Kearns, a computer-science professor at the University of Pennsylvania who has used AI to invest at firms such as Lehman Brothers Holdings Inc. “Your head would blow off.”

* They have about $7 Million in AUM but have “struggled to raise money, in part because investors since the credit crisis are dubious of opaque math-based strategies.” (This is where you come in.)

* The founder, Spencer Greenberg, is the grandson of Hank Greenberg, the baseball player, not the old man with the dog.

* The other employees are Alexander Fleiss, Jeremy Newton, and Jonathan Sturges, who are not pulling their weight in the famous relatives department. (Fleiss’s background is in finance and math, Sturges has a master’s in music composition, and Newton is a mathematician who helped design the program.)

* Rebellion’s computer is nicknamed “Star,” which isn’t so great as nicknames go but if they can put you down for $100 million and an 8-year lock-up you could probably have a say in getting renamed T-bone or the Big Guy or something.

* If you’re nervous about putting all your money into the hands of a machine, don’t be. Fleiss was scared too until he learned to let go and love the bomb.

In early 2009, Star started to buy beaten-down stocks such as banks and insurers, which would benefit from a recovery. “He just loaded up on value stocks,” said Mr. Fleiss, referring to the AI program. The fund gained 41% in 2009, more than doubling the Dow’s 19% gain.

The firm’s current portfolio is largely defensive. One of its biggest positions is in gold stocks, according to people familiar with the fund.

The defensive move at first worried Mr. Fleiss, who had grown bullish. But it has proven a smart move so far. “I’ve learned not to question the AI,” he said.

* Similarly, if you’re skittish about trusting your money with a bunch of kids under the age of 28, relax. At least one of the principals can grow a beard:

Hedge fund - Artificial Intelligence - Business - Jonathan Sturges - Lehman Brothers
Source: Dealbreaker | 14 Jul 2010 | 11:30 am

Microsoft Uses Deep Pocket Strategy in Mobile App War

Whatever happened to the Kin? Image: Verizon

Apple has first-mover advantages and revenue share. Google is making app development accessible to everyone. How is laggard Microsoft planning on catching up in the smoking hot mobile app market? By reaching into its amply padded pockets. The usual, in other words. Bloomberg BusinessWeek has more:

Microsoft Corp. is paying developers to build mobile applications for its Windows Phone 7 system to help it narrow a lead by rival products from Apple Inc. and Google Inc.

The company is providing financial incentives ranging from free tools and test handsets to funds for software development and marketing, said Todd Brix, a senior director at Microsoft who works with app developers. In some cases, Microsoft is providing revenue guarantees, and will make up the difference if apps don’t sell as well as expected, he said.

Microsoft revamped its flagship mobile operating system to recoup market share lost to Google and Apple. To win consumers, the world’s largest software maker needs an ample supply of games, music and navigation apps when handsets with Windows Phone 7 reach stores later this year. Some developers may be reluctant to sign up before they know Windows Phone will lure enough customers, said Kevin Burden, an analyst at ABI Research.

“In no way do they want to say, ‘Trust us, there will be apps at some point,’” said Burden, who is based in Hopkinton, Massachusetts. “If that means paying developers, so be it. It’s a good strategy for them.”

It would be an even better strategy if Microsoft could come up with an innovative mobile product that people really wanted to buy.

Reggie Middleton has an interesting take on why Microsoft might actually be a force to be reckoned with (on Zero Hedge).

Source: Business Pundit | 14 Jul 2010 | 10:30 am

Banker Couple’s Dog Savagely Murdered

Since it became de rigeur to hate on Wall Street, one of the most common refrains we hear about are financial services employees’ abuse of animals. “Goldman Sachs clubs baby seals in the basement of 85 Broad” this, “bankers kick puppies and have a good laugh about it” that. Well look who the sick fucks are now.

A high-powered Manhattan duo’s beloved French bulldog died after heartless dog sitters let him overheat in the back of a van and then dumped him — to perish alone — at their Upper West Side apartment, according to the suit. Bankers Laura Garner and Robert Hardon entrusted their 5-year-old pooch, Percy, to caretakers at Queens- based Doggie Love for one night in July 2009 while they were out of town, the suit says. “From the instant I saw Percy . . . I knew he was the one,” a devastated Garner wrote in an affidavit, recalling the start of her love affair with her pet.

But that affection wasn’t shared by Doggie Love, says the suit filed by the couple in Queens Supreme Court yesterday.

One worker drove the dog — whose breathing and ability to regulate heat were already limited because he was a “flat-faced” breed — from Astoria to the couple’s apartment on West End Avenue in the back of an enclosed Econoline van, the suit says. The employee then dropped off the obviously ailing Percy inside the empty apartment — despite the building’s doorman and a federal judge who lives next-door asking if they could get the dog water or call a vet, according to the papers. Percy was discovered dead, splayed out in front of an air conditioner, a few hours later.

“The emptiness that has been left by Percy’s death and the anguish we suffered has not and will never be filled or go away,” the couple said in the lawsuit, which seeks at least $1 million in damages.

Doggie Death Suit [NYP]

Wall Street - Upper West Side - West End Avenue - Dog - Supreme Court of the United States
Source: Dealbreaker | 14 Jul 2010 | 10:14 am

Gov. Takes Another Stab at Transparent Airline Fees

Gadling’s graph of airline fees.

Tired of seeing that $97 flight marked up to $165 after your travel website finally calculates all the taxes and fees associated with airline travel? Me too. The government is also tired of this deceptive pricing, which has become common in the travel industry. Bloomberg has more:

Airlines don’t include the fees in the route and fare data they provide to travel agents, who sell 60 percent of all tickets, either online or through independent or corporate travel services, the Government Accountability Office said today in the report.

Carriers have been adding charges, such as fees for baggage and reservation changes, to boost revenue beyond airfares. The GAO’s finding may bolster prospects that Congress or Transportation Secretary Ray LaHood will force airlines to make the data more widely available.

Airlines collected $7.8 billion in fees last year, up from $5.5 billion in 2008, according to the U.S. Bureau of Transportation Statistics. The figures don’t include consumer expenditures for food, drinks and pillows. The GAO’s finding may bolster prospects that Congress or Transportation Secretary Ray LaHood will force airlines to make the data widely available.

$7.8 billion in fees last year.

Over the years, the Department of Justice and international authorities have been after airlines for their fees, most recently for price-fixing baggage fees. The government hasn’t gotten very far, thanks in part to the millions of dollars airlines spend lobbying politicians every quarter.

If the government succeeds in getting airlines to disclose all their fees, however, it may signal a move towards regulation of the industry, which hasn’t happened since the late 1970s. Wannabe monopolists like UAL CEO Glenn Tilton would not take that lying down. It’s worth keeping an eye on.

Source: Business Pundit | 14 Jul 2010 | 10:06 am

More Data Against A Double-Dip Recession

If you have watched the ticker tape, July’s trading action is signaling much less of a chance of a true double-dip recession than what was being telegraphed during the gloom days throughout June.  Earnings season is so far off to a good start.  Stocks are rising with bond yields.  M&A is slowly coming back.  Bond [...]

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Source: 24/7 Wall St. | 14 Jul 2010 | 10:05 am

Shadow Banking Is Still Bigger Than Traditional Banking

Source: NPR Blogs: Planet Money | 14 Jul 2010 | 9:55 am

Could You Live Without Your TV? (Tough Customer)

The number of U.S. households canceling their TV service is higher than ever.

Source: SmartMoney.com | 14 Jul 2010 | 9:40 am

Attention Women Of Dubai Ages 14-17

Break out the massage oils, ladies “Jeffrey Epstein will be a free man next week when his year-long probation ends. The billionaire, who’s been under house arrest since last July, will no longer need permission to travel. A source said Epstein — a registered sex offender because he pleaded guilty to soliciting teenage masseuses for sex — plans to move to Dubai.” [NYP]

Jeffrey Epstein - Crime - Plea - Sex Offenses - Dubai
Source: Dealbreaker | 14 Jul 2010 | 9:32 am

Presented By:

Source: Dealbreaker | 14 Jul 2010 | 9:32 am

Where Are Retail Sales Heading? (Early Bird)

Sales drop more than expected as consumer spending remains tight.

Source: SmartMoney.com | 14 Jul 2010 | 9:18 am

P&G Wins Big With Old Spice Guy

You’ve probably seen the Old Spice guy, former Seahawks wide receiver Isaiah Mustafa, online or on TV. He’s the stud featured above who embodies manly possibilities via the scent of Old Spice. Parent company Proctor & Gamble’s Old Spice ad campaign has produced several viral hits, and a solid fan base.

Today, the Old Spice guy became interactive, and P&G’s ad company must be patting itself on the back. The Old Spice guy went live on the @OldSpice twitter feed by proclaiming “Today could be just like the other 364 days you log into Twitter, Or maybe the Old Spice man shows up.” Then, he started producing custom videos for bloggers, Facebook and Youtube commenters, and people asking him questions on a variety of other online outlets.

He’s answering all questions topless, in a shower stall. Here’s an example, after Facebook user Gail Berg wrote on Facebook: “Any suggestions on finding a guy worthy to purchase Old Spice for?”

This is exciting. No wonder everyone wants to talk to the Old Spice guy (and, ahem, mention Old Spice and implant the brand into our brains). I myself had to log onto Facebook and ask him how he takes care of business. Hey, it’s worth a try, right?

I love what P&G’s agency has done with the interactive component, too. They’ve given Old Spice a face, and an attractive, responsive one at that. Users are building positive memories of interacting with Old Spice man. Those emotions will probably come up again in the supermarket aisle.

The interactive aspect also makes the brand more accessible online. I assume that Old Spice Man is making people more willing to follow the brand, sign up for news, and take part in other Old Spice marketing activities.

Consider it a major marketing win.

Source: Business Pundit | 14 Jul 2010 | 8:59 am

City Index's Raymond, T.J. Marta on Stocks: First Word

Source: Bloomberg - All Podcasts | 14 Jul 2010 | 7:57 am

BlackRock Names Mike Latham Global Head of IShares: Audio

Source: Bloomberg - All Podcasts | 14 Jul 2010 | 7:50 am

This Year's Deficit Just Topped $1 Trillion

Source: NPR Blogs: Planet Money | 14 Jul 2010 | 6:36 am

The Difference Glasses Make

Image: WildAmmo.com

Source: Business Pundit | 14 Jul 2010 | 4:23 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 Plunge

Rates 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