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Europe Markets: European stocks trade marginally higher; BP up 4%European stocks rise early Friday, drawing some optimism from Wall Street’s late-session comeback, as shares of BP rally on news that the energy giant has finally managed to stop the flow of crude from its ruptured well into the Gulf of Mexico.
Source: MarketWatch.com - Top Stories | 16 Jul 2010 | 4:17 am European Stocks to Watch: Second-quarter earnings may miss euro-zone painSpringtime in Europe reflected one of the most tumultuous economic periods in years, with Greece requiring international assistance to avoid default and with countries from powerhouse Germany to minnow Portugal unveiling austerity plans to calm bond-market vigilantes.
Source: MarketWatch.com - Top Stories | 16 Jul 2010 | 4:14 am 24/7 Wall St. CEOs Who Need to be Fired: Nine for 2010Public companies dismiss CEOs all the time. The firings can be due to incompetence, malfeasance, or tensions with boards of directors or founders. 24/7 Wall St. has chosen nine sitting CEOs who should be let go by their boards. All the CEOs are on this list for simple reasons. The first is that many have presided [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Jul 2010 | 4:13 am Germany, China sign billions of dollars in deals (AP)
Source: Yahoo! News: Business News | 16 Jul 2010 | 4:11 am Burberry buys back China storesBritish luxury fashion retailer Burberry says it will take direct control of its franchised stores across mainland China.Source: BBC News - Business | 16 Jul 2010 | 4:10 am Goldman settles for $550 millionGoldman Sachs paid $550 million to settle charges of defrauding investors in a sale of securities tied to subprime mortgages, the Securities and Exchange Commission said Thursday.Source: Business and financial news - CNNMoney.com | 16 Jul 2010 | 4:08 am Indications: U.S. stock futures steady after Google missU.S. stock futures traded in a tight range Friday, as relief over Goldman Sachs and BP liabilities is checked by worries over the economy as well as Google’s dimmer-than-hoped earnings growth.
Source: MarketWatch.com - Top Stories | 16 Jul 2010 | 4:01 am As Apple Fixes One iPhone Problem, Another LoomsApple Inc (NASDAQ: AAPL) will have its press conference today. Ahead of the event the company is in the midst of offering software and other solutions to weak signal and signal false reading on its iPhone 4. Just as Apple appears to be in the process of slowly putting its iPhone 4 problems behind it, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Jul 2010 | 4:00 am AgBank closes $19.3 billion IPO with tepid HK debutHONG KONG (Reuters) - Agricultural Bank of China's $19.3 billion IPO limped across the finish line on Friday after a three-month sprint, its modest Hong Kong debut reflecting concerns over valuations and investor cautiousness.
Source: Reuters: Business News | 16 Jul 2010 | 3:56 am Wall Street reform clears CongressWASHINGTON (Reuters) - The Congress on Thursday approved the broadest overhaul of financial rules since the Great Depression and sent it to President Barack Obama to sign into law.
Source: Reuters: Business News | 16 Jul 2010 | 3:54 am Tax credit claim deadline loomingA deadline for those claiming tax credits in the UK comes on 31 July as the tax authority prepares for a rush of enquiries.Source: BBC News - Business | 16 Jul 2010 | 3:52 am Asia mostly lower, as strong yen slaps NikkeiAsian markets end mostly lower Friday, with Japanese shares tumbling as a strong yen drags on exporters before a long weekend, while strong results from Tata Consultancy Services support Indian stocks.
Source: MarketWatch.com - Top Stories | 16 Jul 2010 | 3:48 am Half Of Social Network Users Fear Privacy Issues As They ShouldMany members of social media networks are worried that the companies that own the networks “spy” on them. The majority of these privacy issues have to do with the websites giving marketers information about the habits of their users. That allows advertisers to more effectively reach their target audiences. The practice appears benign, but many [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Jul 2010 | 3:43 am Stocks poised to slipU.S. stocks were poised for a lower open Friday, as investors digested Google's latest results and awaited more bank earnings.Source: Business and financial news - CNNMoney.com | 16 Jul 2010 | 3:35 am BP shares rise on oil leak newsBP shares open more than 5% higher after the group confirms it has temporarily stopped oil flowing into the Gulf of Mexico.Source: BBC News - Business | 16 Jul 2010 | 3:31 am Citigroup and AIG classified certain repos as salesBANGALORE (Reuters) - Citigroup Inc and AIG classified more than $11 billion in loans as sales in the second half of 2009, masking the companies' risk levels, filings with the U.S. Securities regulator showed.
Source: Reuters: Business News | 16 Jul 2010 | 3:29 am IMF chief sees European banks safe in stress tests (Reuters)Reuters - Stress tests being conducted in the European Union will show that all the major European banks have sufficiently capital, International Monetary Fund chief Dominique Strauss-Kahn told a French television station.Source: Yahoo! News: Business News | 16 Jul 2010 | 3:24 am IMF chief sees European banks safe in stress testsPARIS (Reuters) - Stress tests being conducted in the European Union will show that all the major European banks have sufficiently capital, International Monetary Fund chief Dominique Strauss-Kahn told a French television station.
Source: Reuters: Business News | 16 Jul 2010 | 3:24 am Deal could create 1,000 new jobsPerth energy giant SSE announces a tie-up with Mitsibushi Heavy Industries which could lead to the creation of hundreds of jobs.Source: BBC News - Business | 16 Jul 2010 | 3:20 am iPhone update fixes signal flawApple issues a fix for the iPhone signal strength bug as users report more handset problems.Source: BBC News - Business | 16 Jul 2010 | 3:18 am As Goldman Settles, Main Street LosesIt is too simplistic to say that the average American expects law-breakers to go to prison or at least receive extreme punishment. Neither of those things happened in the SEC settlement with Goldman Sachs Group (NYSE: GS). Goldman did not have to admit that it had violated any statutes. It did not have to admit [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Jul 2010 | 3:17 am Agricultural Bank inches up in Hong Kong debut (AP)
Source: Yahoo! News: Stock Markets News | 16 Jul 2010 | 3:09 am Agricultural Bank inches up in Hong Kong debut (AP)
Source: Yahoo! News: Business News | 16 Jul 2010 | 3:09 am Investors digest welter of news ahead of more earningsA poorly received set of results from the internet search engine added to concerns about the strength of the US economy leads to a slide in Asian stocksSource: Financial Times - US homepage | 16 Jul 2010 | 3:08 am Sony Ericsson posts profit in Q2 (AP)AP - Mobile phone maker Sony Ericsson on Friday reported a euro12 million ($15.5 million) net profit for the second quarter, up from a euro213 million loss the year before, due to the continued success of its smart phones as well as cost cuts.Source: Yahoo! News: Business News | 16 Jul 2010 | 3:06 am Basel Committee says agrees bank buffer strategyLONDON (Reuters) - Banking supervisors published draft rules on Friday that will force banks around the world to build up extra capital in good times, but gave no hint of what level of funds banks would be required to hold.
Source: Reuters: Business News | 16 Jul 2010 | 3:06 am Your Boss Might Be a Psychopath (By the Numbers)A new study finds that the conscienceless excel in corporations.
Source: SmartMoney.com | 16 Jul 2010 | 3:01 am Bank Earnings May Offer Short Reprieve (Broker Talk)Market watchers on what Q2 results mean after regulatory reform.
Source: SmartMoney.com | 16 Jul 2010 | 3:01 am ETF Report Card: Bullishly Treading Water (On the Street)Bond and commodity funds remain a big draw in a shaky market.
Source: SmartMoney.com | 16 Jul 2010 | 3:01 am The Week in Business Tweets: State of Play (Twitter Beat)The twitterati weigh in on the estate tax, bonus clawbacks and more.
Source: SmartMoney.com | 16 Jul 2010 | 3:01 am Is Loyalty to Apple Rational? (Money and Your Mind)Why consumers can choose a likeable brand over one that works better.
Source: SmartMoney.com | 16 Jul 2010 | 3:01 am An Appetizing Opportunity in Casual DiningIf DineEquity's turnaround strategy works, investors could be rewarded.
Source: SmartMoney.com | 16 Jul 2010 | 3:01 am Small Biz Davids vs. GoliathCan't compete with the big guys? Meet three small companies - a hotel chain, a book publisher, and a doughnut maker - that can.Source: Business and financial news - CNNMoney.com | 16 Jul 2010 | 2:58 am Video Game Sales Remain Depressed, Wii Loses GroundVideo game sales were off again in June. The introduction of new games and cut in console prices by Microsoft Corporation (NYSE: MSFT), Sony (NYSE: SNE), and Nintendo have been trumped by faltering consumer confidence as people fight concerns about jobs and access to credit. NPD reports that software sales declined 15% to $531.3 million [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Jul 2010 | 2:54 am World stocks mixed amid US recovery worries (AP)
Source: Yahoo! News: Stock Markets News | 16 Jul 2010 | 2:53 am Hedge fund king puts his legend to the testIt's tough to be the king. John Paulson, current monarch of hedge funds, is having a challenging year, according to recent press reports. Bloomberg News recently reported that Paulson's $9 billion Advantage fund was down 5.8% in the first six months of the year. His Advantage Plus fund was down 8.8%. And while his Recovery fund was reportedly up through June, it suffered a 12.4% decline that month. The lone bright spot: his gold fund, up 13% for the year.Source: Business and financial news - CNNMoney.com | 16 Jul 2010 | 2:50 am Greenspan: Let Bush tax cuts expireFormer Federal Reserve chief Alan Greenspan believes Congress should let the tax cuts enacted by President George W. Bush expire for all Americans in order to address the widening deficit, according to a TV interview airing Friday.Source: Business and financial news - CNNMoney.com | 16 Jul 2010 | 2:49 am Smartphones boost Sony Ericsson Q2STOCKHOLM (Reuters) - Mobile phone maker Sony Ericsson posted a second consecutive quarterly profit on Friday as sales of more expensive smartphones ramped up but it stuck to its view of only slight market growth this year.
Source: Reuters: Business News | 16 Jul 2010 | 2:44 am Wall Street digests financial reformsThe US Senate has given final approval to the biggest overhaul of American financial regulation in decades.Source: BBC News - Business | 16 Jul 2010 | 2:44 am Google's profit rises but misses estimatesGoogle Inc. reported a quarterly profit on Thursday that rose from its year-ago results but missed Wall Street's forecasts.Source: Business and financial news - CNNMoney.com | 16 Jul 2010 | 2:42 am Confessions of former debt collectorsThese people share their experiences in the collections industry -- and why they left.Source: Business and financial news - CNNMoney.com | 16 Jul 2010 | 2:42 am Sony Ericsson swings to second-quarter profitSony Ericsson Mobile Communications on Friday said it swung to a second-quarter profit as it started to reap the benefits of its renewed focus on high-end phones.
Source: MarketWatch.com - Top Stories | 16 Jul 2010 | 2:41 am London Markets: London stocks edge up, led higher by BP, BurberryStocks in London edge higher on Friday, as BP PLC plugs the oil leak in the Gulf of Mexico and fashion house Burberry Group announces it will buy stores in China.
Source: MarketWatch.com - Top Stories | 16 Jul 2010 | 2:38 am BP awaits crucial well test dataBP is awaiting test results from the blown-out oil well in the Gulf of Mexico, a day after it staunched the flow.Source: BBC News - Business | 16 Jul 2010 | 2:31 am How slack is Britain's workforce?One in five UK workers feigned an illness the last time they took a day off work as sick leave, a survey has suggested.Source: BBC News - Business | 16 Jul 2010 | 2:30 am World stocks ease on U.S. economy outlook (Reuters)
Source: Yahoo! News: Stock Markets News | 16 Jul 2010 | 2:29 am BP: investors watch cap as shares jumpOppenheimer oil analyst Fadel Gheit and Carl Leahy from Decision Economics predict a further rise in BP's shares if the capped-well holds.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Jul 2010 | 2:28 am Wall Street futures point to flat openLONDON (Reuters) - Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were little changed at 0757 GMT (3:57 a.m. EDT), pointing to a flat open on Wall Street on Friday.
Source: Reuters: Business News | 16 Jul 2010 | 2:26 am Wall Street futures point to flat open (Reuters)
Source: Yahoo! News: Stock Markets News | 16 Jul 2010 | 2:26 am Gulf geyser stops gushing, but will it hold? (AP)
Source: Yahoo! News: Business News | 16 Jul 2010 | 2:23 am BP shares up on preliminary success on leak (AP)
Source: Yahoo! News: Business News | 16 Jul 2010 | 2:19 am Currencies: Yen shines as dollar slips on U.S. growth fearsThe safe-haven Japanese unit was the ultimate beneficiary in Asian trading Friday, as regional equities markets skidded amid fear about U.S. growth prospects.
Source: MarketWatch.com - Top Stories | 16 Jul 2010 | 2:03 am Media Digest 7/16/2010MarketWatch: AgBank rose after its debut on the Hong Kong market. Reuters: Goldman Sachs Group (NYSE: GS) settled with the SEC for $550 million. Reuters: BP plc (NYSE: BP) capped the flow of oil into the Gulf of Mexico. Reuters: Google Inc. (NASDAQ: GOOG) profits missed targets as expenses rose. Reuters: Smartphone sales pushed up [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 16 Jul 2010 | 2:02 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 | 16 Jul 2010 | 2:01 am Camelot commercial bid 'rejected'National Lottery operator Camelot is likely to be blocked from using its ticket terminals to offer extra commercial services.Source: BBC News - Business | 16 Jul 2010 | 1:57 am FTSE 100 climbs at open (AFP)
Source: Yahoo! News: Stock Markets News | 16 Jul 2010 | 1:50 am Burberry buys 50 stores in ChinaBurberry, the British retailer, has consolidated its presence in the fast-growing Chinese luxury market by buying 50 stores currently operated by its long-standing franchisees.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Jul 2010 | 1:43 am Ethanol industry scrambles to keep incentives (AP)AP - The once-popular ethanol industry is scrambling to hold onto billions of dollars in government subsidies, fighting an increasing public skepticism of the corn-based fuel and wariness from lawmakers who may divert the money to other priorities.Source: Yahoo! News: Business News | 16 Jul 2010 | 1:37 am Congress passes stiff financial reform bill (AP)
Source: Yahoo! News: Business News | 16 Jul 2010 | 1:22 am BP stops leak from stricken Gulf wellBP stopped the flow of oil from its blown-out well in the Gulf of Mexico, raising hopes of an end to the environmental and economic disaster that has been escalating since the Deepwater Horizon drilling rig exploded almost three months agoSource: Financial Times - US homepage | 16 Jul 2010 | 1:21 am NZ dollar eases on CPI dataThe New Zealand dollar fell after lower-than-expected inflation figures were released today, having reached a two-month high of US73c earlier in the morning.The consumer price index (CPI) rose 0.3 percent in the June quarter,...Source: nzherald.co.nz - Business | 16 Jul 2010 | 1:11 am Refinery shines in a thin day's trade on NZXNew Zealand Refining Company's share price jumped 16c today to $3.40 - a rise of nearly 5 percent - on the back of a high-profile official opening of its $190 million Point Forward expansion, which lifted the refinery capacity by...Source: nzherald.co.nz - Business | 16 Jul 2010 | 1:10 am Mosque blasts in south-east Iran kill 27Two explosions outside a mosque in the province of Sistan-Baluchestan lead to deaths and of injuries to more than 270 peopleSource: Financial Times - US homepage | 16 Jul 2010 | 1:05 am Google's 2nd-quarter profit misses Wall Street expectationsSome investors are questioning whether the company is on the right track. Its shares fall in extended trading.For most of its young life, Google Inc., with its golden touch on the Web, could do little wrong, beating Wall Street revenue estimates in five of the last seven quarters and profit estimates in each of the last seven.
Source: L.A. Times - Business | 16 Jul 2010 | 1:00 am California median home sale price slides in JuneThe 2.9% drop from May to $270,000 reflects a shift to sales in less expensive markets and is still a 9.8% increase from a year earlier, housing data firm says. ...Source: RSS feed - channel BNPaperBusiness | 16 Jul 2010 | 1:00 am Bigger back-to-school shopping sprees expectedAfter two years of weak spending, retail groups predict that families will shell out more for new clothes, shoes, supplies and electronics.Back-to-school spending is expected to be robust this year as parents replenish their kids' wardrobes and backpacks after two years of weak demand for school gear.
Source: L.A. Times - Business | 16 Jul 2010 | 1:00 am Senate passes sweeping financial overhaul legislationThe vote is a major victory for President Obama and Democratic leaders two years after the mortgage meltdown.Nearly two years after a financial crisis triggered the worst recession since the Great Depression, the Senate approved bold and controversial legislation aimed at preventing a repeat — and set the stage for a showdown over the issue in this fall's midterm elections.
Source: L.A. Times - Business | 16 Jul 2010 | 1:00 am China's economic growth slows in second quarterGross domestic product grows 10.3%, down from an 11.9% rate in the first quarter, thanks to government efforts to rein in a runaway economy, including tighter credit and stricter mortgage rules. ...Source: RSS feed - channel BNPaperBusiness | 16 Jul 2010 | 1:00 am Wesley Bush is steering Northrop Grumman in a new directionIn the six months since Wesley Bush's first day as CEO, and with this week's announcement that he may abandon the shipbuilding business, military giant Northrop Grumman has become a very different company...Source: RSS feed - channel BNPaperBusiness | 16 Jul 2010 | 1:00 am 'Inception' to top box office; 'Sorcerer's Apprentice' opens weakWarner Bros.' big-budget gamble, starring Leonardo DiCaprio, banks on the appeal of 'Dark Knight' director Christopher Nolan. Disney's live-action film will probably lose out to 'Despicable Me.' ...Source: RSS feed - channel BNPaperBusiness | 16 Jul 2010 | 1:00 am Wesley Bush is steering Northrop Grumman in a new directionIn the six months since Wesley Bush's first day as CEO, and with this week's announcement that he may abandon the shipbuilding business, military giant Northrop Grumman has become a very different company...Source: RSS feed - channel BNPaperBusiness | 16 Jul 2010 | 1:00 am CalPERS reports 11.4% gain on investmentsThe California pension fund's performance improves but falls short of its goal for the year.Partly clawing back from steep losses during the recession, the country's largest government pension fund said in a preliminary report Thursday that it gained 11.4% on its investments for its fiscal year.
Source: L.A. Times - Business | 16 Jul 2010 | 1:00 am Google's 2nd-quarter profit misses Wall Street expectationsSome investors are questioning whether the company is on the right track. Its shares fall in extended trading. ...Source: RSS feed - channel BNPaperBusiness | 16 Jul 2010 | 1:00 am Wesley Bush is steering Northrop Grumman in a new directionIn the six months since Wesley Bush's first day as CEO, and with this week's announcement that he may abandon the shipbuilding business, military giant Northrop Grumman has become a very different company.Since taking the helm of Northrop Grumman Corp. in January, Wesley G. Bush hasn't wasted any time shaking up one of the world's largest military contractors.
Source: L.A. Times - Business | 16 Jul 2010 | 1:00 am California median home sale price slides in JuneThe 2.9% drop from May to $270,000 reflects a shift to sales in less expensive markets and is still a 9.8% increase from a year earlier, housing data firm says.California's median home sale price fell 2.9% in June compared with May even as sales picked up with buyers closing on purchases made during a spring season fueled by state and federal tax credits.
Source: L.A. Times - Business | 16 Jul 2010 | 1:00 am Business Bullet: US economy, Goldman, BP, Irish banksThe latest news on: US economy, Goldman, BP, Irish banksSource: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Jul 2010 | 1:00 am 'Crude' director must hand over some outtakes to Chevron, appeals court rulesThree-judge panel, in a closely watched 1st Amendment case, says Joe Berlinger must turn over only certain outtakes from his film about environmental litigation in Ecuador, not all 600 hours of unused...Source: RSS feed - channel BNPaperBusiness | 16 Jul 2010 | 1:00 am Could Apple's iPhone 4 be cursed?The popular device has been plagued by misfortunes — including a suicide, two lost prototypes and a shaky debut. On Friday, the company is expected to respond to antenna complaints.Could anything else go wrong with the iPhone 4?
Source: L.A. Times - Business | 16 Jul 2010 | 1:00 am State PUC has let down its guard since phone deregulation, report findsA state Senate panel says the agency has largely turned its back on the telecom market since 2006. AT&T and Verizon control about 85% of the market, with prices for some services up as much as 600%.State regulators said they'd look out for consumers after California's phone market was deregulated in 2006.
Source: L.A. Times - Business | 16 Jul 2010 | 1:00 am Senate passes sweeping financial overhaul legislationThe vote is a major victory for President Obama and Democratic leaders two years after the mortgage meltdown. ...Source: RSS feed - channel BNPaperBusiness | 16 Jul 2010 | 1:00 am Bigger back-to-school shopping sprees expectedAfter two years of weak spending, retail groups predict that families will shell out more for new clothes, shoes, supplies and electronics. ...Source: RSS feed - channel BNPaperBusiness | 16 Jul 2010 | 1:00 am Could Apple's iPhone 4 be cursed?The popular device has been plagued by misfortunes — including a suicide, two lost prototypes and a shaky debut. On Friday, the company is expected to respond to antenna complaints. ...Source: RSS feed - channel BNPaperBusiness | 16 Jul 2010 | 1:00 am Nikkei hit by US recovery fearsMost Asian stock markets fell on Friday as a drop in American factory output and weak US regional manufacturing activities fueled concern over the strength of a recovery in the world's biggest economy.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 16 Jul 2010 | 12:55 am Bus pass age rise may come fasterThe age at which people in England get a free bus pass could go up from 60 to 65 sooner than previously planned.Source: BBC News - Business | 16 Jul 2010 | 12:45 am U.S. advisers reject Vivus' fat pillGAITHERSBURG, Maryland (Reuters) - The first new prescription weight-loss pill in more than a decade failed to win backing from U.S. health advisers, who said safety concerns about the drug outweighed its ability to help obese patients shed pounds.
Source: Reuters: Business News | 16 Jul 2010 | 12:31 am UPDATE 3-Two final bids seen for Australia's Healthscope-source* Financing issues, cuts to government subsidies weigh * Shares trade 6 pct below initial offer (Adds fund manager quote, background, updates shares)Source: RSS feed - channel BNewsBusiness | 16 Jul 2010 | 12:17 am John Mack joins China's CIC as advisorChina Investment Corp, the country’s main sovereign wealth fund, has appointed John Mack, chairman and former CEO of Morgan Stanley, to its 14-member international advisory councilSource: Financial Times - US homepage | 15 Jul 2010 | 11:56 pm The Fed: Fed's Lacker wary over U.S. debt, bank reformFederal Reserve Bank of Richmond President Jeffrey Lacker says the U.S. is at risk over its sovereign-debt levels and that the newly passed bank-reform legislation could pose challenges for some lenders.
Source: MarketWatch.com - Top Stories | 15 Jul 2010 | 11:09 pm DEALTALK-With AIA IPO back on, underwriter guessing game begins* AIA's $15 bln IPO could be biggest in Hong Kong - bankersSource: RSS feed - channel BNewsBusiness | 15 Jul 2010 | 10:44 pm Asia Markets: AgBank's H-shares shine more than their A-sharesAgricultural Bank of China shares get off to a better start on their debut in Hong Kong than they did in their Shanghai debut the previous day.
Source: MarketWatch.com - Top Stories | 15 Jul 2010 | 10:43 pm Market Chatter -- Corporate finance press digestBANGALORE, July 16 (Reuters) - The following corporate finance-related stories were reported by media on Friday:Source: RSS feed - channel BNewsBusiness | 15 Jul 2010 | 10:26 pm Goldman paying $550M to settle civil fraud charges (AP)
Source: Yahoo! News: Stock Markets News | 15 Jul 2010 | 10:04 pm Toyota to build third plant in Brazil (AFP)
Source: Yahoo! News: Business News | 15 Jul 2010 | 9:59 pm India's Suzlon Energy gets 19.2 MW orderMUMBAI, July 16 (Reuters) - Indian wind turbine maker Suzlon Energy said on Friday it had got a 19.2 megawatt order from a local ayurvedic research foundation.Source: RSS feed - channel BNewsBusiness | 15 Jul 2010 | 9:53 pm Interest rates tipped to rise despite CPI dipEconomists expect the Reserve Bank will raise interest rates further late this month, despite lower than expected inflation figures.Statistics New Zealand (SNZ) today said the consumer price index (CPI) rose 0.3 percent in the...Source: nzherald.co.nz - Business | 15 Jul 2010 | 9:50 pm UPDATE 1-Thai Exxon unit to spend $394 mln for product upgrade* Upgrade in line with Thai regulatory changes (Adds details)Source: RSS feed - channel BNewsBusiness | 15 Jul 2010 | 9:42 pm A mathematical David stuns a healthcare GoliathA respected actuary working from his rural Riverside County home — and for a time from a hospital bed — uncovers the errors that led Anthem Blue Cross to cancel rate increases of up to 39%.David Axene was flat on his back in a hospital bed with a swollen left leg. His kidneys had shut down. His blood pressure had plunged. Doctors pumped him with potent antibiotics to stave off a deadly infection.
Source: L.A. Times - Business | 15 Jul 2010 | 9:22 pm AIG Taiwan unit buyers make more concessions-paperTAIPEI, July 16 (Reuters) - The buyers of AIG's Taiwan life insurance unit have offered more concessions to Taiwanese regulators in their push to break a deadlock that has stalled the $2.2 billion deal...Source: RSS feed - channel BNewsBusiness | 15 Jul 2010 | 8:44 pm Boston Scientific execs selling shares - WSJNEW YORK, July 15 (Reuters) - Boston Scientific Corp's Chairman Pete Nicholas and board member John Abele are selling millions of shares from the medical device company they founded decades ago, prompted...Source: RSS feed - channel BNewsBusiness | 15 Jul 2010 | 8:38 pm UPDATE 1-US court rules Chevron must get some film outtakes* Part of 17-year litigation over pollution in Ecuador (Adds filmmaker pleased with limits on footage, Chevron says film useful to company)Source: RSS feed - channel BNewsBusiness | 15 Jul 2010 | 8:08 pm Farm prices to fall a further 10pc - economistRural property prices could fall a further 10 per cent in the next year, as sellers are forced to drop their asking prices to meet buyer expectation.Latest REINZ figures show the rural property sector remains subdued, with flat...Source: nzherald.co.nz - Business | 15 Jul 2010 | 8:00 pm Next steps in test of BP Gulf oil cap (AP)AP - BP shut all three valves to close a new cap over its busted Gulf of Mexico well Thursday, stopping the flow of oil into the water for the first time since April. What's next?Source: Yahoo! News: Business News | 15 Jul 2010 | 7:52 pm Troubled Tylenol plant to lay off 300 workersThe drugmaking arm of Johnson & Johnson said late Thursday that it is laying off hundreds of workers at the manufacturing plant at the center of a recall of millions of units of children's Tylenol, Motrin and other over-the-counter drugs.Source: Business and financial news - CNNMoney.com | 15 Jul 2010 | 7:39 pm Google profit misses as expenses surgeSAN FRANCISCO (Reuters) - Google Inc missed Wall Street's quarterly profit estimates for the first time in two years after a spike in expenses offset a 24 percent revenue jump, but it vowed to keep investing in new businesses to drive long-term growth.
Source: Reuters: Business News | 15 Jul 2010 | 7:31 pm Goldman to settle with SEC for $550 millionWASHINGTON/NEW YORK (Reuters) - Goldman Sachs Group Inc agreed to pay $550 million to settle civil fraud charges over how it marketed a subprime mortgage product, ending months of negotiations that rattled the bank's clients and investors.
Source: Reuters: Business News | 15 Jul 2010 | 7:14 pm Goldman Sachs agrees to settle SEC fraud case for $550 millionThe settlement in the highest profile fraud case stemming from the financial crisis gives both the investment bank and federal regulators a measure of what they need.The $550-million deal between Goldman Sachs Group and federal regulators to settle the highest profile fraud case stemming from the financial crisis gave each side a measure of what it desperately needed.
Source: L.A. Times - Business | 15 Jul 2010 | 7:06 pm UPDATE 1-Haddington sells gas project to Spectra EnergyNEW YORK, July 15 (Reuters) - Energy fund Haddington Ventures said on Thursday it has agreed to sell a gas storage project to Spectra Energy Corp for $540 million.Source: RSS feed - channel BNewsBusiness | 15 Jul 2010 | 6:42 pm UPDATE 1-Haddington sells gas project to Spectra EnergyNEW YORK, July 15 (Reuters) - Energy fund Haddington Ventures said on Thursday it has agreed to sell a gas storage project to Spectra Energy Corp for $540 million.Source: RSS feed - channel BNewsBusiness | 15 Jul 2010 | 6:42 pm Goldman settles with SEC for $550 million (Reuters)Reuters - Goldman Sachs Group Inc agreed to pay $550 million to settle civil fraud charges over how it marketed a subprime mortgage product, ending months of negotiations that rattled the bank's clients and investors.Source: Yahoo! News: Stock Markets News | 15 Jul 2010 | 6:34 pm Telecom axes 200 jobs in 3 monthsTelecom has axed 200 management jobs from its workforce in the past three months and warns that further cuts cannot be ruled out as it seeks to claw back costs.The country's largest phone company aims to strip more than $500 million...Source: nzherald.co.nz - Business | 15 Jul 2010 | 6:30 pm Google hit as costs begin to riseGoogle's second quarter earnings missed Wall Street expectations as a spike in expenses hit the Internet search provider.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Jul 2010 | 6:11 pm Tripartite financial regulation was Gordon Brown's follyCould, or should, the Bank of England have done more to prevent the financial crisis that began three years ago (crikey how time flies)?Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Jul 2010 | 6:07 pm Ocado is a high-risk float, so don't tell SidThis time next week Ocado will be a publicly listed company.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Jul 2010 | 6:02 pm US Senate passes financial reformThe US Senate finally passed a landmark reform of Wall Street, delivering President Barack Obama’s second big legislative victory and ushering in a raft of restrictions on banksSource: Financial Times - US homepage | 15 Jul 2010 | 6:01 pm To secure long-term recovery, let's invest in engineers, not psychologistsTo secure Britain's economic recovery, the Government must use what public money it has to fund more relevant qualifications.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Jul 2010 | 5:58 pm Goldman Sachs settles with SECGoldman Sachs agreed to pay a lower-than-expected $550m fine to settle US regulators’ accusations it misled investors in a mortgage-backed security – a move that ends the highest profile regulatory case since the end of the crisisSource: Financial Times - US homepage | 15 Jul 2010 | 5:54 pm Goldman Sachs to pay $550m to settle civil fraud chargeWASHINGTON - Goldman Sachs has agreed to pay $US550 million to settle civil fraud charges that the Wall Street giant misled buyers of mortgage-related investments.The settlement was announced by the Securities and Exchange Commission...Source: nzherald.co.nz - Business | 15 Jul 2010 | 5:30 pm Google profits fail to meet expectationsGoogle’s earnings fell short of Wall Street’s forecasts in its latest quarter in spite of unexpectedly robust revenues, as the search company continued to invest heavily for a new phase of growthSource: Financial Times - US homepage | 15 Jul 2010 | 5:24 pm Goldman Will Settle SEC Fraud Charges Over Mortgage Deal (Investor's Business Daily)Investor's Business Daily - Goldman Sachs NYSE:GS agreed to pay $550 million to settle SEC fraud charges Thursday, giving investors hope that the Wall Street giant is moving past the legal and public relations mess stemming from mortgage securities at the heart of the financial crisis.Source: Yahoo! News: Stock Markets News | 15 Jul 2010 | 5:20 pm BP 'stops oil leaking into the Gulf of Mexico'BP shares jump as it succeeds in stopping its Gulf of Mexico leak for the first time since an accident on April 20 killed 11 men and triggered a giant oil spill.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Jul 2010 | 5:18 pm Uni aims to develop 'bio-pesticide'Auckland University is aiming to genetically engineer a bacterium which has been exploited as a "bio-pesticide".The university's in-house biological safety committee has approved the development of genetically engineered forms...Source: nzherald.co.nz - Business | 15 Jul 2010 | 5:09 pm Goldman to settle with SEC for $550 million (Reuters)
Source: Yahoo! News: Stock Markets News | 15 Jul 2010 | 4:55 pm Volatility Signal From VIX Futures May Be Errant: Chart of DaySource: Bloomberg - All Podcasts | 15 Jul 2010 | 4:54 pm Oil Outlooks & Opinions’ Carl Larry Discusses BP: Taking StockSource: Bloomberg - All Podcasts | 15 Jul 2010 | 4:49 pm Ned Davis’s Hayes Discusses Double-Dip Recession: Taking StockSource: Bloomberg - All Podcasts | 15 Jul 2010 | 4:47 pm Banks urged to lend more to industryBritain's top banking executives have agreed to do more to encourage lending to UK industry in what has become a major issue for the Government.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 15 Jul 2010 | 4:47 pm Bernstein’s Winoker Discusses GE Earnings: Taking StockSource: Bloomberg - All Podcasts | 15 Jul 2010 | 4:38 pm NZ sharemarket slips earlyAir New Zealand shares edged up in early trading after the company, responding to a media report, said it had not bought any shares in airline Virgin Blue.The two airlines are seeking regulatory approval for an alliance on trans-Tasman...Source: nzherald.co.nz - Business | 15 Jul 2010 | 4:37 pm Marshall Front Discusses Financial Regulation: Taking StockSource: Bloomberg - All Podcasts | 15 Jul 2010 | 4:35 pm Inside Money: ASIC clears the smoke from CFDsAnd speaking of retail investors getting into investment products they don't really understand have a read of Reuters - The long-anticipated U.S. stock debut of Kohlberg Kravis Roberts & Co proved a disappointment on Thursday as investors shied away from the private equity firm that made its name with the leveraged buyout of RJR Nabisco in 1988.Source: Yahoo! News: Stock Markets News | 15 Jul 2010 | 4:17 pm Google earnings rise - but miss targetSAN FRANCISCO - Google's second-quarter earnings missed analysts' target as higher expenses and the fallout from the European debt crisis dragged down the internet search leader.The letdown stemmed from Google's expanding payroll...Source: nzherald.co.nz - Business | 15 Jul 2010 | 4:00 pm T. Boone Pickens Discusses BP Stock: First Word SpecialSource: Bloomberg - All Podcasts | 15 Jul 2010 | 3:57 pm DJIA's Seven-Session Streak Ends (Market Update)The stock market shook a few big monkeys off its back on Thursday.
Source: SmartMoney.com | 15 Jul 2010 | 3:45 pm Wall Street reform: On to ObamaThe Senate on Thursday afternoon passed the most sweeping set of changes to the financial regulatory system since the 1930s, sending the Wall Street reform bill to President Obama.Source: Business and financial news - CNNMoney.com | 15 Jul 2010 | 3:42 pm Goldman's $550 Million 'Mistake'by Jacob Goldstein The SEC is dropping its lawsuit against Goldman Sachs, after the bank agreed to pay $550 million to settle the case. (Here's the full settlement agreement.) The agency accused Goldman of defrauding investors in a CDO, one of those complicated bonds that lost huge amounts of value when the housing market went bust. The problem wasn't that the CDO lost value. It was that a hedge fund played a role in choosing what went into the CDO, then bet against it — and Goldman didn't tell people who invested in the CDO about the hedge fund's role. The SEC's complaint repeatedly cited the marketing materials Goldman used to pitch the CDO to investors — and noted that the materials didn't disclose the hedge fund's involvement. This pitch book, for example, describes the CDO at length without mentioning the hedge fund. Goldman has called that the SEC's accusations unfounded. And the company agreed to today's settlement "without admitting or denying the allegations." But the settlement does say it was a "mistake" for Goldman to fail to disclose the hedge fund's role in the process — and adds that "Goldman regrets that the marketing materials did not contain that disclosure." The settlement is the biggest ever between a Wall Street bank and the SEC, according to the agency. What about the Fabulous Fab? The SEC's complaint named both the company and Goldman VP Fabrice Tourre as defendants in the case. The agency said today that its litigation against Tourre will continue.
Source: NPR Blogs: Planet Money | 15 Jul 2010 | 3:42 pm BP jumps 7% after oil stops flowingBP's stock jumped Thursday after the energy company temporarily stopped the flow of oil from a ruptured well in the Gulf of Mexico for the first time since April.Source: Business and financial news - CNNMoney.com | 15 Jul 2010 | 3:34 pm Write-Offs: 07.15.10
$$$ Waco stripper found guilty of punching, biting fellow stripper during argument [WT] $$$ Penthouse Owner Makes Competing Bid for Playboy [CNBC] $$$ Greenspan Says Congress Should Let Bush’s Tax Cuts Lapse [Bloomberg]
 Source: Dealbreaker | 15 Jul 2010 | 3:30 pm Foreclosures continue to climbForeclosures continue to climb -- but this time it's due to unemployment or people who don't want to pay because they're underwater, not bad loans.Source: Marketplace | 15 Jul 2010 | 3:26 pm Grading the Financial Reform Bill (On the Street)The bill passed by the Senate will impact consumers, investors and banks.
Source: SmartMoney.com | 15 Jul 2010 | 2:54 pm Goldman Sachs Settles With SEC For Mere $550 Million, Shares RiseThe SEC once again proved that it cannot complete a large case against a major company. In a settlement that looks like those that it made with Bank of America (NYSE: BAC) over disclosures connected to its purchase of Merrill Lynch and a number of firms accused of backdating stock options to increase executive compensation, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Jul 2010 | 2:43 pm Google Earnings Trend Becomes That of Disappointment (GOOG)Google Inc. (NASDAQ: GOOG) has another round of earnings which are not going to be good enough for many. The search behemoth posted earnings of $6.45 EPS on ex-TAC revenues of $5.09 billion. Thomson Reuters has estimates of $6.52 EPS and $4.99 billion in ex-TAC revenues. This will mark the second big move downward after [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Jul 2010 | 2:38 pm European Auto Sales Continue to SlideSales of new cars in Europe, as measured by new car registrations, dropped in June for the third consecutive month. The slide is attributed to the end of what the Europeans call scrappage plans, better known in the US as the “cash-for-clunkers” program. The following chart shows the spike in new car registrations in March, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Jul 2010 | 2:33 pm Investments That Zig When Others Zag (Tradecraft)Hoenig: With so many stocks moving together, consider these currencies.
Source: SmartMoney.com | 15 Jul 2010 | 2:21 pm What Will The SEC’s “Significant Announcement” At 4:45 Be?
Update: And it’s Goldman learning 550 million “lessons.”
Source: Dealbreaker | 15 Jul 2010 | 2:00 pm Business leaders hit at tougher CO2 targetBusiness groups called the proposals “absurd”, “alarming” and “naive”, after ministers wrote in the Financial Times on Wednesday that the EU should cut emissions by 30 per cent by 2020, instead of the current target of 20 per centSource: Financial Times - US homepage | 15 Jul 2010 | 1:39 pm The Heroic Efforts Of Dr. McDreamy's Billing ClerkMike P. wrote to us recently after hearing our podcast on medical billing. He works as a medical biller, and writes that he listened to the billing episode while he "posted a 173 page Blue Cross/Blue Shield of Illinois payment voucher." The note continues: As billers we are constantly in the middle. Patients yell at us because the insurance company won't pay. The doctors yell at us because insurance companies keep lowering the rates that they pay the doctors. And the codes — did you know that you can have 10 different types of an office visit with your doctor? That's not counting the codes if you have a physical. Those are procedure codes otherwise known as CPT codes. After that you have the ICD-9 codes which are the reasons that the CPT is being done. So if you go to the Doctor for a cough you might be billed for a 99213 with an ICD-9 of 786.2. I could go on but it is so boring. Maybe that’s why you never see this end on TV shows. It's great to show the heroic efforts of Dr. McDreamy saving the life of someone. Those shows never show the heroic effort that McDreamy's biller is performing just to get that surgery paid. I just wanted to say how grateful I am that finally someone recognized me, the lowly little biller. Thank You, Mike P. Chicago, IL P.S. I will be emailing and faxing this letter, once you work with health insurance companies you learn to cover all avenues of communication. Source: NPR Blogs: Planet Money | 15 Jul 2010 | 1:30 pm Book Review: Accelerating Out of the Great Depression
How are you reacting to today’s recession? That seems to be the question most media sources are addressing today. But an objective, comprehensive look at the Great Recession is harder to find. Boston Consulting Group senior partners David Rhodes and Daniel Stelter attempt to do just that in their newest book, Accelerating Out of the Great Recession: How to Win in a Slow-Growth Economy. The book, which targets high-level corporate decisionmakers, covers how today’s economic crisis happened, what the current business environment looks like, and how companies can stay successful in current recessionary conditions. How They Figured it Out Rhodes and Stelter surveyed 450 executives in the US, UK, EU, and Japan to get a barometer of the current business climate. Those executives run companies with sales ranging from $1 billion to more than $20 billion. The book, in other words, targets leaders of large corporations, as one might expect from a consulting tome. Rhodes and Stelter also researched thousands of public companies that succeeded during the Great Depression, the 1970s-80s US stagflation period, and Japan’s Lost Decade. Through their research, they determined what factors made those companies succeed. Note that they did not include private companies, and do not focus much outside of their target geography. As a result, the book contains conditions and prescriptions specific to the US and particularly Europe, and is most applicable to large, public corporations. Inside the Book AOGR (to shorten the title) is divided into two parts. Part I explains we got into this crisis, what caused it, and why it will take years to recover. It compares the US now to Japan during its Lost Decade (1991-2001). You also learn about the things that typically happen during a prolonged recession: Consumers deleverage, governments become more interventionist, and global trade flows redirect, for example. The authors emphasize that although the world managed to avoid another Great Depression, we’re going to grow slowly. This is not a temporary blip in the economy, the way some might have us believe. No single region or country, notably China, has the economic heft to pull the world out of this. Part II tells you how to succeed as a business in the current economic conditions. It underlines what successful companies did to get out of the Great Depression, notably the Big 3 US automakers. You also learn how to protect your company’s fundamentals, for lack of better jargon, in recessionary conditions. Tips include reducing costs, keeping your business structure flexible (notably by avoiding vertical integration), and pricing strategically. After covering your defensive bases, AOGR tells you how to go to battle in a hypercompetitive, but recessive, economy. If you’re a regular business book reader, you’ve probably heard these tips before: Innovate, advertise and market more, invest in M&A, and don’t get into a price war, for example. The final chapter was my favorite. It gives you specific tips on leading your company during a recession. The authors share tips on relevant leadership issues, like dealing with globalization and honing your political skills. They also emphasize revisiting ethics, compensation systems, and shareholder influence. Thoughts AOGR provides a big-picture overview of current business conditions, based on a historical perspective. It offers sound prescriptions on how to succeed in recessionary conditions, bolstered by research and case studies. Despite containing a fair amount of business jargon, AOGR is not a technical read. It’s unusual to find an objective, comprehensive overview that’s this easy to understand. For that reason, I found AOGR valuable. I do have a few criticisms. For one, the book was a bit Eurocentric. I’d like to see any book talking about America’s economy go into more depth about endemic conditions like our lack of a manufacturing base, restricted capital flows, healthcare problems, and job-creation issues. Based on case studies and number of details on the European economy, I also got the sense that the authors, themselves Europeans, were more intimate with the Europe’s situation. Also, the book’s research was specific to large public corporations in Europe, Japan and the US. It doesn’t talk much about BRIC countries, which are crucial to today’s global economy. So I wouldn’t see it as a definitive, all-encompassing resource on thriving in the Great Recession. Rather, it applies most to the demographic, as it were, mentioned above. I recommend this practical, well-researched read to any corporate leader fitting the target audience. I also recommend it as a general overview for anyone who wants to read about the Great Depression in plain, historically-relevant language. If you want a more US-specific read, or a book that features more contentious material, look elsewhere. Disclosure: We received a free promotional copy of this book.
Source: Business Pundit | 15 Jul 2010 | 1:25 pm GSK to take £1.6bn legal chargeDrugs group expects to take a £1.57bn charge to resolve several long-running legal battles, including a probe into a former plant and litigation related to Paxil and Avandia, two blockbuster drugsSource: Financial Times - US homepage | 15 Jul 2010 | 1:08 pm Senate Goes 60-39 In Approval Of Financial Reform Bill
Source: Dealbreaker | 15 Jul 2010 | 1:07 pm 3 Questions The Finance Bill Doesn't Answerby Jacob Goldstein The Senate just passed the big finance bill by a vote of 60-39. Presdient Obama will soon sign it into law. But in the finance-overhaul drama, passing the bill is only Act I. "What we have now coming up — and it's probably in some ways the more crucial point — is Act II of the play, where the details are going to be fleshed out," Lawrence Kaplan, a lawyer with Paul Hastings in Washington, told me recently. There are several really important questions that the finance bill leaves unanswered. And it's likely to take years for regulators to answer them. Here are three crucial issues. Which companies are subject to the bill? The Federal Reserve, in addition to regulating banks, will oversee some big companies that aren't banks. For a company to fall under the Fed's authority, a council of federal regulators will have to agree by a 2/3 vote that there would be "negative effects on the financial system if the company failed." Or the council could find that a company's activities "would pose a risk to the financial stability of the U.S.," according to this summary of the bill. So which companies fit that description? "We can guess who they are, but we don't know," Kaplan said. The list could include mortgage companies, credit-card companies, and others. For national banks, when does federal law trump state law? Lots of states have banking laws about things that are important to consumers — things like ATM surcharges, and mortgage fees. There's been a long legal back-and-forth about when those laws apply to national banks, and when federal law trumps state law. In general, the details of the new bill mean the legal pendulum is likely to swing toward upholding state laws, Kaplan said. But the bill doesn't make clear which laws will stand. It leaves it up to a federal regulator to decide on a case-by-case basis — and the regulator's decisions arelikely to be challenged in court. How much money do banks have to hold as a safety cushion? This one sounds simple, but it's among the most important variables in determining how well banks can weather crises: How much money do banks have to hold in reserve? And how accessible does that money have to be? These two issues are known as capital and liquidity requirements. The bill sets broad guidelines, but largely punts on the issue. An amendment offered in the Senate would have big banks to hold bigger safety cushions, but it was opposed by the Obama Administration and ultimately defeated. "Wat should liquidity requirements be? The bill doesn't really say," Charles Calomiris, a finance professor at Columbia, told us recently. "How exactly do we establish capital requirements that vary with the size and complexity of the institution? It doesnt really say." Instead, capital and liquidity requirements are likely to be guided by international standards known as Basel III. Those standards are being negotiated this year. And, as the WSJ reported this morning, banks appear to be gaining ground in their push to make the new Basel rules less stringent than originally proposed. For more on the bill's unanswered questions: Listen to Tuesday's podcast, and read excerpts from our interview with Barney Frank. Source: NPR Blogs: Planet Money | 15 Jul 2010 | 1:03 pm Bringing both sides for conservationLike a lot of things, environmental conservation is another issue that divides conservatives and liberals -- but maybe it can turn into a bipartisan issue with a little bit of tweaking on how the conservation message is conveyed.Source: Marketplace | 15 Jul 2010 | 1:02 pm The ad campaign you wish you wereKai Ryssdal talks to Iain Tait of Wieden+Kennedy, the marketing firm behind Old Spice's latest marketing campaign, which includes rapid video responses to fans of the commercials.Source: Marketplace | 15 Jul 2010 | 1:02 pm Progress in Haiti slow due to lack of fundsContractors are frustrated with the delays and lack of funding that are preventing them from reconstructing Haiti. Kenny Malone reports.Source: Marketplace | 15 Jul 2010 | 1:02 pm China stops subsidizing polluting industriesThe Chinese government withdrew its subsidies from some the country's most energy-intensive industries to stop paying polluters and also to show the world that it's economy is stable enough to make the withdrawal.Source: Marketplace | 15 Jul 2010 | 1:02 pm JP Morgan's success not what it seemsJP Morgan appeared to have blown everyone's expectations by posting $4.8 billion in profits, but read between the lines, and there's some interesting accounting that made for a seemingly successful quarter.Source: Marketplace | 15 Jul 2010 | 1:01 pm Big picture near finished, then little detailsThe financial reform bill is just one signature away from becoming law, but that won't be the end -- a whole new round of tough decision-making will start for federal agencies.Source: Marketplace | 15 Jul 2010 | 1:01 pm Rush Limbaugh Is Calling Apple A Buy
So there you have it, ladies. And for those of you foaming at the mouth for more of Limbaugh’s wisdom, you’ll be pleased to hear we have it on good authority the newly-minted stock picker has plans to keep this up, though it will be mostly relegated to the sector in which he has the most experience, Big Pharma.
Source: Dealbreaker | 15 Jul 2010 | 12:51 pm Vikram Pandit: Government Should Be Out Of Our Hair By The End Of The Year
Source: Dealbreaker | 15 Jul 2010 | 12:29 pm A Real Estate Agent's DiarySelling a house is hardly a slam-dunk these days. A quick tour.
Source: SmartMoney.com | 15 Jul 2010 | 12:27 pm JPMorgan signals end of Wall St reboundThe US bank confirms investors’ fears that Wall Street’s year-long rebound from the financial crisis had come to a halt, offsetting steady improvement in the financial health of the countrySource: Financial Times - US homepage | 15 Jul 2010 | 12:09 pm Judge Posner Advocates Financial Counterpart to CIA: BLAWSource: Bloomberg - All Podcasts | 15 Jul 2010 | 12:00 pm Presented By:Source: Dealbreaker | 15 Jul 2010 | 11:27 am How Much Would You Pay For A Topless Picture Of Jim Cramer?
I’m asking because apparently Geoffrey Raymond, the preeminent artist of our time, is selling the above for $40,000. If you’re interested but need to see it up close before writing a check, Raymond is displaying it right now in front of the NYSE. In related news, who here pictured JC having that much chest hair? I personally never gave it much thought but now confronted with the question I’d have to say yeah, he’s probably pretty rug-like. (Perhaps not so much as a result of genetics but one misguided summer as a lifeguard on Jones Beach, not realizing the consequences of taking a razor to his chest.)
Source: Dealbreaker | 15 Jul 2010 | 11:27 am Hank Paulson Apparently Still Somewhat Defensive About Criticism Over Taking Ski Vacation While Wall Street Burned To The Ground
Apparently he thought wrong and took a good amount of heat for the “me time.” But that was eons ago and while maybe we could understand bristling at the notion he was maxing and relaxing as the shit hit the fan while trying to hock his book, at this point, we figured he wouldn’t so much give a rat’s ass. Apparently such is not the case, as evidenced by this vehement denial that Hank was the Paulson who just bought an Aspen Lakes Ranch for $24.5 million, when in fact it was that other guy with the name last name. So, fuck hugh, hack reporters! (But confidential to JP, he will take an invite.)
Source: Dealbreaker | 15 Jul 2010 | 11:10 am 4 Reasons Tighter Credit Is Good for Small BusinessThis is a guest contribution by Steve Sildon. American small businesses have suffered dramatically since the 2008 economic downturn. Discretionary spending has fallen across the board. Hiring has been at a near standstill for more than two years. Credit standards have tightened significantly for small businesses, particularly for those whose finances are closely intertwined with their owners’ personal finances. The majority of small business owners have had a difficult time getting the credit they need. Even those small business that have managed to grow during the Great Recession have struggled mightily with tougher credit standards, throttling both top line sales growth as well as new hiring. This is a double whammy for economic growth. Despite the stringent new credit environment, many people have failed to recognize that tightening credit standards have actually served to benefit small business owners in many ways. Here are 4 reasons that tighter credit has actually been good for small business owners:
So, while tighter credit conditions have undoubtedly been incredibly challenging for consumers and business owners alike, these new credit standards have led to many unrecognized benefits for small business owners. Effectively forcing small businesses to sharply curtail excessive spending on credit, engaging in more frugal buying behavior, sourcing more creative financing options as well as developing lean and mean operating structures–all of these factors have forced many small businesses to get better even in the face of a very difficult operating environment. Steve Sildon is managing editor for Credit Card Assist and has been a guest contributor on many of the top personal finance blogs, writing about small business finance topics, including small business loans and lines of credit, small business credit cards as well as equipment and commercial financing.
Source: Business Pundit | 15 Jul 2010 | 10:00 am Google Earnings Set to Move Peers, a Full Preview (GOOG, BIDU, YHOO, MSFT, AAPL)Google Inc. (NASDAQ: GOOG) is on deck for earnings after the close. We have given a full review and preview for earnings, along with what analyst targets are, what the chart reading is, what options traders are looking for in the share price move, and a comparison to the previous quarter. Google’s earnings may have [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 15 Jul 2010 | 9:54 am Ex-Hedge Fund Manager’s Luck Not Yet Turned Around
A former hedge fund manager was beaten by his wife with a full bottle of wine following an argument this weekend. Susan Van Cook was arrested on Sunday, after Greenwich Hospital notified Rye, N.Y., police that her husband sought treatment for his injuries, which included a bite on the forearm. Joseph Van Cook, who was found to have late-traded mutual fund shares while working at Pritchard Capital Partners, required three staples and several stitches. “It was supposedly a full bottle of wine” Susan Van Cook used to hit her husband in the head, Lt. Joseph Verille of the Rye police told the Journal News. Police: Hedge Fund Manager Assaulted By Wife With Wine Bottle [FINalternatives]
Source: Dealbreaker | 15 Jul 2010 | 9:46 am Home Reposessions at Record High
Bank repossessions were at a record high in Q2, according to RealtyTrac. Reuters has more: Banks took control of 269,962 properties in the second quarter, up 5 percent from the prior quarter and a 38 percent spike from the second quarter of last year, RealtyTrac said in its midyear 2010 foreclosure report. Repossessions will likely top 1 million this year. “The underlying conditions haven’t improved,” RealtyTrac senior vice president Rick Sharga said in an interview. The housing market still grapples with “unemployment, economic displacement in general, and still sits on over 5 million seriously delinquent loans that in all likelihood will at some point go into foreclosure,” he said. In 2005, the last “normal” year in housing, Sharga said, about 530,000 households got a foreclosure notice and banks took over a comparatively minuscule 100,000 houses. One in every 78 households got at least one foreclosure filing in the first six months of this year. Anybody still questioning the double dip?
Source: Business Pundit | 15 Jul 2010 | 9:38 am Indian Rupee Gets a New Currency Symbol
“It’s a big statement on the Indian currency… The symbol would lend a distinctive character and identity to the currency and further highlight the strength and global face of the Indian economy,” Information and Broadcasting Minister Ambika Soni told reporters after the cabinet meeting. Though the symbol will not be printed or embossed on currency notes or coins, it would be included in the ‘Unicode Standard’ and major scripts of the world to ensure that it is easily displayed and printed in the electronic and print media. The symbol will be adopted in a span of six months in the country, and within 18 to 24 months globally, Soni said, adding that it will feature on computer keyboards and softwares for worldwide use. Soni said that the symbol, which reflects the Indian ethos and culture, would help distinguish the currency from the rupee or rupiah of other countries like Pakistan, Nepal, Sri Lanka and Indonesia. The New York Times adds: For India, the next step after government approval is submission to the Unicode Consortium, a not-for-profit organization of many of the world’s largest software manufacturers, which has created standard computer coding to represent many of the world’s languages. An Indian technology trade organization, Nasscom, will ask software developers to include the symbol in their new products, and Indian keyboard manufacturers will be encouraged to include it new products. Currency symbols are supposed to reflect status and economic strength. But when you think about the Kazakhstani tenge and the Nigerian naira, which both have their own symbols, that doesn’t quite hold up. I think a currency symbol has more of a nationalistic function in practice. It’s a way to unite a country and make its citizens proud.
Source: Business Pundit | 15 Jul 2010 | 9:11 am Schneider’s Gallo on Euro, BGC’s Wheeldon on Stocks: First WordSource: Bloomberg - All Podcasts | 15 Jul 2010 | 8:55 am Bank of America Plans Volatility Exchange-Traded Note: AudioSource: Bloomberg - All Podcasts | 15 Jul 2010 | 8:50 am Who Wants Some Pretty Decent Odds Of Getting Laid Tonight (For Charity)?
Like fish in a barrel amiright? And speaking of fish…
Champagne, Massage Lure Hedge Fund Women to Support New York City Students [Bloomberg]
Source: Dealbreaker | 15 Jul 2010 | 8:20 am Man Fined $2,000 For Taking Garbage From Sidewalkby Jacob Goldstein 
iStockphoto.com
This garbage belongs to the city. A guy in Queens, New York saw an air conditioner sitting on the sidewalk. "There was a lady here," Paul Lawrence told WCBS, a local TV station. "I asked the lady can I take the air conditioner. She said go ahead take it. It's garbage." So he took it. A city sanitation worker saw the guy take the air conditioner — and fined him $2,000. The car he was driving, which belongs to his aunt, was impounded — and his aunt was also fined $2,000. As it turns out garbage on New York sidewalks belongs to the city. A few years back, the city passed a law designed to deter organized "theft" of recycling people set out on the curb. Those thefts cost the city $300,000 per year, according to WCBS. The fines only apply when people take things set out with the trash and load it into a car. Hat Tip: Felix Salmon Source: NPR Blogs: Planet Money | 15 Jul 2010 | 7:56 am Inside JPMorgan's Huge Profits: Better Borrowersby Jacob Goldstein JPMorgan Chase said today that it made $4.8 billion in profits in the second quarter of this year. That was 76 percent more than it made a year earlier, and more than analysts were expecting. But a big chunk of that came from an accounting move. The company lowered its loan-loss reserves — the amount of money it sets aside in anticipation that borrowers won't pay back their loans — by $1.5 billion. Under accounting rules, that money counts towards the firm's profits. (By the same token, increasing loan-loss reserves counts against profits.) The lower loan-loss reserves reflect more reliable payents from borrowers. Relatively speaking, that's a good sign for the economy. But even though the rate of delinquency is falling, it's still high by historical stanards, the bank said. Here, in bankspeak, is how the company explained the situation for its real-estate loans:
Source: NPR Blogs: Planet Money | 15 Jul 2010 | 6:50 am The Fast Track to Jesus
Source: Business Pundit | 15 Jul 2010 | 4:28 am
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