Currencies: Dollar gains against major counterparts in Asia

The dollar is higher against most major counterparts in Asian trading Tuesday, but mostly treads water against its Japanese counterpart.

Source: MarketWatch.com - Top Stories | 20 Jul 2010 | 4:13 am

World markets await Goldman Sachs earnings (AP)

AP - European stock markets were little changed Tuesday as investors awaited earnings from U.S. banking giant Goldman Sachs later, while Japanese shares were hit hard by mounting concerns that a rising yen will hurt exports.

Source: Yahoo! News: Stock Markets News | 20 Jul 2010 | 4:12 am

BP May Face $18 Billion In Fines From US

The US Clean Water Act has provisions that could allow the American government to charge BP plc (NYSE: BP) up to $4,300 per barrel of oil spilled into the Gulf. According to The New York Times, if the government determines that the spill was the result of gross negligence, the fine jumps to $4,300 a [...]

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Source: 24/7 Wall St. | 20 Jul 2010 | 4:08 am

Fed workers to be urged to commute, travel less (AP)

AP - President Barack Obama wants federal workers to cut down on business travel and commuting by car as he seeks to reduce heat-trapping emissions produced by the federal government.
Source: Yahoo! News: Business News | 20 Jul 2010 | 4:06 am

Stocks set for mild open

U.S. stocks looked set for a modestly lower open Tuesday, ahead of another batch of corporate earnings.
Source: Business and financial news - CNNMoney.com | 20 Jul 2010 | 4:03 am

Nationwide ends England team deal

Nationwide ends its sponsorship of the England football team, as well as deals with Scotland, Wales and Northern Ireland.
Source: BBC News - Business | 20 Jul 2010 | 4:03 am

Indications: U.S. stock futures point south, IBM gloom weighs

U.S. stock futures pointed to losses for Wall Street on Tuesday, with weaker-than-expected results from IBM souring sentiment, as investors awaited earnings reports from a string of companies including Goldman Sachs.

Source: MarketWatch.com - Top Stories | 20 Jul 2010 | 4:02 am

Nokia rebounds as group reportedly seeks new CEO

Nokia's shares bounce Tuesday after a report that the world’s largest mobile-phone maker is looking for a replacement for Chief Executive Olli-Pekka Kallasvuo.

Source: MarketWatch.com - Top Stories | 20 Jul 2010 | 3:57 am

UK borrowing worse than expected

The level of new public sector borrowing in June hit 14.5bn official figures show, worse than analysts had expected.
Source: BBC News - Business | 20 Jul 2010 | 3:54 am

China Admits Europe Is A Problem

It may be a ruse, but China now says that problems in the economies of Europe will undermine the growth of its export in the second half.  The Ministry of Commerce said “The sovereign debt crisis has made many EU countries shift to fiscal austerity from fiscal expansion, which will greatly restrict consumption and investment [...]

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Source: 24/7 Wall St. | 20 Jul 2010 | 3:52 am

EADS eyes US in A400M plane deal

Manufacturers of the A400M, a military transport aircraft, hope to pick up orders from the US when it is shown at the Farnborough Airshow.
Source: BBC News - Business | 20 Jul 2010 | 3:47 am

UPDATE 1-SAP, Sybase deal set to win EU OK this week-source

BRUSSELS, July 20 (Reuters) - German software maker SAP AG is set to gain unconditional EU regulatory approval this week for its $5.8 billion takeover of Sybase to move ahead of rival Oracle , a source...
Source: RSS feed - channel BNewsBusiness | 20 Jul 2010 | 3:44 am

Switch to a better bank account

As banks are again accused of ripping off their customers, we identify the best accounts to switch to.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Jul 2010 | 3:41 am

Honda sets 2012 electric car date

Honda says it will start selling electric and plug-in hybrid cars in the US and Japan from 2012
Source: BBC News - Business | 20 Jul 2010 | 3:39 am

UPDATE 1-Deals of the day -- mergers and acquisitions

July 20 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 1020 GMT on Tuesday.
Source: RSS feed - channel BNewsBusiness | 20 Jul 2010 | 3:35 am

Economic Report: U.K. June government borrowing tops forecasts

Borrowing by Britain’s public sector topped forecasts in June as growth in tax receipts slowed, government data showed Tuesday.

Source: MarketWatch.com - Top Stories | 20 Jul 2010 | 3:35 am

Extended Job Benefits: Ethics And Economics Join Hands

The bill to extend jobless benefits has already passed the House but has been blocked in the Senate for nearly two months. The Administration has two Republicans who will support the legislation, and Senator Robert Byrd’s replacement will also vote in favor of the package. The economic fates of 2. 5 million American are at [...]

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Source: 24/7 Wall St. | 20 Jul 2010 | 3:32 am

Pound slips on wider-than-expected UK Budget deficit

Hopes for a rapid improvement in Britain's finances suffered a setback after public sector borrowing last month was higher than forecasts.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Jul 2010 | 3:32 am

Shanghai paces Asia stock gains, Tokyo shares drop

Asian markets end mostly higher as Chinese stocks march ahead on continued expectations Beijing will avoid further tightening measures as the nation’s economic growth moderates.

Source: MarketWatch.com - Top Stories | 20 Jul 2010 | 3:31 am

Funding shift for mortgage rescue

Government funding for a scheme aimed at helping those facing home repossessions in England is to be reduced.
Source: BBC News - Business | 20 Jul 2010 | 3:30 am

IBM revenues disappoint markets

IBM disappoints markets with weak second-quarter revenues, despite reporting stronger-than-expected profits.
Source: BBC News - Business | 20 Jul 2010 | 3:28 am

Stock index futures down as Goldman results eyed

LONDON (Reuters) - Futures for the S&P 500, Dow Jones and Nasdaq were down 0.2 to 0.3 percent at 900 GMT (5 a.m. EDT), pointing to a lower open on Wall Street on Tuesday.

Source: Reuters: Business News | 20 Jul 2010 | 3:26 am

Stock index futures down as Goldman results eyed (Reuters)

Reuters - Futures for the S&P 500, Dow Jones and Nasdaq were down 0.2 to 0.3 percent at 900 GMT (5 a.m. EDT), pointing to a lower open on Wall Street on Tuesday.

Source: Yahoo! News: Stock Markets News | 20 Jul 2010 | 3:26 am

Stocks rise amid conflicting signals

Global Markets Overview: The FTSE All-World equity index is higher by 0.2%, commodities are gaining ground and the dollar is flirting with its lowest level in 10 weeks
Source: Financial Times - US homepage | 20 Jul 2010 | 3:26 am

UK tax system 'to be simplified'

Chancellor George Osborne launches the Office for Tax Simplification to tackle the "spaghetti bowl" of UK tax laws.
Source: BBC News - Business | 20 Jul 2010 | 3:23 am

Mortgage lending picks up in June

Mortgage lending in the UK rose by 15% in June to 13.1bn, according to the Council of Mortgage Lenders
Source: BBC News - Business | 20 Jul 2010 | 3:22 am

Air show fuels hope of better days for airlines (AP)

AP - A flurry of orders for arch rival plane makers Boeing Co. and Airbus signaled an optimistic start to the Farnborough International Airshow — and more began to roll in on Tuesday at the industry's premier event.

Source: Yahoo! News: Business News | 20 Jul 2010 | 3:19 am

Ryanair Q1 profit falls over volcano, fuel costs (AP)

AP - Irish budget airline Ryanair reported a 24 percent drop in first-quarter net profit Tuesday, citing euro50 million ($65 million) in lost business from the Icelandic volcano as well as a rising fuel bill — but the carrier says it remains poised to keep expanding.
Source: Yahoo! News: Business News | 20 Jul 2010 | 3:16 am

London Markets: Stocks in London gain, buoyed by miners

Stocks in London rose Tuesday, buoyed by the mining sector, while shares of Vodafone Group declined after a broker downgraded its rating on the mobile communications giant.

Source: MarketWatch.com - Top Stories | 20 Jul 2010 | 3:06 am

Nokia Siemens wins $7bn Harbinger deal

The New York-based hedge fund founded by Philip Falcone has awarded a contract to Nokia Siemens Networks to build a high-speed mobile phone network in the US
Source: Financial Times - US homepage | 20 Jul 2010 | 3:02 am

Are Credit-Card Annual Fees Reason to Walk? (Card Sharp)

As more cards mull fees, a look at when it makes sense to pay up.

Source: SmartMoney.com | 20 Jul 2010 | 3:01 am

3 Value Stocks for the Impatient (Screens)

These shares are inexpensive, despite solid gains in recent days.

Source: SmartMoney.com | 20 Jul 2010 | 3:01 am

How We Sold a House

The housing market may be recuperating, but home sellers are in uncharted territory. Would becoming a real estate agent raise our game?

Source: SmartMoney.com | 20 Jul 2010 | 3:01 am

Buying Household Staples Online (Deal of the Day)

Shopping on the web for basics can be convenient -- and pricey.

Source: SmartMoney.com | 20 Jul 2010 | 3:01 am

Tapping Into the Full Power of ETFs

Five leading advisors explain how they're using ETFs to profit from volatility.

Source: SmartMoney.com | 20 Jul 2010 | 3:00 am

World Cup record for William Hill

William Hill says it enjoyed one of the best World Cups in 40 years, but was hit by losses at the Royal Ascot race meeting.
Source: BBC News - Business | 20 Jul 2010 | 2:59 am

Toyota: The Real Beatings Begin

There has not been much news about the recalls of Toyota Motor (NYSE: TM) cars and trucks recently. The largest of these happened in the winter and involved more than 8 million vehicles worldwide. Toyota paid the Transportation Department a minor $16.4 million fine, the largest it could levy under current law. Analysts believe that [...]

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Source: 24/7 Wall St. | 20 Jul 2010 | 2:55 am

Honda plans electric vehicle, plug-in in 2012 (AP)

AP - Honda will start selling an electric vehicle as well as a plug-in hybrid in 2012 in the U.S. and Japan, joining the race to manufacture green cars in which rivals have already taken slight leads.

Source: Yahoo! News: Business News | 20 Jul 2010 | 2:52 am

China satisfied with Google search engine tweaks

BEIJING (Reuters) - China is satisfied that U.S. Internet giant Google Inc is complying with Chinese laws after it tweaked the way it directs users to an unfiltered search page, a senior official said on Tuesday.

Source: Reuters: Business News | 20 Jul 2010 | 2:46 am

SEC chief appearing after Goldman deal (AP)

AP - The head of the Securities and Exchange Commission is appearing before Congress days after the passage of sweeping financial regulation that gives the agency new powers and a landmark settlement of civil fraud charges with Goldman Sachs & Co.

Source: Yahoo! News: Stock Markets News | 20 Jul 2010 | 2:45 am

BP's fine could hit the billions

Just how much will BP pay in fines to the U.S. government? In a worst case scenario, they could top $18 billion.
Source: Business and financial news - CNNMoney.com | 20 Jul 2010 | 2:39 am

Intel Dodges Antitrust Charges Because It Sells Hardware

Intel Corporation (NASDAQ: INTC) is either lucky or good. It managed to walk away from FTC monopoly charges with barely a hand slap. The FTC cannot levy fines, so it will simply set up rules to govern the large chip company’s marketing. The FTC case was built on years-long efforts by Intel to crush the [...]

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Source: 24/7 Wall St. | 20 Jul 2010 | 2:32 am

Democrats to give jobless benefits another vote (AP)

AP - Millions of people stuck on the jobless rolls would receive an extension of unemployment benefits averaging $309 a week under a Senate bill that appears set to break free of a Republican filibuster.

Source: Yahoo! News: Business News | 20 Jul 2010 | 2:32 am

Ryanair profit falls on volcanic ash cancellations, fuel costs

Disruption caused Iceland's volcanic ash cloud cost Ryanair $50m in the three months to the end of June, Europe's biggest low-cost carrier said on Tuesday.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Jul 2010 | 2:32 am

RBS gets trio of bids for WorldPay unit -source

LONDON, July 20 (Reuters) - Royal Bank of Scotland received three bids for its $4 billion payment processing business WorldPay by Monday's deadline, a person familiar with the matter said.
Source: RSS feed - channel BNewsBusiness | 20 Jul 2010 | 2:31 am

Earnings compete with economy to drive assets

LONDON (Reuters) - Financial markets juggled with competing drivers on Tuesday as investors generally boosted stocks in the hope of more good earnings reports and the dollar slipped on concerns about the U.S. economy.

Source: Reuters: Business News | 20 Jul 2010 | 2:26 am

Pay your airway

With airlines struggling, how are the deals being funded?
Source: BBC News - Business | 20 Jul 2010 | 2:24 am

Asia markets mostly rise amid jump in China shares (AP)

AP - Asian markets mostly rose Tuesday, shrugging off weak U.S. corporate results as Chinese shares leapt for a second day amid expectations Beijing will moderate its efforts to cool the world's No. 3 economy. European stocks were mostly lower.

Source: Yahoo! News: Business News | 20 Jul 2010 | 2:23 am

AdMob: Putting ads into apps

In case you haven't noticed, the relationship between Apple and Google is starting to get a little frosty. One person at the center: Omar Hamoui, the founder of mobile ad network AdMob, which places ads in apps. Both companies made aggressive bids for AdMob last fall, but Google won out, forking over $750 million in stock. That makes Hamoui a pioneer in an exploding new industry -- and a likely contender for Fortune's 2010 40 Under 40 list.
Source: Business and financial news - CNNMoney.com | 20 Jul 2010 | 2:19 am

SAP, Sybase deal set to win EU ok this week-source

BRUSSELS, July 20 (Reuters) - German software maker SAP AG is set to gain unconditional European Union regulatory approval this week for its $5.8 billion takeover of Sybase , a source close to the case...
Source: RSS feed - channel BNewsBusiness | 20 Jul 2010 | 2:17 am

Boeing feedback "varied" on 737 re-engine

FARNBOROUGH, England (Reuters) -- Boeing Co's decision on whether to re-engine or redesign its hot-selling narrow-body 737 is largely in the hands the customers, the head of marketing for Boeing Commercial Airplanes said on Tuesday.

Source: Reuters: Business News | 20 Jul 2010 | 2:14 am

French workers agree to General Motors factory plans

* Workers agree benefit cuts, salary freeze as part of deal
Source: RSS feed - channel BNewsBusiness | 20 Jul 2010 | 2:11 am

The wrong fix for small businesses

In a speech last week, Federal Reserve chairman Ben Bernanke said banks across the country are systematically denying loan requests from financially credible small businesses. Bernanke implored community banks to lend more to small businesses, saying they are "crucial to America's recovery."
Source: Business and financial news - CNNMoney.com | 20 Jul 2010 | 2:07 am

Oil hovers below $77 amid mixed signs on economy (AP)

AP - Oil prices hovered below $77 a barrel Tuesday in Asia as crude traders wait for clearer signals on the strength of the global economy and stock markets.

Source: Yahoo! News: Business News | 20 Jul 2010 | 2:05 am

Toyota says subpoenaed by U.S. federal grand jury

TOKYO (Reuters) - Toyota Motor Corp said on Tuesday it has been subpoenaed by a federal grand jury in New York to turn in documents related to a problem with a component in the steering mechanism in some of its vehicles.

Source: Reuters: Business News | 20 Jul 2010 | 2:05 am

Toyota says subpoenaed by U.S. federal grand jury (Reuters)

Reuters - Toyota Motor Corp said on Tuesday it has been subpoenaed by a federal grand jury in New York to turn in documents related to a problem with a component in the steering mechanism in some of its vehicles.

Source: Yahoo! News: Business News | 20 Jul 2010 | 2:05 am

Europe Markets: Europe on track to snap four-session losing streak

Miners advance along with metal futures, airline Ryanair gains after reporting earnings, and Nokia shares also climb.

Source: MarketWatch.com - Top Stories | 20 Jul 2010 | 1:55 am

Bank of America's dark cloud

Bank of America's fears about Wall Street reform are giving the whole banking industry a case of the jitters.
Source: Business and financial news - CNNMoney.com | 20 Jul 2010 | 1:54 am

Media Digest 7/20/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

WSJ: Nokia (NYSE: NOK) will begin the search for a new CEO. Reuters:   BP plc (NYSE: BP) will continue its work on the leaking well and said seepage had nothing to do with its efforts. Reuters:   China approved Google’s (NASDAQ: GOOG) search engine tweaks. Reuters:   A deal between Intel Corporation (NASDAQ: INTC) and the FTC [...]

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Source: 24/7 Wall St. | 20 Jul 2010 | 1:51 am

China denies IEA label as world's top energy user

BEIJING (Reuters) - China on Tuesday denied a report that it had surpassed the United States last year to become the world's largest energy user.

Source: Reuters: Business News | 20 Jul 2010 | 1:29 am

Buy-to-let: demand for rented accommodation at record levels

Demand for rented accommodation reached record levels during the second quarter of the year.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Jul 2010 | 1:16 am

Among militaries, helicopters reign over austerity

Global defense budgets are being whittled down and the world’s largest weapons buyer, the U.S. Pentagon, is shifting its resources away from expensive equipment, but demand for helicopters hasn’t slowed down.

Source: MarketWatch.com - Top Stories | 20 Jul 2010 | 1:16 am

Keep your savings ahead of inflation

The end of NS&I certificates has made decent rates harder to find.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Jul 2010 | 1:05 am

Market closes up over 1 per cent

The New Zealand sharemarket turned its back on three consecutive days of decline, building momentum after an early small gain to close up more than 1 per cent.The benchmark NZX-50 index ended the session up 30.77 points, or 1.04...
Source: nzherald.co.nz - Business | 20 Jul 2010 | 1:05 am

Farnborough Airshow 2010: first day in pictures

The first day of the 2010 Farnborough Airshow was full of magnificent flying machines.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Jul 2010 | 1:03 am

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.

Source: MarketWatch.com - Top Stories | 20 Jul 2010 | 1:01 am

Spurned Chase cardholder deserves credit

Matthew Pinnavaia sued Chase after the bank closed his two business accounts and four personal accounts even though the balance on each card was no more than $4,000. He may win a $2-million judgment.

Matthew Pinnavaia was among the hundreds of thousands of people whose credit card accounts were either shut down or limited over the last couple of years as banks grappled with the meltdown of the financial markets.

Source: L.A. Times - Business | 20 Jul 2010 | 1:00 am

'Despicable Me' turns Universal into a digital animation film player

The movie, which has taken in $118.4 million in 10 days, rewards the studio's quest for a family-friendly animated blockbuster. Much of the credit goes to producer Chris Meledandri.

For Universal Pictures, all it took was some puny yellow minions to tackle the giants of animation.

Source: L.A. Times - Business | 20 Jul 2010 | 1:00 am

Spurned Chase cardholder deserves credit

Matthew Pinnavaia sued Chase after the bank closed his two business accounts and four personal accounts even though the balance on each card was no more than $4,000. He may win a $2-million judgment. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2010 | 1:00 am

Apple says users can opt out of its location data collecting

Apple Inc. acknowledged Monday that it collects batches of precise user location data from owners of its mobile and computer products but said that users can keep themselves from being part of the data collection.

Source: L.A. Times - Business | 20 Jul 2010 | 1:00 am

iPhone rivals call out Steve Jobs

Cellphone makers rebuff the Apple chief's claim that their handsets have similar antenna problems. Some of the...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2010 | 1:00 am

Builder confidence drops to lowest level in 15 months

The decline in the National Assn. of Homebuilders' housing market index is attributed to the expiration of federal tax credits and the lackluster economic recovery.

Builder confidence in the new home market was shaken in July, slumping to its lowest level since the depths of the economic downturn last year as government stimulus programs for buyers ended and the economic recovery remained lackluster.

Source: L.A. Times - Business | 20 Jul 2010 | 1:00 am

Steven Udvar-Hazy returns to aircraft leasing in a big way

With a multibillion-dollar deal to buy 51 Airbus airliners for his start-up Air Lease Corp. and an eye on 50 Boeing planes, the aircraft leasing pioneer says he's ready to regain the industry's top perch.

Just days after officially announcing his return to the aircraft leasing business he pioneered, Steven Udvar-Hazy took center stage at one of the world's premier air shows to reveal he had signed a multibillion-dollar deal to buy 51 Airbus airliners.

Source: L.A. Times - Business | 20 Jul 2010 | 1:00 am

Obama keeps pressure on GOP on jobless aid

Even as Senate Democrats are expected to defeat a filibuster on an extension of unemployment benefits, the president doesn't relent in his attack. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2010 | 1:00 am

Amazon.com says it's selling 80% more downloaded books than hardcovers

"The Kindle format has now overtaken the hardcover format," says Jeff Bezos, Amazon's chief executive. A drastic cut in the price of the Kindle portable reader is probably a major factor. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2010 | 1:00 am

CalSTRS reports 12.3% gain on investments

After two years of losses, the California teachers pension fund posts an annual profit. For the first time in...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2010 | 1:00 am

CalSTRS reports 12.3% gain on investments

After two years of losses, the California teachers pension fund posts an annual profit.

For the first time in three years, California's second-largest public pension fund reported positive annual earnings.

Source: L.A. Times - Business | 20 Jul 2010 | 1:00 am

Amazon.com says it's selling 80% more downloaded books than hardcovers

"The Kindle format has now overtaken the hardcover format," says Jeff Bezos, Amazon's chief executive. A drastic cut in the price of the Kindle portable reader is probably a major factor.

There's more evidence that digital books are upending the publishing industry.

Source: L.A. Times - Business | 20 Jul 2010 | 1:00 am

'Despicable Me' turns Universal into a digital animation film player

The movie, which has taken in $118.4 million in 10 days, rewards the studio's quest for a family-friendly animated blockbuster. Much of the credit goes to producer Chris Meledandri. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2010 | 1:00 am

Steven Udvar-Hazy returns to aircraft leasing in a big way

With a multibillion-dollar deal to buy 51 Airbus airliners for his start-up Air Lease Corp. and an eye on 50 Boeing planes, the aircraft leasing pioneer says he's ready to regain the industry's top perch...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2010 | 1:00 am

Apple says users can opt out of its location data collecting

Apple Inc. acknowledged Monday that it collects batches of precise user location data from owners of its mobile and computer products but said that users can keep themselves from being part of the data...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2010 | 1:00 am

Builder confidence drops to lowest level in 15 months

The decline in the National Assn. of Homebuilders' housing market index is attributed to the expiration of federal tax credits and the lackluster economic recovery. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jul 2010 | 1:00 am

iPhone rivals call out Steve Jobs

Cellphone makers rebuff the Apple chief's claim that their handsets have similar antenna problems.

Some of the world's biggest cellphone makers sent a strong signal Monday to Apple Inc. Chief Executive Steve Jobs: The iPhone 4's antenna problem is his alone.

Source: L.A. Times - Business | 20 Jul 2010 | 1:00 am

TUI aims to take Dreamliner 787s early to gain long-haul advantage

TUI Travel, set to be the first UK airline to fly the Boeing 787 Deamliner, wants to bring forward deliveries of the next-generation plane it says will make it the leader in the long-haul package holiday market.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Jul 2010 | 12:35 am

Emerging Markets Report: ADB ups Asia growth forecast, but warns of slowing

The Asian Development Bank raises its 2010 growth forecast for many Asian economies, mostly because of optimism over Southeast Asia, but also warns risks of a slowdown remain.

Source: MarketWatch.com - Top Stories | 20 Jul 2010 | 12:33 am

Romania - Factors to Watch on July 20

BUCHAREST, July 20 (Reuters) - Here are news stories, press reports and events to watch which may affect Romanian financial markets on Tuesday.
Source: RSS feed - channel BNewsBusiness | 20 Jul 2010 | 12:27 am

UPDATE 1-Spain's Enagas H1 net profit up 18 pct

* H1 net profit 165.1 million euros vs 164 million in poll
Source: RSS feed - channel BNewsBusiness | 20 Jul 2010 | 12:15 am

Dollar makes late run against greenback

The New Zealand dollar made a late run against the United States currency, which had earlier slumped to a 15-month low due to weak US homebuilding sentiment.Selling interests failed to stop the NZ dollar's push above US71c.Around...
Source: nzherald.co.nz - Business | 20 Jul 2010 | 12:12 am

UPDATE 1-Actelion Q2 profit lags fcast, confirms guidance

* Confirms 2010 revenue guidance, raises non-GAAP EBIT goal
Source: RSS feed - channel BNewsBusiness | 19 Jul 2010 | 11:42 pm

French trader at Goldman denies fraud charges (AFP)

AFP - A French executive at Goldman Sachs accused of misleading investors about risky assets ahead of the US housing market meltdown denied fraud charges by securities regulators.

Source: Yahoo! News: Business News | 19 Jul 2010 | 11:14 pm

Thai PTT group not discussing merger this week

BANGKOK, July 20 (Reuters) - A long-awaited consolidation of Thailand's PTT group will not be on the agenda of board meetings to be held this week by its petrochemical and refinery affiliates, a senior...
Source: RSS feed - channel BNewsBusiness | 19 Jul 2010 | 10:51 pm

China downcast on exports as EU debt woes bite

BEIJING (Reuters) - China sounded a gloomy note on Tuesday about its export prospects, warning in particular that belt-tightening by deeply indebted European Union governments would dampen demand for the country's goods.

Source: Reuters: Business News | 19 Jul 2010 | 10:29 pm

Intel reaches antitrust accord with FTC

The US chipmaker has reached a preliminary settlement with the Federal Trade Commission that will include concessions on its business practices and changes to some of its marketing
Source: Financial Times - US homepage | 19 Jul 2010 | 9:22 pm

IBM contracts and revenue disappoint

NEW YORK (Reuters) - IBM disappointed investors by reporting a decline in new technology services contracts in the second quarter, while a weaker euro hit revenue more than expected, sending its shares down more than 4 percent.

Source: Reuters: Business News | 19 Jul 2010 | 9:12 pm

Allied secures further extension

Troubled finance and rural business Allied Farmers has pushed out negotiations with its banker Westpac to next year.The company said today it had negotiated a further extension to its banking arrangements, as it continued to negotiate...
Source: nzherald.co.nz - Business | 19 Jul 2010 | 8:58 pm

Zespri challenge not a 'waste' - lawyer

Turners and Growers Ltd says the court challenge it is making to Zespri Group Ltd's statutory grip on exports outside Australasia is not a waste of growers' money.Turners and Growers Ltd, a subsidiary of Sir Ron Brierley's investment...
Source: nzherald.co.nz - Business | 19 Jul 2010 | 8:34 pm

Money: Cheques dying a slow death

New Zealanders wrote one-third fewer cheques last year than they did six years earlier, as consumers opted for quicker payment methods.Latest estimates from the New Zealand Bankers' Association (NZBA) show cheques now account...
Source: nzherald.co.nz - Business | 19 Jul 2010 | 8:30 pm

Brownlee mining dream in tatters

Resources Minister Gerry Brownlee's dream of opening up some of the country's most sensitive lands to mining is in tatters, with the withdrawal this morning of prospecting and mining proposals over 7000 hectares of highly protected...
Source: nzherald.co.nz - Business | 19 Jul 2010 | 8:30 pm

Kiwis may get second shot to invest in Synlait

Kiwi investors who spurned the chance to buy shares in Synlait's milk processing unit last year may get another shot at buying into the business, with its new Chinese partner supportive of a float in the next five years.China's...
Source: nzherald.co.nz - Business | 19 Jul 2010 | 8:00 pm

Indonesia's Bumi says Q3 output seen at 17-17.5 mln tonnes

JAKARTA, July 20 (Reuters) - PT Bumi Resources , Indonesia's biggest coal miner by output, said on Tuesday that it expects to produce about 17-17.5 million tonnes of coal in the third quarter because of...
Source: RSS feed - channel BNewsBusiness | 19 Jul 2010 | 7:39 pm

Farnborough air show takes off

FARNBOROUGH, England - Boeing and European archrival Airbus racked up billions of dollars worth of aircraft sales at the Farnborough International Airshow on Monday, raising hopes that the aviation industry has touched the bottom...
Source: nzherald.co.nz - Business | 19 Jul 2010 | 7:30 pm

IBM lifts 2010 forecast but economic worries loom (AP)

AP - Uncertainty about the stability of world markets is clouding encouraging signs about the health of the technology sector.

Source: Yahoo! News: Business News | 19 Jul 2010 | 7:17 pm

Goldman executive denies fraud (Reuters)

Reuters - Goldman Sachs executive Fabrice Tourre denied fraud and other accusations by U.S. regulators for his role in marketing a subprime mortgage product and asked a court on Monday to dismiss the case.

Source: Yahoo! News: Stock Markets News | 19 Jul 2010 | 7:11 pm

Goldman executive denies fraud

NEW YORK (Reuters) - Goldman Sachs executive Fabrice Tourre denied fraud and other accusations by U.S. regulators for his role in marketing a subprime mortgage product and asked a court on Monday to dismiss the case.

Source: Reuters: Business News | 19 Jul 2010 | 7:11 pm

Nokia on the prowl for new CEO: report

LOS ANGELES (Reuters) - Nokia has begun looking for candidates to replace Chief Executive Olli-Pekka Kallasvuo, who has struggled to keep up with nimbler rivals Apple Inc and Google Inc , the Wall Street Journal reported on Monday.

Source: Reuters: Business News | 19 Jul 2010 | 6:46 pm

Goldman exec Fabrice Tourre denies wrongdoing (AP)

AP - A Goldman Sachs & Co. vice president accused of shepherding a deal at the heart of civil fraud charges against the investment bank is asking the court to dismiss a case filed against him by Wall Street regulators.
Source: Yahoo! News: Stock Markets News | 19 Jul 2010 | 6:39 pm

Thierry Henry of NY Red Bulls Talks Soccer: Taking Stock

Source: Bloomberg - All Podcasts | 19 Jul 2010 | 6:36 pm

Motorola is selling wireless networks unit to Nokia Siemens

The $1.2-billion deal will boost Nokia Siemens' standing in key markets such as the U.S. and Japan, while enabling Motorola to devote more attention to its enterprise mobility unit. ...
Source: RSS feed - channel BNPaperBusiness | 19 Jul 2010 | 6:29 pm

Motorola is selling wireless networks unit to Nokia Siemens

The $1.2-billion deal will boost Nokia Siemens' standing in key markets such as the U.S. and Japan, while enabling Motorola to devote more attention to its enterprise mobility unit.

Motorola Inc. is selling its wireless networks unit to Nokia Siemens Networks for $1.2 billion in cash, a move that will accelerate the Schaumburg, Ill., company's planned breakup into separate businesses.

Source: L.A. Times - Business | 19 Jul 2010 | 6:29 pm

Gleacher’s McKechnie Discusses Motorola Sale: Taking Stock

Source: Bloomberg - All Podcasts | 19 Jul 2010 | 6:21 pm

Google’s Cash Hoard Helps Case for Stock Buyback: Chart of Day

Source: Bloomberg - All Podcasts | 19 Jul 2010 | 6:06 pm

Goldman’s Tourre denies fraud charges

Fabrice Tourre, the Goldman Sachs executive and co-defendant in the US Securities and Exchange Commission’s charges that the bank defrauded investors, on Monday issued a strong denial of the charges
Source: Financial Times - US homepage | 19 Jul 2010 | 6:02 pm

Bove on Goldman, Morgan Stanley Earnings: Taking Stock

Source: Bloomberg - All Podcasts | 19 Jul 2010 | 5:55 pm

Analyst Cross Discusses Apple’s Sales, Earnings: Taking Stock

Source: Bloomberg - All Podcasts | 19 Jul 2010 | 5:36 pm

IBM sales to businesses disappoint investors

The recovery in business spending on technology, a key driver of broader economic growth, is moving more slowly than many investors had hoped, according to the latest quarterly figures from IBM
Source: Financial Times - US homepage | 19 Jul 2010 | 5:29 pm

BP given extra time with well cap

The US government allowed BP to extend for 24 hours the containment cap shutting off the leak from the Macondo well after determining that nearby seepage was not related to pressure tests
Source: Financial Times - US homepage | 19 Jul 2010 | 5:28 pm

Morgan Joseph’s Jackson on Medical Equities: Taking Stock

Source: Bloomberg - All Podcasts | 19 Jul 2010 | 4:57 pm

NZ sharemarket gains early

After falling for three consecutive days, the New Zealand sharemarket recorded a small gain in early trading today.Around 10.15am the benchmark NZX-50 index was up 4.38 points to 2968.99, having fallen nearly 63 points in the...
Source: nzherald.co.nz - Business | 19 Jul 2010 | 4:49 pm

Lord Black set to be freed on bail

Lord Black, the Canadian-born peer and former publishing magnate who was convicted of fraud, could be released from a Florida prison on bail within days pending an appeal
Source: Financial Times - US homepage | 19 Jul 2010 | 4:45 pm

NYSE stocks posting largest percentage decreases (AP)

AP - A look at the 10 biggest percentage decliners on New York Stock Exchange at the close of trading:
Source: Yahoo! News: Stock Markets News | 19 Jul 2010 | 4:36 pm

Summary Box: Treasurys slide as stocks rebound (AP)

AP - STOCKS LOOK BETTER: A modest rebound in the stock market sapped Treasurys of some of their safe-haven appeal. The Dow Jones industrial average ended up about 56 points.
Source: Yahoo! News: Stock Markets News | 19 Jul 2010 | 4:31 pm

Treasury prices slide on stock market rebound (AP)

AP - Interest rates are edging higher in the Treasury market as a rebound in stock prices made investors more comfortable taking on risk.
Source: Yahoo! News: Stock Markets News | 19 Jul 2010 | 4:18 pm

Rangers, Lehman, Advance Sheets: Bankruptcy Review

Source: Bloomberg - All Podcasts | 19 Jul 2010 | 4:17 pm

Oil spill: BP calms new leak fears as shares slide

BP keeps cap over the Gulf of Mexico well for now, as it seeks to convince the US the seal is safe and a second leak nearby is naturally occurring.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Jul 2010 | 4:11 pm

Gengaro on Halliburton, Bourgeois on Credit Cards: Audio

Source: Bloomberg - All Podcasts | 19 Jul 2010 | 4:03 pm

Investor backs 'genius' Hubbard

An investor in an Allan Hubbard company at the centre of a Serious Fraud Office probe has defended the business and called him a "genius".Hilary Muir of Geraldine, who has money in troubled Aorangi Securities, is happy with her...
Source: nzherald.co.nz - Business | 19 Jul 2010 | 4:00 pm

The Robot Economy

Source: NPR Blogs: Planet Money | 19 Jul 2010 | 4:00 pm

Tomkins should play the waiting game

There is no obvious need for shareholders to insist Tomkins is sold now.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Jul 2010 | 3:56 pm

IBM profit jumps, but sales fall short

International Business Machines posted second-quarter earnings Monday that beat estimates, but its revenue fell short of forecasts.
Source: Business and financial news - CNNMoney.com | 19 Jul 2010 | 3:54 pm

Transocean shares get drilled

Source: Business and financial news - CNNMoney.com | 19 Jul 2010 | 3:53 pm

Tory banker-bashing is long-term problem

Before the election most banks thought a Tory-led government would mark the end of banker-bashing. It hasn't. Quite the opposite, in fact.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 19 Jul 2010 | 3:52 pm

Stocks zigzag as investor optimism waxes and wanes (AP)

AP - The stock market is fulfilling predictions of an uneasy trek through second-quarter earnings season.

Source: Yahoo! News: Stock Markets News | 19 Jul 2010 | 3:51 pm

Amazon sells more Kindle books than hardcovers

In the latest sign that readers are flocking to e-books, Amazon.com said Monday that is now selling more Kindle books than hardcovers.
Source: Business and financial news - CNNMoney.com | 19 Jul 2010 | 3:38 pm

Write-Offs: 07.19.10

$$$ With a sharp wit and a sharper tongue, Mr. Hendry, a plain-spoken Scot, has positioned himself as the public contrarian thinker of this city’s very private hedge fund community. The euro? It’s finished, Mr. Hendry proclaims. China? Headed for a fall. President Obama? “If there was a way to short Obama, I would,” Mr. Hendry said. [NYT]

$$$ When Volcker reached his office the next morning he learned that Dodd and Frank had agreed overnight to drop some of the restrictions in the compromise proposal, including the dollar limit on hedge-fund investments. “ ‘Shock’ is too strong a word,” Volcker recalled. “But I was disappointed.” [New Yorker]

$$$ FYI: BP Says Seepage Near Well Unrelated to Macondo Leak [CNBC]

$$$ Investors Question the ‘Stress’ in Stress Tests [WSJ]

Hedge fund - China - CNBC - New Yorker - Barack Obama
Source: Dealbreaker | 19 Jul 2010 | 3:30 pm

Amazon.com E-Reader Sales Leap: The Death Of Print

Print, which has been on the heart and lung machine for more than a decade, may finally be ready to give up the ghost. Many analysts thought newspapers and magazines would be the first to succumb to the digital age. New data from Amazon.com (NASDAQ: AMZN) says otherwise. The huge e-commerce company says it now [...]

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Source: 24/7 Wall St. | 19 Jul 2010 | 3:27 pm

AIA seeks to sever AIG ties in listing

Before agreeing to join AIA, Mr Tucker asked AIG for assurances that the Asian business could pursue independence immediately, according to people familiar with the matter
Source: Financial Times - US homepage | 19 Jul 2010 | 3:23 pm

Protect yourself from debt collectors

It's difficult for most folks to find money these days, and collection agencies are getting desperate, sometimes downright nasty in their attempts to collect outstanding debt.
Source: Business and financial news - CNNMoney.com | 19 Jul 2010 | 3:21 pm

Rivals say Google has too much sway over administration's net neutrality policy

Internet service providers cite e-mails between onetime Google executive Andrew McLaughlin, who now works for the White House, and his former colleagues as the FCC prepares to rewrite the rules governing broadband.

Andrew McLaughlin built Google Inc.'s public policy operation and helped craft its government lobbying strategy. Now he works for the White House on Internet policy — and that has some Google rivals crying foul as federal officials prepare to rewrite the rules governing high-speed Internet.

Source: L.A. Times - Business | 19 Jul 2010 | 3:21 pm

How the major stock indexes fared on Monday (AP)

AP - Stocks ended a choppy day with a moderate rebound Monday.
Source: Yahoo! News: Stock Markets News | 19 Jul 2010 | 3:07 pm

Cameron to face BP Libya questions

President Barack Obama will raise the issue of BP’s alleged role in lobbying for the release of Libyan terrorist Abdel Basset al-Megrahi when he meets David Cameron.
Source: Financial Times - US homepage | 19 Jul 2010 | 2:53 pm

Stocks Gain as Investors Gear Up for Earnings (Market Update)

U.S. stocks advanced broadly, albeit modestly, as investors geared up for a packed week of...

Source: SmartMoney.com | 19 Jul 2010 | 2:39 pm

Lower Growth at IBM (IBM)

International Business Machines Corp. (NYSE: IBM) has reported its Q2-2010 earnings.  The pro forma numbers were $2.61 EPS and 2% revenue growth (adjusted for currency) $23.72 billion in revenues, although IBM noted that some $500 million was lost in revenues due to currencies.  Thomson Reuters had estimates of $2.58 EPS (vs. $2.32 a year ago) [...]

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Source: 24/7 Wall St. | 19 Jul 2010 | 2:33 pm

Now hiring! SEC to add 800 jobs

The Securities and Exchange Commission will need to hire about 800 new people to carry out the Wall Street reform legislation, the head of the regulatory agency plans to tell lawmakers.
Source: Business and financial news - CNNMoney.com | 19 Jul 2010 | 2:23 pm

Someone Is *Really* Pissed At RBS

So, some things happened this weekend and it’s all really crazy and wow I can’t even get into it I’m shaking so hard even hearing it second hand. I’m just going to let the victim speak for himself. Promise me you’ll brace yourselves, okay? It’s that bad.

Hey Bess,

Yesterday I had the pleasure of escorting my special lady friend to her summer outing at RBS. The event was touted as a family friendly party, so I wasn’t sure what to expect. Back in the Greenwich Capital days they would rent out Playland for a night and let everyone go crazy, but those were clearly better days. We showed up around 1 PM, assuming that 2 hours of fun was all we could stand. Outside the parking garage there were Go Karts set up from Grand Prix New York, which was actually the highlight of the party. While the sand art station and arts and crafts tables were tempting, I had to go see what they had set up on the Wii’s in the corner. There was the standard Wii Tennis and Wii Golf, but when I went to check out the “Wii Soccer” I found they had an Xbox 360 console, the same was true for the “Wii Rugby” running on a PS3. Apparently at RBS the words Wii and video games are interchangeable. So we moved on, got our pictures taken in a photo booth, and watched some schmuck slice the ball on the golf simulator they had set up. Having only worked on the buy side, I wasn’t sure what to expect from a bank party, but it definitely speaks volumes for the quality of life at RBS.

Video game - Xbox 360 - Bess - Games - New York City
Source: Dealbreaker | 19 Jul 2010 | 1:23 pm

Presented By:

Source: Dealbreaker | 19 Jul 2010 | 1:23 pm

Moody’s Cut on Ireland: Opportunity Rather Than Caution (AIB, IRE, IRL)

After Moody’s downgraded Ireland, there may be more of a buffer ahead in place than additional negative catalysts working against its two key banks of Allied Irish Banks plc (NYSE: AIB) and The Bank of Ireland (NYSE: IRE).  The downgrade announced Monday actually had no new information and you have to wonder if the ratings [...]

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Source: 24/7 Wall St. | 19 Jul 2010 | 12:58 pm

Dear Ping Capital Investors

Names were taken and asses were kicked or had some other stuff done to them last month.

Ping Exceptional Value Fund
June 2010: 6.9%
YTD: 26.8%

Earlier: Somebody Got The Whiteboard Marker At Ping Capital Last Month

Year-to-date - Business - Investing - Funds - Mutual fund
Source: Dealbreaker | 19 Jul 2010 | 12:55 pm

Court: Gods Can't Trade Stocks

Source: NPR Blogs: Planet Money | 19 Jul 2010 | 12:37 pm

Fed eyes looser monetary policy

A slew of weak economic data means that when Federal Reserve chairman Ben Bernanke gives his semi-annual testimony to Congress his job will be to reassure
Source: Financial Times - US homepage | 19 Jul 2010 | 12:20 pm

Tech with Glamour for more ad sales

After months of dwindling ad sales, the magazine is looking a little brighter -- particularly for Glamour. The women's magazine reported a 57 percent jump in ad sales for its September issue compared to last year. Marketplace's Janet Babin looks into one big factor for the increase: The iPad.
Source: Marketplace | 19 Jul 2010 | 12:19 pm

Farm fields instead of battle fields

National guardsmen are learning how to take care of livestock and take soil samples in an effort to help Afghanis establish a stable livelihood, and perhaps better withstand pressures to work for the Taliban.
Source: Marketplace | 19 Jul 2010 | 12:17 pm

Behind the U.S.'s security buildup

Kai Ryssdal talks with the Washington Post's Dana Priest about her series "Top Secret America," which she co-wrote with William M. Arkin, on the post-9/11 massive security buildup by the government.
Source: Marketplace | 19 Jul 2010 | 12:17 pm

Road Warriors: Dave Kirby

Spa and hair salon consultant Dave Kirby shares the songs that help him keep balanced when he's stuck in an airport when the weather throws his busy schedule off-course.
Source: Marketplace | 19 Jul 2010 | 12:17 pm

Over the hill but not in a rut

It's assumed that once you're over the hill, whatever toothpaste, soap or lipstick you're using, you're going to stick with it. But new data suggests that marketers should take a look at aging consumers, because they may be their next big market.
Source: Marketplace | 19 Jul 2010 | 12:17 pm

Not with Chrysler, but still has drive

Kai Ryssdal speaks to Dan Amaral, who used to own a Chrysler dealership, about his thoughts on Inspector General Neil Barofsky's report on the dealership closures.
Source: Marketplace | 19 Jul 2010 | 12:17 pm

Dealership closures too fast, too soon?

Forcing GM and Chrysler to reduce the number of dealerships the companies had helped the companies become stronger, but may have a negative impact on communities where dealerships were a major employer.
Source: Marketplace | 19 Jul 2010 | 12:17 pm

Obama wants jobless benefit extension

An extension of unemployment benefits didn't make it into the financial reform bill, but President Obama wants his Republican colleagues to consider an extension of benefits again -- but will it be the stimulus the economy needs?
Source: Marketplace | 19 Jul 2010 | 12:17 pm

After Unit Sale, Confusion Still Reigns at Motorola (MOT, NOK, SI)

Motorola Inc. (NYSE: MOT) shares are up today on news that the Nokia-Siemens JV, owned by Nokia Corp. (NYSE: NOK) and by Siemens AG (NYSE: SI), is paying about $1.2 billion for Motorola’s network equipment business operations.  While part of the Motorola’s break-up strategy, it seems that confusion remains over the company’s long-term prospects. For [...]

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Source: 24/7 Wall St. | 19 Jul 2010 | 12:02 pm

Area Man Predicts Goldman Sachs Will Take Away Nothing From Its Punishment

In announcing the SEC’s settlement with Goldman Sachs last week, Division of Enforcement director Robert Khuzami said that the $550 million settlement should serve as a “stark lesson” to the bank and the rest of Wall Street. And while it’s rare for a settlement with the Commission to include an admission of having fucked up, Goldman’s conceded it’d “made a mistake,” and one that Lloyd Blankfein and Co “regret.” Having said that, finance professor Charles Geisst is keenly aware that this charade is a total crock and that by forcing LB and Gary Cohn to hand over whatever cash they had in their wallets on Thursday, the SEC is ensuring the bank will probably do it again, having learned nothing.

“It’s become pretty clear what Goldman has become, and this settlement is an outgrowth of it,” says Charles Geisst, a finance professor at Manhattan College and author of “Collateral Damaged,” a book on the financial crisis. “But a fine is not going to bother these people, quite frankly. A fine is like passing around the church collection plate and collecting a few extra bucks for sins.

Clearly Geisst knows that a fine ain’t gonna do shit. “These people” have so much money, it won’t mean anything. I think we all know what Bobby Khuzami would’ve sentenced Blankfein and his associates to if he’d really wanted to ensure they’d never do anything like this again, which he obviously doesn’t.

Goldman Sachs - Wall Street - Lloyd Blankfein - Manhattan College - Robert Khuzami
Source: Dealbreaker | 19 Jul 2010 | 11:41 am

Susquehanna Financial's Hilder Discusses Banking Industry

Source: Bloomberg - All Podcasts | 19 Jul 2010 | 11:00 am

Bonus Watch ‘10: UBS

Last Friday, a junior rainmaker at the house tax evasion built suggested a raw deal was being dealt to first years re: bonuses, with top buckets taking home $55k. Today, one of his colleagues suggest such is not the case.

Bess– the UBS bonus number is wrong. I don’t know about 2nd years, but for 1st year, it’s 110 for top bucket, 95 for second and 80 for third.

UBS AG - Tax avoidance and tax evasion - United States - Taxation - Switzerland
Source: Dealbreaker | 19 Jul 2010 | 10:51 am

Hot Chocolate: Somebody Just Bet $1 Billion On Cocoa

Source: NPR Blogs: Planet Money | 19 Jul 2010 | 10:46 am

The New Blue Chips

Some great foreign firms are profitably growing despite turmoil abroad

Source: SmartMoney.com | 19 Jul 2010 | 9:37 am

5 Funds Betting on Blue Chip Growth (Screens)

These large-cap growth funds are benefitting from strong earnings.

Source: SmartMoney.com | 19 Jul 2010 | 9:34 am

Rebellion Research Takes Pitch To CNBC

[via BI]
Meanwhile, Erin Burnett catches up on Minesweeper.

Earlier: Who Wants to Become A Rebellion Research Investor?

Erin Burnett - CNBC - Business - History - Jim Cramer
Source: Dealbreaker | 19 Jul 2010 | 9:24 am

Ruth Madoff Seeking Redemption In Boca

When Bernie Madoff confessed to his $50 billion Ponzi scheme, he didn’t just ruin his own life– he took his wife Ruth’s down with him. Though she has never faced charges and will never go to jail for it, Ruth Madoff has paid dearly for her husband’s decision to run a pretty sizable scam and then go public with it. As his fake returns financed the couple’s Manhattan penthouse, Montauk home, yacht and every other spot Ruth might go to max and relax and forget about all this, those were seized by the government, as was more spending money than she would’ve cared to part with. I don’t want to go too much into it, as the wound is not yet healed, so I’ll just remind you this woman was only given something like $2.5 million to get by. But worse than straddling the poverty line has been the blow to Ruth Madoff’s reputation. The woman can’t buy cheese without people mentioning that, her colorist won’t speak to her let alone give her that buttery blonde that needs to be maintained every 6 weeks, and even Ivan Boesky’s ex, who knows from the taint associated with banging white collar criminals, has been told to stay away. Basically, the woman is a leper. But she’s hoping that perhaps after hearing what she’s been up to, you’ll change your tune on ole Ruth Madoff.

First off, she got a job! Not for money, but volunteering because a) she cares about people and b) she doesn’t need the cash. Apparently Mrs. M has been “delivering food to the homebound,” which is actually really nice. Also, she’s been driving around in a “clunker” (a 1996 Infiniti) annnd she’s been spending time in the slums of Boca Raton (it’s a gated community but still). Plus, did we mention she’s “homeless”?

She registered the 1996 Infiniti she bought in January for a “few thousand” to sister Joan Roman’s Boca Raton address in a middle-class condo complex. The units there, which go for a measly $300,000, are painted a tacky Florida orange and are hidden behind security gates…She regularly pops up at her sister’s home. But when she wants a taste of the high life she once enjoyed, the well-preserved 67-year-old mooches at brother-in-law Peter Madoff’s $4.5 million Palm Beach mansion. The sprawling two-story waterfront home features polished stone floors and antique furnishings visible through eight-foot windows. Neighbors around the manse — where the local postman says he delivers Ruth’s mail — claim she lives there, and report seeing a woman in dark sunglasses they believe to be Ruth strolling to the nearby beach.

“She doesn’t own a home, friends and relatives have been kind enough to give her places to stay,” her lawyer, Peter Chavkin, told The Post.

Are you loving Ruth Madoff now?

Florida - Bernard Madoff - Manhattan - Ruth Madoff - Ponzi scheme
Source: Dealbreaker | 19 Jul 2010 | 9:00 am

New Troubles for BP and Its Investors (Early Bird)

A government official suggests cap is leaking; sale to Apache hits bump.

Source: SmartMoney.com | 19 Jul 2010 | 8:48 am

“Top Secret America” Exposes Gov’s Own Shadow Economy

The Washington Post has published an in-depth investigation of the top-secret security system assembled in America since the September 11, 2001 attacks. Entitled Top Secret America, the report describes the system as being “hidden from public view and lacking in thorough oversight. After nine years of unprecedented spending and growth, the result is that the system put in place to keep the United States safe is so massive that its effectiveness is impossible to determine.”

The Post covers numerous aspects of “Top Secret America.” I leafed around to find the ones most relevant to business and the economy (aside from the fact that America seems to need an army of management consultants). Here are some excerpts from the report, which is worth reading in its entirety:

* Some 1,271 government organizations and 1,931 private companies work on programs related to counterterrorism, homeland security and intelligence in about 10,000 locations across the United States.

* Every day across the United States, 854,000 civil servants, military personnel and private contractors with top-secret security clearances are scanned into offices protected by electromagnetic locks, retinal cameras and fortified walls that eavesdropping equipment cannot penetrate.

* In all, at least 263 organizations have been created or reorganized as a response to 9/11. Each has required more people, and those people have required more administrative and logistic support: phone operators, secretaries, librarians, architects, carpenters, construction workers, air-conditioning mechanics and, because of where they work, even janitors with top-secret clearances. (Ed.: Hey, that must be where all the new jobs are coming from).

The National Security Agency works with the most private companies (484 total). The Air Force, Navy, and Army come next.

SAIC, General Dynamics, L-3 Communications, ManTech International, and Northrup Grunman have the most government clients (SAIC, at the top, has 33). Here’s the rest of the Post’s list of companies.

Notably, Accenture and Deloitte each have 11 government clients, though you probably wouldn’t guess it.

Also, the government still hasn’t provided numbers on how many private contractors it employs. It doesn’t seem to know. From FireDogLake:

Recall that last November the House Oversight Committee requested a head count of contractors and subcontractors from Defense Secretary Robert Gates, giving him 30 days to provide the numbers.

It does not appear that this information has yet been furnished, nearly eight months later. If it has, it’s not been widely reported. And we already knew that there were extremely large variances between contractor numbers reported by different groups.

The Washington Post has some additional reports coming out this week, one of them on contractors. Maybe we’ll find out then.

Source: Business Pundit | 19 Jul 2010 | 8:45 am

Earnings Fail to Rev Market for Now (Pundit Watch)

Markets remain volatile even as corporate profits pile up.

Source: SmartMoney.com | 19 Jul 2010 | 8:40 am

BNP's Gijsels on Deficits, Purps on Bonds: First Word

Source: Bloomberg - All Podcasts | 19 Jul 2010 | 8:15 am

Nokia Siemens Buys Motorola Network Equipment Biz

Nokia Siemens Networks is buying Motorola’s network equipment business for $1.2 billion. The deal is expected to close at the end of the year. The Wall Street Journal reports:

Telecom equipment vendor Nokia Siemens Networks said Monday it has agreed to pay $1.2 billion for the majority of U.S.-based Motorola Inc’s (MOT) network equipment business in order to gain a stronger foothold in the important North American and Japanese markets.

Nokia Siemens, a joint venture between Finland’s Nokia Corp. (NOK) and Germany’s Siemens AG (SI) said it expects the transaction to strengthen its business relationships with a number of telecom operators including China Mobile Ltd. (CHL), Sprint Nextel Corp. (S) and Vodafone Group PLC (VOD).

As a result of the deal, Nokia Siemens expects to become the largest foreign wireless gear vendor in Japan, the third-largest in the United States, and to strengthen its number two position in the global infrastructure segment. Sweden’s Telefon AB L.M. Ericsson is currently the world’s largest network equipment vendor, ahead of Nokia Siemens, Paris-based Alcatel-Lucent (ALU), and China’s Huawei Technologies Co.

Motorola’s decision to break up the company through the sale of its network equipment business was demanded by activist investor Carl Icahn and aims to increase the company’s market value. The company hopes it will force analysts to assess the cellphone and cable set-top boxes businesses separately from the remainder of the company, which makes public-safety equipment and handheld scanners.

Computerworld’s Peter Sayer puts the merger into context:

Nokia Siemens will acquire manufacturing operations for all the major wireless systems, including GSM (Global System for Mobile Communications), CDMA (Code-Division Multiple Access), WCDMA (Wideband Code-Division Multiple Access), WiMax and LTE (Long-Term Evolution).

Motorola was a rarity in the mobile phone business, producing both handsets and network infrastructure. Most of the other big players have already split their operations. Ericsson retained its network business but formed a joint venture with Sony to make phones; Alcatel sold its handset manufacturing operations (although it still sells those handsets under its own brand in France), and Siemens got out of both businesses, selling its mobile phone subsidiary and pooling its infrastructure business with Nokia to form Nokia Siemens Networks, the company buying Motorola’s infrastructure activities.

Source: Business Pundit | 19 Jul 2010 | 7:49 am

Opening Bell: 07.19.10

Obama’s Bull Market Intact as Midterm Gridlock Signals Gains (Bloomberg)
The Standard & Poor’s 500 Index has surged 48 percent on average starting in the second year of each U.S. presidential term, measured from its lowest level through the high the next year, according to data going back to 1928 compiled by Bloomberg. That compares with trough-to-peak gains of 38 percent in other years. “I envision a rally from before the midterm elections,” said Kenneth Fisher. “Markets love gridlock. What the market wants to see is no change: less legislation that engages in changes in taxes, spending, regulation or property rights.”

The Men Who Ended Goldman’s War (NYT)
Some people close to Mr. Khuzami and Mr. Reisner joke that they are like Tweedledee and Tweedledum. When Mr. Khuzami travels, Mr. Reisner runs many of the enforcement unit’s daily operations.

Ireland’s Credit Rating Cut on Weak Growth, Banks (Reuters)
“Today’s downgrade is primarily driven by the Irish government’s gradual but significant loss of financial strength, as reflected by its deteriorating debt affordability,” Dietmar Hornung, a Moody’s vice president and lead analyst for Ireland, said in a statement.

EU Says Stress Test Results To Be Bank-By-Bank (WSJ)
Greece’s finance minister said Monday that the country’s major banks are likely to pass the stress tests. “The Greek banks now have before them the famous stress tests,” Finance Minister George Papaconstantinou said in a speech. “I am certain the banks will pass those stress tests.”

Bankers Concerned Over Stress Tests (FT)
Board members at four of the continent’s biggest banks – in the UK, France and Germany – said on condition of anonymity that they had grave reservations about the way in which the exercise had been conducted and were worried the markets would misinterpret the outcome.

British financier Anthony Ward behind £658m cocoa trade (Telegraph)
Anthony Ward, 50, bought 241,000 tons of cocoa beans and now owns enough to manufacture 5.3 billion quarter-pound chocolate bars. Mr Ward, who is worth around £36 million, holds so much of the market he could force manufacturers to raise the price of Britain’s favourite chocolate bars. The transaction, the largest single cocoa trade in 14 years, was carried out last Friday by Armajaro Holdings, a hedge fund co-founded by Mr Ward.

Hiring Improves in US Economy: NABE Survey (AP)
39 percent of those surveyed say they expect to hire more workers over the next six months — the most since January 2008. Manufacturers reported the strongest increase in demand and profitability. Finance, insurance and real estate sectors saw the slowest growth.

AIG Hiring of Tucker May Trigger Bid for Prudential Unit (Bloomberg)
AIA Group Ltd. today named Tucker, who headed Prudential for four years from 2005, as CEO and executive chairman, replacing Mark Wilson. After completing the firm’s planned initial public offering, Tucker may bid for Prudential Asia Corp., the unit he ran from 1993 to 2003, according to Panmure Gordon & Co.’s Barrie Cornes.

Standard & Poor - Moody - Ireland - Government of Ireland - Finance
Source: Dealbreaker | 19 Jul 2010 | 7:30 am

Presented By:

Source: Dealbreaker | 19 Jul 2010 | 7:30 am

From Acapulco Gold To Albino Rhino: The Marijuana Trademark Land Rush

Source: NPR Blogs: Planet Money | 19 Jul 2010 | 6:52 am

Long-Delayed Boeing 787 Debuts at Air Show

Image: Dave Sizer/Flickr

After a more than two-year production delay, the Boeing 787 Dreamliner made its international debut at Britain’s Farmborough International Air Show. The BBC has more:

Boeing’s flagship aircraft is different from conventional aircraft, having been built largely out of light-weight composite material. When it was first conceived, the Dreamliner was a revolutionary concept, but rivals have since done much to catch up.

Airbus is building a similar series of planes dubbed A350, while newcomers in Russia and China are gearing up to enter the fast-growing market for single-aisle aircraft.

Optimism about the Dreamliner’s performance in the market is mirrored by high hopes of a revival in the fortunes of the civilian aviation industry. During the past two years, airlines in difficulty have held back from ordering new planes, though production schedules have been largely unaffected as aircraft manufacturers have order books stretching several years into the future.

Industry watchers are also waiting for announcements from the world’s leading airplane makers about whether and when they will update their best-selling but ageing Airbus A320 and Boeing 737 series of planes. Airbus will also announce its decision after the middle of September…hinting that it would probably fit its A320 jets with engines that should help it deliver fuel savings and thus emission cuts of about 15% from 2015.

This is the first time that Boeing has had a new plane at a show since the early 1990s, the BBC quotes Boeing CEO Jim Albaugh as saying.

Reuters has more on industry expectations at the show:

Boeing could grab a $5 billion (3.3 billion pound) order from Emirates for 20 777 big passenger jets and aviation industry sources said they expected its European rival Airbus to chalk up sales of its A320 single-aisle aircraft even as it considers upgrading it.

The orders are part of a tentative upswing in civil aircraft demand, driven mainly by emerging markets and low-cost carriers.

Commercial sales look more promising given double-digit growth in air traffic, but lingering concerns about the broader economy are keeping many analysts cautious.

Source: Business Pundit | 19 Jul 2010 | 5:00 am

Exercise Innovation

Image: Fail Blog

Source: Business Pundit | 19 Jul 2010 | 4:48 am