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Wall Street futures point to gains after Apple results (Reuters)
Source: Yahoo! News: Stock Markets News | 21 Jul 2010 | 4:16 am French investigators question minister's wife (AP)AP - Financial police were questioning the wife of France's labor minister in an investigation into the finances of the heiress to the L'Oreal cosmetics fortune.Source: Yahoo! News: Business News | 21 Jul 2010 | 4:14 am AIG set to name Deutsche,Goldman, Morgan for AIA IPO: sources (Reuters)Reuters - American International Group Inc is set to appoint Deutsche Bank AG, Goldman Sachs Group Inc and Morgan Stanley as joint global coordinators for the planned initial public offering of its Asian life insurance business, AIA, sources with knowledge of the matter told Reuters on Wednesday.Source: Yahoo! News: Business News | 21 Jul 2010 | 4:12 am Apple lifts world markets; yen weighs on Nikkei (AP)
Source: Yahoo! News: Stock Markets News | 21 Jul 2010 | 4:11 am Apple results lift investor confidenceRobust results from Apple and a £2.5bn takeover deal in London lifted confidence among investors ahead of earnings later in the US from Morgan Stanley, Ebay, Starbucks and Coca ColaSource: Financial Times - US homepage | 21 Jul 2010 | 4:10 am Swiss central bank takes hit on euro's slideThe Swiss National Bank, which had intervened heavily since last year in foreign-exchange markets in an effort to stem the appreciation of the Swiss franc, says Wednesday that the decline of the euro contributed to a foreign-exchange loss of more than 14 billion Swiss francs ($13.3 billion) in the first half of 2010.
Source: MarketWatch.com - Top Stories | 21 Jul 2010 | 4:10 am Economic Report: Sentance remained alone in calling for BOE hikeThe Bank of England’s rate-setting Monetary Policy Committee earlier this month weighed arguments for further easing of monetary policy and for a tightening before voting 7-1 to hold its key lending rate steady at 0.5%.
Source: MarketWatch.com - Top Stories | 21 Jul 2010 | 4:06 am Europe banks told to test on 2 adverse scenariosFRANKFURT (Reuters) - Europe's banks have been asked to estimate how much additional capital they would need under two adverse scenarios as part of stress tests aimed at reviving confidence among investors.
Source: Reuters: Business News | 21 Jul 2010 | 4:02 am BHP output up despite China fearsMining giant BHP Billiton sees output continue to rise in the three months to June, but fears a looming slowdown in China.Source: BBC News - Business | 21 Jul 2010 | 4:02 am Google Images Hits One Billion Page Views A DayGoogle (NASDAQ: GOOG) now has over 10 billion images in its “image” section and consumers access the service at the rate of one billion pageviews day Google Images was launched in 2001 with 250 million images, so the service has clearly grown at a remarkable pace. Today Google will launch and improved version of images. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Jul 2010 | 4:01 am Can bankruptcy save your home?Slick TV commercials and online ads tell delinquent borrowers that they can save their homes by filing for personal bankruptcy. But is it true -- or just too good to be true?Source: Business and financial news - CNNMoney.com | 21 Jul 2010 | 3:58 am Mortgage error sees payments riseThousands of Clydesdale and Yorkshire Bank customers face increased mortgage payments after a miscalculation error.Source: BBC News - Business | 21 Jul 2010 | 3:58 am Buying a home 'cheaper than renting' in most of BritainPeople are better off buying a home rather than renting one in three-quarters of towns and cities across Britain, research has indicated.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 3:56 am Mumbai's buildings reach for the skyThe latest in a series of residential skyscrapers is being built in the low-rise city of Mumbai - but who can afford to live in them?Source: BBC News - Business | 21 Jul 2010 | 3:54 am Fiat shares up 6% after it returns to profitItalian car giant Fiat SpA reported Wednesday a return to second-quarter profit on better results across all its divisions, saying it will likely raise its full-year outlook in the next quarter.
Source: MarketWatch.com - Top Stories | 21 Jul 2010 | 3:52 am Indications: Stock futures up ahead of earnings, Bernanke talkU.S. stock futures rise, buoyed by Apple’s stronger-than-expected results, as investors brace for testimony by Federal Reserve Chairman Ben Bernanke and another barrage of earnings reports.
Source: MarketWatch.com - Top Stories | 21 Jul 2010 | 3:52 am Major RBS order starts third day at FarnboroughFARNBOROUGH, England (Reuters) - Government-controlled British bank Royal Bank of Scotland acknowledged being the mystery buyer of nearly $8 billion in new passenger jets, as an expected flurry of new orders shook up the third day of the Farnborough Airshow.
Source: Reuters: Business News | 21 Jul 2010 | 3:51 am Major RBS order starts third day at Farnborough (Reuters)
Source: Yahoo! News: Business News | 21 Jul 2010 | 3:51 am Reckitt Benckiser's Bart Becht: a lean, clean sales machineBart Becht, the mastermind behind Reckitt Benckiser's bid for condom-maker SSL International, was paid £90m last year, but has avoided the opprobrium aimed at bankers.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 3:50 am Oil price firm before weekly US energy report (AFP)
Source: Yahoo! News: Business News | 21 Jul 2010 | 3:43 am Driving The Plug-In Hybrid To OblivionThe plug-in hybrid, a car that uses the same socket as a vacuum cleaner, or at least one close it, has gotten the full force of backing from the Obama Administraiton. The President believe that America should have one million of the vehicles by 2015. Ford (NYSE: F), GM, Toyota (NYSE: TM) and Honda (NYSE: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Jul 2010 | 3:41 am Don't bank on itTaking investment advice from High Street banks is not always a safe moveSource: BBC News - Business | 21 Jul 2010 | 3:40 am BP CEO Tony Hayward Is Here To Stay, And Lord Browne Takes The BlameBP plc (NYSE: BP) may be in desperate trouble, but its CEO Tony Hayward will not be fired. According to Reuters, he has the full support of the company’s board. It appears that the fact that the Deepwater Horizon disaster happened on his watch does not matter. He has, after all, only been at the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Jul 2010 | 3:26 am Fiat back in profit before splitItalian carmaker Fiat returns to profit for the first time since 2008, as it prepares to spin off its non-car assets.Source: BBC News - Business | 21 Jul 2010 | 3:25 am RBS business in $7.6bn jet orderA business that is part of Royal Bank of Scotland has announced an order for 95 Boeing and Airbus jets worth $7.6bn (5bn).Source: BBC News - Business | 21 Jul 2010 | 3:24 am London Markets: SSL shares stand out in upbeat British sessionDeals take centre stage in London with SSL shares surging after Reckitt Benckiser makes an agreed bid for the firm.
Source: MarketWatch.com - Top Stories | 21 Jul 2010 | 3:24 am Bank member backs rate rise againA member of the Bank of England Monetary Policy Committee has called for a rise in interest rates for the second month in row.Source: BBC News - Business | 21 Jul 2010 | 3:21 am UPDATE 1-China June crude stocks up after 2-mth decline* Crude stocks up 4.7 percent, after declines in April, MaySource: RSS feed - channel BNewsBusiness | 21 Jul 2010 | 3:21 am Stocks set for early gainsU.S. stock futures rose early Wednesday after strong earnings from Apple boosted confidence.Source: Business and financial news - CNNMoney.com | 21 Jul 2010 | 3:16 am BP denies CEO leaving as it readies asset salesLONDON/HOUSTON (Reuters) - BP denied a report its embattled chief executive would leave soon, as it lined up $7 billion in asset sales to help pay for the worst oil spill in U.S. history, lifting its shares on Wednesday.
Source: Reuters: Business News | 21 Jul 2010 | 3:10 am BP denies CEO leaving as it readies asset sales (Reuters)
Source: Yahoo! News: Business News | 21 Jul 2010 | 3:10 am Government Anti-Foreclosure Program FaltersThe Administration’s anti-foreclosure program, part of the $75 billion HAMP initiative, has posted worse results as time has passed. More than 91,000 homeowners cancelled their government loan modifications in June, while about 39,000 received new modifications. The plan was meant to keep 4 million people facing foreclosures, and a new report says that number is [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Jul 2010 | 3:06 am Democrats to Propose Extending Middle-Class Tax Cuts (Time.com)Time.com - By proposing to let tax breaks expire for wealthy Americans, the congressional leaders hope to force Republicans into another politically uncomfortable positionSource: Yahoo! News: Business News | 21 Jul 2010 | 3:05 am EU appeals trade ruling condemning Airbus aid (AP)AP - The European Union appealed on Wednesday a landmark trade ruling that found it gave planemaker Airbus a wide range of illegal subsidies in its battle with U.S. competitor Boeing Co., unfairly tilting a market worth more than $3 trillion over the next two decades.Source: Yahoo! News: Business News | 21 Jul 2010 | 3:02 am Rabbi, Is It Wrong for Me to Invest in Banks? (On the Street)A socially-conscious fund dumped them. Should you? Four takes.
Source: SmartMoney.com | 21 Jul 2010 | 3:01 am 3 Stocks With Large Dividend Boosts (Screens)Hough: These firms recently gave shareholders a sizable raise.
Source: SmartMoney.com | 21 Jul 2010 | 3:01 am Muni Bonds: Where Is the Greatest Risk? (Muni Bond Watch)Rate cycle pushing short-term rates to near historic lows.
Source: SmartMoney.com | 21 Jul 2010 | 3:01 am College Bond Market Hits Rough Patch (Education and Your Money)Why some colleges are postponing issuing or refinancing bonds.
Source: SmartMoney.com | 21 Jul 2010 | 3:01 am Why Buy When You Can Borrow? (Deal of the Day)Web sites connect lenders and borrowers of clothes, tools and more.
Source: SmartMoney.com | 21 Jul 2010 | 3:01 am Google's Amazing Run Isn't OverWall Street's ambivalence has made the Google's shares a relative bargain.
Source: SmartMoney.com | 21 Jul 2010 | 3:01 am Apple forecast beats Street viewSAN FRANCISCO (Reuters) - Apple Inc gave an unusually upbeat revenue forecast that trounced Wall Street's expectations and eased fears that the "Antennagate" controversy around its iPhone 4's reception would hurt sales, boosting its shares 3 percent.
Source: Reuters: Business News | 21 Jul 2010 | 2:57 am The States With The Highest Unemployment For The First Six MonthsThere are ten states which have had unemployment rates consistently above 10% for the first six months of the year. They are the walking wounded of the economy. Many also have desperate budget problems, a combination of high social services costs–driven to a large extent by unemployment benefit costs, and low tax receipts–resulting from a [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Jul 2010 | 2:48 am Lenovo plans Android tablet PC in growth pushHONG KONG, July 21 (Reuters) - Lenovo Group , the world's No.4 PC brand, said it will roll out its own tablet PC, becoming the latest technology company to jump on the bandwagon for computers styled after...Source: RSS feed - channel BNewsBusiness | 21 Jul 2010 | 2:44 am EU to challenge Airbus aid rulingThe EU is to challenge a World Trade Organization ruling that it paid illegal subsidies to aircraft giant Airbus.Source: BBC News - Business | 21 Jul 2010 | 2:43 am Algae could one day make aviation carbon-neutralForget about revolutionary light-weight composite materials: a four-seater propeller plane is more likely to hold the key to the future of aviation. Or at least that’s the hope of European aerospace and defense giant EADS.
Source: MarketWatch.com - Top Stories | 21 Jul 2010 | 2:41 am Ocado shares sold at lowest priceShares in Ocado, the online service that delivers Waitrose goods, have been priced at 180p, the bottom of the indicated range.Source: BBC News - Business | 21 Jul 2010 | 2:36 am UPDATE 1-Glaxo takes new AIDS drug into final-stage tests* Results of mid-stage clinical tests to be presented ThursSource: RSS feed - channel BNewsBusiness | 21 Jul 2010 | 2:34 am 5 alternatives to the greenbackSource: Business and financial news - CNNMoney.com | 21 Jul 2010 | 2:31 am Next iPhone impulse buy: Your carHere's a smartphone tool that people prone to midnight shopping binges should handle with care.Source: Business and financial news - CNNMoney.com | 21 Jul 2010 | 2:27 am Media Digest 7/21/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: BP plc (NYSE: BP) said as it prepares to sell some assets that its CEO is not leaving. Reuters: The Senate approved an extension of unemployment benefits. Reuters: Apple Inc. (NASDAQ: AAPL) beat Street estimates. Reuters: Microsoft Corporation (NASDAQ: MSFT) will sell the Kinect for $150. Reuters: Icahn renewed his battle for Lions Gate.WSJ: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Jul 2010 | 2:24 am Reckitt Benckiser to buy SSL for $3.9 billionU.K. household products firm Reckitt Benckiser agrees to buy SSL International in a 3.89 billion deal that will add the Durex and Scholl foot-care brands to its fast-growing health division.
Source: MarketWatch.com - Top Stories | 21 Jul 2010 | 2:24 am SNB takes SFr14bn foreign exchange hitThe Swiss National Bank has revealed the cost of its massive foreign exchange interventions to restrain the value of the franc, with losses of more than SFr14bn in the first half of this yearSource: Financial Times - US homepage | 21 Jul 2010 | 2:17 am UPDATE 1-Miner NWR reports jump in coking coal, coke prices* Says got avg 17 pct hike for coking coal, 42 pct for cokeSource: RSS feed - channel BNewsBusiness | 21 Jul 2010 | 2:15 am Fiat makes profit, approves split into 2 companies (AP)AP - The Italian automaker Fiat, which controls Chrysler, on Wednesday reported a return to second-quarter profits on improved sales of agriculture equipment and trucks, and said it may raise its 2010 forecasts.Source: Yahoo! News: Business News | 21 Jul 2010 | 2:10 am UPDATE 2-TomTom keeps 2010 view amid tough competitionAMSTERDAM, July 21 (Reuters) - Dutch navigation device maker TomTom reassured investors by keeping its 2010 outlook intact in the face of stiff competition from free navigation on smartphones.Source: RSS feed - channel BNewsBusiness | 21 Jul 2010 | 2:05 am Durex firm backs 2.5bn takeoverSSL, the maker of Durex condoms, agrees to be bought by Reckitt Benckiser - the household goods firm behind Cillit Bang.Source: BBC News - Business | 21 Jul 2010 | 2:02 am Mac sales drive Apple's best quarterRecord Macintosh and lighting-fast iPad sales made Apple's latest quarter its best ever, the company said Tuesday.Source: Business and financial news - CNNMoney.com | 21 Jul 2010 | 2:01 am UPDATE 2-Macau, Maldives offset weak Caribbean for C&W CommsLONDON, July 21 (Reuters) - British telecoms firm Cable & Wireless Communications enjoyed a good start to the year due to solid performances in Macau and the Maldives, offsetting the continuing problems...Source: RSS feed - channel BNewsBusiness | 21 Jul 2010 | 1:55 am Boeing, Airbus get a lift from leasing firmsAs a group, leasing companies have been the biggest buyers this year at the biennial Farnborough Airshow, reflecting both the excitement over renewed air traffic growth and the reality that most airlines are flat broke.
Source: MarketWatch.com - Top Stories | 21 Jul 2010 | 1:55 am Europe Markets: Commodity-sector firms lead gains for EuropeEuropean shares rise on Wednesday, helped by another day of gains for commodity-sector firms and earnings from technology companies.
Source: MarketWatch.com - Top Stories | 21 Jul 2010 | 1:48 am Scotland says no conspiracy over Lockerbie releaseLONDON, July 21 (Reuters) - Scotland's most senior politician said on Wednesday there was no conspiracy in his country's decision to release the Lockerbie bomber following questions over oil company BP's...Source: RSS feed - channel BNewsBusiness | 21 Jul 2010 | 1:46 am UPDATE 2-Euromoney says uncertainty remains after strong Q3* Q3 sales up 15 pct at constant currencies to 97.9 mln stgSource: RSS feed - channel BNewsBusiness | 21 Jul 2010 | 1:45 am BP Sells $7bil of Assets to Apache
BP chairman Carl-Henric Svanberg said the deal with Apache was the first sale of assets to help pay for the spill. BP has already spent some $4bn on efforts to contain and clean-up the oil and compensate those people affected by it. The comany said the assets sold included oil fields and gas processing plants in Texas and south-east New Mexico worth $3.1bn and BP’s upstream Western Canadian gas business for $3.25bn. The deal also included oil exploration and production assets in Egypt worth about $650m. BP’s share of the Prudhoe Bay oil field in Alaska was not included in the sale to Apache, contrary to earlier media speculation. The company had also been thought to be looking at a sale of assets in Vietnam and Pakistan, and of its majority stake in its subsidiary Argentine Pan American, which operates in Argentina, Chile and Bolivia, and is thought to be worth about $9bn. The Prudhoe Bay ownership structure was too complex to include it in the deal, writes the Wall St. Journal. According to the LA Times, BP pledged last month to set up a $20-billion fund to pay claims for disaster victims. It planned to finance the fund by suspending its dividend for the rest of the year, cutting back capital spending and selling up to $10 billion worth of assets. Other asset sales are expected. Meanwhile, BP still hasn’t stopped the oil leak.
Source: Business Pundit | 21 Jul 2010 | 1:44 am Farnborough Airshow 2010: second day in picturesSpitfires escort the Dreamliner on the second day of the airshow.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 1:40 am Report: BP's Hayward preparing to resignBP's beleaguered chief executive, Tony Hayward, is preparing to step down from his position within the next 10 weeks, the Times of London reported Tuesday, citing "sources" close to the company.Source: Business and financial news - CNNMoney.com | 21 Jul 2010 | 1:39 am Economy still on government life supportThe $700 billion Wall Street bailout may be winding down, but that doesn't mean the government's support for big banks and the economy at large is over. In fact, the top cop on the bailout beat says it's just the opposite.Source: Business and financial news - CNNMoney.com | 21 Jul 2010 | 1:36 am Steve Jobs Hasn’t Evolved Much…at least not in terms of wardrobe.
Source: Business Pundit | 21 Jul 2010 | 1:35 am Reckitt Benckiser buys SSL International: What the analysts are sayingConsumer goods group Reckitt Benckiser has agreed a 1,171p a share cash offer for SSL International - but is it a good deal for shareholders?Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 1:32 am NZ dollar holds on to recent gainsThe New Zealand dollar held recent gains today as stock markets firmed.Around 5pm the New Zealand dollar was at US71.60c from US71.58c at 8am and US71.16c at 5.30pm yesterday.Appetite for risk has been boosted by strong profit...Source: nzherald.co.nz - Business | 21 Jul 2010 | 1:19 am Reckitt Benckiser agrees £2.5bn deal for SSL InternationalReckitt Benckiser, the maker of Cillit Bang cleaner and Nurofen painkillers, has announced a 1,171 p a share cash offer for Durex condom-maker SSL.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 1:10 am UPDATE 1-Optos posts lower Q3 sales; aims for higher FY revenue* Q3 sales from capital sales more than doubles (Adds details)Source: RSS feed - channel BNewsBusiness | 21 Jul 2010 | 1:08 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 | 21 Jul 2010 | 1:01 am Southern California economy is beginning to gain strength, forecast saysTourism is gaining, the entertainment industry is thriving and trade projections have jumped, a report from the L.A. County Economic Development Corp. says. But areas of weakness persist. ...Source: RSS feed - channel BNPaperBusiness | 21 Jul 2010 | 1:01 am Dominion says Uganda well finds no significant oilKINSHASA, July 21 (Reuters) - Dominion Petroleum said on Wednesday its Ngaji-1 well on the Ugandan side of the Lake Edward basin yielded no significant hydrocrabons, but added the result would not deter...Source: RSS feed - channel BNewsBusiness | 21 Jul 2010 | 1:00 am Truce ends between Icahn, Lions GateThe billionaire investor launches another hostile bid, offering to buy the shares he doesn't already own for $6.50 each. Lions Gate responds by converting debt into 16.2 million new shares. ...Source: RSS feed - channel BNPaperBusiness | 21 Jul 2010 | 1:00 am Fillmore & Western's trains have had 300 Hollywood momentsDave Wilkinson's short-run railway between Santa Paula and Piru has developed a bustling niche business leasing trains for movie, TV and commercial shoots. It appears in the recent release 'Inception.'...Source: RSS feed - channel BNPaperBusiness | 21 Jul 2010 | 1:00 am New residential construction drops in JuneHousing starts fall 5% overall from May, single-family home construction is down 0.7% and apartment construction declines nearly 20%, the government says. It's the latest sign of trouble in the housing...Source: RSS feed - channel BNPaperBusiness | 21 Jul 2010 | 1:00 am Goldman Sachs profit sinks 82% after it pays SEC fine, British taxThe investment bank reports earnings of $613 million, or 78 cents a share, compared with $3.4 billion, or $4.93 a share, in 2009's second quarter. Revenue falls more than a third to $8.8 billion. ...Source: RSS feed - channel BNPaperBusiness | 21 Jul 2010 | 1:00 am Apple posts $15.7 billion in sales in most recent quarter, its highest revenue everThe company also reports profit of $3.25 billion, up 78% from last year. It gives a bullish forecast for the current quarter, signaling that it doesn't expect the iPhone antenna issues to hurt its bottom...Source: RSS feed - channel BNPaperBusiness | 21 Jul 2010 | 1:00 am Countrywide made preferential loans to Fannie Mae and Freddie Mac employees, congressional panel findsA congressional investigation has found that Countrywide Financial Corp. made 173 preferential mortgage loans to employees of housing finance giants Fannie Mae and Freddie Mac, which purchased many of...Source: RSS feed - channel BNPaperBusiness | 21 Jul 2010 | 1:00 am Steven Udvar-Hazy to buy 54 Boeing 737s for new aircraft leasing firmA day after announcing a deal for 51 Airbus A320 jets, Udvar-Hazy, co-founder of International Lease Finance, strikes another multibillion-dollar deal with Boeing as he establishes Air Lease Corp. ...Source: RSS feed - channel BNPaperBusiness | 21 Jul 2010 | 1:00 am Shake-up at Anthem Blue Cross as its president steps downLeslie Margolin led California's largest for-profit insurer as it came under fire over planned rate hikes. WellPoint said the departure was not related to the individual rate controversy. ...Source: RSS feed - channel BNPaperBusiness | 21 Jul 2010 | 1:00 am Apple posts $15.7 billion in sales in most recent quarter, its highest revenue everThe company also reports profit of $3.25 billion, up 78% from last year. It gives a bullish forecast for the current quarter, signaling that it doesn't expect the iPhone antenna issues to hurt its bottom line.Riding sales of its iPad tablet computer, Apple Inc. reported Tuesday its highest quarterly revenue ever, sending its stock higher and giving the company a respite from recent woes related to its new iPhone.
Source: L.A. Times - Business | 21 Jul 2010 | 1:00 am Weakening recovery brings deja vuThe U.S. may avoid a double-dip recession, but Americans will probably feel like they did when the economy tanked: insecure, overwhelmed with financial pressures and pessimistic about the future. ...Source: RSS feed - channel BNPaperBusiness | 21 Jul 2010 | 1:00 am Goldman Sachs profit sinks 82% after it pays SEC fine, British taxThe investment bank reports earnings of $613 million, or 78 cents a share, compared with $3.4 billion, or $4.93 a share, in 2009's second quarter. Revenue falls more than a third to $8.8 billion.Hit by a big government fine and difficult trading conditions, leading Wall Street investment bank Goldman Sachs Group Inc. saw its second-quarter profit plummet 82% from the year-earlier quarter.
Source: L.A. Times - Business | 21 Jul 2010 | 1:00 am Countrywide made preferential loans to Fannie Mae and Freddie Mac employees, congressional panel findsA congressional investigation has found that Countrywide Financial Corp. made 173 preferential mortgage loans to employees of housing finance giants Fannie Mae and Freddie Mac, which purchased many of the company's loans.
Source: L.A. Times - Business | 21 Jul 2010 | 1:00 am Shake-up at Anthem Blue Cross as its president steps downLeslie Margolin led California's largest for-profit insurer as it came under fire over planned rate hikes. WellPoint said the departure was not related to the individual rate controversy.The president of Anthem Blue Cross announced her resignation Tuesday amid stinging criticism of double-digit rate increases that infuriated consumers, lawmakers and government regulators.
Source: L.A. Times - Business | 21 Jul 2010 | 1:00 am Steven Udvar-Hazy to buy 54 Boeing 737s for new aircraft leasing firmA day after announcing a deal for 51 Airbus A320 jets, Udvar-Hazy, co-founder of International Lease Finance, strikes another multibillion-dollar deal with Boeing as he establishes Air Lease Corp.Los Angeles Times
Source: L.A. Times - Business | 21 Jul 2010 | 1:00 am Fillmore & Western's trains have had 300 Hollywood momentsDave Wilkinson's short-run railway between Santa Paula and Piru has developed a bustling niche business leasing trains for movie, TV and commercial shoots. It appears in the recent release 'Inception.'Dave Wilkinson steered his pickup truck along a bumpy dirt road before making a sharp turn across a train track and parking in front of three big-top tents that rise above fields of beets and garbanzo beans.
Source: L.A. Times - Business | 21 Jul 2010 | 1:00 am Truce ends between Icahn, Lions GateThe billionaire investor launches another hostile bid, offering to buy the shares he doesn't already own for $6.50 each. Lions Gate responds by converting debt into 16.2 million new shares.Hopes that Lions Gate Entertainment Corp. and its largest shareholder, Carl Icahn, were on the road to peace vaporized Tuesday as both sides took drastic actions in a renewed fight for control of the company.
Source: L.A. Times - Business | 21 Jul 2010 | 1:00 am There is trouble ahead if interest rates risesRegulation is necessary to protect families from getting the big decisions wrong, says Tracy Corrigan.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 12:58 am Asia shares rise on Apple earnings and China (Reuters)
Source: Yahoo! News: Stock Markets News | 21 Jul 2010 | 12:39 am Asia shares rise on Apple earnings and China (Reuters)
Source: Yahoo! News: Business News | 21 Jul 2010 | 12:39 am Asia shares rise on Apple earnings and ChinaSINGAPORE (Reuters) - Asian stocks rose on Wednesday as investors cheered Apple's strong earnings and on optimism that China may roll back policy tightening measures later this year, while the euro firmed ahead of euro zone's bank stress test results late in the week.
Source: Reuters: Business News | 21 Jul 2010 | 12:39 am BP to sell $7bn in assets to ApacheThe embattled UK oil group is accelerating divestments in an attempt to allay concerns over its financial health following the Gulf of Mexico oil spillSource: Financial Times - US homepage | 21 Jul 2010 | 12:34 am Sharemarket posts modest gainThe New Zealand sharemarket rose for a second consecutive session, after the United States market pushed on, but volume is light ahead of the local reporting season.The benchmark NZX-50 index closed up 8.036 points, or 0.268 per...Source: nzherald.co.nz - Business | 21 Jul 2010 | 12:20 am Watchdog attacks US mortgage aid schemeThe administration’s signature programme to help troubled homeowners is struggling to meet its objectives and suffers from a lack of ‘transparency and accountability’, according to a new reportSource: Financial Times - US homepage | 20 Jul 2010 | 11:29 pm SEC knew about repos accounting before Lehman: report (Reuters)Reuters - The U.S. securities regulator was aware of Wall Street's potentially questionable accounting practice of classifying repurchase agreements as sales instead of borrowings long before the collapse of Lehman Brothers raised the issue, the Wall Street Journal reported on Wednesday.Source: Yahoo! News: Stock Markets News | 20 Jul 2010 | 11:26 pm SEC knew about repos accounting before Lehman: report(Reuters) - The U.S. securities regulator was aware of Wall Street's potentially questionable accounting practice of classifying repurchase agreements as sales instead of borrowings long before the collapse of Lehman Brothers raised the issue, the Wall Street Journal reported on Wednesday.
Source: Reuters: Business News | 20 Jul 2010 | 11:26 pm Financial system support up $700 billion in past year: watchdogWASHINGTON (Reuters) - Increased housing commitments swelled U.S. taxpayers' total support for the financial system by $700 billion in the past year to around $3.7 trillion, a government watchdog said on Wednesday.
Source: Reuters: Business News | 20 Jul 2010 | 10:34 pm BP chief executive to step down - reportEmbattled BP chief executive Tony Hayward is reportedly planning to step down within a matter of weeks.London-based newspaper The Times reported Hayward was preparing to announce his departure in late August or September, according...Source: nzherald.co.nz - Business | 20 Jul 2010 | 9:19 pm Founder may have given up Facebook stakeA seven-year-old contract signed by Facebook founder Mark Zuckerberg granting a New York businessman an ownership stake in Zuckerberg's then-fledgling Web project may be real, a Facebook lawyer acknowledged Tuesday in federal court hearing on Tuesday.Source: Business and financial news - CNNMoney.com | 20 Jul 2010 | 9:17 pm Toyota subpoenaed again, this time over faulty steering componentsGrand jury seeks documents related to steering relay rods, which are crucial to the handling and control of vehicles, as investigations into sudden acceleration and other safety matters continue.A federal grand jury investigating Toyota Motor Corp. is expanding its inquiry into the automaker's handling of safety issues, subpoenaing documents dealing with defects unrelated to sudden acceleration.
Source: L.A. Times - Business | 20 Jul 2010 | 9:08 pm Social Security age 'fix' may not live up to expectationsPoliticians have given little thought to the consequences of a higher Social Security retirement age, a benefit cut for all that would hurt different groups of recipients to differing degrees.Every politician worthy of the name knows that the easiest policy changes to put over are those that don't kick in until well into the future. The idea, of course, is that by the time their dire ramifications become evident, they'll be someone else's problem.
Source: L.A. Times - Business | 20 Jul 2010 | 8:10 pm Cafe owner: 'NZ rip-off' author out of touchAn inner city café owner has struck back at a scathing column in the NZ Herald on the cost of everyday articles in New Zealand, saying the author is out of touch and living in a world of 20 years ago.Roger Montgomery, of Swanson...Source: nzherald.co.nz - Business | 20 Jul 2010 | 8:00 pm Visitor arrivals hit 2.5 millionAnnual visitor arrivals to New Zealand hit the 2.5 million mark last month for the first time, says Statistics NZ."This milestone was almost reached in 2008, but the global economic downturn contributed to a decline in visitor...Source: nzherald.co.nz - Business | 20 Jul 2010 | 7:30 pm Judge approves $US550 million Goldman settlementNEW YORK - A US federal judge on Tuesday approved the deal calling for Goldman Sachs to pay $US550 million to settle civil fraud charges that the Wall Street giant misled buyers of mortgage-related investments.The agreement approved...Source: nzherald.co.nz - Business | 20 Jul 2010 | 7:00 pm Hedge funds still attracting billions in new cashNEW YORK (Reuters) - Hedge funds pulled in $9.5 billion during the second quarter with nervous investors preferring to send their money to the biggest and best established managers, according to industry tracker Hedge Fund Research Inc on Tuesday.
Source: Reuters: Business News | 20 Jul 2010 | 6:59 pm Race for control of Lions Gate takes new twistCarl Icahn’s latest move on the Hollywood studio comes just 24 hours after the end of a 10-day truce and puts in doubt a merger proposal between Lions Gate and MGMSource: Financial Times - US homepage | 20 Jul 2010 | 6:56 pm Apple forecast beats Street view (Reuters)
Source: Yahoo! News: Business News | 20 Jul 2010 | 6:48 pm Judge approves $550 million Goldman settlement (AP)AP - A federal judge on Tuesday approved the deal calling for Goldman Sachs & Co. to pay $550 million to settle civil fraud charges that the Wall Street giant misled buyers of mortgage-related investments.Source: Yahoo! News: Stock Markets News | 20 Jul 2010 | 6:17 pm Judge OKs Goldman's $550 million SEC settlementNEW YORK (Reuters) - A federal judge has approved a $550 million settlement between Goldman Sachs and the U.S. Securities and Exchange Commission related to civil fraud allegations in a subprime mortgage product.
Source: Reuters: Business News | 20 Jul 2010 | 6:05 pm Judge OKs Goldman's $550 million SEC settlement (Reuters)Reuters - A federal judge has approved a $550 million settlement between Goldman Sachs and the U.S. Securities and Exchange Commission related to civil fraud allegations in a subprime mortgage product.Source: Yahoo! News: Stock Markets News | 20 Jul 2010 | 6:05 pm Sir Stelios Haji-Ioannou threatens to remove easy name in easyJet battleSir Stelios Haji-Ioannou last night dramatically upped his battle with easyJet by threatening to remove the airline's right to the easy brand.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Jul 2010 | 6:05 pm Kiwis will turn to credit if Bollard raises interest ratesOver a third of kiwi households will have to use credit to pay for otherwise unaffordable expenses if the Reserve Bank increases interest rates in the coming months, according to a Dun & Bradstreet survey.The debt collection and...Source: nzherald.co.nz - Business | 20 Jul 2010 | 6:00 pm ‘VIP’ loans extended to Fannie Mae executivesCountrywide Financial made 153 “VIP” loans to Fannie Mae executives, in an effort to win goodwill from the giant mortgage finance company, according to a letter released by a US congressmanSource: Financial Times - US homepage | 20 Jul 2010 | 5:59 pm Inside Money: Why politicians are disgusted with advisersCustard and jelly: these two classic Kiwi desserts were served up occasionally during last month's Parliamentary debate heralding the introduction of the Financial Services Providers (Pre-Implementation Adjustments) Bill.AsGareth Morgan : Inadequacy of Code Committee laid bareComments by Brian Gaynor last week on the curious approach taken to the revamp of financial advice by the 2009 appointed Code Committee for Authorised Financial Advisers didn't go far enough. While Mr Gaynor was bemused that he...Source: nzherald.co.nz - Business | 20 Jul 2010 | 5:30 pm Jobless benefits extension passes Senate testMore than 2.5 million unemployed Americans are one step closer to having their unemployment benefits restored.Source: Business and financial news - CNNMoney.com | 20 Jul 2010 | 5:29 pm Weakening recovery brings deja vuThe U.S. may avoid a double-dip recession, but Americans will probably feel like they did when the economy tanked: insecure, overwhelmed with financial pressures and pessimistic about the future.Even as Congress moves to extend jobless benefits for millions of workers, a growing body of evidence suggests the United States is heading toward an economic netherworld — avoiding a slide back into recession but growing so slowly that unemployment will remain high, home prices low and incomes essentially stagnant.
Source: L.A. Times - Business | 20 Jul 2010 | 5:21 pm Argus’s Weiss on BP, Oil Spill in Gulf of Mexico: AudioSource: Bloomberg - All Podcasts | 20 Jul 2010 | 5:20 pm Demand for new devices fuels Apple salesSolid demand for the latest iPhone and iPad tablet computer enabled Apple to report surprisingly robust sales and earningsSource: Financial Times - US homepage | 20 Jul 2010 | 5:07 pm Regulator aims for 95pc payout for frozen ANZ/ING fundsThe Commerce Commission is aiming for investors in the frozen ING funds to get 95 per cent of their principal back after it settling with the fund manager and ANZ New Zealand last month.The regulator directed the $45 million settlement...Source: nzherald.co.nz - Business | 20 Jul 2010 | 5:00 pm US clears BA tie-up with American AirlinesBritish Airways' trans-Atlantic tie-up with American Airlines has been cleared for take-off after being given the green light from the US Department of Transportation (DoT) some 14 years after it was first proposed.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Jul 2010 | 5:00 pm Countrywide VIP program larger than disclosed: lawmakerWASHINGTON (Reuters) - More than 40 employees at mortgage finance giants Fannie Mae and Freddie Mac received special perks on mortgage loans from Countrywide as part of its former CEO's special VIP program, a top Republican U.S. lawmaker said on Tuesday.
Source: Reuters: Business News | 20 Jul 2010 | 4:48 pm Yahoo profit growsYahoo posted higher second-quarter earnings Tuesday that topped Wall Street expectations, but sales missed estimates.Source: Business and financial news - CNNMoney.com | 20 Jul 2010 | 4:43 pm Oil spill: BP sells $7bn of assets to Apache as Cameron warns against unfair legislationBP sold $7bn (£4.6bn) of assets to Apache, as Prime Minister David Cameron said he would oppose US laws that directly targeted the oil giant.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Jul 2010 | 4:41 pm Goldman profits plummet by 83%The bank’s quarterly profits plunged from a year ago as revenue slumped and the bank set aside more than $1bn for the UK bonus tax and its historic settlement with US securities regulatorsSource: Financial Times - US homepage | 20 Jul 2010 | 4:37 pm Robert Diener, FBR’s Scholes Discuss Hotels: Taking StockSource: Bloomberg - All Podcasts | 20 Jul 2010 | 4:34 pm Write-Offs: 07.20.10
$$$ The Perfect M&A Resume [FINS] $$$ Fannie Mae Employees Received 153 VIP Loans [WSJ] $$$ Playboy Launches New Safe For Work Website, Which Reportedly Blows [CNBC]
 Source: Dealbreaker | 20 Jul 2010 | 4:07 pm Vikram Pandit’s Social Calendar Totally Open To Attend Obama’s Financial Reg Signing
Source: Dealbreaker | 20 Jul 2010 | 4:00 pm How the major stock indexes fared on Tuesday (AP)AP - The Dow Jones industrial average rose 75 points after having fallen 140 in early trading in response to a series of disappointing revenue reports. Analysts were hard-pressed to come up with a reason for the turnaround. But trading was extremely light, and that tends to skew stock prices.Source: Yahoo! News: Stock Markets News | 20 Jul 2010 | 3:57 pm Cable and Wireless Worldwide falls victim to government austerityCable & Wireless Worldwide shares tumbled after the mainly UK-based telecoms group became a victim of the coalition's austerity drive.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Jul 2010 | 3:55 pm Business Highlights (AP)AP - Goldman profit slides on SEC charge, revenue dropsSource: Yahoo! News: Stock Markets News | 20 Jul 2010 | 3:53 pm Btig’s O’Rourke Discusses Market Technicals: Taking StockSource: Bloomberg - All Podcasts | 20 Jul 2010 | 3:52 pm Stocks struggle higher in choppy trade; Dow up 75 (AP)
Source: Yahoo! News: Stock Markets News | 20 Jul 2010 | 3:44 pm The Tuesday Podcast: Grandmother vs. Grandson, Steel-Cage Match
Courtesy of Eve Marion
That's Max Marion-Spencer in the photo up there. He's 18 and unemployed — despite having applied for jobs at Quizno's, McDonald's, Arby's, Food Lion and Dollar General. He's standing next to his grandmother, Alice Terry. She's 62, and works as a high school teacher. On today's Planet Money, Max and Alice join us to interview for a fake job. Fake-job title: Human manifestation of an economic trend. The trend: In the U.S. workforce, teenagers are now outnumbered by people who are 65 or older. (Yeah, we know Alice isn't 65 or older. And we know that, if Max is still looking for a job, he's counted as part of the workforce. Still, they're a very charming duo.) Also on the show, we talk to a few economists about this whole situation. Till Marco von Wachter, an economist at Columbia, tells us about a rather ominous finding from his research: People who start working during a recession are likely to see their incomes suffer for many years — even after the recession ends. Download the podcast, or Subscribe. Music: Mumford & Sons' "Little Lion Man." Twitter/ Facebook/ Flickr. Find us: Source: NPR Blogs: Planet Money | 20 Jul 2010 | 3:30 pm Bernstein’s Senatore on McDonald’s, Starbucks: Taking StockSource: Bloomberg - All Podcasts | 20 Jul 2010 | 3:23 pm FDIC chief warns over capital standardsSheila Bair, chairman of the Federal Deposit Insurance Corporation, has said some members of the committee setting international capital standards are “succumbing” to “disingenuous” lobbying from large banksSource: Financial Times - US homepage | 20 Jul 2010 | 3:09 pm Alan Lancz Discusses Stock Picks, Strategies: Taking StockSource: Bloomberg - All Podcasts | 20 Jul 2010 | 3:07 pm Goldman earnings fall on trading slump and charges (Reuters)
Source: Yahoo! News: Stock Markets News | 20 Jul 2010 | 3:00 pm Apple: Another Walk-Off Home Run QuarterApple Inc (NASDAQ: AAPL) usually beats Wall Street expectations, but for the most recent quarter, it outdistanced them by a mile. Apple posted record revenue of $15.7 billion and net quarterly profit of $3.25 billion, or $3.51 per diluted share. This compares to revenue of $9.73 billion and net quarterly profit of $1.83 billion, or [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Jul 2010 | 2:47 pm VMware Delivers on Earnings (VMW, EMC)Virtualization leader VMware, Inc. (NYSE: VMW) has managed to deliver on earnings after the close today. Non-GAAP operating income was up 94% to $187 million and earnings were reported as $0.34 EPS on a non-GAAP basis (versus $0.20 a year ago); Revenues were up 48% to $674 million. Thomson Reuters had estimates of $0.32 EPS [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Jul 2010 | 2:42 pm For Goldman, a Bumpy Road to Redemption (Common Sense)Stewart: After beatings in the media and in Congress, some humility.
Source: SmartMoney.com | 20 Jul 2010 | 2:32 pm Yahoo! Earnings Shanghai (YHOO)Yahoo! Inc. (NASDAQ: YHOO) came out with earnings and it seems that there is going to be more confusion on the report than any solid endorsement of the Carol Bartz turnaround. Earnings were $0.15 EPS and revenue was $1.136 billion on an ex-TAC basis. Thomson Reuters has estimates of $0.14 EPS and $1.16 billion in [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Jul 2010 | 2:22 pm Dow Rallies to Gain 75 Points (Market Update)Stocks staged a strong rally to finish in positive territory for the second day in a row,...
Source: SmartMoney.com | 20 Jul 2010 | 2:18 pm Innkeepers, Rangers, Jennifer Convertibles: Bankruptcy ReviewSource: Bloomberg - All Podcasts | 20 Jul 2010 | 2:07 pm AdvisorShares, WCM to Create International Active ETF: AudioSource: Bloomberg - All Podcasts | 20 Jul 2010 | 2:00 pm 50 Tips to Create a Killer Brand
Any damn fool can put on a deal, but it takes genius, faith and perseverance to create a brand. -David Ogilvy General Branding Tips 9 criteria for brand essence. The brand formula. Your brand should reach customers where they’re located. Do you have sensitivity to your message? Or are you one of the marketers who’s making us stupid? On brand resonance, and how you can keep it. Online Branding Cultivating culture is a vital strategy for building a web brand. In social media branding, action + perception = identity. PR is taking over social media–get ready for the big brands. What should the social media face of your company be? 5 tips for branding your business on Twitter. What brand marketers want from social network sites. Personal branding through a blog: How to make a blogging name for yourself. 7 reasons domain names may not matter as much as they used to. Branding in the Corporation Hire passionate people to help your branding efforts. Branding is nowhere without operations. Consumer evangelists, brands, and commodities. The pitfalls of misdirected packaging. Brands with a bull’s eye on their backs. Do companies have control over their brands? How branding can kill your profit. In a tough economy, branding matters. Your external brand can only be as good as your internal brand. 3 ways big brands ensure FTC compliance. Is PR becoming the new advertising? Branding Analysis Does being free cheapen a brand? Here’s a look at Google’s brand. Why leading brands stay on top. The land of lost brands. Brand Stories Inside an advertising campaign for the Levi’s brand. Lessons from a branding disaster. What you can learn about losing your brand and alienating people from Gamespot. 10 things your brand can learn from Trader Joe’s. Does the fashion industry even know what a brand strategy is? What’s your brand story? Branding Tips for Specific Professions Tips from going from book to brand. Tips on branding and promoting yourself for freelancers. Personal brand organization tips. Social Aspects of Branding How to build a brand community. How social engagement helps branding. Word-of-mouth marketing and brands. Branding Resources Here’s Inc. Magazine’s excellent website on branding. Here’s a list of brand loyalty marketing resources. Find daily opinions on brands here. How well do you know your brands? Take this quiz.
Source: Business Pundit | 20 Jul 2010 | 1:38 pm Ð Is The New $Last week, when the rupee got a new, rational symbol, we asked readers to come up with a new, improved symbol for the dollar. Here are some of the responses we received: 
1. Enrique Gómez proposes using the letter Eth from Old English, Ð. The symbol, he writes, would have a historical connection with the Anglo Saxon languages — and it's represented in Unicode (as U+00D0).
3. Ranney's second design uses the shape of a "T", for thaler, and is also "symbolic of an American Flag," he writes. 
4. The fourth entry comes from Dean Koffler. Here's the entirety of the note that he sent along with the image: "Pretty lame but I was bored at work."
Source: NPR Blogs: Planet Money | 20 Jul 2010 | 1:25 pm Former UK Banker, Ashmed Of Past Life, Finds Meaning In Dressing Up As Pirate
Pete has no interest in ever associating with you people again, but now that he has the mic, he would like to say one thing.
Source: Dealbreaker | 20 Jul 2010 | 1:13 pm How We Sold a HouseTo learn how to break the housing-market logjam, we got a license to sell real estate.
Source: SmartMoney.com | 20 Jul 2010 | 1:07 pm Playing Retirement Account Catch-Up (The Tax Guy)How extra contributions now can make your retirement days richer.
Source: SmartMoney.com | 20 Jul 2010 | 1:04 pm Kenneth Feinberg To Inform Banks Whether Or Not He’ll Be Going After 2008’s Bonuses By The End Of The Week
Source: Dealbreaker | 20 Jul 2010 | 12:50 pm Looking Past SandRidge Merger Integration to Diversification (SD, XOM, APA, ME, DVN, BP)Sometimes the short-term interests of a company’s shareholders and the future of that company are not in perfect synch. That’s exactly the situation at SandRidge Energy Inc. (NYSE: SD), which just last week completed its $1.6 billion merger with Arena Resources, Inc. Like the recent merger of Exxon Mobil Corp. (NYSE: XOM) with XTO Energy, [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 20 Jul 2010 | 12:23 pm Spend! Spend! Spend! Cut! Cut! Cut!by Jacob Goldstein As the latest G-20 meeting made clear, there's a big debate right now about how much money governments in big, rich countries should be spending. The two basic camps: Austerity: Deficits are out of control. Governments need to start spending less right now, in order to prevent a loss of confidence in government debt and head off economic catasrophe. Stimulus: Unemployement is high, and the economic recovery is fragile. If governments cut off spending right now, we'll shoot back into recession. Besides, goverments can still borrow money at superlow interest rates. Keep the short-term spending spigot open for a while longer, and deal with deficits in the longer term. The FT has a bunch of big-name economists weighing in on the debate this week. Berkeley economist and blogger Brad DeLong argues for more spending from economies where interest rates on government bonds remain low:
But Harvard economist Ken Rogoff, author of a recent book on the history of sovereign defaults says those interest rates can rise sharply and unexpectedly:
Harvard economic historian Niall Ferguson argues governments need to rein in spending in order to boost confidence in the private sector:
And President Obama's economic adviser Larry Summers argues for lots of spending now, and less spending later:
Source: NPR Blogs: Planet Money | 20 Jul 2010 | 12:16 pm End of life care: More or less of it?End-of-life care is often the most expensive health care. Many people, when given the option, choose to opt out of experimental therapies and drugs as they approach death, but the current health care system structure incentivizes more care instead of less. So patients' wishes often get left out of the equation.Source: Marketplace | 20 Jul 2010 | 11:21 am Letters: Credit scores, call centers, city streetsKai Ryssdal reads your responses to our stories and interviews on credit scores, health care insurance companies using call centers and urban areas wanting less freeways.Source: Marketplace | 20 Jul 2010 | 11:21 am Summer jobs elusive for U.S. teensThe high youth unemployment means competition for summer temp jobs at resorts and amusement parks is fierce -- and it also leaves many teenagers without valuable work experience.Source: Marketplace | 20 Jul 2010 | 11:20 am Gulf scientists feel uneasy about working for BPScientists understand BP needs their help to assess the damage from the Deepwater Horizon oil spill and to find potential solutions for clean-up, but many scientists draw the line at testifying for the company.Source: Marketplace | 20 Jul 2010 | 11:20 am Goldman posts worst quarter since 2008Goldman Sachs & Co. less than stellar profit report for last quarter reflected the state of the economy.Source: Marketplace | 20 Jul 2010 | 11:20 am Three-hour tarmac rule makes more delaysThe Department of Transportation levied heavy fines against airlines that leave passengers waiting on the tarmac for more than three hours, which led to a decrease in long tarmac delays -- but increased flight cancellations.Source: Marketplace | 20 Jul 2010 | 11:20 am Automakers may pay off more debt than expectedKai Ryssdal talks to reporter Justin Hyde of the Detroit Free Press about his story on how taxpayers may get more than expected back as automakers start to pay off their government loansSource: Marketplace | 20 Jul 2010 | 11:20 am Presented By:Source: Dealbreaker | 20 Jul 2010 | 10:20 am A Bunch Of Wall Street Professionals Will Be Smashing Each Other’s Faces In For Your Entertainment (Charity As Well) This Evening
His actual name is Andrew Kang. During the day, you can find him at Marathon Asset Management. Tonight, he’ll be taking no prisoners. Kang says the song that gets him the most pumped is Kevin Rudolf’s “I made it” and that his his advantage is his “ability to take hits.” Also doing battle tonight is Austin “Monkey Fist” Philbin, of Morgan Stanley Smith Barney. This is how he describes his boxing style:
Nick Harley, you have been warned.
Source: Dealbreaker | 20 Jul 2010 | 10:20 am Unfounded Rumor Of The Afternoon: Cuts A-Comin’ At Credit Suisse?
Prop trading at Credit Suisse plans to cut around 30% of traders in the near term.
Source: Dealbreaker | 20 Jul 2010 | 10:00 am Dick Bové Expected Goldman To Have A Terrible Quarter, And They Delivered
7.20 GS Note [PDF]
Source: Dealbreaker | 20 Jul 2010 | 9:45 am What Are You Doing, Lloyd? Are You Scratching?
Chicken pox outbreak at first day of GS training yesterday. New trainee sent home sick, announcement made to analyst class that chickenpox was the cause and they should come forward with any signs of illness to prevent further infection.
Source: Dealbreaker | 20 Jul 2010 | 9:18 am Barney Frank Discusses Financial Regulation: Political CapitalSource: Bloomberg - All Podcasts | 20 Jul 2010 | 9:15 am US Housing Starts Slump, Thanks to Oversupply
June housing starts, the number of new homes and apartments builders have started constructing, were at the lowest levels since October 2009. Bloomberg has more on this simple supply-and-demand scenario: …a slump in sales following the expiration of a government tax incentive caused U.S. builders to cut back. Work began on 549,000 houses at an annual rate last month, fewer than the median estimate of economists surveyed by Bloomberg News and down 5 percent from May, Commerce Department figures showed today in Washington. The retreat following the end of government support shows it will be difficult for the industry that precipitated the recession to sustain a recovery. Mounting foreclosures will swell the supply of houses on the market and pressure prices, while prospective buyers shy away as a lack of jobs shakes confidence in the world’s largest economy. “Given the excess of existing homes for sale, there is no rush to boost starts significantly,” said Jim O’Sullivan, chief economist at MF Global Ltd. in New York, who forecast a decline in starts to 550,000. “There has been volatility in the data because of the tax credit. The best you can say is the big drag on growth from housing ended a year ago.” Oddly enough, building permits are up this month, a sign that indicates increased construction down the road. The question is when.
Source: Business Pundit | 20 Jul 2010 | 8:53 am Here Are Some Current IR Girls And Someone Who’d Like To Become One With Your Help
Source: Dealbreaker | 20 Jul 2010 | 8:38 am The Long Decline Of M. Night Shyamalan: Chart Without Commentby Jacob Goldstein Chart via Marginal Revolution; "X without comment" concept via The Awl Source: NPR Blogs: Planet Money | 20 Jul 2010 | 8:37 am Goldman Sachs Reports Horrible Quarter
Goldman Sachs’ Q2 earnings are down 83%, in what the New York Times calls the “worst quarter for the giant investment bank since the depths of the financial crisis in late 2008.” More from the NYT: The (SEC) lawsuit overshadowed Goldman’s outsize profits in the first quarter, when buoyant results in trading lifted earnings to $3.46 billion. Now, as markets weaken, the focus is squarely back on the bottom line and Goldman shares are down more than 20 percent from where they were before the S.E.C’s suit was filed in April. Tuesday’s results represent a rare miss for Goldman’s vaunted traders, who have helped make the firm Wall Street’s most powerful — and profitable — investment bank. But few traders were prepared for the sharp swings of the market in the spring, when exchanges around the world were roiled by fears about European government borrowing and the specter of a default by Greece. Closer to home, the “flash crash” in May, when the Dow dropped nearly 1,000 points in less than 30 minutes, also unnerved investors. Bloomberg Businessweek breaks down GS’s revenues: Equity trading revenue declined 49 percent to $1.21 billion from $2.35 billion in the first quarter. Principal investments, which includes gains and losses from Goldman Sachs’s stake in Industrial & Commercial Bank of China Ltd. as well as stakes in other companies and real estate, provided a $943 million gain in the quarter. Investment-banking revenue dropped 23 percent to $917 million from the first quarter as advisory fees gained 2 percent, debt underwriting revenue declined 36 percent and equity underwriting revenue decreased 40 percent. Revenue from asset management rose 3 percent to $976 million from $946 million in the first quarter as assets under management fell 5 percent to $802 million from $840 million in the first quarter. Securities services, the division that includes fees charged for providing services to hedge funds, reported $397 million in revenue, up from $395 million in the first quarter. Odd results for a company everyone thinks has enough government backing to prop up the entire economy. Goldman, however, doesn’t seem too pessimistic–it hired 1,000 new employees last quarter. However many conspiracy theories exist about Goldman, it could just be that it was a bad quarter for investing. The Wall St. Journal quotes GS CFO David Viniar: Investors are scared and they are staying on the sidelines. That means less business for Goldman. “Our business is driven by economic activity,” Viniar says. “This [lousy quarter] was really driven by a lack of activity by our clients….Right now, the business environment is pretty slow.” When will business bounce back? He wasn’t willing to hazard a guess.
Source: Business Pundit | 20 Jul 2010 | 8:25 am Housing Keeps Fallingby Jacob Goldstein Construction of houses and apartments slowed in June, according to figures the government released this morning. Housing starts — the number of new construction projects — fell by 5 percent compared with the previous month. That fits with the broader trend we've been seeing in housing lately, but it leaves a fundamental question unanswered. Here's a very quick recap. The bubble started to pop in 2006. The market hit bottom in the first half of 2009, then crept up through the beginning of this year, helped by government programs designed to prop up the housing market. But in the past few months, as those programs have started to wind down, the market has started to head south again — as evidenced by sales of previously owned homes and the home builders' confidence index, among other measures. To some degree, the decline is the natural aftermath of the government programs: At least some people who would have bought a home this summer hurried up and bought one in the spring, before the government's home-buyer tax credit expired. So the key question now is whether we're in a brief hangover brought on by the end of the government subsidy, or whether the subsidy just stalled more significant declines in the housing market. If it's the latter, we could be headed for a significant double dip in housing.
Source: NPR Blogs: Planet Money | 20 Jul 2010 | 8:01 am Jellinek on Bonds, Shaw on U.K. Banks: First WordSource: Bloomberg - All Podcasts | 20 Jul 2010 | 7:44 am A Different Perspective on the Tea Party Movement
Source: Business Pundit | 20 Jul 2010 | 4:57 am
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