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GM's OnStar: There's an app for thatGeneral Motors will distribute OnStar smartphone applications later this year that will allow Chevrolet, GMC, Buick and Cadillac owners to do things like lock their car doors or start the engine from miles away.Source: Business and financial news - CNNMoney.com | 22 Jul 2010 | 4:15 am Confusion as Europe prepares for bank test releaseFRANKFURT/BERLIN (Reuters) - European officials appeared to be at odds on Thursday over whether to release stress test results earlier than planned and reveal banks' exposure to sovereign debt, in a last-minute struggle over how to regain confidence in the financial sector.
Source: Reuters: Business News | 22 Jul 2010 | 4:14 am Confusion as Europe prepares for bank test release (Reuters)
Source: Yahoo! News: Business News | 22 Jul 2010 | 4:14 am Europe Markets: European stocks rise after strong economic dataEuropean shares edge higher on Thursday, up for the third straight day, as gains from industrial group ABB help to offset weakness elsewhere on a busy day for corporate updates.
Source: MarketWatch.com - Top Stories | 22 Jul 2010 | 4:12 am Virgin America orders up to 60 Airbus planesFARNBOROUGH, England (Reuters) - British entrepreneur Richard Branson provided a closing flourish to the Farnborough Airshow by doubling the size of his Virgin America airline fleet by video link from the Caribbean on Thursday.
Source: Reuters: Business News | 22 Jul 2010 | 4:11 am Virgin America orders up to 60 Airbus planes (Reuters)Reuters - British entrepreneur Richard Branson provided a closing flourish to the Farnborough Airshow by doubling the size of his Virgin America airline fleet by video link from the Caribbean on Thursday.Source: Yahoo! News: Business News | 22 Jul 2010 | 4:11 am Obama to sign 'improper payments' legislationPresident Barack Obama is preparing to sign a bill requiring federal agencies to be more vigilant about identifying and recovering billions of dollars lost annually to wasteful spending.Source: RSS feed - channel BNewsBusiness | 22 Jul 2010 | 4:11 am Asian markets end mixed; Shanghai up, Tokyo downFederal Reserve Chairman Ben Bernanke’s downbeat assessment of the U.S. economic outlook spooks Asian investors, sending Japanese stocks lower for a fifth straight session.
Source: MarketWatch.com - Top Stories | 22 Jul 2010 | 4:11 am European growth hopes lift stocksEuropean stock markets rose Thursday after encouraging economic news more than offset any concerns generated by a downbeat U.S. economic assessment from Federal Reserve chairman Ben...Source: RSS feed - channel BNewsBusiness | 22 Jul 2010 | 4:08 am European growth hopes lift stocks (AP)
Source: Yahoo! News: Stock Markets News | 22 Jul 2010 | 4:08 am Bernanke says Fed to act if U.S. recovery stalls (Reuters)
Source: Yahoo! News: Business News | 22 Jul 2010 | 4:04 am Bernanke says Fed to act if U.S. recovery stallsWASHINGTON (Reuters) - The Federal Reserve stands ready to ease monetary policy further if the budding U.S. economic recovery withers, Fed Chairman Ben Bernanke said on Wednesday, describing the outlook as "unusually uncertain."
Source: Reuters: Business News | 22 Jul 2010 | 4:04 am High hopes for Microsoft, but stock still adriftNEW YORK (Reuters) - Signs point to strong results for Microsoft Corp as companies get around to buying computers after a two-year drought, but its stock may find it tough to gain altitude amid worries about where growth will come from in coming years.
Source: Reuters: Business News | 22 Jul 2010 | 4:01 am High hopes for Microsoft, but stock still adrift (Reuters)
Source: Yahoo! News: Business News | 22 Jul 2010 | 4:01 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 | 22 Jul 2010 | 4:01 am The iPad Passes The KindleRecent research shows that the number of Apple Inc (NASDAQ: AAPL) has passed the number of Amazon.com (NASDAQ: AMZN) in the hands of consumers. The news could undermine Amazon’s successful e-book store, and the largest e-commerce business in the US also feels pressure from the Barnes & Noble (NYSE: BKS) Nook and Sony’s (NYSE: SNE) [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Jul 2010 | 4:00 am Indications: Stock futures rally on strong European dataU.S. stock futures rally Thursday, shedding the previous session’s gloom, as better-than-expected European industrial-orders data reignite hopes of a swift economic recovery.
Source: MarketWatch.com - Top Stories | 22 Jul 2010 | 3:59 am Ships ready to leave leaky well as storm brews (AP)
Source: Yahoo! News: Business News | 22 Jul 2010 | 3:48 am Could Nokia get a boss upgrade?The world's largest handset maker is struggling against tough competition in the high-end smart phone market.Source: BBC News - Business | 22 Jul 2010 | 3:47 am Credit Suisse reports 'resilient' earningsSwiss bank Credit Suisse said Thursday its second quarter net profit reached 1.6 billion francs (1.19 billion euros, 1.52 billion dollars) in a period characterised by volatility in the...Source: RSS feed - channel BNewsBusiness | 22 Jul 2010 | 3:46 am Credit Suisse reports 'resilient' earnings (AFP)
Source: Yahoo! News: Business News | 22 Jul 2010 | 3:46 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 | 22 Jul 2010 | 3:45 am Retail sales rise quickly in JuneThe value of UK retail sales rose 0.7% in June, beating market expectations, led by household goods sales.Source: BBC News - Business | 22 Jul 2010 | 3:43 am Conoco considers sale of Wilhelmshaven refineryLONDON, July 22 (Reuters) - ConocoPhillips said on Thursday it is considering either selling its German Wilhelmshaven refinery or turning it into a terminal.Source: RSS feed - channel BNewsBusiness | 22 Jul 2010 | 3:41 am Europe’s Economy Expands More Than ExpectedMarkit’s Eurozone Flash Services Purchasing Managers’ Index showed an expansion of the EU economy this month that was not expected. It was the first improvement in three months as the index rose to 56.7 from 56 in June. The improvement might have been expected based on the calm market trading in sovereign debt in the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Jul 2010 | 3:40 am Strong European data trump Bernanke commentsBen Bernanke’s warning that the US economy faced ‘unusually uncertain’ conditions led to a late sell-off on Wall Street, but better economic data out of Europe has turned sentiment aroundSource: Financial Times - US homepage | 22 Jul 2010 | 3:39 am Oil spill czar: 'It's my call'For Gulf businesses wondering if their oil spill claims will be paid, there's one guy who'll decide -- Kenneth Feinberg, the former special master of the September 11th Victim Compensation Fund.Source: Business and financial news - CNNMoney.com | 22 Jul 2010 | 3:38 am UK car production up by a quarterUK car production increased sharply in June, industry figures show, rising 28.6% on the same month last year.Source: BBC News - Business | 22 Jul 2010 | 3:38 am Stocks set for a bounceU.S. stock futures rose Thursday, as investors set their sights on recouping some of the losses from the previous session's selloff.Source: Business and financial news - CNNMoney.com | 22 Jul 2010 | 3:34 am In Bernanke We Trust?Ben Bernanke, head of the Federal Reserve, is credited by many people for lifting America and much of the rest of the world out of the financial crisis of 2008 and early 2009. He spoke and answered questions in front of the Senate Banking Committee yesterday, and while he was speaking, the stock market rapidly [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Jul 2010 | 3:31 am Economic Report: Euro-zone PMI points to accelerating activityPrivate-sector activity across the 16-nation euro zone accelerates in July, according to a monthly survey of purchasing managers.
Source: MarketWatch.com - Top Stories | 22 Jul 2010 | 3:30 am Oil price rise after sharp fallsWorld oil prices firmed Thursday, following recent sharp falls, as traders assessed Federal Reserve chairman Ben Bernanke's gloomy outlook, alongside news of a surprise jump in US crude...Source: RSS feed - channel BNewsBusiness | 22 Jul 2010 | 3:29 am Volvo trucks reports profits after restructuringVolvo trucks, the second-biggest maker of heavy vehicles, reported unexpectedly strong quarterly profits on Thursday and stood by its forecast of recovery in US and European markets. In...Source: RSS feed - channel BNewsBusiness | 22 Jul 2010 | 3:25 am Volvo trucks reports profits after restructuring (AFP)
Source: Yahoo! News: Business News | 22 Jul 2010 | 3:25 am IMF cancels $268 million Haiti debtThe IMF says it has canceled Haiti's $268 million debt and will lend the earthquake-devastated country another $60 million to help it with reconstruction plans. The International...Source: RSS feed - channel BNewsBusiness | 22 Jul 2010 | 3:24 am IMF cancels $268 million Haiti debt (AP)
Source: Yahoo! News: Business News | 22 Jul 2010 | 3:24 am London Markets: British shares edge higher as banks advanceLondon shares edge higher on Thursday, as gains in the banking sector offset losses for tobacco firms and software group Autonomy.
Source: MarketWatch.com - Top Stories | 22 Jul 2010 | 3:20 am Deals of the day -- mergers and acquisitionsJuly 22 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0900 GMT on Thursday.Source: RSS feed - channel BNewsBusiness | 22 Jul 2010 | 3:17 am Congress, The Author Of Financial And Health Care Reform, Has Little Public ConfidenceCongress has been at the center of most of the revolutions that have affected or will affect life in America now and over the next several decades. There is nothing new about that, but Congress has been unusually busy passing massive bills to change health care reform and financial reform at levels that have not [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Jul 2010 | 3:14 am Google China rival profits doubleBaidu sees profits more than double in the second quarter as it continues to dominate China's search engine market.Source: BBC News - Business | 22 Jul 2010 | 3:11 am World stocks, dollar fall on Bernanke economy viewWorld stock markets slid Thursday and the dollar fell, undermined by worries about the global recovery after Federal Reserve Chairman Ben Bernanke warned the U.S. economy faces uncertain...Source: RSS feed - channel BNewsBusiness | 22 Jul 2010 | 3:03 am 3 Companies With High Worker Productivity (Screens)Hough: These firms produce large profits with relatively small payrolls.
Source: SmartMoney.com | 22 Jul 2010 | 3:01 am Save Big on Rising Wedding Costs (Deal of the Day)Cut the bill for flowers, food, invitations and more.
Source: SmartMoney.com | 22 Jul 2010 | 3:01 am Shoe Stocks Ready to Race Ahead (Sector Watch)Footwear stocks are notoriously streaky. Which ones are worth trying on now?
Source: SmartMoney.com | 22 Jul 2010 | 3:01 am How You Can Prevent Electric Bill Shock (Consumer Action)Utilities will soon detail daily power use. Here is a peek at the future.
Source: SmartMoney.com | 22 Jul 2010 | 3:01 am Strikes end at two Chinese automotive suppliers (Reuters)Reuters - Chinese factory workers at two suppliers for foreign automakers returned to work on Thursday after winning hefty pay rises, ending strikes that again highlighted the carmakers' vulnerability to their China suppliers.Source: Yahoo! News: Business News | 22 Jul 2010 | 2:58 am Bank failures could be key to stress test successA string of banks failing the European Union’s stress tests could be one of the strongest signs the process has been a success, but analysts fear the tests could end up being a damp squib, offering too little information to boost confidence.
Source: MarketWatch.com - Top Stories | 22 Jul 2010 | 2:53 am PT rejects Telefonica case, seeks Vivo solutionLISBON, July 22 (Reuters) - Portugal Telecom insisted on Thursday it has a strong legal case to defeat Telefonica's attempts to disband their Brazilian joint venture but reiterated it would prefer a mutually...Source: RSS feed - channel BNewsBusiness | 22 Jul 2010 | 2:51 am Mitsubishi hopes for take-offThe Mitsubishi Aircraft Corporation of Japan has told the BBC that it believes it can sell a thousand jets, despite the fact it has not taken to the airSource: BBC News - Business | 22 Jul 2010 | 2:49 am Currencies: Euro gets lift from French, German PMI dataThe euro moves up late in the Asian session Thursday, as German and French purchasing managers’ index readings for July beat forecasts.
Source: MarketWatch.com - Top Stories | 22 Jul 2010 | 2:49 am Want a job? Better pay your billsFalling behind on your bills? It could cost you a job.Source: Business and financial news - CNNMoney.com | 22 Jul 2010 | 2:43 am Fed: Outlook 'unusually uncertain'Federal Reserve Chairman Ben Bernanke warned Congress Wednesday that the economic outlook remains "unusually uncertain."Source: Business and financial news - CNNMoney.com | 22 Jul 2010 | 2:43 am Credit Suisse reports unexpected profit growthSwiss banking group Credit Suisse reports a small, but unexpected rise in second-quarter profit, as its bottom line is bolstered by one-off gains.
Source: MarketWatch.com - Top Stories | 22 Jul 2010 | 2:41 am As Starbucks Stores Brim To Overflowing, Investors Sell The StockThe stock market was unsettled by Starbucks quarterly results. Revenue rose a very modest 9% to $2.6 billion, which is not impressive given the economic recovery of middle and upper class discretionary spending. Comparable store sales also rose 9%. Net income rose 41% to $209 million, which shows that the company has developed a the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Jul 2010 | 2:37 am Stock futures signal reboundPARIS (Reuters) - Stock index futures pointed to a higher open on Wall Street on Thursday following the previous session's steep losses, with futures for the S&P 500 up 0.31 percent, Dow Jones futures up 0.32 percent and Nasdaq 100 futures up 0.58 percent at 0810 GMT (4:10 a.m. EDT).
Source: Reuters: Business News | 22 Jul 2010 | 2:34 am Stock futures signal rebound (Reuters)
Source: Yahoo! News: Stock Markets News | 22 Jul 2010 | 2:34 am Volvo swings to profit, led by demand in AsiaVolvo Group on Thursday said it swung to a second-quarter profit, as strong demand in Asia and South America made up for continuing weakness in Europe, North America and Japan.
Source: MarketWatch.com - Top Stories | 22 Jul 2010 | 2:29 am Baidu profit doubles in record quarterWhile Google struggles with the Chinese market, local search giant Baidu is soaring to new heights. Baidu said Wednesday that its earnings doubled in the most recent quarter as its sales hit a record high.Source: Business and financial news - CNNMoney.com | 22 Jul 2010 | 2:28 am Weak consumer spending hits B&QB&Q owner Kingfisher reports a drop in sales and gives a cautious outlook for consumer spending.Source: BBC News - Business | 22 Jul 2010 | 2:25 am Lindsey: U.S. entering deflation trap, to ease moreTOKYO (Reuters) - Former Federal Reserve board member Lawrence Lindsey said on Thursday it will be "obvious" by the end of this year that the U.S. economy has entered a "deflationary trap."
Source: Reuters: Business News | 22 Jul 2010 | 2:20 am How The Movies Killed NetflixWall St did not like the results of Netflix (NASDAQ: NFLX) last quarter and flogged the movie rental company’s shares as if they were Blockbuster’s, taking 10% off its market cap. Investors have come to expect that Netflix will add very large numbers of new subscribers each quarter. That did not happen in the second [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Jul 2010 | 2:16 am Media Digest 7/22/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: BP plc (NYSE: BP) defended its CEO as it considered new options to kill the well. Reuters: The Senate voted to restore jobless benefits. Reuters: Obama’s budget review may trim the 2010 projected deficit. Reuters: eBay’s (NASDAQ: EBAY) earnings beat the Street. Reuters: Starbucks (NASDAQ: SBUX) and Netflix (NASDAQ: NFLX) posted disappointing results. Reuters: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Jul 2010 | 1:46 am NZ sharemarket declinesThe New Zealand sharemarket fell today after stocks in the United States were hit by a dour assessment of the US recovery from Federal Reserve chairman Ben Bernanke.Mr Bernanke acknowledged the US labour market's continued weakness...Source: nzherald.co.nz - Business | 22 Jul 2010 | 1:44 am NZ dollar fallsThe New Zealand dollar fell out of favour with investors today after Federal Reserve chairman Ben Bernanke expressed concern about the United States economy, but managed to rally off lows late in the session.Mr Bernanke, in testimony...Source: nzherald.co.nz - Business | 22 Jul 2010 | 1:39 am World Cup hits sales at pub groupPub group Mitchells & Butlers says its rate of sales growth slowed in June and July as food sales fell during the World Cup.Source: BBC News - Business | 22 Jul 2010 | 1:20 am Sports Direct profits up tenfoldSports Direct reports a big increase in annual profits after achieving record revenue in the year to the end of April.Source: BBC News - Business | 22 Jul 2010 | 1:07 am Bernanke uncertain on US economyShares fall on Wall Street after the US Federal Reserve's Ben Bernanke says the US economic outlook is "unusually uncertain".Source: BBC News - Business | 22 Jul 2010 | 1:02 am Safeway Is Well-Positioned for Recoveryith some help from the California economy, the stock could jump 50%.
Source: SmartMoney.com | 22 Jul 2010 | 1:01 am Volkswagen packs a lot into the compact 2010 Golf 2.5Also known previously as the Rabbit, this year's version couples precision German engineering with a more sporty and upscale appearance.Before she became President John F. Kennedy's favorite blond birthday singer, Marilyn Monroe was born Norma Jeane Mortenson. Rapper Diddy was previously P. Diddy, Puff Daddy and before that plain old Sean Combs. By the time you finish reading this, he'll probably call himself "Did."
Source: L.A. Times - Business | 22 Jul 2010 | 1:00 am Mortgage defaults in California at 3-year lowThe number of default notices in the second quarter falls 43.8% compared with the same period in 2009. Meanwhile, banks step up repossession of foreclosed homes.The number of Californians entering foreclosure slid dramatically in the second quarter to a three-year low as the fallout from the worst of the housing crisis continued to abate.
Source: L.A. Times - Business | 22 Jul 2010 | 1:00 am Facebook tops 500 million users worldwideThe 6-year-old firm is already the most popular social networking site but aspires to reach 1 billion members. At its current growth rate, it could reach that goal within a year.Facebook Inc. on Wednesday issued its own eye-popping status update: The world's most popular social networking site had surpassed 500 million users.
Source: L.A. Times - Business | 22 Jul 2010 | 1:00 am 99 Cents Only Stores sued over price increaseThe chain has been hit with two class-action lawsuits alleging unfair and deceptive business practices and misleading advertising after it raised the top price of goods to 99.99 cents from 99 cents. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2010 | 1:00 am New DirecTV chief looks beyond the fizzMike White, after 20 years at PepsiCo, learns the satellite TV business from the roof down while taking on the challenge of the Internet and a possible Comcast-NBC Universal merger. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2010 | 1:00 am Wells Fargo second-quarter profit beats expectationsEarnings fall 3% from a year earlier but still outpace analysts' forecasts, helping to lift the giant bank's shares. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2010 | 1:00 am Volkswagen packs a lot into the compact 2010 Golf 2.5Also known previously as the Rabbit, this year's version couples precision German engineering with a more sporty and upscale appearance. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2010 | 1:00 am Battle brews over director for new Consumer Financial Protection BureauThe agency with the power to make rules for credit cards, mortgages and other products is created as Obama signs the financial overhaul law. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2010 | 1:00 am Netflix shares fall as sales growth fails to impress investorsThe DVD-by-mail company reported a 27% increase in revenue in the second quarter. That's on the low end of guidance the company had provided to analysts. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2010 | 1:00 am Mortgage defaults in California at 3-year lowThe number of default notices in the second quarter falls 43.8% compared with the same period in 2009. Meanwhile, banks step up repossession of foreclosed homes. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2010 | 1:00 am Disneyland's Alice in Wonderland ride closed to install safety equipmentThe attraction is shut down temporarily after state inspectors note a lack of handrails for maintenance crews.One of Disneyland's oldest attractions, the Alice in Wonderland ride, has been closed since last week while workers install safety barriers recommended by California work-safety inspectors. Park officials said they hope to reopen the ride in the next few weeks.
Source: L.A. Times - Business | 22 Jul 2010 | 1:00 am Bernanke says economic outlook is 'unusually uncertain'In congressional testimony, the Fed chairman predicts that unemployment will remain stubbornly high for years. His comments send stocks down sharply.Saying the economic outlook was "unusually uncertain," Federal Reserve Chairman Ben S. Bernanke predicted that unemployment was likely to remain stubbornly high for several years, straining families and endangering the nation's economic stability and competitiveness.
Source: L.A. Times - Business | 22 Jul 2010 | 1:00 am Battle brews over director for new Consumer Financial Protection BureauThe agency with the power to make rules for credit cards, mortgages and other products is created as Obama signs the financial overhaul law.President Obama reversed decades of lax oversight of the financial industry Wednesday by signing a landmark overhaul of regulations, but he still faces a major task — appointing a director for the powerful new agency charged with protecting consumers from unscrupulous deals.
Source: L.A. Times - Business | 22 Jul 2010 | 1:00 am New DirecTV chief looks beyond the fizzMike White, after 20 years at PepsiCo, learns the satellite TV business from the roof down while taking on the challenge of the Internet and a possible Comcast-NBC Universal merger.Shortly after Mike White took over as chief executive of DirecTV, the former longtime PepsiCo executive discovered that the satellite broadcaster's human resources department had carted away all the Coke machines from the company's El Segundo headquarters.
Source: L.A. Times - Business | 22 Jul 2010 | 1:00 am Wells Fargo second-quarter profit beats expectationsEarnings fall 3% from a year earlier but still outpace analysts' forecasts, helping to lift the giant bank's shares.Wells Fargo & Co. said its second-quarter profit declined 3% from the year-earlier period, but its results well exceeded Wall Street expectations and increasing demand gave it a brighter forecast.
Source: L.A. Times - Business | 22 Jul 2010 | 1:00 am Netflix shares fall as sales growth fails to impress investorsThe DVD-by-mail company reported a 27% increase in revenue in the second quarter. That's on the low end of guidance the company had provided to analysts.Wall Street's sky-high expectations for Netflix Inc. sent its stock swooning in after-hours trading Wednesday as the fast-growing DVD-by-mail company failed to meet second-quarter revenue expectations.
Source: L.A. Times - Business | 22 Jul 2010 | 1:00 am Disneyland's Alice in Wonderland ride closed to install safety equipmentThe attraction is shut down temporarily after state inspectors note a lack of handrails for maintenance crews. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2010 | 1:00 am Venerable ant farm joins the 21st centuryNew owners plan to expand the appeal of the California company that began selling the educational toy in 1956 and is still an innovative force in the market, but whose recent sales have been flat. ...Source: RSS feed - channel BNPaperBusiness | 22 Jul 2010 | 1:00 am Changes in financial regulationThe new financial overhaul law triggers hundreds of new rules that regulators must draft and enact in the next two years. Here is a timetable of major actions.Source: RSS feed - channel BNPaperBusiness | 22 Jul 2010 | 1:00 am Credit Suisse hit by sharp fall in revenuesThe Swiss bank reports a big fall in net profits for the second quarter from the much stronger previous three months, with investment banking hit by declining revenuesSource: Financial Times - US homepage | 22 Jul 2010 | 12:41 am Halal make-up business boomingHalal meat for Muslims is well-known, but now halal make-up is making its way onto shopping lists.Source: BBC News - Business | 22 Jul 2010 | 12:28 am Motorola sues Huawei for trade secret theftNEW YORK/SHANGHAI (Reuters) - U.S. mobile phone maker Motorola Inc has sued China's Huawei Technologies Co for alleged theft of trade secrets, highlighting the fast-growing Chinese firm's difficulty in shaking the nation's reputation for piracy.
Source: Reuters: Business News | 21 Jul 2010 | 11:21 pm SFO launch new Blue Chip probeThe Serious Fraud Office (SFO) is probing a Blue Chip franchise in the South Island separately to its investigation into the affairs of Blue Chip Financial Solutions Ltd.SFO director Adam Feeley said the latest investigation comes...Source: nzherald.co.nz - Business | 21 Jul 2010 | 11:12 pm Motorola sues rival for trade secret theftSome former employees of the US mobile phone maker, along with Chinese rival Huawei Technologies and Lemko, have been accused of conspiring to steal proprietary infomation about a transceiver and other technologySource: Financial Times - US homepage | 21 Jul 2010 | 9:54 pm 20% of Americans hit by major economic lossA new study released Wednesday estimates that 20% of Americans suffered a significant economic loss last year - the highest level in the past 25 years.Source: Business and financial news - CNNMoney.com | 21 Jul 2010 | 9:33 pm Rakon buys French rival, heads into spaceNZ tech company Rakon is buying the assets of French rival Temex for ?400,000 euros, ($NZ717,000) gaining access to satellite and space station transport applications to complement its existing European operations.The price is...Source: nzherald.co.nz - Business | 21 Jul 2010 | 8:30 pm Senate votes to extend jobless lifelineThe Senate on Wednesday voted 59 to 39 to restore unemployment benefits to 2.5 million jobless Americans, ending a seven-week stalemate.Source: Business and financial news - CNNMoney.com | 21 Jul 2010 | 8:27 pm Spirit Finance on block, owners seek $3.5 billion: sourceNEW YORK (Reuters) - Spirit Finance Corp is up for sale, with its owners, including Macquarie Group , seeking about $3.5 billion for the U.S. real estate investment trust, a source familiar with the matter said on Wednesday.
Source: Reuters: Business News | 21 Jul 2010 | 8:06 pm Massive hole in Facebook legal challengeMark Zuckerberg says he owes nothing to Paul Ceglia, the man who claims that he owns 84% of Facebook.Source: Business and financial news - CNNMoney.com | 21 Jul 2010 | 7:13 pm Morgan Stanley confirms return to formThe bank’s shares rise 6% after better than expected quarterly profits and trading revenues, as investors bet the company would continue to gain ground on rivalsSource: Financial Times - US homepage | 21 Jul 2010 | 7:13 pm Fed ready to act amid uncertain outlookBen Bernanke, Federal Reserve chairman, sought to balance the view that the US recovery is on track with reassurance that the central bank will act to boost the economy if it deterioratesSource: Financial Times - US homepage | 21 Jul 2010 | 6:30 pm Starbucks profits soar 37pc, more customers spending moreCHICAGO - Starbucks' efforts to rebuild itself are taking hold: The world's largest coffee chain said today that its third-quarter profit rose 37 per cent as more customers visited its coffee shops and spent more when they did.The...Source: nzherald.co.nz - Business | 21 Jul 2010 | 6:30 pm Brian Fallow : Do we even need ultra-fast broadband?The Government's plan for ultra-fast broadband sounds visionary.But the risk is high that it is a solution that will not work to a problem that does not really exist.The policy is to spend $1.5 billion, in partnership with...Source: nzherald.co.nz - Business | 21 Jul 2010 | 6:00 pm Geithner: Warren would be good consumer watchdogWASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Wednesday that Elizabeth Warren has the credentials needed to head the new Bureau of Consumer Protection set up as part of a landmark financial reform overhaul.
Source: Reuters: Business News | 21 Jul 2010 | 5:32 pm 2degrees takes on big boys with 3GMobile phone company 2degrees will start using its 3G network next week, putting it on a par with rivals Telecom and Vodafone.Specialists are completing the final network testing, so it will be available only to a select group...Source: nzherald.co.nz - Business | 21 Jul 2010 | 5:30 pm Facebook IPO "when makes sense", Zuckerberg tells ABCLOS ANGELES (Reuters) - Facebook will sell stock in a IPO when the time is right, CEO Mark Zuckerberg said in an ABC TV interview, addressing persistent speculation about its stock market debut.
Source: Reuters: Business News | 21 Jul 2010 | 5:25 pm Obama signs bill to overhaul Wall StreetThe biggest reform to US financial regulation since the 1930s became law after President Barack Obama signed the Dodd-Frank Act at a ceremony in WashingtonSource: Financial Times - US homepage | 21 Jul 2010 | 5:19 pm FDA slams another Johnson & Johnson plantFederal inspectors on Wednesday outlined alleged shortcomings at another Johnson & Johnson plant in Pennsylvania, after recently inspecting the facility which failed to receive a clean bill of health.Source: Business and financial news - CNNMoney.com | 21 Jul 2010 | 5:09 pm Santander considers £3bn UK listing, reportSantander is thought to be considering a flotation of its UK banking operations in London in move that could raise up to £3bn.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 5:09 pm NZ shares fall earlyThe New Zealand sharemarket fell in early trade after stocks in the United States was hit by a dour assessment of the US recovery from Federal Reserve Chairman Ben Bernanke.Bernanke acknowledged the US labour market's continued...Source: nzherald.co.nz - Business | 21 Jul 2010 | 5:05 pm Bankruptcies falling, says BaycorpThe number of bankruptcies recorded against debt managed by collection agency Baycorp has fallen sharply since the introduction of the no assets procedure (NAP) last year.At the same time, the amount of legal action pursued by...Source: nzherald.co.nz - Business | 21 Jul 2010 | 5:00 pm Oil groups form $1bn spill response unitVenture will develop and have available in the waters of the Gulf equipment to prevent another spill on the scale suffered by BP’s Macondo wellSource: Financial Times - US homepage | 21 Jul 2010 | 4:39 pm Budget will cost familes £3,000 a yearFamilies will be £3,000 poorer under measures introduced by in last month's emergency Budget, a leading forecaster warns.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 4:16 pm Bernanke's bearish outlook rattles US investorsFed chairman spooks markets with talk of "uncertain" prospects and a "weaker outlook" for the US economy.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 4:16 pm Paulson joins trend with launch of retail fundThe hedge fund group is set to introduce a new fund open to retail investors that will track its existing investment strategiesSource: Financial Times - US homepage | 21 Jul 2010 | 4:05 pm Presented By:Source: Dealbreaker | 21 Jul 2010 | 4:04 pm Write-Offs: 07.21.10
$$$ Bernanke Sees No Quick End to High Rate of Joblessness [NYT] $$$ Wall Street’s Wrist Slap [NYO] $$$ Matthew Simmons: “We’ve now killed the Gulf of Mexico” [Bloomberg]
 Source: Dealbreaker | 21 Jul 2010 | 4:04 pm Bernanke says US outlook 'unusually uncertain'WASHINGTON - Federal Reserve Chairman Ben Bernanke told Congress on Wednesday the economic outlook remains "unusually uncertain," and the central bank is ready to take new steps to keep the recovery alive if the economy worsens.Testifying...Source: nzherald.co.nz - Business | 21 Jul 2010 | 4:00 pm Stocks Fall on Fed Outlook (Market Update)Stocks fell broadly after Federal Reserve Chairman Ben Bernanke called the U.S. economic outlook...
Source: SmartMoney.com | 21 Jul 2010 | 3:57 pm Rupkey Discusses Bernanke, Congressional Hearing: Taking StockSource: Bloomberg - All Podcasts | 21 Jul 2010 | 3:52 pm Stocks drop as Bernanke warns of uncertain economy (AP)
Source: Yahoo! News: Stock Markets News | 21 Jul 2010 | 3:47 pm Blenheim signed up for $5bn Malaysian defence offset dealBlenheim Capital Partners has been hired by the Malaysian government to finance and develop a $5bn ($3.3bn) defence and technology centre to offset hundreds of millions of dollars owed to the country from defence deals.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 3:39 pm Ocado's hubris takes a beatingWHAT is it they say? Pride comes before a fall? The Ocado management, so confident that their business was worth up to £1.2bn at a share price of up to 275p, yesterday saw it list and its shares fall to 167p, well down on the already discounted offer price of 180p.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 3:33 pm Bart Becht has bagged Reckitt a bargainThere's more than a touch of Tesco to Reckitt Benckiser.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 3:30 pm How the major stock indexes fared on Wednesday (AP)AP - Stocks fell sharply Wednesday after Federal Reserve Chairman Ben Bernanke confirmed investors' fears that the economy has weakened. Bernanke told a congressional committee that the economy is "unusually uncertain." The Dow Jones industrial average, which was modestly higher before Bernanke's remarks, closed down 109 points.Source: Yahoo! News: Stock Markets News | 21 Jul 2010 | 3:26 pm IMF calls for more ‘stress-test’ opennessEurozone authorities should make their “stress tests” of banks more transparent and extend them across more institutions, according to the International Monetary Fund.Source: Financial Times - US homepage | 21 Jul 2010 | 3:25 pm What 12b-1 Reform Means for Investors (U.S. News & World Report)U.S. News & World Report - The Securities and Exchange Commission has voted to get rid of 12b-1 fees as they currently exist, all but capping off a prolonged campaign by investor advocates to rein in mutual funds' annual expenses. In a unanimous vote, the SEC came out against the fees, which in 2009 drained $9.5 billion from investors' accounts. Still, no changes will take effect until a 90-day comment period has passed and the public's input has been evaluated.Source: Yahoo! News: Stock Markets News | 21 Jul 2010 | 3:25 pm Cutting off Vodafone's Sir John Bond now would be an unnecessary distractionThe case against Vodafone made by Ontario Teachers' Pension Plan, a 0.42pc shareholder, is a strong one. Its decision to vote against the re-election of the chairman, Sir John Bond, is particularly pertinent.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 3:24 pm Swiss endure safe-haven agony from euro flightSwitzerland is fighting a losing battle to stop massive inflows of funds from investors fleeing sovereign risk in the euro area and the rest of the world.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 3:13 pm Vodafone shareholder Ontario Teachers' Pension Plan demands boardroom cullThe Ontario Teachers' Pension Plan, a leading Vodafone shareholder, has demanded a major boardroom shake-up to address the mobile phone operator's "strategic weakness", "poor capital allocation" and "disastrous" acquisition track record.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 3:12 pm Netflix Passes All Goals, Except The Most Important (NFLX)Netflix, Inc. (NASDAQ: NFLX) is getting hit in the after-hours trading session despite posting some impressive growth. The video rental giant made $43.5 million, or $0.80 EPS, a gain of close to 35%, while revenues rose 27% to about $520 million. Earnings expectations were $0.70 at Thomson Reuters, but revenue estimates were $524.4 million. 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 | 3:07 pm Ocado slumps on stock market debutShares in Ocado, the online grocery retailer, slumped 7pc on their first day of conditional trading on the stock market.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jul 2010 | 3:05 pm WaMu, Innkeepers, Rangers: Bloomberg Law Bankruptcy ReviewSource: Bloomberg - All Podcasts | 21 Jul 2010 | 3:00 pm Earnings Growth & Dividend Hike Meet Valuation at Starbucks (SBUX)The turnaround continues at Starbucks Corp. (NASDAQ: SBUX). The coffee chain posted a 37% profit gain and it raised its dividend. Third quarter same store sales rose 9% on record numbers. It posted earnings of $0.29 EPS on an adjusted basis and revenue rose to $2.61 billion. Thomson Reuters had estimates of $0.29 EPS and [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 21 Jul 2010 | 2:53 pm Jamie Dimon Has Impeccable Taste In Art
Source: Dealbreaker | 21 Jul 2010 | 2:51 pm SEC votes to scrap mutual fund '12b-1' fees (AP)AP - The Securities and Exchange Commission on Wednesday voted to revamp fees that most mutual funds charge to cover sales and distribution costs, and that have become a source of confusion for investors and industry insiders alike.Source: Yahoo! News: Stock Markets News | 21 Jul 2010 | 2:36 pm eBay Earnings Now a Value Story (EBAY)eBay Inc. (NASDAQ: EBAY) is finding that growth has peaked in being an online auction monopoly. The online auction giant reported earnings of $0.40 EPS gross on $2.22 billion in revenues. On an ex-Skype basis, adjusted EPS was $0.34. Thomson Reuters had estimates at $0.38 EPS and $2.17 billion in revenues. The report itself 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 | 2:32 pm Tips for Homeowners Trying to Trade UpWeakening housing market makes it especially tough for trade-up buyers.
Source: SmartMoney.com | 21 Jul 2010 | 2:22 pm Morgan Stanley outshines rival Goldman Sachs in tradingThe financial services company swings to a $1.58-billion profit in the second quarter.Morgan Stanley outshone rival Goldman Sachs Group Inc. in trading during the second quarter, upending the usual pecking order on Wall Street.
Source: L.A. Times - Business | 21 Jul 2010 | 2:21 pm New Wall St. Reform Bill Bullish on BureaucracyPresident Obama signed the 2,323-page, 243-rule Wall Street Reform act, otherwise known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, into law today. It’s the biggest Wall Street reform since the Great Depression. The new rules will take an estimated 2 years to fully implement, especially since much of the lawmaking has been left to regulators and the Fed. Here are some of the bill’s main points, cobbled together from media reports and the bill itself: Too big to fail banks will from now on be dismantled using taxpayer money, which the bank (or pieces thereof) will pay back in the future by selling off assets. Derivatives traders, including hedge funds and banks, will have to conduct trades through a clearinghouse, as well as keep more stringent records and file more reports. Some industries, like airlines, don’t have to use a clearinghouse as long as they hedge the risks they’re taking on with derivatives. The SEC and Commodity Futures Trading Commission have final say over who has to use the clearinghouse. Regulators also have the power to create new rules for over-the-counter swaps. This process could take up to a year. A new agency, the Consumer Financial Protection Bureau, will regulate mortgages, credit cards, payday lenders, and other consumer financial organizations. Obama promised that mortgages in particular will have simpler contracts, fewer fees, and fewer penalties. For lobbying reasons, the CFPB will not regulate car loans. A new Federal Insurance Office will monitor systemic risk in the insurance industry, but otherwise, the bill doesn’t touch much on insurance. (Bankrate) Golden parachutes will require shareholder approval. Consultants and other government agencies will conduct a thorough examination of the SEC, including the revolving door (!). The entire banking system will become more regulated and bureaucratic, through new bodies like the Financial Stability Oversight Council, Office of Financial Research, the Office of National Insurance, the Investor Advisory Committee, the Office of the Investor Advocate, the Office of Housing Counseling, etc. Cost of the Reform Package: An estimated $19 billion. That includes $3 billion to help homeowners avoid foreclosure and $1 billion for local governments to buy foreclosed and abandoned properties, fix them up, and sell them to low- to moderate-income buyers. (MarketWatch) One overarching theme that concerns me about this bill is the creation of a number of new regulatory agencies, as described above. I agree that Wall Street needs more regulation, but I’d like to have proof that these regulatory agencies are going to do their jobs (recall that an impotent Office of Thrift Supervision was charged with regulating AIG back in the day–and obviously did nothing). The other thing about these new agencies is that they add new layers of bureaucracy, which inevitably slows everything down. The GOP is concerned about the US banking industry becoming less competitive; the bill, with its many new agencies, seems to support their point. I’d like to see a sleeker, more efficient government, not more bureaucratic slop. We have enough of that already.
Source: Business Pundit | 21 Jul 2010 | 1:58 pm Obama Really Giving It To Wall Street
He’ll still go to parties and mingle with them and maybe even head over to the pool room for a splash if that’s the direction the night is taking but he won’t go to their apartments. DAMN, girl. SHOTS FIRED.
Source: Dealbreaker | 21 Jul 2010 | 1:57 pm Prop Cuts Going Down Circa Now At JPMorgan?
Source: Dealbreaker | 21 Jul 2010 | 1:31 pm Our 'Unusually Uncertain' Economyby Jacob Goldstein 
Karen Bleier/AFP/Getty Images
Federal Reserve Chairman Ben Bernanke testifies Wednesday before the Senate Banking Committee. Ben Bernanke's speaking to Congress this afternoon, and his testimony is full of on-the-one-hand / on-the-other-hand. It's a reminder of what Bernanke called the "unusually uncertain" economic moment we're in — a moment when economists debate questions as basic as whether inflation or deflation is a bigger threat. Here are a few key pieces of Bernanke's testimony. Unemployment: On the one hand: "After two years of job losses, private payrolls expanded at an average of about 100,000 per month during the first half of this year" On the other hand: "In all likelihood, a significant amount of time will be required to restore the nearly 8-1/2 million jobs that were lost over 2008 and 2009." Economic Growth: On the one hand: "fiscal policy and inventory restocking will likely be providing less impetus to the recovery than they have in recent quarters" On the other hand: "rising demand from households and businesses should help sustain growth" Corporate Spending: On the one hand: "investment in equipment and software appears to have increased rapidly in the first half of the year" On the other hand: "spending on nonresidential structures — weighed down by high vacancy rates and tight credit — has continued to contract" Fed Policy: On the one hand: "the Federal Reserve continues prudent planning for the ultimate withdrawal of extraordinary monetary policy accommodation" On the other hand: "we remain prepared to take further policy actions as needed" Source: NPR Blogs: Planet Money | 21 Jul 2010 | 1:15 pm Medicinal marijuana clinics have trouble with banksBecause of conflicting local, state and federal laws regarding medicinal marijuana, banks are uneasy about allowing clinics to have accounts with them.Source: Marketplace | 21 Jul 2010 | 12:16 pm China is a material worldKai Ryssdal talks to Marketplace's China correspondent Scott Tong and new correspondent Rob Schmitz about how the 2010 World Expo reflects the growing consumer culture of China.Source: Marketplace | 21 Jul 2010 | 12:14 pm Better training for better end-of-life careMedical training covers very little on how to confront dying and death with their patients and their families. Marketplace's Caitlan Carroll visits the San Diego Hospice and the Institute for Palliative Medicine, where they are training physicians on how to tailor care around patients' last wishes.Source: Marketplace | 21 Jul 2010 | 12:14 pm More government spending, more public consumption?Commentator Robert Reich looks at an economic school of thought called the "multiplier effect" -- which posits that increased government spending leads to increased public consumption -- and wonders if it's possible to accurately measure the effect.Source: Marketplace | 21 Jul 2010 | 12:14 pm Big three rating agencies prohibit use of their bond ratingsThe bond market is already seeing the first consequence of the new financial reform bill. The three ratings agencies have prohibited the use of their ratings in new bond sales, fearing the law would expose them to new liability. Marketplace's Amy Scott explains.Source: Marketplace | 21 Jul 2010 | 12:14 pm Housing bail out not working, Barofsky saysTARP Special Inspector Neil Barofsky told a Senate panel today that taxpayers have put $3.7 trillion towards the financial bail out. Marketplace's Nancy Marshall Genzer explains where all that money went.Source: Marketplace | 21 Jul 2010 | 12:14 pm Just An FYI: “There will be no more taxpayer-funded bailouts. Period.”
Source: Dealbreaker | 21 Jul 2010 | 12:08 pm Apple, Yahoo, Morgan Stanley Earnings Commentary: AudioSource: Bloomberg - All Podcasts | 21 Jul 2010 | 12:02 pm Unfounded Rumor Of The Afternoon: Man Group Bleeding Assets And People?
Source: Dealbreaker | 21 Jul 2010 | 11:38 am Google's Amazing Run Isn't OverWall Street's ambivalence has made Google's shares a relative bargain.
Source: SmartMoney.com | 21 Jul 2010 | 11:17 am Reader Poll: “It Moved” Guy Has A Question
I need your help with something. Earlier this morning, I was informed of the following: “I just had coffee with someone who can’t get a job because of an article you wrote.” Now, despite what you may think, I have many sensitive bones in my body. If I were actually directly responsible for someone not being able to get a job, or suffering otherwise, I would agonize over this for days and probably even longer than that. I would also offer to do whatever I could to rectify the situation. So naturally initially freaked out and responded, “Who?? What happened??” It was at this time that I was informed that the person unable to get a job, allegedly because of me, “had worked at a prime brokerage and was named in a lawsuit regarding sexual harassment.” For those of you with short memories, this is the guy who told a female colleague 1) “You should do what you’re supposed to and lie on your back with your legs in the air,” 2) “It moved,” referring to the effect she had on his penis and 3) that he “shaved It for tonight,” in advance of an outing with colleagues. So, this fellow has had some difficulty getting a new gig, not, he believes, because he’s named in a lawsuit as a major legal liability, per se, but because I wrote a post based on said suit. And he would like to know if I will take down said post down. So, what do you all think? Should we here at DB show some compassion to this smooth operator? Or should his one-liners remain available for all to see (which they will anyway, as the suit is online and written about in other venues but, you know, on DB)? There’s only one fair way to figure this out this, so: vote now. Polls close at 4, at which time his fate will be decided. Should the post come down? a. Yes b. No c. Other (what?)
Source: Dealbreaker | 21 Jul 2010 | 11:12 am Presented By:Source: Dealbreaker | 21 Jul 2010 | 11:12 am Al Gore Wins!
Source: Dealbreaker | 21 Jul 2010 | 10:59 am FTSE climbs on iPad results, Wall Street surge (AFP)
Source: Yahoo! News: Stock Markets News | 21 Jul 2010 | 10:26 am Ian Shepherdson Discusses Jobs, Housing, EconomySource: Bloomberg - All Podcasts | 21 Jul 2010 | 10:23 am iPhone, iPad, Mac: The Latest Numbersby Jacob Goldstein Apple sold a record number of Macs this spring, the company said yesterday. But the company sold more iPhones than Macs during the quarter. IPads, which debuted during the spring quarter, also outsold Macs. The sales figures are a reminder of why the company changed its name a few years ago from "Apple Computer" to "Apple Inc." Its growth is all about mobile devices. (Yes, mobile devices are technically computers. But they're not "computers" in the vernacular sense of the word.) 
Planet Money
Revenue figures are based on Apple's SEC filings. Anyway. We put together this chart, which shows Apple's quarterly revenues over the past few years. Note that the quarters are based on Apple's fiscal year, which runs through September. Source: NPR Blogs: Planet Money | 21 Jul 2010 | 10:02 am Gibson Dunn’s Bopp Discusses Legislation, Derivatives: BLAWSource: Bloomberg - All Podcasts | 21 Jul 2010 | 9:54 am Oakland Ruling Helps Pot Farms Go Corporate
The “Wal-Marting” of weed, as this AP journalist calls it, is well underway in Oakland, where the city council approved industrial-scale pot farms. From the San Francisco Chronicle: Council members and proponents of marijuana cultivation regulation viewed the proposal as smart public policy: It would generate revenue, ensure that fire and building codes are enforced, keep neighborhoods safe from robberies, and further position Oakland as the center of the state’s cannabis economy. The regulations will award permits to four indoor marijuana farms. There will be no size limit, but there have been proposals for farms as large as 100,000 square feet – about the size of two football fields. The regulations will require applicants to have a minimum of $3 million worth of insurance, hire security and pay a $211,000 annual permit fee. The city will be begin to issue permits in January and will allow the industrial farms to sell only to medical cannabis dispensaries. From the AP: Oakland’s four retail marijuana stores did $28 million in business last year, and if sales remain constant, the city would get $1.5 million this year from a dispensary business tax that voters adopted last summer. A similar tax on wholesale pot sales from the permitted grow sites to the dispensaries would bring in more than twice that amount, the city administrator’s office has estimated. The move, and fledgling efforts in other California cities to sanction cannabis cultivation for the first time, has some marijuana advocates worried that regulations intended to bring order to the outlaw industry and new revenues to cash-strapped local governments could drive small “mom and pop” growers out of business. They complain that industrial-scale gardens would harm the environment, reduce quality and leave consumers with fewer strains from which to choose. Those marijuana advocates are probably right, but since when has that stopped corporate activity? Oakland already taxes pot at 9.5%; the state of California is also inching towards taxation and legalization of marijuana. Taxes could make a dent in the state’s $38 billion deficit, if the economics hold up. If California voters pass Prop. 19, which legalizes pot, in November, corporate pot farms may pop up all over the state, leading the way for other states to consider legalization.
Source: Business Pundit | 21 Jul 2010 | 9:49 am Mulling Extended Unemployment Benefits (Early Bird)A reminder of an anemic recovery, plus a couple of options for investors.
Source: SmartMoney.com | 21 Jul 2010 | 9:48 am China rating agency condemns rivalsDagong Global Credit Rating slams western counterparts for causing the global financial crisis, saying that as the world’s largest creditor nation China should have a bigger say in how governments and their debt are ratedSource: Financial Times - US homepage | 21 Jul 2010 | 9:22 am Barclays Lists ETN That Rises When VIX Declines: AudioSource: Bloomberg - All Podcasts | 21 Jul 2010 | 8:21 am Dixon on U.S. Housing, Stamenkovic on Economy: First WordSource: Bloomberg - All Podcasts | 21 Jul 2010 | 7:53 am Ratings Agencies: Don't Use Our Ratingsby Jacob Goldstein Parts of the bond market are shutting down this week as ratings agencies try to figure out how they'll be affected by a last-minute provision in the finance bill, the WSJ reports. President Obama will sign bill into law this morning, and this may be the first unintended consequence. Bonds are loans. Ratings agencies assign letter grades to bonds based on the likelihood that the borrower will pay back the loan. The agencies — including Moody's and S&P — were criticized in the housing bust for assigning high ratings to lots of loans that went bad. Under the new law, ratings agencies can be sued for making bad ratings decisions, if the ratings are included in formal documents that companies file with the SEC when they issue bonds. That's making the agencies nervous. As a result, they're telling the issuers not to include their ratings in the formal documents filed with the SEC, according to the WSJ. That's a particular problem for asset-backed securites — bonds made up of bundles of consumer loans such as mortgages and auto loans. Federal law requires those bonds to include ratings in their formal documentation. Last week, $3 billion in new asset-backed securities were issued. So far this week, there have been no new issues. And several companies have put new issues on hold indefinitely, the article says. "We are at a standstill right now," a lawyer who specializes in asset-backed securities told the WSJ. Source: NPR Blogs: Planet Money | 21 Jul 2010 | 6:14 am Cat-Kicking Ad Good to Go on UK TVTo promote the England Blind Football Team (yes, you heard right), online betting site Paddy Power ran the ad above, which features a blind footballer kicking a cat. After receiving more than 1,000 complaints, the UK’s Advertising Standards Authority (ASA) deemed the ad inoffensive. From the BBC: Viewers said bookmaker Paddy Power’s advert was offensive to blind people and could encourage animal cruelty. The Advertising Standards Authority (ASA) said it was not offensive in itself to create an advert referring to people with a disability. Paddy Power said it featured an action “so unlikely that it was absurd”. The ASA said: “We considered that the action in the ad would be interpreted by most viewers as a humorous depiction of a fictional situation, with the humour derived from the surreal and improbable circumstances, when an unforeseeable and accidental action occurred. “We considered it was unlikely to be seen by most viewers as malicious or to imply that blind people were likely to cause harm to animals whilst playing football.” Mad.co.uk adds: A spokeswoman for the RNIB applauded Paddy Power for using blind players but said it is concerned the ad could “reinforce some negative stereotypes and attitudes about blind people” Paddy Power claims blind footballers would “gain a greater awareness and admiration” following its “light-hearted” ad and has received “extremely positive feedback” from the blind and partially sighted community. The bookmaker adds it was careful not to portray the cat-kicking as “deliberate or fun.” I found the ad tasteless, but Paddy Power has a point–the cat is fine at the end of the ad. I’m not sure this ad would be allowed in the States, not because we’re nicer to cats, but because we’re more likely to sue. In my travels abroad, I’ve seen a number of UK-based animal welfare organizations (most recently a horse and donkey welfare org. in Egypt). This gave me the impression that people in the UK are especially concerned with animal welfare. Yet the watchdog organization there let the ad run, reminding me of how appropriateness in advertising is almost always culture-specific.
Source: Business Pundit | 21 Jul 2010 | 6:09 am European stocks bounce higher (AFP)
Source: Yahoo! News: Stock Markets News | 21 Jul 2010 | 5:44 am SEC knew about repos accounting before Lehman: report (Reuters)
Source: Yahoo! News: Stock Markets News | 21 Jul 2010 | 5:27 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
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