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U.S. results, stress test hopes drive Asian sharesA spike on Wall Street drives Asian markets higher Friday, lifting Chinese shares for a sixth straight session and triggering a rebound in Japanese stocks that more than erases losses suffered earlier this week.
Source: MarketWatch.com - Top Stories | 23 Jul 2010 | 4:18 am Indications: Futures gain ahead of Honeywell, Ford resultsU.S. stock futures post modest gains on Friday, buoyed by strong economic data from Germany and the U.K.
Source: MarketWatch.com - Top Stories | 23 Jul 2010 | 4:02 am Babysitters for backyard chickensYou've heard of cat-sitters, dog-sitters and, of course, babysitters. But chicken-sitters?Source: Business and financial news - CNNMoney.com | 23 Jul 2010 | 3:57 am Moody's puts Hungary on notice for rating cut (AP)AP - Moody's Investor Services has warned it may be downgrading its view on Hungary's debt position following the recent breakdown of the country's talks with the International Monetary Fund and the European Union.Source: Yahoo! News: Business News | 23 Jul 2010 | 3:54 am In China, The Smuggling Of Apple iPads BeginsChina is well-know for its theft of intellectual property and products which are not readily available in its markets. Microsoft (MSFT) has had to deal with the piracy of Windows for years, piracy so substantial that it is estimated to cost the company hundreds of millions of dollars a year. The movie industry has similar [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Jul 2010 | 3:52 am Kosovo central bank boss arrestedKosovo police arrest the territory's central bank governor Hashim Rexhepi in an anti-corruption investigation.Source: BBC News - Business | 23 Jul 2010 | 3:43 am GM plans to file for IPO during week of August 16: sources (Reuters)Reuters - General Motors Co plans to file its registration for an initial public offering during the week of August 16, just after the expected date for its second quarter results, according to two people with direct knowledge of the preparations.Source: Yahoo! News: Business News | 23 Jul 2010 | 3:42 am GM plans to file for IPO during week of August 16: sourcesNEW YORK/DETROIT (Reuters) - General Motors Co plans to file its registration for an initial public offering during the week of August 16, just after the expected date for its second quarter results, according to two people with direct knowledge of the preparations.
Source: Reuters: Business News | 23 Jul 2010 | 3:42 am UK economic growth jumps to 1.1%The UK's economy grew at a faster-than-expected pace of 1.1% in the April to June period, official figures show.Source: BBC News - Business | 23 Jul 2010 | 3:41 am Will the new banks give us a better deal?Several new banks are about to hit the high street. We find out whether customers will benefit.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jul 2010 | 3:40 am UK economy grew twice as fast as expected in Q2LONDON (Reuters) - Britain's economy grew almost twice as fast as expected in the second quarter of this year propelled by a sharp pick-up in services and the biggest rise in construction in almost 50 years.
Source: Reuters: Business News | 23 Jul 2010 | 3:40 am Business basics: What is GDP?Declan Curry explains just what GDP stands for and why we should care.Source: BBC News - Business | 23 Jul 2010 | 3:39 am Crude oil prices extend gainsOil prices rose further on Friday, building on the previous day's surge, as investors awaited European banking stress test results for indications of the global economic outlook, analysts...Source: RSS feed - channel BNewsBusiness | 23 Jul 2010 | 3:36 am Crude oil prices extend gains (AFP)
Source: Yahoo! News: Business News | 23 Jul 2010 | 3:36 am ECB President Calls For Austerity Around The WorldAusterity is not just the antidote for the financial trouble in Europe, says ECB head Jean-Claude Trichet. It is time for the industrial nations all to cut spending sharply and raise taxes. The ECB chief said in an FT editorial that “by the end of this year, government debt in the euro area will have [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Jul 2010 | 3:34 am Fix budgets now, ECB chief tells top economies (AFP)
Source: Yahoo! News: Business News | 23 Jul 2010 | 3:31 am Economic Report: U.K. gross domestic product posts surprise surgeThe British economy grows at its fastest quarterly pace since 2006 in the second quarter, strongly exceeding expectations.
Source: MarketWatch.com - Top Stories | 23 Jul 2010 | 3:31 am BP suspends relief-well activities on bad weatherRelief-well activities at BP’s site in the Gulf of Mexico will be temporarily suspended as a precaution against inclement weather that may by caused by a tropical storm headed for the region, the oil firm says Friday.
Source: MarketWatch.com - Top Stories | 23 Jul 2010 | 3:30 am Dip in mortgage lending by banksMortgage lending by the major UK banks dipped in June compared with the previous month, latest figures show.Source: BBC News - Business | 23 Jul 2010 | 3:28 am Economic Report: German business-climate gauge rises sharplyGermany’s Ifo index posts an unexpectedly large jump in July, offering further evidence of the strength of the euro zone’s largest economy.
Source: MarketWatch.com - Top Stories | 23 Jul 2010 | 3:28 am German business confidence posts record rise: IfoGerman business confidence in July posted the strongest rise for 20 years, the closely watched Ifo index showed on Friday, as Europe's biggest economy motored out of recession. The indexSource: RSS feed - channel BNewsBusiness | 23 Jul 2010 | 3:27 am Ericsson down 4% after earnings miss estimatesShares of Ericsson decline nearly 5% on Friday after the firm reports a second-quarter net profit that falls short of market expectations; sales decline 8% on supply issues and component shortages.
Source: MarketWatch.com - Top Stories | 23 Jul 2010 | 3:26 am Look who's making money on FacebookFacebook now has 500 million users -- and thousands of companies trying to cash in on them. Here are four who have cracked the code.Source: Business and financial news - CNNMoney.com | 23 Jul 2010 | 3:20 am Chamber backs tea-party-favorite Rubio in FloridaThe U.S. Chamber of Commerce is backing Marco Rubio's bid for the Senate, pledging to help the tea party-favored candidate emerge from a tight three-way race in Florida. The group plans...Source: RSS feed - channel BNewsBusiness | 23 Jul 2010 | 3:14 am Rising stress test optimism boosts marketsThe positive mood on Wall Street helped lift sentiment in Asia as optimism grows about the outcome of the stress tests, with reports suggesting a number of Greek banks had passed the health checkSource: Financial Times - US homepage | 23 Jul 2010 | 3:12 am London Markets: British shares advance as Vodafone Group gainsBritish shares trade higher as investors welcome the wireless giant’s latest figures on revenue. Stress-test results in focus.
Source: MarketWatch.com - Top Stories | 23 Jul 2010 | 3:09 am Pay Czar: Did Wall Street Managers Take High Comp As System CollapsedPay czar Ken Feinberg will issue a report which shows that some senior managers at firms which include Citigroup (NYSE: C), JPMorgan Chase (NYSE: JPM) and Goldman Sachs Group (NYSE: GS) made hundreds of millions of dollars during the credit collapse. The report may not be clear that many of these people made their company’s [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Jul 2010 | 3:08 am House pressured to pass stripped-down war measureAfter a take-it-or-leave-it vote by the Senate, House Democrats face little choice but to drop more than $20 billion in domestic spending from a must-pass bill funding President Barack...Source: RSS feed - channel BNewsBusiness | 23 Jul 2010 | 3:03 am Stock index futures point to higher open on Wall Street (Reuters)
Source: Yahoo! News: Business News | 23 Jul 2010 | 3:02 am Stock index futures point to higher open on Wall Street (Reuters)
Source: Yahoo! News: Stock Markets News | 23 Jul 2010 | 3:02 am Stock index futures point to higher open on Wall StreetPARIS (Reuters) - Stock index futures pointed to a higher open on Wall Street on Friday, adding to the previous session's strong rally, with futures for the S&P 500 up 0.57 percent, Dow Jones futures up 0.48 percent and Nasdaq 100 futures up 0.59 percent.
Source: Reuters: Business News | 23 Jul 2010 | 3:02 am Get the Most Happiness Out of a Vacation (By the Numbers)Hough: Two recent studies hint at how to make the most of getaways.
Source: SmartMoney.com | 23 Jul 2010 | 3:01 am With Fed 'Uncertain,' What of the Recovery? (Broker Talk)Two takes on the economic outlook after Bernanke's testimony.
Source: SmartMoney.com | 23 Jul 2010 | 3:01 am Investing as a Competitive Sport (Money and Your Mind)When it comes to your portfolio, do you want to win, or just not lose?
Source: SmartMoney.com | 23 Jul 2010 | 3:01 am Keeping an Eye on the FrontiersAmit Wadhwaney, portfolio manager at Third Avenue, on foreign markets.
Source: SmartMoney.com | 23 Jul 2010 | 3:01 am Theme Parks: Beyond Disney (Smart Spending)The hottest new park attractions this summer aren't at Mickey's place. Do rival parks offer a better deal?
Source: SmartMoney.com | 23 Jul 2010 | 3:01 am This Week in Business Tweets: No Satisfaction (Twitter Beat)The problem with Facebook, Wall Street and fund manager Bill Miller.
Source: SmartMoney.com | 23 Jul 2010 | 3:01 am When to Rebalance Your 401(k) InvestmentsWhen should investors review their allocations? Here are five scenarios.
Source: SmartMoney.com | 23 Jul 2010 | 3:01 am Firms act on stolen mobile phonesRecycling firms have agreed a code of practice to try to identify when stolen mobile phones are being offered for sale to them.Source: BBC News - Business | 23 Jul 2010 | 2:57 am Stocks aim to extend gainsU.S. stock futures rose early Friday, although Wall Street may find trouble pushing significantly higher after the previous session's massive rally.Source: Business and financial news - CNNMoney.com | 23 Jul 2010 | 2:56 am Europe Markets: Europe shares rise on strong data; Vodafone gainsEurope shares edge higher on Friday, helped by gains for Vodafone, although uncertainty over stress tests for the banking sector and a drop for Ericsson shares keep a lid on gains.
Source: MarketWatch.com - Top Stories | 23 Jul 2010 | 2:53 am Moody's warns of Hungary downgrade after IMF breakdown (Reuters)Reuters - Ratings agency Moody's put Hungary on review for a possible downgrade on Friday, citing increased fiscal risks after it suspended talks with the IMF and EU on its existing $25 billion aid deal.Source: Yahoo! News: Business News | 23 Jul 2010 | 2:50 am Moody's warns of Hungary downgrade after IMF breakdownBUDAPEST (Reuters) - Ratings agency Moody's put Hungary on review for a possible downgrade on Friday, citing increased fiscal risks after it suspended talks with the IMF and EU on its existing $25 billion aid deal.
Source: Reuters: Business News | 23 Jul 2010 | 2:50 am Ericsson more than doubles profit in Q2 (AP)
Source: Yahoo! News: Business News | 23 Jul 2010 | 2:50 am UK economy grows at the fastest pace in four yearsGDP soared by an unexpected 1.1pc between April and June, but the impact of Chancellor George Osborne's savage Budget cuts could reverse trend.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jul 2010 | 2:50 am Goldman gives AIG hedging list to investigators: report(Reuters) - Goldman Sachs Group Inc told U.S. investigators which counterparties it used to hedge the risk that American International Group Inc would fail, Bloomberg said, citing three people with knowledge of the matter.
Source: Reuters: Business News | 23 Jul 2010 | 2:48 am Goldman gives AIG hedging list to investigators: report (Reuters)Reuters - Goldman Sachs Group Inc told U.S. investigators which counterparties it used to hedge the risk that American International Group Inc would fail, Bloomberg said, citing three people with knowledge of the matter.Source: Yahoo! News: Business News | 23 Jul 2010 | 2:48 am Oil spill work on hold as Bonnie approachesWork to permanently choke off the oil well that had been spewing into the Gulf of Mexico was at a standstill Friday after ships around the site were ordered to evacuate ahead of the...Source: RSS feed - channel BNewsBusiness | 23 Jul 2010 | 2:47 am Walmart Means To Spy On Clothing UseWalmart (NYSE: WMT) plans to put radio chips into clothing including underwear. The big box retailer wants to know what and how much people buy so it can order enough inventory. Walmart will be, of course, accused of spying on its customers, but the question is whether there is any harm in it. The move [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Jul 2010 | 2:47 am Scania reports surge in Q2 profitsSwedish truck maker Scania AB on Friday returned to a healthy second-quarter net profit, mainly thanks to higher vehicle volumes, better capacity use and lower costs. Improved margins also...Source: RSS feed - channel BNewsBusiness | 23 Jul 2010 | 2:40 am World shares up amid confidence in recoveryWorld stock markets were up Friday after Europe showed signs of growth and U.S. stocks rallied to a two-week high, lifted by better-than-expected results from industry giants like...Source: RSS feed - channel BNewsBusiness | 23 Jul 2010 | 2:37 am World shares up amid confidence in recovery (AP)
Source: Yahoo! News: Stock Markets News | 23 Jul 2010 | 2:37 am Oil spill work on hold as TS Bonnie approachesWork to permanently choke off the oil well that had been spewing into the Gulf of Mexico is at a standstill after ships around the site were ordered to evacuate ahead of the approaching...Source: RSS feed - channel BNewsBusiness | 23 Jul 2010 | 2:30 am European stocks stable, markets await stress testsEuropean equities held steady on Friday, after strong gains overnight on Wall Street and earlier in Asia, as investors eagerly awaited the outcome of "stress tests" on Europe's banks. InSource: RSS feed - channel BNewsBusiness | 23 Jul 2010 | 2:28 am European stocks stable, markets await stress tests (AFP)
Source: Yahoo! News: Stock Markets News | 23 Jul 2010 | 2:28 am Vodafone reaches tax settlement; revenue up 5%Vodafone Group reported on Friday a 5% improvement in quarterly sales, getting back to service revenue growth thanks to gains in Africa and Central Europe as well as Asia and the Middle East.
Source: MarketWatch.com - Top Stories | 23 Jul 2010 | 2:26 am Currencies: Euro slips ahead of bank stress-test resultsThe euro falls against its major counterparts in Asian trading Friday ahead of the publication of European bank stress-test results.
Source: MarketWatch.com - Top Stories | 23 Jul 2010 | 2:21 am European banks await stress testsThe health of Europe's banks will come under scrutiny again later, when the results of EU-wide bank stress tests are published.Source: BBC News - Business | 23 Jul 2010 | 2:16 am Ford bullish on Japan with new Asian investments (AP)
Source: Yahoo! News: Business News | 23 Jul 2010 | 2:16 am TABLE-Kainos -6-month parent forecastPARENT-ONLY EARNINGS ESTIMATES (in billions of yen unless specified)Source: RSS feed - channel BNewsBusiness | 23 Jul 2010 | 2:15 am Ten banks to fail European stress tests: GoldmanLONDON (Reuters) - Ten out of the 91 banks subjected to Europe's stress tests are expected to fail, according to a survey of investors conducted by Goldman Sachs.
Source: Reuters: Business News | 23 Jul 2010 | 2:11 am Vodafone returns to growth as iPhone boosts data revenuesVodafone, the world's largest mobile-phone operator, returned to growth in the first quarter with a 1.1pc rise in organic service revenue helped by demand for smartphones.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Jul 2010 | 2:06 am iPad launch sparks a typically Kiwi 'buying frenzy'A small number of people lined up this morning where a radio intern had been waiting for two days to get his hands on the Apple iPad.Marty Hehewerth, an intern at The Edge FM, endured the worst of Auckland's weather while he waited...Source: nzherald.co.nz - Business | 23 Jul 2010 | 2:03 am Media Digest 7/22/2010 Reuters, WSJ, NYTimes, FT, BloombergReuters: Microsoft Corporation (NASDAQ: MSFT) beat Wall St. expectations but it stock did not move. Reuters: The pay czar will criticize Goldman Sachs Group, Citigroup (NYSE: C), and JPMorgan Chase (NYSE: JPM) for high pay packages during the bank crisis. Reuters: A SEC watchdog will investigate the timing of the settlement with [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Jul 2010 | 2:02 am Flipboard hype crashes serversJust hours into its public debut, the highly anticipated, glowingly reviewed, social media aggregating iPad application called Flipboard crashed.Source: Business and financial news - CNNMoney.com | 23 Jul 2010 | 1:57 am Windows gives Microsoft a big boostMicrosoft Corp. on Thursday reported that its quarterly sales hit an all-time high, thanks to gains across all of its major product lines.Source: Business and financial news - CNNMoney.com | 23 Jul 2010 | 1:49 am Ten banks to fail European stress tests: Goldman (Reuters)
Source: Yahoo! News: Business News | 23 Jul 2010 | 1:31 am FTSE 100 falls ahead of 'stress tests' (AFP)
Source: Yahoo! News: Stock Markets News | 23 Jul 2010 | 1:27 am Vodafone reports rising revenuesMobile phone network Vodafone says quarterly service revenues have risen for the first time since the global recession hit.Source: BBC News - Business | 23 Jul 2010 | 1:21 am Mortgage rates fall to new lowsAs demand for government securities drives down Treasury bond yields, 30-year fixed-rate loans are offered at rates averaging 4.56%.Interest rates on fixed-rate home loans fell to fresh record lows this week as concerns about the economic recovery drove down Treasury bond yields.
Source: L.A. Times - Business | 23 Jul 2010 | 1:00 am Home sales drop 5.1% in June, less than expectedReal estate analysts had predicted a bigger decline because of the expiration of a federal tax credit.The U.S. market for existing housing sales softened less than expected last month, with purchases of previously owned homes sliding 5.1%, a national trade group said Thursday.
Source: L.A. Times - Business | 23 Jul 2010 | 1:00 am Aircraft industry is pulling out of tailspinAfter one of the worst years for plane makers, airlines and jetliner-leasing firms go on a spending spree at an air show in England. Boeing, Airbus and smaller firms get orders worth about $30 billion...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2010 | 1:00 am Spill may cost Gulf Coast $22.7 billion in tourism, study estimatesAnother study commissioned by a Houston energy firm warns that new regulations considered in Washington would cost thousands of jobs and billions in tax revenue and drive independent producers away.The BP oil spill in the Gulf of Mexico may cost the region up to $22.7 billion in lost tourism spending alone, a new study released Thursday shows.
Source: L.A. Times - Business | 23 Jul 2010 | 1:00 am Aircraft industry is pulling out of tailspinAfter one of the worst years for plane makers, airlines and jetliner-leasing firms go on a spending spree at an air show in England. Boeing, Airbus and smaller firms get orders worth about $30 billion.Acrobatic fighter jets, gangly robotic aircraft and menacing attack helicopters jockeyed for the spotlight at the Farnborough International Airshow in England this week.
Source: L.A. Times - Business | 23 Jul 2010 | 1:00 am Digital comics: Nemesis or sidekick to comic book culture?Some say the animation and sound effects threaten the aesthetic foundation and could wipe out comic shops. Others say the medium is bringing badly needed new readers and innovation. ...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2010 | 1:00 am Company adds surprise fee to lifetime agreementRick Wallace bought a lifetime subscription to the traffic-information service TrafficGauge. Several years later, the company says he has to pay $9.95 a year to keep that deal. ...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2010 | 1:00 am Green Dot shares soar 22% in IPOMonrovia company is the largest player in the prepaid debit-card industry, with about 3.4 million active cards. For now, its biggest market is people outside the financial mainstream.Financial service firms have struggled for years to reach the estimated 30 million lower-income households that make little use of traditional banks.
Source: L.A. Times - Business | 23 Jul 2010 | 1:00 am Green Dot shares soar 22% in IPOMonrovia company is the largest player in the prepaid debit-card industry, with about 3.4 million active cards. For now, its biggest market is people outside the financial mainstream. ...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2010 | 1:00 am Home sales drop 5.1% in June, less than expectedReal estate analysts had predicted a bigger decline because of the expiration of a federal tax credit. The U.S...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2010 | 1:00 am Digital comics: Nemesis or sidekick to comic book culture?Some say the animation and sound effects threaten the aesthetic foundation and could wipe out comic shops. Others say the medium is bringing badly needed new readers and innovation.It's a book! It's a cartoon! It's ... digital comics!
Source: L.A. Times - Business | 23 Jul 2010 | 1:00 am Company adds surprise fee to lifetime agreementRick Wallace bought a lifetime subscription to the traffic-information service TrafficGauge. Several years later, the company says he has to pay $9.95 a year to keep that deal.A lifetime agreement should last for, well, a lifetime. At least that's what Rick Wallace thought when he paid about $180 several years ago for a lifetime subscription to a traffic-information service.
Source: L.A. Times - Business | 23 Jul 2010 | 1:00 am GM deal to buy AmeriCredit gets it back into subprime lendingThe acquisition will give its dealers more options to lease and finance car sales. But critics note that such loans contributed to the automaker's financial woes.General Motors Co. is getting back into subprime lending, a move that will give its dealers more options to lease and finance car sales but one which critics worry could drive the automaker into another financial pileup.
Source: L.A. Times - Business | 23 Jul 2010 | 1:00 am Financial reform law includes big cash incentives for whistle-blowersA little-known provision in the huge package extends to the private sector a concept long applied to government contracts.The new financial reform law has what some lawyers call a secret weapon against fraud on Wall Street and in corporate America: the promise of a million-dollar jackpot to insiders who reveal an illegal scheme to the government.
Source: L.A. Times - Business | 23 Jul 2010 | 1:00 am Financial reform law includes big cash incentives for whistle-blowersA little-known provision in the huge package extends to the private sector a concept long applied to government contracts. ...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2010 | 1:00 am Mortgage rates fall to new lowsAs demand for government securities drives down Treasury bond yields, 30-year fixed-rate loans are offered at rates averaging 4.56%. ...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2010 | 1:00 am Spill may cost Gulf Coast $22.7 billion in tourism, study estimatesAnother study commissioned by a Houston energy firm warns that new regulations considered in Washington would cost thousands of jobs and billions in tax revenue and drive independent producers away. ...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2010 | 1:00 am City National quarterly profit jumps sixfoldCiting strong growth in deposits and better credit quality, the parent of Southern California's largest bank posts net income of $41.3 million. Earnings beat analysts' expectations. ...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2010 | 1:00 am GM deal to buy AmeriCredit gets it back into subprime lendingThe acquisition will give its dealers more options to lease and finance car sales. But critics note that such loans contributed to the automaker's financial woes. ...Source: RSS feed - channel BNPaperBusiness | 23 Jul 2010 | 1:00 am Microsoft profits hit $4.5bnMicrosoft has reported profits of $4.52bn (2.96bn) for the three months between April and June - up 48% on the same period last year.Source: BBC News - Business | 23 Jul 2010 | 12:58 am Dell pays $100m over fraud chargeDell agrees to pay $100m to settle charges that the computer maker used accounting fraud to meet profit forecasts.Source: BBC News - Business | 23 Jul 2010 | 12:31 am Storm forces ships off spill siteDozens of ships are ordered to leave the site of the Gulf of Mexico oil spill as Tropical Storm Bonnie gathers pace.Source: BBC News - Business | 23 Jul 2010 | 12:23 am Xero soars as market closes higherXero shares leaped 12.77 per cent today as investors reasoned that if Sam Morgan puts more money into a company it must be a winner.Xero shares closed up 18c at 159 in a market that otherwise struggled to replicate a strong performance...Source: nzherald.co.nz - Business | 23 Jul 2010 | 12:14 am NZ dollar settledThe New Zealand dollar drifted off a one-week high around US72.70c today as investors waited for stress test reports from European regulators.It surged on Thursday night after strong euro zone economic data and US corporate earnings...Source: nzherald.co.nz - Business | 23 Jul 2010 | 12:10 am OCR hike tipped for next weekThe Reserve Bank is tipped to raise the Official Cash Rate next week, despite lower than expected economic growth.Westpac economists expect Reserve Bank governor Alan Bollard will hike the rate by 25 basis points to 3 per cent...Source: nzherald.co.nz - Business | 22 Jul 2010 | 10:11 pm Bratz dolls maker wins appeal against MattelMGA Entertainment violated Mattel's copyrights to some degree but is entitled to 'sweat equity' because it developed the dolls into a successful brand, court says.Toy giant Mattel Inc. can't claim a monopoly over dolls with a bratty attitude, and the rival company that developed the Bratz line deserves its fair share of the dolls' success, a federal appeals court ruled Thursday.
Source: L.A. Times - Business | 22 Jul 2010 | 8:58 pm Commission warns of credit card scamThe Commerce Commission is warning New Zealanders not to be taken in by a telephone scam offering them a refund for overcharges on their credit card.The commission said it had received several reports from people who were told...Source: nzherald.co.nz - Business | 22 Jul 2010 | 8:30 pm Europe to go public with bank stress test resultsBERLIN -Europe faces another moment of truth in its simmering debt crisis on Friday as regulators release the results of "stress tests" on 91 banks across the continent, an exercise that some fear could fail to credibly answer markets'...Source: nzherald.co.nz - Business | 22 Jul 2010 | 8:00 pm Engineer spies steal $40m of GM hybrid secretsDETROIT - A former General Motors engineer and her husband conspired to steal trade secrets about hybrid technology and use the information to make private deals with Chinese competitors, according to a federal indictment unsealed...Source: nzherald.co.nz - Business | 22 Jul 2010 | 7:00 pm Dell to pay $100 million in SEC probe (Reuters)
Source: Yahoo! News: Stock Markets News | 22 Jul 2010 | 6:57 pm Dell to pay $100 million in SEC probeSAN FRANCISCO (Reuters) - Dell Inc on Thursday agreed to pay $100 million to settle charges by market regulators that the computer maker used hidden payments from Intel Corp, and fraudulent accounting to make it appear that it was meeting analysts' earnings targets.
Source: Reuters: Business News | 22 Jul 2010 | 6:57 pm Microsoft profit beats Street but stock unmovedSEATTLE (Reuters) - Microsoft Corp easily beat Wall Street forecasts with a 48 percent rise in quarterly profit, but its shares barely moved in the absence of powerful new signs of a rebound in global tech spending.
Source: Reuters: Business News | 22 Jul 2010 | 6:54 pm Amazon profit misses as costs surgeSAN FRANCISCO (Reuters) - Amazon.com Inc's quarterly profit fell far short of Wall Street estimates, hurt by a 40 percent jump in expenses and by price cuts on its Kindle electronic reader, sending its shares down 14 percent.
Source: Reuters: Business News | 22 Jul 2010 | 6:08 pm SEC watchdog will probe Goldman settlement timing (Reuters)Reuters - A U.S. Securities and Exchange Commission watchdog said on Thursday that he will expand his investigation of the agency's fraud suit against Goldman Sachs Group Inc to look into concerns raised about the timing of the firm's $550 million settlement.Source: Yahoo! News: Stock Markets News | 22 Jul 2010 | 6:01 pm SEC watchdog will probe Goldman settlement timingWASHINGTON/NEW YORK (Reuters) - A U.S. Securities and Exchange Commission watchdog said on Thursday that he will expand his investigation of the agency's fraud suit against Goldman Sachs Group Inc to look into concerns raised about the timing of the firm's $550 million settlement.
Source: Reuters: Business News | 22 Jul 2010 | 6:01 pm Unions rallying against new employment lawsUnions have launched a "fairness at work" campaign targeting the Government's employment law plans and warn there are likely to be some heated collective contract negotiations on the horizon, along with spikes in industrial action.The...Source: nzherald.co.nz - Business | 22 Jul 2010 | 6:00 pm Rising PC sales help Microsoft revenuesA global rebound in personal computer sales after last year’s collapse, along with the launch of a new version of the Windows operating system, fuelled a 22 per cent bounce in Microsoft’s revenues in the latest quarterSource: Financial Times - US homepage | 22 Jul 2010 | 5:59 pm Hintz Sees `Quicker Recovery' for Goldman Versus Morgan: AudioSource: Bloomberg - All Podcasts | 22 Jul 2010 | 5:55 pm Jobless benefits restored for millionsMillions of jobless Americans are getting their unemployment benefits back.Source: Business and financial news - CNNMoney.com | 22 Jul 2010 | 5:43 pm Dell settles with SEC over fraud chargeDell agreed to pay a $100m penalty to settle a fraud charge by the Securities and Exchange Commission alleging false accounting based on undisclosed payments from IntelSource: Financial Times - US homepage | 22 Jul 2010 | 5:37 pm Gov't pay czar to fault banks on executive payouts (AP)
Source: Yahoo! News: Stock Markets News | 22 Jul 2010 | 5:34 pm Inside Money: Return of the repo - US consumers go basicThe 1984 cult classic movie Repo Man was the first to take note of a new trend in the retail shopping experience.As this somewhat generic counter-culture website Nerve recoSource: nzherald.co.nz - Business | 22 Jul 2010 | 5:30 pm Amazon shares tumble despite 41% sales growthAmazon shares plunged 13% in after-hours trading Thursday after the company's second-quarter earnings came up far short of analyst expectations.Source: Business and financial news - CNNMoney.com | 22 Jul 2010 | 5:20 pm Richard Desmond set to buy TV channel FiveMedia tycoon Richard Desmond is expected to confirm today he has been successful in his £100m bid for television channel Five.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jul 2010 | 5:19 pm Summary Box: Stock rally sends Treasurys lower (AP)AP - STOCK RALLY: A powerful rally on the stock market robbed Treasurys of their safe-haven appeal. The Dow Jones industrial average gained 201 points.Source: Yahoo! News: Stock Markets News | 22 Jul 2010 | 5:18 pm SJ Consulting’s Jindel Discusses UPS, YRC: Taking StockSource: Bloomberg - All Podcasts | 22 Jul 2010 | 5:13 pm Senate ditches global warming billDemocrat leaders in the Senate decided Thursday to sideline a contentious plan to limit greenhouses gases. Instead, they will push for a much more modest energy measure which focuses on conservation and issues related to offshore drilling.Source: Business and financial news - CNNMoney.com | 22 Jul 2010 | 5:07 pm Treasury prices tumble as stock market rebounds (AP)AP - Treasury prices ended lower Thursday, sending their yields higher, as a powerful rally in the stock market sapped demand for safe-haven investments.Source: Yahoo! News: Stock Markets News | 22 Jul 2010 | 4:38 pm ZipRealty’s Lashinsky on Pricing Realty Via Web: Taking StockSource: Bloomberg - All Podcasts | 22 Jul 2010 | 4:37 pm Straw to consider attending Megrahi probeThe former UK justice secretary says he will consider the “highly unusual” invitation to appear before the US Senate foreign relations committee to give evidence on the release of the Lockerbie bomberSource: Financial Times - US homepage | 22 Jul 2010 | 4:37 pm Bratz girls remain in legal limbo after court ruling overturnedNEW YORK - Bratz dolls will remain in legal limbo for a while longer after a court on Thursday overturned a ruling shifting ownership of the pouty-lipped posers from MGA Entertainment to Mattel in a copyright case that has lasted...Source: nzherald.co.nz - Business | 22 Jul 2010 | 4:30 pm M&A targets - the FTSE brides starring in a corporate adaption of Pride and PrejudiceBritish companies are attacting interest from abroad, some of it unwelcome. Helia Ebrahimi lists the likely brides and suitors.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jul 2010 | 4:18 pm Write-Offs: 07.22.10
$$$ U.S. to Let Tax Cuts For Wealthy Expire [WSJ] $$$ Geithner Sees `Basic Confidence‘ in U.S. Economy [Bloomberg] $$$ How To Get A Body Like Beyonce [WSJ]
 Source: Dealbreaker | 22 Jul 2010 | 4:10 pm Chapwood’s Butowsky Comments on Market Rally: Taking StockSource: Bloomberg - All Podcasts | 22 Jul 2010 | 4:05 pm Dell settles fraud charges for $100 millionDell has agreed to pay $100 million to settle fraud charge from the Securities and Exchange Commission, the SEC announced on Thursday, ending a five-year old case that has plagued the company and its chief executive, Michael Dell.Source: Business and financial news - CNNMoney.com | 22 Jul 2010 | 3:59 pm Hughes of Brand Rules on Toyota, Ford, Honda: Taking StockSource: Bloomberg - All Podcasts | 22 Jul 2010 | 3:50 pm Stocks surge on upbeat earnings and forecasts (AP)
Source: Yahoo! News: Stock Markets News | 22 Jul 2010 | 3:50 pm Dell Reaches Settlement, Agrees to Pay SEC $100 MillionToday, Dell Inc. (NASDAQ: DELL) announced that it has agreed to a $100 million settlement with the Securities and Exchange Commission regarding the agency’s investigation into the company’s business practices with the chip maker, Intel Corporation (NASDAQ: INTC) and separate matters involving accounting and financial reporting. It was also announced that the agency has agreed [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Jul 2010 | 3:33 pm Couple charged with GM hybrid tech theftFederal authorities in Detroit charged a Michigan couple Thursday with stealing information about hybrid vehicle technology from General Motors and attempting to put it to use for a Chinese car company.Source: Business and financial news - CNNMoney.com | 22 Jul 2010 | 3:31 pm Vitro, Lehman Brothers, Rangers:Bloomberg Law Bankruptcy ReviewSource: Bloomberg - All Podcasts | 22 Jul 2010 | 3:28 pm Outsourcing will allow the state to deliver more for less - at long lastIf you thought 25pc savings from the Coalition's fiscal consolidation are a stretch, try 50pc. That's what one government department has told Capita, the outsourcing business, it expects to see by the end of a contract it has awarded the company to deliver services previously administered by the state.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jul 2010 | 3:14 pm Inside Our Toxic Asset: An 81-Year-Old Man With A Dog Named Muffinby Chana Joffe-Walt and David Kestenbaum toxic asset Richard Koenig is 81 years old has a dog named Muffin. He doesn't look like a deadbeat. "I don't have horns," he says. "I don't have much hair." But Koenig, like many, many other people, owes us money. And he has no plans to pay it back. Earlier this year, we pooled our money and bought a tiny slice of a toxic asset — one of those complicated bonds at the center of the financial crisis. It's backed by actual mortgages on actual houses. But until recently, we'd never seen any of those houses, or the people who borrowed money to buy them. But with the help of Michael Braga, a reporter at the Sarasota Herald-Tribune, we were able to track down a few of the people whose mortgages are included in our asset. We got wrong numbers, we left voice mails, we knocked on doors. Most of the people we called didn't want to talk to us. Koenig was gracious enough to show us the condo he bought with a $300,000 loan. He planned to fix up the place and move into it with his wife. But after the housing market crashed, he owed far more on the place than it was worth. So he decided to not to move in. Instead, he kept living in his old house, and stopped making payments on the condo. "It went against everything that I was ever taught to believe," he says. "But if I have to compromise the way I live, I'm not really not going to do that. Not at almost 82 years old." Koenig was what we expected to find: Someone who bought a house to live in, but ultimately couldn't make it work. But with the help of a group of reporters at the Herald-Tribune, we learned that wasn't true for all of our homeowners. We also visited a foreclosed house that was bought by a lawyer named Derek Taaca. Taaca ultimately defaulted on five loans, totaling $3.6 million — including a $991,000 loan in our toxic asset. He didn't return our calls. Of the nine loans we identified, three were given to investors who owned multiple properties and apparently never lived in the homes. And one of those mortgages is listed in an FBI affidavit. It's allegedly tied to a ring of investors who may have lied to the banks to get loan after loan. That group has defaulted on $120 million in loans, according to Braga, the Sarasota reporter who brought the affidavit to our attention. We'll have more on that affidavit, and the story behind it, later today. In the meantime, you can read Sarasota Herald-Tribune's investigative project on house flipping in Florida. Source: NPR Blogs: Planet Money | 22 Jul 2010 | 3:13 pm SanDisk Founder Departure Clouds Mixed Earnings (SNDK)SanDisk Corp. (NASDAQ: SNDK) may have just ended its great winning streak in post-earnings reactions versus the great growth of flash memory. The independent flash memory leader said that second-quarter profit grew nearly five-fold to $257.9 million, or $1.08 EPS, versus $52.5 million or $0.23 EPS a year ago. This was also on huge revenue [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Jul 2010 | 3:00 pm LakeView’s Rothbort Discusses GM, AmeriCredit: Taking StockSource: Bloomberg - All Podcasts | 22 Jul 2010 | 2:52 pm Harbinger Down 10% In June
Source: Dealbreaker | 22 Jul 2010 | 2:49 pm UBS’s Langan Previews Ford Earnings: Taking StockSource: Bloomberg - All Podcasts | 22 Jul 2010 | 2:38 pm Microsoft Delivers A Big Quarter, But Online Operations Lose $696 MillionMicrosoft (NASDAQ: MSFT) announced record fourth-quarter revenue of $16.04 billion for the quarter ended June 30, 2010, a 22% increase from the same period of the prior year. Operating income, net income and diluted earnings per share for the quarter were $5.93 billion, $4.52 billion and $0.51 per share, which represented increases of 49%, 48% [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Jul 2010 | 2:36 pm The Earnings Story Changes Amazon.com, Massively (AMZN)Amazon.com Inc. (NASDAQ: AMZN) has reported earnings as income increased 45% to $207 million in the second quarter to an earnings of $0.45 EPS versus $0.32 a year ago and on revenues up 41% to $6.57 billion versus $4.65 billion a year ago. The problem is that Thomson Reuters had estimates of $0.54 EPS and [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Jul 2010 | 2:30 pm Kenneth Feinberg To Tear TARP-Taking Companies To Pieces With Vicious Rhetoric Tomorrow
Source: Dealbreaker | 22 Jul 2010 | 2:10 pm When Cities Go Bankruptby Ashley Lau 
Justin Sullivan/Getty Images
The city of Vallejo, Calif. filed for bankruptcy on May 23, 2008. Maywood, Calif. recently became the first U.S. city to lay off its entire workforce and outsource all of its municipal jobs. It's kind of like your neighbor coming in to watch over your house and water your plants while you’re on vacation, filling in for all your household duties while you're gone — except this is an entire city we're talking about, and it’s for the foreseeable future. Maywood outsourced itself because it was unable to buy insurance due to a history of lawsuits, NPR reported. It was also facing a big budget deficit. The story piqued my interest about cities going bankrupt. So I called Mike Buckley, a lawyer at Reed Smith who has been practicing bankruptcy law for over 30 years. "Very few honest to goodness cities file bankruptcy," Buckley told me. "It's hell. ... A city is a very complicated financial entity no matter how you look at it." The most recent case of a big city filing for Chapter 9 is Vallejo, Calif., which filed in the spring of 2008 and has yet to exit bankruptcy. "Vallejo got to where it is because it simply ran out of cash," said Matt Fabian, managing director of Municipal Market Advisors, a firm that studies the municipal bond industry. Fabian said that unlike Vallejo, most cities and counties that end up filing for bankruptcy have experienced an "enterprise failure" — a steam-plant development fails, say, or some big construction project doesn't pan out. Chapter 9 bankruptcy code basically allows a city to remain in charge of its affairs, and do things like reject labor agreements and defer payment obligations, all while it works on a plan of reorganization. When Orange County, Calif. went bankrupt in 1994, bonds sold by every city and county in the state lost value, Fabian said. Even Orange County, N.Y., by having the unfortunate luck of sharing the same name, felt the repercussions. So what exactly does city bankruptcy look like for the average citizen? Not much more than an ordinary downturn, Buckley said — grass is cut less often, firefighter shifts are down, public libraries are closed. Being in a state of bankruptcy is often just a way for municipalities to get their financial matters in order. "There is no magic wand," Buckley said. "Declaring bankruptcy does not perform a miracle. It just sets the stage." Harrisburg, Pa., could be the next big city to file for bankruptcy, NPR reported recently. Its failed enterprise: an unsuccessful revamp of an incinerator, which has left the city $288 million in debt. Source: NPR Blogs: Planet Money | 22 Jul 2010 | 1:55 pm Ex-Barclays Employee/Russian Spy Anna Chapman Finally Gets Her Own Safe And NSFW Action Figure
Hero Builders [HB via City Room]
Source: Dealbreaker | 22 Jul 2010 | 1:43 pm Swiss aim to steal EU stress test thunderRegulators are to publish the results of an exercise Swiss bankers say was ‘twice as tough’ as the EU scenario, which is expected to give a clean bill of health to Credit Suisse and UBSSource: Financial Times - US homepage | 22 Jul 2010 | 1:32 pm Tomkins' £2.9bn takeover in doubt after top investor Standard Life opposes dealStandard Life, of the engineer's leading investors, expresses disappointment that the books were opened, plans to vote against deal.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jul 2010 | 1:32 pm US bank pay report imminentKenneth Feinberg, President Barack Obama's pay tzar, is to publish a report detailing the pay and bonuses paid to hordes of Wall Street bankers at the height of the financial crisis.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jul 2010 | 1:13 pm B&Q hit by slowdown in spring DIY salesPoor sales of kitchens, bathrooms and bedrooms led to a worse-than-expected performance at B&Q, the DIY chain, over the early part of the summer.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jul 2010 | 1:05 pm Drinks makers, pubs back licensing reformsBritain's pub owners, drinks makers and retailers gave their backing to the Government's planned consultation on banning below-cost selling of alcohol and an end to 24-hour licenses.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 22 Jul 2010 | 1:00 pm Weil Gotshal’s Tarbert Discusses Dodd-Frank Act: BLAWSource: Bloomberg - All Podcasts | 22 Jul 2010 | 12:56 pm Making Solar Modules is Not for Everyone (AMAT, FSLR, SWPRA, WFR, TSL, YGE)There was a time, not so long ago, when thin-film solar PV makers like Applied Materials Inc. (NASDAQ:AMAT) and First Solar, Inc. (NASDAQ:FSLR) had a decisive cost advantage over crystalline polysilicon solar PV makers like SunPower Corp. (NASDAQ:SPWRA), MEMC Electronic Materials, Inc. (NYSE:WFR), Trina Solar Ltd. (NYSE:TSL), and Yingli Green Energy Holdings Co. Ltd (NYSE:YGE). [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 22 Jul 2010 | 12:16 pm Lady Who Rented $250,000/Week Hamptons Home To Land Husband Reports Plan Is Wild Success
“It was worth every penny,” S&M said. “I’ve never had more fun, and I’ve never met as many exciting people and such friendly people — not to mention the publicity.” She has apparently been “inundated” with phone calls and emails from “guys looking to cozy up to her,” including but not limited to: * A guy who may work in a boiler room: “Cheryl I saw your article in the post I’m a young guy working in the brokerage business right here in Long Island,” wrote one of her many gentleman e-mailers. “I would like to show you around.” * And a 29-year-old investment banker who is also a former college basketball player. “I was reading the Post today and saw your picture in an article and thought that you are very beautiful,” he e-mailed. “Next time when you are in Manhattan I would like to take you to dinner or just drinks. I know my age might scare you but I am a very mature, hard working businessman. I am tall (6′ 7) so not sure if that scares you,” he wrote. “Let me know if you would like to meet for drinks or coffee one day.”
Source: Dealbreaker | 22 Jul 2010 | 12:15 pm Blackstone buy-out fund hits $13.5bnInvestment powerhouse Blackstone has raised a greater-than-anticipated $13.5bn for its new buy-out fund, the biggest since the financial markets crisis, in a strong quarter in which income rose 13 per cent to $205mSource: Financial Times - US homepage | 22 Jul 2010 | 11:59 am ECB chief calls for global tighteningPublic spending cuts and tax increases should be imposed immediately across the industrialised world as evidence of a healthy European recovery mounts, according to Jean-Claude Trichet, president of the European Central BankSource: Financial Times - US homepage | 22 Jul 2010 | 11:47 am Winemakers struggling to stay afloat in recessionIn this recession, price trumps vintage for many wine enthusiasts, and winemakers are struggling to stay in business when people are looking for bottles for $10 or less.Source: Marketplace | 22 Jul 2010 | 11:46 am Top kill, junk shot, storm packerKai Ryssdal talks to Marketplace's Krissy Clark about the interesting nomenclature of the oil industry. Doodlebugging, anyone?Source: Marketplace | 22 Jul 2010 | 11:45 am Cities grappling with costs of paratransitThe Americans with Disabilities Act changed the lives of people living with disabilities, but cities and transit authorities are struggling to adapt public transportation to the act, especially as demand for paratransit is increasing.Source: Marketplace | 22 Jul 2010 | 11:45 am GAO report says genetic testing kits are misleadingAn investigative report from the Government Accountability Office shows that genetic testing kits give misleading results and that companies use "deceptive marketing."Source: Marketplace | 22 Jul 2010 | 11:45 am Is Verizon's network big enough for the Droid X?Ultra high-speed Web browsing, an HD camcorder and an 8 megapixel camera, and access to over 65,000 apps -- All that's on Google's new Droid X phone. Sounds great, but the phone takes five times the bandwidth as other similar smart phones. Can Verizon's network handle it?Source: Marketplace | 22 Jul 2010 | 11:45 am GM's new acquisition: Sign of recovery or irresponsibility?General Motors bought a subprime lender to increase leasing of GM cars and lending to customers who have lower credit rating. Is this a sign the economy is recovering or that companies are going back to the risky lending that got the economy in a recession in the first place?Source: Marketplace | 22 Jul 2010 | 11:45 am Treasury bonds more popular than everThe popularity of Treasury bonds may be an indicator of the state of the economy, as Marketplace's Nancy Marshall Genzer reports.Source: Marketplace | 22 Jul 2010 | 11:45 am Reserve Payments Reflect City's Budget Woes (Muni Bond Watch)In Chowchilla, a bond goes into technical default.
Source: SmartMoney.com | 22 Jul 2010 | 11:41 am Beamers Cafe: When Good Things Happen To Good People
Me: “Hello?” Gianna! Our noted gal-pal! After I apologized for somehow not having her number saved (“Well, you were pretty drunk,” she said, which was true), she proceeded to tell me that all “the girls” read the Beamers review, as did their bosses, and that they loved it so much it’s been posted in their break room. Obviously this gave me a warm fuzzy feeling but it did not compare to what she told me next. “Every night since you wrote about us tons of new guys have come in,” G said. “On Monday a whole pack of UBS and hedge fund guys showed up and said they decided to come after reading your story.” Apparently the entire back room has been rented out for tonight (“which never happens and I don’t know if it’s because of you but it might be”) and, she said, “It feels like it used to…I think you brought us back!” Do you people have any idea how good this feels? I take great pleasure in making you laugh and perhaps brightening your days via fleece and dick jokes but this– this whole directly helping others in a tangible way– is AWESOME. I have been grinning from ear to ear since yesterday. I made a difference– I SAVED BEAMERS! And because I really don’t want this to be a fluke I’m asking you to please, patronize the hell out of this place. Go there at lunch. Go there after work. A friend says, “You wanna get a drink tonight?” you say “Yeah, let’s hit up Beamers.” Bring clients. Bring colleagues. Bring the parents. Bring the kids. Bring the Stevie. CT residents, non-CT residents, I don’t care JUST GO and tell ‘em Bess Levin sent you.
Source: Dealbreaker | 22 Jul 2010 | 11:36 am Presented By:Source: Dealbreaker | 22 Jul 2010 | 11:36 am Oil spill proves wake-up call for ChinaBlack oil is washing ashore, people are drowning in the viscous oil slick, and efforts to clean up the mess are floundering. That might sound like the Gulf of Mexico but it is actually happening along the coast of Dalian in ChinaSource: Financial Times - US homepage | 22 Jul 2010 | 11:19 am Interview: The Sam’s Club Small Business Bailout
The credit crunch isn’t over. Just ask any small business owner looking for a loan, or sole proprietor trying to refinance. In many cases, you just can’t do it. The Federal Reserve recently found that “lending to small businesses dropped to below $670 billion in Q1 2010, down about $40 billion (5.6%) from two years ago,” according to Consumer Indexes. How are small businesses, which CI says account for 60% of job creation, supposed to steer us out of the recession if they can’t get their hands on any credit? Some corporations are jumping in to help. One such company is Wal-Mart’s retail warehouse division, Sam’s Club. Sam’s Club is currently running an online program where small business owner members can receive a $5,000-$25,000 loan. Loans, provided by Superior Financial Group, will focus on minorities, veterans, women, and micro-entrepreneurs (sole proprietors). We caught up with Sam’s Club Vice President of Member Program Development Catherine Corley to learn more about how the Sam’s Club program works, and who can benefit most from it. BP: Could you tell me a little bit about what kinds of small businesses use Sam’s Club memberships? Our small business members are very diverse ranging in size from 50 employees to no employees (sole proprietors). Typically they are less than 5 employees. Their businesses span from Main St mom’n'pop shops, such as convenience stores, restaurants, and other retail stores to small offices, such as real estate offices and auto dealers, churches and daycares. We also see an increase in the amount of individuals working from their home as consultants or in service industries. BP: Your website says that your pilot program will “focus on serving Main Street minority, women and Veteran owned small business owners as well as micro-entrepreneurs.” Why those populations first? Doesn’t everyone need access to a loan? Historically, this is been the client base for our third party provider, Superior Financial Group. The Sam’s Club program is open to all of its business members. BP: What’s the application fee for a Sam’s Club small business loan? $350 or $450—depending on the size of the loan—is the package processing fee. We do not have an application fee; our fees are only charged if the member is approved for the loan. This reflects a $100 savings off the typical loan packaging fee from Superior Financial Group. Besides the $100 savings, a member of Sam’s Club will also receive a 1/4 percent lower interest rate. BP: What’s the ideal outcome of your program? The small businesses who takes advantage of this program will grow and be successful. Their revenues will increase, they will hire employees…and that will help fuel increased spending at Sam’s Club for their business and personal needs! One of our members who received this loan was able to hire three employees and grow his revenues 25 times. We have currently received more than 1,000 loan applications, and more than 40% of applicants have received funding. BP: Any other remarks? The process is fast and simple. It’s all online, and you are notified of pre-approval in a matter of minutes, with final approval within 24-hours. If approved, the funds are dispersed in three to 10 business days. Go to samsclub.com and click on the Services tab for more details. Catherine Corley’s official bio:
Source: Business Pundit | 22 Jul 2010 | 11:00 am Suggestions of Iran nuclear sabotageRecent reverses affecting Iran’s ability to enrich uranium prompts debate over whether the programme is being undermined by sabotage, sanctions, or incompetenceSource: Financial Times - US homepage | 22 Jul 2010 | 10:51 am Whale vs. Sailboatby Jacob Goldstein 
EPA
A right whale crashed into a sailboat this week off the coast of Cape Town. It broke the mast, but no one was hurt. The whale swam away. South Africa's Department of Environmental Affairs is investigating reports that the sailors broke the law by approaching the whale, according to local news reports. They told the Today Show that they weren't following the whale. Is this photo real? As far as I can tell. It was captured by a passenger on a nearby boat, according to the AP. The photo is being distributed by the European Pressphoto Agency, which is a big, credible outfit. What does this have to do with economics? Nothing. The photo blew my mind and I couldn't resist putting it on the blog. Source: NPR Blogs: Planet Money | 22 Jul 2010 | 10:39 am Everybody Say “Pitch Books”!
Source: Dealbreaker | 22 Jul 2010 | 10:36 am What Does The Financial Reform Bill Mean For You? Kumar Patel Knows
If you haven’t read the document yet (and only one person has so don’t feel bad), have a looksee at the clip above, produced by the White House, which explains the impetus for the bill (“the careless risk-taking by Wall Street had to be stopped”), makes some references to banks playing craps with other people’s money, confidently states with the passing of Dodd-Frank, “you can rest a little easier knowing your home and family will be protected from the irresponsibility of others,” and never once mentions Fannie Mae and Freddie Mac. Perhaps most genius, however, was having the whole thing narrated by the soothing voice of Kal Penn, though if I had my preference, would rather listen to in this.
Source: Dealbreaker | 22 Jul 2010 | 10:15 am Jamie Dimon, Lloyd Blankfein Don’t Need No Stinking White House Invites
So Jamie Dimon and Lloyd Blankfein, the former of whom was once one of Obama’s boys, the latter of whom the President just thought was a cute li’l fella especially when his face gets all scrunched up, were very publicly not invited to yesterday’s signing of the financial reform bill. The White House asked every other Wall Street CEO to attend and probably would’ve even let Ken Lewis in if for some reason he’d showed up. And while they’re perhaps hurt, while they definitely got together last night to hold a “fuck that guy” party of two, what Lloyd and Jamie are not going to do is act out and embarrass themselves. You’d like that to happen, I’m sure but somewhere between the 8th and 9th round they decided a couple of things. 1) That waitress was totallyyyy throwing LB the vibes and 2) That living well is the best revenge. Obama’s gonna see them in the press, doing all kinds of awesome shit, doing even better than when they were together and he’s gonna think “Man, I blew it.” (It’ll hurt even worse when he realizes the only person he has to console him are Vikram and the guy who replaced John Mack). First step in Operation You Made The Biggest Mistake Of Your Life Baby? The suggestion of an overseas affair.
Businessmen To Be Made British Ambassadors [Teleraph]
Source: Dealbreaker | 22 Jul 2010 | 9:55 am Our 'Money Honey' Trademark Is Deniedby Jacob Goldstein 
217gocubsgo/eBay
Bad news from the trademark office: Our application to trademark "Money Honey" has been refused. This official rejection letter from a lawyer at the U.S. Patent and Trademark Office landed in my inbox yesterday. The rejection had nothing to do with Maria Bartiromo, the CNBC anchor who trademarked her nickname then let the trademark lapse, inspiring us to jump into the fray. Instead, we ran up against "Muni $ Huni," a trademark registered by one Dae Chang Textile, Inc., of Santa Fe Springs, California. Dae Chang says it uses the trademark for sleepwear and underwear. A few minutes of searching turned up a single Muni $ Huni item: This "Black Semi-Sheer Ruffle Tank" on eBay. In the finance world, "Muni" refers to municipal bonds, and it's pronounced MYOO-nee (rhymes with "puny"). So when I first saw Muni Huni, my first thought was "MYOO-nee HYOO-nee." But of course, that makes no sense; what the hell is "HYOO-nee"? They must mean Money Honey. And, as we learned when we set out to get this trademark, the whole point of trademarks is to prevent confusion among consumers. Here's the trademark office, explaining why they smacked us down:
Fair enough. Source: NPR Blogs: Planet Money | 22 Jul 2010 | 9:49 am The Housing Market Stalls Again (Early Bird)Low mortgage rates, declining prices don't spur existing home sales.
Source: SmartMoney.com | 22 Jul 2010 | 9:16 am Senate Passes Unemployment Benefits Extension
The Senate approved a $34 billion unemployment benefits extension yesterday. It applies to all people whose benefits ran out on June 2, but not to people who have already collected their full 99 weeks of unemployment. The Christian Science Monitor describes the extension: (New benefits) will be retroactive to June 2, when the last extension expired. This means some 2.5 million people will get lump-sum checks. However, the checks will not be as large as they had been because the Senate stripped out the $25 per person that had been added as part of the American Recovery and Reinvestment Act. Those eligible for unemployment insurance can expect to receive their checks through the end of November. According to Judy Conti of the National Employment Law Project (NELP), depending on each state, people could expect to see their benefits paid in two to four weeks. See their complete Q&A here. Passing unemployment benefits through the election month of November seems like a no-brainer for the Obama administration, or any politician, for that matter. The impressive span of unemployment benefits–nearly two years–happened because 45.5% of the country’s unemployed have been out of work for more than six months, according to another CS Monitor article. It’s worth noting that the vast minority of people get the full 99 weeks; most peoples’ benefits run out before that.
Source: Business Pundit | 22 Jul 2010 | 8:50 am When Your Mutual Fund Closes Up ShopSome tax implications and next steps after a fund's liquidation.
Source: SmartMoney.com | 22 Jul 2010 | 8:42 am EG Shares Launches India Small Cap ETF: AudioSource: Bloomberg - All Podcasts | 22 Jul 2010 | 7:45 am China's Latest Export: Bond Ratingsby Jacob Goldstein China is the world's banker, loaning money to indebted Western nations. So why shouldn't a Chinese rating agency lay odds on whether the borrower nations will make good on their debts? Enter Dagong Global Credit Rating Co., LTD, of Beijing. Motto: "Value nothing but truth, credit and impartiality." Dagong released credit ratings on the sovereign debt of 50 nations earlier this month. U.S. Treasury debt — widely regarded as among the safest investments in the world — got a AA rating, two notches below the highest rating. China scored notably better. Its foreign-denominated debt got the top rating, AAA; its debt denominated in local currency was rated one notch lower, at AA+. This is a big break from the big U.S. ratings agencies, which all give U.S. debt their highest ratings. "The western rating agencies are politicized and highly ideological and they do not adhere to objective standards," Dagong's chairman tells the FT. "China is the biggest creditor nation in the world and with the rise and national rejuvenation of China we should have our say in how the credit risks of states are judged." Dagong, which was founded in 1994 to rate Chinese corporate debt, is privately owned. But it seems to have strong support from China's Communist Party. The company recently held a press conference the headquarters of Xinhua News Agency, which is run by the Party, the AP notes. And a recent Xinhua editorial called for more companies like Dagong:
Source: NPR Blogs: Planet Money | 22 Jul 2010 | 7:33 am How Our School System Has Changed
Image: CagleCartoons
Source: Business Pundit | 22 Jul 2010 | 4:33 am
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