Euro zone economic sentiment rises to 28-month high (Reuters)

Reuters - Euro zone economic sentiment rose strongly in July, buoyed by figures from Germany that point to a recovery as the currency area overcomes the sovereign debt crisis, but the outlook remains uncertain.
Source: Yahoo! News: Business News | 29 Jul 2010 | 4:10 am

Scottish budget panel to report

Up to 60,000 people working in the public sector in Scotland could lose their jobs, according to an independent review commissioned by ministers.
Source: BBC News - Business | 29 Jul 2010 | 4:08 am

Santander's net profit slips on Spain weakness

Growth in Latin America compensates for weak home and European markets, though Spain's largest bank says it still expects a full-year profit similar to that of 2009.

Source: MarketWatch.com - Top Stories | 29 Jul 2010 | 4:07 am

3 Stocks With Worrisome Expectations (Screens)

Hough: These firms might look expensive without big profit growth.

Source: SmartMoney.com | 29 Jul 2010 | 4:06 am

Pay-TV giant BSkyB reports soaring annual profits

British pay-TV giant BSkyB said Thursday that annual net profits more than trebled as it closed in on its target of 10 million customers. BSkyB, which last month rejected a bid from...
Source: RSS feed - channel BNewsBusiness | 29 Jul 2010 | 4:05 am

Indications: Stock futures rise ahead of jobless claims data

Stock futures point to opening gains on Wall Street, as strong earnings reports from European companies buoy sentiment.

Source: MarketWatch.com - Top Stories | 29 Jul 2010 | 4:04 am

The Wealthy Will Save Troubled Social Security

A large number of financial experts and analysts believe that the national debt and high deficits will mean that the federal government will have to make tremendous cuts in spending before the end of the decade. Erskine Bowles and Sen. Alan Simpson have been made co-chairs of the National Commission on Fiscal Responsibility and Reform [...]

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Source: 24/7 Wall St. | 29 Jul 2010 | 4:03 am

Playstation, TVs boost Sony to $294 million profit (AP)

AP - Sony bounced back to profit last quarter and raised its full-year earnings forecast, fueled by stronger demand for its PlayStation 3 gaming consoles, personal computers and televisions.

Source: Yahoo! News: Business News | 29 Jul 2010 | 4:02 am

Wall St futures point to higher open as data eyed (Reuters)

Reuters - Wall St futures pointed to a firmer start for equities, after gains in Europe. The Dow closed lower in the previous session on weak durable goods data and a downbeat assessment of the economy from the Fed's Beige Book.

Source: Yahoo! News: Stock Markets News | 29 Jul 2010 | 4:01 am

Wall St futures point to higher open as data eyed

NEW YORK (Reuters) - Wall St futures pointed to a firmer start for equities, after gains in Europe. The Dow closed lower in the previous session on weak durable goods data and a downbeat assessment of the economy from the Fed's Beige Book.

Source: Reuters: Business News | 29 Jul 2010 | 4:01 am

Wall St futures point to higher open as data eyed (Reuters)

Reuters - Wall St futures pointed to a firmer start for equities, after gains in Europe. The Dow closed lower in the previous session on weak durable goods data and a downbeat assessment of the economy from the Fed's Beige Book.

Source: Yahoo! News: Business News | 29 Jul 2010 | 4:01 am

VW posts four-fold jump in quarterly profit

Volkswagen posted on Thursday a second quarter net profit of 1.25 billion euros (1.6 billion dollars), well above expectations and more than four times the previous year's figure. ...
Source: RSS feed - channel BNewsBusiness | 29 Jul 2010 | 4:01 am

Earnings Outlook: Videogame publishers on deck for tough quarter

Three of the largest videogame publishers begin reporting results for the June quarter next week, and all are expected to post declines in sales for what was a relatively downbeat period for the industry.

Source: MarketWatch.com - Top Stories | 29 Jul 2010 | 4:00 am

Eurozone economic confidence 'highest in two years'

Business and consumer confidence in the 16-nation eurozone jumped in July to its highest level in more than two years, driven by regional powerhouse German, the European Union said...
Source: RSS feed - channel BNewsBusiness | 29 Jul 2010 | 3:59 am

Eurozone economic confidence 'highest in two years' (AFP)

AFP - Business and consumer confidence in the 16-nation eurozone jumped in July to its highest level in more than two years, driven by regional powerhouse German, the European Union said Thursday.

Source: Yahoo! News: Business News | 29 Jul 2010 | 3:59 am

Greek police clash with lorry men

Greek police fire tear gas to disperse hundreds of lorry drivers protesting in Athens against a government order to end their strike.
Source: BBC News - Business | 29 Jul 2010 | 3:56 am

Volkswagen first-half profit soars

German automotive giant Volkswagen said Thursday its first-half profit surged on strong demand for its models, cost cutting and favorable exchange rate moves.

Source: MarketWatch.com - Top Stories | 29 Jul 2010 | 3:56 am

Nissan posts $1.22 bln first quarter profit (AFP)

AFP - Japan's number three automaker Nissan Motor on Thursday announced a soaring quarterly net profit on sales of cars in Asia, stronger auto demand in the United States and cost cuts.

Source: Yahoo! News: Business News | 29 Jul 2010 | 3:51 am

AstraZeneca shares up as drug maker lifts outlook

Shares in AstraZeneca rise as much as 5% after the drug giant announces a 23% rise in its second-quarter profit.

Source: MarketWatch.com - Top Stories | 29 Jul 2010 | 3:49 am

Shell sees profits almost double

Second-quarter profits at oil giant Royal Dutch Shell almost double after it completes a year-long restructuring programme.
Source: BBC News - Business | 29 Jul 2010 | 3:48 am

Irrefutable Data That Global Warming Is Real?

Those who worked to refute the huge IPCC 2007 study on global warming were wrong, perhaps. They were given a gift when it was disclosed that some of the scientists were overly aggressive when they interpreted their data. Put another way, they lied. As a way to re-establish the credibility of the global warming scientific [...]

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Source: 24/7 Wall St. | 29 Jul 2010 | 3:42 am

Euro zone economic sentiment improves in July

BRUSSELS (Reuters) - Euro zone economic sentiment improved more than expected in July, buoyed by strong figures from Germany that point to a sustained economic recovery for the currency...
Source: RSS feed - channel BNewsBusiness | 29 Jul 2010 | 3:41 am

Euro zone economic sentiment improves in July

BRUSSELS (Reuters) - Euro zone economic sentiment improved more than expected in July, buoyed by strong figures from Germany that point to a sustained economic recovery for the currency area as it overcomes the sovereign debt crisis.

Source: Reuters: Business News | 29 Jul 2010 | 3:41 am

New High Street bank opens doors

The first High Street bank to launch in the UK for more than 100 years opens its doors for the first time.
Source: BBC News - Business | 29 Jul 2010 | 3:40 am

Stocks struggle to hold gains after Fed caution

Global Markets Overview: Risky assets are fighting to hold their level after a cautious but overall positive assessment of the US economy by the Federal Reserve
Source: Financial Times - US homepage | 29 Jul 2010 | 3:40 am

Shell Q2 net profit up 15 percent (AP)

AP - Royal Dutch Shell, Europe's largest oil company, reported a 15 percent rise in net profit for the second quarter thanks to higher oil and gas prices and the early completion of a cost-cutting program.
Source: Yahoo! News: Business News | 29 Jul 2010 | 3:38 am

Want to invest abroad? Here's how to do it

Question: What is the difference between a total world index fund and a total international index fund? How you see such funds as part of a retirement portfolio? --Dave, Apple Valley, Minnesota
Source: Business and financial news - CNNMoney.com | 29 Jul 2010 | 3:29 am

Asia stocks mixed on slowdown signs; Europe gains (AP)

AP - Asian stock markets were mixed Thursday after fresh evidence of slower U.S. growth blunted appetite for riskier assets like stocks. European shares were higher.

Source: Yahoo! News: Stock Markets News | 29 Jul 2010 | 3:27 am

Foreclosures Worsen In 75% Of Major Metro Areas In First Half

RealtyTrac, a leading real estate research firm, reports that foreclosures in 75% of metro areas rose in the first half, another sign that the housing market never recovered from the tough it hit 18 months ago. RealtyTrac’s  Midyear 2010 Metropolitan Foreclosure Market Report shows 154 of the 206 U.S. metropolitan areas with a population of [...]

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Source: 24/7 Wall St. | 29 Jul 2010 | 3:13 am

Stocks set for early gains

U.S. stock futures edged higher Thursday morning, as investors attempted to shake off worries about slowing economic growth and looked to corporate earnings.
Source: Business and financial news - CNNMoney.com | 29 Jul 2010 | 3:10 am

Wall St futures point to higher open; data eyed

NEW YORK (Reuters) - Wall St futures pointed to a firmer start for equities, after gains in Europe. The Dow closed lower in the previous session on weak durable goods data and a downbeat...
Source: RSS feed - channel BNewsBusiness | 29 Jul 2010 | 3:05 am

France Telecom reports profit jump but sales slip

France Telecom reported a 45.4-percent leap in net profit for the first six months on Thursday driven by capital gains despite a slip in sales, and the share price rose 3.96 percent. The
Source: RSS feed - channel BNewsBusiness | 29 Jul 2010 | 3:05 am

Q&A With Paul Volcker

The former Fed chairman gives SmartMoney his take on the new financial reforms.

Source: SmartMoney.com | 29 Jul 2010 | 3:01 am

Money-Market Exodus, Despite Volatile Times

With the economy 'uncertain,' why are investors fleeing a safe play?

Source: SmartMoney.com | 29 Jul 2010 | 3:01 am

Back-to-School Shopping Primer (Deal of the Day)

How to get the best deals on fall essentials.

Source: SmartMoney.com | 29 Jul 2010 | 3:01 am

Earnings Watch: Updates, advisories and surprises

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

Source: MarketWatch.com - Top Stories | 29 Jul 2010 | 3:01 am

Investments for a Volatile Market (Strategies)

The market's big swings can be scary, but there are ways to profit off them.

Source: SmartMoney.com | 29 Jul 2010 | 3:01 am

Will Silver Outperform Gold?

Silver's turn in the limelight is coming. Three ways to play the metal.

Source: SmartMoney.com | 29 Jul 2010 | 3:01 am

London Markets: AstraZeneca, Reed Elsevier help drive U.K. advance

British shares post a mild advance, with Reed Elsevier, AstraZeneca, Rolls-Royce and BAE Systems all outperforming the broader market after updating investors on earnings.

Source: MarketWatch.com - Top Stories | 29 Jul 2010 | 2:58 am

Panasonic buying Sanyo, other unit for $9.4 billion

TOKYO (Reuters) - Japan's Panasonic Corp plans to buy out subsidiaries Sanyo Electric and Panasonic Electric Works for up to 818.4 billion yen ($9.4 billion) to strengthen its push into greener businesses.

Source: Reuters: Business News | 29 Jul 2010 | 2:53 am

Panasonic buying Sanyo, other unit for $9.4 billion (Reuters)

Reuters - Japan's Panasonic Corp (6752.T) plans to buy out subsidiaries Sanyo Electric (6764.T) and Panasonic Electric Works (6991.T) for up to 818.4 billion yen ($9.4 billion) to strengthen its push into greener businesses.
Source: Yahoo! News: Business News | 29 Jul 2010 | 2:53 am

BSkyB profits on high definition

Satellite TV group BSkyB reports a sharp jump in profits, driven by new subscriptions, particularly for high definition services.
Source: BBC News - Business | 29 Jul 2010 | 2:44 am

UPDATE 1-Market Chatter -- Corporate finance press digest

BANGALORE, Jul 29 (Reuters) - The following corporate finance-related stories were reported by media on Thursday:
Source: RSS feed - channel BNewsBusiness | 29 Jul 2010 | 2:43 am

NZ sharemarket reverses weak start

The New Zealand sharemarket rallied from a weak start on a day in which investors watched the currency plunge and the official cash rate rise.When announcing the official cash rate was being lifted 25 basis points to 3 per cent,...
Source: nzherald.co.nz - Business | 29 Jul 2010 | 2:41 am

Sony swings to profit, raises outlook

Sony returns to profit in the April-June quarter and raises its full-year net and operating profit outlooks.

Source: MarketWatch.com - Top Stories | 29 Jul 2010 | 2:41 am

NZ dollar falls after OCR hiked

The New Zealand dollar fell sharply on a day the Reserve Bank of New Zealand (RBNZ) hiked the official cash rate (OCR) by 25 basis points to 3 per cent.This is the opposite to what usually happens but investors opted to take more...
Source: nzherald.co.nz - Business | 29 Jul 2010 | 2:40 am

Facebook Dominates New Online Rankings As World Cup Lifts ESPN

The June audience of ESPN.com soared to 30.6 million unique visitors as people checked out the World Cup online, according to research firm comScore. That moved it ahead of well-known sites including Time Warner (NYSE: TWX), Expedia (NASDAQ: EXPE), and Target (NYSE: TGT) It shows how one event, or one new product from a company [...]

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Source: 24/7 Wall St. | 29 Jul 2010 | 2:38 am

Greek police tear gas protesting fuel drivers (AP)

AP - Greek police used tear gas Thursday to disperse protesting fuel-truck drivers, whose strike is hurting tourism and industry, after the government issued an emergency order to force them back to work.

Source: Yahoo! News: Business News | 29 Jul 2010 | 2:37 am

Lufthansa hurt by ash and strike

Lufthansa Group reports a net loss after disruption caused by the ash cloud from the Icelandic volcano and a pilots' strike.
Source: BBC News - Business | 29 Jul 2010 | 2:37 am

Who will win the 3D TV war?

Some of the biggest names in Japan's technology industry report earnings later today and the likes of Panasonic and Sony are betting on 3D to drive sales of new TVs, DVD players and camcorders.
Source: BBC News - Business | 29 Jul 2010 | 2:35 am

Married couple, separate finances

Michelle Spranger and Scott Zuckerberg have been husband and wife for eight years, but they've yet to marry their finances.
Source: Business and financial news - CNNMoney.com | 29 Jul 2010 | 2:27 am

Shell Q2 profits double as overhaul beats targets

LONDON (Reuters) - Royal Dutch Shell Plc said second-quarter current cost of supply (CCS) net income jumped 94 percent to $4.53 billion thanks to a strong operating environment and a...
Source: RSS feed - channel BNewsBusiness | 29 Jul 2010 | 2:25 am

Shell Q2 profits double as overhaul beats targets

LONDON (Reuters) - Royal Dutch Shell Plc said second-quarter current cost of supply (CCS) net income jumped 94 percent to $4.53 billion thanks to a strong operating environment and a speedy restructuring of the group.

Source: Reuters: Business News | 29 Jul 2010 | 2:25 am

Employers: 'Retirement working'

Plans to scrap the default retirement will 'raise concerns' according to David Yeandle of the Engineering Employers Federation.
Source: BBC News - Business | 29 Jul 2010 | 2:25 am

Qualcomm India unit to sell stake for $64 mln-srcs

MUMBAI, July 29 (Reuters) - The Indian broadband unit of cellphone chip maker Qualcomm plans to sell a 26 percent stake to two Indian companies for about 3 billion rupees ($64 million), two sources with...
Source: RSS feed - channel BNewsBusiness | 29 Jul 2010 | 2:22 am

AstraZeneca doubles buyback as Brilinta shines

LONDON (Reuters) - AstraZeneca doubled its 2010 share buyback program on Thursday, after posting strong results and winning an endorsement from a U.S. advisory panel for its potential blockbuster heart drug Brilinta.

Source: Reuters: Business News | 29 Jul 2010 | 2:20 am

AstraZeneca doubles buyback as Brilinta shines

LONDON (Reuters) - AstraZeneca doubled its 2010 share buyback program on Thursday, after posting strong results and winning an endorsement from a U.S. advisory panel for its potential...
Source: RSS feed - channel BNewsBusiness | 29 Jul 2010 | 2:20 am

Currencies: Dollar slips vs. major rivals in Asian trade

Investors fret about the outlook for the U.S. economy, pushing the dollar lower.

Source: MarketWatch.com - Top Stories | 29 Jul 2010 | 2:14 am

Obama vs. Big Business

Corporate chiefs may seem hardboiled, but they can be sensitive, too. Take the ruckus they've been raising over what they perceive to be rough treatment from the Obama White House.
Source: Business and financial news - CNNMoney.com | 29 Jul 2010 | 2:13 am

Florida businesses bet on Feinberg

Business owners in Florida believe Kenneth Feinberg will manage the $20 billion oil spill claims fund fairly and efficiently, but because of the complicated nature of their claims, they're anxious about how much they'll get paid.
Source: Business and financial news - CNNMoney.com | 29 Jul 2010 | 2:07 am

Nissan and Hyundai profits soar as U.S. and China seen slowing

SEOUL/YOKOHAMA, Japan (Reuters) - Nissan Motor Co and Hyundai Motor Co's forecast-beating quarterly profits may prove tough to match in the second half as robust sales in China and elsewhere start to slow.

Source: Reuters: Business News | 29 Jul 2010 | 2:04 am

Europe Markets: Europe shares advance amid earnings deluge

Investors welcome results from some of the region’s biggest companies in a busy day for corporate news.

Source: MarketWatch.com - Top Stories | 29 Jul 2010 | 2:01 am

France Telecom first half net profit up 45 pct (AP)

AP - France Telecom SA said Thursday that first half net profit rose 45 percent due to a one-off gain, although revenue and margins were eroded by regulatory costs and competition in the home market in France.
Source: Yahoo! News: Business News | 29 Jul 2010 | 1:53 am

Media Digest (7/29/2010) Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   The Fed Beige Book says some regions see economic slowing. Reuters:   The China People’s Daily ran an editorial which encourages the US to take account of China’s rising power. Reuters:   Amazon.com (NASDAQ: AMZN) launched a $130 Kindle. Reuters:   Research In Motion (NASDAQ: RIMM) stock moved up as it readied a new device.Reuters:   California Pizza [...]

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Source: 24/7 Wall St. | 29 Jul 2010 | 1:52 am

Shell chief defends deep-water drilling

Peter Voser, chief executive, says deep-water drilling has ‘important role to play in global energy supply’, as the Anglo-Dutch oil group announces a near-doubling in second-quarter profit to $4.53bn
Source: Financial Times - US homepage | 29 Jul 2010 | 1:51 am

Shell sees profits jump

Shell, which has eclipsed BP as Europe's largest oil company, sees profits on back of crude prices.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jul 2010 | 1:47 am

BT profit up despite revenue fall

BT reports what it describes as "acceptable" quarterly results, with profits sharply higher despite a fall in revenue.
Source: BBC News - Business | 29 Jul 2010 | 1:44 am

Foreclosures climb in 75% of metro areas

Foreclosure filings climbed in 75% of the nation's metro areas during the first half of 2010, according to a report issued Thursday.
Source: Business and financial news - CNNMoney.com | 29 Jul 2010 | 1:37 am

CA-CANADA Summary (Reuters)

Reuters - The Toronto Stock Exchange falls short of global listing standards and should do more to manage potential conflicts of interests in how it regulates listed companies, according to report published on Tuesday.
Source: Yahoo! News: Stock Markets News | 29 Jul 2010 | 1:29 am

Nissan has best quarter in 2 years and keeps guidance

YOKOHAMA, Japan (Reuters) - Nissan Motor Co reported its strongest quarterly operating profit in more than two years as sales surged in China and other major markets, but it left its cautious guidance unchanged amid an increasingly murky outlook for demand.

Source: Reuters: Business News | 29 Jul 2010 | 1:27 am

FTSE 100 edges up in early deals (AFP)

AFP - London's leading shares rose slightly at the start of trading on Thursday as positive corporate earnings figures countered weak US economic data.

Source: Yahoo! News: Stock Markets News | 29 Jul 2010 | 1:27 am

Sanofi set to make offer for Genzyme

Chris Viehbacher, left open the option of a $19bn takeover of US biotech company Genzyme as he unveiled second-quarter results for the French pharmaceutical group with earnings up nearly 8 per cent
Source: Financial Times - US homepage | 29 Jul 2010 | 1:18 am

Business Bullet: US, BSkyB, UK pay, Metro Bank

The latest news on: US, BSkyB, UK pay, Metro Bank
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jul 2010 | 1:16 am

UK house prices fall in July for only second time this year

Average UK house prices fell 0.5pc in July, as anxiety about the economic outlook put buyers off.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jul 2010 | 1:07 am

Schwarzenegger vetoes overtime for farmworkers

The governor agrees with giant agribusinesses and organic-farm owners who contend that an eight-hour workday isn't practical in the agriculture industry.

Saying he didn't want to damage California's agricultural economy, Gov. Arnold Schwarzenegger on Wednesday vetoed a first-in-the-nation bill that would have given farmworkers the same rights to overtime pay enjoyed by all other hourly workers in California.

Source: L.A. Times - Business | 29 Jul 2010 | 1:00 am

Schwarzenegger vetoes overtime for farmworkers

The governor agrees with giant agribusinesses and organic-farm owners who contend that an eight-hour workday isn't practical in the agriculture industry. ...
Source: RSS feed - channel BNPaperBusiness | 29 Jul 2010 | 1:00 am

WellPoint profit rises despite lower revenue

The health insurer, parent of Anthem Blue Cross of California, reports a 4% increase in earnings for the second quarter. But a rollback of rate increases will mean a loss in California this year, its CEO...
Source: RSS feed - channel BNPaperBusiness | 29 Jul 2010 | 1:00 am

Entertainment chief's exit ends a stormy era at ABC

Temperamental Steve McPherson couldn't find a follow-up hit for 'Lost' Former ABC Entertainment President Steve...
Source: RSS feed - channel BNPaperBusiness | 29 Jul 2010 | 1:00 am

2011 Honda CR-Z hybrid is a sporty eco-activist

The two-seater's features include three driving modes, a 3-D dash display and gauges that let you see how green you are being. ...
Source: RSS feed - channel BNPaperBusiness | 29 Jul 2010 | 1:00 am

Employee allegations of excessive 401(k) fees gain ground

A ruling by a judge, who in one case said Edison International did 'substantial' harm to employees by not negotiating lower fees from the firm running the 401(k) plan, may bolster other lawsuits.

For decades, high fees have quietly but steadily eaten away at the value of 401(k) retirement plans. Now employees are making headway in legal battles to force employers to lower costs.

Source: L.A. Times - Business | 29 Jul 2010 | 1:00 am

Disney is likely to promote Paul Lee to ABC Entertainment president

Lee, who led the turnaround of the ABC Family channel, would replace Steve McPherson, who resigned abruptly this week, just days before he was to hype the struggling network's new fall shows. ...
Source: RSS feed - channel BNPaperBusiness | 29 Jul 2010 | 1:00 am

Two home-building partners are caught in the middle — again

First, Richard Ashby and Lawrence Redman were slammed by the recession. Now their failed $40-million loan from IndyMac Bank for a Menifee project is at the center of an FDIC suit targeting bankers.

Southern California home builders Richard Ashby and Lawrence Redman were running short on resources, but not ambition.

Source: L.A. Times - Business | 29 Jul 2010 | 1:00 am

Jeff Sagansky stakes claim to new media future

After holding management posts at big studios and TV networks for two decades and co-founding a production finance company, Jeff Sagansky has seen the digital light. ...
Source: RSS feed - channel BNPaperBusiness | 29 Jul 2010 | 1:00 am

Disney is likely to promote Paul Lee to ABC Entertainment president

Lee, who led the turnaround of the ABC Family channel, would replace Steve McPherson, who resigned abruptly this week, just days before he was to hype the struggling network's new fall shows.

Walt Disney Co. is poised to elevate an executive who began his career as a reporter covering the strife in Belfast, Northern Ireland, as the new president of ABC Entertainment.

Source: L.A. Times - Business | 29 Jul 2010 | 1:00 am

Two home-building partners are caught in the middle — again

First, Richard Ashby and Lawrence Redman were slammed by the recession. Now their failed $40-million loan from IndyMac Bank for a Menifee project is at the center of an FDIC suit targeting bankers. ...
Source: RSS feed - channel BNPaperBusiness | 29 Jul 2010 | 1:00 am

Employee allegations of excessive 401(k) fees gain ground

A ruling by a judge, who in one case said Edison International did 'substantial' harm to employees by not negotiating lower fees from the firm running the 401(k) plan, may bolster other lawsuits. ...
Source: RSS feed - channel BNPaperBusiness | 29 Jul 2010 | 1:00 am

Apple's iPhone case giveaway could cut into other case suppliers' sales

With Apple handing out cases to address the phone's antenna issue, analysts say, there will be less demand for cases offered by third-party suppliers. ...
Source: RSS feed - channel BNPaperBusiness | 29 Jul 2010 | 1:00 am

Entertainment chief's exit ends a stormy era at ABC

Temperamental Steve McPherson couldn't find a follow-up hit for 'Lost'

Former ABC Entertainment President Steve McPherson had been known in Hollywood over the last six years for his hair-trigger temper, tussles with his bosses and taking big swings to find the next ratings juggernaut to replace "Lost."

Source: L.A. Times - Business | 29 Jul 2010 | 1:00 am

Jeff Sagansky stakes claim to new media future

After holding management posts at big studios and TV networks for two decades and co-founding a production finance company, Jeff Sagansky has seen the digital light.

For 22 years Jeff Sagansky worked in "old media," holding top management posts at the studios and networks including NBC, CBS, Paxon Communications, Sony Pictures and Sony Corp., where he oversaw the American launch of the Sony PlayStation and the acquisition of Spanish-language broadcaster Telemundo.

Source: L.A. Times - Business | 29 Jul 2010 | 1:00 am

2011 Honda CR-Z hybrid is a sporty eco-activist

The two-seater's features include three driving modes, a 3-D dash display and gauges that let you see how green you are being.

Cars typically force drivers to make a choice: sporty but piggish on fuel or efficient and underwhelming.

Source: L.A. Times - Business | 29 Jul 2010 | 1:00 am

Apple's iPhone case giveaway could cut into other case suppliers' sales

With Apple handing out cases to address the phone's antenna issue, analysts say, there will be less demand for cases offered by third-party suppliers.

By giving out free cases for its iPhone 4, Apple Inc. hoped to smooth over troubles with unhappy customers.

Source: L.A. Times - Business | 29 Jul 2010 | 1:00 am

WellPoint profit rises despite lower revenue

The health insurer, parent of Anthem Blue Cross of California, reports a 4% increase in earnings for the second quarter. But a rollback of rate increases will mean a loss in California this year, its CEO says.

Despite falling revenue and enrollments, insurance giant WellPoint Inc. on Wednesday reported a 4% increase in profit for the second quarter.

Source: L.A. Times - Business | 29 Jul 2010 | 1:00 am

The mystery of Prince Charles and his solar panels

Strange. I spot a story in property rag Estates Gazette about Prince Charles applying for planning permission to put solar panels on the roof of Clarence House, his official residence. The magazine found the application on Westminster Council's website.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jul 2010 | 12:28 am

New bank promises customer service

The first High Street bank to launch in the UK for more than 100 years is promising longer opening hours for its customers.
Source: BBC News - Business | 29 Jul 2010 | 12:14 am

Bank of England's Mervyn King warns Britons to brace themselves for inflation next year

The Governor of the Bank of England has warned Britain to brace itself for a prolonged period of high inflation and economic uncertainty.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jul 2010 | 12:09 am

Consents for controversial farm quashed

Land use consents granted for a controversial large-scale factory dairy farming proposal in South Canterbury have been quashed, the Environmental Defence Society (EDS) says.The EDS launched a legal challenge in the High Court...
Source: nzherald.co.nz - Business | 28 Jul 2010 | 11:53 pm

Citi retail arm targets affluent Americans

New York-based banking group will sell a revamped set of accounts and credit cards, in the latest attempt to revive its North American unit
Source: Financial Times - US homepage | 28 Jul 2010 | 11:25 pm

Metro: first bank for 100 years opens its doors

Metro Bank has promised to revolutionise the British banking experience.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 28 Jul 2010 | 11:20 pm

Amazon's Kindle 3 gets a sleek new look

The market leading e-reader gets refreshed with a Wi-Fi only option and a zippier screen.
Source: Business and financial news - CNNMoney.com | 28 Jul 2010 | 8:46 pm

Bollard lifts OCR, future hikes likely to be less

The Reserve Bank has lifted the official cash rate from 2.75 to 3 per cent this morning. The move, though widely expected, is a sign that the economy is still growing enough for bank Governor Alan Bollard to keep winding back...
Source: nzherald.co.nz - Business | 28 Jul 2010 | 8:30 pm

Record June trade surplus on higher dairy, forestry exports

New Zealand recorded a trade surplus of $276 million for the month of June, equivalent to 7.3 per cent of exports.Publishing the data today, Statistics New Zealand said the largest increases in exports last month, compared to...
Source: nzherald.co.nz - Business | 28 Jul 2010 | 8:00 pm

Two IPOs get mixed reception

NEW YORK (Reuters) - A natural gas limited partnership IPO was priced at the top of the expected range on Wednesday while an investment technology platform company IPO was priced at the bottom of the range and sold fewer shares.

Source: Reuters: Business News | 28 Jul 2010 | 7:47 pm

Speculation mounts of AAPt deal in Australia

Perth-based internet service provider iiNet has entered a trading halt ahead of a possible acquisition, according to a statement to the ASX.There is speculation in Australia that the company will acquire parts of AAPT from Telecom...
Source: nzherald.co.nz - Business | 28 Jul 2010 | 7:30 pm

California workers stiffed again

California's 200,000 state workers just can't catch a break.
Source: Business and financial news - CNNMoney.com | 28 Jul 2010 | 7:27 pm

Cities threaten to cut 500,000 jobs

Cash-strapped cities and counties have been cutting jobs to cope with massive budget shortfalls -- and that tally could edge up to nearly 500,000 if Congress doesn't step up to help.
Source: Business and financial news - CNNMoney.com | 28 Jul 2010 | 7:27 pm

Conoco to sell stake in Russia’s Lukoil

ConocoPhilips said it would sell its entire stake in Lukoil, bringing to a close its attempt to use the partnership with Russia’s second-biggest oil producer to develop business in the country
Source: Financial Times - US homepage | 28 Jul 2010 | 6:32 pm

Visa beats expectations but debit law looms

NEW YORK (Reuters) - Visa Inc , the world's largest credit and debit card processing network, posted higher-than-expected quarterly profit on Wednesday, but analysts said new processing fee regulations could cut into future profits.

Source: Reuters: Business News | 28 Jul 2010 | 6:03 pm

Visa beats expectations but debit law looms (Reuters)

Reuters - Visa Inc , the world's largest credit and debit card processing network, posted higher-than-expected quarterly profit on Wednesday, but analysts said new processing fee regulations could cut into future profits.

Source: Yahoo! News: Business News | 28 Jul 2010 | 6:03 pm

CTU ends co-operation with Govt on trade

The Council of Trade Unions (CTU) says it will no longer co-operate with the Government on trade issues and a United States union boss has cancelled a visit here in response to looming employment law changes.The Government this...
Source: nzherald.co.nz - Business | 28 Jul 2010 | 6:00 pm

Amazon rolls out new version of e-reader

Amazon is aiming to take digital reading into the mainstream as it rolls out a new generation of its Kindle e-reader ahead of the crucial holiday shopping season
Source: Financial Times - US homepage | 28 Jul 2010 | 5:40 pm

Brian Fallow: Bollard still expects 'respectable' growth

Governor Alan Bollard has acknowledged today what has has been apparent to the financial markets for a while.That is that the outlook for growth and inflation no longer warrants the staircase of official cash rate rises at almost...
Source: nzherald.co.nz - Business | 28 Jul 2010 | 5:00 pm

Toyota appears to do an about-face on reliability of black boxes in its vehicles

The automaker previously said the devices' data could not be relied upon to determine the cause of accidents, but is now citing the readings to suggest that driver error is causing sudden acceleration.

Toyota Motor Corp. has argued for years that the electronic black boxes in its vehicles used unproven technology that could not be relied upon to determine the cause of accidents.

Source: L.A. Times - Business | 28 Jul 2010 | 4:52 pm

Toyota appears to do an about-face on reliability of black boxes in its vehicles

The automaker previously said the devices' data could not be relied upon to determine the cause of accidents, but is now citing the readings to suggest that driver error is causing sudden acceleration...
Source: RSS feed - channel BNPaperBusiness | 28 Jul 2010 | 4:52 pm

Russia to sell $29bn of state assets to cut deficit

The Russian government is to raise $29bn (£18.5bn) by selling off stakes in a host of its state-run corporate powerhouses in order to reduce its growing budget deficit.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 28 Jul 2010 | 4:42 pm

Washington Mutual, Tribune: Bloomberg Law Bankruptcy Review

Source: Bloomberg - All Podcasts | 28 Jul 2010 | 4:40 pm

Cameron warns Pakistan over terror

The British PM risks opening a diplomatic rift with Pakistan by accusing Islamabad of “looking both ways” on exporting terrorism, soon after paving the way to closer nuclear and military ties with India
Source: Financial Times - US homepage | 28 Jul 2010 | 4:34 pm

RIM shares up on reports of new BlackBerry (AFP)

AFP - Shares in Canada's Research in Motion surged Wednesday on reports the BlackBerry maker plans to release a new smartphone next week to rival Apple's iPhone.

Source: Yahoo! News: Stock Markets News | 28 Jul 2010 | 4:33 pm

$550m data cable plan leaps ahead

Pacific Fibre is a step closer to turning its international data cable ambitions into reality with the sign-up of Asian telco Pacnet as an equal partner.Pacific Fibre chief executive Mark Rushworth said the two companies would...
Source: nzherald.co.nz - Business | 28 Jul 2010 | 4:30 pm

Bernard Hickey: Hitting the brick wall of too much debt

You almost have to feel for Alan Bollard.Right at the time when he would like to leave his foot on the accelerator to rumble over a few bumps in the road, the government is forcing him to slow down because of the extra chicane...
Source: nzherald.co.nz - Business | 28 Jul 2010 | 4:30 pm

Success: Do you have what it takes?

SAN FRANCISCO (Mint.com) -- If you were trying to find successful entrepreneurs -- people who can innovate and commercialize radically new ideas -- what would you look for?
Source: Business and financial news - CNNMoney.com | 28 Jul 2010 | 4:27 pm

Europe's €30 trillion headache

European banks face a serious funding threat over the next two years as authorities withdraw emergency support, S&P says.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 28 Jul 2010 | 4:17 pm

Bernstein’s Moffett Discusses Comcast’s Earnings: Taking Stock

Source: Bloomberg - All Podcasts | 28 Jul 2010 | 3:57 pm

EasyJet flight delays caused by low staff morale

EasyJet's new chief executive has admitted to problems with both staff morale and crewing that have hit the airline's punctuality.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 28 Jul 2010 | 3:55 pm

Are UK banks killing the economic recovery?

Time for a spot more of Britain's favourite sport? Yes, indeed; next week brings first half results from virtually all the top UK banks, and therefore abundant opportunity for renewed banker bashing fun.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 28 Jul 2010 | 3:47 pm

Dow ends 4-day win streak on Fed economic report (AP)

AP - Investors cashed in some of their recent gains Wednesday after the Federal Reserve gave them more confirmation that the economic recovery is slowing.

Source: Yahoo! News: Stock Markets News | 28 Jul 2010 | 3:38 pm

Write-Offs: 07.28.10

$$$ Comerford was working in Goldman’s document production division by evening, while running tours for a firm called The Wall Street Experience during the daytime. But he’s since quit the bank after being told to choose between Goldman and his tours. Comerford tells me that after The Guardian’s coverage of his tours, he was summoned by Goldman’s compliance department. The bank initially demanded whether he was using confidential material – zeroing in on an CDO document that he brandished to tourists as an example of a real, life toxic asset. Although he was able to satisfy Goldman that he wasn’t stealing anything, Comerford was then told to choose between his job at the bank or his tour guiding activities – an ultimatum that he feels was very unfair. After ten years, he quit his job. “I looked at it as an acting gig – and I’d done acting gigs before while working at Goldman, without any problem. But they were very concerned at the tone of it,” says Comerford. Guardian]

$$$ Goldman Sachs Defends Its Fund of Funds Offering [AR]

$$$ Federal Government Hiring Thousands in Wake of Financial Reform Bill [FINS]

$$$ Hedge Fund Tax Changes Cause Indigestion in Greenwich [NYM]

$$$ Carlos Slim Buys Fifth Ave.’s Only Private Townhouse [Metropolis]

$$$ Gaza’s ubiquitous donkey carts are facing stiff competition after an influx of South Asia’s iconic tuk-tuks [WSJ]

Goldman Sachs - Hedge fund - Wall Street - South Asia - Business
Source: Dealbreaker | 28 Jul 2010 | 3:33 pm

In The Event You’re Looking To Get On Or Off Bill Gross’s Good Side…

FYI, in addition to hating these newfangled automatic flushers, the PIMCO founder will cut a bitch for speaking and/or audibly breathing on the floor.

Gross is surrounded by seven computer screens with two stuffed animals — a bull and bear — sitting on top of them; El-Erian uses four monitors. The two leaders rarely speak to each other on the floor. Gross enforces a policy of near silence, sometimes by glaring at offenders who talk too loudly.

Going to make the leap in logic that he also would not appreciate you talking to him while he’s figuring out how to work the sophisticated toilet technology. You’ve been warned.

Pimco - Business - Mohamed A. El-Erian - Mutual fund - People
Source: Dealbreaker | 28 Jul 2010 | 3:28 pm

Banta, Orrenius Discuss Arizona Immigration Law: Taking Stock

Source: Bloomberg - All Podcasts | 28 Jul 2010 | 3:25 pm

Stocks fall after Fed report on regional economy (AP)

AP - THE FED CONFIRMS INVESTORS' VIEW: The Federal Reserve's "beige book," its report on the economy region by region, showed that the recovery is slowing in some parts of the country. That confirmed how investors see the economy, and that sent stocks falling.
Source: Yahoo! News: Stock Markets News | 28 Jul 2010 | 3:24 pm

Browser add-on sounds alarm when Google is watching

Google Alarm lets you know when the tech giant is accessing your personal data via a website
Source: Marketplace | 28 Jul 2010 | 3:16 pm

Want To Sue Goldman Sachs? Take A Number

Sorry, the firm’s calendar is all booked up right now with other lawsuits. Come back later or go sue someone else.

A New York judge put two shareholder lawsuits against executives and directors of Goldman Sachs Group Inc on hold until progress is made on 16 other lawsuits related to a controversial debt transaction involving the Wall Street bank. The lawsuits, brought in state Supreme Court by Robert Rosinek and Morton Spiegel, accuse Goldman officials, including Chief Executive Lloyd Blankfein, of breaching their fiduciary duties by letting the bank enter transactions involving risky collateralized debt obligations tied to subprime mortgages. [ABC]

New York - Wall Street - Goldman Sachs - Lawsuit - Collateralized debt obligation
Source: Dealbreaker | 28 Jul 2010 | 3:01 pm

An addiction to oil or a way of life?

Oil spills around the world may be the fault of individual companies, but Americans -- with their bus-less suburbs, saran wraps and highways -- are also perpetuating the country's reliance on oil.
Source: Marketplace | 28 Jul 2010 | 2:59 pm

How the major stock indexes fared on Wednesday (AP)

AP - Investors cashed in some of their recent gains Wednesday after the Federal Reserve gave them more confirmation that the economic recovery is slowing. The Dow Jones industrial average fell almost 40 points after the Fed released its regional survey of the economy, a report known as the "beige book."
Source: Yahoo! News: Stock Markets News | 28 Jul 2010 | 2:55 pm

Midas Fund’s Winmill Discusses Gold, Silver: Taking Stock

Source: Bloomberg - All Podcasts | 28 Jul 2010 | 2:53 pm

Disney Buys Facebook Game Co. Playdom

Disney sealed a heavy bet on social media yesterday by buying Playdom, Facebook’s third most popular social gaming company, for $563.2 million. The New York Times has more:

As social games becomes a more crowded and difficult field — several hundred new games are introduced on Facebook weekly and most go nowhere — brands that can be used as the basis for titles are becoming more important.

“When deciding how to place a bet we thought we should do it at a significant level and not just take a little shot,” Disney’s chief executive, Robert A. Iger, said in an interview. “Too often traditional media companies only put a toe or two in, and they deprive themselves at the opportunity for real growth.” He said Playdom furthered his goal of providing entertainment to “a new generation of fans on the platforms they prefer.”

The purchase continues Disney’s effort to strengthen and diversify its digital media portfolio by betting on casual Internet games, in contrast to more complex games for platforms like Xbox and PlayStation.

Casual games are blossoming in part because players of all ages embrace them. In June, Disney made a small investment in a $33 million financing round for Playdom. On July 1, Disney announced its acquisition of Tapulous, which makes music-based iPhone games.

The NYT also writes that the social game virtual-goods market is expected to hit an impressive $835 million this year. We are witnessing the Disney-fication of social media.

Source: Business Pundit | 28 Jul 2010 | 2:52 pm

UBS’s Ryan Discusses Bonds, Investing Signals: Taking Stock

Source: Bloomberg - All Podcasts | 28 Jul 2010 | 2:40 pm

Bespoke’s Hickey Discusses U.S. Elections, Markets: TakingStock

Source: Bloomberg - All Podcasts | 28 Jul 2010 | 2:34 pm

Glum Fed Report Weighs on Stocks (Market Update)

A gloomy economic assessment from the Federal Reserve added more doubts to the fragile...

Source: SmartMoney.com | 28 Jul 2010 | 2:33 pm

So You Say You Want To Touch Your Clients Inappropriately, Do You?

From time to time, perhaps if they’re particularly good looking, or cuddly-seeming or you’ve just got that itch and they’re the first warm body in your line of vision, you may have gotten the urge to touch a client in a way not yet deemed “appropriate” by the freaky ass rules of corporate culture. You probably assumed all was lost and you’d never get to reach out and squeeze one of ‘em. And all was lost. Until a Goldman Sachs employee came along and invented an excuse so genius in its simplicity it works like a charm. Have someone coming in tomorrow you’d like to hold tight but not have it be “weird” or “cause for dismissal”? Write this down.

All you have to do is come up with a total arbitrary reason for why you’re (pick one:) hugging, kissing, grabbing the ass of, performing a reach-around on, suggesting you listen to Endless Love alone together in the dark or holding hands with a client. For instance, Goldman Sachs managing director Monica Mandelli years ago wanted to hug her clients and provided the rationale that because she’s Italian, this is okay.

Find what is unique in your style and turn up the volume a couple of notches. Mine is that I’m Italian. I speak with an accent. At first I was embarrassed, but then a coach at Goldman told me that Americans have a longer attention span when they listen to someone speaking with a foreign accent. So I figured, great! And instead of hiding it, I turned it into an asset. And actually, I’m able to get away with a lot because of it. I’m expected to be very passionate. I hug my clients sometimes, but that’s fine because I’m Italian.

“Because I’m Italian,” needn’t be the excuse, of course. It literally be anything so long as you own it in a way it comes off as valid. Why are you caressing your biggest client’s cheek? Because you’re (circle one:) Irish, Jewish, from Chicago, an only child, a golfer, a Bills fan, whatever, and that’s what your people do. It’s just the custom. I’m telling you, try this.

Goldman Sach - Chicago - Endless Love - Italian language - Attention span
Source: Dealbreaker | 28 Jul 2010 | 2:28 pm

Fed says some districts report slowing economy

WASHINGTON (Reuters) - The economy kept growing overall in recent weeks, but unevenly and it actually slowed in a few regions as housing markets softened after the end of a popular tax break, the Federal Reserve said on Wednesday.

Source: Reuters: Business News | 28 Jul 2010 | 2:12 pm

Research says climate change undeniable

First major new piece of scientific research since the ‘climategate’ scandals
Source: Financial Times - US homepage | 28 Jul 2010 | 1:59 pm

Harsh Verdict on Motricity Quiet-Period Ending (MOTR)

Motricity Inc. (NASDAQ: MOTR) has not gone so well in the post-IPO market.  The price target came down to $10 to $11 per share from $14 to $16, while its size was cut to almost 5.9 million shares from 6.75 million shares.  The formal pricing went off on June 18 at $10.00 per share for [...]

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Source: 24/7 Wall St. | 28 Jul 2010 | 1:49 pm

Is Anna Chapman Being Replaced By Another Redhead Of European Origins?

On the surface, the only thing they have in common is the hair color, the birth in a foreign land, and the first name, Anna. But, you know, anything is possible and should it turn out that this girl is the new AC, you’re gonna want to be up to speed on what she’s all about. Anna Fermanova, 24, was held up by agents at JKF, who took issue with the fact that she was allegedly trying to smuggle a “$7,000 Raptor 4X night-vision weapons sight and two other $4,000 devices” out of the country, which you’re not allowed to do. She’ll be charged with “attempting to export the devices, which are considered US munitions,” and is not only denying the spy label, but claiming to find this whole thing pants-pissingly funny, making her all the more suspect.

Fermanova, who was released on $50,000 bail and is being kept on house arrest, called the allegations “hilarious and over-dramatized.”

“I am a US citizen. I grew up in America. I am not a spy — that is just funny,” she told The Post. “I am freaking out right now.”

Her lawyer Scott Palmer said there was no espionage involved and that Fermanova’s husband planned to resell the scopes to big-game hunters, according to The Smoking Gun.

As for the Chapman comparisons, while a LinkedIn profile has yet to surface, Anna 2 graduated from the Ogle School of Hair, Skin and Nails and has her cosmetologist license, which could suggest she’s on track to employment with Barclays, just like the other Ruskie. The real test will be whether or not Dr. Doom has been worked by this broad. Waiting on him for comment.

Anna Fermanova - United States - Scott Palmer - Russia - Espionage
Source: Dealbreaker | 28 Jul 2010 | 1:43 pm

Presented By:

Source: Dealbreaker | 28 Jul 2010 | 1:43 pm

Fed Calls Real Estate Activity "Sluggish"

Source: NPR Blogs: Planet Money | 28 Jul 2010 | 1:42 pm

US judge loosens Arizona immigration law

A federal judge blocked the most controversial parts of Arizona’s proposed new immigration law, mere hours before it was due to take effect, handing a victory to the Obama administration and human rights groups
Source: Financial Times - US homepage | 28 Jul 2010 | 1:37 pm

Man Group Departures Not So Unfounded

As we mentioned last week, in the wake of the GLG buy, things are not looking so good inside Man Group. Redemptions are “mounting,” bonus outlook is bad to very bad and employees are making a dash for the exits.  Today Financial News confirms the departures of 8 of the 15 front office employees who’ve taken off.

Chetan Kotwal, who was an algorithmic trading systems analyst at AHL, has joined Barclays Capital as a director in European flow trading technology, according to a person familiar with the situation. Barclays declined to comment.

Dr Helder Palaro, an academic who pioneered a hedge fund replication method with Dr Harry Kat, has also left, according to a person familiar with the situation.

Other more junior departures are Yochen Maydt and Steven Piron who worked in research, Tom Ryan and Rebecca Aston, both traders; Will England, an analyst; and Tobias Brandt, an algorithmic trading systems developer.

8 People Leave Man Group [eF]

Man Group - Hedge fund - Business - Investing - Funds
Source: Dealbreaker | 28 Jul 2010 | 1:30 pm

Envestnet, Another IPO Meeting Soft Demand (ENV)

Envestnet Inc. is not looking like a solid IPO before it even gets out to the public.  This is one of this week’s scheduled IPOs that is expected to begin trading on Thursday or Friday.  The provider of Web-based investment solutions and investment tools to independent financial advisers and independent financial firms is joining the [...]

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Source: 24/7 Wall St. | 28 Jul 2010 | 1:20 pm

Lisa Marie Falcone’s Debut Film Opens To Rave Reviews

Is there nothing this woman can’t do? The answer is no. Whether it’s playing soccer in jewels, teaching a pig how to play the piano, demonstrating “school-girl chic,” keeping a hockey player happy, dressing herself while inebriated, attending galas on crutches, shoe shopping with a broken foot, dancing her ass off, and or producing an “emotionally touching” film, this chick does it all. Next, I say Phil gives her a shot at her own portfolio. Unless of course he’s threatened by her presumably formidable market savvy. [Hamptons]

Piano - Ice hockey - Association football - Music - Keyboard
Source: Dealbreaker | 28 Jul 2010 | 1:12 pm

Firestone Discusses Dodd-Frank Effect on Funds: BLAW

Source: Bloomberg - All Podcasts | 28 Jul 2010 | 12:46 pm

Measuring the success of the stimulus package

Two Princeton economists used economic modeling programs to see the effect of the federal stimulus package on the economy.
Source: Marketplace | 28 Jul 2010 | 12:43 pm

The state of the African-American community in the recession

Kai Ryssdal talks to Marc Morial, president of the Urban League about the state of the African-American community during the economic crisis and what he thinks will help more African-Americans bridge economic gaps.
Source: Marketplace | 28 Jul 2010 | 12:37 pm

Cities struggling to spend federal money for foreclosed homes

Two years ago, cities across the nation received money from Congress to buy and take care of foreclosed homes to prevent neighborhoods from becoming blighted. The September deadline to spend all that money is looming, and cities are struggling to spend the money, before it gets taken away.
Source: Marketplace | 28 Jul 2010 | 12:37 pm

Take a free book, but pay it forward

The publishing industry is suffering from growing pains, especially in the advent of e-books. One Masschussetts publisher is trying something new: Giving away books for free.
Source: Marketplace | 28 Jul 2010 | 12:37 pm

Rise in profits, more hiring? Not exactly

Commentator Robert Reich talks about how the rise in corporate profits no longer equates to increased hiring.
Source: Marketplace | 28 Jul 2010 | 12:37 pm

Demand for durable goods down, but don't get scared yet

Demand for durable goods -- anything that lasts for more than three months -- went down last month. While some think this is an indication of the economy slowing, a closer look suggests otherwise.
Source: Marketplace | 28 Jul 2010 | 12:36 pm

How much responsibility should oil companies take in an oil spill?

A sticking point in Congress's energy bill is how much responsibility a company that causes an oil spill should take. John Dimsdale reports.
Source: Marketplace | 28 Jul 2010 | 12:36 pm

Toyota Delays US Prius Plant — Until 2016 (TM, HMC, TSLA, F)

Back in 2008, when gasoline pump prices were on a steady march to $4/gallon, the Prius hybrid electric car from Toyota Motors (NYSE: TM) was selling like hotcakes in the US. Toyota announced that it would begin building the cars at its Blue Springs, Mississippi, plant in 2010. That’s not going to happen either. A [...]

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Source: 24/7 Wall St. | 28 Jul 2010 | 12:34 pm

July 2010 Beige Book, Neither Friend Nor Foe

The Federal Reserve has just released the Beige Book data showing a region by region breakdown of the economy.  The report from the 12 Fed districts shows that the growth in the economy has slowed down to only modest growth.  The opening shows more limited growth in fewer districts rather than a prior growth in [...]

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Source: 24/7 Wall St. | 28 Jul 2010 | 12:21 pm

Hedge Fund Manager/Teddy Bear Collector Pleads Guilty To Running Ponzi Scheme-ish Type Operation

Remember Paul Greenwood? He didn’t get as much press as some other hedge fund managers running Ponzi schemes, even though he should have, if only for the fact that he spent a good deal of investor money on a 1,348 teddy bears, valued at $3 million in total, showcased in “collector display cabinetry” at the top of a dramatic spiral staircase in his home and kept track of via a spreadsheet that noted specifics like “full-dressed in sailor suit, lavender-tipped mohair coat [and] felt spats. Anyway, he admitted today that he financed this passion via a “sort of” Ponzi scheme.

[Greenwood] said today he entered into the conspiracy with partner Walsh and that the two claimed to investors they had an “index arbitrage fund” which promised institutional investors high returns. Greenwood said he and Walsh took out funds for their own personal use, which a federal prosecutor said cost investors between $800 million and $900 million.

“You treated these investments as your own personal bank accounts?” U.S. District Judge Miriam Cedarbaum in Manhattan asked Greenwood today during his plea.

“Correct,” said Greenwood, who said that the defendants often paid out investors money if they sought a redemption, using funds from other investors.

“So this was a Ponzi scheme?” Cedarbaum asked.

“Sort of,” said Greenwood who told the judge that he took out “in excess of $75 million,” spending the money on “a house, a horse farm and antiques.”

Greenwood told Cedarbaum today that he has surrendered his assets [including the bears] to the government as part of cooperation, saying they would be auctioned off by the U.S.

“Did you have any doubt that what you were doing was a crime?” Cedarbaum asked.

“No,” said Greenwood who remains free on bond.

Hedge fund - Ponzi scheme - Manhattan - Greenwood - Paul Greenwood
Source: Dealbreaker | 28 Jul 2010 | 11:55 am

Do High Air Fares Equal Profits?

Average domestic air fares in the first quarter of 2010 increased to their second highest level since 2001, rising 4.7 % from the first quarter of 2009, the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS) reported. The $328 first-quarter 2010 average fares were down 8.3%  from the all-time high, not inflation-adjusted, of $358 [...]

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Source: 24/7 Wall St. | 28 Jul 2010 | 11:07 am

Leaked US files burnish bin Laden mystique

US files published by WikiLeaks feature a series linking Osama bin Laden to suicide bombings, a plot to assassinate President Hamid Karzai and financial dealings with North Korea
Source: Financial Times - US homepage | 28 Jul 2010 | 11:06 am

A look at global economic developments (AP)

AP - A look at economic developments and activity in major stock markets around the world Wednesday:
Source: Yahoo! News: Stock Markets News | 28 Jul 2010 | 11:01 am

Hamilton Calls Rise in Orders `Huge Positive' for Boeing: Audio

Source: Bloomberg - All Podcasts | 28 Jul 2010 | 11:01 am

What Does Bill Gross Think About While He’s On The Toilet?

Whether or not you’ve asked, the PIMCO founder has chosen to devote the first half (that’s 512 words) of August’s Outlook to the matter. Specifically, the indignity of the automatic flush. In related news, perhaps this would be a good time for PIMCO investors to start considering finding another person to manage their bond investments? Take it away, Bill:

I write this month to condemn the inventor of the electronic “seeing eye” toilet. Yes, that’s right, I’m talking toilets here, doo-doo-stuff, some of which I hopefully won’t step in myself over the next few paragraphs. I know there must be more substantive and less objectionable topics to bring before you, but I have a sense that many of you joint me in spirit if not common experience and so I devote this month’s Outlook to another trivial snippet emphasizing our joint humanity and sense of loss due to the recent disappearance of the hand flusher.

I don’t know where it is located exactly, but there’s an electronic eye in the plumbing of public toilets these days that can sense when you get up and down (or is it down and up) and are finally finished with your “business,” if you get my drift. My doctor says a proctology exam is a necessary evil but cameras in toilets? Never having seen myself from this particular angle, it is particularly embarrassing to turn over the assignment to camera and in effect say, “Snap away– see anything that doesn’t look right?” I figure if there’s an eye in there, then there could also be a little voice that says, “Have a seat,” which of course I do, usually with much haste and a sense that I’d better get on with it before I attract a crowd.

It’s after the dirty deed is complete, however, that the real intrigue begins. Does it flush or doesn’t it? Only the computer chip knows for sure. Sometimes, thought, after the paperwork has been filed, pants pulled up and an attempted getaway initiated– nothing happens. No flush. Well, what is one to do in such circumstances? You can’t just leave it there, you know. Sometimes when the toilet’s plugged and there’s no plunger like in European bathrooms, you can get out of there quick with conscience in tact, but only, of course after checking to see that there’s no one else in the restroom who might be able to testify against you in court for being a non-flusher. With electronic eye toilets, however, the conscience is never clear and so you wave your hand in front of the camera, hoping to convince it by the breaking of light waves that someone really has used the toilet and that somehow it just forgot, or maybe the deposit was so minuscule that it just didn’t merit a flush. Hello in there! Having failed to trick it, however, the next step is to look for that little button in the back that you supposedly push in an emergency– sort of like a “break glass in case of fire” toilet equivalent.

But think of all the billions of germs! At least with an old handle you could kick it with your shoe, hold up your arms like a doctor scrubbing for surgery and make an exit looking like you’re auditioning for a part on E.R. Finally, I supposed you head for the door, listening all the while for the flush, the flush, the beautiful sound of the flush! I could have done it myself, you know, for a lot less hassle. Which is why I support a retreat to the old days (not the backyard outhouse) but a good-old fashioned hand-flusher. One push, and presto, you’re good to go.”

Private Eyes [PDF via Daily Intel]

Toilet - PIMCO - Public toilet - Business - Construction and Maintenance
Source: Dealbreaker | 28 Jul 2010 | 10:52 am

FTSE shares falter on weak US goods data (AFP)

AFP - Leading shares in London faltered on Wednesday after weak US data raised fresh doubts over the strength of the economic recovery, dealers said.

Source: Yahoo! News: Stock Markets News | 28 Jul 2010 | 10:45 am

Garage Sale Find Could Be Worth $200 Million

Source: NPR Blogs: Planet Money | 28 Jul 2010 | 9:37 am

CEPR’s Baker Discusses U.S. Deficit, Austerity

Source: Bloomberg - All Podcasts | 28 Jul 2010 | 9:26 am

How People Feel About Online Advertising

Retargeter has an interesting infographic on online advertising (click for the large version):

Source: Business Pundit | 28 Jul 2010 | 9:25 am

Can Wall Street Stay Ahead of Main Street? (Early Bird)

Company earnings are up, but they might not stay there without new jobs.

Source: SmartMoney.com | 28 Jul 2010 | 9:21 am

Where’d All The Good Jobs Go?

Today’s unemployment means that a large quantity of jobs have been lost. In the Harvard Business Review, Umair Haque explores the idea that the US’s quality of jobs is just as much an issue. It’s worth reading in its entirety:

Every time I buy something from your local big-box retailer, it’s not that, as protectionists and “patriots” often claim, that I’m destroying an American job. In fact, it’s worse: I just might be helping stamp out the idea that there should be jobs as we know them.

Consider: the bulk of that stuff is made, when we cut through the triumphant rhetoric of globalization, by people who are “sub(sub-sub)-contractors,” enjoying few, if any, of the benefits we associate with “jobs” — security, tenure, benefits, labor standards, etc. And, of course, when those privileges are gained, production is simply moved to countries, regions, and cities where they haven’t been.

Low quality demand, then, means that we buy cheap, but the price is invisibly steep: it ignites a global race to the bottom, what a complexity economist might call a dynamic equilibrium of negative consumption externalities, consumption that results not just in joblessness but a loss in the quality of jobs. The quality of a job is sparked by higher quality demand; or, valuing more than just the dollar price of a thing, but also its human and social impact. When we have low-quality demand, we have low-quality jobs. When we value McDonalds, the result is McJobs.

Shifting jobs to lower-wage countries is a tremendous boon to the impoverished. But it would be an even bigger boon if it weren’t a double whammy: if, sneakily, we didn’t also denude jobs of quality as they were shifted overseas; if the wage differential itself was enough, instead of exploiting a lack of governance and legislation as well; if that which makes a job more than just mere work didn’t get, ever so conveniently, lost in translation.

I think the global race to the bottom idea might only apply to the outsourcing country, not the country that is being outsourced too, which often sees an increase in quality of life.

It’s natural for economic power to move from one region to another every so often. This is what we’re seeing now with the US, a loss of economic power in favor of other countries. The question, then, is how do we mitigate our losses, stay competitive, and maintain a tolerable, if not affluent, standard of living? The effect of changing our consumption habits is worth exploring, especially since we’re such a consumer-driven economy.

Source: Business Pundit | 28 Jul 2010 | 9:15 am

More States Offer Sales Tax Relief (Deal of the Day)

Seventeen states offer summer and fall tax holidays this year.

Source: SmartMoney.com | 28 Jul 2010 | 9:11 am

Bond Funds Stay Open Despite Fears

Some managers worry bonds are in trouble. But they'll still take your money.

Source: SmartMoney.com | 28 Jul 2010 | 9:08 am

What's A Good Kindergarten Teacher Worth?

Source: NPR Blogs: Planet Money | 28 Jul 2010 | 8:00 am

Deutsche Bank Plans 50 New Commodity ETFs: Audio

Source: Bloomberg - All Podcasts | 28 Jul 2010 | 7:20 am

The Workplace Safety Advisory System

Image: Geekologie

Source: Business Pundit | 28 Jul 2010 | 4:42 am