Rosy second-half outlook lifts Alcatel-Lucent

Shares of Alcatel-Lucent rise as much as 8% as the telecoms-equipment giant reports in-line underlying earnings.

Source: MarketWatch.com - Top Stories | 30 Jul 2010 | 4:20 am

Kerry says he mishandled furor over yacht taxes (AP)

AP - Sen. John Kerry says he always intended to pay taxes in Massachusetts on his $7 million yacht but concedes he mishandled the public furor over his decision to dock the vessel in tax-free Rhode Island.

Source: Yahoo! News: Business News | 30 Jul 2010 | 4:15 am

How Will Retailers Fare This Quarter? (Broker Talk)

Two economists discuss how consumer confidence could affect sales.

Source: SmartMoney.com | 30 Jul 2010 | 4:11 am

Microsoft tablet coming 'soon' - don't ask when

Microsoft Chief Executive Steve Ballmer said Thursday that the software giant is urgently working with its partners to unveil a host of tablet computers running Windows 7, to compete with Apple's fast-selling iPad.
Source: Business and financial news - CNNMoney.com | 30 Jul 2010 | 4:11 am

World stocks fall as data takes shine off earnings (AP)

AP - World markets fell Friday despite another batch of positive earnings statements in Asia and Europe as investors fretted about a key U.S. economic growth report due later.

Source: Yahoo! News: Stock Markets News | 30 Jul 2010 | 4:10 am

Strikes and ash extend BA losses

BA reveals a steep quarterly loss of £164m after being hit by cabin crew strikes and disruption caused by the volcanic ash cloud.
Source: BBC News - Business | 30 Jul 2010 | 4:09 am

Investors drop risk ahead of US GDP data

Global Markets Overview: The FTSE All-World index is down 0.5% as Asian markets tumble, while futures markets are pricing in lower opening prices for New York’s S&P 500 index
Source: Financial Times - US homepage | 30 Jul 2010 | 4:07 am

$300 for a hotel? Get a house instead

Book a hotel in a popular destination and you know what to expect: a bed, a mini-fridge, and a big bill at checkout. In Europe's big cities, for example, you can easily spend anywhere from $150 to $300 a night (hotels in Florence average $205).
Source: Business and financial news - CNNMoney.com | 30 Jul 2010 | 4:06 am

Google search OK in China

Google users in China were temporary blocked from accessing the search engine, the company said Thursday, but the site was was once again working a few hours later.
Source: Business and financial news - CNNMoney.com | 30 Jul 2010 | 4:05 am

UPDATE 3-Bitter smartphone war seen pinching vendor margins

* Cellphone mkt volume grew 13 pct in Q2 -Strategy Analytics
Source: RSS feed - channel BNewsBusiness | 30 Jul 2010 | 4:04 am

Massive Facebook data harvest

Public but personal details from more than 170 million Facebook profiles were harvested from the site and made available in a downloadable torrent file this week.
Source: Business and financial news - CNNMoney.com | 30 Jul 2010 | 4:00 am

Indications: Stock futures fall ahead of U.S. GDP report

Investors’ nerves are on edge prior to the release of U.S. second-quarter economic growth data.

Source: MarketWatch.com - Top Stories | 30 Jul 2010 | 4:00 am

Forget US Unemployment–Spain Now Over 20%

US unemployment may be close to 10% and the President’s midterm budget review may say that the jobless rate will be above 9% until 2012. Many economists believe the figures are not sustainable if the US is continue its economic expansion. The number of people out of work has pushed down GDP growth and that [...]

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Source: 24/7 Wall St. | 30 Jul 2010 | 3:57 am

Sale of EDF's UK networks agreed

A consortium headed by Hong Kong billionaire Li Ka-Shing agrees to buy the UK networks of French power group EDF for £5.8bn ($9.1bn).
Source: BBC News - Business | 30 Jul 2010 | 3:50 am

Facebook may postpone IPO to 2012: report

(Reuters) - Social networking website Facebook Inc may postpone its initial public offering until 2012, Bloomberg said, citing three people familiar with the matter said.

Source: Reuters: Business News | 30 Jul 2010 | 3:48 am

Disney sells Miramax for $660 million

The Walt Disney Company said Friday it has agreed to sell Miramax Films for around $660 million to an investor group.
Source: Business and financial news - CNNMoney.com | 30 Jul 2010 | 3:46 am

Economic Report: Euro-zone jobless rate steady, inflation picks up

The unemployment rate across the 16-nation euro zone holds steady at 10% in June, where it’s stood since March.

Source: MarketWatch.com - Top Stories | 30 Jul 2010 | 3:45 am

China overtakes Japan as No.2 economy: FX chief

BEIJING (Reuters) - China has overtaken Japan to become the world's second-largest economy, the fruit of three decades of rapid growth that has lifted hundreds of millions of people out of poverty.

Source: Reuters: Business News | 30 Jul 2010 | 3:41 am

China overtakes Japan as No.2 economy: FX chief (Reuters)

Reuters - China has overtaken Japan to become the world's second-largest economy, the fruit of three decades of rapid growth that has lifted hundreds of millions of people out of poverty.
Source: Yahoo! News: Business News | 30 Jul 2010 | 3:41 am

IMF On US Future: Risk Of Housing Double Dip And Lack Of Resolve To Solve Problems

The IMF lauded the efforts of the U.S. government to reverse a move of the economy toward depression with stimulus spending and rapid changes in Fed policy. The risks to future slowing are not over because of ongoing government policy. The IMF report cited the most severe near term risks. Its analysis pointed to “particular [...]

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Source: 24/7 Wall St. | 30 Jul 2010 | 3:40 am

Stock futures slip ahead of GDP data (Reuters)

Reuters - Wall St stock index futures pointed to a lower start on Friday as investors stayed cautious ahead of U.S. GDP data, with S&P 500, Dow Jones and Nasdaq futures down 0.3 to 0.4 percent at 5:11 a.m. ET.

Source: Yahoo! News: Stock Markets News | 30 Jul 2010 | 3:36 am

Stock futures slip ahead of GDP data (Reuters)

Reuters - Wall St stock index futures pointed to a lower start on Friday as investors stayed cautious ahead of U.S. GDP data, with S&P 500, Dow Jones and Nasdaq futures down 0.3 to 0.4 percent at 5:11 a.m. ET.

Source: Yahoo! News: Business News | 30 Jul 2010 | 3:36 am

Stock futures slip ahead of GDP data

NEW YORK (Reuters) - Wall St stock index futures pointed to a lower start on Friday as investors stayed cautious ahead of U.S. GDP data, with S&P 500, Dow Jones and Nasdaq futures down 0.3 to 0.4 percent at 5:11 a.m. ET.

Source: Reuters: Business News | 30 Jul 2010 | 3:36 am

Deadline for tax credits renewal

Families face missing out on financial assistance if they miss Saturday's deadline to renew tax credits.
Source: BBC News - Business | 30 Jul 2010 | 3:35 am

Disney sells Miramax studio for $860m

Walt Disney Cohas sold film studio Miramax for more than $660m to Filmyard Holdings LLC, ending months of talks between the media group and various bidders.
Source: Financial Times - US homepage | 30 Jul 2010 | 3:24 am

Total's quarterly profit surges 43%, shares gain

French oil major's profit is buoyed by an increase in production and slightly higher refining margins.

Source: MarketWatch.com - Top Stories | 30 Jul 2010 | 3:18 am

UPDATE 2-Hitachi Q1 profit beats consensus, hikes H1 outlook

* Keeps Y340 bln 10/11 profit f'cast, in line with consensus
Source: RSS feed - channel BNewsBusiness | 30 Jul 2010 | 3:16 am

Airbus to boost output as outlook brightens

PARIS (Reuters) - Airbus parent EADS made sweeping increases in its financial forecasts on Thursday and pledged to increase jetliner production after a spate of new orders raised hopes of an end to a steep industry recession.

Source: Reuters: Business News | 30 Jul 2010 | 3:14 am

London Markets: Utility-sector firms post gains in weaker FTSE 100

British-listed utility firms climb in London trading, with deals back on the agenda in the sector.

Source: MarketWatch.com - Top Stories | 30 Jul 2010 | 3:10 am

Honda posts record quarterly profit on sales rise (AP)

AP - Honda's quarterly profit ballooned to a record 272.4 billion yen ($3.2 billion) and the carmaker raised its full year earnings forecast as sales grew in North America, Japan and the rest of Asia.

Source: Yahoo! News: Business News | 30 Jul 2010 | 3:08 am

Moody’s Frowns On Iceland–Sovereign Debt Problems Still Menace

Moody’s and S&P have had a habit of downgrading sovereign paper in nations such as Greece, Spain, and Portugal long after it was clear to the capital markets that their prospects to pay their obligations were distressed. That does not mean that the EU sovereign debt crisis is over. The countries with the most severe [...]

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Source: 24/7 Wall St. | 30 Jul 2010 | 3:07 am

Disney sells Miramax film studios

Walt Disney announces the sale of its Miramax film division for about $660m to a group of private equity investors.
Source: BBC News - Business | 30 Jul 2010 | 3:06 am

The Mortgage Mess's Dirty Details (By the Numbers)

Hough: New research shows how Congress pandered during the bubble.

Source: SmartMoney.com | 30 Jul 2010 | 3:01 am

Beauty and the Buck: A Financial Tale (Money and Your Mind)

Pretty may pay better, but it can also trigger an anti-beauty bias.

Source: SmartMoney.com | 30 Jul 2010 | 3:01 am

The Week in Business Tweets: Swift Moves (Twitter Beat)

Goldman Sachs's end run around the Volcker Rule, plus an IPO for Carlyle?

Source: SmartMoney.com | 30 Jul 2010 | 3:01 am

Using Forensic Research to Identify Trends

Martin Sass favors companies with high free cash-flow yields.

Source: SmartMoney.com | 30 Jul 2010 | 3:01 am

Plan Early for Failing Financial Health

How to prepare your family in case you become less financially independent.

Source: SmartMoney.com | 30 Jul 2010 | 3:00 am

Dudley to outline BP plans to help Gulf recover (AP)

AP - Incoming BP CEO Bob Dudley was set to outline his company's long-term efforts to help the Gulf of Mexico recover from the oil spill Friday morning, and will be getting help from a Clinton administration-era emergency management official.

Source: Yahoo! News: Business News | 30 Jul 2010 | 2:59 am

Renault swings to first-half profit, revenue rises

French car maker Renault warns Friday that the economic outlook for the second part of the year remains uncertain.

Source: MarketWatch.com - Top Stories | 30 Jul 2010 | 2:58 am

Build your brand (and keep your job)

Scott Monty's personal brand doesn't take a back seat to anyone else's -- not even that of Ford Motor Co., his employer. "I'm not somebody who can be accused of using Ford's brand to benefit my own," says Monty, the car giant's first global digital and multimedia communications manager. "If anything, the opposite is true."
Source: Business and financial news - CNNMoney.com | 30 Jul 2010 | 2:50 am

Microsoft: Tablet PC May Be The Next Xbox

Microsoft (NASDAQ: MSFT) has been pretty good at protecting a lead. Its Windows 7 franchise has kept it well ahead of any other PC operating system and produced record sales after the disappointing launch of its predecessor Vista. The Windows division of the company still has 70% margins. Challenges from Google Inc (NASDAQ: GOOG) and [...]

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Source: 24/7 Wall St. | 30 Jul 2010 | 2:47 am

World stocks fall as data takes shine off earnings

World markets fell Friday, overlooking strong earnings in Asia and Europe as Japanese shares tumbled on a strong yen and dour economic figures ahead of a key U.S. growth report. Global...
Source: RSS feed - channel BNewsBusiness | 30 Jul 2010 | 2:44 am

Disney sells Miramax to investor for $660 million

The Walt Disney Co. says it will sell Miramax Films to an investor group for about $660 million, ending a 17-year association with the studio and a six-month bidding process. The New...
Source: RSS feed - channel BNewsBusiness | 30 Jul 2010 | 2:39 am

Disney sells Miramax for over $660 million to Filmyard

LOS ANGELES/BANGALORE (Reuters) - Walt Disney Co has sold film studio Miramax for more than $660 million to Filmyard Holdings LLC, ending months of talks between the media group and various bidders.

Source: Reuters: Business News | 30 Jul 2010 | 2:34 am

Bangladesh: Workers riot over low wages

Thousands of garment workers unhappy over their wages rampaged through central Dhaka on Friday, clashing with police who used tear gas and batons to clear the streets.The protesters smashed vehicles and blocked traffic in Dhaka's...
Source: nzherald.co.nz - Business | 30 Jul 2010 | 2:34 am

US to publish GDP estimates

The US government will publish GDP estimates for the three months to June later
Source: BBC News - Business | 30 Jul 2010 | 2:32 am

Proposal to scrap benefit system

Merging all tax credits and benefits into a single payment is one option being considered by Iain Duncan Smith in a "radical" welfare shake-up.
Source: BBC News - Business | 30 Jul 2010 | 2:31 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 | 30 Jul 2010 | 2:31 am

Honda posts record Q1 and Renault returns to H1 profit (Reuters)

Reuters - Honda Motor Co (7267.T) raised its full-year forecasts after posting a record quarterly net profit on Friday, while brisk sales returned France's Renault to profit in the first half.

Source: Yahoo! News: Business News | 30 Jul 2010 | 2:29 am

Anglo American's profit falls 31%

Miner's first-half net profit falls as it says that its Minas Rio iron-ore operation in Brazil is facing delays due to regulatory hurdles.

Source: MarketWatch.com - Top Stories | 30 Jul 2010 | 2:28 am

Dudley to outline BP plans to help Gulf recover

Incoming BP CEO Bob Dudley is set to outline his company's long-term efforts to help the Gulf of Mexico recover from the oil spill and will be getting help from a Clinton administration-era
Source: RSS feed - channel BNewsBusiness | 30 Jul 2010 | 2:27 am

Iran sanctions: Turkey's dilemma

Turkey is facing a difficult decision after the EU approved an embargo on foreign trade with Iran this week.
Source: BBC News - Business | 30 Jul 2010 | 2:27 am

UPDATE 2-Belgacom ups revenue forecast on solid first half

* H1 core profit 1.43 bln euros vs 1.43 bln euro forecast
Source: RSS feed - channel BNewsBusiness | 30 Jul 2010 | 2:19 am

Obama to sell auto bailout good news in Michigan

President Barack Obama travels to the heart of the U.S. auto industry on Friday. The president will push an important election-year claim: his administration's unpopular auto industry...
Source: RSS feed - channel BNewsBusiness | 30 Jul 2010 | 2:16 am

Renault returns to profit in first half

Renault SA said Friday it returned to profit in the first half of the year as higher car sales in all regions helped reverse massive losses a year earlier. Europe's number three car...
Source: RSS feed - channel BNewsBusiness | 30 Jul 2010 | 2:16 am

States are broke. You're on the hook.

The states are broke, and like many consumers, they're borrowing big time to get out of their fiscal binds.
Source: Business and financial news - CNNMoney.com | 30 Jul 2010 | 2:12 am

Huaneng Power International, Inc.: Generating Unit (No.5) at Fuzhou Power Plant Recently Completed Trial Run

Source: RSS feed - channel BNewsBusiness | 30 Jul 2010 | 2:04 am

Stocks edge lower

Stocks slid Thursday, although they finished off their session lows, as investors weighed cautious comments from a regional Federal Reserve president about the health of the economy and a mix of quarterly profit reports.
Source: Business and financial news - CNNMoney.com | 30 Jul 2010 | 2:00 am

Media Digest 7/30/2010 Reuters, WSJ, NYTime, FT, Bloomberg

Reuters:   Second quarter growth slowed on imports and lower consumer spending. Reuters:   Republicans blocked a small business plan. Reuters:   The House will take up legislation on offshore drilling. Reuters:   Citigroup (NYSE: C) paid $75 million to settle SEC charges over the marketing of subprime paper. Reuters:   Growing competition in the smartphone sector will hit the [...]

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Source: 24/7 Wall St. | 30 Jul 2010 | 1:58 am

Europe Markets: EADS, Alcatel-Lucent buck trend in lower Europe

Earnings-related gains from EADS, Alcatel-Lucent and others helped limit losses for European shares on Friday, with investors anxious for more clues about the health of the U.S. economy.

Source: MarketWatch.com - Top Stories | 30 Jul 2010 | 1:55 am

British Airways loss widens after strike action

The U.K. carrier's loss widens to $190.5 million after the airline is hit by strike action and the volcanic-ash cloud over Europe.

Source: MarketWatch.com - Top Stories | 30 Jul 2010 | 1:55 am

NZ sharemarket ends just ahead

The New Zealand sharemarket edged up in quiet trading today as markets elsewhere fell.Telecom closed unchanged at 199 on confirmation of speculation it is selling the consumer part of its AAPT business in Australia and its stake...
Source: nzherald.co.nz - Business | 30 Jul 2010 | 1:49 am

EADS raises outlook despite drop in Q2 profit

EADS NV, the parent company of plane-maker Airbus, on Friday raised its outlook for 2010 _ despite a 61 percent drop in second quarter earnings _ as a resurgence in commercial aviation...
Source: RSS feed - channel BNewsBusiness | 30 Jul 2010 | 1:48 am

NZ dollar struggles at lower levels

The New Zealand dollar continued to struggle after falling sharply yesterday on cautious comments from the Reserve Bank of New Zealand (RBNZ).It was at US72.18c at 5pm from US72.38c at 5pm yesterday.The NZ dollar dived yesterday...
Source: nzherald.co.nz - Business | 30 Jul 2010 | 1:46 am

S&P raises Ukraine ratings after IMF deal (AFP)

AFP - Standard and Poor's on Friday said it was raising its assessment of Ukraine's sovereign debt after the IMF agreed a 15 billion dollar package to help its economy emerge from the economic crisis.

Source: Yahoo! News: Business News | 30 Jul 2010 | 1:29 am

Disney sells Miramax for over $660 million to Filmyard (Reuters)

Reuters - Walt Disney Co has sold film studio Miramax for more than $660 million to Filmyard Holdings LLC, ending months of talks between the media group and various bidders.

Source: Yahoo! News: Business News | 30 Jul 2010 | 1:20 am

10 Things Dermatologists Won't Tell You (10 Things)

We take a look at the changing face of dermatology.

Source: SmartMoney.com | 30 Jul 2010 | 1:15 am

Goldman Sachs eyes Slovenian top bank: report

LJUBLJANA (Reuters) - Goldman Sachs is interested in taking over Slovenia's largest bank Nova Ljubljanska Banka (NLB), daily paper Finance reported on Friday, citing unofficial government sources.

Source: Reuters: Business News | 30 Jul 2010 | 1:14 am

Fuel protests: 'Three days from anarchy'

Tom Feilden investigates whether the lessons on food security from the fuel protests 10 years ago have been learned
Source: BBC News - Business | 30 Jul 2010 | 1:11 am

Whatever happened to the rebalancing act?

Without the right policies, our economy is condemned to more crises, says Jeremy Warner.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Jul 2010 | 1:09 am

Business Bullet: US, EDF, PartyGaming, BA

The latest news on: US, EDF, PartyGaming, BA
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Jul 2010 | 1:08 am

Santa Monica Place set to reopen as upscale outdoor shopping venue

Nordstrom, Bloomingdale's, high-end restaurants and an artisanal food marketplace will anchor the renovated shopping center, which opens next Friday. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jul 2010 | 1:00 am

PUC moves to loosen rules on shut-offs

Regulators make some interim orders permanent and add new protections for struggling consumers. They get extra time to catch up on utility bills and are required to put up reduced or no new deposits to...
Source: RSS feed - channel BNPaperBusiness | 30 Jul 2010 | 1:00 am

Health insurance rates: California plans to crack down, but how hard?

As an Aug. 31 deadline nears, state lawmakers haggle over how difficult it should be for companies to significantly raise premiums. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jul 2010 | 1:00 am

'Inception' is expected to hold off three newcomers

Pre-release audience polling shows the movie about dreams within dreams remaining No. 1 at the box office, fending off new releases 'Dinner for Schmucks,' the 'Cats and Dogs' sequel and 'Charlie St. Cloud...
Source: RSS feed - channel BNPaperBusiness | 30 Jul 2010 | 1:00 am

Is gold dealer using fear to steer buyers into more expensive purchases?

Southern California authorities are probing the sales tactics of Santa Monica's Goldline International, a key sponsor of Fox News host Glenn Beck.

Standing amid the shiny bling and baubles in his shop in Los Angeles' jewelry district, David Malek said he knows perfectly well why some people have been pouring money into gold. In a word, fear.

Source: L.A. Times - Business | 30 Jul 2010 | 1:00 am

Health insurance rates: California plans to crack down, but how hard?

As an Aug. 31 deadline nears, state lawmakers haggle over how difficult it should be for companies to significantly raise premiums.

As millions of Californians continue to cope with surging costs for health insurance, state lawmakers, consumer advocates and lobbyists in Sacramento are haggling over how tough to get with companies seeking large rate increases.

Source: L.A. Times - Business | 30 Jul 2010 | 1:00 am

PUC moves to loosen rules on shut-offs

Regulators make some interim orders permanent and add new protections for struggling consumers. They get extra time to catch up on utility bills and are required to put up reduced or no new deposits to restore service.

State regulators Thursday put a brake on actions that the state's biggest utilities can take to shut off electric and natural gas service of residents who fall behind on their bills.

Source: L.A. Times - Business | 30 Jul 2010 | 1:00 am

Bob Kerrey out of the running for top job at MPAA

Movie studio lobbying group decided to end negotiations as the former U.S. senator continued to express ambivalence about the job and the effect on his lifestyle, people close to the situation say.

It's back to square one for the Motion Picture Assn. of America.

Source: L.A. Times - Business | 30 Jul 2010 | 1:00 am

Fixed mortgage rates keep falling

The average on a 30-year loan drops to 4.54%, while 15-year mortgages are down to 4%, Freddie Mac reports. This marks the sixth straight week of record lows. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jul 2010 | 1:00 am

Slashing lease prices could be a risky move for Toyota

The carmaker bets that its vehicles will be worth more than its competitors' models three years down the road, but some industry analysts are skeptical.

It's an enticing offer: Lease a well-equipped Toyota Corolla for just $189 a month for three years.

Source: L.A. Times - Business | 30 Jul 2010 | 1:00 am

Toyota recalls Avalon sedans, Lexus LX 470 SUVs

Automaker cites a steering-system defect in 373,000 Avalons from the 2000-2004 model years. Also, 39,000 of its Lexus LX 470 SUVs from 2003-2007 will be pulled back for an unrelated steering problem. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jul 2010 | 1:00 am

Motorola profit beats estimates, powered by Android

Demand for its Droid phones, which run on the Google operating system, fuels a surge in net income. Motorola Inc...
Source: RSS feed - channel BNPaperBusiness | 30 Jul 2010 | 1:00 am

Northrop beats expectations with higher second-quarter profit

The aerospace company reports $711 million in earnings, or $2.34 a share, and raises its forecast for the year.

Bolstered by sales of robotic planes and radar systems, military contractor Northrop Grumman Corp. said second-quarter earnings nearly doubled from a year earlier.

Source: L.A. Times - Business | 30 Jul 2010 | 1:00 am

Toyota recalls Avalon sedans, Lexus LX 470 SUVs

Automaker cites a steering-system defect in 373,000 Avalons from the 2000-2004 model years. Also, 39,000 of its Lexus LX 470 SUVs from 2003-2007 will be pulled back for an unrelated steering problem.

Toyota Motor Corp. announced another large recall of autos in the U.S. on Thursday, this time for a steering problem in 373,000 Avalon sedans built for the 2000-2004 model years.

Source: L.A. Times - Business | 30 Jul 2010 | 1:00 am

Santa Monica Place set to reopen as upscale outdoor shopping venue

Nordstrom, Bloomingdale's, high-end restaurants and an artisanal food marketplace will anchor the renovated shopping center, which opens next Friday.

Since designing Santa Monica Place mall more than three decades ago, Frank Gehry has become a world-renowned architect and Santa Monica has become one of the most lively and thriving beach cities.

Source: L.A. Times - Business | 30 Jul 2010 | 1:00 am

Disney agrees to sell Miramax Films to investor group led by Ron Tutor

The Los Angeles construction magnate and his partners, including Colony Capital, will pay about $660 million for the studio.

After months of negotiations with various buyers that failed to bear fruit, Walt Disney Co. finally reached a deal to sell its Miramax Films unit in a deal that severs the independent movie pioneer's 17-year association with the Burbank studio.

Source: L.A. Times - Business | 30 Jul 2010 | 1:00 am

Northrop beats expectations with higher second-quarter profit

The aerospace company reports $711 million in earnings, or $2.34 a share, and raises its forecast for the year. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jul 2010 | 1:00 am

Slashing lease prices could be a risky move for Toyota

The carmaker bets that its vehicles will be worth more than its competitors' models three years down the road, but some industry analysts are skeptical. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jul 2010 | 1:00 am

Disney agrees to sell Miramax Films to investor group led by Ron Tutor

The Los Angeles construction magnate and his partners, including Colony Capital, will pay about $660 million for the studio. ...
Source: RSS feed - channel BNPaperBusiness | 30 Jul 2010 | 1:00 am

BA strikes optimistic note despite loss

Troubled airline says that business is improving despite slumping to another £164m loss last quarter.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 30 Jul 2010 | 12:42 am

Li Ka-shing buys EDF arm for £5.8bn

EDF Networks has low-voltage electricity distribution networks in the east and south of England, long-term contracts with businesses such as London Underground, Heathrow and Gatwick, and the Channel Tunnel
Source: Financial Times - US homepage | 30 Jul 2010 | 12:29 am

Chip sales boost Samsung profits

Samsung Electronics reports record quarterly profits thanks to higher sales of smartphones and components such as memory chips.
Source: BBC News - Business | 30 Jul 2010 | 12:25 am

Novel take on French home shortage

Young French people having difficulty finding affordable housing are being given the chance to help older members of society and put a roof over their own heads.
Source: BBC News - Business | 30 Jul 2010 | 12:10 am

Economic growth seen slower in Q2 on imports

WASHINGTON (Reuters) - Economic growth likely slowed in the second quarter as a capital investment drive by businesses was sated by imports and consumer spending tapered off, a government report is expected to show on Friday.

Source: Reuters: Business News | 29 Jul 2010 | 10:02 pm

Economic growth seen slower in Q2 on imports (Reuters)

Reuters - Economic growth likely slowed in the second quarter as a capital investment drive by businesses was sated by imports and consumer spending tapered off, a government report is expected to show on Friday.

Source: Yahoo! News: Business News | 29 Jul 2010 | 10:02 pm

NY AG announces probe of life insurance industry (AP)

AP - State Attorney General Andrew Cuomo said Thursday that he had opened a fraud investigation into how life insurers pay out benefits after policyholders die.

Source: Yahoo! News: Business News | 29 Jul 2010 | 9:45 pm

You Can Still Dial Up Telecom Stocks (Tradecraft)

Hoenig: Dividends remain high even as the stock prices rise.

Source: SmartMoney.com | 29 Jul 2010 | 9:15 pm

SEC accuses Dallas investors of insider trading (AP)

AP - Sam and Charles Wyly, Dallas billionaire investors known for their support of conservative candidates and causes, made $550 million in undisclosed profits through 13 years of insider trading, according to a Securities and Exchange Commission lawsuit filed Thursday.
Source: Yahoo! News: Stock Markets News | 29 Jul 2010 | 9:02 pm

Telecom nets $75m for AAPT sale

Telecom has finally rid itself of its struggling Australian retail business, confirming it sold the consumer division of its AAPT unit for A$60 million ($74.8m) to iiNet Ltd.The phone company also sold its 18.2 per cent stake...
Source: nzherald.co.nz - Business | 29 Jul 2010 | 8:09 pm

Citigroup to pay $75 million to settle SEC charges

NEW YORK (Reuters) - Citigroup Inc will pay $75 million to settle charges that it failed to disclose subprime exposure to investors in 2007, the U.S. Securities and Exchange Commission said on Thursday.

Source: Reuters: Business News | 29 Jul 2010 | 7:46 pm

Citigroup to pay $75 million to settle SEC charges (Reuters)

Reuters - Citigroup Inc will pay $75 million to settle charges that it failed to disclose subprime exposure to investors in 2007, the U.S. Securities and Exchange Commission said on Thursday.

Source: Yahoo! News: Stock Markets News | 29 Jul 2010 | 7:46 pm

Citigroup paying $75M to settle civil charges (AP)

AP - Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007.

Source: Yahoo! News: Stock Markets News | 29 Jul 2010 | 6:50 pm

Building consents stay in the doldrums

New Zealand's residential property sector remained subdued last month with permits for new construction edging up from a slump in May, while commercial property extended its decline.Consents for new homes, excluding apartment...
Source: nzherald.co.nz - Business | 29 Jul 2010 | 6:45 pm

Wyly brothers charged over ‘undisclosed $550m’

US regulators charged Samuel and Charles Wyly, two billionaire brothers whose interests range from software to restaurants, with reaping more than $550m in undisclosed gains by trading shares in companies on whose boards they sat
Source: Financial Times - US homepage | 29 Jul 2010 | 6:25 pm

Google blames China ‘blockage’ on miscalculation

Google said that its search and advertising services were being blocked in China for first time since its groundbreaking compromise with the Chinese government earlier this month
Source: Financial Times - US homepage | 29 Jul 2010 | 6:07 pm

Fed officials clash on need for more stimulus

WASHINGTON (Reuters) - Federal Reserve officials clashed on Thursday over whether the central bank should be more aggressive in supporting the stumbling economy and one said the Fed's current policy may be contributing to worryingly low levels of inflation.

Source: Reuters: Business News | 29 Jul 2010 | 6:00 pm

SEC charges Wyly brothers with $550 million fraud

NEW YORK (Reuters) - The Securities and Exchange Commission charged billionaire Samuel Wyly and his brother Charles with fraud for reaping more than $550 million of illicit gains by trading stock in four companies while they were serving as directors.

Source: Reuters: Business News | 29 Jul 2010 | 5:52 pm

SEC charges Wyly brothers with $550 million fraud (Reuters)

Reuters - The Securities and Exchange Commission charged billionaire Samuel Wyly and his brother Charles with fraud for reaping more than $550 million of illicit gains by trading stock in four companies while they were serving as directors.
Source: Yahoo! News: Stock Markets News | 29 Jul 2010 | 5:52 pm

Write-Offs: 07.29.10

$$$ NY Fed: Toxic Assets from AIG, Bear Gaining Value [CNBC]

$$$ Lawmakers Call On Six Firms to Claw Back Bonuses [Dealbook]

$$$ SEC charges Wyly brothers with $550 million fraud [Reuters]

$$$ ‘Long Island Lolita‘ Amy Fisher Starts Porn Company [CNBC]

$$$ “This just happened: WFC first year analysts ice BOA associates at local bar.”

CNBC - New York - United States - Amy Fisher - Reuters
Source: Dealbreaker | 29 Jul 2010 | 5:43 pm

Accountant accused of $2m fraud

The Serious Fraud Office has charged a Kapiti Coast accountant alleging fraud amounting to more than $2 million.Ian Victor Petersen, 61, from Waikanae, is accused of misuse of clients' fund while acting as an accountant, tax agent...
Source: nzherald.co.nz - Business | 29 Jul 2010 | 5:39 pm

China dairy investor's links revealed

A Chinese businessman alleged to be behind ambitious plans to invest up to $1.5 billion in New Zealand's dairy industry has only recently severed his business links with former National Prime Minister Jenny Shipley.According to...
Source: nzherald.co.nz - Business | 29 Jul 2010 | 5:30 pm

Fed reports paper profit on Bear and AIG bail-outs

The US public’s hope of getting repaid for the bail-outs of Bear Stearns and AIG in the financial crisis increased on Thursday after the Federal Reserve reported a paper profit for the first time on all the holdings of securities bought from the companies
Source: Financial Times - US homepage | 29 Jul 2010 | 5:27 pm

Karzai attacks ‘shocking’ leak of files

Afghanistan’s president says named individuals could be targeted by insurgents for working with US forces
Source: Financial Times - US homepage | 29 Jul 2010 | 4:47 pm

NZ sharemarket edges up early

The New Zealand sharemarket edged up in quiet early trading.Around 10.15am the benchmark NZX-50 index was up 2.45 points to 3035.47, following a 10.8-point gain yesterday.Among the few early movements of note, Delegat's Group...
Source: nzherald.co.nz - Business | 29 Jul 2010 | 4:42 pm

Citigroup settles with SEC for $75m

Citigroup is to pay $75m (£48m) to the US Securities and Exchange Commission (SEC) to settle charges the bank misled investors about its exposure to sub-prime mortgages by more than $37bn at the start of the global financial crisis.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jul 2010 | 4:30 pm

Tin hats off to shareholders' hero

Shareholder activist Bruce Sheppard has stepped down as chairman of the Shareholders Association, reflecting on more than nine years with the organisation.Sheppard, who spoke to a packed audience of several hundred members, told...
Source: nzherald.co.nz - Business | 29 Jul 2010 | 4:30 pm

Rolls-Royce buoyed by ship engine orders

Rolls-Royce raised its full-year profit forecast after selling more ship engines.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jul 2010 | 4:17 pm

Astra doubles share buy-back

Astrazeneca shares soared to their highest level in nearly four years as the drugs company doubled its buyback programme and moved a step closer to approval for Brilinta, its experimental heart drug.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jul 2010 | 4:10 pm

Cameron pitches for Indian investment

There was a spontaneous round of applause yesterday in Delhi when David Cameron said that the UK's new commitment to build a "special relationship" with India was included in the Queen's Speech.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jul 2010 | 4:04 pm

Bernard Hickey : Key should be careful what he wishes for

Prime Minister John Key should be careful what he wishes for.His call for a review of foreign ownership rules around land highlight two fundamental weaknesses in our economy: our lack of savings and our weak capital markets.Any...
Source: nzherald.co.nz - Business | 29 Jul 2010 | 4:00 pm

Questor share-tips: Centamin Egypt is a buy

The news from gold miner Centamin Egypt yesterday was mixed, as production fell in the latest quarter.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jul 2010 | 3:58 pm

CA-CANADA Summary (Reuters)

Reuters - Proposed Canadian regulations to cut emissions from cars and trucks may have little to no effect as early "action credits" banked by automakers may be able to carry them through the compliance period, an environmental think tank said on Thursday.
Source: Yahoo! News: Stock Markets News | 29 Jul 2010 | 3:57 pm

YouTube now gives you 15 minutes of fame

Source: Business and financial news - CNNMoney.com | 29 Jul 2010 | 3:50 pm

China’s Google Blockade Back Up (GOOG, BIDU)

If you heard CNBC in the last few minutes or have watched news wires, multiple reports are out that China has blocked the Google.cn site.  Sound familiar? It should.  This is not a repeat of news from early this year.  It is roughly the same result though. After going to Google.cn, there is a redirect [...]

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

US banks in rush for cheap finance

US banks are taking advantage of improving earnings and growing investor demand to raise billions of dollars in debt at low interest rates, a move that could boost the sector’s profits
Source: Financial Times - US homepage | 29 Jul 2010 | 3:39 pm

Stocks fall amid uncertainty over the economy (AP)

AP - Stocks ended an erratic day with a modest loss Thursday as investors tried to reconcile another batch of conflicting economic signals.

Source: Yahoo! News: Stock Markets News | 29 Jul 2010 | 3:38 pm

Citi Futures’ Evans Discusses Energy Markets: Taking Stock

Source: Bloomberg - All Podcasts | 29 Jul 2010 | 3:20 pm

Britons' fears raise double-dip recession chance

The prospect of a double-dip recession in Britain is increasing with every month as consumer confidence dwindles, a long-running study signalled.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jul 2010 | 3:18 pm

How the major stock indexes fared on Thursday (AP)

AP - Stocks ended a choppy day with a modest loss Thursday as investors tried to reconcile another batch of conflicting economic signals. Investors are torn between upbeat earnings news from companies and reports that point to an uncertain recovery. Traders were also uneasy ahead of the first reading on U.S. gross domestic product for the April-June quarter, to be released Friday.
Source: Yahoo! News: Stock Markets News | 29 Jul 2010 | 3:15 pm

Colgate 'nurdles' Glaxo over toothpaste stripes

To consumers, it is the three-striped wave of toothpaste that sits atop their toothbrush every morning. But to Colgate-Palmolive the "nurdle" - as the stripey slug of toothpaste is known in technical terms - is worth going to court over.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 29 Jul 2010 | 3:12 pm

Citi to pay $75m to settle SEC charges

The US bank did not admit to charges that it failed to disclose more than $40bn in subprime mortgage exposure but the settlement includes information that may be useful in cases against it
Source: Financial Times - US homepage | 29 Jul 2010 | 3:05 pm

Stocks: Down Day, Strong July (Market Update)

Stocks finished lower for a second consecutive day, as disappointing revenues from...

Source: SmartMoney.com | 29 Jul 2010 | 2:56 pm

A look at global economic developments (AP)

AP - A look at economic developments and activity in major stock markets around the world Thursday:
Source: Yahoo! News: Stock Markets News | 29 Jul 2010 | 2:53 pm

Senator demands probe of BP tax break

Two days after BP said it will write off the cost of the oil spill cleanup against its income taxes, a U.S. senator is calling for a Congressional probe into the company's tax plans.
Source: Business and financial news - CNNMoney.com | 29 Jul 2010 | 2:47 pm

Miller Tabak’s Roth Provides Technical Analysis: Taking Stock

Source: Bloomberg - All Podcasts | 29 Jul 2010 | 2:44 pm

Earnings… Confusion Reigns at MEMC (WFR)

MEMC Electronic Materials, Inc. (NYSE: WFR) is one of those companies which seems to be just stuck between a rock and a hard place.  Tonight’s earnings will only reflect that further.  The materials maker for semiconductors wafers and solar wafers reported earnings of $0.06 EPS, but that figure includes items of $0.10 per share,versus a [...]

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Source: 24/7 Wall St. | 29 Jul 2010 | 2:40 pm

Auerbach’s Grayson on `Frontier Market’ Investing: Taking Stock

Source: Bloomberg - All Podcasts | 29 Jul 2010 | 2:24 pm

FBR’s Miller Discusses Flagstar, BankAtlantic: Taking Stock

Source: Bloomberg - All Podcasts | 29 Jul 2010 | 2:16 pm

Caption Contest Thursday

Chris Bosh, on the floor of the NYSE, daring to dream. [NYP]

Chris Bosh - Social Sciences - Toronto Raptors - BryanColangelo - Basketball
Source: Dealbreaker | 29 Jul 2010 | 2:05 pm

Presented By:

Source: Dealbreaker | 29 Jul 2010 | 2:05 pm

Fed Watcher Quote Of The Day

Source: NPR Blogs: Planet Money | 29 Jul 2010 | 2:00 pm

Can Moody’s Save Krispy Kreme? (KKD)

Krispy Kreme Doughnuts Inc. (NYSE: KKD) is as much a cult stock as any, even though the stock has fallen off almost every big trader and investor radars after its problems with keeping its records straight emerged over the past decade.  After a positive research call from a broker with a “Strong Buy” last week, [...]

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Source: 24/7 Wall St. | 29 Jul 2010 | 1:48 pm

Texas Rangers, Visteon: Bloomberg Law Bankruptcy Review

Source: Bloomberg - All Podcasts | 29 Jul 2010 | 1:34 pm

Patricia Cohen Now Offering To Settle For Less Than The Amount Steve Has In His Wall RIGHT NOW

Not too long ago, Patricia Cohen, the ex-wife of Steve, had a dream. It wasn’t just that she wanted to successfully sue her former husband, who she’d accused of insider trading, hiding marital assets, and so on and so forth and it wasn’t just about money. “No,” Patty said to herself, “dream bigger.” And so she did. She dreamed of what many want but few have the cojones or ovaries to ask for: SAC Capital. A “substantial if not controlling stake.” Her own desk on the floor. The PMs, the P&L analysts, the Silver Fox, the bodyguard. They were all gonna be hers. And not just that, she’d take the embalmed pets too. And all the fleece jackets in the back. Throw in the vests as well! In June, she got a new lawyer (her third one since this case started) and though we wondered if it signaled a setback, figured, hey, if this broad wants it, she’ll find a way. Today the ex-Mrs. SAC has announced that she’s no longer gunning for the most majestic hedge fund in all the land. She’s not even asking for one fleece! Fork over $2.7 million and she’ll go away (though, you know, it would be a nice gesture).

Also! She’s apparently just remembered some new info that was not previously mentioned in earlier version of the suit, such as:

In 1985 Steven was informed of the imminent acquisition of RCA Co. by General Electric Co. by Bruce Newberg, a securities trader at Drexel Burnham Lambert. Mr. Newberg provided the information to Steven in furtherance of their long-standing friendship which began at Wharton Business School. Mr. Newberg also hoped to enhance his standing with Steven, who was by then an up and coming trader on Wall Street.

Steven knew that Mr. Newberg had obtained the information from Dennis Levine, one of Newberg’s superiors at Drexel Burnham Lambert, and that Mr. Levine had been provided with the information from an RCA insider. Such privileged information was provided to Steven as part of his relationship with Mr. Newberg and as part of an effort to “take care of one another.” They sometimes referred to their group of Wharton friends as “the Wharton mafia.”

Hedge fund - Drexel Burnham Lambert - Wall Street - Dennis Levine - Silver Fox
Source: Dealbreaker | 29 Jul 2010 | 1:19 pm

Senate Energy Bill Not Much, Not Popular

When President Obama took office he said that one of his priorities as to devise a US energy policy that would reduce the country’s dependence on imported oil and launch the US on a path to severely curtail carbon dioxide emissions. The US House of Representatives, with a significant Democratic majority, passed a bill last [...]

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Source: 24/7 Wall St. | 29 Jul 2010 | 1:08 pm

US divided on how to tackle Huawei

US government agencies charged with reviewing sensitive acquisitions are engaged in a debate over how to handle Huawei, the Chinese software and telecoms equipment-maker viewed with deep scepticism by government security experts
Source: Financial Times - US homepage | 29 Jul 2010 | 1:08 pm

Citi To Pay SEC $75 Mill Over Forgetting To Tell Investors This, Like, Minor Li’l Thing Of Practically No Significance

Things just fall through the cracks sometimes. They had a lot going on that day.
“The bank will pay $75 million to settle regulatory charges that it failed to disclose $40 billion in subprime exposure to investors in the second and third quarters of 2007, according to people familiar with the matter.The settlement with the Securities and Exchange Commission won’t charge the giant bank with fraud, but rather material omission of disclosure requirements, the people said. The SEC is expected to indicate that Citi didn’t intentionally mislead investors, they added.” [WSJ]

Citigroup - U.S. Securities and Exchange Commission - Subprime lending - Business - Securities and Exchange Commission
Source: Dealbreaker | 29 Jul 2010 | 1:00 pm

Strong July 2010 Auto Sales, No Contraction Yet (F, TM)

The economy is supposed to be slowing down in its growth path, right?  Then why are car sales doing so well?  Edmunds.com just released its latest forecast for new vehicle sales showing strong growth.  Including fleet sales, July sales will be 1,064,400 units.  That would represent 8.4% growth over July 2009 and would represent 8.9% [...]

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Source: 24/7 Wall St. | 29 Jul 2010 | 12:59 pm

New non-alcoholic downers to get you off the caffeine buzz

Marketplace's Caitlan Caroll and a few members of the staff tried to take the edge off with "downer drinks," non-alcoholic beverages that help you relax and unwind.
Source: Marketplace | 29 Jul 2010 | 12:38 pm

#%*#!!! Swearing in the workplace

Kai Ryssdal talks to Jess Sheidlower, editor at large of the Oxford English Dictionary, about profanity in the workplace. It's unpleasant, but why do many workers still swear?
Source: Marketplace | 29 Jul 2010 | 12:38 pm

Re-building Rwanda, one strong woman at a time

The Rwandan genocide left behind devastation and a dominantly female population. But the country is making strides economically and politically. All due, in part, to one particular part of the population: Women.
Source: Marketplace | 29 Jul 2010 | 12:38 pm

Unconventional marketing strategies for the X Games crowd

Kai Ryssdal speaks with SportsBusiness Journal's Tripp Mickle about Gatorade's unconventional marketing strategy at the X Games to capture an unconventional crowd.
Source: Marketplace | 29 Jul 2010 | 12:38 pm

Paper shows that credit card users win at the register, not cash users

The Federal Reserve Bank of Boston released a paper that concluded people who spend cash at the register actually are giving money to people who use credit cards -- especially those with cashback rewards.
Source: Marketplace | 29 Jul 2010 | 12:38 pm

More people moving out and renting

There was no boom in the rental market, once the housing market went bust -- but more people are moving out and renting places of their own.
Source: Marketplace | 29 Jul 2010 | 12:38 pm

The Consumer Financial Protection Bureau, the new kid on the block

Top economics and financial officials met with Timothy Geithner today to discuss the future Consumer Financial Protection Bureau. The new agency will have to overcome old loyalties and resentment from existing regulatory agencies forced to give up their staff and budget.
Source: Marketplace | 29 Jul 2010 | 12:38 pm

The Question Isn’t ‘Is This Based On Something A Hedge Fund Manager Actually Did,’ It’s ‘Which One’?

It’s no secret that hedge fund professionals are typically Wall Street’s oddest ducks, which is something I mean in the best possible way (and is probably the reason they and I have such electric chemistry). Whereas investment bankers are generally cookie cutter little drones, afraid to break from the mold, alternative asset managers—and in many cases, their employees—let it all hang out. They range from “slightly quirky” to “total whack jobs,” and their level of freak can generally be positively correlated to their funds’ returns. That’s why I’m putting it out there, with confidence, that the premise for the new Paul Rudd, Steve Carell movie, Dinner For Schmucks, is based on something that actually went down.**

Jay Roach’s newest film, Dinner for Schmucks, stars Paul Rudd as Tim, a corporate executive at a hedge fund who is invited to a dinner party with one strange caveat: Each invited guest must bring the biggest idiot they can find along with them — and the winner will earn accolades and admiration from their boss.

Rudd decides to bring an IRS employee named Barry, played by Steve Carell. Barry — who seems to lack an internal filter, and who spends his off hours building lovingly detailed dioramas featuring taxidermied rodents… Other guests at the table include a man who’s unaccountably attached to his emotionally abusive “wife,” who is actually a ventriloquist’s dummy.

Now we just need to determine who throws what (fingers crossed) has gotta be a monthly thing, and score me an invite. (I have my guesses but am interested in your input.) From there I’ll hold auditions for the role of my special friend.

Jay Roach, Steve Carell Pair Up For ‘Schmucks’ [NPR]

**And if that’s not the case, who will step up to the plate and get things started??

Steve Carell - Paul Rudd - Jay Roach - Dinner For Schmucks - Wall Street
Source: Dealbreaker | 29 Jul 2010 | 12:37 pm

Citigroup Pays $75 Million To Settle Subprime Case

Source: NPR Blogs: Planet Money | 29 Jul 2010 | 12:30 pm

Merger Pickup Bodes Well for Stocks (On the Street)

A growing number of deals suggests long-term corporate confidence.

Source: SmartMoney.com | 29 Jul 2010 | 12:29 pm

Glenn Beck’s Goldline Scheme

Barry Ritholtz at The Big Picture has an entertaining/disturbing infographic about Glenn Beck’s relationship with precious metal investment company Goldline International, and how he manipulates customers. In effect, by buying a numismatic coin through Goldline, customers would instantly lose 42% of their investment, thanks to an insane markup.

Infographic by The Big Picture

Source: Business Pundit | 29 Jul 2010 | 11:59 am

SB1070 Takes Effect Today. What’s Next?

SB1070, Arizona’s controversial immigration law, takes effect today. Although District Court Judge Susan Bolton nixed major portions of the law, including the police mandate to check peoples’ papers, Arizona–and the country–are still reacting. Here’s a media roundup of what’s happening:

Reuters has a helpful Factbox on what provisions of the law were blocked, and which will continue.

Arizona tourism faces a negative impact. At least 40 groups have canceled meetings or conventions in Arizona since Gov. Jan Brewer signed a new immigration bill, said Kristen Jarnagin, a spokeswoman for the Arizona Hotel & Lodging Association. (CNN)

The bill is helping some Republicans solidify their anti-immigration platform; Democrats, meanwhile, are galvanizing their Latino bases. (CBS)

This may go all the way up to the Supreme Court. (Wall St. Journal)

Mexico is preparing for an influx of fearful Arizona immigrants; others are going to other US states just to be on the safe side. (CS Monitor)

It’s worth watching to see how this actually plays out, or if it just ends up as another loud, but ultimately impotent political battle.

Source: Business Pundit | 29 Jul 2010 | 11:53 am

“Bullied” Trader Offers Managers Everywhere Genius New Excuse For Poor Performance

One of the hardest parts of being a hedge fund manager is coming up with new ideas. Not investment ideas but those related to explaining to clients, via letter, why last month/quarter/year went ass-bleedingly bad. There’s the challenge of generating new ways to describe the massacre (Sac-ripping, clown-facing, donkey punching, etc), the silver-lining (“Now hear the great news: we’ve turned every dollar you invested in the beginning of the year into 15 cents”), and, of course, the rationale.

The last couple years have made all of these tasks but the third in particular an extremely difficult enterprise. Stuff like “We lost it all but you can take solace in knowing it’s not us, it’s the market. The global financial markets are wrong, and we happy few at [insert your firm here] are correct, in a way that has yet to reveal itself but rest assured, is coming” is good stuff but at this point stale. Those taking pride in their missives re: what it feels like to be worked over with the spreader and truss bar for 85 straight trading sessions  know new material is necessary but what? Think, damn it, think, they say as they sit at their desks, knee high in redemption requests.

If you currently find yourself looking for some fresh ideas/excuses for upcoming love notes re: July losses, consider this one, courtesy of Patrick Evershed, which is really not half bad.

Patrick Evershed, a former New Star Asset Management Holdings Inc. fund manager, can proceed with a lawsuit over claims he was bullied by company founder John Duffield, a London court said. Evershed, 69, can pursue whistleblowing and unfair dismissal claims against the fund, a London appeals court ruled today. New Star had sought to dismiss the whistleblowing claim, which allows him to seek unlimited damages. Most U.K. unfair dismissal claims are capped at about 65,000 pounds ($101,000). Duffield “has been most vile to most of the fund managers for several years and bullying us,” Evershed said in a letter. “In particular he bullied me into reopening my fund. This destroyed the performance of the fund and my reputation.”

Former New Star Fund Manager Evershed Can Sue Over `Bullying,’ Court Says [Bloomberg]

Hedge fund - London - John Duffield - Business - Investing
Source: Dealbreaker | 29 Jul 2010 | 11:25 am

Chelsea Clinton Wedding Costs Up to $5 mil of…Taxpayer Money?

Image: Kyle Cassidy

The Chelsea Clinton-Marc Mezvinsky wedding planned for this Saturday will cost up to an estimated $5 million. The NY Daily News has the breakdown:

Tents (with glass walls and climate control): $600,000

Flowers $500,000

Photographer/videographer $40,000

Security $200,000 (this includes shutting down the airspace over the wedding)

Music (including sound system) $40,000

Toilets $15,000

“The Clintons would opt, fittingly, for the Presidential Series Luxury Washrooms, which are equipped with vanities for the ladies, sinks with hot water, marble interior, air conditioning, skylights and flushing toilets, plus plenty of paper products and soap,” says Keri Ross at Room To Go, Inc. “They would need three.” Add a male and female attendant in each trailer ($55 per hour), and another trailer for the serving staff ($900).

Wedding planner $200,000

Booze $30,000

Food (wedding & afterparty) $125,000

Wedding dress $25,000

If Bill is paying for the wedding, as is customary, does that mean that the wedding is essentially funded by taxpayer money?

Source: Business Pundit | 29 Jul 2010 | 11:18 am

Molchanov Calls Exxon Mobil Profit `Pretty Solid’: Audio

Source: Bloomberg - All Podcasts | 29 Jul 2010 | 10:20 am

Holland & Knight's Raysman Discusses Facebook, Privacy: BLAW

Source: Bloomberg - All Podcasts | 29 Jul 2010 | 10:03 am

Is Louis Bacon Attempting To Irritate And/Or Kill Bahamas Neighbors Via Annoying Soundwaves?

If you were going to (ALLEGEDLY!) try to murder someone, how would you do it? For those who’ve been searching in vain for a way that might not immediately reveal itself to the authorities, a pioneering hedge fund manager’s got a tip for you.

Police have allegedly confiscated four pieces of dangerous sound equipment from the Lyford Cay home of billionaire Louis Bacon. The speakers are said to emit certain frequencies of irritating and annoying soundwaves that could possibly stretch over a wide range. Further investigations revealed that if used properly, the speakers have the potential to cause structural damage and even death.

Nygard Cay Property Manager, Eric Gibson, alleged that he experienced the effects of these high powered pieces of equipment. “They would find the most annoying sounds like anything with a high string, or anything with a high pitch that they could play, and they would just play the sounds as loudly as they possibly could,” Mr. Gibson alleged. It is understood that some charges could be filed soon regarding this incident.

Related(…?): Man Dies At Bahamas Home Owned By Louis Bacon

Death - Police - Lyford Cay - Louis Bacon - Bahamas
Source: Dealbreaker | 29 Jul 2010 | 9:41 am

Toyota Recalls Avalon Sedans

Toyota is recalling 373,000 Avalons and 39,000 Lexus LX 470s for steering problems. Do the recalls ever end for Toyota? USA Today has more:

In a statement on its web site, the automaker said problems with the Avalon’s steering lock bar could lead to a tiny crack on the surface of the bar. Over time, the crack may get bigger, eventually resulting in a broken bar. When that happens, it becomes difficult to unlock the steering wheel when the car is not moving.

Even more worrisome: If drivers are steering toward the right “with sufficient lateral acceleration” (which we think means turning fast), a broken and loose lock bar could interfere with steering, causing the steering wheel to lock.

In the Lexus vehicles, the automaker says a snap ring on the shaft may disengage when the vehicle experiences an unusually severe impact to the front wheels, such as striking a deep pothole. If that happens and the steering wheel is then repeatedly turned to the full locked position, the steering shaft may disengage over time.

The Toyota Avalons in question are model year 2000 to 2004, and the LX 470s are model year 2003 to 2007.

Find more details at Toyota.com/recall.

Source: Business Pundit | 29 Jul 2010 | 9:34 am

Internet Gambling Could Generate Billions for the Government

Source: NPR Blogs: Planet Money | 29 Jul 2010 | 9:34 am

No More #$%&*? Talk At Goldman

Source: NPR Blogs: Planet Money | 29 Jul 2010 | 8:07 am

Goldman Sachs Forces Employees To Come Up With New And Inventive Ways To Describe Not So Great CDOs Sold To Clients

As you may have heard, Goldman Sachs has “banned the use of profanity” in emails. Some are heralding the move as the end of Goldman, where describing the various ways in which clients are screwed (I kid the Sachsians) is part of the daily grind. And at another bank, staffed by unimaginitive fucks* whose lack of creativity is bested only by their mediocre grasp of the English language, this would be a paralyzing edict. At Goldman Sachs, it’s a mere challenge.

No longer will a trader be able to lazily fire off an note describing something as, for instance, “shitty.” Now he’ll have to think outside the box. What kind of deal was that? Was it “a deal so unappealing” you “wouldn’t bang it with Viniar’s yonce”? Was it a deal wouldn’t dip your wick in? Perhaps an effluent deal? Or maybe it was RB-esque? See, it’s not that hard, and actually kind of fun. Now you try.

*Don’t be jealous.

Goldman Sachs - Profanity - Collateralized debt obligation - English language - Financial Services
Source: Dealbreaker | 29 Jul 2010 | 7:45 am

Presented By:

Source: Dealbreaker | 29 Jul 2010 | 7:45 am

Exxon Mobil's earnings more than double

Exxon Mobil Corp. said Thursday its second quarter income nearly doubled to $7.56 billion as oil prices increased from last year.

Source: L.A. Times - Business | 29 Jul 2010 | 7:33 am

Barclay’s Callow on Banks, Ladwa on Stocks: First Word

Source: Bloomberg - All Podcasts | 29 Jul 2010 | 7:05 am

A New Look for T-Mobile?

Image: So Much Pun

Source: Business Pundit | 29 Jul 2010 | 4:44 am