World Business News on Saturday, November 22, 2008

Downsizing

Source: Business Pundit | 21 Nov 2008 | 5:22 pm

3 Tips for Chronic Caring

This is a guest post by Sharlyn Lauby, who writes HR Bartender.

Chances are you’ve seen the news by now reporting that there are upcoming changes to the Americans with Disabilities Act (ADA). But I’m not here to talk about the ADA…your friendly local employment attorney can give you all the details.

I want to talk about employees who have chronic or reoccurring medical conditions. According to Wikipedia nearly one in two Americans (translation: about 133 million) has some sort of chronic medical condition. Examples of common chronic conditions are arthritis, asthma, diabetes, and high blood pressure. And, these conditions may or may not be covered under the ADA. So if you’re approached by an employee who wants to discuss a reoccurring medical condition, how should you handle it?

The answer? Like a person. Let me tell you a story…

Long before the ADA, FMLA, and a handful of other laws that probably end in “A”, and just three weeks after I was married, I was involved in an auto accident. I had several injuries but the worst was a broken back and temporary loss of movement from the waist down. I spent the first nine months of my married life in a full body cast and then had to learn how to walk again.

Now you’re probably saying that sounds pretty catastrophic so how does this relate to a chronic condition like migraine headaches. Well, think about it this way: both conditions involve regular doctor’s visits, accommodations on the job, and a whole bunch of time off work. So, here are 3 tips to consider when dealing with employee medical situations.

1. Make sure your employees know their benefits package. Giving your employees knowledge about how their benefits work will not only help them to appreciate that benefit but it will allow them to focus on feeling better (and returning to work). I’ve seen employees pay for covered services or pay higher fees just because they didn’t understand a pre-authorization process. Also, employees should know the proper way to question payments and ask for an expense reconsideration from their insurance company. BTW, you might want to make sure you fully understand them first.

2. Keep your employees engaged. Whether they’re out for a day or a month, call them to follow-up and see how they’re doing. A simple phone call just to say hello allows you to keep employees connected and informed about what’s happening at work. (And, if you need to sneak in a little question or two to keep things running smoothly at the job…I’m sure they wouldn’t mind.)

3. Be flexible with work assignments. This is a biggie. When I returned to work, I wasn’t able to do the same job. My employer found another position for me…one that I was good at. My manager needed someone for a writing project which ended up being my first instructional design work. In the end, he arranged to have me transferred to HR.

Yes, folks, I’m in human resources today because my employer cared enough to find me a position when I couldn’t do what I was originally hired for.

Oh, and before you immediately dismiss a request to work ‘light duty’ or some other accommodation, think for a second to see if it’s really a hardship. I’ve heard all too many times that there’s “nothing available” only to find something when a manager gets pressured.

So, I hope the next time an employee comes to you about a reoccurring doctor’s appointment you remember these tips. Even better…think about how you would want your spouse/child/parent treated if they were the one needing the time off. It’s a no-brainer.

Nothing can sour the employee-employer relationship more than an employee feeling like the company doesn’t care about their health. We’re all fully aware that companies have goals to achieve, profits to make, and shareholders to answer to. But the companies that get it – those who really understand that happy employees create happy customers – will be the ones that see their happy customers spend more money and build long-lasting customer loyalty.

###

Sharlyn Lauby, SPHR, CPLP is the voice of HR Bartender, a friendly place to discuss workplace issues. When she’s not tending her blog, Sharlyn is president of Internal Talent Management (ITM) which specializes in employee training and human resources outsourcing. Her off-hours are spent searching for the best hamburger on the planet, fabulous wines that cost less than $10 bottle, and exotic martinis.

Source: Business Pundit | 21 Nov 2008 | 4:00 pm

Does a Potty Mouth Pay?

As a partially reformed foul mouth, I’m always intrigued by cussing in the work place. For some businesses it’s obviously totally off limits. You can’t have the hostess at the Olive Garden telling you to sit your sorry a** down. However, in light of recent economic news, I can’t think of another time people would be tempted to let ‘er rip.

It seems the more intimate the setting, the more likely people are to use swear words. Or maybe it’s a generational/societal thing and we’ll all be swearing and thinking nothing of it soon. It’s a slippery slope. (I have to remind the neighbor kids that we don’t use frickin’ at my house.) Or maybe it just depends on the workplace.

What’s the Point of Swearing at Work?

I learned that you can always find another word to get your point across. But sometimes that’s just not true. Sometimes you want the wow factor of a cuss word. But as these words become more accepted, does the wow wear off? And then what’s left behind?

A lot of people believe swearing at work can improve morale? One 2007 study even ‘proved’ it. Have you ever felt a little closer to the boss after the dropping of an F-Bomb? A relaxed attitude can make people feel more comfortable, but does this lead to increased productivity or just a degradation of workplace civility?

Do Men Swear More Than Women?

More interesting is the difference between the sexes. Are guys more prone to cuss at work, or only in front of other men? When I was working for a big accounting firm I found out that certain partners communicated quite differently with the men than they did with the women. I never heard them utter anything improper. The guys, however, enjoyed a much less restrained relationship. I always wondered if that worked to my benefit or detriment. It would have been nice to cuss with the guys, but it was also quite pleasant to be spared from their uncensored frustration.

Do you use foul language at work and if so, do you have any self-imposed rules for doing so?

Image Credit: nyki_m, Flickr

Source: Business Pundit | 21 Nov 2008 | 10:30 am

The 52-Week Low Club (C)(FL)(JPM)(NYT)(BAC)(DELL)

Foot Locker (FL) Cuts earnings outlook. Falls to $3.65 from 52-week high of $18.19.

Citgroup (C) Still concerns about whether government will have to step in to stop bleeding. Down to $3.05 from 52-week high of $35.29.

JP Morgan (JPM) Layoffs and earnings concerns. Drops to $19.69.

The New York Times (NYT) October revenue down. Dividend cut. End of the line. Sells down to $4.95 from 52-week high of $21.14.

Bank of America (BAC) Sucked down by Citi selling. Plunges to $10.01 from 52-week high of $47.

Dell (DELL) Reasonable earnings but iffy forecast. Drops to $8.72 from 52-week high of $28.40.

Douglas A. McIntyre

Source: 24/7 Wall St. | 21 Nov 2008 | 8:50 pm

Buffett Tells Fox About Goldman, Obama, Autos, Stocks & More (BRK-A, GS)

Warren Buffett of Berkshire Hathaway Inc. (NYSE: BRK-A) will be appearing on Fox Business News around the close of the market today, and we have been provided some of the information being discussed. Mr. Buffett noted issues such as his shot at being Treasury Secretary, the future of Goldman Sachs Group (NYSE: GS), unemployment, Autos, the price of Berkshire Hathaway, and more.

First and foremost, the Oracle of Omaha told Fox Business News one person for sure who he knows will not be the treasury Secretary... HIMSELF.

On the economy and unemployment, Buffett said that he thinks unemployment is going to be far higher than what the Fed projects. “There are going to be more people unemployed…but I'm not worried about how we come out in the end. I mean, I'm not worried about five years from now. Five months from now, can be very painful…it will be considerably higher…It will happen eventually [surpassing 8%], and we will go on to new heights, but it will not turn around by mid-year next year.”

Buffett also noted his position on the price drop seen in Berkshire Hathaway shares. Shares have traded north of $150,000 per "A" share this year, and were briefly under $80,000 today and this week. But as far as this worrying the billionaire after seeing roughly a 50% haircut, he did not seem worried about it. “No, it doesn’t make any difference. I mean, if you don’t own it on margin, you own a business… I look to the business to determine my results. I'll say it's happened to me three other times in my life, too. It happened when it went from 90 to 40 back in 1974, and it happened in 1987. It went down 50 percent in 1998 to 2000. I mean, I hope I live long enough so it happens a couple more times to me.”

As far as ramifications to auto bailouts, he has a couple ideas which really fall on the executive teams themselves. “I would drive a deal like I would drive myself if I were buying a business. And I think, I would say there's plan A or plan B. And if you don't want to do it this way, you know, then...take bankruptcy. I would make the CEOs buy in. I would say, you know, the United States government is willing to put in X dollars, but we're going to have you put in a certain percentage of your net worth right along with us. We'll give you more upside, but you're going to lose if we lose.”

Buffett is also still talking up his investment in Goldman Sachs group (NYSE: GS). “Their businesses are all tough now, but they're going to get around it…This time, the institutions got very, very leveraged, and when the whole world tries to be leveraged at one time, I mean, there is a lot of pain that goes around. But you know, the Goldman’s of the world, they're going to be around. Some of them needed, I mean, not Goldman specifically, but some of them needed the help of the TARP.”

There are other circumstances and situations that are equally as important. He discussed the current president's role, the future of a President Obama, Hank Paulson, his next investment picks, and selling investments. For the rest of what he will say, he'll be on Fox Business News right around the close today.

BUFFETT's FULL HOLDINGS
His Newest Pick Today

Jon C. Ogg
November 21, 2008

Source: 24/7 Wall St. | 21 Nov 2008 | 7:57 pm

SIRIUS vs. Charter: Which Disappears First? (SIRI, CHTR)

Everyone knows about the old $1.00 stock limit for a regular NASDAQ listing. This $1.00 listing requirment rule has been under a moratorium until after the first of the year so that NASDAQ would not have to boot off many of its key component or most active share volume stocks. But many companies are already signaling an intent to conduct a reverse stock split or to take other actions to maintain a stock listing. SIRIUS XM Radio Inc. (NASDAQ: SIRI) and Charter Communications Inc. (NASDAQ: CHTR) are both in the soup with NASDAQ requirements. They are also debt-ridden with severely negative values on a tangible asset basis. These and other issues at hand may make initial listing maintenance steps ultimately irrelevant.

SIRIUS XM Radio Inc. (NASDAQ: SIRI) lost over $4 billion, but lost far less when you consider the non-GAAP measurement from operations. The real issue will boil down to the "cash flow positive, break-even, or loss" beyond this year. The company projected 19.1 million subscribers for the end of this year. It has roughly $500 million in cash and investments as of September 30, but that number might actually be a tad higher after recent moves. The company has debt coming due next year and if you tally up all of the long-term debt items that number comes close to $5 billion (not all will be due of course). Mel Karmazin has also said it has been holding discussions over debt maturities. With a share price of $0.15, its market cap is roughly $500 million. A reverse split has already been signaled here.

Charter Communications Inc. (NASDAQ: CHTR) lost $322 million in its latest quarter and has essentially $20 billion in long-term debt. At roughly $6.5 billion in revenue, this is the most leveraged of all large cable operators despite its 5.6 million cable subscribers. Charter often carries such low cash on its books that if you didn't look through the cash flow trails you might even wonder how it operates as a business. Its cash as of last quarter was $569 million, but it continually keeps taking on more debt to raise cash. On the stock front, at a price of $0.22 its market cap is roughly $90 million.

Both companies are likely to have to conduct reverse splits to keep their listings after the first of the year. After this, the issues are going to be how to deal with the debt loads. Much will depend on the access to capital markets for deep junk-rated companies. Recapitalizations are the likely outcomes at both companies, and neither are good for shareholders. Even if these companies stay as public stocks, it is easy to believe that an "OTC" status may be an alternative outcome.

Jon C. Ogg
November 21, 2008

Source: 24/7 Wall St. | 21 Nov 2008 | 6:37 pm

Citigroup (C) Finally Gets It Right By Considering Auction Block

At last Citigroup (C) has decided to do something to save itself beyond having town hall meetings and firing tens of thousand of people.

Shares of the big bank fell to a low of $3.57. In the summer of 2007, that stock traded about $52.

Finally, Citi has determined that it may not have the people or the balance sheet to stay in business on its own.

According to The Wall Street Journal, "Executives at Citigroup Inc., faced with a plunging stock price, began weighing the possibility of auctioning off pieces of the financial giant or even selling the company outright, according to people familiar with the matter."

Citi's board may be looking at the difficulty that Barclays (BCS) is having raising $10 billion in new capital. Some large shareholders are against the pricing and dillution which would come from the deal, and the plan to issue shares may be voted down. If that happens, Barclays is in real trouble having lost access to a huge new pool of capital

If the Cit's stock continues to fall and customers of the firm lose confidence in its ability to operate, Citi could face a fate like Wachovia's, which the federal government forced into a sale to Wells Fargo (WFC), or AIG (AIG) which sold a controlling interest to the Fed in exchange for what has turned out to be over $100 billion in loans.

Citigroup still has time to avoid coming to an ignominious end, but that time is running out. If Barclays shareholders turn down it plan to raise money, Citi will also be running out of options.

Douglas A. McIntyre

Source: 24/7 Wall St. | 21 Nov 2008 | 5:05 pm

New Chips Can't Save AMD (AMD)(INTC)

After bad news from its larger rival Intel (INTC), AMD (AMD) backed its own forecasts. AMD has its new Opteron processors. According to the company, the product has up to 20% faster performance with 35% less power-consumption when idle compared to the previous generation. But, the market found it hard to believe that AMD could do well while Intel does poorly. In a sense, that was right. Just days ago, The Semiconductor Industry Association said sales chip sales revenue would fall 5.7% next year.

AMD's shares currently trade at $1.85. Less than two years ago, the stock was at $22. AMD has replaced its CEO, but it cannot replace its balance sheet with $4.9 billion in debt and its P&L which move from losses to tiny operating profits from quarter to quarter.

Wall St. have thrown in the towel on AMD. It makes perfectly outstanding products, but it is up against a company which has 80% of the global market and a substantial balance sheet. Investors don't think AMD can maneuver into a really competitive position with its boat anchor of financial obligations.

Douglas A. McIntyre

Source: 24/7 Wall St. | 21 Nov 2008 | 3:39 pm

Is Gap (GPS) Back From The Dead?

Is retailer Gap (GPS) back from the dead? At least two analysts think so following the company's solid third quarter results and guidance after the close. This morning, Gap's stock is trading 10% higher.

Gap reported third quarter EPS of $0.35, 1 cent better than the analyst estimate of $0.34. Revenue for the quarter was $3.6 billion, versus the consensus of $3.57 billion. The company also reaffirmed their FY08 EPS guidance of $1.30 to $1.35. Even a slight beat and a reaffirmation of guidance is a huge positive in this brutal retail environment.

Has Gap Finally Found Redemption? (GPS)

If you have read us for very long, you will know how critical we have been of Gap, Inc. (NYSE: GPS). The company just couldn't get it right. This was a fairly tale growth story of the 1990's, but then its size, its off-shoots, and its own direction did not migrate along with Joe Public. But sometimes enough is enough. Gap may finally be getting on the right track.

After the close yesterday, Gap posted earnings at $0.35 EPS on revenue of $246 million. While other retailers are stinking up a storm, this compares to earnings of $0.30 EPS and $238 million last year. While sales did drop over 7% to $3.56 billion, analysts' estimates from Thomson Reuters (First Call) were only $0.34 EPS and $3.57 billion.

The company said that it still expects earnings of $1.30 to $1.35 per share for the full year year, and this compares to analysts' estimates of $1.33 per share.

Gap is under a new CEO named Glenn Murphy, and his efforts at managing inventory, cutting costs, closing stores and consolidating Gap format stores appears to be paying off. This is on top of same store sales in the quarter coming in at -12%, which is worse than the -5% last year in the same period.

Murphy did give the same sort of caution ahead by saying that the fourth quarter is going to be a challenging one. He also said that he does not expect any improvement in the economy for at least six months.

Old Navy continues to be the eye-sore here. Its same store sales were down at -18% for the quarter. The Gap brand stores posted same store sales of -7% in North America and the Banana Republic brand saw a drop of -11% as it is a higher-end purchase.

There is one thing that the namesake Gap brand and Old Navy have in common, which is not the case at the upscale Banana Republic. They are low-priced retailers. Joe Public is pinching pennies left and right, and this may be playing into the company's favor.

Murphy is lowering inventories to compensate for the environment and he is still cutting down real estate holdings. The company is likely still a ways off from posting positive same store sales gains, but the good news is that the bar is being set lower and lower. That will act as a springboard when he does (if he does) get the ship turned. What is amazing is that despite all of the drops in same store sales on an endless basis and despite all of its problems, the company has continued to be profitable.

We still believe that the company needs to jettison Old Navy off to shareholders. Right now that brand should be called Old Lamie. if the company can change its image and keep its price point, it could actually have a solid value offering while the world is in the poor house.

Shares closed at $9.51 yesterday and the absolute intra-day low is $9.41 over the last year (also yesterday). This stock has only seen the sub-$10 level yesterday and it was above $19.00 in September.

Shares are up 13% at $10.75 right before the open. Even at this morning's gap-up price, Gap now trades at about 8.3-times projected earnings. It gets easy to keep ringing the same tune at troubled companies calling. Some companies do ultimately make a turn, and it is important for critics to have a moment of clarity and recognize that things may be changing. As long as the market tank-o-la doesn't keep coming over and over, this one may finally be worth a look.

For the time being we are actually going to keep this one on a positive watch list. Stay tuned.

Jon C. Ogg
November 21, 2008

Source: 24/7 Wall St. | 21 Nov 2008 | 2:32 pm

Warren Buffett Double Dipping in USG (USG, BRK-A, FFH)

USG Corporation (NYSE: USG) shares are surging this morning. The sheet rock and building products company has reported that it has entered into an agreement to sell a total of $400 million of 10 percent contingent convertible senior notes due 2018. What is more important is who it is selling too: Berkshire Hathaway, Inc. (NYSE: BRK-A) and Fairfax Financial Holdings Limited (NYSE: FFH).

In the deal, it looks like $300 million are being sold to Warren Buffett's Berkshire and $100 million to Fairfax Financial Holdings Limited. This is not a new investment for Buffett. Berkshire Hathaway already holds the largest independent share of this stock.

Full Buffett Holdings

The notes will bare a rate of 10% initially. USG will also seek shareholder approval to allow conversion of the notes into shares of USG common stock and if approved these will come at a conversion price of $11.40 per share.

Here is where this deal gets interesting. If shareholder approval is not obtained prior to the 135th day after closing of the sale of the notes, the notes will come to 20% per year until after shareholder approval is obtained.

This shareholder approval should be easy to get considering that Berkshire owns a significant chunk of it already. Berkshire Hathaway and Fairfax have agreed to vote all shares in favor of the proposal to permit conversion of the notes.

This is really bolstering the value of the stock this morning at USG. Shares closed yesterday at $5.66, making Buffett's stake worth only around $100 million. Considering that this stock has sold off 90%, that is a substantial blow without this new investment. Shares are trading up 37% at $7.66 this morning before the open.

Jon C. Ogg
November 21, 2008

Source: 24/7 Wall St. | 21 Nov 2008 | 2:04 pm

Obama Camp Denies Pre-Packaged Chapter 11 Plan For Detroit

So much for the Bloomberg report that the new administration would set up a pre-packaged bankruptcy for GM (GM) and perhaps other car companies.

According to Reuters, President-elect Barack Obama's transition team is not exploring a prepackaged bankruptcy plan for U.S. automakers, officials from Obama's team said on Friday.

Douglas A. McIntyre

Source: 24/7 Wall St. | 21 Nov 2008 | 1:53 pm

Lee Scott Out At Wal-Mart (WMT)

Wal-Mart Stores Inc. (NYSE: WMT) is doing what we believe they should have done two-years ago. The board of directors has elected Mike Duke to replace Lee Scott as President & CEO of Wal-Mart. The effective date is February 1, 2009.

The board also promoted Eduardo Castro-Wright to vice chairman of Wal-Mart Stores, Inc., effective immediately.

Lee Scott is apparently only going to serve as an adviser for a period of time. Mike Duke is president of Wal-Mart International, and the company will make a successor announcement by the end of the fiscal year.

Lee Scott was one of our CEO's To Go, but that was for 2007. He was essentially bailed out by the recession because the stock never performed well under him during the bull market.

Our list of the 10 CEO's To Go for 2008 saw 7 or 8 of the 10 choices come to fruition.

Update at 9:05 AM EST: Wal-Mart shares are up 1.6% at $51.50 in the pre-market.

Jon C. Ogg
November 21, 2008

Source: 24/7 Wall St. | 21 Nov 2008 | 1:48 pm

And the Winner Is...

This news will come as no surprise to Portfolio.com readers: New York Federal Reserve president Timothy Geithner has reportedly been tapped as Treasury Secretary for the Obama administration.

Chuck Todd and Andrea Mitchell at NBC News report that the president-elect plans to announce more cabinet positions on Monday. New Mexico governor Bill Richardson is expected to be named Commerce Secretary.

Geithner's name has been on the short list of possible successors to Hank Paulson because he's been so instrumental in the negotiations over Wall Street's most troubled firms during the past nine months. He also worked at the Treasury under both Robert Rubin and Larry Summers during the Clinton administration.

Indeed, Portfolio.com readers predicted his appointment in a recent interactive feature using N.C.A.A.-like brackets. Of 27,188 votes cast, 3,790 went to Geithner. Their No. 2 pick with 2,931 votes, former Treasury Secretary Larry Summers, may still play a role in an Obama administration, NBC reports.

Fox Business News personality Cody Willard (453 votes) and Portfolio.com deputy news editor Jeffrey Cane (666 votes) brought up the rear of the poll, dashing any hopes for a Cinderella Treasury pick.

Even though the Geithner pick doesn't come as a surprise, investors welcomed the news as the Dow surged nearly 500 points in the last hour of trading. With the roiling financial markets and the sluggish economy at the top of so many Americans' minds, Obama made it clear he would waste no time in putting together his economic team to ensure swift action once he's inaugurated in January.

Related Links
Larry Summers
Will Obama Really Raise Taxes?
Barack Obama, Economic Policy Wonk

Source: Portfolio.com: Top 5 | 21 Nov 2008 | 8:30 pm

Breadlines? Not Yet.

Want two words to prove the U.S. economy hasn’t totally bottomed yet?

BlackBerry Storm.

On a day when shares of Citigroup fell 20 percent by lunchtime and U.S. automakers’ odds of survival were dwindling, New York filmmaker Adrian Richards stood in line at a Verizon Wireless store in Midtown Manhattan for four hours for a chance to spend $199 on a new Storm the day it was released.

Why? “Basically,” he admits, “I don’t want to get it after everyone else.”

The Associated Press reported this morning that hundreds lined up for the new BlackBerry phone—a slick, touchscreen model that Research in Motion hopes will be a real competitor against the all-powerful iPhone from Apple.

Steven Amezquita, who emerged from the store victorious, holding a brown paper Verizon bag, got wide-eyed stares from the 30 people still waiting in line. He said he was excited to get to his job (no surprise, he’s an I.T. consultant) because he was “ready to rub it in everybody’s face.”

By 11:30 a.m., the 34th Street Verizon outpost was one of the few in the city to even still have the phone.

Further uptown, at the Verizon store on 57th Street, employees said a line had formed by 7 a.m., and the Storm was sold out by 9.

BlackBerry devotee Jules (she declined to give her last name) went Storm-chasing through New York City this morning. She checked out the display model at the 57th Street store and is planning on reserving one of the phones. It was the third Verizon store she’d visited without being able to actually buy one.

“I really think Verizon should have better measured the number of phones they would need,” she said.

Maybe executives at Verizon and Research in Motion have been watching the news, noticing rising unemployment numbers, freefalling financial markets, and plunging retail sales, and figured consumer demand wouldn’t reach this fevered pitch.

They may not have expected the masses to huddle for the storm, especially with the tenacity of filmmaker Richards, who finally got inside the Verizon store just before noon, hoping to get his hands on a Storm. “Hopefully,” he said.

Related Links
The Latest Microsoft-Google Front: Verizon
First Bytes: Microsoft, Verizon, Gawker, Technorati, Intel
First Bytes: Verizon, Twitter, Google Earth, MySpace

Source: Portfolio.com: Top 5 | 21 Nov 2008 | 7:00 pm

Change at Wal-Mart

The bad news? You get to run a retailer when consumer spending has collapsed. The good news? It just happens to be the biggest, most-powerful retailer in the world, one whose discounting, efficiencies, and global reach have allowed it to prosper during a recession.

The retailer, of course, is Wal-Mart Stores, which has unexpectedly announced a change at the top.

The company said today that Mike Duke, 58, has been chosen to succeed Lee Scott, 59, as president and chief executive, effective February 1.

Eduardo Castro-Wright, 53, the president of Wal-Mart U.S.A., has also been promoted to vice chairman.

Under Scott's nine-year reign, Wal-Mart expanded overseas, in the U.K., Brazil, Japan, and elsewhere. And the company gradually shed some of its prickly corporate culture, a legacy of being a family-run business, trying to polish its public image on labor and environmental issues.

The slump in the economy, meanwhile, has driven shoppers to buy food and basics at Wal-Mart and Sam's Club stores. In its third quarter, the company exceeded Wall Street estimates, reporting a 9.8 percent gain in earnings and even saying that it was optimistic about the holiday shopping season.

"Mike Duke is a highly-respected executive, both domestically and internationally, with broad experience throughout the company, having successfully led Wal-Mart's Logistics Division, U.S. operations, and International operations," Rob Walton, the chairman of the board, said. "He understands retail and appreciates the complex global environment in which we operate.”

Source: Portfolio.com: Top 5 | 21 Nov 2008 | 2:00 pm

The Citi Conundrum

What's a global bank with a $1 trillion balance sheet to do?

Citigroup faces a frightening next few weeks. With recessions around the world threatening to create a new wave of consumer-driven losses for the bank, this week's cost-cut plan, a focused strategy, and an endorsement from one of the biggest and most influential shareholders are simply not going to cut it. Shares of Citigroup are down 50 percent this week alone, and there are no obvious solutions.

David Enrich of the Wall Street Journal reports that Citi has now begun weighing whether to sell off pieces of the company or even the company itself.

He cautions that these internal discussions are very preliminary and that the chief executive, Vikram Pandit, and the board, remain committed to the bank's strategy of cutting costs and streamlining to weather the financial storm.

Erich Dash and Louise Story of the New York Times pour some cold water on these discussions, saying that "Citigroup executives are seeking to stabilize the stock price, but at this point they are not actively exploring selling or splitting up the company."

And they note there are few buyers willing to pay the prices Citi would seek for its assets.

Yves Smith on the Naked Capitalism blog goes further, pointing out that American International Group, the insurer that had to be rescued by the government, had more desirable assets than Citi and could not find buyers.

"Financial institutions are too capital starved to be sticking their necks out now, and private equity firms cannot meet their target returns without leverage, which they cannot get right now. And who, pray tell, would buy the entire bank?"

So what are the possibilities for Citi?

More Government Help. The bank has raised $50 billion in new capital on its own and is getting $25 billion as part of the $125 billion injected into the nation's nine biggest banks under TARP. Hits from credit cards, commercial real estate, and consumer lending may produce another $20 billion in losses for 2009. Will the government need to come up with another $25 billion for Citi?

Sell or Merge. A foreign bank like Mitsubishi UFJ that wanted to become a global giant overnight could buy Citi, whose market value has sunk to just $26 billion. But with the Japanese market reeling, it would never take the chance. A government-forced merger with J.P. Morgan Chase or Bank of America is within the realm of possibilities, but as Yves Smith notes, then you are simply concentrating all the economy's banking risk into one institution. Might as well nationalize the entire industry now.

Attract a Big Investor. On Thursday, Prince Alwaleed bin Talal of Saudi Arabia said that he would increase his stake in Citi to 5 percent from less than 4 percent, expressing his support for Pandit and the bank's management. Yet, the shares still fell 26 percent. The market was unimpressed with the prince because his move represented a relatively small amount of money—he was arguably just retopping an investment that had been diluted by Citi's capital raises. And the prince's reputation as a savvy investor has been questioned by his loyalty to the bank. But if someone like a Warren Buffett or another financial institution were to take a 5 percent stake, proclaiming Citi's long-term viability, that would change the perception of the bank quickly.

Stay the Course. Just get through to 2009. This is not entirely wishful thinking. Pandit's moves do make strategic sense, and there is a real likelihood that the fear that has buffeted markets and Citi will ease with a new year and a new government. Richard Beales on Breakingviews.com says of Citi:

"There are recovery scenarios, but precious few investors have the nerve to bet on them. It's all about safe, relatively predictable investments that won't lose any more money. That may, perhaps, be a particularly acute feeling as an exhausting 2008 winds down—the end of the reporting year for most market players."

We may learn more today as Pandit plans to hold a meeting for senior managers and the board of Citi will meet, according to reports.

Source: Portfolio.com: Top 5 | 21 Nov 2008 | 12:30 pm

Dow up 494 as Obama prepares to name treasury boss (AP)

AP - Wall Street put a stop to a terrifying decline and stormed higher Friday as President-elect Barack Obama appeared ready to tap the chief of the New York Federal Reserve as the next treasury secretary and hand him the herculean task of righting the U.S. financial system.

Source: Yahoo! News: Stock Markets News | 22 Nov 2008 | 12:14 am

Wall Street stages late rally on Geithner news (Reuters)

Reuters - U.S. stocks stormed higher in a late rally on Friday to cap another volatile week as investors welcomed reports that President-elect Barack Obama has chosen his point person to combat the U.S. economic crisis, instilling confidence about the administration's ability to take action.

Source: Yahoo! News: Stock Markets News | 22 Nov 2008 | 12:12 am

Wall St Week Ahead: Stocks eye Citigroup, Geithner's next moves (Reuters)

Reuters - Wall Street faces stiff headwinds in the week ahead, the fate of Citigroup largest among them, that stand in the way of building on Friday's big rally and preventing November from winding up as one of the worst months for stocks on record.

Source: Yahoo! News: Stock Markets News | 22 Nov 2008 | 12:05 am

Target rejects Pershing's real estate proposal (Reuters)

Reuters - Target Corp on Friday rejected as "highly speculative" proposals made by hedge fund manager William Ackman that he said would unlock the value of its real estate and boost the discount retailer's sagging stock price.
Source: Yahoo! News: Stock Markets News | 21 Nov 2008 | 11:33 pm

Geithner rallies stocks but Citi still ailing (Reuters)

Reuters - President-elect Barack Obama wants New York Federal Reserve President Timothy Geithner as his Treasury secretary, news that sparked a stock market surge on Friday and fostered confidence that Obama may be taking up the U.S. economic reins before his inauguration in January.

Source: Yahoo! News: Stock Markets News | 21 Nov 2008 | 11:06 pm

Tasks for Obama's ag sec: School food, subsidy cap (Reuters)

Reuters - President-elect Barack Obama's nominee for U.S. agriculture secretary will face daunting tasks ranging from tightening farm subsidy rules to improving school meals, lawmakers and farm groups said on Friday.
Source: Yahoo! News: Stock Markets News | 21 Nov 2008 | 10:47 pm

Clinton accepts Obama secretary of state offer: NY Times (Reuters)

Reuters - New York Sen. Hillary Clinton has accepted an offer from President-elect Barack Obama to become U.S. secretary of state, joining her former Democratic rival to help guide U.S. foreign policy, the New York Times said on Friday.

Source: Yahoo! News: Stock Markets News | 21 Nov 2008 | 8:42 pm

Oil rallies from 3-1/2-year low (Reuters)

Reuters - Oil rose slightly on Friday, after falling more than 7 percent the day before, as stock markets recovered from early lows caused by continuing economic gloom.

Source: Yahoo! News: Stock Markets News | 21 Nov 2008 | 6:51 pm

London stocks down 2.4% (AFP)

AFP - London shares were in the backfoot again Friday after a dire manufacturing report compounded fears that a deep and prolonged recession is ever more likely.

Source: Yahoo! News: Stock Markets News | 21 Nov 2008 | 6:03 pm

European stocks drop as Dow erases early gains (AP)

AP - European markets fell further Friday as early gains on Wall Street were wiped out amid mounting fears about the U.S. economy and the future of banking giant Citigroup Inc. in particular. Asian stocks closed mostly higher earlier in the day.

Source: Yahoo! News: Stock Markets News | 21 Nov 2008 | 5:06 pm

General Motors board weighs bankruptcy option: report

WASHINGTON (Reuters) - The board of directors of embattled U.S. automaker General Motors Corp is considering "all options" including bankruptcy, according to a report on the Wall Street Journal's website late on Friday.

Source: Reuters: Business News | 22 Nov 2008 | 5:02 am

U.S. Bancorp acquires deposits of failed Downey, PFF

WASHINGTON (Reuters) - U.S. banking regulators seized California banks Downey Savings and Loan and PFF Bank & Trust late Friday as the housing crisis claimed two more victims from the financial crisis.

Source: Reuters: Business News | 22 Nov 2008 | 4:43 am

GM cuts output, jets as U.S. demands turnaround plans

DETROIT/WASHINGTON (Reuters) - Detroit automakers began work on turnaround plans demanded by Congress in return for $25 billion in aid as General Motors Corp said it would cut production more and give up two of its controversial corporate jets.

Source: Reuters: Business News | 22 Nov 2008 | 3:50 am

Citigroup talking to U.S. government as shares dive: source

NEW YORK (Reuters) - Citigroup Inc has begun talks with the U.S. government as its plummeting share price raises doubts about the bank's ability to survive, a person familiar with the matter said.

Source: Reuters: Business News | 22 Nov 2008 | 3:37 am

Palm cutting jobs as competition intensifies

SAN FRANCISCO (Reuters) - Struggling smartphone maker Palm Inc said Friday it is cutting its workforce, a move the company takes as it loses market share to rivals Apple Inc and Research in Motion Ltd.

Source: Reuters: Business News | 22 Nov 2008 | 2:48 am

Wall Street stages late rally on Geithner news

NEW YORK (Reuters) - U.S. stocks stormed higher in a late rally on Friday to cap another volatile week as investors welcomed reports that President-elect Barack Obama has chosen his point person to combat the U.S. economic crisis, instilling confidence about the administration's ability to take action.

Source: Reuters: Business News | 22 Nov 2008 | 2:15 am

Wall St Week Ahead: Stocks eye Citigroup, Geithner's next moves

NEW YORK (Reuters) - Wall Street faces stiff headwinds in the week ahead, the fate of Citigroup largest among them, that stand in the way of building on Friday's big rally and preventing November from winding up as one of the worst months for stocks on record.

Source: Reuters: Business News | 22 Nov 2008 | 12:05 am

Target rejects Pershing's real estate proposal

NEW YORK (Reuters) - Target Corp on Friday rejected as "highly speculative" proposals made by hedge fund manager William Ackman that he said would unlock the value of its real estate and boost the discount retailer's sagging stock price.

Source: Reuters: Business News | 21 Nov 2008 | 11:33 pm

Wal-Mart's Scott retiring as CEO, Duke to succeed

NEW YORK (Reuters) - Wal-Mart Stores Inc, which is gaining market share amid a global economic downturn, said Lee Scott will retire as chief executive early next year and will be succeeded by Mike Duke, who heads its international operations.

Source: Reuters: Business News | 21 Nov 2008 | 10:53 pm

SEC asked Buffett's Berkshire for derivative data

NEW YORK (Reuters) - Warren Buffett's Berkshire Hathaway Inc provided details to the U.S. Securities and Exchange Commission on how it values what has so far been a money-losing $37.04 billion derivatives bet, after the regulator asked for better disclosure.

Source: Reuters: Business News | 21 Nov 2008 | 8:51 pm

Geithner poised for Treasury secretary post

Tim Geithner, president of the Federal Reserve Bank of New York, is expected to be nominated as Barack Obama's Treasury secretary, according to Democrats close to the decision
Source: Financial Times - US homepage | 22 Nov 2008 | 1:45 am

Citi crisis deepens as shares fall further

Citigroup's board was locked in talks in an attempt to halt a crisis of confidence in the troubled financial services group that has seen it lose more than half its market value in three days
Source: Financial Times - US homepage | 22 Nov 2008 | 1:41 am

US help for investors to buy ailing banks

Under a 'shelf charter' system, the Office of the Comptroller of the Currency would grant conditional preliminary approval of a national bank charter to non-bank investors, thereby expanding the pool of potential qualified buyers available
Source: Financial Times - US homepage | 22 Nov 2008 | 1:17 am

Pentagon plans Afghanistan troop surge

Robert Gates, the US defence secretary, announces plans to send surge troops into Afghanistan prior to the polls next autumn to improve security and facilitate voter registration
Source: Financial Times - US homepage | 22 Nov 2008 | 12:14 am

'Aggressive bear trend' sees oil flirt with $50

Oil sank below the key level of $50 a barrel this week for the first time in more than three years, as commodity markets continued to slide amid grim forecasts for a prolonged global recession
Source: Financial Times - US homepage | 21 Nov 2008 | 9:20 pm

Hospice nurse who humanised the American way of dying

Florence Wald was inspired by British nurse Cicely Saunders' vision of giving terminally ill patients not only medical but also emotional and spiritual comfort in the last months of their lives. She promoted the hospice movement throughout America and beyond
Source: Financial Times - US homepage | 21 Nov 2008 | 7:20 pm

Detroit prepares to swallow bitter medicine

Carmakers' chiefs may have to accept some big sacrifices if they hope to get a $25bn capital injection from Congress for their struggling companies during a time when their workers face further job losses
Source: Financial Times - US homepage | 21 Nov 2008 | 6:46 pm

Eurozone activity at slowest in a decade

The eurozone's recession is deepening rapidly, with private sector activity contracting this month at the fastest rate for at least a decade, a closely watched survey has indicated
Source: Financial Times - US homepage | 21 Nov 2008 | 6:39 pm

Duke to replace Scott as Wal-Mart chief

Wal-Mart, the world's largest retailer, surprised investors with the announcement that Lee Scott, chief executive since 2000, would retire in February as the retailer flourishes amid the broad economic downturn
Source: Financial Times - US homepage | 21 Nov 2008 | 6:27 pm

Dark days see warnings of worse to come

A heap of evidence from around the world that the economic crisis is worsening will offer little comfort to potential investors who had hoped the worst was over
Source: Financial Times - US homepage | 21 Nov 2008 | 5:03 pm

Three banks in California, Georgia fail

Three more banks - two in California and one in Georgia - failed Friday, bringing to 22 the number of institutions forced to close in the wake of the financial crisis.
Source: Business and financial news - CNNMoney.com | 22 Nov 2008 | 4:18 am

Ford mulls corporate jet sale

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 22 Nov 2008 | 2:52 am

Democrats press carmakers for bailout plan

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 22 Nov 2008 | 1:50 am

Wal-Mart's chief for the Obama era

When Mike Duke takes over as the CEO of Wal-Mart on Feb. 1, he will be confronted with a vastly different political landscape than the one in which his predecessor, H. Lee Scott, operated for the past nine years.
Source: Business and financial news - CNNMoney.com | 22 Nov 2008 | 12:07 am

Geithner talk gooses stocks

Stocks rallied Friday, with the Dow industrials closing up 494 points after reports surfaced that President-elect Barack Obama will nominate New York Federal Bank President Timothy Geithner as his new Treasury secretary.
Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 11:23 pm

Obama expected to tap Geithner for Treasury

President-elect Barack Obama is expected to nominate New York Federal Reserve President Timothy Geithner for Treasury Secretary.
Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 10:54 pm

Citi tumbles as bank mulls next move

Shares of Citigroup continued to spiral lower Friday even as the company's top management was working to take measures to assure the firm's survival.
Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 10:46 pm

Private investors get OK to bail out banks

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 10:34 pm

Buffett: Carmakers must change

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 10:22 pm

San Fran to Detroit: Go electric

Source: Business and financial news - CNNMoney.com | 21 Nov 2008 | 8:30 pm

How to Make Money in a Sideways Market (Ticked Off)

Passively buying and holding won't work today, but these strategies might.

Source: SmartMoney.com | 24 Nov 2008 | 5:00 am

7 Alert Services That Help You Save (Deal of the Day)

Email alerts help you save on everything from airfare to overdraft fees.

Source: SmartMoney.com | 21 Nov 2008 | 5:00 am

Market Radar (Ahead of the Curve)

Identify historic market dynamics at a single glance. View seven years of data for 500 companies over ten major sectors.

Source: SmartMoney.com | 21 Nov 2008 | 5:00 am

5 Emerging-Market Funds for Better Days (Screens)

It's too early to buy now, but keep these in mind for the future.

Source: SmartMoney.com | 21 Nov 2008 | 5:00 am

Worksheets - Over 40 worksheets to help manage your finances (Ahead of the Curve)

Whatever personal finance choices you have to make, chances are we have a worksheet to help make those decisions easier.

Source: SmartMoney.com | 21 Nov 2008 | 5:00 am

Honda Is Geared Up for Eventual Recovery (Screens)

Honda is in the best position of all the auto companies for a recovery.

Source: SmartMoney.com | 21 Nov 2008 | 5:00 am

Sector Tracker (Ahead of the Curve)

Allows you to track 120 industry groups in 10 broad market sectors, and instantly spot which sectors are leading or lagging the broader market.

Source: SmartMoney.com | 21 Nov 2008 | 5:00 am

Rescuing the Big Three Is a Necessary Evil (Ahead of the Curve)

Donald Luskin: Why we can't afford not to bail out auto makers.

Source: SmartMoney.com | 21 Nov 2008 | 5:00 am

Stock Compare - See how different stocks measure up (Ahead of the Curve)

Stack up to five stocks side by side. In applet view, slide them around as you see fit.

Source: SmartMoney.com | 21 Nov 2008 | 5:00 am

Portfolio Tracker - Keep on top of your investments (Ahead of the Curve)

Our most powerful portfolio yet. We've added tracking for all transactions, short-selling and automatic stock splits and dividends.

Source: SmartMoney.com | 21 Nov 2008 | 5:00 am

Volatility Index Retreats 10.1% to Close at 72.6 (Correct)

Source: Bloomberg - All Podcasts | 21 Nov 2008 | 11:35 pm

Food Stocks, Case-Schiller Index, Auto Bailout, Sports Pinched

Source: Bloomberg - All Podcasts | 21 Nov 2008 | 11:16 pm

Deutsche Bank's Khan Sees Abu Dhabi Bailing Out Dubai

Source: Bloomberg - All Podcasts | 21 Nov 2008 | 11:08 pm

Fiduciary Trust's Mullaney Likes ETFs of Investment Grade Bonds

Source: Bloomberg - All Podcasts | 21 Nov 2008 | 11:03 pm

Fatback Burger, Heart Cloggers Sizzle at Irving Mill

Source: Bloomberg - All Podcasts | 21 Nov 2008 | 10:17 pm

On the Ball: Barber, Billick and Reinfeldt Talk Football

Source: Bloomberg - All Podcasts | 21 Nov 2008 | 10:14 pm

GM Queues for U.S. Treasury Handouts, Says Bloomberg's Woolner

Source: Bloomberg - All Podcasts | 21 Nov 2008 | 9:29 pm

U.S. Supreme Court Lifts Restrictions on Navy's Use of Sonar

Source: Bloomberg - All Podcasts | 21 Nov 2008 | 9:27 pm

Religious Displays in Parks Divide U.S. Supreme Court Justices

Source: Bloomberg - All Podcasts | 21 Nov 2008 | 9:23 pm

Portales's Peabody Doesn't See `Major' Changes at Citigroup

Source: Bloomberg - All Podcasts | 21 Nov 2008 | 8:41 pm

US shares up on 'Treasury choice'

US shares rise sharply on reports that President-elect Barack Obama has chosen his treasury secretary, reassuring investors.
Source: BBC News | Business | World Edition | 21 Nov 2008 | 11:20 pm

Citigroup plunges on uncertainty

Shares in Citigroup, one of the biggest banks in the US, fell on Friday amid uncertainty about the firm's future.
Source: BBC News | Business | World Edition | 21 Nov 2008 | 10:13 pm

Economy boost may mean pain later

Alistair Darling may be forced to set out future taxes rises to pay for a short-term boost to the economy, the BBC understands.
Source: BBC News | Business | World Edition | 21 Nov 2008 | 9:31 pm

EU warns against car subsidy race

EU Competition Commissioner Neelie Kroes tells France and Germany not to start a "subsidy race" to save the car industry
Source: BBC News | Business | World Edition | 21 Nov 2008 | 3:30 pm

World Cup woes

Will the downturn threaten the 2010 World Cup?
Source: BBC News | Business | World Edition | 21 Nov 2008 | 2:45 pm

Eurozone business activity falls

Business activity in the 15 countries sharing the euro falls in November to a ten-year low, the purchasing managers' index (PMI) shows.
Source: BBC News | Business | World Edition | 21 Nov 2008 | 12:38 pm

Gap profits higher than expected

American clothes retailer Gap defies Wall Street forecasts and reports higher-than-expected third quarter net profits.
Source: BBC News | Business | World Edition | 21 Nov 2008 | 12:33 pm

Repossession of homes up by 12%

The number of properties repossessed by mortgage lenders rose by 12% to 11,300 in the third quarter of the year.
Source: BBC News | Business | World Edition | 21 Nov 2008 | 12:10 pm

Honda Swindon closing for 50 days

Honda is to cut production in Japan and Europe and close its Swindon plant in the UK in February and March next year.
Source: BBC News | Business | World Edition | 21 Nov 2008 | 12:01 pm

Russian oil giant circles Repsol

Spanish savings bank La Caixa may sell its 14% stake in Spanish-Argentine energy firm Repsol to Russia's Lukoil.
Source: BBC News | Business | World Edition | 21 Nov 2008 | 11:38 am

Trends & Innovations - Friday

Messy settings fuel bad behavior

Source: Investor's Business Daily: BUSINESS | 22 Nov 2008 | 12:50 am

Business Briefs - Friday

TECHNOLOGY. Microsoft upgraded, still hiring. The software giant surged 12.3% to 19.68 after Oppenheimer upgraded it to outperform, predicting that...

Source: Investor's Business Daily: BUSINESS | 22 Nov 2008 | 12:50 am

In Brief - Friday

Target (TGT), the retailer, said after hours that it won't spin off its land assets, rejecting a proposal by activist hedge fund Pershing Square....

Source: Investor's Business Daily: BUSINESS | 22 Nov 2008 | 12:50 am

Getting Power To The People

In boom times, investors get bored with heavily regulated industries. But come a recession, many are glad to curl up between thick walls of...

Source: Investor's Business Daily: BUSINESS | 22 Nov 2008 | 12:50 am

Deep Discounter Sees Green While The Economy Sinks Around It

Dollar Tree has always been able to make a buck on holidays and special occasions. Birthdays, Halloween, Christmas and Memorial Day have always...

Source: Investor's Business Daily: BUSINESS | 22 Nov 2008 | 12:50 am

Mexican growth slows to 1.6 pct, lowest since 2003

Mexico says its yearly growth rate dropped to 1.6 percent in the third quarter, its slowest rate since 2003, as the U.S. economy stalls. The National Statistics Institute on Friday said...
Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Nov 2008 | 4:57 am

Indonesia leader demands oil states take crisis action

Oil-rich states and companies that reaped unprecedented gains when prices skyrocketed have a moral duty to ease the world's economic crisis, Indonesian President Susilo Bambang Yudhoyono...
Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Nov 2008 | 4:40 am

IMF ready to help Latvia in economic crisis: IMF chief

The International Monetary Fund is "ready to rapidly assist" Latvia deal with its economic crisis, in close cooperation with the European Union, IMF chief Dominique Strauss-Kahn said Friday
Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Nov 2008 | 3:41 am

Federal regulators shut 2 California thrifts

Federal regulators have shut down two big thrifts based in California, saying they fell victim to the acute distress in the housing market in that state. The failures Friday of Downey...
Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Nov 2008 | 3:06 am

U.S. Bancorp acquires Downey, PFF deposits

WASHINGTON (Reuters) - US Bancorp agreed to acquire the deposits of Downey Savings and Loan Association and PFF Bank & Trust, the latest in a growing list of banks to fail this year,...
Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Nov 2008 | 3:01 am

Anthony W. Thompson, CEO of Thompson National Properties, Harold A. Ellis, Jr. and Stuart A. Tanz Mail Letter to Grubb & Ellis Shareholders

Letter Urges Shareholders to Support Change at the 2008 Annual Meeting by Voting the GREEN Proxy Card Today IRVINE, Calif., Nov. 21 /PRNewswire/ -- Mssrs. Anthony W....
Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Nov 2008 | 2:31 am

American Media Operations, Inc. Announces Extension and Amendment of its Cash Tender Offers and Related Consent Solicitations for Outstanding Senior Subordinated Notes

NEW YORK, Nov. 21 /PRNewswire/ -- American Media, Inc. ("AMI") announced today that its subsidiary American Media Operations, Inc. ("AMOI" and, together with...
Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Nov 2008 | 1:56 am

Citigroup talking to U.S. govt about options: source

NEW YORK (Reuters) - Citigroup Inc has been talking in recent days to the U.S. Treasury Department and the Federal Reserve about its options as its share price sinks, a person familiar...
Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Nov 2008 | 1:50 am

Warren Beatty sues Tribune over Dick Tracy rights

LOS ANGELES, Nov 21 (Reuters) - Actor Warren Beatty has sued a unit of Tribune Co over the film and television rights to comic strip detective Dick Tracy, a character he played in a 1990 hit film of the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Nov 2008 | 1:45 am

LandAmerica Moves Forward

Merger Agreement with Fidelity Terminated RICHMOND, Va., Nov. 21 /PRNewswire-FirstCall/ -- LandAmerica Financial Group, Inc. (NYSE: LFG) announces that the merger...
Source: Infocious RSS raw feed - channel BNewsBusiness | 22 Nov 2008 | 1:00 am

Dow jumps nearly 500 points on report of Geithner nomination

Stock surge in the last hour on news that the New York Federal Reserve chief is being tapped as Treasury secretary in the Obama administration. Shares of beleaguered Citigroup, however, drop further. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Nov 2008 | 8:00 am

Pressure on Citigroup builds, shares fall below $4

NEW YORK -- Pressure intensified on Citigroup to sell part or all of itself as its stock fell below $4 a share on Friday and fears escalated about future loan losses.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Nov 2008 | 8:00 am

Downey Savings, PFF Bank seized by federal regulators

The Southern California thrifts are the latest to fail in the mortgage meltdown. U.S. officials say the banks' branches will continue operating as usual under Minneapolis-based U.S. Bank. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Nov 2008 | 8:00 am

California unemployment jumps to 8.2%, third-highest in the U.S.

The state's unemployment rate is the highest in 14 years; it rose half a percentage point in October from the month earlier. In the past 12 months, more than 100,000 jobs have been lost. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Nov 2008 | 8:00 am

Wine buyers are sobered by Wall Street meltdown

High-end bottles languish on shelves as shoppers opt for cheaper vintages. 'The state of the economy' is nothing to celebrate, a retailer says. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Nov 2008 | 8:00 am

Surge in unemployment puts Inland Empire in tailspin

Ripples from the real estate bust spread, contributing to the highest jobless rate among the nation's large metro areas. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Nov 2008 | 3:24 am

Obama said to choose Geithner as Treasury chief

As president of the New York Fed, he has been deeply involved in responding to the financial crisis. The decision cheers Wall Street. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 22 Nov 2008 | 3:11 am

Geithner, apparent Treasury pick, is no Wall Street man

Money & Co. blog: The New York Fed chief has helped structure the financial-system bailout plan, but unlike Henry Paulson he isn't a product of Wall Street.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Nov 2008 | 11:45 pm

FCC appeals Janet Jackson case to Supreme Court

PHILADELPHIA -- The Federal Communications Commission has asked the U.S. Supreme Court to review the indecency case over Janet Jackson's breast-baring performance at the 2004 Super Bowl.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Nov 2008 | 10:29 pm

Source: Obama likely to name Geithner at Treasury

WASHINGTON -- President-elect Barack Obama is likely to name Timothy Geithner, president of the New York Federal Reserve, as Treasury Secretary in a time of intense economic turmoil as he rounds out the...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Nov 2008 | 9:56 pm