July 2009

Bernanke May Have to Sacrifice Lending Powers or Risk Losing Independence

July 29, 2009

By Craig Torres July 29 (Bloomberg) — The financial-overhaul plan before Congress leaves the Federal Reserve in the business of lending to everyone from General Electric Co. to investors in student loans. That makes it harder for Chairman Ben S. Bernanke to keep Congress from second-guessing what he does.

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SAP Raises 2009 Profitability Forecast After Cutting Jobs for First Time

July 29, 2009

By Ragnhild Kjetland July 29 (Bloomberg) — SAP AG , the world’s biggest maker of business-management software, raised its margin forecast for this year, helped by job cuts, and slashed its target for software and related service revenue. The target for full-year non-GAAP operating margin was raised to between 25.5 percent and 27 percent, SAP said in a statement today. It earlier forecast a margin of 24.5 percent to 25.5 percent.

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Honda Raises Full-Year Earnings Forecast on Government Stimulus Measures

July 29, 2009

By Makiko Kitamura July 29 (Bloomberg) — Honda Motor Co. , Japan’s second- biggest carmaker, raised its full-year profit forecast as government stimulus measures in its largest markets boost demand for fuel-efficient vehicles. Tokyo-based Honda expects net income of 55 billion yen ($584 million) in the year ending March, compared with an earlier forecast of 40 billion yen, it said in a statement today

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Nomura Posts First Profit Since 2007 on Trading Income, Investment Banking

July 29, 2009

By Takahiko Hyuga and Shingo Kawamoto July 29 (Bloomberg) — Nomura Holdings Inc. , Japan’s largest brokerage, posted its first quarterly profit since 2007 as a stock market revival boosted trading and investment banking.

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European Stocks Rise; Asian Shares, U.S. Futures Drop, ArcelorMittal Falls

July 29, 2009

By Adria Cimino July 29 (Bloomberg) — European and U.S. stock-index futures dropped and Asian shares declined as commodity prices retreated and ArcelorMittal SA reported a wider-than-estimated quarterly loss. Jiangxi Copper Co.

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European Stocks Rise; Asian Shares, U.S. Futures Drop, ArcelorMittal Falls

July 29, 2009

By Adria Cimino July 29 (Bloomberg) — European and U.S.

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Temasek Loses $28 Billion in Asset Value, May Allow First Public Investors

July 29, 2009

By Shamim Adam July 29 (Bloomberg) — Temasek Holdings Pte vowed to hang on to the “family jewels” as a long-term investor and said it may allow the public to invest in Singapore’s state-run fund. The value of the company’s assets dropped by more than S$40 billion ($27.8 billion) in the 12 months ended March, Chief Executive Officer Ho Ching said in a speech in Singapore today. The investment firm will act to enhance value over as long as 30 years and will not sell stakes “for divestment’s sake,” Ho said

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Temasek Loses $28 Billion in Asset Value, May Allow First Public Investors

July 29, 2009

By Shamim Adam July 29 (Bloomberg) — Temasek Holdings Pte vowed to hang on to the “family jewels” as a long-term investor and said it may allow the public to invest in Singapore’s state-run fund. The value of the company’s assets dropped by more than S$40 billion ($27.8 billion) in the 12 months ended March, Chief Executive Officer Ho Ching said in a speech in Singapore today

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Claremont Prep Takes 200,000 SF at 25 Broadway

July 28, 2009

Claremont Preparatory School has signed one of the largest new leases in Manhattan this year, taking 200,000 square feet at 25 Broadway.

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Buehrle Retires 45 Consecutive Batters to Set Major League Baseball Record

July 28, 2009
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Buehrle Retires 45 Consecutive Batters to Set Major League Baseball Record

July 28, 2009
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Obesity Medical Costs Ballooned to $147 Billion for Health Plans in 2008

July 28, 2009
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Money Funds Are Ripe for Radical Surgery: Jane Bryant Quinn

July 28, 2009
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Gates Pledges U.S. Aid to Iraq on Disputes Over Oil Resources, Boundaries

July 28, 2009

By Viola Gienger July 29 (Bloomberg) — Visiting Defense Secretary Robert Gates said the U.S. is prepared to help Iraq resolve disputes over oil resources and boundaries as American commanders place Arab-Kurdish tensions atop the list of biggest concerns. Gates, on a trip through the region that included stops in Israel and Jordan, yesterday reviewed military progress in Iraq since U.S. forces pulled back from cities and towns on June 30.

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Gates Pledges U.S. Aid to Iraq on Disputes Over Oil Resources, Boundaries

July 28, 2009

By Viola Gienger July 29 (Bloomberg) — Visiting Defense Secretary Robert Gates said the U.S. is prepared to help Iraq resolve disputes over oil resources and boundaries as American commanders place Arab-Kurdish tensions atop the list of biggest concerns

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Car Bomb Explodes in Spanish City of Burgos, Wounding Dozens, Reuters Says

July 28, 2009

By Michael Heath July 29 (Bloomberg) — A car bomb explosion in the Spanish city of Burgos has wounded dozens of people, Reuters said, citing local media reports.

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Copper Peaking as Inventories Signal Market Top With China Demand Slowing

July 28, 2009

By Millie Munshi July 29 (Bloomberg) — Copper’s 80 percent rally this year may soon end on signs that China has stockpiled more than it can use in new homes, cars and appliances. Inventories monitored by the London Metal Exchange posted their first back-to-back weekly gains since February, increasing 8.6 percent from an eight-month low. Sumitomo Metal Mining Co.

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Economy Needs `First Amendment’ to Curb Excess, Columbia’s Bollinger Says

July 28, 2009

By Nancy Hass

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BBMG Surges in Hong Kong Debut as China’s Cement Demand Rises on Stimulus

July 28, 2009

By Kyunghee Park July 29 (Bloomberg) — BBMG Corp. , the biggest cement supplier in Beijing, jumped on its first day of trading in Hong Kong as investors bet it would benefit from China’s $586 billion stimulus spending. The cement company surged as much as 63 percent, and traded up 62 percent to HK$10.34 at 10:02 a.m. local time

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Macquarie’s Moore Says Fund Model Evolving, Not Broken, Amid Asset Sales

July 28, 2009

By Shani Raja July 29 (Bloomberg) — Macquarie Group Ltd. Chief Executive Officer Nicholas Moore said the investment bank’s business model that relied on so-called satellite funds to drive 16 years of rising profits isn’t broken and is evolving. “It’s a collection of businesses that all operate very closely together at the margin,” Moore said before the company’s annual general meeting in Sydney today. “At all our groups our people are looking at the market, looking at what’s available, and making use of opportunities.” Moore has been distancing the company from its publicly traded funds after an unbroken streak of earnings gains ended last year as the bank wrote down the value of the satellite funds it spawned.

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Macquarie’s Moore Says Fund Model Evolving, Not Broken, Amid Asset Sales

July 28, 2009

By Shani Raja July 29 (Bloomberg) — Macquarie Group Ltd. Chief Executive Officer Nicholas Moore said the investment bank’s business model that relied on so-called satellite funds to drive 16 years of rising profits isn’t broken and is evolving. “It’s a collection of businesses that all operate very closely together at the margin,” Moore said before the company’s annual general meeting in Sydney today. “At all our groups our people are looking at the market, looking at what’s available, and making use of opportunities.” Moore has been distancing the company from its publicly traded funds after an unbroken streak of earnings gains ended last year as the bank wrote down the value of the satellite funds it spawned.

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Most Asian Stocks Fall; Mining Shares Drop on Commodity Prices, JFE Gains

July 28, 2009

By Patrick Rial and Kotaro Tsunetomi July 29 (Bloomberg) — Most Asian stocks fell, snapping the MSCI Asia Pacific Index ’s 11-day rally, as declines by commodity producers overshadowed gains by steel and electronics companies. Rio Tinto Group , the world’s No. 3 mining company, lost 2.2 percent in Sydney, following a slump in copper prices

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Most Asian Stocks Fall; Mining Shares Drop on Commodity Prices, JFE Gains

July 28, 2009

By Patrick Rial and Kotaro Tsunetomi July 29 (Bloomberg) — Most Asian stocks fell, snapping the MSCI Asia Pacific Index ’s 11-day rally, as declines by commodity producers overshadowed gains by steel and electronics companies.

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China State Construction Jumps on Debut After Biggest IPO Since March 2008

July 28, 2009

By Bloomberg News July 29 (Bloomberg) — China State Construction Engineering Corp. soared on its first trading day in Shanghai after the builder sold stock in the world’s largest initial public offering in 16 months. Shares of Beijing-based State Construction, China’s largest housing contractor, jumped as much as 90 percent to 7.96 yuan and traded at 7.12 yuan at 10:21 a.m.

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China State Construction Jumps on Debut After Biggest IPO Since March 2008

July 28, 2009

By Bloomberg News July 29 (Bloomberg) — China State Construction Engineering Corp. soared on its first trading day in Shanghai after the builder sold stock in the world’s largest initial public offering in 16 months. Shares of Beijing-based State Construction, China’s largest housing contractor, jumped as much as 90 percent to 7.96 yuan and traded at 7.12 yuan at 10:21 a.m

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Microsoft, Yahoo Near Web Search Deal

July 28, 2009

SEATTLE — Microsoft Corp.

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Don McNay: Bait and Switch Business Relationships

July 28, 2009

All of this, all of this, all of this looks so easy. But all of this, all of this, all of this ain’t so easy.

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Dan Solin: An Investment Riddle Rubix Cube Masters Can’t Solve

July 28, 2009

A globally diversified portfolio of index funds invested solely in stocks was down a whopping 40% in 2008. The same portfolio is up 19% in 2009, year to date. Here is the data for a portfolio invested 60% in stocks and 40% in bonds: 2008: down 23% 2009 (YTD): up 10% Raise your hand if your market beating broker or advisor told you to “flee to safety” at the end of 2007 and to get back into the market at the beginning of 2009 so that you would not miss the rally. I am not seeing any hands.

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Alicia Whitaker: NYC’s Newest Business Incubator

July 28, 2009

Here’s some good news: there are twenty two business start ups benefiting from access to space, interns and support services in a loft-like space at 160 Varick Street in lower Manhattan. The City of New York, the Real Estate Division of Trinity Church, NYU and NYU Polytechnic Institute collaborated to open this new business incubator on July 1.

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Chicago Skyway May Be Up For Grabs As Company Looks To Unload Public Assets

July 28, 2009

Macquarie Infrastructure Group, a publicly traded toll-road fund managed by Australia’s biggest investment bank, Macquarie Group Ltd., may sell the leases on the Chicago Skyway and Indiana Toll Road as it seeks to raise cash, investors said.

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Mob Beats Chinese Steel Factory Executive To Death

July 28, 2009

Chinese state media confirmed Monday that a steel factory executive was beaten to death after thousands of workers gathered to protest the takeover of their company.

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Donald Trump Warns OPEC Will "Suck The Blood Out Of Any Recovery" By Raising Oil Prices (VIDEO)

July 28, 2009

Donal Trump offered some words of warning this morning regarding any potential economic recovery in America. Trump is concerned that as the nation continues to back away from the cliff, OPEC will begin to raise oil prices, “suck[ing] the blood out of any recovery”: The biggest problem is going to be as we recover, as we get better, OPEC, the oil-profucing nations, are going to be raising oil prices and they will suck the blood out of any recovery and therefore the recovery is not going to be great. So unless something is done about OPEC, there is not going to be a great recovery, in my opinion.

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Iraqi Oil, Boundary Disputes Need U.S. Attention, Defense Chief Gates Says

July 28, 2009

By Viola Gienger July 28 (Bloomberg) — The U.S. is ready to help Iraq resolve disputes over oil resources and boundaries, visiting Defense Secretary Robert Gates said, as American commanders placed Arab-Kurdish tensions atop the list of biggest concerns. Gates, making a swing through the region that included stops in Israel and Jordan, today reviewed military progress in Iraq since U.S.

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Deutsche Bank Fixed-Income Trading Sinks as Risk Aversion Curbs Earnings

July 28, 2009

By Elena Logutenkova and Aaron Kirchfeld July 29 (Bloomberg) — Deutsche Bank AG , once the second- biggest trading firm behind Goldman Sachs Group Inc., reined in risk-taking and lost market share during the second quarter, casting a pall on the German bank’s earnings prospects. A 32 percent drop in fixed-income revenue eroded results for the sales and trading unit, the Frankfurt-based company reported yesterday. Led by Anshu Jain , the business generated 3.48 billion euros ($4.93 billion) buying and selling stocks, bonds, commodities and currencies in the period, down from 4.03 billion euros in the first quarter. The figures missed analysts’ estimates and trailed four of the bank’s largest rivals, including Zurich-based Credit Suisse Group AG .

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New Zealand May Leave Key Rate Interest Unchanged Amid Signs of Recovery

July 28, 2009

By Tracy Withers July 29 (Bloomberg) — New Zealand central bank Governor Alan Bollard may keep the benchmark interest rate unchanged for a second month as a recovery in the housing market and business confidence signals an end to a recession. The Reserve Bank of New Zealand will leave the official cash rate at a record-low 2.5 percent at 9 a.m.

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NYSE Will Charge for Trades at Open, Close; Fees to Drop for Large Clients

July 28, 2009

By Edgar Ortega July 28 (Bloomberg) — NYSE Euronext will begin to charge brokerages for transactions at the open and close of trading in the U.S., while also cutting fees for its largest clients.

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Station Casinos Seeks Bankruptcy After Talks With Unsecured Lenders Fail

July 28, 2009

By Beth Jinks and Brett Pulley July 28 (Bloomberg) — Station Casinos Inc. , taken private by Colony Capital LLC and management in 2007, filed for bankruptcy after failing to reach agreement with unsecured creditors on a plan for a pre-packaged court restructuring. As part of the bankruptcy, the Las Vegas-based company can borrow as much as $150 million from a non-operating unit, according to a regulatory filing today. None of the company’s company operating casinos were included in the filing in U.S

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U.S. Stocks, Oil Drop as Americans’ Confidence Declines; Dollar Advances

July 28, 2009

By Lynn Thomasson and Margot Habiby July 28 (Bloomberg) — U.S. stocks fell and the Standard & Poor’s 500 Index retreated from an eight-month high as consumer confidence trailed projections and companies from Office Depot Inc. to Coach Inc

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Georges Ugeux: The Bonus Debate Around the World

July 28, 2009

Goldman Sachs results resonate around the world as the great comeback of Wall Street’s greed.

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Les Leopold: Enslaved by Our 401ks?

July 28, 2009

About 40 years ago an elderly man approached me after an economics class we had put on for a group of oil and chemical workers at Rutgers University.

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Brian Whetten: The Core Problem in Business – It’s Not What You Think

July 28, 2009

GM’s bankruptcy . Goldman’s bonuses . AIG’s collapse . It’s easy to look at what’s going on and say “How Stupid!” And this is true — but perhaps not in the way you think

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First Madoff Interview: Can’t Believe I Got Away with It

July 28, 2009

In his first prison interview, a buff-looking Bernie Madoff said he couldn’t believe he got away with his massive Ponzi scheme for so long. “There were several times that I met with the SEC and thought ‘they got me,’” Madoff told Joseph Cotchett, a San Francisco lawyer threatening to sue his wife, sons and brother on behalf of a group of victims.

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House Panel Votes In Favor Of Restrictions On Executive Pay

July 28, 2009

WASHINGTON — A House panel voted Tuesday to prohibit financial firms from offering corporate pay packages that encourage executives to take big risks, going further than what President Barack Obama wanted to curb excessive salaries and bonuses on Wall Street. Lawmakers, including Republicans who opposed the proposal because they said it went too far, said they were under tremendous pressure from constituents. “Politically, it was very difficult for my members to stand up and fight this legislation,” said Rep.

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Barney Frank Slams Wall St: "Most Of Us Do Our Jobs Without Extra Bonuses"

July 28, 2009

Corporate chieftains worried about Congress’s impending regulation of executive pay should remember: Most Americans don’t get bonuses.

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American CareSource Holdings Elects New Board Director David A. George

July 28, 2009

DALLAS, TX–(Marketwire – July 28, 2009) – American CareSource Holdings, Inc. ( NASDAQ : ANCI ), the nation’s leading ancillary health care system, today announced the election of David A. George to Chairman of its Board of Directors on Tuesday, July 21, 2009, replacing exiting Board Chairman Edward B. Berger

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Bernanke’s Net Worth Takes Big Hit

July 28, 2009

WASHINGTON (AP) — If your investments didn’t do so well last year, don’t feel so bad: neither did Fed Chairman Ben Bernanke’s. The top U.S. financial official saw his net worth fall by more than a quarter in 2008, to between $850,000 and $1.9 million, according to an annual disclosure form released Tuesday.

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Stephanie Wei: General Motors to Drop Sponsorship: Goodbye Buick Open

July 28, 2009

Ah, more chatter about golf sponsors. This week’s Buick Open in Grand Blanc, Michigan, will be the last.

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Forbes’s $12.9 Million Art, Killers Picture, Darwin Relic Put Up for Sale

July 28, 2009

By Scott Reyburn July 28 (Bloomberg) — Christopher “Kip” Forbes , Vice Chairman of Forbes , is among the growing number of art collectors trying to sell works through discreet private transactions rather than public auctions. Forbes, 58, an admirer of Victorian painting, has offered 36 works with a total value of 7.8 million pounds ($12.9 million) to London dealers the Fine Art Society , Simon Edsor, one of the directors of the New Bond Street gallery, said in a telephone interview.

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BMW Offering $4,500 Rebates on Diesels as `Cash-for-Clunkers’ Plan Begins

July 28, 2009

By Mike Ramsey July 28 (Bloomberg) — Bayerische Motoren Werke AG , the biggest luxury-car maker, is offering a $4,500 rebate on its two diesel models in the U.S. to win customers who can’t qualify for the government’s fuel-economy trade-in program. The discounts apply to the 335d sedan and X5d sport-utility vehicle, the most-efficient autos sold in the U.S. by Munich- based BMW.

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Home Prices in U.S. Cities Post Monthly Rise; Consumer Confidence Declines

July 28, 2009

By Courtney Schlisserman and Shobhana Chandra July 28 (Bloomberg) — A gauge of U.S. house prices posted its first monthly gain in three years, providing some solace to consumers shaken by rising joblessness

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