July 2009

Fed’s Yellen Seeing `First Solid Signs’ of Conclusion to U.S. Recession

July 28, 2009

By Vivien Lou Chen and Steve Matthews July 28 (Bloomberg) — Federal Reserve Bank of San Francisco President Janet Yellen said the U.S. economy is showing the “first solid signs” of emerging from the recession and should resume growth later this year. “That recovery is likely to be painfully slow” as consumers spend less and save more, Yellen also said in a speech today in Coeur d’Alene, Idaho. “A gradual recovery means that things won’t feel very good for some time to come.” Yellen’s remarks echo the view of Fed Chairman Ben S

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Democratic Leaders Say House Likely to Miss Obama’s Health-Care Deadline

July 28, 2009

By James Rowley and Nicole Gaouette July 28 (Bloomberg) — U.S. House Democratic leaders, struggling to reach an accord with party dissidents on health care, said they’re likely to miss President Barack Obama ’s August deadline for legislation overhauling the medical system

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Redstone Is Said to Retain Some Theaters as Offers Exceed Sale Projections

July 28, 2009

By Andy Fixmer and Serena Saitto July 28 (Bloomberg) — Sumner Redstone , chairman of Viacom Inc. and CBS Corp. , may keep some of the 60 U.S. cinemas he offered for sale after bids came in higher than expected, according to a person with knowledge of the auction.

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JPMorgan, UBS, Deutsche Bank May Face Indictment in Milan Derivatives Case

July 28, 2009

By Sonia Sirletti and Marco Bertacche July 28 (Bloomberg) — The Italian prosecutor probing alleged fraud on derivatives contracts with the City of Milan will seek indictments against four banks after completing his investigation, two people familiar with the case said. Milan Prosecutor Alfredo Robledo will seek fraud charges against UBS AG , Deutsche Bank AG , JPMorgan Chase & Co. and Depfa Bank Plc , said the people, who asked not to be identified because the decision hasn’t been publicly announced

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CFTC Weighs Position Limits to Cut Energy-Market Speculation, Gensler Says

July 28, 2009

By Tina Seeley and Asjylyn Loder July 28 (Bloomberg) — The U.S. “must seriously consider” strict position limits on energy markets to curb speculation, Commodity Futures Trading Commission Chairman Gary Gensler said.

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Stocks in U.S. Retreat on Consumer Confidence, Earnings Reports; Oil Drops

July 28, 2009

By Lynn Thomasson 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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Incentive Pay Ban, Shareholder Vote on Compensation Passed by House Panel

July 28, 2009

By Jesse Westbrook July 28 (Bloomberg) — The U.S.

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Dave Pinter: Facebook HQ Designed Through Facebook Platform

July 28, 2009

This article originally appeared on PSFK.com . Employees of Facebook recently moved into their new home at the Stanford Research Park.

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Cash For Clunkers: ‘CARS’ Program Causes Confusion

July 28, 2009

Confused about the ‘Cash For Clunkers’ program? Well, for one, it’s also called “Car Allowance Rebate System” and its also causing some signifiicant confusion with car dealers and car owners across the country.

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Alternative Energy Development Corporation Appoints Lauri Marsh as Director of Operations

July 28, 2009

GLENDALE, AZ–(Marketwire – July 28, 2009) – Alternative Energy Development Corporation ( OTCBB : ADEC ) announced today that Lauri Marsh has been named Director of Operations to oversee production and distribution of AEDC’s patented, e3 Fuel Saver — a cost-effective, after-market, automotive fuel saving system designed to help consumers save serious money at the pump. “I am very pleased that Lauri has joined our team as Director of Operations,” said Jay Alvarez, President and CEO of AEDC. “She has years of experience launching new products for both consumer and business markets

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Small Business Bankruptcies To Double This Year: Report

July 28, 2009

Small businesses are going bankrupt this year at more than twice the rate that they were last year, according to Equifax.

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Mark Pasetsky: Wellness Programs Can Solve Obesity Epidemic

July 28, 2009

With the release of the obesity study published in the journal, Health Affairs, it’s clearly time for corporate America to take responsibility and make wellness programs mandatory! Before I share with you the benefits of wellness programs, let’s take a look at the shocking findings from the study as reported by the New York Times : * Obese Americans spend about 42 percent more on health care than normal-weight Americans * Medical spending on obesity-related conditions is estimated to have reached $147 billion a year in 2008. That figure represents almost 10 percent of all medical spending. * Obese Americans spend about $1,429 more on health care each year than the roughly $3,400 spent by normal-weight Americans Benefits of Wellness Programs Wellness programs not only help improve the health of employees by motivating them to take care of themselves, but they also reduce these alarming health care costs associated with obesity as well as improve your bottom line. How do you create a wellness program

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Jim Selman: Give or Take a Trillion

July 28, 2009

I confess to be among those who have some difficulty getting my head around how much a trillion dollars is. I can remember a book I read to my daughter called How Much is a Billion that was filled with mind-boggling examples, including things like the number of seconds that have passed since Jesus was born. The Huffington Post has a fun video clip visualizing a trillion using the same kinds of illuminating examples, such as a trillion dollars is enough to buy a Starbucks Latte every day for the next 900 million years. The only problem with these kinds of illustrations is that I can’t get my head around 900 million years either, let alone roughly 3 billion lattes

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Websense Expands Management Team to Support Growing Leadership in Internet Security and Data Loss Prevention

July 28, 2009

New Executive Vice President of Worldwide Sales and Senior Vice President and Chief Financial Officer Focused on Driving Growth and Shareholder Value

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Tuna 2010 is the centre stage for the latest in tuna developments

July 28, 2009

Tuna 2010 is the centre stage for the latest in tuna developments

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Dennis Whittle: What’s wrong with experts?

July 28, 2009

What’s wrong with experts? Nothing, as long as they don’t monopolize control over decisions, resources, and information. Experts – people with special skills, a lot of experience, and/or who have thought a lot about an issue – should be an important part of any decision-making or resource-allocation process

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U.S. And China Pledge ‘Balanced Growth’ After Meeting

July 28, 2009

WASHINGTON — Treasury Secretary Timothy Geithner said Tuesday that the United States and China have reached agreement on the need to work toward more balanced global growth once the current economic crisis has ended. Geithner spoke as the two countries were wrapping up two days of discussions aimed at seeking to narrow differences on a wide range of economic and foreign policy issues. “Our two nations are committed to a strong and stable international financial system that will contribute to more stable, balanced growth globally,” Geithner said as he and top Chinese economic officials resumed discussions on a variety of economic issues. In his opening comments, Chinese Vice Premier Wang Qishan voiced support for a key U.S

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Francine Hardaway: What Have You Really Lost to the Recession?

July 28, 2009

I just flew East to visit a Vedic scholar from Vrindavan, India who is teaching a summer session at Rutgers. He’s a friend, and I asked him how he found the United States on this visit compared to his previous visits. “Stressed,” he said.

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Ponzi Scheme That Raised $50 Million From Elderly Investors Halted by SEC

July 28, 2009

By Joshua Gallu July 28 (Bloomberg) — The U.S. Securities and Exchange Commission said it halted a $50 million Ponzi scheme near Detroit that raised money for a real-estate investment fund and targeted the elderly. A federal judge in Michigan agreed to freeze assets after the SEC sued John Bravata, 41, and Richard Trabulsy, 26, claiming they lured more than 400 investors by promising 8 percent to 12 percent annual returns, the agency said today in a statement. Of $50 million raised since May 2006, less than $20.7 million was spent on real estate, the SEC said.

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Platinum May Climb Up to 16% as Car-Sales `Whammy’ Ends: Chart of the Day

July 28, 2009
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Sotomayor High Court Nomination Heads for Senate Vote After Panel Approval

July 28, 2009

By Christopher Stern July 28 (Bloomberg) — The Senate Judiciary Committee approved the nomination of Judge Sonia Sotomayor to the U.S. Supreme Court, putting her in position for confirmation next week. The vote was 13-6, with Senator Lindsey Graham of South Carolina the only Republican to support Sotomayor, President Barack Obama ’s first high court nominee. “America has changed for the better with her selection,” Graham said.

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Liberty Mutual Profit Falls 8.7% on Drop in Value of Private Equity Assets

July 28, 2009

By Erik Holm July 28 (Bloomberg) — Liberty Mutual Group Inc., the policyholder-owned insurer that purchased Safeco Corp. last year, said profit fell for the second straight quarter on the decline in the value of private equity investments. Second-quarter net income of $274 million dropped 8.7 percent from $300 million in the same period a year earlier, the Boston-based insurer said today in a statement. American International Group Inc

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Geithner, Wang Seek More Balanced Economic Growth Following Global Crisis

July 28, 2009

By Rebecca Christie and Rob Delaney July 28 (Bloomberg) — U.S. and Chinese officials pledged to bridge differences on trade, investment and income disparity, as both countries seek a sustained global recovery and an era of more balanced growth. On the second day of the Strategic and Economic Dialogue in Washington, Treasury Secretary Timothy Geithner and China’s Vice Premier Wang Qishan said they agree on the need to strengthen the financial system and avoid trade barriers.

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GE Says Forced Separation of Finance Unit Becoming `Increasingly Unlikely’

July 28, 2009

By Rachel Layne July 28 (Bloomberg) — General Electric Co. sees financial- regulation measures being debated in Washington as “increasingly unlikely” to force a separation of the GE Capital unit from the parent company, executives said.

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Valero Posts Second-Quarter Loss for First Time in Decade as Demand Drops

July 28, 2009

By Jessica Resnick-Ault July 28 (Bloomberg) — Valero Energy Corp. , the largest U.S

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Ross Says `Never Again’ on Bank Purchases Under Proposed FDIC Guidelines

July 28, 2009

By Jason Kelly and Jonathan Keehner July 28 (Bloomberg) — Wilbur Ross , the billionaire private-equity investor, said the Federal Deposit Insurance Corp.’s proposed guidelines for bank takeovers are onerous and will deter buyout firms from making offers for lenders. “I assure you that my firm will never again bid if the proposed policy statement is adopted in its present form,” he wrote in a letter to the FDIC as part of the regulator’s public- comment process for the rules issued July 2. Ross’s firm was among the buyers of failed BankUnited Financial Corp. in May.

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Fed’s Yellen Seeing `First Solid Signs’ of Emergence From U.S. Recession

July 28, 2009

By Vivien Lou Chen July 28 (Bloomberg) — Federal Reserve Bank of San Francisco President Janet Yellen said the U.S. economy is showing the “first solid signs” of emerging from the recession and should resume growth later this year

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Stocks in U.S. Retreat After Gauge of Consumer Confidence Trails Estimates

July 28, 2009

By Lynn Thomasson 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. posted worse-than-estimated results.

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Jaime Pozuelo-Monfort: Excremental Change

July 28, 2009

Many academics comment that the right approach to development is incremental change or incremental improvement. What kind of incremental change are we talking about? Why didn’t the United States apply incremental change in Europe in the aftermath of World War II? I am afraid that incremental change works for ordinary times

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Deutsche Bank shares slide as debt trading weakens

July 28, 2009

Deutsche Bank shares slide as debt trading weakens

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Versant Becomes Corporate Member of AFCEA

July 28, 2009

Versant Becomes Corporate Member of AFCEA

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British shares struggle to hold onto record run

July 28, 2009

British shares struggle to hold onto record run

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Pyng Medical Corp. Appoints CEO and Grants Options

July 28, 2009

Pyng Medical Corp. Appoints CEO and Grants Options

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Coach’s quarterly net off 32% as shoppers cut back

July 28, 2009

Coach’s quarterly net off 32% as shoppers cut back

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SUBNET User Group Making Substations More Intelligent

July 28, 2009

SUBNET User Group Making Substations More Intelligent

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Fluor awarded FEED contract for Santos Gladstone LNG Upstream project in Australia

July 28, 2009

Fluor awarded FEED contract for Santos Gladstone LNG Upstream project in Australia

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Interpublic’s second-quarter profit tumbles 71%

July 28, 2009

Interpublic’s second-quarter profit tumbles 71%

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Valero swings to a loss, takes aim at CO2 measure

July 28, 2009

Valero swings to a loss, takes aim at CO2 measure

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Rockwell Automation quarterly profit falls 78%

July 28, 2009

Rockwell Automation quarterly profit falls 78%

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U.S. stock futures edge lower

July 28, 2009

U.S.

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Citigroup Folds Year-Old MyFi as McWhinney Rebuilds Bank-Based Brokerage

July 28, 2009

By Bradley Keoun July 28 (Bloomberg) — Citigroup Inc. plans to fold its year-old “myFi” discount financial-advice platform after losing the primary source of referrals when the bank sold the Smith Barney brokerage unit in May. Deborah McWhinney , hired in April to run what’s left of the New York-based company’s brokerage operations, said she plans to retire the myFi brand and retool the platform to offer financial advice to bank clients through the Internet and call centers

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Citigroup Folds Year-Old MyFi as McWhinney Rebuilds Bank-Based Brokerage

July 28, 2009

By Bradley Keoun July 28 (Bloomberg) — Citigroup Inc.

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Citigroup Folds Year-Old MyFi as McWhinney Rebuilds Bank-Based Brokerage

July 28, 2009

By Bradley Keoun July 28 (Bloomberg) — Citigroup Inc. plans to fold its year-old “myFi” discount financial-advice platform after losing the primary source of referrals when the bank sold the Smith Barney brokerage unit in May. Deborah McWhinney , hired in April to run what’s left of the New York-based company’s brokerage operations, said she plans to retire the myFi brand and retool the platform to offer financial advice to bank clients through the Internet and call centers. MyFi, created to handle Smith Barney referrals, becomes a part of McWhinney’s Citi Personal Wealth Management division, which also includes 600 branch-based brokers

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Confidence Among U.S. Consumers Falls More Than Estimated Amid Job Losses

July 28, 2009

By Shobhana Chandra July 28 (Bloomberg) — Confidence among U.S. consumers fell more than forecast in July, reinforcing concern that mounting joblessness will hurt households.

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Frank Says His Legislation May Lower Executive Compensation `In Bad Times’

July 28, 2009

By Alison Vekshin and Peter Cook July 28 (Bloomberg) — House Financial Services Committee Chairman Barney Frank said his legislation aimed at reining in pay incentives that lead executives to take excessive risks will probably reduce salaries “in bad times.” “What it will mean is that the compensation is more likely to track the broad outlines in the economy,” Frank, a Massachusetts Democrat, said today in an interview with Bloomberg Television in Washington. Frank’s panel is considering the legislation today and may vote on changes that would let shareowners hold non-binding votes on executive salaries and direct regulators to write rules that will limit incentives that encourage excessive risk-taking. Shareholders will help determine the compensation at their company, Frank said. “What we’re saying is however you pay the overall amount, don’t have a system that makes you take excessive risk,” Frank said.

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Frank Says His Legislation May Lower Executive Compensation `In Bad Times’

July 28, 2009

By Alison Vekshin and Peter Cook July 28 (Bloomberg) — House Financial Services Committee Chairman Barney Frank said his legislation aimed at reining in pay incentives that lead executives to take excessive risks will probably reduce salaries “in bad times.” “What it will mean is that the compensation is more likely to track the broad outlines in the economy,” Frank, a Massachusetts Democrat, said today in an interview with Bloomberg Television in Washington. Frank’s panel is considering the legislation today and may vote on changes that would let shareowners hold non-binding votes on executive salaries and direct regulators to write rules that will limit incentives that encourage excessive risk-taking. Shareholders will help determine the compensation at their company, Frank said

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Frank Says His Legislation May Lower Executive Compensation `In Bad Times’

July 28, 2009

By Alison Vekshin and Peter Cook July 28 (Bloomberg) — House Financial Services Committee Chairman Barney Frank said his legislation aimed at reining in pay incentives that lead executives to take excessive risks will probably reduce salaries “in bad times.” “What it will mean is that the compensation is more likely to track the broad outlines in the economy,” Frank, a Massachusetts Democrat, said today in an interview with Bloomberg Television in Washington.

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Currency-Trading Volumes May Take Years to Recover as Risk Appetite Slumps

July 28, 2009

By Lukanyo Mnyanda July 28 (Bloomberg) — Currency-trading volumes may take years to recover after a plunge in risk appetite sparked by the global financial crisis drove away hedge funds and speculators, according to foreign-exchange analysts. Daily trading in London dropped 25 percent in April from a year earlier, with volumes in North America slumping 26 percent, according to surveys released yesterday by the Bank of England and Federal Reserve Bank of New York. Trade in Tokyo slid 16 percent, data compiled by the Foreign Exchange Market Committee in Tokyo showed.

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IBM Will Purchase Statistical Software Maker SPSS for $1.2 Billion in Cash

July 28, 2009

By Julie Alnwick and Kelly Riddell July 28 (Bloomberg) — International Business Machines Corp. , the world’s biggest computer-services provider, agreed to buy SPSS Inc.

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IBM Will Purchase Statistical Software Maker SPSS for $1.2 Billion in Cash

July 28, 2009

By Julie Alnwick and Kelly Riddell July 28 (Bloomberg) — International Business Machines Corp. , the world’s biggest computer-services provider, agreed to buy SPSS Inc. for about $1.2 billion in cash to gain software that helps businesses analyze and predict trends. The per-share price is $50, the companies said today in a statement.

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