July 2009

New Zealand Keeps Benchmark Interest Rate Unchanged at 2.5%, May Cut Again

July 29, 2009

By Tracy Withers July 30 (Bloomberg) — New Zealand’s central bank kept its benchmark interest rate unchanged for a second month and said it may cut borrowing costs further as a rising currency threatens a recovery from the worst recession in three decades. “The forecast recovery is based on a further easing in financial conditions,” Reserve Bank Governor Alan Bollard said in a statement in Wellington today after leaving the official cash rate at 2.5 percent. “If this easing does not occur, the recovery could be put at risk

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Japan Factory Output Climbs, Taking Quarterly Gains to Fastest in 56 Years

July 29, 2009

By Jason Clenfield July 30 (Bloomberg) — Japanese manufacturers increased production for a fourth month in June, capping the fastest quarterly output expansion in half a century and helping the economy rebound from its deepest postwar recession.

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Obama Losing Control of Health Care Plan Debate, New York Times Poll Says

July 29, 2009

By Heather Burke July 29 (Bloomberg) — President Barack Obama’s influence on health-care reform is being hurt by opponents arguing proposed legislation will limit doctor choice and treatment, the New York Times reported, citing a poll the newspaper conducted with CBS News. The poll found 69 percent of those surveyed believed that their health-care quality would deteriorate if the government enacted a universal coverage plan, the Times said

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Morgan Stanley, Wells Fargo Put Leveraged ETF Sales Under Review Over Risk

July 29, 2009

By Christopher Condon and Charles Stein July 29 (Bloomberg) — Morgan Stanley and Wells Fargo & Co. are reviewing whether to continue sales of leveraged and inverse exchange-traded funds as regulators caution that the securities might not be suitable for individual investors.

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Most Asian Stocks Decline as Commodities Producers Decline; Honda Rallies

July 29, 2009

By Patrick Rial and Masaki Kondo July 30 (Bloomberg) — Most Asian stocks declined as falling commodities prices sent materials producers lower, offsetting gains by Honda Motor Co. and Nomura Holdings Inc. after they reported earnings.

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Cablevision Said to Be Preparing Spinoff of Madison Square Garden, Knicks

July 29, 2009

By Kelly Riddell July 29 (Bloomberg) — Cablevision Systems Corp. is preparing to spin off its Madison Square Garden assets, including the New York Knicks basketball team and Radio City Music Hall, according to a person familiar with the matter

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Cablevision Said to Be Preparing Spinoff of Madison Square Garden, Knicks

July 29, 2009

By Kelly Riddell July 29 (Bloomberg) — Cablevision Systems Corp. is preparing to spin off its Madison Square Garden assets, including the New York Knicks basketball team and Radio City Music Hall, according to a person familiar with the matter. Stockholders would receive one share of the new company, to be called Madison Square Garden, for every share of Cablevision they own, said the person, who declined to be identified because the plan isn’t public.

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Japan Industrial Production Increases for Fourth Month as Exports Improve

July 29, 2009

By Jason Clenfield July 30 (Bloomberg) — Japanese manufacturers increased production for a fourth month in June, capping the fastest quarterly output expansion in half a century and helping the economy rebound from its deepest postwar recession.

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Japan Industrial Production Increases for Fourth Month as Exports Improve

July 29, 2009

By Jason Clenfield July 30 (Bloomberg) — Japanese manufacturers increased production for a fourth month in June, capping the fastest quarterly output expansion in half a century and helping the economy rebound from its deepest postwar recession. Production climbed 2.4 percent from May, when it rose 5.7 percent, the Trade Ministry said today in Tokyo. Economists surveyed by Bloomberg News estimated a 2.5 percent increase. Leaner inventories and more than $2 trillion in spending by governments worldwide stabilized global demand, supporting exporters including Mitsubishi Motors Corp.

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Senate Probes Goldman, Deutsche Bank For Mortgage Meltdown Fraud

July 29, 2009

WASHINGTON — A Senate panel has subpoenaed financial institutions, including Goldman Sachs Group Inc. and Deutsche Bank AG, seeking evidence of fraud in last year’s mortgage-market meltdown, according to people familiar with the situation.

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Obama Denies That He’s "Antibusiness"

July 29, 2009

In a July 27 interview in the Oval Office, President Barack Obama reflected on his first six months in office and discussed his evolving relationship with business leaders. The President clearly had a lot he wanted to say to the business community, with which he has gotten off to a somewhat shaky start. He addressed the criticisms of some CEOs that his policies are anti­business, defended his proposed tax increases on the wealthy, and drew management lessons from his executive experience thus far

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Equity in US property may evaporate

July 29, 2009

World The equity in $1.3 trillion worth of US commercial real estate acquired or refinanced in 2006 through early 2008 is at risk of being completely wiped out by price collapses, according to a report by Real Estate Capital Analytics. About

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Equity in US property may evaporate

July 29, 2009

World The equity in $1.3 trillion worth of US commercial real estate acquired or refinanced in 2006 through early 2008 is at risk of being completely wiped out by price collapses, according to a report by Real Estate Capital Analytics. About

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Why shouldn’t appraisals include foreclosures and short sales?

July 29, 2009

Filed under: Real Estate The National Association of Realtors and other housing industry types are none too pleased with the effect that real estate appraisers are having on the market. The NAR reports

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Overdraft Debit Fees Treat Consumer to $300 Charge for a Taco Supreme Meal

July 29, 2009

By Alexis Leondis

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Hartford Beats Estimates as Insurer Records Gain Tied to Equity Markets

July 29, 2009

By Andrew Frye July 29 (Bloomberg) — Hartford Financial Services Group Inc.

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China Stocks to Recover as `Zero Incentive’ for Loan Limits, Fisher Says

July 29, 2009

By Catarina Saraiva and Michael Patterson July 30 (Bloomberg) — Chinese stocks will recover from their steepest drop since November and end the year higher as speculation that the government will limit bank loans is unfounded, billionaire investor Kenneth Fisher said. The nation’s economy is “gangbusters compared to the rest of the world, why would they try to kick that?” said Fisher, who has about $900 million invested in Chinese shares among the $28 billion he manages as chief executive officer of Fisher Investments Inc. in Woodside, California.

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Patricia Handschiegel: The New Power Girls: What Social Networks Are Best for Your Business?

July 29, 2009

Entrepreneur Sayeh Pezeshki sits back in the bright white chair of her corporate office as she talks with a leading retail magazine about use of social media and her business. As she shares insight on how her online retail startup, Sortingwithstyle.com , uses social media, she rattles off the half dozen or so sites that her team taps. “I also have a company blog, The OfficeStylist , where I write weekly posts about various products on our site and office styling tips,” she adds. “It, combined with our Twitter page, which is directly linked to our Facebook, generates about 10% of our monthly traffic.” Meanwhile, in San Francisco, Shaherose Charania’s popular Women 2.0 organization uses Facebook and Linkedin along with Twitter to reach a near combined 20,000 people

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Sheldon Filger: U.S. Treasury Sweating Bullets over Financing Swelling Deficits

July 29, 2009

A Treasury auction earlier in the week for two-year debt drew a lacklustre response, setting the stage for what followed a couple of days later, when an auction for five-year debt was conducted.

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Anne Hill: A Modest Sign of Recovery

July 29, 2009

I am as concerned as anyone about the economy, and as a dream consultant I tend to look for signs and trends in places that other forecasters may miss.

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CONNECT Announces Five New Initiatives in Support of the San Diego Innovation Economy

July 29, 2009

New Initiatives Include Full Time Washington, D.C. Advocate, and Pursuit of New Funding Model to Accelerate Investments in Early Stage Technology and Life Science Start-Ups

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Bank of America Pushes Online Banking Over Local Branches

July 29, 2009

Bank of America Corp., a pioneer in banking online and through mobile phones, said Tuesday that it was considering closing up to 10% of its 6,100 offices across the country, as more customers shift their financial transactions to cyberspace. The strategy reflects the Charlotte, N.C., bank’s success in getting customers to use its online services, an effort that has forced other giants such as Wells Fargo Bank and JPMorgan Chase & Co. to improve their own services, analysts said.

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Bailed-Out Banks Stop Paying Dividends, Despite ‘Healthy’ Rating

July 29, 2009

A growing number of small and midsize banks that received federal bailout money have stopped paying quarterly dividends to the government in order to conserve capital.

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Canada: Housing market growth boosts real estate loans

July 29, 2009

From Thestar.com: Canadians, buoyed by a budding housing market recovery, took on more debt in June as they tapped banks for a variety of loans tied to real estate, says a report released yesterday by TD Economics. Total bank-issued credit to households

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Housing’s Tequila Hangover Isn’t Easily Shaken: David Reilly

July 29, 2009
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Swine Flu Vaccine May Be Available as Early as September, U.S. CDC Says

July 29, 2009
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Malaria Strain Resists Drugs, May Threaten Millions More, Researchers Say

July 29, 2009
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Obama Sees `Beginning of the End’ of Recession, Defends Stimulus Measures

July 29, 2009

By Edwin Chen and Nicholas Johnston July 29 (Bloomberg) — President Barack Obama defended the steps taken by his administration to pull the nation out of the economic crisis, saying the U.S.

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Health-Care Agreement Reached by Democrats on House Panel, Breaking Logjam

July 29, 2009

By Catherine Dodge July 29 (Bloomberg) — Democrats on the House Energy and Commerce Committee reached an agreement on a measure to overhaul the U.S. health-care system and will begin to draft legislation today, said Representative Mike Ross

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GE, Harley-Davidson Won’t Need to Separate Finance Businesses, Frank Says

July 29, 2009

By Rachel Layne and Alison Vekshin July 29 (Bloomberg) — General Electric Co.

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GE, Harley-Davidson Won’t Need to Separate Finance Businesses, Frank Says

July 29, 2009

By Rachel Layne and Alison Vekshin July 29 (Bloomberg) — General Electric Co. , Harley- Davidson Inc. and manufacturers with finance businesses should be allowed to keep them under a revision of rules to govern banking, U.S.

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Schapiro Is Said to Consider Kroeker, Ciesielski as SEC’s Chief Accountant

July 29, 2009

By Jesse Westbrook and Ian Katz July 29 (Bloomberg) — Securities and Exchange Commission Chairman Mary Schapiro settled on two finalists to be chief accountant, acting director James Kroeker and Baltimore money manager Jack Ciesielski , people familiar with the matter said. Kroeker, a former Deloitte & Touche LLP partner and acting chief since January, and Ciesielski, who has defended mark-to- market accounting, met with commissioners this month to discuss their interest in the job, said the people who declined to be identified before an announcement. The chief accountant interprets rules that require companies to disclose their financial health to shareholders

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Schapiro Is Said to Consider Kroeker, Ciesielski as SEC’s Chief Accountant

July 29, 2009

By Jesse Westbrook and Ian Katz July 29 (Bloomberg) — Securities and Exchange Commission Chairman Mary Schapiro settled on two finalists to be chief accountant, acting director James Kroeker and Baltimore money manager Jack Ciesielski , people familiar with the matter said. Kroeker, a former Deloitte & Touche LLP partner and acting chief since January, and Ciesielski, who has defended mark-to- market accounting, met with commissioners this month to discuss their interest in the job, said the people who declined to be identified before an announcement

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Visa Profit Beats Estimates as Credit Cards Displace Cash, Check Payments

July 29, 2009

By Peter Eichenbaum July 29 (Bloomberg) — Visa Inc. , the world’s biggest electronic payment network, posted higher fiscal third-quarter profit as more consumers paid their bills with credit, charge and debit cards. Net income climbed 73 percent to $729 million, or 97 cents a share in the three months ended June 30, from $422 million, or 51 cents, a year earlier, the San Francisco-based company said today in a statement. Adjusted income of 67 cents a share, which excludes unusual gains and losses, beat the 65-cent average estimate of 24 analysts surveyed by Bloomberg.

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Bollinger Says First Amendment Needed for Economy With Fed Providing Help

July 29, 2009

By Nancy Hass July 29 (Bloomberg) — The U.S. needs a “First Amendment for the economy” after a failure of regulation that could be remedied by giving the Federal Reserve more responsibility, said Lee C. Bollinger , president of Columbia University in New York.

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Bollinger Says First Amendment Needed for Economy With Fed Providing Help

July 29, 2009

By Nancy Hass July 29 (Bloomberg) — The U.S. needs a “First Amendment for the economy” after a failure of regulation that could be remedied by giving the Federal Reserve more responsibility, said Lee C. Bollinger , president of Columbia University in New York.

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Recession Easing as Fed Districts Report Slower Pace of Economic Decline

July 29, 2009

By Scott Lanman July 29 (Bloomberg) — The Federal Reserve said most of its 12 regional banks detected a slower pace of economic decline in June and July, further signs the worst U.S. downturn in at least five decades is closer to an end. “Economic activity continued to be weak” in June and July, the Fed said today in its Beige Book business survey, published two weeks before officials meet to set monetary policy

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Recession Easing as Fed Districts Report Slower Pace of Economic Decline

July 29, 2009

By Scott Lanman July 29 (Bloomberg) — The Federal Reserve said most of its 12 regional banks detected a slower pace of economic decline in June and July, further signs the worst U.S. downturn in at least five decades is closer to an end. “Economic activity continued to be weak” in June and July, the Fed said today in its Beige Book business survey, published two weeks before officials meet to set monetary policy. San Francisco, the district with the biggest economy, and three others “pointed to signs of stabilization,” while Chicago and St.

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Sun Valley, Calif., business thrives on providing gore

July 29, 2009

Sun Valley, Calif., business thrives on providing gore

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Orleck could depart for Lake Charles in early fall

July 29, 2009

Orleck could depart for Lake Charles in early fall

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Japan output data, earnings underscore recovery

July 29, 2009

Japan output data, earnings underscore recovery

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Tim Berry: Small Business: It’s About Health Care, Not Taxes

July 29, 2009

I just read Scott Shane’s First, Do No Harm to Small Business on the New York Times blog. And this is awkward because I like Scott, I’ve read and recommended his books, read his posts, and like his analysis. He does business numbers very well.

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Tim Berry: Small Business: It’s About Health Care, Not Taxes

July 29, 2009

I just read Scott Shane’s First, Do No Harm to Small Business on the New York Times blog. And this is awkward because I like Scott, I’ve read and recommended his books, read his posts, and like his analysis. He does business numbers very well. But he’s off base on this one.

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Forest & Marine Updates CCAA Status-May Not Be Able to Continue Current Business

July 29, 2009

NANAIMO, BRITISH COLUMBIA–(Marketwire – July 29, 2009) – Forest & Marine Investments Ltd. (TSX VENTURE:FME) – The Partnership, along with other entities in the Forest & Marine Group, remains under creditor protection under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) until July 31, 2009 by way of an order of the Supreme Court of British Columbia. The Partnership’s ability to present a plan to creditors that contemplated the Partnership carrying on its current business, was predicated primarily on obtaining financing from the Business Development Bank of Canada (“BDC”). The term sheet from BDC, had as a condition, the requirement of additional financing/equity from another source that does not appear forthcoming.

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Rob Johnson: Ah, Wall Street. Seeing The Real You at Last.

July 29, 2009

Well, I sailed through the storm Strapped to the mast, But the time has come And I’m seeing the real you at last. –Bob Dylan, “Seeing the Real You at Last” Innovation. It is a lovely word that teases the mind with the notion of expansive possibilities

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Rob Johnson: Ah, Wall Street. Seeing The Real You at Last.

July 29, 2009

Well, I sailed through the storm Strapped to the mast, But the time has come And I’m seeing the real you at last. –Bob Dylan, “Seeing the Real You at Last” Innovation. It is a lovely word that teases the mind with the notion of expansive possibilities

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Frank Threatens Banks: We Will Make You Stop Foreclosures

July 29, 2009

WASHINGTON — A senior House Democrat threatened banks Wednesday that if they don’t volunteer to save more homeowners from foreclosure, Congress will make them. In a sternly worded statement, Rep. Barney Frank said Congress will revive legislation that would let bankruptcy judges write down a person’s monthly mortgage payment if the number of loan modifications remain low

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Rep. Barney Frank: The "Loan Arrangers" Will Not Ride Again

July 29, 2009

This post was originally delivered as a speech at the National Press Club on July 27, 2009 Streaming video Thank you. I very much appreciate the forum that the Press Club offers for these kinds of discussions and let me reinforce what may have been an entirely unnecessary admonition. No one who has been familiar with the media in America could ever think hearing those applause that it came from members of the media. I want to first address an issue about financial reform that puts it in context.

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Gilbert B. Kaplan: Create a Secretary of Manufacturing

July 29, 2009

Three events in the last few months highlight why the United States needs a Secretary of Manufacturing, who will sit at the Cabinet Table with as much sway and importance as the Secretary of Agriculture, the Secretary of Defense, or any other Cabinet Officer. The first was the cancellation of the Presidential helicopter program, a cancellation that will throw about 1,000 aerospace specialists out of work in Owego, New York

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Norman Horowitz: Fair

July 29, 2009

An old friend who is a lawyer — yes it is possible for me to be friendly with a lawyer — said that Bernard Madoff was a petty thief and a pickpocket. He compared the Madoff felonies to the wholesale robbery that financial institutions enabled their people to pull off in 2008. Those perpetrators should get the hundred years in prison, but only after having been tortured and humiliated. Madoff worked for twenty-five long and hard years in order to rip off a paltry 15 or 16 billion dollars

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