Stock Markets/ business NewsBP 'small people' comment causes anger along Gulf (AP)2010-06-16 22:02 AP - The "small people" of the Gulf Coast have a humongous message for oil giant BP: They're tired of the company's big-time executives making insensitive comments In China, a Labor Movement Aided by Modern Technology 2010-06-16 21:45 Workers on strike, who told their story via web, text and video, tapped into a communications web allowing the working class in China to share grievances and strategies. Maker Plays Up Sexual Disorder, With a Pill in Waiting 2010-06-16 21:41 A vast marketing campaign has set off debate over what constitutes a normal range of sexual desire for women. Senator sees big reporting gap in stock options (AP) 2010-06-16 21:36 AP - A multibillion-dollar gap between what public companies book as expenses for their executives' stock options and what they report to the IRS under two sets of rules is costing the Treasury billions in lost revenue, a key senator says. BP to fund $20bn oil spill payout 2010-06-16 21:36 BP is to place $20bn in an independent fund for victims of the Gulf oil spill and will cancel dividend payments for 2010. Spill coverage barriers remain despite promises (AP) 2010-06-16 21:35 AP - Journalists covering the Gulf of Mexico oil spill have been yelled at, kicked off public beaches and islands and threatened with arrest in the nearly three weeks since the government promised improved media access La. parish head: Replace adm. in charge of spill (AP) 2010-06-16 21:35 AP - The leader of a Louisiana parish that has been one of the hardest hit by the oil disaster in the Gulf says the admiral in charge of the response needs to be replaced Demanding Buyers Hinder the Housing Market 2010-06-16 21:26 Buyers are walking away when sellers refuse last-minute demands, making a drop in sales worse than expected. BP Sets Aside $20 Billion for Spill Victims and Skips Dividends 2010-06-16 21:23 BP agreed to create a $20 billion escrow account and announced that it would suspend its dividend for the remainder of the year. Wall Street bill likely to preserve Fed independence (Reuters) 2010-06-16 21:21 Reuters - After suffering sustained criticism of its role in the financial crisis, the Federal Reserve looked set on Wednesday to emerge from an overhaul of financial regulations with its jealously guarded independence intact No Charges From S.E.C. for an A.I.G. Executive 2010-06-16 21:20 The S.E.C. will not sue Joseph J. Cassano, the former head of the Financial Products unit, over upbeat statements before the company’s near collapse. FedEx Reports $419 Million Quarterly Profit 2010-06-16 21:20 The company swung to a fourth-quarter profit and offered a conservative outlook that relied on international sales. With Criminal Charges for Oil Spill, Costs to BP Could Soar 2010-06-16 21:15 Estimates show that the civil fine for the escaping oil alone could be $280 million a day, but criminal penalties, if imposed, could cause the costs to balloon still further. New rule halts trading in Washington Post shares (Reuters) 2010-06-16 21:11 Oil sector needs to improve oil spill response-BP (Reuters) 2010-06-16 21:11 NYMEX-Crude ends at 6-week high on technical strength (Reuters) 2010-06-16 21:11 BP agrees to $20 bln spill fund, cuts dividend (Reuters) 2010-06-16 21:11 Spirit Airlines reaches deal with pilots - MarketWatch 2010-06-16 21:11 BP starts burning oil from leaking ruptured well - The Associated Press 2010-06-16 21:11 Lawmakers Ready to Drop Plan on New York Fed Chief - BusinessWeek 2010-06-16 21:11 Gates, Buffett Goad Peers to Give Billions to Charity - Wall Street Journal 2010-06-16 21:11 Bernanke Pleased With Financial Bill's Progress - Wall Street Journal 2010-06-16 21:11 State of the Art: Sprint’s Bold Evo Phone Fades a Bit in the Details 2010-06-16 21:10 The new HTC Evo 4G phone from Sprint looks good, runs Flash videos on the Web and lets you type by speaking. What’s the problem? Your Money: Dividends Like BP’s Look Safe, Until They’re Not 2010-06-16 21:09 For investors, the moral of the BP story is clear: diversify — not only into other stocks, but also into other sources of income, like annuities, interest and even asset sales. Calpers asking California for more money 2010-06-16 21:01 SACRAMENTO, Calif - The board of Calpers, the biggest U.S. public pension fund, voted on Wednesday to ask California's government for an additional $600 million in funding to bolster its finances. Executive Accused of Seeking to Defraud TARP 2010-06-16 21:00 The government says Lee Bentley Farkas tried to steal $553 million in federal bailout assistance. Fed faces more congressional scrutiny in bank bill (AP) 2010-06-16 20:52 AP - Looking to peer deeper into Federal Reserve activities, House and Senate lawmakers negotiating a massive financial regulation bill agreed Wednesday to expand congressional scrutiny of the nation's central bank Swiss Lawmakers Delay Decision on UBS Tax Case 2010-06-16 20:50 The parliament’s lower house voted for a referendum on a deal between Switzerland and the U.S. on the disclosure of American-held accounts. Trade Tensions With China Shadow G-20 Meeting 2010-06-16 20:42 President Obama is under pressure from software industry leaders and Congress to take a tough stance against China’s policies. BP says it's sorry â and guarantees $20B for Gulf (AP) 2010-06-16 20:39 AP - President Barack Obama wrested a $20 billion compensation guarantee and an apology to the nation from British oil giant BP Wednesday, announcing the company would set up a major claims fund for shrimpers, restaurateurs and others whose lives and livelihoods are being wrecked by the oil flooding into the Gulf of Mexico Number of homeless down, but homeless families up (AP) 2010-06-16 20:34 AP - Families crowding together into single homes because of the bad economy helped increase the number of homeless families last year, even as the total number of homeless individuals dropped, federal housing officials reported Wednesday. Debt crisis hangs over EU summit 2010-06-16 20:25 An EU leaders' summit faces the challenge of reviving economic growth while reining in the worst public debts for decades. BP’s $20 Billion Deal Helps Steady Market 2010-06-16 20:00 Shares steadied after BP’s agreement to put $20 billion into a fund for victims of the oil spill eased some uncertainty about the company. Senate considers revised tax bill (Reuters) 2010-06-16 19:58 Reuters - Senate Democrats on Wednesday offered a scaled-back jobless benefit and business tax break plan that also softens a new tax on investment fund managers after the Senate rejected a larger, costlier bill. Britain Moves to Revamp Financial Regulation 2010-06-16 19:50 The Bank of England will take over financial regulation and two agencies will be created, one for protecting consumers and the other for pursuing financial crimes. France and Spain Act to Rein In Their Budgets 2010-06-16 19:50 France and Spain are facing domestic opposition to new budget tightening plans, despite pressure from the E.U. for more fiscal discipline. New Obama-backed stimulus package fails in Senate vote (The Christian Science Monitor) 2010-06-16 19:47 The Christian Science Monitor - In a vote Wednesday, the US Senate showed a restrained appetite for more economic stimulus spending. Fed chief says financial stability key for regulators (AFP) 2010-06-16 19:40 AFP - Financial regulators should look beyond their primary role of safeguarding individual institutions by giving priority to market stability, Federal Reserve chief Ben Bernanke said Wednesday Apple iPhone 4 sets record sale pace despite gaffe 2010-06-16 19:21 LOS ANGELES/NEW YORK - Sales of Apple Inc's latest iPhone blew away expectations in its first day on the market despite shortages and an embarrassing online ordering glitch that thwarted many shoppers. Housing Starts Stall As Factories Rev Up In 2-Track Economy (Investor's Business Daily) 2010-06-16 19:19 Investor's Business Daily - Housing starts plunged in May by the most in more than a year, the Commerce Department said Wed-nesday, as demand for homes faltered after tax credits expired. But industrial production jumped by the most in 10 months, the Federal Reserve said. SEC said to end probe of AIG and executives 2010-06-16 19:19 NEW YORK - U.S. market regulators have closed an investigation of American International Group and some of its executives over the giant insurer's near collapse in 2008 that led to a $182 billion government bailout, two sources with knowledge of the matter said on Wednesday. United and Continental grilled on merger in House 2010-06-16 19:09 WASHINGTON - Top executives of United Airlines and Continental Airlines sparred with irritated lawmakers on Wednesday over their merger plan, drawing a threat for closer industry regulation if the deal is approved. Osborne to give Bank more power 2010-06-16 19:05 Chancellor George Osborne confirms changes to the UK's financial regulatory system in his first Mansion House speech. Quick entry 2010-06-16 19:02 How racing in India could speed up market access How does VAT work? 2010-06-16 19:02 Which items fit into the three bands of VAT and what would happen if the rates increased? New perestroika 2010-06-16 19:01 Russian economic forum to promote new policies Coastal fears 2010-06-16 19:01 Newfoundland fears fail to halt deepwater drilling Keydata probe 2010-06-16 19:01 Why were investors sold "death" bonds? End of an era as US auto union elects Gettelfinger successor (AFP) 2010-06-16 18:56 AFP - United Auto Workers (UAW) members elected a new president Wednesday to replace long-time stalwart Ron Gettelfinger at a daunting time for the union and the struggling US auto industry Phone Smart: 2 Apps Let iPad Users Perform Actual Work 2010-06-16 18:48 Documents To Go and Quickoffice Connect Mobile Suite will not replace a laptop, but will allow iPad users to work away from the office. Putting a Private Detective in Your Laptop 2010-06-16 18:40 A number of good programs can locate a stolen computer through Internet information, monitor e-mail and even photograph an illegal user. Senate tax bill revised amid deficit concerns (Reuters) 2010-06-16 18:37 Reuters - U.S. Senate Finance Committee Chairman Max Baucus on Wednesday offered a revised proposal to extend jobless benefits that he said would also soften a provision raising taxes on investment fund managers. French raise retirement age to 62 2010-06-16 18:26 France's retirement age will be raised from 60 to 62 over the next eight years as part of sweeping pension reforms. Senate votes to extend tax credit to homebuyers caught in backlog (McClatchy Newspapers) 2010-06-16 18:19 McClatchy Newspapers - WASHINGTON — An estimated 180,000 consumers eligible for the government's homebuyer tax credit could lose that benefit because a huge backlog could make them miss the June 30 deadline to complete the transaction, but the Senate voted Wednesday to give consumers three more months to seal their deals. Jobless aid bill hits deficit wall in Senate (AP) 2010-06-16 18:17 AP - President Barack Obama's plea for more stimulus spending as insurance against a double-dip recession hit a roadblock in the Senate on Wednesday, the victim of election-year anxiety over huge federal deficits Tech Talk Podcast: 'Star Trek' and Critical Thinking 2010-06-16 18:15 Using "Star Trek" to teach critical thinking, the digital newsstand Zinio and Internet radio options are among the topics in this week's Tech Talk podcast. Bernanke says Fed is beefing up bank oversight (AP) 2010-06-16 18:13 AP - The Federal Reserve is working to beef up oversight of financial companies to better protect the nation from another financial crisis in the future, Chairman Ben Bernanke said Wednesday Bernanke says Fed is beefing up bank oversight (AP) 2010-06-16 18:13 AP - The Federal Reserve is working to beef up oversight of financial companies to better protect the nation from another financial crisis in the future, Chairman Ben Bernanke said Wednesday It's Not The Economy That's Hurting FedEx 2010-06-16 18:10 The courier's shares slide as internal factors force the company to offer a cautious outlook. U.S. Bancorp And Franklin Keep Dividends Rolling 2010-06-16 18:10 Also, American Capital Agency holds steady with a quarterly dividend of $1.40 per share. 22 Percent of Internet Time Is Social, Nielsen Says 2010-06-16 18:09 According to statistics from Nielsen, a market research firm, people are now spending 22 percent of their online time on social Web sites or blogs. How I Saved My Company: Gnosis Arts 2010-06-16 18:04 Struggling in the teeth of the recession, Gnosis Arts made two counterintuitive decisions. Small Caps Sail Higher, Europe Is A Downer 2010-06-16 18:00 The FTSE Nasdaq Small Cap Portfolio leads the market. Slumping Fannie And Freddie Anchor Mortgage Firms 2010-06-16 18:00 Government-backed pair slump after news of NYSE delisting, drag rest of sector lower. Smart Money Hiding Spots In Australia, New Zealand, Norway And Sweden 2010-06-16 18:00 If you're wary of U.S. Treasuries, the credit derivative market offers up some alternatives. India's EV Play 2010-06-16 18:00 With a majority stake in Reva Electric Car Company, Mahindra & Mahindra now gets a better chance to join the global race to develop an electric car. Pilots Reach Accord With Spirit Airlines 2010-06-16 17:56 Spirit Airlines made a deal with its pilots that will end their five-day-old walkout. The airline said flights would resume on Friday. Micron Tech Gains As Memory Chipmakers Rally 2010-06-16 17:50 Security services also advance Wednesday Genoptix Shares Slammed After Guidance Cut 2010-06-16 17:50 Curis, JDA Software among Wednesday's other big losers. France and Spain move on reforms before EU summit (Reuters) 2010-06-16 17:41 Reuters - Spain and France announced politically unpopular labor and pension reforms on Wednesday in the face of financial market pressure on euro zone states to clean up their finances No Shortage Of Buyers For Longtop Financial Technologies 2010-06-16 17:40 Chinese sales and marketing deal with Netezza sends firm's shares flying. Stocks end flat; BP agrees to $20B victim fund (AP) 2010-06-16 17:36 AP - BP's agreement to put $20 billion into a fund for victims of the Gulf of Mexico oil spill lifted the stock market off its lows and sent the major indexes to a narrowly mixed finish Wall Street ends flat on mixed economic data 2010-06-16 17:34 NEW YORK - Stocks finished flat on Wednesday as cautious comments from FedEx and weak housing market data overshadowed a surge in industrial production. Rags To Riches Billionaire 2010-06-16 17:11 Cirque du Soleil's Guy Laliberte has reservations about flaunting his wealth during the recession. Citi, Fannie, Freddie offer Gulf mortgage relief (AP) 2010-06-16 17:08 AP - Homeowners in areas of the Gulf of Mexico affected by the BP oil spill can get mortgage relief from Citigroup Inc. and government sponsored mortgage purchasers Fannie Mae and Freddie Mac. FedEx says global trade recovery is underestimated (AP) 2010-06-16 17:06 AP - FedEx said people are too pessimistic about a recovery in global trade, after it reported Wednesday that strong exports from Asia and other international shipments drove its improved fourth-quarter results BP cuts dividend and capex to pay for oil spill 2010-06-16 16:59 LONDON - Oil giant BP said it would not pay three quarters of dividends, significantly reduce its investment program and sell $10 billion of assets to fund a planned $20 billion fund to pay for its Gulf of Mexico oil spill. Ex Bear Stearns CEO On Financial Markets 2010-06-16 16:55 Ace Greenberg on financial regulation, Europe and derivatives. Gulf drilling halt starts to sting companies 2010-06-16 16:49 NEW YORK - The moratorium on deepwater drilling in the Gulf of Mexico has begun to bite oilfield service companies, with market analysts now forecasting lower than expected spending on new projects in the region and pressure on drilling stocks. Home building plunges, industrial output surges (Reuters) 2010-06-16 16:48 Reuters - Housing starts hit a five-month low in May as a homebuyer tax credit expired while wholesale prices remained subdued, giving the Federal Reserve ample room to maintain its ultra-low interest rate policy BP CFO: Dividend Cut 'An Extraordinary Thing To Do' 2010-06-16 16:45 After White House meeting, oil company scraps shareholder payout for the rest of the year, commits to $20 billion fund for spill relief. E.U. Faces Shortages of Key Minerals 2010-06-16 16:31 The European Union is facing shortages of 14 "critical" raw materials needed for mobile phones and emerging technologies, a study found. At World Cup, Publicity Money Can't Buy 2010-06-16 16:28 The arrests of two women for "ambush marketing" demonstrate the lengths to which FIFA will go to protect sponsors of the World Cup. Minneapolis Fed says regional economy improving (AP) 2010-06-16 16:12 AP - The economy in the Upper Midwest is strengthening at a moderate pace, with gradual improvement expected to continue into next year, economists with the Federal Reserve Bank of Minneapolis said Wednesday. Minneapolis Fed says regional economy improving (AP) 2010-06-16 16:12 AP - The economy in the Upper Midwest is strengthening at a moderate pace, with gradual improvement expected to continue into next year, economists with the Federal Reserve Bank of Minneapolis said Wednesday. IMF visit fuels speculation on Spain bailout despite denials (AFP) 2010-06-16 16:03 AFP - The head of the International Monetary Fund is to visit Spain amid reports Madrid is seeking a bailout while the government bit the bullet and approved crucial reforms of its rigid job market Wednesday FedEx profit beats expectations but shares fall 2010-06-16 15:59 NEW YORK - FedEx Corp said on Wednesday that healthcare and pension costs will pinch profits in 2011, sending its shares down despite quarterly results that beat analysts' expectations. Stocks end flat after choppy session 2010-06-16 15:34 U.S. stocks recovered from deep losses Wednesday and finished a choppy session near the previous day's closing levels as investors considered mixed economic news and BP's agreement to establish a $20 billion escrow fund and cancel its quarterly dividend. Goldman Bursts DreamWorks' Bubble With Downgrade 2010-06-16 15:30 Studio's shares slip after analyst expresses concern over Shrek saturation. Summary Box: Home building fails to lift recovery (AP) 2010-06-16 15:24 AP - CONSTRUCTION WEAK: New home and apartment construction fell 10 percent in May. That's a sign that builders won't be able to contribute much to the economic recovery. U.S. Debt Bomb's Detonation Sped Up By Five Years 2010-06-16 15:15 Feds' policy of piling on debt will lead to years of sluggish growth--or worse. Summary Box: Fannie, Freddie to delist from NYSE (AP) 2010-06-16 15:01 AP - GSE SHARES DELIST: Government-sponsored mortgage purchasers Fannie Mae and Freddie Mac plan to delist their shares from the New York Stock Exchange after their stocks had trouble meeting listing requirements. Opel to Go Ahead Without Government Aid 2010-06-16 14:52 The G.M. unit, unsuccessful so far in securing government aid, said it will finance a five-year new-product drive with help from the parent company. (AP) 2010-06-16 14:41 AP - BP chairman apologizes to American people for Gulf of Mexico oil spill. Home construction fails to lift recovery (AP) 2010-06-16 14:40 AP - Homebuilders are sending a message: They won't be able to contribute much to the economic recovery now that government home-buying incentives have vanished Dollar little changed after mixed reports 2010-06-16 14:31 The dollar was little changed against foreign currencies Wednesday as investors take a breather after mixed economic reports and the stock market's rally the day before. Treasurys rise on renewed Spain fears 2010-06-16 14:28 Treasurys turned higher Wednesday after renewed fears about Spain's debt pushed investors back to the safe-haven appeal of U.S. bonds. Vauxhall-Opel withdraws aid bids 2010-06-16 14:26 Vauxhall and Opel withdraw applications for 1.8bn euros (£1.5bn) of government help, citing long delays. Vauxhall-Opel withdraws aid bids 2010-06-16 14:26 Vauxhall and Opel withdraw applications for 1.8bn euros (£1.5bn) of government help, citing long delays. A look at global economic developments (AP) 2010-06-16 13:44 AP - A look at economic developments and activity in major stock markets around the world Wednesday: U.S. double-dip recession very unlikely say economists (Reuters) 2010-06-16 13:14 Reuters - The U.S. economy is slowly healing and will avoid a relapse into recession, the American Bankers Association's economic advisory committee said on Wednesday. Ex-mortgage boss accused of fraud 2010-06-16 13:12 The former boss of US mortgage lender Taylor, Bean & Whitaker is charged with 16 counts of fraud, worth about $1.9bn (£1.3bn). UK to cut aid to Russia and China 2010-06-16 12:58 Britain will stop giving aid money to China and Russia, as "it is not justifiable", international development secretary says. Obama Administration Warns Medicare Insurers 2010-06-16 12:47 Will the president's call for price restrain lead to rationing for senior citizens? Fannie and Freddie stock delisted 2010-06-16 12:44 US home loan giants Fannie Mae and Freddie Mac are to cease trading on the New York Stock Exchange (NYSE). Apple Gets More Than 600,000 Orders for iPhone 4 2010-06-16 12:37 AT&T said presale orders for the iPhone 4 were 10 times higher than they were for the previous version of the iPhone. BA and Unite union 'deadlocked' 2010-06-16 12:22 The latest attempt to secure a deal between British Airways and the Unite union has failed, says the conciliation service Acas. Everybody hates airlines - except Wall Street 2010-06-16 12:11 You would think these would be the worst possible times for airlines. U.S. to unveil steps to build on Iran sanctions (Reuters) 2010-06-16 11:44 Reuters - Senior U.S. officials will unveil on Wednesday new economic steps they plan to take to try to pressure Iran over its nuclear program and build on the latest round of U.N. sanctions, an Obama administration official said. Obama renews U.S. economic sanctions on N. Korea (Reuters) 2010-06-16 10:50 Reuters - President Barack Obama has extended U.S. economic sanctions on North Korea for another year, citing the continuing threat posed by Pyongyang's nuclear program, the White House said on Tuesday. US wholesale prices down for second straight month (AFP) 2010-06-16 10:47 AFP - US producer prices dipped in May for the second consecutive month, government data showed Wednesday, easing any immediate inflation concerns in the world's largest economy EU votes on standard food labels 2010-06-16 09:59 Euro MPs back plans to make food labels clearer to consumers, but reject "traffic light" colour-coding. Spain borrowing costs at new high 2010-06-16 09:50 The Spanish government's cost of borrowing hits a new record amid renewed concerns over its economy and public finances. UK unemployment rises to 2.47m 2010-06-16 09:34 The number of people unemployed increased by 23,000 to 2.47m during the three months to April, official figures show. Stopping the oil 2010-06-16 08:09 An interactive guide to how BP has tried to stem the oil leak U.S. is Home to the Most Millionaires (BusinessWeek) 2010-06-16 08:08 BusinessWeek - The economy may not be as vibrant as it was a few years ago. Yet by some measures, wealth is back. Rooms at luxury hotels are filling up with a resurgence in business travel. Retailers such as Saks , Herms (), and LVMH Mot Hennessy Louis Vuitton () reported sales gains in the first quarter as the superrich took up spending again. By the end of 2010, global sales of luxury goods should be up 4 percent year-on-year, compared with the 8 percent drop seen in 2009, say projections from consulting firm Bain & Co. Lehman auditors face UK probe 2010-06-16 07:40 Ernst and Young, auditors of the UK arm of collapsed bank Lehman Brothers, is being investigated by an industry body. Russia warns Belarus of gas cut 2010-06-16 07:36 Russian President Dmitry Medvedev warns Belarus that unless it pays off its debts for Russian gas within five days it will face cuts. Stocks set for shaky start 2010-06-16 07:01 U.S. stocks were set for a shaky start Wednesday, as investors mulled the previous session's run up and awaited a slew of economic readings. Swedish strike disrupts flights 2010-06-16 06:30 A strike by pilots in Sweden has led to the cancellation of 500 mainly local flights, affecting at least 23,000 passengers. Rethinking Development Goals 2010-06-16 06:00 Although much important progress has been made, targets are unlikely to be met by 2015. US stocks rise as euro sees gains 2010-06-16 05:57 US stocks close 2% higher after a gain in the euro signalled growing confidence with Europe's ability to deal with its debt crisis. Public sector regional pay calls 2010-06-16 05:31 Regional pay should be introduced throughout the public sector to help recruitment and improve performance, a report says. Sainsbury's sees slowing growth 2010-06-16 03:45 Sainsbury's sees the smallest rise in quarterly like-for-like sales for five years, hit by low food price rises and higher fuel costs. 'Food boom' for emerging nations 2010-06-16 03:42 Brazil, India, China and Russia will enjoy an agricultural boom over the next decade as output stagnates in Western Europe. Lending price controls rejected 2010-06-16 03:37 The Office of Fair Trading backs away from recommending price controls on expensive forms of short term borrowing. Murdoch in BSkyB takeover offer 2010-06-16 01:13 Rupert Murdoch's News Corporation launches a bid to take full control of satellite broadcaster BSkyB. Economic Scene: In Cap and Trade, a Risk of Acknowledging Costs 2010-06-16 00:10 A cap-and-trade system for power plants has great economic strength, but it also has the great political weakness of forcing the acknowledgment of related costs. |
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