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| Congress is already gearing up to scrutinize the Comcast-NBC deal
December 3, 2009 at 6:15 pm
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| Filed under: Company News, Media, General Electric , Comcast  The U.S. Congress will investigate Comcast's (CMCSA) proposed $30 billion merger with NBC Universal, a powerful House committee chairman said hours after the deal was announced on Thursday. The hearings will likely be the focal point of intense government scrutiny of the pact, which unites two of the biggest media companies in the world.
The Federal Communications Commission is also expected to examine the deal. News of the government probes -- while expected -- comes as interest groups unloaded on the proposed megamerger. "This deal is a witch's brew," says Art Brodsky, spokesperson for Public Knowledge, a Washington, D.C., advocacy group that has tangled repeatedly with Comcast over broadband policy issues.Continue reading Congress is already gearing up to scrutinize the Comcast-NBC deal Congress is already gearing up to scrutinize the Comcast-NBC deal originally appeared on DailyFinance on Thu, 03 Dec 2009 18:15:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| British bankers behaving badly: Money men of London looking for a thrill
December 3, 2009 at 6:00 pm
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| Filed under: Economy, People, Investing, Media  While politicians and diplomats often talk about our "special relationship," the truth is that America and Great Britain have always had a healthy level of competition. Whether the battleground of choice is classic rock (Elvis vs. the Beatles), geek heartthrobs (Daniel Radcliffe vs. Elijah Wood) or sports (David Beckham vs. the NBA, NFL, NHL, and MLB), the rivalry has always been there, simmering just below the surface.
Our transatlantic tiff has now erupted into the world of finance. You see, while America's financial services employees are buying guns and whining about pay packages, Britain's money men are having lots and lots of sex. In fact, according to Illicitencounters.com, "A discreet and confidential extra-marital dating service for women and men," there has been a huge increase in the number of bankers who are trolling the site. More than 5% of the site's estimated 380,000 members are currently employed in financial services.Continue reading British bankers behaving badly: Money men of London looking for a thrill British bankers behaving badly: Money men of London looking for a thrill originally appeared on DailyFinance on Thu, 03 Dec 2009 18:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Who's writing the Forbes tell-all?
December 3, 2009 at 5:40 pm
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| Filed under: People, Media  As sexy workplaces go, Forbes ranks somewhere far below Vogue, the (fictionalized) setting of The Devil Wears Prada. But the venerable business title is the subject of a tell-all currently being written by one (or more) of the many staffers whose jobs it has eliminated over the past two years, according to Gawker. And here at DailyFinance, we have a hunch we know who the author might be.
Asked about the book, various Forbes insiders, past and present, pointed fingers at former managing editor Stewart Pinkerton, who departed the magazine in March after nearly 20 years there. While Pinkerton's far from the only long-serving editor to depart in recent waves of downsizing, he's one of very few in a position to know details of a feud among the Forbes brothers, said to be the book's subject. "To write a book about the family, you'd have to be someone of Stewart's stature," says one source. "Without having that level of access, it'd be pretty superficial."Continue reading Who's writing the Forbes tell-all? Who's writing the Forbes tell-all? originally appeared on DailyFinance on Thu, 03 Dec 2009 17:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Target's same-store sales miss offers buying opportunity
December 3, 2009 at 5:20 pm
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| Filed under: Target Corp., Stock Picks  Shares in Target (TGT) fell nearly 3% Thursday after the nation's second biggest discount retailer said same-store sales -- a key retail metric -- missed Wall Street's average estimate. But Target's short-term pain could be a patient investor's long-term gain -- if the stock is indeed as cheap as it appears.
True, November same-store sales, which measures sales at stores open more than a year, fell 1.5% when the Street was looking for a 0.5% decline. But Brian Sozzi, an analyst with Wall Street Strategies, says there's no Grinch to be found in Target's numbers. Not only did the retailer increase traffic, Sozzi said in a note to clients, but also gained traction in discretionary (or non-essential) merchandise categories. (That's an encouraging sign.) Sozzi also believes the company's lean inventory position and leverage over its suppliers could insulate fourth-quarter earnings from the same-store sales shortfall.Continue reading Target's same-store sales miss offers buying opportunity Target's same-store sales miss offers buying opportunity originally appeared on DailyFinance on Thu, 03 Dec 2009 17:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Wal-Mart to pay $40 million to settle labor lawsuit in Massachusetts
December 3, 2009 at 5:00 pm
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| Filed under: Wal-Mart Stores  Wal-Mart Stores (WMT) has agreed to pay $40 million to settle a lawsuit filed in Massachusetts that alleged the big-box retailer cheated 87,500 current and former employees in the state out of pay and failed to obey work rules. The class-action suit, filed in 2001, accused Wal-Mart of altering time cards, refusing to pay overtime, and denying workers rest and meal breaks.
Under the terms of the agreement, filed Wednesday in Middlesex Superior Court by attorneys representing employees, anyone who worked for Wal-Mart between August 1995 and the settlement date will receive a payment of between $400 and $2,500, depending on the number of years they worked at the store, The Boston Globe reported on its web site. The average worker will receive a check for $734, the newspaper said.Continue reading Wal-Mart to pay $40 million to settle labor lawsuit in Massachusetts Wal-Mart to pay $40 million to settle labor lawsuit in Massachusetts originally appeared on DailyFinance on Thu, 03 Dec 2009 17:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Seeking another term, Bernanke defends actions, encounters new roadblock
December 3, 2009 at 4:45 pm
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| Filed under: Economy, People, Investing  Federal Reserve Chairman Ben Bernanke Thursday started the arduous process of confirmation for a second term as Chairman of the Federal Reserve. At hearings in Washington, the chairman of Senate Banking Committee, Sen. Christopher Dodd, called the central bank's record an "abysmal failure." Dodd had already proposed legislation to weaken the Fed, although he did publicly announce support for Bernanke at the start of the hearings.
Sen. Charles Schumer gave Bernanke an even stronger nod, reminding everyone that his quick actions prevented a second Great Depression.Continue reading Seeking another term, Bernanke defends actions, encounters new roadblock Seeking another term, Bernanke defends actions, encounters new roadblock originally appeared on DailyFinance on Thu, 03 Dec 2009 16:45:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments |
| Solar costs fall for homeowners, but frustrating red tape is on the rise
December 3, 2009 at 3:40 pm
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| Filed under: Energy, Technology, Green  At a recent panel discussion put on by The Indus Entrepreneurs, everyone agreed that the residential solar-panel market will grow by leaps and bounds in 2009 and 2010. I blogged about the possibility that wholesale solar panel prices in residential actually might rise again as a result of demand, which a couple of larger analyst shops have verified.
Unfortunately, the red tape appears to be growing right along with the market. Prominent installers and energy integrators in this space are voicing increasingly pointed complaints that state and municipal governments and Uncle Sam are layering on onerous paperwork requirements and permitting processes for something that should be much faster and simpler.Continue reading Solar costs fall for homeowners, but frustrating red tape is on the rise Solar costs fall for homeowners, but frustrating red tape is on the rise originally appeared on DailyFinance on Thu, 03 Dec 2009 15:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Tiger Woods to pay his wife millions to stick by him
December 3, 2009 at 3:00 pm
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| Filed under: People, AT&T, Procter & Gamble  Count me among those who do not think highly of people who have extra-marital affairs. The "good news" is that society has a way of making people pay for such transgressions, especially if you are a guy who makes a hefty living hitting little white balls around grassy landscapes. In the case of Tiger Woods, whose middle-of-the-night car accident last week brought to light allegations that the golfer was involved in an affair, the payment is pretty steep.
Not only has Woods issued a public apology on his web site, but the The Daily Beast reports that he will pay his wife, Elin Nordegren, $5 million upfront and another $55 million to persuade her to stay in their marriage for another 24 months.
Continue reading Tiger Woods to pay his wife millions to stick by him Tiger Woods to pay his wife millions to stick by him originally appeared on DailyFinance on Thu, 03 Dec 2009 15:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Ho ho ho-hum: Holiday shopping off to a lame start in November
December 3, 2009 at 2:30 pm
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| Filed under: Company News, Economy, JC Penney, Macy's, Nordstrom, Wal-Mart Stores, Target Corp., Costco Wholesale Corp., TJX, Saks, Thomson Reuters Corp.  It looks like Cyber Monday wasn't all hype, but Black Friday wasn't strong enough to lift retailers into a successful November. The monthly retail figures are out, and of 30 major national retailers followed by Thomson Reuters (TRIN), only five beat their expected sales targets for the month. Most retailers reported strong online sales that only partly offset wholesale bargain hunting at stores.
"Shoppers continue to give signs that they are ready to loosen the grip on their spending plans, but at the same time remain very cautious and deal-focused in their spending," said Frank Badillo, senior economist at consulting firm Retail Forward, in a report. Continue reading Ho ho ho-hum: Holiday shopping off to a lame start in November Ho ho ho-hum: Holiday shopping off to a lame start in November originally appeared on DailyFinance on Thu, 03 Dec 2009 14:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Did Amazon shortchange its staffers on overtime? The lawyers will find out
December 3, 2009 at 1:00 pm
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| Filed under: Company News, Electronic Arts, Wal-Mart Stores, Amazon.com Inc., Office Depot  The Kindle may be sky-high on customers' wish lists for Christmas, but the holiday season has presented Amazon (AMZN) with a headache: a potential class-action lawsuit, filed the day before Thanksgiving by a former worker at one of its Nevada warehouses, charging that the online retailer has shorted its 21,000 workers on overtime pay.
According to the suit [PDF], Richard Austin, an employee of the company's distribution center in Fernley, Nevada, from September 2008 through last August, charges that Amazon regularly rounded shift start- and end-times to the nearest quarter-hour -- costing workers up to 15 minutes of overtime pay daily, even when the company required workers to work that extra time.Continue reading Did Amazon shortchange its staffers on overtime? The lawyers will find out Did Amazon shortchange its staffers on overtime? The lawyers will find out originally appeared on DailyFinance on Thu, 03 Dec 2009 13:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Service sector shrinks unexpectedly in November
December 3, 2009 at 12:40 pm
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| Filed under: Economy  The U.S. economy hit an unexpected pothole on the road to recovery last month, as the Institute for Supply Management's Non-Manufacturing Index fell to 48.7 in November from 50.6 in October, the ISM announced Thursday. Readings above 50 indicate an expansion; below 50, a contraction. It was the first time in three months that this index, also known as the services index, indicated that the sector was contracting.
What's more, the index's closely-watched business activity component also declined, falling for the first time in four months, to 49.6 in November from 55.2 in October. The business activity component totaled 55.1 in September and 51.3 in August. The consensus of economists surveyed by Bloomberg News had been that the services index would total 52.0 in November. The index totaled 50.9 in September and 48.4 in August. It hit a low point of 37.4 in November 2008.Continue reading Service sector shrinks unexpectedly in November Service sector shrinks unexpectedly in November originally appeared on DailyFinance on Thu, 03 Dec 2009 12:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Traders cheer BOA plan to repay TARP
December 3, 2009 at 12:20 pm
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| Filed under: Company News, Economy, Goldman Sachs , Morgan Stanley , Bank of America, Citigroup, Wells Fargo & Co.  Markets around the world cheered for Bank of America's (BAC) announcement that it will repay its TARP subsidy. Analysts praised the decision, saying it shows BOA is on the road to health. And when you look at the ratios, the bank looks healthier than others when they repaid their TARP with a Tier 1 capital ratio of 11% and a Tier 1 common ratio of 8.5%.
Bank of America executives are even more excited, because now there will be less control of the bank's compensation packages, making it easier to offer salaries and bonuses that compete with the other non-TARP banks. Clearly Wall Street is much closer to being healed than Main Street, thanks to the government bailouts -- but the big question is why has Wall Street received so much help to fully recover while Main Street is still struggling to pay the bills?Continue reading Traders cheer BOA plan to repay TARP Traders cheer BOA plan to repay TARP originally appeared on DailyFinance on Thu, 03 Dec 2009 12:20:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments |
| In Comcast-NBC deal, we're all the biggest losers
December 3, 2009 at 12:00 pm
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| Filed under: Company News, Media, General Electric , Comcast  If the proposed $30 billion deal between General Electric (GE) and Comcast (CMCSA) for NBC Universal is approved, Comcast would lead the market with control of access to 25% of U.S. households. Moreover, Comcast-NBC would own prized content, including The Tonight Show, The Biggest Loser and Bravo's Real Housewives series, according to The Washington Post.
In all, Comcast-NBC would control 20% of Americans' television viewing hours -- which might give it the market power to charge higher prices to competing networks seeking its content -- particularly online -- and to consumers. In short, Comcast's enhanced market power could cost all of us plenty. (Meanwhile, as I posted in reference to Oprah's move to cable, many of those network shows are so unprofitable relative to those on cable -- 5% cash flow margins for NBC vs. 23% for ESPN -- that Comcast might prune them back.) Continue reading In Comcast-NBC deal, we're all the biggest losers In Comcast-NBC deal, we're all the biggest losers originally appeared on DailyFinance on Thu, 03 Dec 2009 12:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Shoppers cut back on gas and food but stick to brand names
December 3, 2009 at 11:40 am
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| Filed under: Economy, Wal-Mart Stores, Costco Wholesale Corp.  Shoppers trim their food budgets when gas prices rise, but they don't always give up the name-brand foods they like.
Store brands have gained ground among consumers in recent years, a new study shows, but their popularity among thrifty shoppers may be overstated, says Kusum Ailawadi, a professor of marketing at the Tuck School at Dartmouth College and one of the study's authors. "It's not as big as conventional wisdom has it," says Ailawadi, who conducted the study with business-school professors Yu Ma of the University at Alberta in Edmonton, Dinesh Gauri of Syracuse University, and Dhruv Grewal of Babson College in Wellesley, Massachusetts.Continue reading Shoppers cut back on gas and food but stick to brand names Shoppers cut back on gas and food but stick to brand names originally appeared on DailyFinance on Thu, 03 Dec 2009 11:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Any discounts on that Zhu Zhu pet? Scan the barcode with your cellphone
December 3, 2009 at 11:20 am
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| Filed under: Company News, Technology, Microsoft, Pepsico, Polo Ralph Lauren Corp., Sony, Wal-Mart Stores, Ericsson  By this time next year, holiday shoppers could be pointing their cellphones at products on store shelves and seeing all kinds of information on their handsets. Retailers and manufacturers are setting standards that could ease the way for the next generation of barcodes, which can send out reams of information when scanned with a cellphone camera.
Industry groups are moving to make sure all phones can read all barcodes. That means U.S. retailers and manufacturers could be adopting the technology as early as the second half of next year, says Iain McCready, CEO of NeoMedia Technologies (NEOM), which markets barcode technology and services.Continue reading Any discounts on that Zhu Zhu pet? Scan the barcode with your cellphone Any discounts on that Zhu Zhu pet? Scan the barcode with your cellphone originally appeared on DailyFinance on Thu, 03 Dec 2009 11:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| U.S. jobless claims improve mildly; productivity remains strong
December 3, 2009 at 10:40 am
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| Filed under: Economy  Modest progress occurred on the employment front as initial jobless claims fell 5,000 to 457,000 for the week ending Nov. 28, the lowest initial jobless claims total in more than a year, the U.S. Labor Department announced Thursday. But continuing claims rose 28,000 to 5.47 million in the Thanksgiving holiday-shortened week.
Separately, Monster Worldwide (MWW) said its employment index, which measures the online activity of companies posting job openings, fell to 119 in November from 120 in October, Reuters reported Thursday. Continue reading U.S. jobless claims improve mildly; productivity remains strong U.S. jobless claims improve mildly; productivity remains strong originally appeared on DailyFinance on Thu, 03 Dec 2009 10:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Who should run GM? Here's a vote for Lou Gerstner
December 3, 2009 at 10:20 am
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| Filed under: Company News, People, IBM, AT&T, General Motors  Remember General Motors? Taxpayers own 60% of this former world leader in cars, trucks and the like. Back in the 1950s, GM controlled half the market, but by the time it filed for bankruptcy in June 2009, that share collapsed to 19.5%. And between 2000 and 2009, GM's board kept on supporting CEO Rick Wagoner, oblivious to his performance.
How so? Under Wagoner, GM's stock's value was completely wiped out, and its 2004 to 2008 losses totaled $88 billion, according to Bloomberg News. It makes you wonder why GM had a board at all. Continue reading Who should run GM? Here's a vote for Lou Gerstner Who should run GM? Here's a vote for Lou Gerstner originally appeared on DailyFinance on Thu, 03 Dec 2009 10:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Taking care of business: Saving the local economy, $50 at a time
December 3, 2009 at 10:00 am
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| Filed under: Economy, People, Goldman Sachs  Ever since Goldman Sachs's (GS) recent offer of $500 million to help small businesses, financial reporters have been torn. Some think that CEO Lloyd Blankfein might be -- in his words -- "doing God's work," while others argue that the move reeks of cynical public relations.
Either way, one thing is beyond dispute: With retail and food-service revenues at four-year lows and a small-business loan failure rate that has passed 12%, it's clear that America's independent retailers need some serious help. One solution might be the grassroots 3/50 Project, which asks consumers to choose three favorite local businesses and commit to spending $50 per month in them.Continue reading Taking care of business: Saving the local economy, $50 at a time Taking care of business: Saving the local economy, $50 at a time originally appeared on DailyFinance on Thu, 03 Dec 2009 10:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Stocks in the news: Bank of America, GE, Comcast, Del Monte, Pier 1
December 3, 2009 at 9:10 am
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| Filed under: Company News, Investing Bank of America (BAC) said it would repay $45 billion in taxpayer bailout funds. The move will free the bank from pay restrictions as it looks to hire a new CEO, but also makes it more vulnerable to further economic shocks. Under the terms reached with the Treasury, the bank will sell up to $18.8 billion in securities that will convert into common stock. The remainder of the $45 billion would be repaid with $26.2 billion in cash. BAC shares climbed about 4% in pre-market trading.
General Electric (GE) and Comcast (CMCSA) have finalized their deal to form a joint entertainment company. Comcast agreed to buy a majority stake in NBC Universal through a venture with General Electric that values the entertainment company at about $37 billion. Comcast will contribute $6.5 billion in cash and $7.25 billion worth of cable channels to the new venture, of which it will own 51%. Jeffrey Zucker will lead the new entity. GE shares traded higher in pre-market action, and CMCSA's gained over 1%.Continue reading Stocks in the news: Bank of America, GE, Comcast, Del Monte, Pier 1 Stocks in the news: Bank of America, GE, Comcast, Del Monte, Pier 1 originally appeared on DailyFinance on Thu, 03 Dec 2009 09:10:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| The sky's the limit for Hong Kong real estate stocks, Japanese carmakers climb as yen inches lower
December 3, 2009 at 7:00 am
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|  Shares in Asia were mixed Thursday. In Japan, the Nikkei Index gained 3.8% closing at 9,978, and in Hong Kong the Hang Seng Index gained 1.2%, ending the day at 22,554. Meanwhile in China, the Shanghai Composite Index fell 0.2% to 3,265 -- its first decline in four days.
Japanese investors rejoiced as the yen sank to its lowest value against the dollar in five days, sending stock prices higher. Shares in Japanese car companies made huge gains today. Toyota (TM) and Honda (HMC) both earn more than 50% of their profits in overseas markets and a weaker yen means they receive more money when converting cash into their home currency. Toyota surged 5.6% and Honda climbed 4.2%. Mitsubishi Motors (MMTOF) catapulted 12.6% higher after an announcement that it is in discussions with Paris-based Peugeot Citroen to form a partnership that would include manufacturing electric cars. Continue reading The sky's the limit for Hong Kong real estate stocks, Japanese carmakers climb as yen inches lower The sky's the limit for Hong Kong real estate stocks, Japanese carmakers climb as yen inches lower originally appeared on DailyFinance on Thu, 03 Dec 2009 07:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |  |
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A late-day slide pulled stocks lower on Thursday as investors grew skittish ahead of the government's report on November unemployment. Stocks began falling in the final half-hour of trading and the drop intensified in the final 20 minutes. Worries about the economy had been dogging investors Thursday following a weak snapshot of the service industry.
It's bad enough that the H1N1 swine flu pandemic has caused such widespread public anxiety, and it's worse that the vaccine has become its own source of concern, whether due to the shortage or spurious fears about its safety. Now, the bottom-feeders known as phishing scammers are exploiting the situation, sowing even more fear, anger and mistrust around the swine flu.
When it comes to reducing the nation's historically high unemployment rate, the stakes have never been higher for the Obama administration. With more Americans out of work -- and for longer periods -- jobless workers are understandably anxious about their futures. 
The media recession continues to claim fresh victims. The National Geographic Society said Thursday it is shutting down the print edition of National Geographic Adventure, a 10-year-old title about outdoor exploration and extreme travel. According to the announcement, Adventure will transform "from traditional print to a multi-platform model that will include newsstand editions, books, e-magazines, mobile applications and a robust web site."
The Supreme Court on Tuesday heard the case of Francisco Espinosa, a Phoenix-based airline employee who went after student-loan creditors after learning that his high-priced education didn't translate into a high-paying job.
Business travelers who frequently spend nights away from home have likely noticed that their favorite hotels are paying them a bit more attention. The recession has taken its toll on corporate travel budgets and many hotels are doing everything they can to 
Speaking to the media in Tokyo, AMR (
As U.S. Sen. Harry Reid tries to corral enough Democratic votes for his $848 billion health care reform bill, the Democrat from Nevada may find solace in the words of 
The media world has just met the new sheriff in town.
Wall Street is set to open higher Thursday morning after finishing mixed the day before on mixed reports. But late Wednesday, Bank of America (BAC) announced it will be paying back the $45 billion it received in bailout funds, improving investors sentiment on the economy. The finalization of the deal between General Electric (GE) and Comcast (CMCSA) to form a joint entertainment company only added to confidence levels ahead of retail and jobs reports.
Goldman Sachs (