| Bleak outlook for all but the biggest finance firms
A comprehensive review of the finance company sector paints a gloomy picture for all but the biggest firms. McDouall Stuart's New Zealand Finance Companies 2007 report, released yesterday, analyses the performance of all firms which raise money from the public and have loan books of $35 million or more. Since the company last prepared the report, the number covered has fallen from 38 to 29 largely due to "a mixture of failures, mergers and acquisitions". The report's main author, John Kidd, said: "Continuing weakness in debenture flows, an easing in activity levels and the arrival of a tighter regulatory framework in 2009 are all factors likely to encourage greater consolidation. "All companies, regardless of size, are likely to be considering consolidation options over the next 12 to 24 months.
Asian stocks recover worst losses on report Fed upbeat on US economy - UPDATE
SINGAPORE (Thomson Financial) - (Adds closing levels) Stock markets across Asia recouped most of their early losses in late trade Tuesday, led by Japan after a press report said the US Federal Reserve will publish upbeat economic forecasts for the US when it releases the minutes from its October meeting later today. The Fed will indicate it expects the US economy to pull through the current rough patch and regain strength in 2008, the FT reported on its website. The report will show that policymakers are much more optimistic than financial markets and may challenge expectations of further rate cuts, said the paper. "Optimism here towards the US economy in addition to rumours of an emergency Fed meeting, also heard in late New York trading, resulted in a major rally on the TSE," said Haruya Ida, analyst at Thomson IFR in Tokyo.
Personal Finance Notebook: Keep tabs on credit reports, or freeze them
Q: What can I do about online identify theft? Basically, some guy sitting at home in his underwear opened an account with Bank of America using my name and Social Security number. I knew nothing about it until the bank contacted me by letter, letting me know that "my" account was about $600 in the hole. The guy had deposited fake checks to open my account and drained it before they bounced. I shred everything and thought I was safe. Now, I've been forced into a new hobby: filing a police report, contacting my bank and creditors, putting an alert on my credit report, making sure my Social Security number is protected. How can I keep this from happening again? .
Ominous Clouds Seen for Economy
The Federal Reserve chairman is warning that a slew of economic problems could cause the Dow to slow noticeably in the months ahead. The Dow plunged more than 200 points after the Fed chief, Ben Bernanke, renewed the recession jitters while speaking in Washington yesterday. It recovered late in the session to a modest 33.73-point decline, to 13,266.29. "Mr. Bernanke didn't predict a recession, but his gloomy words scared the hell out of the Street by suggesting it's coming," one trader said. "It's a miracle the Dow didn't close down at least a couple of hundred points." In a recent ominous warning, Merrill Lynch's chief American economist, David Rosenberg, citing the mortgage crisis, said, "It will be a miracle if the economy avoids a recession." A former Fed chairman, Alan Greenspan, also says he thinks a recession could be looming, but he gives it less than a 50% chance.
U.K.'s Manufacturing Records Positive New Order Growth - CBI/Experian Survey
(RTTNews) - U.K.'s manufacturing registered positive growth in new orders over the previous three months, the latest quarterly Regional Trends Survey of the Confederation of British Industry and Experian showed. New orders improved despite the impact of the global financial market turmoil on business confidence. Order volume improved on account of marked growth in Yorkshire and the Humber, the North West, the East Midlands, the West Midlands, the South West and the South East and London. These regions registered robust output growth during the period. Output at the national level remained largely stable, but it declined in Wales, the North East and Scotland. Meanwhile, expectations for new orders stood at its weakest level, though it was marginally positive. Wales, the West Midlands and Scotland expect a decline, but the East Midlands continued to show positive outlook.
Couche-Tard revenues continue to climb
Sales generated by stores acquired in the last 12 months powered Alimentation Couche-Tard Inc. to another robust performance in the second quarter of fiscal 2008. Revenues for the 12-week period ended October 14, 2007 rose 26.8% to reach $3.5 billion. Of the $740.1 million increase, $504.3 million was generated by stores acquired in the past 12 months. Net earnings of $54.2 million, or $0.26 per share diluted compared to $74.7 million, or $0.36 per share diluted last year. This is mainly due to the impact of US fuel margins which were at an extraordinary level a year ago. Restated with the same margin for both periods, net earnings would have increased by 12.1%. "Last year's second quarter is a tough comparable because of the US gas margin," said Alain Bouchard, Chairman, President and CEO.
Leukemia Survivor Takes on Bank of America, Citibank, Chase, and CRAs with Landmark Lawsuit in ID Theft Case
Five years ago, Eric Drew was on his death bed with leukemia when his identity was stolen by a worker at the hospital where he was being treated. Drew survived cancer, but has taken on another battle; he has filed suit against some of America's largest banks and credit reporting agencies in a case of identity theft. .
PC makers shouldn't have to be babysitters too
I'M ALL FOR child safety when it comes to PCs and the Wibbly Wobbly Web but things are getting out of hand. There is an abdication of responsibility going on at many levels regarding the evils of technology and the precious youth and it’s high time it stopped. This week, the great NSPCC organisation renewed its call to PC manufacturers to bundle Net nanny-styled software on PCs as standard so that when little Johnny goes hunting online he finds the Beeb, not the Boob. I have no real issue with this and for PC manufacturers suffering falling desktop sales, it’s a potentially smart marketing move to create a new niche based around child-safe PCs. So what sparked the NSPCC’s renewed calls? An outbreak of underage teen sex, a rampage by armed tweenies dressed as zombies through the local Tesco? Dumb PC superstores.
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