Nakheel PJSC’s possible non-payment of its Islamic bond due tomorrow will trigger defaults on two other securities, bringing the total of affected securities to $5.25 billion, bond documents show. [Bloomberg]
U.S. Commerce Secretary Touts Climate Change Policies — Commerce Secretary Gary Locke tells delegates at the United Nations Climate Change Conference in Copenhagen that nations must stop subsidizing the production and consumption of fossil fuels and create incentives for innovative solutions to clean energy. [eWeek]
Google Unveils Deforestation Monitoring Technology — Google debuts a new technology at the climate change conference in Copenhagen that helps scientists track global deforestation. [eWeek]
Google Phone May Be in Works — Google appears to be preparing to market its own smartphone, a move that would intensify the company’s rivalry with Apple, whose iPhone dominates the high-end smartphone market in the United States. [NY Times]
Household wealth has risen for two straight quarters, providing some much-needed relief for struggling US consumers. The value of American homes and investments rose during the third quarter, while debt levels fell modestly, the Federal Reserve reported Thursday. [CS Monitor]
Interest Rates Are Low, but Banks Balk at Refinancing — Banks that once handed out home loans freely are now imposing such stringent requirements that many homeowners who might want to refinance are effectively locked out. [NY Times]
For whatever reason, consumer sentiment in December has rebounded to its highest level since September, according to a preliminary report Friday from the Reuters/University of Michigan Surveys of Consumers. December’s reading of 73.4 was just a hair below September’s 73.5, which was highest level this year. The surveys’ measure of current economic conditions rose to 79.1, its best showing since March 2008. [CS Monitor]
In Shift, U.S. Talks to Russia on Internet Security — The United States has begun talks with Russia and a United Nationsarms control committee about strengthening Internet security and limiting military use of cyberspace. [NY Times]
According to a study, North Americans have been staying up late to do their Internet surfing this summer, so late that the peak usage for the whole day has been at 11 p.m. Eastern time. That appears to be a shift from previous years, when most Internet activity was in the daytime. [CS Monitor]
Wind farms don’t affect property prices — SOME homeowners consider a wind farm about as appealing a neighbour as a pig farm. Contrary to popular belief, however, it seems they have no effect on house prices. [New Scientist]
Job Drought in U.S. May Be Near End as Temporary Help, Working Hours Surge — The worst U.S. employment slump in the post-World War II era may be about to end as companies hasten to hire temporary workers and boost hours, according to economists such as John Ryding and Zach Pandl. [Bloomberg]
G.E. Makes It Official: NBC Will Go to Comcast — After nearly nine months of negotiations, Comcast, the nation’s largest cable operator, announced an agreement on Thursday to acquire NBC Universal from the General Electric Company. [NY Times]
Geithner Sees `Progress’ in Job Market, Unemployment Below 10% in a Year — Treasury Secretary Timothy Geithner predicted the U.S. unemployment rate probably will be lower than 10 percent in a year and said the economic recovery is moving closer to a period of job creation instead of losses. [Bloomberg]
World’s tallest building, Burj Dubai Tower, opens as a golden era closes — Dubai Tower opens next month. But will this crowning jewel also be the city’s high watermark? [CS Monitor]
Dubai Loses `Sovereign Halo’ as $3.5 Billion Nakheel Debt Deadline Looms — Sheikh Mohammed bin Rashid Al Maktoum wanted to turn Dubai into a global hub for finance and tourism, the next London or Hong Kong. To help execute his vision, the ruler relied heavily on Dubai World, the web of state-owned companies that includes everything from DP World, which operates 49 ports across the globe, to property developer Nakheel to investment arm Istithmar World. [Bloomberg]
Celgene Cancer Pill to Triple Sales on Threat to J&J — Celgene Corp. can more than triple sales for its best-selling cancer pill Revlimid on new data that may convince doctors to choose the drug as a first option over Johnson
& Johnson’s intravenous medicine, Velcade. [Bloomberg]
Sony Chief Pushes Online Plan for Recovery — Sony’s chief executive, Howard Stringer, has a grand idea: an all-in-one online network that pipes Sony’s films, music, games and other content to its TVs, Walkmans and PlayStation game machines. [NY Times]
by Erik on July 3, 2009
in Alternative Energy, Asia, Business Logic, Economy, Green Tech, IBM, Jobs, Markets, New Tech, Obama, Recession, Technology, Unemployment, Weekly Roundup
For Modest Earners, Relief Repaying Student Loans – Repaying a student loan could soon be a little less painful. Starting this week, anyone with a federal student loan can apply for a program, run by the Department of Education, that caps monthly payments based on income, and forgives remaining balances after 25 years. Those choosing to work in public service could have their loans forgiven after just 10 years.
New Grads May Have Leg Up On Older Job Seekers – Recent college graduates are finding out that an economic downturn is not the best time to be searching for work. But they do have a leg up on older job hunters: It’s a lot easier for a 22-year-old — unburdened by mortgage and kids — to go to where the work is.
IBM Reinvents the 401(k) – Staffers were nervous when Big Blue replaced its pension plan with a souped-up 401(k). Now, the plan could be the new gold standard.
U.S. Job Losses Rise and Unemployment Reaches 9.5% – The American economy lost 467,000 more jobs in June, and the unemployment rate edged up to 9.5 percent in a sobering indication that the longest recession since the 1930s had yet to release its hold. “The numbers are indicative of a continued, very severe recession,” said Stuart G. Hoffman, chief economist at PNC Financial Services in Pittsburgh. “There’s nothing in here to show that the economy and the market are pulling out of the grip of recession.”
A Day With 400 Tweets Starts With Simplicity – A Comcast Social Media Associate has plenty of advice to give on using Twitter and other social networking sites, as do other always-on pros and amateurs. Their tips will help you minimize your time and effort while maximizing your social bliss.
Q&A: Rising Unemployment Clouds Outlook – The increase in the unemployment rate to a 26-year high of 9.5 percent doesn’t bode well for a smooth transition to economic recovery. Economists expect unemployment to continue to rise into 2010, and possibly longer. Here, a look at what some leading economists say lies ahead as the fall season approaches, when retailers typically expect a boost from back-to-school shopping.
Green Power Takes Root in the Chinese Desert – As the United States takes its first steps toward mandating that power companies generate more electricity from renewable sources, China already has a similar requirement and is investing billions to remake itself into a green energy superpower.
Economist: Stimulus Appears To Be Working – More jobs were lost last month than expected, but the Obama administration’s economic stimulus package promises to create 600,000 jobs by the end of the summer. Mark Zandi, the chief economist at Moody’s Economy.com, says that without the stimulus, the numbers would be worse.
Obama Disappointed By Jobs Numbers – President Obama said Thursday he is “deeply concerned” about unemployment. The remarks to The Associated Press came after the Labor Department said U.S. businesses shed 467,000 jobs in June and that the unemployment rate increased to 9.5 percent.
Madoff Likely Won’t Be Serving Time In ‘Club Fed’ – Anyone who thinks convicted swindler Bernard Madoff will serve easy time in a “Club Fed” minimum-security prison should think again. He is unlikely to land in a cushy cellblock, and he will need to watch his back, consultants and former inmates say.
Opening Day: The iPhone 3G S – Hollywood has its red-carpet premieres. The NFL has the opening kickoff celebration. For technology fans, Apple’s rollout of its latest devices are as good as it gets.
Tech Recruiting Clashes With Immigration Rules – Half of the engineers working in Silicon Valley were born overseas.
Tech Payoff for Companies Remains Elusive, Study Finds – A new economic index paints a disheartening picture for technophiles — at least the ones inside corporate America.
More Families Pull The Plug On Their Home Phone – Government research shows more and more households are getting rid of their land lines. For the first time, cell-phone-only homes outnumber those with just land lines.
Obama’s Plan Falls Flat With Many Economists – Economists across the political spectrum say they’re disappointed with the president’s mixed-bag proposal to overhaul financial regulation. Some say it will stifle innovation; others, that it could create new accountability concerns.
Jobless Rolls Drop; Leading Indicators Rise – Two new reports Thursday pointed to signs that the economy may be regaining its footing. The total number of people on the unemployment insurance rolls dropped for the first time since early January, and the index of leading economic indicators rose for the second month in a row.
