Translate

Search This Blog

Search Tool




Jan 8, 2010

CNBC. COM : NEWS NOW




NEWS
MARKETS
EARNINGS
INVESTING
VIDEO
CNBC TV
SIGN IN


WHAT YOU SHOULD KNOW
Obama Debuts Clean Energy Tax Breaks, Talks Jobs
President Barack Obama unveiled a $2.3 billion tax credit Friday to boost jobs by promoting clean energy, as new data showed the country's unemployment rate remained stuck in the double digits...
»read more

Consumer Credit Makes Record Monthly Drop
Americans borrowed less for a 10th consecutive month in November with total credit and borrowing on credit cards falling by the largest amounts on records going back nearly seven decades...
»read more

Job Numbers Show Business Has Little Faith in Recovery
Corporate America doesn't seem to have much faith in the economic recovery. Friday's surprisingly weak employment report, which showed a net loss of 85,000 jobs in December, suggested that companies were in no hurry to re-hire even though the economy resumed growing in the third quarter of 2009 and appeared to generate above-average output in the fourth quarter...
»read more

CNBC Originals Tech Week Continues
CNBC 360
BIG BROTHER, BIG BUSINESS - Tonight 8p ET
BIG BROTHER, BIG BUSINESS takes an enlightening and sometimes disturbing look at how the growth of the information society may be eroding the freedoms many people take for granted.
»More about the show

US Based Programming Above
For CNBC Europe click here | CNBC Asia Pacific TV click here

TODAY'S TOP 5 VIDEOS
1. Goolsbee Talks Jobs 
Insight on the latest jobs numbers, with Austan Goolsbee, Council of Economic Advisers.

2. Obama: Clean Energy & Jobs Now 
President Obama speaks to the American public about the day's job numbers and his plan for creating clean jobs in the future.

3. Comcast's Roberts: Content & Cable 
Discussing Internet innovation and more, with Brian Roberts, Comcast CEO, CNBC's Julia Boorstin and the Power Lunch crew.

4. Best Buy/Toshiba's Innovative Notebook 
Best Buy and Toshiba are teaming up, with Mark Simons, Toshiba America Information Systems and Jason Bonfig, Best Buy VP of computing hardware.

5. Stop Trading, Listen to Cramer! 
Mad Money host Jim Cramer shares his stock picks with CNBC's Erin Burnett.

Market Watch : Weekly Roundup, January 8, 20010

MarketWatch
Weekly Roundup
JANUARY 08, 2010

MarketWatch's top stories of the week

By MarketWatch

U.S. stocks ended the first week of the year with decent gains as investors appeared to shrug off the worst news contained in the December payrolls report. Looking ahead to earnings probably didn't hurt, either, since U.S. corporations are expected to show profit increases for the first time since the second quarter of 2007. Revenue is expected to rise, too, according to Thomson Reuters.

Profit at large U.S. companies is expected to rise 184% in the period and break a string of nine quarters of profit declines. A lot of that rise will be thanks to a big jump in financial profits. Without them, overall profit at Standard & Poor's 500 corporations is expected to increase by 8%. Revenue among S&P companies is forecast to climb 7%.

The Dow Jones Industrial Average (.DJI) rose 11.33 points or 0.1% to close at 10,618.19 on Friday. The Dow spent most of the day in the red, but its rise on the day gave the blue chip index a 1.8% gain for the week. The Standard & Poor's 500 Index (.SPX) rose 3.29 points or 0.3% to close at 1,144.98 on Friday. For the week the benchmark index was up 2.7%. The Nasdaq Composite Index (.COMP) rose 17.12 points or 0.7% on Friday to close at 2,317.17, a gain of 2.1% for the week.

Check out MarketWatch over the weekend for all the news you need. Our weekend features will include a preview of this year's Detroit auto show, a story that gauges the dollar's prospects this year and an article that lays out the 10 key market themes for 2010. We hope you'll have time to read them.

Meanwhile take a look at our weekly preview videos.

 Europe's Week Ahead: Results and Rates in Focus

 Asia's Week Ahead: Results in India

-- Christopher Noble , assistant managing editor

Help unwanted

U.S. job losses resumed in December, while the unemployment rate was steady at 10% on a huge decline in the number of people looking for work, the Labor Department estimated Friday. Nonfarm payrolls fell by a seasonally adjusted 85,000 in December following a revised 4,000 gain in November, which was the first increase in payrolls since December 2007. Read more about the jobs data .

Revved-up car sales

Automakers slammed the books on one of their worst years in decades, while eagerly touting December's 15% surge in U.S. car sales as evidence that 2010 is going to be far better. Ford Motor Co. (F) led the charge, breaking further away from still-struggling Detroit rivals. Read more about the latest car-sales data .

Santa delivers for U.S. retailers

U.S. retailers enjoyed their best monthly sales in about two years in December, topping Wall Street's expectations and issuing a batch of rosier earnings outlooks. The results were in stark contrast to those of a year ago, when retailers were caught with far too much inventory as the economy plunged and consumers went into hiding. That forced retailers to slash prices in desperation -- a phenomenon they avoided this year through far tighter inventory management. Read more about retailers' happier holidays .

Snow costs U.K. retailers

Marks & Spencer (UK:MKS) said heavy snowfall throughout the U.K. over the past two weeks has cost it "millions of pounds" in lost sales, but economists expect the overall impact on the economy to be negligible. The U.K. is in the grip of its longest cold snap in almost 30 years. Parts of Scotland and Northern England were most affected earlier this week, but the front began spreading to southern areas. Read more about the disruptive weather .

Novartis bids for rest of Alcon

Novartis AG (CH:NOVN) kick-started buyout activity in 2010, saying it will pay $39.3 billion for the 75% of eye-care specialist Alcon Inc. (ACL) it doesn't already own. The Swiss pharmaceutical giant, which bought 25% of Alcon from Nestle (NSRGY) in April 2008, said that it's exercised a call option to buy Nestle's remaining 52% stake for $28.1 billion, or $180 a share. Once that deal has been completed, Novartis plans to push through the acquisition of the remaining 23% of the stock in a share-swap deal valued at $11.2 billion. Read more about Novartis' plans .

Buffett sets a roadblock

Kraft Foods' (KFT) bid to buy chocolate maker Cadbury (CBY)(UK:CBRY) hit a roadblock after Warren Buffett's Berkshire Hathaway (BRKA)(BRKB) voted against a proposal to fund the deal by issuing millions of new shares. Berkshire, which is Kraft's biggest shareholder, said the plan to issue up to 370 million new shares would "give Kraft a blank check," allowing it to change the offer for the U.K. chocolate maker in any way it wishes. Read more about Kraft's ongoing courtship for Cadbury .

'Tightening signal' from China

China's central bank guided interbank interest rates higher Thursday, the latest in a series of moves that analysts say indicate a "tightening bias" and could lay the groundwork for an eventual rate hike. The People's Bank of China sold 60 billion yuan ($8.8 billion) worth of three-month bills at 1.3684%, 4 basis points higher than last week. The change in yield marked the first in its weekly open-market operations since Aug. 13. Read more about China's move .

Fed sees slow growth

Recent signs of an improving economy didn't sway Federal Reserve officials from their belief that the recovery would be gradual relative to past recoveries and inflation would remain tame, according to minutes of the latest policy meeting. Incoming data has started to take a more positive tone in the weeks before the Fed's closed-door meeting on Dec. 15-16. Fed officials welcomed the better news but said it did not change their outlook. Read more about what the Fed said .

Tablets to take off

Graphics chip maker Nvidia (NVDA) said its new Tegra chip, which took 500 engineers to design, will help usher in the age of the tablet -- a small computer with the power of a laptop but the mobility and energy efficiency of a wireless phone. Nvidia said it's also produced new graphic chips for use in 3-D displays, and that it's partnered with a number of companies to help make 3-D a mainstream product -- one of the major themes at the Consumer Electronics Show this year. Read more about the CES .

Tech-gadget frenzy begins

It's the first week after the holidays, and folks are sporting their new gadgets on the streets like the shiny silver six-shooters of Western days of old. Can tech stocks keep up with the hype? Even as fresh Droids, BlackBerrys, and iPhones are pried from holiday gift boxes and activated on the fly, a wall of buzz about coming iSlate tablets, 3-D television and biodegradable laptops is hitting this tech-torn land. What does this all mean for tech stocks? Read more of David Callaway's commentary .

Get the latest news on our mobile site: http://www.marketwatch.com/m

FDIC : Failed Bank Information







Failed Bank Information

Information for Horizon Bank, Bellingham, WA








  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Question and Answer Guide
  5. Banking Services
  6. Loan Customers
  7. Possible Claims Against the Failed Institution
  8. Priority of Claims
  9. Dividend Information
  10. Brokered Deposits
Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any Phishing Scams to obtain information from you.







I.  Introduction







On Friday, January 8, 2010, Horizon Bank, Bellingham, WA was closed by the Washington State Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed. The FDIC has assembled useful information regarding your relationship with this institution.  Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution.  The FDIC has compiled the following information, which should answer many of your questions.







Back to top







II.  Press Release












The FDIC has issued a press release (PR-004-2010) about the institution's closure.  If you represent a media outlet and would like information about the closure, please contact David Barr at 1-202-898-6992.







Back to top







III.  Acquiring Financial Institution







All deposit accounts, excluding certain brokered deposits, have been transferred to Washington Federal Savings and Loan Association, Seattle, WA ("assuming institution") and will be available immediately.  On Saturday, January 9, 2010, the former Horizon Bank locations will reopen as branches of Washington Federal Savings and Loan Association. Your transferred deposits will be separately insured from any accounts you may already have at Washington Federal Savings and Loan Association for six months after the failure of Horizon Bank. Checks that were drawn on Horizon Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.  For more information on deposit insurance, you may speak to an FDIC representative by calling 1-800-430-6165 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
EDIE - FDIC's Electronic Deposit Insurance Estimator
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Washington Federal Savings and Loan Association as long as the deposits are not pledged as collateral for loans. You may view more information about Washington Federal Savings and Loan Association by visiting their web site.
Washington Federal Savings and Loan Association (www.washingtonfederal.com)







Back to top







V.  Banking Services







The Automated Teller Machines (ATM) and online service will remain available. As of Saturday, January 9, 2010, you may continue to use the services to which you previously had access, such as safe deposit boxes, night deposit boxes, wire services, etc.
Your checks will be processed as usual.  All outstanding checks will be paid against your available balance(s) as if no change had occurred.  Your new bank will contact you soon regarding any changes in the terms of your account.  If you have a problem with a merchant refusing to accept your check, please contact your branch office.  An account representative will clear up any confusion about the validity of your checks.
All interest accrued through Friday, January 8, 2010, will be paid at your same rate.  Washington Federal Savings and Loan Association will be reviewing rates.  You will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be transferred automatically to your new bank.  If you have any questions or special requests, you may contact a representative of your assuming institution at your branch office.







Back to top







VI.  Loan Customers







If you had a loan with Horizon Bank, you should continue to make your payments as usual.  The terms of your loan will not change, because they are contractually agreed to in your promissory note. Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, please contact your loan officer. For all questions regarding new loans and the lending policies of Washington Federal Savings and Loan Association, please contact your branch office.
Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.







Back to top







VII.  Possible Claims Against the Failed Institution







Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. If you or your company provided a service or product, leased space, furniture, or equipment to Horizon Bank after Friday, January 8, 2010 and have not been paid, you do not have a claim against Horizon Bank. Please follow your normal billing procedures by providing an invoice as instructed.

If you or your company provided a service or product, leased space, furniture, or equipment to Horizon Bank prior to Friday, January 8, 2010 and have not been paid, you may be entitled to a claim against the bank. If you provided a product to or a service for Horizon Bank prior to the bank's failure for which you have not been paid and you have not received communication, please contact:


Federal Deposit Insurance Corporation
Receiver: Horizon Bank
40 Pacifica, Suite 1000
Irvine, CA 92618
Attention: Claims Agent

All shares of Horizon Bank were owned by its holding company, Horizon Financial Corp., Bellingham, WA. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Horizon Financial Corp., please do not contact or file a claim with the Receiver. You may contact Horizon Financial Corp. directly for information as follows:


Horizon Financial Corp.
1500 Cornwall Avenue
P.O. Box 580
Bellingham, WA 98225







Back to top







VIII.  Priority of Claims







In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders







Back to top







IX.  Dividend Information







No dividends have been declared at this time.Dividend Information on Failed Financial Institutions







Back to top







X.  Brokered Deposits







The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele.  This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution. Deposit Broker's Processing Guide

Back to top

General Disclaimer





From the desk of Nick Nicolaas: Weekly Zeal Intelligence Newsletter




As every Friday our Friend Nick Nicolaas has sent us the important Adam Hamilton's Weekly Zeal Intelligence Newsletter on the Mining  Interactive Website. 

Fernando Guzmán Cavero
FGC BOLSA - FGC FINANCIAL MARKETS



Dear Friends:

Adam Hamilton has posted his weekly Zeal Intelligence Newsletter on the Mining Interactive Website. Click here:
Have a great weekend and - - - Stay Tuned!!

Regards,

Nick L. Nicolaas
Mining Interactive “Ahead of the Pack”
Nick L. Nicolaas
President & CEO
Mining Interactive Corp.
www.mininginteractive.com

Direct 24/7: +1 (604) 657-4058
Main Office: +1 (604) 569-0800
Fax: +1 (604) 569-0758
Skype: nicknicolaas
nick@mininginteractive.com

Vancouver Stock Exchange Building (1929)
Suite 818 - 475 Howe Street
Vancouver, BC, Canada V6C 2B3



Forbes . com: Intelligent Investing



Intelligent Investing with Steve Forbes

Features

Intelligent Investing
Ron Paul's Golden Rule
The Federal Reserve should answer to the government and dollars should be good as gold.
With Alexandra Zendrian
Intelligent Investing
Aerospace Stocks Rebounding
Companies within the quintessential aircraft and industrial food chain shares every day are climbing out of the hole created by the financial pandemonium two years ago.
With Rick Whittington

Video: Intelligent Investing With Steve Forbes

Intelligent Investing With Steve Forbes
2010 Outlook: Personal Finance
Paul Maidment, Forbes editor, discusses personal finance and housing tips for 2010 with Christopher Hyzy, Bernie McSherry and Carol Pepper.

The Economist : Articles-by-subject alert: Stockmarkets



Articles-by-subject alert: Stockmarkets
From Economist.com, Friday January 8th 2010

The following have been newly published on Economist.com:

A warning about bubbles
Markets are too dependent on unsustainable government stimulus. Something's got to give ... more

Hong Kong as a financial centre
Hong Kong's stock exchange looks beyond China ... more

The Financial Crisis Inquiry Commission
A Depression-era crusade against Wall Street has a 2010 revival ... more

Asset markets and the bounce
Once again, cheap money is driving up asset prices ... more

American Express's strategy
A card company returns to its roots ... more


ADVERTISEMENT
Click Here!